Hartford Series Fund N-CSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08629

HARTFORD SERIES FUND, INC.
(Exact name of registrant as specified in charter)

P. O. Box 2999, Hartford, Connecticut 06104-2999

(Address of Principal Executive Offices)

Edward P. Macdonald, Esquire

Life Law Unit

The Hartford Financial Services Group, Inc.

200 Hopmeadow Street

Simsbury, Connecticut 06089

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (860) 843-9934

Date of fiscal year end: December 31, 2011

Date of reporting period: January 1, 2011 – December 31, 2011

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholder s under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Advisers HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	6
Investment Valuation Hierarchy Level Summary at December 31, 2011	12
Statement of Assets and Liabilities at December 31, 2011	13
Statement of Operations for the Year Ended December 31, 2011	14
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	15
Notes to Financial Statements	16
Financial Highlights	28
Report of Independent Registered Public Accounting Firm	30
Directors and Officers (Unaudited)	31
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	33
Quarterly Portfolio Holdings Information (Unaudited)	33
Expense Example (Unaudited)	34
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	35

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Advisers HLS Fund inception 03/31/1983
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term total return.

Performance Overview 21/31/01 – 12/31/11

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11)

	1 Year	5 Year	10 Year
Advisers IA	1.86%	1.64%	3.16%
Advisers IB	1.61%	1.39%	2.90%
Advisers HLS Fund Blended Index	4.59%	2.61%	4.23%
Barclays Capital Government/Credit Bond Index	8.74%	6.55%	5.85%
S&P 500 Index	2.09%	-0.25%	2.92%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

Advisers HLS Fund Blended Index is a blended index comprised of the following indices: S&P 500 (60%), Barclays Capital U.S. Government/Credit Bond (35%) and 90 day Treasury Bill (5%).

Barclays Capital Government/Credit Bond Index is an unmanaged, market-value-weighted index of all debt obligations of the U.S. Treasury and U.S. Government agencies (excluding mortgaged-backed securities) and of all publicly-issued fixed-rate, nonconvertible, investment grade domestic corporate debt.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford Advisers HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Managers
Steven T. Irons, CFA	John C. Keogh	Peter I. Higgins, CFA
Senior Vice President	Senior Vice President	Senior Vice President

How did the Fund perform?

The Class IA shares of the Hartford Advisers HLS Fund returned 1.86% for the twelve-month period ended December 31, 2011, underperforming its blended benchmark, (60% S&P 500 Index, 35% Barclays Capital Government/Credit Bond Index, and 5% Treasury Bills), which returned 4.59% for the same period. The Fund outperformed the -1.47% return of the average fund in the Lipper Mixed-Asset Target Allocation Growth VP-UF Funds peer group, a group of funds that hold between 60%-80% in equity securities, with the remainder invested in bonds, cash, and cash equivalents.

Why did the Fund perform this way?

The one-year period ending December 31, 2011 was yet another extremely volatile period for equity markets. The high degree of volatility was caused in part by the European sovereign debt crisis, U.S. political gridlock, falling consumer confidence, and concerns over sustained growth in emerging markets. Equity markets, as measured by the S&P 500 Index, returned 2.09% during the period. Utilities (+20%), Consumer Staples (+14%), and Health Care (+13%) posted the largest gains while Financials (-17%), Materials (-10%), and Industrials (-1%) were the only sectors to post negative absolute returns.

The bond market, as measured by the Barclays Capital Government/Credit Bond Index, returned 8.74% during the period. Most risk segments of the fixed income market underperformed duration-equivalent Treasuries for the period. Lower quality high yield and emerging markets debt in particular lagged duration-equivalent Treasuries in a risk-off environment.

The Fund has three primary levers to generate investment performance: equity investments, fixed income investments, and asset allocation among stocks, bonds, and cash. During the period, the equity portion of the Fund underperformed its benchmark, while the fixed income portion of the Fund outperformed its benchmark. Asset allocation detracted from benchmark-relative results as the Fund was generally overweight equities and underweight fixed income and cash relative to the benchmark.

Equity underperformance versus the benchmark was driven mainly by security selection, which was weakest in Industrials, Consumer Discretionary, and Energy. This was partially offset by stronger selection in Materials. Sector positioning, which is a result of bottom-up security selection, also detracted from relative performance due to underweights (i.e. the Fund’s sector position was less than the benchmark position) to the Consumer Staples and Utilities sectors.

Stocks that detracted the most from benchmark relative returns during the period were Hewlett-Packard (Information Technology), PACCAR (Industrials), and IBM (Information Technology). Hewlett-Packard, a global technology company, reduced guidance for 2012 due to macroeconomic headwinds and the impact of floods in Thailand on disk drive production. Shares of PACCAR, a manufacturer of light, medium, and heavy-duty trucks and after-market parts, fell due to concerns about the company’s exposure to the weak European economy. Global services and software provider IBM had positive quarterly results and not owning it detracted from our relative returns. Financial services companies Bank of America and Goldman Sachs also detracted from our absolute (i.e. total return) performance returns.

Top contributors to relative performance during the period included Google (Information Technology), Buck Holdings-Dollar General (Consumer Discretionary), and Amgen (Health Care). Shares of Google, a leading provider of online search, internet content services, and web-based software applications, performed strongly after reporting above-consensus third quarter earnings. Buck Holdings-Dollar General, a discount retailer, saw its shares rise in this trade-down economy. Shares of Biotech company Amgen rose as visibility into the company’s future sales growth improved, helping to drive the share price higher. The stock also benefited in the fourth quarter from the company’s announcement of a significant share repurchase and dividend increase. Exxon Mobil (Energy), Pfizer (Health Care), and Apple (Information Technology) also contributed positively to the Fund’s returns on an absolute basis.

The fixed income portion of the Fund outperformed its benchmark during the period. Security selection within the Investment Grade corporate bond sector was the primary driver of the outperformance. An out-of-benchmark allocation to agency mortgage-backed securities (MBS) was also additive, particularly our exposure to Government National Mortgage Association (GNMA) securities, which performed well during the period. Corporate bonds underperformed amid 

3

Hartford Advisers HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

a challenging environment due to sovereign debt concerns and signs of slowing economic growth. Within the corporate bond sector, Financials lagged behind Industrials and Utilities as lower-beta, higher-quality and more defensive areas of the market outperformed. The Fund’s overweight to Financials hurt relative performance; however, this was partially offset by strong security selection among Industrial and Financial issuers. Security selection within taxable municipals was also additive to performance. Our duration and yield curve positioning was a modest contributor to relative performance.

What is the outlook?

We expect the modest U.S. economic expansion to continue; however, European sovereign debt risk poses a threat to global growth. We believe that the U.S. Federal Reserve will maintain its accommodative stance and short-term rates will remain low until the economy strengthens.

Within the equity portion of the Fund we continue to focus our efforts on stock-by-stock fundamental research to construct a diversified large-cap core portfolio. We screen for companies on specific valuation, return on capital, and earnings characteristics and we focus on understanding how returns on capital are being created, employing a disciplined valuation methodology for both purchases and sales. At the end of the period, our bottom-up investment approach resulted in the largest overweight exposures in Information Technology, Health Care, and Financials. The largest underweights of the equity portion of the Fund to the S&P 500 were in Consumer Staples, Utilities, and Telecommunication Services.

Overall within the fixed income sleeve, we are tactically managing the Fund’s duration around neutral. We continue to be positioned with an underweight to the government sector. We also maintained our overweight posture to the corporate sector at the end of the period as we believe that credit fundamentals remain strong. We believe valuations are attractive, especially for financial companies which have delevered significantly. We also maintained our overweight allocation to taxable municipal bonds due to the attractive valuations in this relatively high quality and diverse sector of the market. Lastly, at the end of the period we maintained our modest allocation to agency mortgage-backed securities.

The equity and fixed income managers will continue to work collaboratively to make decisions regarding portfolio weights in stocks, bonds, and cash. As of December 31, 2011, the Fund’s equity exposure was at 68% compared to 60% in its benchmark and at the upper end of the Fund’s 50-70% range.

Diversification by Security Type

as of December 31, 2011 

Category	Percentage of Net Assets
Equity Securities
Common Stocks		68.0	%
Total		68.0	%
Fixed Income Securities
Asset & Commercial Mortgage Backed Securities		0.0	%
Corporate Bonds		12.1
Municipal Bonds		1.4
U.S. Government Agencies		1.6
U.S. Government Securities		15.2
Total		30.3	%
Short-Term Investments		1.1	%
Other Assets and Liabilities		0.6
Total		100.0	%

Diversification by Industry

as of December 31, 2011

Industry (Sector)	Percentage of Net Assets
Equity Securities
Automobiles & Components (Consumer Discretionary)		1.7	%
Banks (Financials)		4.5
Capital Goods (Industrials)		4.2
Consumer Services (Consumer Discretionary)		0.6
Diversified Financials (Financials)		5.0
Energy (Energy)		7.3
Food & Staples Retailing (Consumer Staples)		1.1
Food, Beverage & Tobacco (Consumer Staples)		4.0
Health Care Equipment & Services (Health Care)		2.2
Household & Personal Products (Consumer Staples)		0.8
Insurance (Financials)		0.7
Materials (Materials)		1.2
Media (Consumer Discretionary)		1.9
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		8.8
Real Estate (Financials)		0.4
Retailing (Consumer Discretionary)		4.0
Semiconductors & Semiconductor Equipment (Information Technology)		1.8
Software & Services (Information Technology)		6.7
Technology Hardware & Equipment (Information Technology)		7.5
Telecommunication Services (Services)		0.8
Transportation (Industrials)		1.8
Utilities (Utilities)		1.0
Total		68.0	%

4

Diversification by Industry

as of December 31, 2011

Industry (Sector) - (continued)	Percentage of Net Assets
Fixed Income Securities
Air Transportation (Transportation)		0.3	%
Arts, Entertainment and Recreation (Services)		0.7
Beverage and Tobacco Product Manufacturing (Consumer Staples)		0.3
Chemical Manufacturing (Basic Materials)		0.0
Computer and Electronic Product Manufacturing (Technology)		0.1
Electrical Equipment and Appliance Manufacturing (Technology)		0.2
Finance and Insurance (Finance)		6.4
Food Manufacturing (Consumer Staples)		0.4
General Obligations (General Obligations)		0.3
Health Care and Social Assistance (Health Care)		0.5
Health Care/Services (Health Care/Services)		0.1
Higher Education (Univ., Dorms, etc.) (Higher Education (Univ., Dorms, etc.))		0.1
Information (Technology)		0.5
Machinery Manufacturing (Capital Goods)		0.2
Miscellaneous (Miscellaneous)		0.3
Motor Vehicle and Parts Manufacturing (Consumer Cyclical)		0.1
Petroleum and Coal Products Manufacturing (Energy)		0.5
Pipeline Transportation (Utilities)		0.2
Real Estate, Rental and Leasing (Finance)		0.4
Refunded (Refunded)		0.1
Retail Trade (Consumer Cyclical)		0.2
Soap, Cleaning Compound and Toilet Manufacturing (Consumer Staples)		0.4
Tax Allocation (Tax Allocation)		0.1
Transportation (Transportation)		0.4
Utilities (Utilities)		0.7
Total		13.5	%
U.S. Government Agencies		1.6
U.S. Government Securities		15.2
Short-Term Investments		1.1
Other Assets and Liabilities		0.6
Total		100.0	%

Distribution by Credit Quality

as of December 31, 2011 

Credit Rating *	Percentage of Net Assets
Aaa / AAA		0.1
Aa / AA		2.5
A		4.6
Baa / BBB		5.6
Ba / BB		0.1
Unrated		0.6
U.S. Government Agencies and Securities		16.8
Non Debt Securities and Other Short-Term Instruments		69.1
Other Assets & Liabilities		0.6
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

5

Hartford Advisers HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 68.0%
		Automobiles & Components - 1.7%
	2,060	Ford Motor Co. w/ Rights ●	$	22,160
	917	Harley-Davidson, Inc.		35,636
				57,796
		Banks - 4.5%
	1,033	BB&T Corp.		25,996
	4,206	Mitsubishi UFJ Financial Group, Inc.		17,808
	332	PNC Financial Services Group, Inc.		19,169
	1,368	US Bancorp		37,013
	1,944	Wells Fargo & Co.		53,575
				153,561
		Capital Goods - 4.2%
	427	3M Co.		34,907
	347	Boeing Co.		25,416
	652	Ingersoll-Rand plc		19,876
	880	PACCAR, Inc.		32,955
	265	Rockwell Collins, Inc.		14,684
	256	Stanley Black & Decker, Inc.		17,285
				145,123
		Consumer Services - 0.6%
	533	DeVry, Inc.		20,499
		Diversified Financials - 5.0%
	101	BlackRock, Inc.		18,020
	857	Citigroup, Inc.		22,548
	198	Goldman Sachs Group, Inc.		17,941
	1,283	Invesco Ltd.		25,783
	1,616	JP Morgan Chase & Co.		53,719
	318	SEI Investments Co.		5,514
	508	T. Rowe Price Group, Inc.		28,902
				172,427
		Energy - 7.3%
	390	Anadarko Petroleum Corp.		29,746
	871	Chesapeake Energy Corp.		19,421
	1,335	Exxon Mobil Corp.		113,146
	316	Occidental Petroleum Corp.		29,581
	396	Petroleo Brasileiro S.A. ADR		9,828
	1,574	Petroleum Geo-Services ●		17,156
	462	Statoilhydro ASA ADR		11,832
	425	Suncor Energy, Inc.		12,260
	274	Ultra Petroleum Corp. ●		8,125
				251,095
		Food & Staples Retailing - 1.1%
	668	CVS Caremark Corp.		27,233
	330	Sysco Corp.		9,691
				36,924
		Food, Beverage & Tobacco - 4.0%
	820	General Mills, Inc.		33,124
	849	Kraft Foods, Inc.		31,715
	854	PepsiCo, Inc.		56,630
	482	Unilever N.V. NY Shares ADR		16,559
				138,028
		Health Care Equipment & Services - 2.2%
	183	Edwards Lifesciences Corp. ●		12,931
	849	Medtronic, Inc.		32,490
	558	UnitedHealth Group, Inc.		28,274
				73,695
		Household & Personal Products - 0.8%
	390	Procter & Gamble Co.		26,024
		Insurance - 0.7%
	308	Marsh & McLennan Cos., Inc.		9,745
	612	Unum Group		12,891
				22,636
		Materials - 1.2%
	372	Dow Chemical Co.		10,704
	240	Monsanto Co.		16,817
	356	Nucor Corp.		14,067
				41,588
		Media - 1.9%
	1,266	Comcast Corp. Class A		30,024
	893	Walt Disney Co.		33,472
				63,496
		Pharmaceuticals, Biotechnology & Life Sciences - 8.8%
	534	Agilent Technologies, Inc. ●		18,653
	755	Amgen, Inc.		48,492
	595	Celgene Corp. ●		40,242
	1,320	Daiichi Sankyo Co., Ltd.		26,137
	142	Gilead Sciences, Inc. ●		5,816
	1,421	Merck & Co., Inc.		53,560
	2,438	Pfizer, Inc.		52,756
	88	Roche Holding AG		14,921
	1,090	Shionogi & Co., Ltd.		13,987
	650	UCB S.A.		27,277
				301,841
		Real Estate - 0.4%
	777	Weyerhaeuser Co.		14,499
		Retailing - 4.0%
	11,702	Allstar Co. ⌂†		12,119
	85	Amazon.com, Inc. ●		14,627
	11,241	Buck Holdings L.P. ⌂●†		25,157
	335	Kohl's Corp.		16,547
	1,862	Lowe's Co., Inc.		47,265
	410	Nordstrom, Inc.		20,361
				136,076
		Semiconductors & Semiconductor Equipment - 1.8%
	1,008	Maxim Integrated Products, Inc.		26,251
	441	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		5,693
	398	Texas Instruments, Inc.		11,589
	532	Xilinx, Inc.		17,049
				60,582
		Software & Services - 6.7%
	392	Accenture plc		20,887
	505	Automatic Data Processing, Inc.		27,248
	768	eBay, Inc. ●		23,290
	119	Google, Inc. ●		76,798
	457	Lender Processing Services		6,881
	1,081	Microsoft Corp.		28,063
	2,493	Western Union Co.		45,513
				228,680
		Technology Hardware & Equipment - 7.5%
	188	Apple, Inc. ●		75,938
	3,050	Cisco Systems, Inc.		55,149
	1,162	EMC Corp. ●		25,036
	1,241	Hewlett-Packard Co.		31,979
	918	Juniper Networks, Inc. ●		18,726
	229	NetApp, Inc. ●		8,309

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 68.0% - (continued)
		Technology Hardware & Equipment - 7.5% - (continued)
	742	Qualcomm, Inc.	$	40,604
				255,741
		Telecommunication Services - 0.8%
	1,012	Vodafone Group plc ADR		28,366
		Transportation - 1.8%
	233	Con-way, Inc.		6,794
	227	FedEx Corp.		18,959
	190	Kansas City Southern ●		12,931
	297	United Parcel Service, Inc. Class B		21,730
				60,414
		Utilities - 1.0%
	560	NextEra Energy, Inc.		34,087
		Total common stocks
		(cost $2,139,724)	$	2,323,178
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.0%
		Finance and Insurance - 0.0%
		CS First Boston Mortgage Securities Corp.
$	450	3.94%, 05/15/2038	$	460
		Goldman Sachs Mortgage Securities Corp. II
	110	3.02%, 03/06/2020 ■Δ		106
		Marriott Vacation Club Owner Trust
	425	5.36%, 10/20/2028 ■		429
		New Century Home Equity Loan Trust
	8	0.58%, 03/25/2035 Δ		7
		Prudential Commercial Mortgage Trust
	570	4.49%, 02/11/2036		585
				1,587
		Total asset & commercial mortgage backed securities
		(cost $1,554)	$	1,587
CORPORATE BONDS - 12.1%
		Air Transportation - 0.3%
		Continental Airlines, Inc.
$	3,848	5.98%, 04/19/2022	$	4,006
		Southwest Airlines Co.
	2,700	5.75%, 12/15/2016		2,995
	2,969	6.15%, 08/01/2022		3,192
				10,193
		Arts, Entertainment and Recreation - 0.7%
		CBS Corp.
	575	5.75%, 04/15/2020		646
		Comcast Corp.
	8,000	5.90%, 03/15/2016		9,157
		DirecTV Holdings LLC
	3,310	6.38%, 03/01/2041		3,817
		News America, Inc.
	1,275	4.50%, 02/15/2021		1,337
		Time Warner Cable, Inc.
	4,870	5.85%, 05/01/2017		5,546
		Viacom, Inc.
	835	3.88%, 12/15/2021		852
		Virgin Media Secured Finance plc
	1,255	5.25%, 01/15/2021		1,330
				22,685
		Beverage and Tobacco Product Manufacturing - 0.3%
		Altria Group, Inc.
	2,445	4.75%, 05/05/2021		2,692
		Anheuser-Busch InBev N.V.
	4,200	7.75%, 01/15/2019		5,440
		Coca-Cola Co.
	500	3.30%, 09/01/2021		527
		Diageo Capital plc
	430	5.20%, 01/30/2013		450
		Philip Morris International, Inc.
	270	5.65%, 05/16/2018		319
				9,428
		Chemical Manufacturing - 0.0%
		Agrium, Inc.
	660	6.13%, 01/15/2041		819
		Computer and Electronic Product Manufacturing - 0.1%
		Dell, Inc.
	2,735	5.88%, 06/15/2019		3,212
		Thermo Fisher Scientific, Inc.
	845	3.20%, 05/01/2015		893
				4,105
		Electrical Equipment and Appliance Manufacturing - 0.2%
		General Electric Co.
	6,925	5.00%, 02/01/2013		7,217
		Finance and Insurance - 6.4%
		Ace INA Holdings, Inc.
	700	5.88%, 06/15/2014		772
		American Express Centurion Bank
	6,350	6.00%, 09/13/2017		7,181
		ANZ National Ltd.
	1,205	2.38%, 12/21/2012 ■		1,226
		Bank of America Corp.
	200	7.38%, 05/15/2014		207
		Barclays Bank plc
	2,150	2.38%, 01/13/2014		2,104
		BP Capital Markets plc
	2,850	4.75%, 03/10/2019		3,166
		Brandywine Operating Partnership
	2,010	6.00%, 04/01/2016		2,100
		CDP Financial, Inc.
	3,475	4.40%, 11/25/2019 ■		3,771
		Citigroup, Inc.
	8,800	6.00%, 10/31/2033		7,539
	2,700	6.13%, 05/15/2018		2,874
	1,700	6.88%, 03/05/2038		1,867
	520	8.13%, 07/15/2039		637
		Credit Agricole
	3,950	3.50%, 04/13/2015 ■		3,628
		Discover Financial Services, Inc.
	3,620	6.45%, 06/12/2017		3,782
		Eaton Vance Corp.
	3,305	6.50%, 10/02/2017		3,709
		Everest Reinsurance Holdings, Inc.
	4,525	5.40%, 10/15/2014		4,786

The accompanying notes are an integral part of these financial statements.

7

Hartford Advisers HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 12.1% - (continued)
		Finance and Insurance - 6.4% - (continued)
		General Electric Capital Corp.
$	4,300	4.38%, 09/16/2020	$	4,394
	5,000	5.88%, 01/14/2038		5,298
		Goldman Sachs Group, Inc.
	6,000	5.63%, 01/15/2017		5,884
	2,750	6.00%, 05/01/2014		2,854
	1,700	6.15%, 04/01/2018		1,755
	2,590	6.25%, 02/01/2041		2,541
		Health Care Properties
	2,030	6.00%, 01/30/2017		2,196
		HSBC Holdings plc
	4,000	6.10%, 01/14/2042		4,534
		Jackson National Life Insurance Co.
	6,250	8.15%, 03/15/2027 ■		7,602
		JP Morgan Chase & Co.
	2,400	3.70%, 01/20/2015		2,488
	2,000	4.95%, 03/25/2020		2,126
	10,375	5.13%, 09/15/2014		10,939
	1,080	5.40%, 01/06/2042		1,127
		Liberty Mutual Group, Inc.
	6,050	5.75%, 03/15/2014 ■		6,309
		Merrill Lynch & Co., Inc.
	11,000	5.00%, 02/03/2014		10,943
	1,000	6.40%, 08/28/2017		968
	6,000	6.88%, 04/25/2018		5,916
		Morgan Stanley
	13,000	5.38%, 10/15/2015		12,703
	250	5.63%, 09/23/2019		231
		National City Corp.
	4,250	6.88%, 05/15/2019		4,776
		New England Mutual Life Insurance Co.
	6,000	7.88%, 02/15/2024 ■		7,513
		Nordea Bank AB
	1,790	3.70%, 11/13/2014 ■		1,819
		Postal Square L.P.
	14,101	8.95%, 06/15/2022		19,344
		Prudential Financial, Inc.
	8,000	5.50%, 03/15/2016		8,672
		Rabobank Nederland N.V. NY
	3,900	3.20%, 03/11/2015 ■		3,972
		Republic New York Capital I
	500	7.75%, 11/15/2026		501
		Royal Bank of Scotland plc
	2,600	4.88%, 03/16/2015		2,486
		Southern Capital Corp.
	54	5.70%, 06/30/2022 ■		56
		Sovereign Bancorp, Inc.
	4,795	8.75%, 05/30/2018		5,346
		Sovereign Capital Trust IV
	7,250	7.91%, 06/13/2036		6,815
		Svenska Handelsbanken Ab
	2,900	4.88%, 06/10/2014 ■		3,018
		UBS AG Stamford
	235	5.88%, 12/20/2017		245
		Wachovia Corp.
	10,000	5.25%, 08/01/2014		10,548
	2,000	5.75%, 06/15/2017		2,259
		WEA Finance LLC
	1,450	7.13%, 04/15/2018 ■		1,621
				219,148
		Food Manufacturing - 0.4%
		Kellogg Co.
	3,900	4.00%, 12/15/2020		4,128
		Kraft Foods, Inc.
	3,800	4.13%, 02/09/2016		4,125
	285	5.38%, 02/10/2020		329
		Wrigley Jr., William Co.
	3,900	3.70%, 06/30/2014 ■		4,021
				12,603
		Health Care and Social Assistance - 0.5%
		Amgen, Inc.
	3,300	5.15%, 11/15/2041		3,421
		CVS Caremark Corp.
	7,725	6.13%, 08/15/2016		8,997
		Express Scripts, Inc.
	1,020	6.25%, 06/15/2014		1,112
		McKesson Corp
	475	3.25%, 03/01/2016		503
		Merck & Co., Inc.
	2,100	4.00%, 06/30/2015		2,312
				16,345
		Information - 0.5%
		AT&T, Inc.
	2,300	2.50%, 08/15/2015		2,382
	2,510	6.80%, 05/15/2036		3,178
		BellSouth Telecommunications
	650	7.00%, 12/01/2095		816
		Cellco Partnership - Verizon Wireless Capital
	395	5.55%, 02/01/2014		429
		France Telecom S.A.
	1,300	4.38%, 07/08/2014		1,373
		SBA Tower Trust
	2,035	4.25%, 04/15/2015 ■		2,092
		Telecom Italia Capital
	2,900	7.00%, 06/04/2018		2,711
		Verizon Communications, Inc.
	2,415	3.50%, 11/01/2021		2,514
	240	4.35%, 02/15/2013		249
	715	4.75%, 11/01/2041		770
				16,514
		Machinery Manufacturing - 0.2%
		Xerox Corp.
	6,000	8.25%, 05/15/2014		6,770
		Motor Vehicle and Parts Manufacturing - 0.1%
		Daimler Finance NA LLC
	5,600	2.63%, 09/15/2016 ■		5,567
		Petroleum and Coal Products Manufacturing - 0.5%
		Atmos Energy Corp.
	5,875	6.35%, 06/15/2017		6,961
		EnCana Corp.
	305	5.90%, 12/01/2017		346
		Motiva Enterprises LLC
	420	5.75%, 01/15/2020 ■		488
		Ras Laffan Liquefied Natural Gas Co., Ltd.
	1,200	5.50%, 09/30/2014 ■		1,284
		Shell International Finance B.V.
	6,400	4.38%, 03/25/2020		7,472
				16,551

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 12.1% - (continued)
		Pipeline Transportation - 0.2%
		Kinder Morgan Energy Partners L.P.
$	5,000	6.95%, 01/15/2038	$	5,647
		Real Estate, Rental and Leasing - 0.4%
		COX Communications, Inc.
	440	4.63%, 06/01/2013		464
	9,000	5.45%, 12/15/2014		9,990
		ERAC USA Finance Co.
	1,121	2.25%, 01/10/2014 ■		1,117
	1,800	4.50%, 08/16/2021 ■		1,846
				13,417
		Retail Trade - 0.2%
		Lowe's Co., Inc.
	3,400	4.63%, 04/15/2020		3,796
		Staples, Inc.
	2,525	9.75%, 01/15/2014		2,888
				6,684
		Soap, Cleaning Compound and Toilet Manufacturing - 0.4%
		Procter & Gamble Co.
	10,022	9.36%, 01/01/2021		13,488
		Utilities - 0.7%
		Consolidated Edison Co. of NY
	4,605	5.30%, 12/01/2016		5,374
		Enel Finance International S.A.
	300	3.88%, 10/07/2014 ■		292
		Indianapolis Power and Light
	8,000	6.60%, 06/01/2037 ■		10,291
		Niagara Mohawk Power Corp.
	2,510	3.55%, 10/01/2014 ■		2,637
		Southern California Edison Co.
	4,000	5.55%, 01/15/2037		4,928
		Wisconsin Electric Power Co.
	1,960	4.25%, 12/15/2019		2,187
				25,709
		Total corporate bonds
		(cost $380,852)	$	412,890
MUNICIPAL BONDS - 1.4%
		General Obligations - 0.3%
		California State GO, Taxable,
$	2,785	7.55%, 04/01/2039	$	3,405
		Chicago Metropolitan Water Reclamation Dist,
	685	5.72%, 12/01/2038		839
		Illinois State GO,
	60	5.37%, 03/01/2017		63
	1,075	5.67%, 03/01/2018		1,144
	860	5.88%, 03/01/2019		926
		Los Angeles USD,
	4,300	5.75%, 07/01/2034		4,747
				11,124
		Health Care/Services - 0.1%
		University of California, Regents MedCenter Pooled Rev,
	1,935	6.58%, 05/15/2049		2,323
		Higher Education (Univ., Dorms, etc.) - 0.1%
		University of California, Build America Bonds Rev,
	1,960	5.77%, 05/15/2043		2,219
		Miscellaneous - 0.3%
		Oregon School Boards Association, Taxable Pension,
	10,000	4.76%, 06/30/2028		10,836
		Refunded - 0.1%
		Irvine Ranch, CA, Water Dist,
	2,870	2.61%, 03/15/2014		2,982
		Tax Allocation - 0.1%
		Dallas, TX, Area Rapid Transit Taxable Sales Tax Rev,
	2,200	6.00%, 12/01/2044		2,798
		Transportation - 0.4%
		Bay Area Toll Auth, CA, Toll Bridge Rev,
	3,100	6.26%, 04/01/2049		4,045
		Illinois State Toll Highway Auth, Taxable Rev,
	1,875	6.18%, 01/01/2034		2,158
		Maryland State Transit Auth,
	1,350	5.89%, 07/01/2043		1,696
		New York and New Jersey PA, Taxable Rev,
	975	5.86%, 12/01/2024		1,163
	570	6.04%, 12/01/2029		691
		North Texas Tollway Auth Rev,
	3,400	6.72%, 01/01/2049		4,100
				13,853
		Total municipal bonds
		(cost $40,634)	$	46,135
U.S. GOVERNMENT AGENCIES - 1.6%
		Federal Home Loan Mortgage Corporation - 1.1%
$	167	2.34%, 04/01/2029 Δ	$	172
	34,498	4.00%, 12/01/2040 - 09/01/2041		36,239
				36,411
		Federal National Mortgage Association - 0.1%
	876	4.78%, 02/01/2014		918
	1,409	4.98%, 12/01/2013		1,486
	274	5.00%, 02/01/2019 - 04/01/2019		297
	18	6.50%, 11/01/2013		18
	3	7.00%, 02/01/2029		4
				2,723
		Government National Mortgage Association - 0.4%
	4,330	6.00%, 06/15/2024 - 06/15/2035		4,937
	1,369	6.50%, 03/15/2026 - 02/15/2035		1,589
	5,635	7.00%, 11/15/2031 - 11/15/2033		6,571
	264	7.50%, 09/16/2035		303
	1,003	8.00%, 09/15/2026 - 02/15/2031		1,139
	69	9.00%, 06/20/2016 - 06/15/2022		73
				14,612
		Total U.S. government agencies
		(cost $49,697)	$	53,746

The accompanying notes are an integral part of these financial statements.

9

Hartford Advisers HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
U.S. GOVERNMENT SECURITIES - 15.2%
Other Direct Federal Obligations - 2.8%
		Federal Financing Corporation - 0.5%
$	17,617	4.40%, 12/06/2013 - 12/27/2013 ○			$	17,364
		Tennessee Valley Authority - 2.3%
	22,300	4.38%, 06/15/2015				25,028
	50,000	6.00%, 03/15/2013				53,432
						78,460
						95,824
U.S. Treasury Securities - 12.4%
		U.S. Treasury Bonds - 3.8%
	49,553	4.38%, 02/15/2038 - 05/15/2040				64,216
	18,000	6.00%, 02/15/2026				25,943
	25,650	6.25%, 08/15/2023				36,712
						126,871
		U.S. Treasury Notes - 8.6%
	22,600	0.63%, 12/31/2012				22,706
	4,800	1.00%, 09/30/2016				4,849
	106,000	1.25%, 10/31/2015				108,716
	10,900	1.38%, 01/15/2013				11,035
	28,700	1.50%, 06/30/2016				29,680
	23,000	2.75%, 02/15/2019				25,190
	35,990	3.50%, 05/15/2020				41,403
	25,000	3.88%, 05/15/2018				29,160
	13,000	4.25%, 08/15/2013				13,840
	9,950	4.75%, 05/31/2012				10,140
						296,719
						423,590
		Total U.S. government securities
		(cost $468,336)			$	519,414
		Total long-term investments			$	3,356,950
		(cost $3,080,797)
SHORT-TERM INVESTMENTS - 1.1%
Repurchase Agreements - 1.1%
		Bank of America Merrill Lynch TriParty
		Joint Repurchase Agreement (maturing on
		01/03/2012 in the amount of $13,841,
		collateralized by GNMA 4.50%, 2041,
		value of $14,118)
$	13,841	0.04%, 12/30/2011			$	13,841
		Barclays Capital TriParty Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $1,150, collateralized by U.S.
		Treasury Bond 5.38%, 2031, value of
		$1,173)
	1,150	0.01%, 12/30/2011				1,150
		Deutsche Bank Securities TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $15,353,
		collateralized by GNMA 3.50% - 7.00%,
		2035 - 2046, value of $15,660)
	15,353	0.06%, 12/30/2011				15,353
		UBS Securities, Inc. Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $117, collateralized by U.S.
		Treasury Note 2.75%, 2016, value of
		$119)
	117	0.01%, 12/30/2011				117
		UBS Securities, Inc. TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $5,941,
		collateralized by FNMA 3.00% - 6.50%,
		2021 - 2041,  value of $6,060)
$	5,941	0.04%, 12/30/2011			$	5,941
						36,402
		Total short-term investments
		(cost $36,402)			$	36,402
		Total investments
		(cost $3,117,199) ▲	99.4	%	$	3,393,352
		Other assets and liabilities	0.6	%		21,606
		Total net assets	100.0	%	$	3,414,958

The accompanying notes are an integral part of these financial statements.

10

Hartford Advisers HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 7.3% of total net assets at December 31, 2011.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $3,148,302 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	413,345
Unrealized Depreciation		(168,295	)
Net Unrealized Appreciation	$	245,050

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At December 31, 2011, the aggregate value of these securities was $37,276, which represents 1.1% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

Δ Variable rate securities; the rate reported is the coupon rate in effect at December 31, 2011.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At December 31, 2011, the aggregate value of these securities was $70,705, which represents 2.1% of total net assets.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security		Cost Basis
08/2011		11,702		Allstar Co.	$	11,913
06/2007		11,241		Buck Holdings L.P.		6,634

At December 31, 2011, the aggregate value of these securities was $37,276, which represents 1.1% of total net assets.

GO	—	General Obligations
PA	—	Port Authority
USD	—	United School District

Foreign Currency Contracts Outstanding at December 31, 2011

Description

Counterparty

Buy / Sell

Market Value ╪

Contract Amount

Delivery Date

Unrealized Appreciation/ (Depreciation)

Japanese Yen

Goldman Sachs

Sell

$

37,819

$

37,966

01/23/2012

$

147

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

11

Hartford Advisers HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	1,587	$	—	$	1,580	$	7
Common Stocks ‡		2,323,178		2,168,616		117,286		37,276
Corporate Bonds		412,890		—		405,636		7,254
Municipal Bonds		46,135		—		46,135		—
U.S. Government Agencies		53,746		—		53,746		—
U.S. Government Securities		519,414		—		519,414		—
Short-Term Investments		36,402		—		36,402		—
Total	$	3,393,352	$	2,168,616	$	1,180,199	$	44,537
Foreign Currency Contracts *		147		—		147		—
Total	$	147	$	—	$	147	$	—

♦ For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of December 31, 2010		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2011
Assets:
Asset & Commercial Mortgage Backed Securities	$	7	$	—	$	—	*	$	—	$	—	$	—		$	—	$	—	$	7
Common Stocks		25,248		6,178		2,098	†		—		11,913		(8,161	)		—		—		37,276
Corporate Bonds		7,681		—		(141	)‡		—		—		(286	)		—		—		7,254
Total	$	32,936	$	6,178	$	1,957		$	—	$	11,913	$	(8,447	)	$	—	$	—	$	44,537

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 rounds to zero.

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 was $2,098.

‡ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 was $(141).

The accompanying notes are an integral part of these financial statements.

12

Hartford Advisers HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $3,117,199)	$	3,393,352
Cash		287
Unrealized appreciation on foreign currency contracts		147
Receivables:
Investment securities sold		9,357
Fund shares sold		215
Dividends and interest		14,703
Total assets		3,418,061
Liabilities:
Payables:
Fund shares redeemed		2,453
Investment management fees		459
Distribution fees		25
Accrued expenses		166
Total liabilities		3,103
Net assets	$	3,414,958
Summary of Net Assets:
Capital stock and paid-in-capital	$	4,222,562
Undistributed net investment income		28,105
Accumulated net realized loss		(1,112,025	)
Unrealized appreciation of investments and the translations of assets and liabilities denominated in foreign currency		276,316
Net assets	$	3,414,958
Shares authorized		9,500,000
Par value	$	0.001
Class IA: Net asset value per share	$	19.34
Shares outstanding		153,004
Net assets	$	2,959,019
Class IB: Net asset value per share	$	19.58
Shares outstanding		23,286
Net assets	$	455,939

The accompanying notes are an integral part of these financial statements.

13

Hartford Advisers HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	49,237
Interest		45,171
Less: Foreign tax withheld		(889	)
Total investment income, net		93,519
Expenses:
Investment management fees		22,991
Distribution fees - Class IB		1,267
Custodian fees		14
Accounting services fees		602
Board of Directors' fees		88
Audit fees		25
Other expenses		467
Total expenses (before fees paid indirectly)		25,454
Commission recapture		(27	)
Custodian fee offset		—
Total fees paid indirectly		(27	)
Total expenses, net		25,427
Net investment income		68,092
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments		184,053
Net realized loss on futures		(1,979	)
Net realized loss on foreign currency contracts		(2,445	)
Net realized gain on other foreign currency transactions		241
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		179,870
Net Changes in Unrealized Depreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(176,704	)
Net unrealized depreciation of futures		(636	)
Net unrealized depreciation of foreign currency contracts		(372	)
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(6	)
Net Changes in Unrealized Depreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		(177,718	)
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		2,152
Net Increase in Net Assets Resulting from Operations	$	70,244

The accompanying notes are an integral part of these financial statements.

14

Hartford Advisers HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	68,092		$	67,724
Net realized gain on investments, other financial instruments and foreign currency transactions		179,870			291,769
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		(177,718	)		97,470
Net Increase In Net Assets Resulting From Operations		70,244			456,963
Distributions to Shareholders:
From net investment income
Class IA		(51,277	)		(48,804	)
Class IB		(6,578	)		(6,196	)
Total distributions		(57,855	)		(55,000	)
Capital Share Transactions:
Class IA
Sold		50,601			57,957
Issued in merger		—			188,305
Issued on reinvestment of distributions		51,277			48,804
Redeemed		(693,355	)		(710,101	)
Total capital share transactions		(591,477	)		(415,035	)
Class IB
Sold		23,096			28,941
Issued in merger		—			36,319
Issued on reinvestment of distributions		6,578			6,196
Redeemed		(131,780	)		(148,646	)
Total capital share transactions		(102,106	)		(77,190	)
Net decrease from capital share transactions		(693,583	)		(492,225	)
Proceeds from regulatory settlements		—			147
Net Decrease In Net Assets		(681,194	)		(90,115	)
Net Assets:
Beginning of period		4,096,152			4,186,267
End of period	$	3,414,958		$	4,096,152
Undistributed (distribution in excess of)
net investment income	$	28,105		$	17,505
Shares:
Class IA
Sold		2,583			3,219
Issued in merger		—			10,373
Issued on reinvestment of distributions		2,706			2,575
Redeemed		(35,495	)		(39,434	)
Total share activity		(30,206	)		(23,267	)
Class IB
Sold		1,160			1,579
Issued in merger		—			1,979
Issued on reinvestment of distributions		344			324
Redeemed		(6,663	)		(8,152	)
Total share activity		(5,159	)		(4,270	)

The accompanying notes are an integral part of these financial statements.

15

Hartford Advisers HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1.    Organization:

Hartford Advisers HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2.    Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in

16

which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Fixed income securities (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain

17

Hartford Advisers HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

18

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of December 31, 2011.

19

Hartford Advisers HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

c) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of December 31, 2011, the Fund had no outstanding when-issued or delayed delivery securities.

d) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the Schedule of Investments, had mortgage related and other asset backed securities as of December 31, 2011.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. Realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed are recorded upon delivery or receipt of the currency.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the Schedule of Investments as of December 31, 2011.

20

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the securities markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. As of December 31, 2011, the Fund had no outstanding futures contracts.

c) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	147	$	—	$	—	$	—	$	—	$	147
Total	$	—	$	147	$	—	$	—	$	—	$	—	$	147

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended December 31, 2011.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on futures	$	(1,979	)	$	—		$	—	$	—	$	—	$	—	$	(1,979	)
Net realized loss on foreign currency contracts		—			(2,445	)		—		—		—		—		(2,445	)
Total	$	(1,979	)	$	(2,445	)	$	—	$	—	$	—	$	—	$	(4,424	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of futures	$	(636	)	$	—		$	—	$	—	$	—	$	—	$	(636	)
Net change in unrealized depreciation of foreign currency contracts		—			(372	)		—		—		—		—		(372	)
Total	$	(636	)	$	(372	)	$	—	$	—	$	—	$	—	$	(1,008	)

21

Hartford Advisers HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments in derivatives and other financial instruments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale

22

adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
Ordinary Income	$	57,855	$	55,000

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	28,105
Accumulated Capital and Other Losses*		(1,080,774	)
Unrealized Appreciation†		245,065
Total Accumulated Deficit	$	(807,604	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	363
Accumulated Net Realized Gain (Loss)		(363	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

23

Hartford Advisers HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	123,119
2017		957,655
Total	$	1,080,774

As of December 31, 2011, the Fund utilized $161,012 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million	0.6800%
On next $250 million	0.6550%
On next $500 million	0.6450%
On next $4 billion	0.5950%
On next $5 billion	0.5925%
Over $10 billion	0.5900%

24

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion	0.016%
On next $5 billion	0.014%
Over $10 billion	0.012%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended December 31, 2011
Class IA		0.64	%
Class IB		0.89

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $5. These fees are accrued daily and paid monthly.

25

Hartford Advisers HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,246,094
Sales Proceeds Excluding U.S. Government Obligations		1,814,897
Cost of Purchases for U.S. Government Obligations		98,957
Sales Proceeds for U.S. Government Obligations		162,687

9. Proceeds from Regulatory Settlement:

During the year ended December 31, 2010, as a result of a settlement of an administrative proceeding brought by the SEC against an unaffiliated third party relating to market timing and/or late trading of mutual funds, the Fund received $147, which represented the Fund’s portion of the proceeds from the settlement (the Fund was not a party to the proceeding). The proceeds received by the Fund were recorded as an increase to additional paid-in-capital. The payment did not have a material impact on the Fund’s NAV.

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

11. Fund Merger:

Reorganization of Hartford Global Advisers HLS Fund into Hartford Advisers HLS Fund: At a meeting held on August 5, 2009, the Board of Directors of the Company approved a Form of Agreement and Plan of Reorganization (“Reorganization Agreement”) that provided for the reorganization of a series of the Company, Hartford Global Advisers HLS Fund (“Target Fund”), into another series of the Company, Hartford Advisers Fund (“Acquiring Fund”) (the “Reorganization”). The reorganization did not require shareholder approval by the shareholders of the Target Fund or Acquring Fund.

Pursuant to the Reorganization Agreement, on March 19, 2010 (merger date), each holder of Class IA and Class IB shares of the Target Fund became the owner of full and fractional shares of the corresponding class in the Acquring Fund having an equal aggregate value.

26

The merger was accomplished by tax free exchange as detailed below:

	Net assets of Target Fund on Merger Date		Net assets of Acquiring Fund immediately before merger		Net assets of Acquiring Fund immediately after merger		Target Fund shares exchanged		Acquiring Fund shares issued to the Target Fund's shareholders
Class IA	$	188,305	$	3,614,641	$	3,802,946		17,995		10,373
Class IB		36,319		575,481		611,800		3,489		1,979
Total	$	224,624	$	4,190,122	$	4,414,746		21,484		12,352

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

27

Hartford Advisers HLS Fund

Financial Highlights

– Selected Per-Share Data – (A)

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Year Ended December 31, 2011
IA	$	19.32	$	0.41	$	—	$	(0.06	)	$	0.35		$	(0.33	)	$	—		$	—	$	(0.33	)	$	0.02		$	19.34
IB		19.55		0.36		—		(0.05	)		0.31			(0.28	)		—			—		(0.28	)		0.03			19.58
For the Year Ended December 31, 2010(E)
IA		17.47		0.30		—		1.82			2.12			(0.27	)		—			—		(0.27	)		1.85			19.32
IB		17.68		0.26		—		1.83			2.09			(0.22	)		—			—		(0.22	)		1.87			19.55
For the Year Ended December 31, 2009
IA		13.69		0.36		—		3.78			4.14			(0.36	)		—			—		(0.36	)		3.78			17.47
IB		13.85		0.32		—		3.83			4.15			(0.32	)		—			—		(0.32	)		3.83			17.68
For the Year Ended December 31, 2008
IA		20.97		0.50		—		(7.09	)		(6.59	)		(0.58	)		(0.11	)		—		(0.69	)		(7.28	)		13.69
IB		21.18		0.47		—		(7.17	)		(6.70	)		(0.52	)		(0.11	)		—		(0.63	)		(7.33	)		13.85
For the Year Ended December 31, 2007
IA		22.60		0.55		—		0.90			1.45			(0.53	)		(2.55	)		—		(3.08	)		(1.63	)		20.97
IB		22.78		0.49		—		0.92			1.41			(0.46	)		(2.55	)		—		(3.01	)		(1.60	)		21.18

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.

(C) Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using the average shares method.

(F) During the year ended December 31, 2010, the Fund incurred $204.5 million in purchases associated with the transition of assets from Hartford Global Advisers HLS Fund, which merged into the Fund on March 19, 2010. These purchases were excluded from the portfolio turnover calculation.

28

– Ratios and Supplemental Data –

				Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Net Investment Income			Portfolio Turnover
Total Return(B)		Net Assets at End of Period		Assets Before Waivers(C)			Assets After Waivers(C)			(Loss) to Average Net Assets			Rate(D)
1.86	%	$	2,959,019		0.64	%		0.64	%		1.84	%		34	%
1.61			455,939		0.89			0.89			1.59			—
12.14			3,539,983		0.65			0.65			1.68			65	(F)
11.86			556,169		0.90			0.90			1.43			—
30.29			3,607,929		0.65			0.65			2.15			73
29.96			578,338		0.90			0.90			1.90			—
(31.64	)		3,404,626		0.63			0.63			2.43			76
(31.81	)		548,899		0.88			0.88			2.18			—
6.64			6,291,220		0.63			0.63			2.13			47
6.37			1,080,254		0.88			0.88			1.88			—

29

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Advisers HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Advisers HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

February 13, 2012

30

Hartford Advisers HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

31

Hartford Advisers HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

32

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

33

Hartford Advisers HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return			Hypothetical (5% return before expenses)
			Expenses paid			Expenses paid		Days in
		Ending	during the period		Ending	during the period		the	Days
	Beginning	Account Value	June 30, 2011	Beginning	Account Value	June 30, 2011	Annualized	current	in the
	Account Value	December 31,	through	Account Value	December 31,	through	expense	1/2	full
	June 30, 2011	2011	December 31, 2011	June 30, 2011	2011	December 31, 2011	ratio	year	year
Class IA	$1,000.00	$982.08	$3.20	$1,000.00	$1,021.98	$3.26	0.64%	184	365
Class IB	$1,000.00	$980.88	$4.44	$1,000.00	$1,020.72	$4.53	0.89%	184	365

34

Hartford Advisers HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Advisers HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

35

Hartford Advisers HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations, although its one year performance had declined on a relative basis. The Board also noted that the Fund’s performance would continue to be monitored by HL Advisors.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

36

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

37

Hartford Advisers HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

38

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-AD11 2-12     109078     Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Series Fund, Inc.

Table of Contents

Fund Performance and Manager Discussions (Unaudited)	2
Hartford Series Fund, Inc. Financial Statements:
Schedule of Investments as of December 31, 2011:
American Funds Asset Allocation HLS Fund	13
American Funds Blue Chip Income and Growth HLS Fund	13
American Funds Bond HLS Fund	14
American Funds Global Bond HLS Fund	14
American Funds Global Growth and Income HLS Fund	15
American Funds Global Growth HLS Fund	15
American Funds Global Small Capitalization HLS Fund	16
American Funds Growth HLS Fund	16
American Funds Growth-Income HLS Fund	17
American Funds International HLS Fund	17
American Funds New World HLS Fund	18
Statements of Assets and Liabilities as of December 31, 2011	20
Statements of Operations for the Year Ended December 31, 2011	22
Statements of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	24
Notes to Financial Statements	28
Financial Highlights	36
Report of Independent Registered Public Accounting Firm	39
Directors and Officers (Unaudited)	40
How to Obtain a Copy of the Funds’ Proxy Voting Policies and Voting Records (Unaudited)	42
Quarterly Portfolio Holdings Information (Unaudited)	42
Expense Example (Unaudited)	43
Approval of Investment Management Agreement (Unaudited)	44

This report is prepared for the general information of contract owners and is not an offer of contracts. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent product information including the applicable sales, administrative and other charges.

American Funds Asset Allocation HLS Fund inception 4/30/2008
(advised by HL Investment Advisors, LLC)

Investment Goal: Seeks high total return (including income and capital gains) consistent with preservation of capital over the long term.

Performance Overview 4/30/08 - 12/31/11

Average Annual Total Returns (as of 12/31/11)

	1 Year	Since Inception
American Funds Asset Allocation HLS Fund IB	1.02%	0.64%
Barclays Capital U.S. Aggregate Index	7.84%	6.41%
Citigroup Broad Investment-Grade Bond Index	7.85%	6.53%
S&P 500 Index	2.09%	-0.39%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

Barclays Capital U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

Citigroup Broad Investment-Grade Bond Index is a market capitalization-weighted index that includes fixed-rate U.S. Treasury, government-sponsored, mortgage, asset-backed and investment-grade corporates with a maturity of one year or longer. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

How did the Fund perform?

The Class IB Shares of the American Funds Asset Allocation HLS Fund returned 1.02% for the twelve-month period ended December 31, 2011 versus the returns of 2.09% for the S&P 500 Index, 7.85% for the Citigroup Broad Investment-Grade Bond Index and 7.84% for the Barclays Capital U.S. Aggregate Index. The Fund outperformed the -1.47% average return of the Lipper Mixed Asset Target Allocation Growth Funds VP-UF peer group, a group of funds with investment strategies similar to those of the Fund.

The performance of the American Funds Asset Allocation HLS Fund is directly related to the performance of the American Funds Insurance Series – Asset Allocation Fund Class 1, in which the Fund invests. The financial statements of the American Funds Insurance Series – Asset Allocation Fund Class 1, including the Schedule of Investments, are provided in the accompanying report and should be read in conjunction with the American Funds Asset Allocation HLS Fund’s financial statements.

2

American Funds Blue Chip Income and Growth HLS Fund inception 4/30/2008
(advised by HL Investment Advisors, LLC)

Investment Goal: Seeks to produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

Performance Overview 4/30/08 - 12/31/11 

Average Annual Total Returns (as of 12/31/11)

	1 Year	Since Inception
American Funds Blue Chip Income and Growth HLS Fund IB	-1.19%	-1.39%
S&P 500 Index	2.09%	-0.39%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which excludes investment transactions as of this date.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

How did the Fund perform?

The Class IB Shares of the American Funds Blue Chip Income and Growth HLS Fund returned -1.19% for the twelve-month period ended December 31, 2011, versus the return of 2.09% for the S&P 500 Index. The Fund underperformed the -1.01% average return of the Lipper Large Cap Core Funds VP-UF peer group, a group of funds with investment strategies similar to those of the Fund.

The performance of the American Funds Blue Chip Income and Growth HLS Fund is directly related to the performance of the American Funds Insurance Series – Blue Chip Income and Growth Fund Class 1, in which the Fund invests. The financial statements of the American Funds Insurance Series – Blue Chip Income and Growth Fund Class 1, including the Schedule of Investments, are provided in the accompanying report and should be read in conjunction with the American Funds Blue Chip Income and Growth HLS Fund’s financial statements.

3

American Funds Bond HLS Fund inception 4/30/2008
(advised by HL Investment Advisors, LLC)

Investment Goal: Seeks to maximize current income and preservation of capital.

Performance Overview 4/30/08 - 12/31/11 

Average Annual Total Returns (as of 12/31/11)

	1 Year	Since Inception
American Funds Bond HLS Fund IB	5.84%	3.44%
Barclays Capital U.S. Aggregate Index	7.84%	6.41%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which excludes investment transactions as of this date.

Barclays Capital U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

How did the Fund perform?

The Class IB Shares of the American Funds Bond HLS Fund returned 5.84% for the twelve-month period ended December 31, 2011, versus the return of 7.84% for the Barclays Capital U.S. Aggregate Index. The Fund underperformed the 6.80% average return of the Lipper Corporate Debt Funds BBB-Rated VP-UF peer group, a group of funds with investment strategies similar to those of the Fund.

The performance of the American Funds Bond HLS Fund is directly related to the performance of the American Funds Insurance Series – Bond Fund Class 1, in which the Fund invests. The financial statements of the American Funds Insurance Series – Bond Fund Class 1, including the Schedule of Investments, are provided in the accompanying report and should be read in conjunction with the American Funds Bond HLS Fund’s financial statements.

4

American Funds Global Bond HLS Fund inception 4/30/2008
(advised by HL Investment Advisors, LLC)

Investment Goal: Seeks a high level of total return over the long term.

Performance Overview 4/30/08 - 12/31/11

Average Annual Total Returns (as of 12/31/11)

	1 Year	Since Inception
American Funds Global Bond HLS Fund IB	4.28%	4.57%
Barclays Capital Global Aggregate Index	5.64%	4.96%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which excludes investment transactions as of this date.

Barclays Capital Global Aggregate Index represents the global investment-grade fixed-income markets. This index is unmanaged and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

How did the Fund perform?

The Class IB Shares of the American Funds Global Bond HLS Fund returned 4.28% for the twelve-month period ended December 31, 2011, versus the return of 5.64% for the Barclays Capital Global Aggregate Index. The Fund outperformed the 3.94% average return of the Lipper Global Income Funds VP-UF peer group, a group of funds with investment strategies similar to those of the Fund.

The performance of the American Funds Global Bond HLS Fund is directly related to the performance of the American Funds Insurance Series – Global Bond Fund Class 1, in which the Fund invests. The financial statements of the American Funds Insurance Series – Global Bond Fund Class 1, including the Schedule of Investments, are provided in the accompanying report and should be read in conjunction with the American Funds Global Bond HLS Fund’s financial statements.

5

American Funds Global Growth and Income HLS Fund inception 4/30/2008
(advised by HL Investment Advisors, LLC)

Investment Goal: Seeks growth of capital over time and current income.

Performance Overview 4/30/08 - 12/31/11 

Average Annual Total Returns (as of 12/31/11)

	1 Year	Since Inception
American Funds Global Growth and Income HLS Fund IB	-5.19%	-3.08%
MSCI World Index	-5.02%	-3.78%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which excludes investment transactions as of this date.

MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global-developed market equity performance. The index consists of 23 developed-market country indices, including the United States. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

How did the Fund perform?

The Class IB Shares of the American Funds Global Growth and Income HLS Fund returned -5.19% for the twelve-month period ended December 31, 2011, versus the return of -5.02% for the MSCI World Index. The Fund outperformed the -8.05% average return of the Lipper Global Core Funds VP-UF peer group, a group of funds with investment strategies similar to those of the Fund.

The performance of the American Funds Global Growth and Income HLS Fund is directly related to the performance of the American Funds Insurance Series – Global Growth and Income Fund Class 1, in which the Fund invests. The financial statements of the American Funds Insurance Series – Global Growth and Income Fund Class 1, including the Schedule of Investments, are provided in the accompanying report and should be read in conjunction with the American Funds Global Growth and Income HLS Fund’s financial statements.

6

American Funds Global Growth HLS Fund inception 4/30/2008
(advised by HL Investment Advisors, LLC)

Investment Goal: Seeks long-term growth of capital.

Performance Overview 4/30/08 - 12/31/11

Average Annual Total Returns (as of 12/31/11)

	1 Year	Since Inception
American Funds Global Growth HLS Fund IB	-9.18%	-2.28%
MSCI World Index	-5.02%	-3.78%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which excludes investment transactions as of this date.

MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global-developed market equity performance. The index consists of 23 developed-market country indices, including the United States. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

How did the Fund perform?

The Class IB Shares of the American Funds Global Growth HLS Fund returned -9.18% for the twelve-month period ended December 31, 2011, versus the return of -5.02% for the MSCI World Index. The Fund outperformed the -9.54% average return of the Lipper Global Growth Funds VP-UF peer group, a group of funds with investment strategies similar to those of the Fund.

The performance of the American Funds Global Growth HLS Fund is directly related to the performance of the American Funds Insurance Series – Global Growth Fund Class 1, in which the Fund invests. The financial statements of the American Funds Insurance Series – Global Growth Fund Class 1, including the Schedule of Investments, are provided in the accompanying report and should be read in conjunction with the American Funds Global Growth HLS Fund’s financial statements.

7

American Funds Global Small Capitalization HLS Fund inception 4/30/2008
(advised by HL Investment Advisors, LLC)

Investment Goal: Seeks growth of capital over time.

Performance Overview 4/30/08 - 12/31/11 

Average Annual Total Returns (as of 12/31/11)

	1 Year	Since Inception
American Funds Global Small Capitalization HLS Fund IB	-19.40%	-5.70%
MSCI All Country World Small Cap Index	-10.96%	0.35%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which excludes investment transactions as of this date.

MSCI All Country World Small Cap Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance of smaller capitalization companies in both developed and emerging markets. This index is unmanaged and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

How did the Fund perform?

The Class IB Shares of the American Funds Global Small Capitalization HLS Fund returned -19.40% for the twelve-month period ended December 31, 2011, versus the return of -10.96% for the MSCI All Country World Small Cap Index. The Fund underperformed the -9.54% average return of the Lipper Global Growth Funds VP-UF peer group, a group of funds with investment strategies similar to those of the Fund.

The performance of the American Funds Global Small Capitalization HLS Fund is directly related to the performance of the American Funds Insurance Series – Global Small Capitalization Fund Class 1, in which the Fund invests. The financial statements of the American Funds Insurance Series – Global Small Capitalization Fund Class 1, including the Schedule of Investments, are provided in the accompanying report and should be read in conjunction with the American Funds Global Small Capitalization HLS Fund’s financial statements.

8

American Funds Growth HLS Fund inception 4/30/2008
(advised by HL Investment Advisors, LLC)

Investment Goal: Seeks growth of capital.

Performance Overview 4/30/08 - 12/31/11

Average Annual Total Returns (as of 12/31/11)

	1 Year	Since Inception
American Funds Growth HLS Fund IB	-4.57%	-2.14%
S&P 500 Index	2.09%	-0.39%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which excludes investment transactions as of this date.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

How did the Fund perform?

The Class IB Shares of the American Funds Growth HLS Fund returned -4.57% for the twelve-month period ended December 31, 2011, versus the return of 2.09% for the S&P 500 Index. The Fund underperformed the -2.38% average return of the Lipper Large Cap Growth Funds VP-UF peer group, a group of funds with investment strategies similar to those of the Fund.

The performance of the American Funds Growth HLS Fund is directly related to the performance of the American Funds Insurance Series – Growth Fund Class 1, in which the Fund invests. The financial statements of the American Funds Insurance Series – Growth Fund Class 1, including the Schedule of Investments, are provided in the accompanying report and should be read in conjunction with the American Funds Growth HLS Fund’s financial statements.

9

American Funds Growth-Income HLS Fund inception 4/30/2008
(advised by HL Investment Advisors, LLC)

Investment Goal: Seeks long-term growth of capital and income over time.

Performance Overview 4/30/08 - 12/31/11

Average Annual Total Returns (as of 12/31/11)

	1 Year	Since Inception
American Funds Growth-Income HLS Fund IB	-2.12%	-2.09%
S&P 500 Index	2.09%	-0.39%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which excludes investment transactions as of this date.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

How did the Fund perform?

The Class IB Shares of the American Funds Growth-Income HLS Fund returned -2.12% for the twelve-month period ended December 31, 2011, versus the return of 2.09% for the S&P 500 Index. The Fund underperformed the -1.01% average return of the Lipper Large Cap Core Funds VP-UF peer group, a group of funds with investment strategies similar to those of the Fund.

The performance of the American Funds Growth-Income HLS Fund is directly related to the performance of the American Funds Insurance Series – Growth-Income Fund Class 1, in which the Fund invests. The financial statements of the American Funds Insurance Series – Growth-Income Fund Class 1, including the Schedule of Investments, are provided in the accompanying report and should be read in conjunction with the American Funds Growth-Income HLS Fund’s financial statements.

10

American Funds International HLS Fund inception 4/30/2008

(advised by HL Investment Advisors, LLC)

Investment Goal: Seeks long-term growth of capital over time.

Performance Overview 4/30/08 - 12/31/11 

Average Annual Total Returns (as of 12/31/11)

	1 Year	Since Inception
American Funds International HLS Fund IB	-14.23%	-5.99%
MSCI All Country World ex USA Index	-13.33%	-6.55%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which excludes investment transactions as of this date.

MSCI All Country World ex USA Index is a broad-based, unmanaged, market capitalization weighted, total return index that measures the performance of both developed and emerging stock markets, excluding the U.S. The index is calculated to exclude companies and share classes which cannot be freely purchased by foreigners.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

How did the Fund perform?

The Class IB Shares of the American Funds International HLS Fund returned -14.23% for the twelve-month period ended December 31, 2011, versus the return of -13.33% for the MSCI All Country World ex USA Index. The Fund underperformed the -13.08% average return of the Lipper International Core Funds VP-UF peer group, a group of funds with investment strategies similar to those of the Fund.

The performance of the American Funds International HLS Fund is directly related to the performance of the American Funds Insurance Series – International Fund Class 1, in which the Fund invests. The financial statements of the American Funds Insurance Series – International Fund Class 1, including the Schedule of Investments, are provided in the accompanying report and should be read in conjunction with the American Funds International HLS Fund’s financial statements.

11

American Funds New World HLS Fund inception 4/30/2008
(advised by HL Investment Advisors, LLC)

Investment Goal: Seeks long-term capital appreciation.

Performance Overview 4/30/08 - 12/31/11

Average Annual Total Returns (as of 12/31/11)

	1 Year	Since Inception
American Funds New World HLS Fund IB	-14.23%	-2.75%
MSCI All Country World Index	-6.86%	-3.86%
MSCI Emerging Markets Index	-18.17%	-4.37%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which excludes investment transactions as of this date.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets, consisting of 24 emerging market country indices. This index is unmanaged and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

How did the Fund perform?

The Class IB Shares of the American Funds New World HLS Fund returned -14.23% for the twelve-month period ended December 31, 2011, versus the returns of -6.86% for the MSCI All Country World Index and -18.17% for the MSCI Emerging Markets Index. The Fund outperformed the -19.43% average return of the Lipper Emerging Markets Funds VP-UF peer group, a group of funds with investment strategies similar to those of the Fund.

The performance of the American Funds New World HLS Fund is directly related to the performance of the American Funds Insurance Series – New World Fund Class 1, in which the Fund invests. The financial statements of the American Funds Insurance Series – New World Fund Class 1, including the Schedule of Investments, are provided in the accompanying report and should be read in conjunction with the American Funds New World HLS Fund’s financial statements.

12

American Funds Asset Allocation HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares					Market Value ╪
INVESTMENT COMPANIES - 100.0%
	3,981	American Funds Insurance Series - Asset Allocation Fund Class 1			$	64,374
		Total investment companies
		(cost $55,632)			$	64,374
		Total investments
		(cost $55,632) ▲	100.0	%	$	64,374
		Other assets and liabilities	—	%		(18	)
		Total net assets	100.0	%	$	64,356

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $57,463 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	6,911
Unrealized Depreciation		—
Net Unrealized Appreciation	$	6,911

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

At December 31, 2011, the investment valuation hierarchy levels were:

Assets:
Investment in Securities - Level 1	$	64,374
Total	$	64,374

American Funds Blue Chip Income and Growth HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares					Market Value ╪
INVESTMENT COMPANIES - 100.0%
	3,604	American Funds Insurance Series - Blue Chip Income and Growth Fund Class 1			$	32,439
		Total investment companies
		(cost $26,345)			$	32,439
		Total investments
		(cost $26,345) ▲	100.0	%	$	32,439
		Other assets and liabilities	—	%		(14	)
		Total net assets	100.0	%	$	32,425

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $27,352 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	5,087
Unrealized Depreciation		—
Net Unrealized Appreciation	$	5,087

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

At December 31, 2011, the investment valuation hierarchy levels were:

Assets:
Investment in Securities - Level 1	$	32,439
Total	$	32,439

The accompanying notes are an integral part of these financial statements.

13

American Funds Bond HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares					Market Value ╪
INVESTMENT COMPANIES - 100.0%
	18,038	American Funds Insurance Series - Bond Fund Class 1			$	198,237
		Total investment companies
		(cost $185,750)			$	198,237
		Total investments
		(cost $185,750) ▲	100.0	%	$	198,237
		Other assets and liabilities	—	%		(34	)
		Total net assets	100.0	%	$	198,203

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $186,677 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	11,560
Unrealized Depreciation		—
Net Unrealized Appreciation	$	11,560

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

At December 31, 2011, the investment valuation hierarchy levels were:

Assets:
Investment in Securities - Level 1	$	198,237
Total	$	198,237

American Funds Global Bond HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares					Market Value ╪
INVESTMENT COMPANIES - 100.0%
	3,710	American Funds Insurance Series - Global Bond Fund Class 1			$	44,367
		Total investment companies
		(cost $41,981)			$	44,367
		Total investments
		(cost $41,981) ▲	100.0	%	$	44,367
		Other assets and liabilities	—	%		(15	)
		Total net assets	100.0	%	$	44,352

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $42,131 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	2,236
Unrealized Depreciation		—
Net Unrealized Appreciation	$	2,236

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

At December 31, 2011, the investment valuation hierarchy levels were:

Assets:
Investment in Securities - Level 1	$	44,367
Total	$	44,367

The accompanying notes are an integral part of these financial statements.

14

American Funds Global Growth and Income HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares					Market Value ╪
INVESTMENT COMPANIES - 100.0%
	8,550	American Funds Insurance Series - Global Growth and Income Fund Class 1			$	78,658
		Total investment companies
		(cost $64,606)			$	78,658
		Total investments
		(cost $64,606) ▲	100.0	%	$	78,658
		Other assets and liabilities	—	%		(19	)
		Total net assets	100.0	%	$	78,639

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $66,491 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	12,167
Unrealized Depreciation		—
Net Unrealized Appreciation	$	12,167

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

At December 31, 2011, the investment valuation hierarchy levels were:

Assets:
Investment in Securities - Level 1	$	78,658
Total	$	78,658

American Funds Global Growth HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares					Market Value ╪
INVESTMENT COMPANIES - 100.0%
	1,512	American Funds Insurance Series - Global Growth Fund Class 1			$	29,332
		Total investment companies
		(cost $25,408)			$	29,332
		Total investments
		(cost $25,408) ▲	100.0	%	$	29,332
		Other assets and liabilities	—	%		(13	)
		Total net assets	100.0	%	$	29,319

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $27,001 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	2,331
Unrealized Depreciation		—
Net Unrealized Appreciation	$	2,331

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

At December 31, 2011, the investment valuation hierarchy levels were:

Assets:
Investment in Securities - Level 1	$	29,332
Total	$	29,332

The accompanying notes are an integral part of these financial statements.

15

American Funds Global Small Capitalization HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares					Market Value ╪
INVESTMENT COMPANIES - 100.0%
	3,220	American Funds Insurance Series - Global Small Capitalization Fund Class 1			$	55,676
		Total investment companies
		(cost $48,391)			$	55,676
		Total investments
		(cost $48,391) ▲	100.0	%	$	55,676
		Other assets and liabilities	—	%		(18	)
		Total net assets	100.0	%	$	55,658

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $50,804 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	4,872
Unrealized Depreciation		—
Net Unrealized Appreciation	$	4,872

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

At December 31, 2011, the investment valuation hierarchy levels were:

Assets:
Investment in Securities - Level 1	$	55,676
Total	$	55,676

American Funds Growth HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares					Market Value ╪
INVESTMENT COMPANIES - 100.0%
	6,107	American Funds Insurance Series - Growth Fund Class 1			$	318,017
		Total investment companies
		(cost $239,197)			$	318,017
		Total investments
		(cost $239,197) ▲	100.0	%	$	318,017
		Other assets and liabilities	—	%		(49	)
		Total net assets	100.0	%	$	317,968

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $248,340 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	69,677
Unrealized Depreciation		—
Net Unrealized Appreciation	$	69,677

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

At December 31, 2011, the investment valuation hierarchy levels were:

Assets:
Investment in Securities - Level 1	$	318,017
Total	$	318,017

The accompanying notes are an integral part of these financial statements. 

16

American Funds Growth-Income HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares					Market Value ╪
INVESTMENT COMPANIES - 100.0%
	5,112	American Funds Insurance Series - Growth-Income Fund Class 1			$	170,089
		Total investment companies
		(cost $139,488)			$	170,089
		Total investments
		(cost $139,488) ▲	100.0	%	$	170,089
		Other assets and liabilities	—	%		(30	)
		Total net assets	100.0	%	$	170,059

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $143,238 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	26,851
Unrealized Depreciation		—
Net Unrealized Appreciation	$	26,851

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

At December 31, 2011, the investment valuation hierarchy levels were:
Assets:
Investment in Securities - Level 1	$	170,089
Total	$	170,089

American Funds International HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares					Market Value ╪
INVESTMENT COMPANIES - 100.0%
	13,704	American Funds Insurance Series - International Fund Class 1			$	208,435
		Total investment companies
		(cost $198,006)			$	208,435
		Total investments
		(cost $198,006) ▲	100.0	%	$	208,435
		Other assets and liabilities	—	%		(36	)
		Total net assets	100.0	%	$	208,399

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $203,685 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	4,750
Unrealized Depreciation		—
Net Unrealized Appreciation	$	4,750

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

At December 31, 2011, the investment valuation hierarchy levels were:
Assets:
Investment in Securities - Level 1	$	208,435
Total	$	208,435

The accompanying notes are an integral part of these financial statements.

17

American Funds New World HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares					Market Value ╪
INVESTMENT COMPANIES - 100.0%
	2,676	American Funds Insurance Series - New World Fund Class 1			$	52,586
		Total investment companies
		(cost $46,287)			$	52,586
		Total investments
		(cost $46,287) ▲	100.0	%	$	52,586
		Other assets and liabilities	—	%		(17	)
		Total net assets	100.0	%	$	52,569

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $48,350 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	4,236
Unrealized Depreciation		—
Net Unrealized Appreciation	$	4,236

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

At December 31, 2011, the investment valuation hierarchy levels were:
Assets:
Investment in Securities - Level 1	$	52,586
Total	$	52,586

The accompanying notes are an integral part of these financial statements.

18

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19

Hartford Series Fund, Inc.

Statements of Assets and Liabilities

December 31, 2011

(000’s Omitted)

				American Funds
				Blue Chip
	American Funds			Income and			American Funds
	Asset Allocation			Growth			Bond
	HLS Fund			HLS Fund			HLS Fund
Assets:
Investments in underlying funds, at market value @	$	64,374		$	32,439		$	198,237
Receivables:
Investment securities sold		42			—			218
Fund shares sold		1			23			184
Other assets		6			3			11
Total assets		64,423			32,465			198,650
Liabilities:
Payables:
Investment securities purchased		—			6			—
Fund shares redeemed		42			16			398
Investment management fees		9			5			22
Distribution fees		4			2			11
Accrued expenses		12			11			16
Total liabilities		67			40			447
Net assets	$	64,356		$	32,425		$	198,203
Summary of Net Assets:
Capital stock and paid-in-capital	$	56,279		$	26,604		$	176,884
Undistributed net investment income		1,026			467			5,360
Accumulated net realized gain (loss)		(1,691	)		(740	)		3,472
Unrealized appreciation of investments		8,742			6,094			12,487
Net assets	$	64,356		$	32,425		$	198,203
Shares authorized		200,000			200,000			200,000
Par value	$	0.001		$	0.001		$	0.001
Class IB: Net asset value per share	$	9.70		$	9.07		$	10.52
Shares outstanding		6,634			3,576			18,835
Net assets	$	64,356		$	32,425		$	198,203
@ Cost of underlying funds	$	55,632		$	26,345		$	185,750

The accompanying notes are an integral part of these financial statements.

20

		American Funds						American Funds
American Funds		Global Growth			American Funds			Global Small		American Funds			American Funds			American Funds			American Funds
Global Bond		and Income			Global Growth			Capitalization		Growth			Growth-Income			International			New World
HLS Fund		HLS Fund			HLS Fund			HLS Fund		HLS Fund			HLS Fund			HLS Fund			HLS Fund
$	44,367	$	78,658		$	29,332		$	55,676	$	318,017		$	170,089		$	208,435		$	52,586
	46		72			4			2		—			—			46			197
	3		6			2			6		184			159			86			23
	5		9			5			7		35			17			27			10
	44,421		78,745			29,343			55,691		318,236			170,265			208,594			52,816
	—		—			—			—		141			109			—			—
	48		76			5			7		38			48			128			219
	7		14			6			10		52			26			39			13
	3		4			2			3		18			9			11			3
	11		12			11			13		19			14			17			12
	69		106			24			33		268			206			195			247
$	44,352	$	78,639		$	29,319		$	55,658	$	317,968		$	170,059		$	208,399		$	52,569
$	40,200	$	66,302		$	26,351		$	45,182	$	246,202		$	141,797		$	200,601		$	44,703
	1,091		1,975			313			648		1,116			2,243			3,474			835
	675		(3,690	)		(1,269	)		2,543		(8,170	)		(4,582	)		(6,105	)		732
	2,386		14,052			3,924			7,285		78,820			30,601			10,429			6,299
$	44,352	$	78,639		$	29,319		$	55,658	$	317,968		$	170,059		$	208,399		$	52,569
	200,000		200,000			200,000			200,000		200,000			200,000			200,000			200,000
$	0.001	$	0.001		$	0.001		$	0.001	$	0.001		$	0.001		$	0.001		$	0.001
$	11.02	$	8.38		$	8.74		$	7.83	$	8.95		$	8.81		$	7.54		$	8.66
	4,026		9,385			3,356			7,110		35,535			19,298			27,623			6,073
$	44,352	$	78,639		$	29,319		$	55,658	$	317,968		$	170,059		$	208,399		$	52,569
$	41,981	$	64,606		$	25,408		$	48,391	$	239,197		$	139,488		$	198,006		$	46,287

The accompanying notes are an integral part of these financial statements.

21

Hartford Series Fund, Inc.

Statements of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

				American Funds
				Blue Chip
	American Funds			Income and			American Funds
	Asset Allocation			Growth			Bond
	HLS Fund			HLS Fund			HLS Fund
Investment Income:
Dividends from underlying funds	$	1,377		$	653		$	6,479
Total investment income		1,377			653			6,479
Expenses:
Investment management fees		415			244			1,044
Distribution fees - Class IB		159			82			522
Custodian fees		1			1			1
Accounting services fees		6			3			21
Board of Directors' fees		2			1			5
Audit fees		10			10			11
Other expenses		12			8			37
Total expenses (before waivers)		605			349			1,641
Expense waivers		(255	)		(163	)		(522	)
Total waivers		(255	)		(163	)		(522	)
Total expenses, net		350			186			1,119
Net investment income		1,027			467			5,360
Net Realized Gain (Loss) on Investments:
Capital gain distribution received from underlying funds		—			—			—
Net realized gain (loss) on investments in underlying funds		68			322			4,436
Net Realized Gain (Loss) on Investments		68			322			4,436
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation (depreciation) of investments in underlying funds		(605	)		(1,140	)		2,021
Net Gain (Loss) on Investments		(537	)		(818	)		6,457
Net Increase (Decrease) in Net Assets Resulting from Operations	$	490		$	(351	)	$	11,817

The accompanying notes are an integral part of these financial statements.

22

			American Funds						American Funds
American Funds			Global Growth			American Funds			Global Small			American Funds			American Funds			American Funds			American Funds
Global Bond			and Income			Global Growth			Capitalization			Growth			Growth-Income			International			New World
HLS Fund			HLS Fund			HLS Fund			HLS Fund			HLS Fund			HLS Fund			HLS Fund			HLS Fund
$	1,312		$	2,443		$	503		$	1,019		$	2,947		$	3,196		$	4,710		$	1,187
	1,312			2,443			503			1,019			2,947			3,196			4,710			1,187
	315			688			330			528			2,551			1,248			1,938			694
	105			215			83			165			850			446			570			158
	1			1			1			1			1			1			1			1
	4			9			3			6			34			18			23			6
	1			2			1			2			8			4			5			2
	10			10			10			11			13			10			12			10
	11			16			9			20			75			28			55			16
	447			941			437			733			3,532			1,755			2,604			887
	(210	)		(473	)		(247	)		(363	)		(1,701	)		(802	)		(1,368	)		(536	)
	(210	)		(473	)		(247	)		(363	)		(1,701	)		(802	)		(1,368	)		(536	)
	237			468			190			370			1,831			953			1,236			351
	1,075			1,975			313			649			1,116			2,243			3,474			836
	213			—			—			—			—			—			—			—
	838			(365	)		309			4,956			1,657			(381	)		(625	)		3,019
	1,051			(365	)		309			4,956			1,657			(381	)		(625	)		3,019
	(542	)		(6,146	)		(3,627	)		(18,721	)		(16,989	)		(5,655	)		(35,372	)		(13,070	)
	509			(6,511	)		(3,318	)		(13,765	)		(15,332	)		(6,036	)		(35,997	)		(10,051	)
$	1,584		$	(4,536	)	$	(3,005	)	$	(13,116	)	$	(14,216	)	$	(3,793	)	$	(32,523	)	$	(9,215	)

The accompanying notes are an integral part of these financial statements.

23

Hartford Series Fund, Inc.

Statements of Changes in Net Assets

(000’s Omitted)

	American Funds						American Funds
	Asset Allocation						Blue Chip Income and Growth
	HLS Fund						HLS Fund
	For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2011			2010			2011			2010
Operations:
Net investment income	$	1,027		$	863		$	467		$	438
Net realized gain (loss) on investments		68			(546	)		322			(323	)
Net unrealized appreciation (depreciation) of investments		(605	)		5,634			(1,140	)		3,422
Net increase (decrease) in net assets resulting from operations		490			5,951			(351	)		3,537
Distributions to Shareholders:
From net investment income
Class IB		(863	)		(881	)		(8	)		(871	)
From net realized gain on investments
Class IB		(5	)		—			—			—
Total distributions		(868	)		(881	)		(8	)		(871	)
Capital Share Transactions:
Class IB
Sold		13,867			11,541			5,896			6,415
Issued on reinvestment of distributions		868			881			8			871
Redeemed		(8,327	)		(7,734	)		(7,150	)		(4,952	)
Net increase (decrease) from capital share transactions		6,408			4,688			(1,246	)		2,334
Net increase (decrease) in net assets		6,030			9,758			(1,605	)		5,000
Net Assets:
Beginning of period		58,326			48,568			34,030			29,030
End of period	$	64,356		$	58,326		$	32,425		$	34,030
Undistributed (distribution in excess of)
net investment income	$	1,026		$	862		$	467		$	8
Shares:
Class IB
Sold		1,409			1,262			650			747
Issued on reinvestment of distributions		94			105			1			104
Redeemed		(857	)		(866	)		(782	)		(585	)
Total share activity		646			501			(131	)		266

The accompanying notes are an integral part of these financial statements.

24

American Funds						American Funds						American Funds						American Funds
Bond						Global Bond						Global Growth and Income						Global Growth
HLS Fund						HLS Fund						HLS Fund						HLS Fund
For the			For the			For the			For the			For the			For the			For the			For the
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
2011			2010			2011			2010			2011			2010			2011			2010
$	5,360		$	5,573		$	1,075		$	964		$	1,975		$	1,927		$	313		$	364
	4,436			(327	)		1,051			393			(365	)		(2,373	)		309			(429	)
	2,021			6,464			(542	)		408			(6,146	)		9,401			(3,627	)		3,570
	11,817			11,710			1,584			1,765			(4,536	)		8,955			(3,005	)		3,505
	(5,572	)		(4,625	)		(962	)		(405	)		(1,921	)		(1,600	)		(363	)		(286	)
	(62	)		—			(316	)		(31	)		—			—			—			—
	(5,634	)		(4,625	)		(1,278	)		(436	)		(1,921	)		(1,600	)		(363	)		(286	)
	34,811			50,638			13,479			8,267			4,913			8,826			4,927			5,363
	5,634			4,625			1,278			436			1,921			1,600			363			286
	(54,785	)		(37,538	)		(9,365	)		(9,911	)		(12,992	)		(15,289	)		(6,848	)		(5,080	)
	(14,340	)		17,725			5,392			(1,208	)		(6,158	)		(4,863	)		(1,558	)		569
	(8,157	)		24,810			5,698			121			(12,615	)		2,492			(4,926	)		3,788
	206,360			181,550			38,654			38,533			91,254			88,762			34,245			30,457
$	198,203		$	206,360		$	44,352		$	38,654		$	78,639		$	91,254		$	29,319		$	34,245
$	5,360		$	5,572		$	1,091		$	962		$	1,975		$	1,921		$	313		$	363
	3,348			4,984			1,191			774			547			1,056			508			614
	541			449			113			41			234			209			42			35
	(5,267	)		(3,670	)		(839	)		(934	)		(1,473	)		(1,885	)		(710	)		(583	)
	(1,378	)		1,763			465			(119	)		(692	)		(620	)		(160	)		66

The accompanying notes are an integral part of these financial statements.

25

Hartford Series Fund, Inc.

Statements of Changes in Net Assets – (continued)

(000’s Omitted)

	American Funds						American Funds
	Global Small Capitalization						Growth
	HLS Fund						HLS Fund
	For the			For the			For the			For the
	Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,
	2011			2010			2011			2010
Operations:
Net investment income	$	649		$	866		$	1,116		$	1,351
Net realized gain (loss) on investments		4,956			17			1,657			(6,158	)
Net unrealized appreciation (depreciation) of investments		(18,721	)		12,561			(16,989	)		60,757
Net increase (decrease) in net assets resulting from operations		(13,116	)		13,444			(14,216	)		55,950
Distributions to Shareholders:
From net investment income
Class IB		(866	)		(10	)		(10	)		(1,529	)
From net realized gain on investments
Class IB		(360	)		—			—			—
Total distributions		(1,226	)		(10	)		(10	)		(1,529	)
Capital Share Transactions:
Class IB
Sold		9,505			15,106			32,641			40,109
Issued on reinvestment of distributions		1,226			10			10			1,529
Redeemed		(15,730	)		(15,070	)		(56,619	)		(36,556	)
Net increase (decrease) from capital share transactions		(4,999	)		46			(23,968	)		5,082
Net increase (decrease) in net assets		(19,341	)		13,480			(38,194	)		59,503
Net Assets:
Beginning of period		74,999			61,519			356,162			296,659
End of period	$	55,658		$	74,999		$	317,968		$	356,162
Undistributed (distribution in excess of)
net investment income	$	648		$	865		$	1,116		$	10
Shares:
Class IB
Sold		1,071			1,752			3,537			4,951
Issued on reinvestment of distributions		147			1			1			169
Redeemed		(1,667	)		(1,761	)		(5,986	)		(4,417	)
Total share activity		(449	)		(8	)		(2,448	)		703

The accompanying notes are an integral part of these financial statements.

26

American Funds						American Funds						American Funds
Growth-Income						International						New World
HLS Fund						HLS Fund						HLS Fund
For the			For the			For the			For the			For the			For the
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
2011			2010			2011			2010			2011			2010
$	2,243		$	2,033		$	3,474		$	3,795		$	836		$	798
	(381	)		(3,498	)		(625	)		(1,534	)		3,019			(531	)
	(5,655	)		20,125			(35,372	)		14,307			(13,070	)		9,905
	(3,793	)		18,660			(32,523	)		16,568			(9,215	)		10,172
	(2	)		(2,183	)		(3,792	)		(2,100	)		(797	)		(584	)
	—			—			—			(715	)		—			—
	(2	)		(2,183	)		(3,792	)		(2,815	)		(797	)		(584	)
	15,378			20,249			35,399			45,834			9,630			15,738
	2			2,183			3,792			2,815			797			584
	(27,362	)		(21,763	)		(30,179	)		(23,958	)		(20,103	)		(12,231	)
	(11,982	)		669			9,012			24,691			(9,676	)		4,091
	(15,777	)		17,146			(27,303	)		38,444			(19,688	)		13,679
	185,836			168,690			235,702			197,258			72,257			58,578
$	170,059		$	185,836		$	208,399		$	235,702		$	52,569		$	72,257
$	2,243		$	2		$	3,474		$	3,792		$	835		$	796
	1,719			2,472			4,305			5,579			982			1,707
	—			248			488			366			88			67
	(3,063	)		(2,648	)		(3,471	)		(2,863	)		(2,055	)		(1,374	)
	(1,344	)		72			1,322			3,082			(985	)		400

The accompanying notes are an integral part of these financial statements.

27

Hartford Series Fund, Inc.

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

The Hartford HLS Funds serve as underlying investment options for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. Certain Hartford HLS Funds may also serve as underlying investment options for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the funds if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end management investment company comprised of thirty portfolios, eleven portfolios of which are included in these financial statements (each a “Fund” or together the “Funds”). These eleven portfolios of the Company are American Funds Asset Allocation HLS Fund, American Funds Blue Chip Income and Growth HLS Fund, American Funds Bond HLS Fund, American Funds Global Bond HLS Fund, American Funds Global Growth and Income HLS Fund, American Funds Global Growth HLS Fund, American Funds Global Small Capitalization HLS Fund, American Funds Growth HLS Fund, American Funds Growth-Income HLS Fund, American Funds International HLS Fund and American Funds New World HLS Fund.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). Each Fund is organized as a diversified open-end management investment company, except for American Funds Global Bond HLS Fund, which is non-diversified.

Each Fund operates in the manner of a fund of funds, investing in shares of underlying mutual funds (the “Underlying Funds”). Each Underlying Fund is offered by American Funds Insurance Series, and is a registered open-end investment company. The Funds and their related Underlying Funds are listed below:

Fund	Underlying Fund
American Funds Asset Allocation HLS Fund	Asset Allocation Fund Class 1
American Funds Blue Chip Income and Growth HLS Fund	Blue Chip Income and Growth Fund Class 1
American Funds Bond HLS Fund	Bond Fund Class 1
American Funds Global Bond HLS Fund	Global Bond Fund Class 1
American Funds Global Growth and Income HLS Fund	Global Growth and Income Fund Class 1
American Funds Global Growth HLS Fund	Global Growth Fund Class 1
American Funds Global Small Capitalization HLS Fund	Global Small Capitalization Fund Class 1
American Funds Growth HLS Fund	Growth Fund Class 1
American Funds Growth-Income HLS Fund	Growth-Income Fund Class 1
American Funds International HLS Fund	International Fund Class 1
American Funds New World HLS Fund	New World Fund Class 1

The Underlying Funds’ accounting policies are outlined in the Underlying Funds’ shareholder report, which accompanies this report.

Class IB shares of the Funds are offered at the per share net asset value (“NAV”) without a sales charge and are subject to distribution fees charged pursuant to a Distribution and Service Plan. The Distribution and Service Plan has been adopted in accordance with Rule 12b-1 under the 1940 Act.

28

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Funds in the preparation of their financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Funds’ shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Funds after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in the Underlying Funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on Valuation Date. Valuation of securities held by the Underlying Funds is discussed in Notes to Financial Statements of the Underlying Funds, which are included in the Underlying Funds’ shareholder report, accompanying this report.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of each Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended December 31, 2011, the Funds held no Level 3 securities, therefore no reconciliations of Level 3 securities are presented.

For additional information, refer to the investment valuation hierarchy level summary which follows the Schedule of Investments for each Fund.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Realized gains and losses are determined on the basis of identified cost.

29

Hartford Series Fund, Inc.

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

Income and capital gain distributions from Underlying Funds are recorded on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Funds’ shares are executed in accordance with the investment instructions of the contract holders. The NAV of each Fund’s shares is determined as of the close of each business day of the Exchange. The NAV is determined for each Fund by dividing the Fund’s net assets by the number of shares outstanding. Orders for the purchase of a Fund’s shares received by an insurance company prior to the close of the Exchange on any day on which the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received by an insurance company after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Funds. The policy of the all Funds is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Funds’ capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund’s are exposed to the risks of the Underlying Funds in direct proportion to the amount of assets each Fund allocates to each Underlying Fund. The market values of the Underlying Funds may decline due to general market conditions which are not specifically related to a particular fund, such as real or perceived adverse economic conditions or adverse investor sentiment generally.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Funds intend to continue to qualify as Regulated Investment Companies (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of their taxable net investment income and net realized capital gains to their shareholders and otherwise complying with the requirements of RIC. The Funds have distributed substantially all of their income and capital gains in the prior year and each Fund intends to distribute substantially all of its income and gains prior to the next fiscal year end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the net investment income (loss) or net realized gains (losses) were recorded by a Fund.

30

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Funds for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended						For the Year Ended
	December 31, 2011						December 31, 2010
	Ordinary Income		Long- Term Capital Gains(a)		Tax return of capital		Ordinary Income		Long- Term Capital Gains(a)		Tax return of capital
American Funds Asset Allocation HLS Fund	$	863	$	5	$	—	$	881	$	—	$	—
American Funds Blue Chip Income and Growth HLS Fund		8		—		—		871		—		—
American Funds Bond HLS Fund		5,572		62		—		4,625		—		—
American Funds Global Bond HLS Fund		962		316		—		405		31		—
American Funds Global Growth and Income HLS Fund		1,921		—		—		1,600		—		—
American Funds Global Growth HLS Fund		363		—		—		286		—		—
American Funds Global Small Capitalization HLS Fund		866		360		—		10		—		—
American Funds Growth HLS Fund		10		—		—		1,529		—		—
American Funds Growth-Income HLS Fund		2		—		—		2,183		—		—
American Funds International HLS Fund		3,792		—		—		2,100		715		—
American Funds New World HLS Fund		797		—		—		584		—		—

(a) The Funds designate these distributions as long-term capital dividends per IRC code Sec. 852(b) (3) (C).

As of December 31, 2011, the components of distributable earnings (deficit) on a tax basis were as follows:

										Total
	Undistributed		Undistributed		Accumulated			Unrealized		Accumulated
	Ordinary		Long-Term		Capital and Other			Appreciation		Earnings
	Income		Capital Gain		Losses			(Depreciation)@		(Deficit)
American Funds Asset Allocation HLS Fund	$	1,026	$	140	$	—		$	6,911	$	8,077
American Funds Blue Chip Income and Growth HLS Fund		467		267		—			5,087		5,821
American Funds Bond HLS Fund		5,360		4,399		—			11,560		21,319
American Funds Global Bond HLS Fund		1,091		825		—			2,236		4,152
American Funds Global Growth and Income HLS Fund		1,975		—		(1,805	)		12,167		12,337
American Funds Global Growth HLS Fund		313		324		—			2,331		2,968
American Funds Global Small Capitalization HLS Fund		648		4,956		—			4,872		10,476
American Funds Growth HLS Fund		1,116		973		—			69,677		71,766
American Funds Growth-Income HLS Fund		2,243		—		(832	)		26,851		28,262
American Funds International HLS Fund		3,474		—		(426	)		4,750		7,798
American Funds New World HLS Fund		835		2,795		—			4,236		7,866

@ The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of wash sale losses.

d) Reclassification of Capital Accounts – The Funds may record reclassifications in their capital accounts. These reclassifications have no impact on the total net assets of the Funds. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as net operating losses that reduce distribution requirements. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of a Fund’s distributable income may be shown in the accompanying Statement of

31

Hartford Series Fund, Inc.

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

Assets and Liabilities as from net investment income, from net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Funds recorded the following reclassifications to increase (decrease) the accounts listed below.

	Net Investment Income		Net Realized Gain (Loss)			Paid-in- Capital
American Funds Global Bond HLS Fund	$	16	$	(16	)	$	—

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At December 31, 2011 (tax-year-end), the Funds had capital loss carryforwards for U.S. federal income tax purposes as follows:

Capital loss carryforwards with expiration:

	2012		2013		2014		2015		2016		2017		2018		Total
American Funds Global Growth and Income HLS Fund	$	—	$	—	$	—	$	—	$	—	$	—	$	1,457	$	1,457
American Funds Growth-Income HLS Fund		—		—		—		—		—		—		701		701
American Funds International HLS Fund		—		—		—		—		—		—		332		332

Capital loss carryforwards without expiration:
	Short-Term Capital Loss Carryforwards		Long-Term Capital Loss Carryfowards		Total
American Funds Global Growth and Income HLS Fund	$	—	$	348	$	348
American Funds Growth-Income HLS Fund		—		131		131
American Funds International HLS Fund		—		94		94

As of December 31, 2011, the following Funds utilized prior year capital loss carryforwards:

	Amount
American Funds Blue Chip Income and Growth HLS Fund	$	45
American Funds Global Growth HLS Fund		20
American Funds Growth HLS Fund		848
American Funds New World HLS Fund		209

f) Accounting for Uncertainty in Income Taxes – The Funds have adopted financial reporting rules that require the Funds to analyze all open tax years, as defined by the Statute of Limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Funds do not have an examination in progress.

32

The Funds have reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules have no effect on the Funds’ financial positions or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax returns for the fiscal year-end December 31, 2011. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Funds pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for each Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Funds.

The schedule below reflects the rates of compensation as a percentage of each Fund’s average daily net assets paid to HL Advisors for investment management services rendered during the year ended December 31, 2011. The rates are accrued daily and paid monthly:

Fund	Annual Rate*
American Funds Asset Allocation HLS Fund	0.65%
American Funds Blue Chip Income and Growth HLS Fund	0.75%
American Funds Bond HLS Fund	0.50%
American Funds Global Bond HLS Fund	0.75%
American Funds Global Growth and Income HLS Fund	0.80%
American Funds Global Growth HLS Fund	1.00%
American Funds Global Small Capitalization HLS Fund	0.80%
American Funds Growth HLS Fund	0.75%
American Funds Growth-Income HLS Fund	0.70%
American Funds International HLS Fund	0.85%
American Funds New World HLS Fund	1.10%

* HL Advisors has entered into an agreement under which it will waive a portion of its investment management fee with respect to each Fund for as long as that Fund is invested in its corresponding Underlying Fund. The net investment management fee under the agreement with HL Advisors, after giving effect to the waiver, is 0.25% of the average daily net assets for each Fund.

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Funds, HLIC provides accounting services to the Funds and receives monthly compensation of 0.01% of each Fund’s average daily net assets. These fees are accrued daily and paid monthly.

c) Other Related Party Transactions – Certain officers of the Funds are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Funds’ chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Funds was in the amount of $2. These fees are accrued daily and paid monthly.

d) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund in proportion to the average daily net assets of each Fund, except where allocation of certain expenses is more fairly made directly to the Fund.

e) Distribution Plan for Class IB shares – The Company, on behalf of the Funds, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly

33

Hartford Series Fund, Inc.

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, each Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

6. Investment Transactions:

For the year ended December 31, 2011, aggregate purchases and sales of investments in underlying funds (excluding short-term investments) were as follows:

	Cost of Purchases		Sales Proceeds
	Excluding U.S.		Excluding U.S.
	Government		Government
	Obligations		Obligations
American Funds Asset Allocation HLS Fund	$	12,512	$	5,941
American Funds Blue Chip Income and Growth HLS Fund		4,643		5,426
American Funds Bond HLS Fund		31,287		45,907
American Funds Global Bond HLS Fund		12,304		6,899
American Funds Global Growth and Income HLS Fund		4,404		10,509
American Funds Global Growth HLS Fund		3,716		5,322
American Funds Global Small Capitalization HLS Fund		7,282		12,857
American Funds Growth HLS Fund		18,081		40,956
American Funds Growth-Income HLS Fund		9,566		19,314
American Funds International HLS Fund		30,276		21,589
American Funds New World HLS Fund		6,044		15,681

7. Line of Credit:

The Funds, along with several other Hartford funds, participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, a fund is required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Funds did not have any borrowings under this facility.

8. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

34

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35

Hartford Series Fund, Inc.

Financial Highlights

	─ Selected Per-Share Data(A) ─																						─ Ratios and Supplemental Data ─
					Net
					Realized
					and Un-									Distrib-						Net										Ratio of			Ratio of
			Net		realized						Dividends			utions						Increase										Expenses to			Expenses to			Ratio of Net
	Net Asset		Invest-		Gain						from Net			from						(Decrease)			Net Asset							Average			Average			Investment
	Value at		ment		(Loss) on			Total from			Invest-			Realized			Total			in Net			Value at					Net Assets		Net Assets			Net Assets			Income to			Portfolio
	Beginning		Income		Invest-			Investment			ment			Capital			Distri-			Asset			End of		Total			at End of		Before			After			Average Net			Turnover
Class	of Period		(Loss)		ments			Operations			Income			Gains			butions			Value			Period		Return(B)			Period		Waivers(C)			Waivers(C)			Assets			Rate
American Funds Asset Allocation HLS Fund
For the Year Ended December 31, 2011
IB	$	9.74	$	0.14	$	(0.05	)	$	0.09		$	(0.13	)	$	–		$	(0.13	)	$	(0.04	)	$	9.70		1.02	%	$	64,356		0.95	%		0.55	%		1.61	%		9	%
For the Year Ended December 31, 2010
IB		8.85		0.14		0.91			1.05			(0.16	)		—			(0.16	)		0.89			9.74		12.13			58,326		0.95			0.55			1.73			11
For the Year Ended December 31, 2009(D)
IB		7.31		0.18		1.53			1.71			(0.14	)		(0.03	)		(0.17	)		1.54			8.85		23.59			48,568		0.95			0.55			2.33			8
From (commencement of operations) April 30, 2008 through December 31, 2008
IB		10.00		0.19		(2.88	)		(2.69	)		—			—			—			(2.69	)		7.31		(26.88)	(E)		26,312		0.99	(F)		0.59	(F)		8.02	(F)		—
American Funds Blue Chip Income and Growth HLS Fund
For the Year Ended December 31, 2011
IB		9.18		0.13		(0.24	)		(0.11	)		—			—			—			(0.11	)		9.07		(1.19	)		32,425		1.07			0.57			1.44			14
For the Year Ended December 31, 2010
IB		8.44		0.12		0.86			0.98			(0.24	)		—			(0.24	)		0.74			9.18		11.98			34,030		1.07			0.57			1.48			11
For the Year Ended December 31, 2009(D)
IB		6.74		0.15		1.68			1.83			(0.09	)		(0.04	)		(0.13	)		1.70			8.44		27.46			29,030		1.07			0.57			2.06			6
From (commencement of operations) April 30, 2008 through December 31, 2008
IB		10.00		0.14		(3.40	)		(3.26	)		—			—			—			(3.26	)		6.74		(32.64	)(E)		13,182		1.17	(F)		0.67	(F)		6.79	(F)		3
American Funds Bond HLS Fund
For the Year Ended December 31, 2011
IB		10.21		0.29		0.30			0.59			(0.28	)		—			(0.28	)		0.31			10.52		5.84			198,203		0.79			0.54			2.57			15
For the Year Ended December 31, 2010
IB		9.84		0.26		0.35			0.61			(0.24	)		—			(0.24	)		0.37			10.21		6.15			206,360		0.80			0.55			2.75			13
For the Year Ended December 31, 2009(D)
IB		8.98		0.35		0.74			1.09			(0.23	)		—			(0.23	)		0.86			9.84		12.23			181,550		0.78			0.53			3.75			2
From (commencement of operations) April 30, 2008 through December 31, 2008
IB		10.00		0.44		(1.46	)		(1.02	)		—			—			—			(1.02	)		8.98		(10.21	)(E)		67,597		0.80	(F)		0.55	(F)		16.32	(F)		5
American Funds Global Bond HLS Fund
For the Year Ended December 31, 2011
IB		10.86		0.23		0.24			0.47			(0.23	)		(0.08	)		(0.31	)		0.16			11.02		4.28			44,352		1.06			0.56			2.56			16
For the Year Ended December 31, 2010
IB		10.47		0.27		0.24			0.51			(0.11	)		(0.01	)		(0.12	)		0.39			10.86		4.85			38,654		1.07			0.57			2.49			17
For the Year Ended December 31, 2009(D)
IB		9.85		0.13		0.79			0.92			(0.30	)		—			(0.30	)		0.62			10.47		9.43			38,533		1.06			0.56			1.29			5
From (commencement of operations) April 30, 2008 through December 31, 2008
IB		10.00		0.42		(0.57	)		(0.15	)		—			—			—			(0.15	)		9.85		(1.51	)(E)		22,386		1.10	(F)		0.60	(F)		13.11	(F)		42
American Funds Global Growth and Income HLS Fund
For the Year Ended December 31, 2011
IB		9.06		0.22		(0.70	)		(0.48	)		(0.20	)		—			(0.20	)		(0.68	)		8.38		(5.19	)		78,639		1.09			0.54			2.30			5
For the Year Ended December 31, 2010
IB		8.30		0.20		0.72			0.92			(0.16	)		—			(0.16	)		0.76			9.06		11.41			91,254		1.10			0.55			2.25			8
For the Year Ended December 31, 2009(D)
IB		6.06		0.16		2.21			2.37			(0.13	)		—			(0.13	)		2.24			8.30		39.37			88,762		1.09			0.54			2.39			3
From (commencement of operations) April 30, 2008 through December 31, 2008
IB		10.00		0.17		(4.11	)		(3.94	)		—			—			—			(3.94	)		6.06		(39.43	)(E)		44,065		1.11	(F)		0.56	(F)		8.24	(F)		—

36

	─ Selected Per-Share Data(A) ─																							─ Ratios and Supplemental Data ─
						Net
						Realized
						and Un-									Distrib-						Net										Ratio of			Ratio of
			Net			realized						Dividends			utions						Increase										Expenses to			Expenses to			Ratio of Net
	Net Asset		Invest-			Gain						from Net			from						(Decrease)			Net Asset							Average			Average			Investment
	Value at		ment			(Loss) on			Total from			Invest-			Realized			Total			in Net			Value at					Net Assets		Net Assets			Net Assets			Income to			Portfolio
	Beginning		Income			Invest-			Investment			ment			Capital			Distri-			Asset			End of		Total			at End of		Before			After			Average Net			Turnover
Class	of Period		(Loss)			ments			Operations			Income			Gains			butions			Value			Period		Return(B)			Period		Waivers(C)			Waivers(C)			Assets			Rate
American Funds Global Growth HLS Fund
For the Year Ended December 31, 2011
IB	$	9.74	$	0.10		$	(0.99	)	$	(0.89	)	$	(0.11	)	$	–		$	(0.11	)	$	(1.00	)	$	8.74		(9.18	)%	$	29,319		1.32	%		0.57	%		0.95	%		11	%
For the Year Ended December 31, 2010
IB		8.83		0.10			0.89			0.99			(0.08	)		—			(0.08	)		0.91			9.74		11.41			34,245		1.32			0.57			1.17			11
For the Year Ended December 31, 2009(D)
IB		6.40		0.09			2.57			2.66			(0.12	)		(0.11	)		(0.23	)		2.43			8.83		41.78			30,457		1.32			0.57			1.24			12
From (commencement of operations) April 30, 2008 through December 31, 2008
IB		10.00		0.15			(3.75	)		(3.60	)		—			—			—			(3.60	)		6.40		(35.95	)(E)		15,490		1.37	(F)		0.62	(F)		5.68	(F)		—
American Funds Global Small Capitalization HLS Fund
For the Year Ended December 31, 2011
IB		9.92		0.10			(2.01	)		(1.91	)		(0.13	)		(0.05	)		(0.18	)		(2.09	)		7.83		(19.40	)		55,658		1.11			0.56			0.98			11
For the Year Ended December 31, 2010
IB		8.13		0.11			1.68			1.79			—			—			—			1.79			9.92		22.06			74,999		1.12			0.57			1.35			16
For the Year Ended December 31, 2009(D)
IB		5.10		—			3.08			3.08			—			(0.05	)		(0.05	)		3.03			8.13		60.77			61,519		1.10			0.55			0.02			10
From (commencement of operations) April 30, 2008 through December 31, 2008
IB		10.00		(0.01	)		(4.89	)		(4.90	)		—			—			—			(4.90	)		5.10		(49.04	)(E)		19,807		1.16	(F)		0.61	(F)		(0.62	)(F)		—
American Funds Growth HLS Fund
For the Year Ended December 31, 2011
IB		9.38		0.03			(0.46	)		(0.43	)		—			—			—			(0.43	)		8.95		(4.57	)		317,968		1.04			0.54			0.33			5
For the Year Ended December 31, 2010
IB		7.96		0.04			1.42			1.46			(0.04	)		—			(0.04	)		1.42			9.38		18.36			356,162		1.05			0.55			0.43			7
For the Year Ended December 31, 2009(D)
IB		5.81		0.03			2.22			2.25			(0.03	)		(0.07	)		(0.10	)		2.15			7.96		39.02			296,659		1.03			0.53			0.47			3
From (commencement of operations) April 30, 2008 through December 31, 2008
IB		10.00		0.07			(4.18	)		(4.11	)		(0.08	)		—			(0.08	)		(4.19	)		5.81		(41.18	)(E)		122,888		1.03	(F)		0.53	(F)		3.39	(F)		—
American Funds Growth-Income HLS Fund
For the Year Ended December 31, 2011
IB		9.00		0.12			(0.31	)		(0.19	)		—			—			—			(0.19	)		8.81		(2.12	)		170,059		0.98			0.53			1.26			5
For the Year Ended December 31, 2010
IB		8.20		0.10			0.81			0.91			(0.11	)		—			(0.11	)		0.80			9.00		11.11			185,836		0.99			0.54			1.19			8
For the Year Ended December 31, 2009(D)
IB		6.39		0.11			1.86			1.97			(0.11	)		(0.05	)		(0.16	)		1.81			8.20		30.85			168,690		0.98			0.53			1.56			1
From (commencement of operations) April 30, 2008 through December 31, 2008
IB		10.00		0.13			(3.63	)		(3.50	)		(0.11	)		—			(0.11	)		(3.61	)		6.39		(34.98	)(E)		74,039		0.99	(F)		0.54	(F)		5.87	(F)		—
American Funds International HLS Fund
For the Year Ended December 31, 2011
IB		8.96		0.13			(1.40	)		(1.27	)		(0.15	)		—			(0.15	)		(1.42	)		7.54		(14.23	)		208,399		1.14			0.54			1.52			9
For the Year Ended December 31, 2010
IB		8.50		0.13			0.44			0.57			(0.08	)		(0.03	)		(0.11	)		0.46			8.96		6.92			235,702		1.16			0.56			1.78			7
For the Year Ended December 31, 2009(D)
IB		6.09		0.11			2.48			2.59			(0.11	)		(0.07	)		(0.18	)		2.41			8.50		42.75			197,258		1.13			0.53			1.53			7
From (commencement of operations) April 30, 2008 through December 31, 2008
IB		10.00		0.16			(4.07	)		(3.91	)		—			—			—			(3.91	)		6.09		(39.10	)(E)		78,825		1.14	(F)		0.54	(F)		8.05	(F)		—

37

Hartford Series Fund, Inc.

Financial Highlights – (continued)

	─ Selected Per-Share Data(A) ─																						─ Ratios and Supplemental Data ─
					Net
					Realized
					and Un-									Distrib-						Net										Ratio of			Ratio of
			Net		realized						Dividends			utions						Increase										Expenses to			Expenses to			Ratio of Net
	Net Asset		Invest-		Gain						from Net			from						(Decrease)			Net Asset							Average			Average			Investment
	Value at		ment		(Loss) on			Total from			Invest-			Realized			Total			in Net			Value at					Net Assets		Net Assets			Net Assets			Income to			Portfolio
	Beginning		Income		Invest-			Investment			ment			Capital			Distri-			Asset			End of		Total			at End of		Before			After			Average Net			Turnover
Class	of Period		(Loss)		ments			Operations			Income			Gains			butions			Value			Period		Return(B)			Period		Waivers(C)			Waivers(C)			Assets			Rate
American Funds New World HLS Fund
For the Year Ended December 31, 2011
IB	$	10.24	$	0.15	$	(1.60	)	$	(1.45	)	$	(0.13	)	$	—		$	(0.13	)	$	(1.58	)	$	8.66		(14.23	)%	$	52,569		1.41	%		0.56	%		1.33	%		9	%
For the Year Ended December 31, 2010
IB		8.80		0.11		1.42			1.53			(0.09	)		—			(0.09	)		1.44			10.24		17.54			72,257		1.42			0.57			1.30			12
For the Year Ended December 31, 2009(D)
IB		6.00		0.10		2.84			2.94			(0.08	)		(0.06	)		(0.14	)		2.80			8.80		49.14			58,578		1.40			0.55			1.44			8
From (commencement of operations) April 30, 2008 through December 31, 2008
IB		10.00		0.11		(4.11	)		(4.00	)		—			—			—			(4.00	)		6.00		(39.97	)(E)		23,933		1.44	(F)		0.59	(F)		5.06	(F)		1

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.

(C) Expense ratios do not include expenses of the underlying funds.

(D) Per share amounts have been calculated using average shares method.

(E) Not annualized.

(F) Annualized.

38

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedule of investments, of American Funds Asset Allocation HLS Fund, American Funds Blue Chip Income and Growth HLS Fund, American Funds Bond HLS Fund, American Funds Global Bond HLS Fund, American Funds Global Growth and Income HLS Fund, American Funds Global Growth HLS Fund, American Funds Global Small Capitalization HLS Fund, American Funds Growth HLS Fund, American Funds Growth-Income HLS Fund, American Funds International HLS Fund and American Funds New World HLS Fund (eleven of the thirty portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the transfer agent of the underlying funds. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective portfolios constituting the Hartford Series Fund, Inc. at December 31, 2011, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

February 13, 2012

39

Hartford Series Fund, Inc.

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Funds and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Funds pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Funds. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Funds’ statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Funds pay to The Hartford a portion of the chief compliance officer’s compensation, but do not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

40

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

41

Hartford Series Fund, Inc.

Directors and Officers (Unaudited) – (continued)

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and a record of how the Funds voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

42

Hartford Series Fund, Inc.

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on a 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 a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

			Expenses paid			Expenses paid		Days in
		Ending	during the period		Ending	during the period		the	Days
	Beginning	Account Value	June 30, 2011	Beginning Account	Account Value	June 30,	Annualized	current	in the
	Account Value	December 31,	through	Value June 30,	December 31,	2011 through	expense	1/2	full
	June 30, 2011	2011	December 31, 2011	2011	2011	December 31, 2011	ratio	year	year
American Funds Asset Allocation HLS Fund
Class IB	$1,000.00	$959.70	$2.77	$1,000.00	$1,022.38	$2.85	0.56%	184	365
American Funds Blue Chip Income and Growth HLS Fund
Class IB	$1,000.00	$954.48	$2.91	$1,000.00	$1,022.23	$3.01	0.59%	184	365
American Funds Bond HLS Fund
Class IB	$1,000.00	$1,033.73	$2.77	$1,000.00	$1,022.48	$2.75	0.54%	184	365
American Funds Global Bond HLS Fund
Class IB	$1,000.00	$1,000.97	$2.93	$1,000.00	$1,022.28	$2.96	0.58%	184	365
American Funds Global Growth and Income HLS Fund
Class IB	$1,000.00	$920.61	$2.71	$1,000.00	$1,022.38	$2.85	0.56%	184	365
American Funds Global Growth HLS Fund
Class IB	$1,000.00	$865.41	$2.82	$1,000.00	$1,022.18	$3.06	0.60%	184	365
American Funds Global Small Capitalization HLS Fund
Class IB	$1,000.00	$802.87	$2.64	$1,000.00	$1,022.28	$2.96	0.58%	184	365
American Funds Growth HLS Fund
Class IB	$1,000.00	$901.70	$2.64	$1,000.00	$1,022.43	$2.80	0.55%	184	365
American Funds Growth-Income HLS Fund
Class IB	$1,000.00	$938.12	$2.64	$1,000.00	$1,022.48	$2.75	0.54%	184	365
American Funds International HLS Fund
Class IB	$1,000.00	$822.64	$2.53	$1,000.00	$1,022.43	$2.80	0.55%	184	365
American Funds New World HLS Fund
Class IB	$1,000.00	$849.98	$2.70	$1,000.00	$1,022.28	$2.96	0.58%	184	365

43

Hartford Series Fund, Inc.

Approval of Investment Management Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory agreement. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for the Funds with HL Investment Advisors, LLC (“HL Advisors”) (the “Agreement”). Each Fund invests all of its assets directly in a corresponding portfolio of the American Funds Insurance Series (each a “Master Fund,” and collectively, the “Master Funds”) that is advised by Capital Research and Management Company (“CRMC”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from HL Advisors to questions posed to it on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreement at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Funds by HL Advisors and its affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreement.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreement with respect to each Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Funds’ contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Funds’ management fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the Agreement.

In determining to continue the Agreement for the Funds, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreement was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, And Quality Of Services Provided by HL Advisors

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Funds by HL Advisors. The Board considered, among other things, the terms of the Agreement and the range of services provided by HL Advisors. In this regard, the Board considered that because of the master-feeder structure, the portfolio management services provided by HL Advisors to each Fund are limited to selecting one of the Master Funds, investing a Fund’s assets in that Master Fund, and monitoring the Master Fund’s performance as an investment for the Fund. The Board also considered that certain administrative services, such as oversight of service providers, production of Fund registration statements and shareholder reports, and provision of information to the Board, are also provided by HL Advisors under the Agreement. The Board considered HL Advisors’ reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to each Fund. In addition, the Board considered the quality of HL Advisors’ communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning HL Advisors’ regulatory and compliance environment. In this regard, the Board requested and reviewed information on HL Advisors’ compliance policies and procedures, compliance history, and a report from the Funds’ Chief Compliance Officer on HL Advisors’ compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted HL Advisors’ support of the Funds’ compliance control structure, particularly the resources devoted by HL Advisors in support of the Funds’

44

obligations pursuant to Rule 38a-1 under the 1940 Act. The Board considered that HL Advisors or its affiliates are responsible for providing the Funds’ officers. In addition, the Board considered the nature and quality of the services provided to the Funds and their shareholders by HL Advisors’ affiliates. Further, the Board considered the possibility that at some point in the future, HL Advisors may recommend the withdrawal of one or more of the Funds from the master-feeder structure and the management of the Funds’ assets directly or through a sub-adviser.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Funds by HL Advisors.

Performance of the Funds

The Board considered the investment performance of the Funds. In this regard, the Board reviewed the performance of each Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of each Fund’s performance for these time periods. The Board considered information and materials provided to the Board by HL Advisors concerning Fund performance, as well as information from Lipper comparing the investment performance of each Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of each Fund was within expectations in light of each Fund’s objective of providing access to the corresponding Master Fund.

The Board noted that the performance of each Fund is based on the performance of the Fund’s corresponding Master Fund. The Board noted that CRMC uses a system of multiple portfolio counselors in managing the Master Funds’ assets. Under this approach, the portfolio of a Master Fund is divided into segments managed by individual portfolio counselors who decide how their respective segment will be invested within the limits provided by a Master Fund’s investment objective, policies and restrictions and subject to the oversight of CRMC’s investment committee.

In light of all the considerations noted above, the Board concluded that while there could be no guarantee of future results, the overall performance of the Funds and their corresponding Master Funds was satisfactory.

Costs of the Services and Profitability of HL Advisors

The Board reviewed information regarding HL Advisors’ costs to provide administrative services and certain advisory services to the Funds and the profitability to it and its affiliates from managing the Funds. The Board considered that HL Advisors offers a contractual management fee waiver on each of the Funds for as long as each Fund remains invested in a Master Fund. Under the waiver, HL Advisors retains a net contractual management fee of 0.25% of each Fund’s average daily net assets in order to compensate it for the administrative services and certain advisory services that HL Advisors provides each Fund under the Agreement. The Board noted that the future profitability of each Fund to HL Advisors would depend on the growth of assets under management. In evaluating HL Advisors’ profitability, the Board considered HL Advisors’ representation that the level of profitability was fair and appropriate based on the nature and quality of the services to be provided to the Funds’ shareholders. The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the Agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HL Advisors and its affiliates from their relationships with the Funds would not be excessive.

Comparison of Fees and Expenses

The Board considered comparative information with respect to the management fees to be paid by each Fund to HL Advisors and the total expense ratios of each Fund. The Board noted that each Fund and its shareholders bears the fees and expenses of the Fund and the Master Fund in which it invests, with the result that each Fund’s expenses are generally higher than those of other mutual funds that invest directly in securities. The Board also considered that each Master Fund may have other shareholders, each of whom will pay their proportionate share of the Master Fund’s expenses.

The Board reviewed written materials from Lipper providing comparative information about each Fund’s management fees and overall expense ratios relative to those of peer groups. While the Board recognized that comparisons between the Funds and peer

45

Hartford Series Fund, Inc.

Approval of Investment Management Agreement (Unaudited) – (continued)

funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of HL Advisors, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of each Fund’s management fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to each Fund’s management fees and total operating expenses.

Based on these considerations, the Board concluded that each Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding HL Advisors’ realization of economies of scale with respect to the Funds and whether the fee levels reflect these economies of scale for the benefit of the Funds’ investors. In this regard, the Board took note that the management fee schedule for each Master Fund includes breakpoints that are designed to reduce the management fee rates as the Master Fund’s average daily net assets increase. Therefore, shareholders of the Funds are expected to receive an indirect benefit from economies of scale at the Master Fund level since the amount of the advisory fee a Fund pays CRMC should decrease as the corresponding Master Fund’s average daily net assets increase. The Board also took note that even if the amount of the advisory fee paid by a Fund decreases as a result of economies of scale at the Master Fund level, the amount of the Fund’s advisory fee retained by HL Advisors will not increase. Therefore, HL Advisors will not benefit from any economies of scale realized at the Master Fund level. Instead, any economies of scale at the Master Fund level will be passed on to the shareholders of the relevant Fund. Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of each Fund’s investors.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Funds’ shareholders.

Other Benefits

The Board considered other benefits to HL Advisors and their affiliates from their relationships with the Funds, including the role of the Funds in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that Hartford Life Insurance Company (“HLIC”), an affiliate of HL Advisors, receives fees from the Funds for providing fund accounting services, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Funds’ transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Funds and the Board reviewed information on the expected profitability of the Funds’ transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Funds were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Funds, receives 12b-1 fees from the Funds. The Board also noted that certain affiliates of HL Advisors distribute shares of the Funds and receive compensation in that connection.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of each Fund and its shareholders for the Board to approve the Agreement for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

46

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

AFHLSAR-11 2-12     109078    Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Capital Appreciation HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	12
Statement of Assets and Liabilities at December 31, 2011	13
Statement of Operations for the Year Ended December 31, 2011	14
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	15
Notes to Financial Statements	16
Financial Highlights	28
Report of Independent Registered Public Accounting Firm	30
Directors and Officers (Unaudited)	31
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Proxy Voting Records (Unaudited)	33
Quarterly Portfolio Holdings Information (Unaudited)	33
Expense Example (Unaudited)	34
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	35

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under “Why did the Fund perform this way?” and “What is the outlook?” are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Capital Appreciation HLS Fund inception 04/02/1984

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks growth of capital.

Performance Overview 12/31/01 – 12/31/11

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11)

	1 Year	5 Year	10 Year
Capital Appreciation IA	-11.41%	-0.90%	5.80%
Capital Appreciation IB	-11.62%	-1.15%	5.54%
Russell 3000 Index	1.03%	-0.01%	3.51%
S&P 500 Index	2.09%	-0.25%	2.92%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford Capital Appreciation HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Managers
Saul J. Pannell, CFA	Kent M. Stahl, CFA	Peter I. Higgins, CFA
Senior Vice President	Senior Vice President and	Senior Vice President
	Director of Investments and Risk Management
Paul E. Marrkand, CFA	Nicolas M. Choumenkovitch	Donald J. Kilbride
Senior Vice President	Senior Vice President	Senior Vice President
Stephen Mortimer	David W. Palmer, CFA	Francis J. Boggan, CFA*
Senior Vice President	Senior Vice President	Senior Vice President

How did the Fund perform?

The Class IA shares of the Hartford Capital Appreciation HLS Fund returned -11.41% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the Russell 3000 Index, which returned 1.03% and the S&P 500 Index which returned 2.09% for the same period. The Fund also underperformed the -1.01% return of the average fund in the Lipper Large-Cap Core VP-UF Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

For the twelve-month period ended December 31, 2011, U.S. equities moved higher despite a high degree of volatility caused by the European sovereign debt crisis, U.S. political gridlock, falling consumer confidence, and concerns over sustained growth in emerging markets.

Equity markets as measured by the Russell 3000 Index returned (+1%) during the period, with seven of ten sectors within the index posting positive returns. Utilities (+19%), Consumer Staples (+14%), and Health Care (+10%) rose the most. Financials (-14%), Materials (-9%), and Industrials (-2%) posted negative returns for the year.

The Fund underperformed its benchmark due to weak stock selection, mainly in the Energy, Consumer Discretionary, and Information Technology sectors. Underweights (i.e. the Fund’s sector position was less than the benchmark position) to the strong performing Utilities and Consumer Staples sectors also detracted from relative returns. An overweight to Information Technology was slightly additive.

Top detractors from benchmark relative performance were Ford Motor (Consumer Discretionary), Chesapeake Energy (Energy), and Goldman Sachs (Financials). Shares of automobile and truck manufacturer Ford Motor came under pressure during the period due to results that fell short of expectations as replenishment of the US inventory channel, which boosted prior results, came to an end, and Europe remained weak. Chesapeake Energy underperformed on concerns that increased spending on leaseholds and capital expenditures would not result in higher production guidance. The company is a major leaseholder in the Utica Shale, for which positive results were released. This opportunity should add several billion dollars of incremental value to the company, increase the company's production growth rate, and offer the potential for strong increases in cash flow and earnings. Goldman Sachs underperformed due to unfavorable credit and equity markets which translated into third quarter losses. JPMorgan Chase was among the largest detractors from absolute (i.e. total return) performance returns.

UnitedHealth Group (Health Care), TJX Companies (Consumer Discretionary) and Hewlett Packard (Information Technology) were among the top contributors to relative returns. UnitedHealth Group reported strong earnings, beating analysts' estimates, driven in part by reduced use of services by its members. We believe the company's breadth of products and services, as well as its competencies in medical cost management and coordination of care are unmatched by its peers. Not owning benchmark staple Hewlett-Packard was additive as the company reduced guidance for 2012 due to a number of issues, including macroeconomic headwinds and the impact of floods in Thailand on disk drive production. Additionally, the stock experienced weakness this year following a number of concerning decisions by the recently departed CEO. Shares of TJX, an off-price apparel and home fashions retailer, rose as the company posted strong numbers throughout the period. IBM was also among the largest contributors to absolute performance.

What is the outlook?

We expect the modest U.S. economic expansion to continue; however, we believe European sovereign debt risk poses a threat to global growth. We believe that the U.S. Federal Reserve will maintain its accommodative stance and short-term rates will remain low until the economy strengthens. We generally do not devote much time or energy to forecasting the market's direction from a top-down perspective. Instead, we

3

Hartford Capital Appreciation HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

focus our efforts on identifying what we consider attractive stocks from a bottom-up perspective, using fundamental analysis.

At the end of the period the Fund was most overweight the Consumer Discretionary, Materials, and Industrials sectors and most underweight Consumer Staples, Utilities, and Telecommunication Services sectors relative to its benchmark. The Fund’s largest absolute sector weights were in the Information Technology, Consumer Discretionary, and Financials sectors.

* Effective July 15, 2011, Francis J. Boggan replaced Jeffrey L. Kripke as a member of the portfolio management and securities analysis team of the Hartford Capital Appreciation HLS Fund.

Diversification by Industry

as of December 31, 2011

Industry (Sector)	Percentage of Net Assets
Equity Securities
Automobiles & Components (Consumer Discretionary)		4.8	%
Banks (Financials)		3.7
Capital Goods (Industrials)		7.9
Commercial & Professional Services (Industrials)		0.2
Consumer Durables & Apparel (Consumer Discretionary)		1.8
Consumer Services (Consumer Discretionary)		1.3
Diversified Financials (Financials)		7.0
Energy (Energy)		10.8
Food & Staples Retailing (Consumer Staples)		0.8
Food, Beverage & Tobacco (Consumer Staples)		3.3
Health Care Equipment & Services (Health Care)		4.0
Household & Personal Products (Consumer Staples)		0.2
Insurance (Financials)		3.3
Materials (Materials)		6.1
Media (Consumer Discretionary)		2.4
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		7.9
Real Estate (Financials)		0.3
Retailing (Consumer Discretionary)		5.1
Semiconductors & Semiconductor Equipment (Information Technology)		3.3
Software & Services (Information Technology)		10.6
Technology Hardware & Equipment (Information Technology)		5.8
Telecommunication Services (Services)		0.5
Transportation (Industrials)		4.9
Utilities (Utilities)		0.7
Total		96.7	%
Fixed Income Securities
Finance and Insurance (Finance)		0.3	%
Total		0.3	%
Short-Term Investments		3.3
Other Assets and Liabilities		(0.3	)
Total		100.0	%

4

Hartford Capital Appreciation HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount				Market Value ╪
COMMON STOCKS - 96.7%
			Automobiles & Components - 4.8%
	142		Continental AG	$	8,833
	223		Daimler AG		9,763
	855		Dana Holding Corp. ●		10,393
	3,452		Dongfeng Motor Group Co., Ltd.		5,894
	21,946		Ford Motor Co. w/ Rights ●		236,134
	539		General Motors Co. ●		10,922
	191		Gentex Corp.		5,655
	4,681		Goodyear Tire & Rubber Co. ●		66,325
	223		Johnson Controls, Inc.		6,961
	1,567		Modine Manufacturing Co. ●		14,821
	1,365		Stoneridge, Inc. ●		11,505
	92		Tenneco Automotive, Inc. ●		2,740
	1,609		TRW Automotive Holdings Corp. ●		52,466
					442,412
			Banks - 3.7%
	2,246		Banco Santander Brasil S.A.		18,284
	1,674		Barclays Bank plc ADR		4,585
	889		BB&T Corp.		22,388
	118		Credicorp Ltd.		12,970
	535		Fifth Third Bancorp		6,808
	20,895		Mitsubishi UFJ Financial Group, Inc.		88,460
	241		PNC Financial Services Group, Inc.		13,910
	969		Radian Group, Inc.		2,267
	1,538		Standard Chartered plc		33,629
	361		State Bank of India		10,997
	4,608		Wells Fargo & Co.		127,008
					341,306
			Capital Goods - 7.9%
	271		Assa Abloy Ab		6,785
	224		BE Aerospace, Inc. ●		8,663
	257		Belden, Inc.		8,560
	123		Caterpillar, Inc.		11,125
	3,966		Changsha Zoomlion Heavy Industry Science and Technology Co., Ltd.		4,241
	87		Dover Corp.		5,047
	111		Flowserve Corp.		11,034
	529		General Dynamics Corp.		35,146
	7,853		General Electric Co.		140,649
	884		Honeywell International, Inc.		48,054
	420	��	Ingersoll-Rand plc		12,789
	12,705		Itochu Corp.		128,826
	178		Joy Global, Inc.		13,314
	316		JS Group Corp.		6,051
	149		L-3 Communications Holdings, Inc.		9,934
	347		Lockheed Martin Corp.		28,053
	615		Meritor, Inc. ●		3,272
	1,097		Navistar International Corp. ●		41,555
	424		Northrop Grumman Corp.		24,771
	144		PACCAR, Inc.		5,410
	100		Parker-Hannifin Corp.		7,636
	159		Pentair, Inc.		5,299
	1,388		Rolls-Royce Holdings plc		16,066
	2,106		Safran S.A.		62,974
	466		Sandvik Ab		5,701
	279		Schneider Electric S.A.		14,584
	366		Skf Ab B Shares		7,721
	457		Vallourec		29,521
	150		Vinci S.A.		6,521
	151		Wabco Holdings, Inc. ●		6,537
	254		WESCO International, Inc. ●		13,443
	56		Zodiac Aerospace		4,744
					734,026
			Commercial & Professional Services - 0.2%
	222		Edenred		5,442
	346		Manpower, Inc.		12,377
					17,819
			Consumer Durables & Apparel - 1.8%
	814		Brunswick Corp.		14,708
	220		Burberry Group plc		4,038
	102		CIE Financiere Richemont S.A.		5,121
	211		Coach, Inc.		12,853
	88		Deckers Outdoor Corp. ●		6,643
	527		De'Longhi S.p.A.		4,640
	2,604		Furniture Brands International, Inc. ●		3,203
	81		Gildan Activewear, Inc.		1,525
	475		Hanesbrands, Inc. ●		10,394
	255		Hasbro, Inc.		8,141
	213		Jarden Corp.		6,358
	1,237		Liz Claiborne, Inc. ●		10,678
	33		Lululemon Athletica, Inc. ●		1,532
	25		LVMH Moet Hennessy Louis Vuitton S.A.		3,586
	753		Mattel, Inc.		20,898
	75		Pandora A/S		701
	4,315		Pulte Group, Inc. ●		27,231
	2,833		Samsonite International S.A. ●		4,433
	478		Sega Sammy Holdings, Inc.		10,320
	367		Sony Corp. ADR		6,624
	126		Tempur-Pedic International, Inc. ●		6,601
					170,228
			Consumer Services - 1.3%
	15		Buffalo Wild Wings, Inc. ●		986
	486		Compass Group plc		4,610
	102		Cracker Barrel Old Country Store, Inc.		5,137
	267		DeVry, Inc.		10,253
	7,108		Genting Berhad		24,641
	366		ITT Educational Services, Inc. ●		20,812
	106		Las Vegas Sands Corp. ●		4,525
	239		Marriott International, Inc. Class A		6,975
	37		New Oriental Education & Technology Group, Inc. ADR ●		888
	363		Starbucks Corp.		16,710
	74		Weight Watchers International, Inc.		4,090
	851		Wynn Macau Ltd.		2,125
	299		Yum! Brands, Inc.		17,644
					119,396
			Diversified Financials - 7.0%
	481		Ameriprise Financial, Inc.		23,870
	5,205		Bank of America Corp.		28,941
	183		BlackRock, Inc.		32,557
	1,932		CITIC Securities Co., Ltd. ●		3,178
	3,777		Citigroup, Inc.		99,381
	330		Credit Suisse Group AG		7,731
	1,368		GAM Holding Ltd.		14,810
	1,031		Goldman Sachs Group, Inc.		93,218
	7,883		ING Groep N.V. ●		56,377
	328		Invesco Ltd.		6,593
	7,370		JP Morgan Chase & Co.		245,065
	342		Justice Holdings Ltd. ●		4,565

The accompanying notes are an integral part of these financial statements.

5

Hartford Capital Appreciation HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.7% - (continued)
		Diversified Financials - 7.0% - (continued)
	233	Nasdaq OMX Group, Inc. ●	$	5,701
	171	NYSE Euronext		4,473
	119	Oaktree Capital ■●		5,364
	75	Solar Cayman Ltd. ⌂■●†		7
	348	UBS AG		4,132
	381	Waddell and Reed Financial, Inc. Class A w/ Rights		9,430
				645,393
		Energy - 10.8%
	734	Alpha Natural Resources, Inc. ●		14,993
	581	Anadarko Petroleum Corp.		44,344
	203	Apache Corp.		18,371
	238	Atwood Oceanics, Inc. ●		9,478
	130	Baker Hughes, Inc.		6,318
	1,342	BG Group plc		28,666
	1,866	BP plc		13,292
	72	BP plc ADR		3,092
	196	Bumi plc ●		2,673
	350	Cameron International Corp. ●		17,200
	384	Canadian Natural Resources Ltd. ADR		14,356
	5,099	Chesapeake Energy Corp.		113,648
	1,618	Cobalt International Energy ●		25,108
	344	Consol Energy, Inc.		12,640
	105	Diamond Offshore Drilling, Inc.		5,806
	1,633	ENSCO International plc		76,609
	228	EOG Resources, Inc.		22,452
	455	Exxon Mobil Corp.		38,549
	214	Genel Energy plc ●		2,571
	103	Hornbeck Offshore Services, Inc. ●		3,190
	1,478	Imperial Oil Ltd.		65,750
	2	Inpex Corp.		9,904
	4,219	JX Holdings, Inc.		25,460
	1,915	Karoon Gas Australia Ltd. ●		8,819
	182	Kior, Inc. ●		1,856
	606	Lone Pine Resources, Inc. ●		4,249
	331	Newfield Exploration Co. ●		12,472
	281	Noble Corp.		8,495
	612	Occidental Petroleum Corp.		57,348
	137	Overseas Shipholding Group, Inc.		1,502
	1,389	Pacific Rubiales Energy Corp.		25,544
	106	Peabody Energy Corp.		3,500
	7,396	PetroChina Co., Ltd.		9,185
	3,948	Petroleo Brasileiro S.A. ADR		98,098
	3,404	Petroleum Geo-Services ●		37,097
	367	Pioneer Natural Resources Co.		32,845
	177	Royal Dutch Shell plc ADR		12,918
	557	Southwestern Energy Co. ●		17,781
	392	Statoil ASA		10,045
	350	Statoilhydro ASA ADR		8,958
	1,236	Suncor Energy, Inc.		35,625
	813	Talisman Energy, Inc.		10,355
	288	TGS Nopec Geophysical Co. ASA		6,352
	535	Tsakos Energy Navigation Ltd.		2,559
	208	Ultra Petroleum Corp. ●		6,166
	177	Valero Energy Corp.		3,736
	295	Whiting Petroleum Corp. ●		13,790
				1,003,765
		Food & Staples Retailing - 0.8%
	643	CVS Caremark Corp.		26,206
	7,015	Olam International Ltd.		11,499
	780	Sysco Corp.		22,872
	1,205	Tesco plc		7,542
	293	Walgreen Co.		9,683
				77,802
		Food, Beverage & Tobacco - 3.3%
	559	Anheuser-Busch InBev N.V.		34,135
	519	Archer Daniels Midland Co.		14,850
	8,199	China Agri-Industries Holdings		6,220
	88	Coca-Cola Co.		6,150
	623	Cott Corp. ●		3,901
	306	Diamond Foods, Inc.		9,886
	599	Green Mountain Coffee Roasters, Inc. ●		26,885
	183	Groupe Danone		11,486
	834	Grupo Modelo S.A.B.		5,259
	1,646	Kraft Foods, Inc.		61,512
	63	Lorillard, Inc.		7,185
	835	Maple Leaf Foods, Inc. w/ Rights		8,876
	460	Molson Coors Brewing Co.		20,045
	531	PepsiCo, Inc.		35,231
	135	Philip Morris International, Inc.		10,591
	1,280	Smithfield Foods, Inc. ●		31,086
	439	Tyson Foods, Inc. Class A		9,060
				302,358
		Health Care Equipment & Services - 4.0%
	148	Aetna, Inc.		6,240
	130	Amerisource Bergen Corp.		4,842
	247	Cardinal Health, Inc.		10,041
	6,844	CareView Communications, Inc. ●		10,814
	93	Cie Generale d'Optique Essilor International S.A.		6,552
	700	Covidien plc		31,507
	156	Edwards Lifesciences Corp. ●		11,040
	172	Gen-Probe, Inc. ●		10,157
	1,058	HCA Holdings, Inc. ●		23,299
	732	Hologic, Inc. ●		12,814
	90	Humana, Inc.		7,911
	40	Intuitive Surgical, Inc. ●		18,469
	1,332	Medtronic, Inc.		50,932
	268	St. Jude Medical, Inc.		9,175
	182	SXC Health Solutions Corp. ●		10,275
	2,357	UnitedHealth Group, Inc.		119,449
	657	Universal Health Services, Inc. Class B		25,515
				369,032
		Household & Personal Products - 0.2%
	100	Beiersdorf AG		5,677
	526	Hengan International Group Co., Ltd.		4,904
	215	Reckitt Benckiser Group plc		10,599
				21,180
		Insurance - 3.3%
	156	ACE Ltd.		10,952
	1,840	Aflac, Inc.		79,604
	2,187	Ageas		3,379
	5,741	AIA Group Ltd.		17,872
	2,132	American International Group, Inc. ●		49,460
	500	AON Corp.		23,407
	866	Assured Guaranty Ltd.		11,384
	123	Everest Re Group Ltd.		10,312
	580	Genworth Financial, Inc. ●		3,797

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.7% - (continued)
		Insurance - 3.3% - (continued)
	213	Platinum Underwriters Holdings Ltd.	$	7,278
	294	Principal Financial Group, Inc.		7,243
	690	Prudential plc		6,825
	637	QBE Insurance Group Ltd.		8,430
	263	Reinsurance Group of America, Inc.		13,750
	121	StanCorp Financial Group, Inc.		4,431
	335	Swiss Re Ltd.		17,051
	825	Unum Group		17,374
	41	Zurich Financial Services AG		9,241
				301,790
		Materials - 6.1%
	76	Agrium U.S., Inc.		5,120
	137	Akzo Nobel N.V.		6,595
	114	Allegheny Technologies, Inc.		5,468
	1,072	AngloGold Ltd. ADR		45,498
	251	Antofagasta		4,755
	980	Aquarius Platinum Ltd.		2,382
	430	ArcelorMittal ADR		7,824
	764	Barrick Gold Corp.		34,566
	109	BASF SE		7,568
	364	Cabot Corp.		11,689
	175	Celanese Corp.		7,756
	48	Cliff's Natural Resources, Inc.		3,008
	799	CRH plc		15,864
	130	Detour Gold Corp. ●		3,211
	5,178	Dow Chemical Co.		148,930
	840	Fortescue Metals Group Ltd.		3,676
	354	Freeport-McMoRan Copper & Gold, Inc.		13,040
	8	Givaudan		7,427
	7,000	Glencore International plc		42,741
	11,203	Huabao International Holdings Ltd.		5,708
	345	JSR Corp.		6,368
	1,105	Louisiana-Pacific Corp. ●		8,914
	652	Lundin Mining Corp. ●		2,476
	756	Methanex Corp. ADR		17,262
	335	Molycorp, Inc. ●		8,043
	1,098	Mosaic Co.		55,361
	690	Norbord, Inc. ●		5,487
	402	Owens-Illinois, Inc. ●		7,793
	1,638	Petronas Chemicals Group Bhd.		3,199
	132	Praxair, Inc.		14,160
	12,231	PTT Chemical Public Co., Ltd. ●		23,648
	206	Rio Tinto plc ADR		10,059
	1,970	Sino Forest Corp. Class A ⌂●†		677
	104	Teck Cominco Ltd. Class B		3,643
	2,711	TSRC Corp.		6,643
	189	Umicore		7,757
	34	Walter Energy, Inc.		2,074
	129	Yamato Kogyo Co.		3,699
				570,089
		Media - 2.4%
	111	CBS Corp. Class B		3,015
	1,334	Comcast Corp. Class A		31,637
	397	Comcast Corp. Special Class A		9,365
	725	DirecTV Class A ●		31,000
	30	Harvey Weinstein Co. Holdings Class A-1 ⌂●†∞		—
	819	Omnicom Group, Inc.		36,490
	154	Publicis Groupe		7,078
	23,437	Sirius XM Radio, Inc. w/ Rights ●		42,655
	951	Viacom, Inc. Class B		43,173
	598	Walt Disney Co.		22,438
				226,851
		Pharmaceuticals, Biotechnology & Life Sciences - 7.9%
	1,710	Agilent Technologies, Inc. ●		59,716
	151	Alkermes plc ●		2,626
	751	Almirall S.A.		5,142
	415	Amgen, Inc.		26,677
	132	Amylin Pharmaceuticals, Inc. ●		1,496
	329	AstraZeneca plc		15,219
	74	AstraZeneca plc ADR		3,420
	179	Auxilium Pharmaceuticals, Inc. ●		3,559
	1,645	Avanir Pharmaceuticals ●		3,373
	329	Biogen Idec, Inc. ●		36,165
	385	Bristol-Myers Squibb Co.		13,567
	290	Bruker Corp. ●		3,600
	95	Celgene Corp. ●		6,449
	88	Cubist Pharmaceuticals, Inc. ●		3,483
	3,038	Daiichi Sankyo Co., Ltd.		60,162
	677	Elan Corp. plc ADR ●		9,303
	353	Eli Lilly & Co.		14,683
	2,120	Gilead Sciences, Inc. ●		86,753
	158	Map Pharmaceuticals, Inc. ●		2,075
	1,146	Merck & Co., Inc.		43,216
	427	Mylan, Inc. ●		9,163
	4,625	Novavax, Inc. ●		5,828
	146	Regeneron Pharmaceuticals, Inc. ●		8,071
	368	Roche Holding AG		62,162
	75	Salix Pharmaceuticals Ltd. ●		3,608
	243	Seattle Genetics, Inc. ●		4,067
	1,754	Shionogi & Co., Ltd.		22,499
	3,817	Teva Pharmaceutical Industries Ltd. ADR		154,060
	2,170	TherapeuticsMD, Inc. ●		3,473
	651	UCB S.A.		27,312
	269	Waters Corp. ●		19,949
	690	WuXi PharmaTech Cayman, Inc. ●		7,621
				728,497
		Real Estate - 0.3%
	219	American Tower Corp. Class A		13,166
	45	Unibail-Rodamco SE		7,980
	267	Weyerhaeuser Co.		4,980
				26,126
		Retailing - 5.1%
	149	Advance Automotive Parts, Inc.		10,403
	8,452	Allstar Co. ⌂†		8,753
	234	Amazon.com, Inc. ●		40,519
	255	Ann, Inc. ●		6,307
	29,055	Buck Holdings L.P. ⌂●†		65,024
	312	Buckle (The), Inc.		12,753
	289	CarMax, Inc. ●		8,794
	187	Chico's FAS, Inc.		2,083
	82	Children's Place Retail Stores, Inc. ●		4,340
	58	Cia. Hering		1,015
	362	Express, Inc. ●		7,224
	47	Fast Retailing Co., Ltd.		8,459
	187	GameStop Corp. Class A ●		4,512
	260	GNC Holdings, Inc. ●		7,527
	274	Guess?, Inc.		8,177
	536	Kohl's Corp.		26,448
	3,593	Lowe's Co., Inc.		91,192

The accompanying notes are an integral part of these financial statements.

7

Hartford Capital Appreciation HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.7% - (continued)
		Retailing - 5.1% - (continued)
	134	Nordstrom, Inc.	$	6,651
	29	Priceline.com, Inc. ●		13,387
	198	Rent-A-Center, Inc.		7,344
	265	Ross Stores, Inc.		12,599
	185	Shutterfly, Inc. ●		4,203
	213	Start Today Co., Ltd.		4,996
	649	Target Corp.		33,235
	1,184	TJX Cos., Inc.		76,413
	100	Urban Outfitters, Inc. ●		2,766
				475,124
		Semiconductors & Semiconductor Equipment - 3.3%
	1,373	Altera Corp.		50,938
	435	Analog Devices, Inc.		15,549
	2,177	Avago Technologies Ltd.		62,823
	259	Cavium, Inc. ●		7,365
	330	Cypress Semiconductor Corp.		5,573
	198	Freescale Semiconductor Holdings Ltd. ●		2,502
	1,174	Infineon Technologies AG		8,814
	450	Intersil Corp.		4,697
	430	Maxim Integrated Products, Inc.		11,192
	431	ON Semiconductor Corp. ●		3,330
	641	RF Micro Devices, Inc. ●		3,463
	48	Samsung Electronics Co., Ltd.		44,442
	675	Skyworks Solutions, Inc. ●		10,948
	76	Spreadtrum Communications, Inc.		1,597
	3,795	Taiwan Semiconductor Manufacturing Co., Ltd.		9,482
	1,760	Texas Instruments, Inc.		51,240
	528	Xilinx, Inc.		16,919
				310,874
		Software & Services - 10.6%
	4,154	Activision Blizzard, Inc.		51,182
	456	Automatic Data Processing, Inc.		24,604
	26	Baidu, Inc. ADR ●		3,074
	228	BMC Software, Inc. ●		7,467
	661	Booz Allen Hamilton Holding Corp. ●		11,410
	910	Cadence Design Systems, Inc. ●		9,462
	119	Check Point Software Technologies Ltd. ADR ●		6,230
	133	Cognizant Technology Solutions Corp. ●		8,574
	155	Concur Technologies, Inc. ●		7,893
	78	DeNa Co., Ltd.		2,342
	4,047	eBay, Inc. ●		122,731
	198	Fiserv, Inc. ●		11,601
	235	Global Payments, Inc.		11,139
	279	Google, Inc. ●		180,277
	219	IAC/Interactive Corp.		9,321
	359	IBM Corp.		66,092
	520	iGate Corp.		8,180
	254	JDA Software Group, Inc. ●		8,229
	63	Kakaku.com, Inc.		2,298
	1,962	Kit Digital, Inc. ●		16,582
	110	LinkedIn Corp. ●		6,907
	18	Mastercard, Inc.		6,562
	75	Micros Systems ●		3,475
	4,406	Microsoft Corp.		114,373
	113	MicroStrategy, Inc. ●		12,224
	26	Netease.com, Inc. ●		1,186
	5,218	Oracle Corp.		133,836
	235	Paychex, Inc.		7,071
	143	Red Hat, Inc. ●		5,901
	511	Rovi Corp. ●		12,573
	78	S.p.A. ADR		4,119
	90	Salesforce.com, Inc. ●		9,132
	142	Sohu.com, Inc. ●		7,122
	113	Teradata Corp. ●		5,472
	344	Tibco Software, Inc. ●		8,227
	838	TiVo, Inc. ●		7,521
	3,719	Western Union Co.		67,905
				982,294
		Technology Hardware & Equipment - 5.8%
	349	Acme Packet, Inc. ●		10,776
	441	Apple, Inc. ●		178,608
	292	Arrow Electronics, Inc. ●		10,931
	157	Aruba Networks, Inc. ●		2,913
	5,956	Cisco Systems, Inc.		107,679
	303	Corning, Inc.		3,937
	355	Dell, Inc. ●		5,199
	2,180	EMC Corp. ●		46,947
	462	Emulex Corp. ●		3,172
	69	F5 Networks, Inc. ●		7,358
	1,892	Flextronics International Ltd. ●		10,710
	568	Fujitsu Ltd.		2,947
	348	Harris Corp.		12,559
	177	Hewlett-Packard Co.		4,567
	3,310	Hon Hai Precision Industry Co., Ltd.		9,051
	47	Hon Hai Precision Industry Co., Ltd. GDR §		260
	676	Jabil Circuit, Inc.		13,295
	1,467	JDS Uniphase Corp. ●		15,318
	1,260	Juniper Networks, Inc. ●		25,712
	7,550	Legend Holdings Ltd.		5,022
	1,226	NetApp, Inc. ●		44,464
	527	QLogic Corp. ●		7,911
	138	Riverbed Technology, Inc. ●		3,235
	56	SanDisk Corp. ●		2,748
	77	Universal Display Corp. ●		2,830
				538,149
		Telecommunication Services - 0.5%
	381	Softbank Corp.		11,197
	553	Tele2 Ab B Shares		10,721
	702	Telenor ASA		11,491
	391	Vodafone Group plc ADR		10,967
				44,376
		Transportation - 4.9%
	23,989	AirAsia Berhad		28,502
	8,336	Delta Air Lines, Inc. ●		67,438
	1,083	FedEx Corp.		90,475
	5,606	Hertz Global Holdings, Inc. ●		65,698
	2,368	JetBlue Airways Corp. ●		12,312
	661	JSL S.A.		3,311
	663	Knight Transportation, Inc.		10,365
	45	Kuehne & Nagel International AG		4,984
	423	Localiza Rent a Car S.A.		5,800
	1,338	Toll Holdings Ltd.		5,759
	6,145	United Continental Holdings, Inc. ●		115,961
	585	United Parcel Service, Inc. Class B		42,782
				453,387

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 96.7% - (continued)
		Utilities - 0.7%
	720	Companhia Energetica de Minas Gerais ADR			$	12,809
	195	Entergy Corp.				14,253
	243	N.V. Energy, Inc.				3,968
	313	NextEra Energy, Inc.				19,080
	169	PG&E Corp.				6,954
	217	UGI Corp.				6,369
						63,433
		Total common stocks
		(cost $9,343,361)			$	8,965,707
WARRANTS - 0.0%
		Pharmaceuticals, Biotechnology & Life Sciences - 0.0%
	510	Novavax, Inc. ⌂●			$	—
		Total warrants
		(cost $–)			$	—
CORPORATE BONDS - 0.3%
		Finance and Insurance - 0.3%
		MBIA Insurance Co.
$	53,500	14.00%, 01/15/2033 ■Δ			$	29,960
		Total corporate bonds
		(cost $53,139)			$	29,960
		Total long-term investments
		(cost $9,396,500)			$	8,995,667
SHORT-TERM INVESTMENTS - 3.3%
Repurchase Agreements - 3.3%
		Bank of America Merrill Lynch TriParty
		Joint Repurchase Agreement (maturing on
		01/03/2012 in the amount of $115,212,
		collateralized by GNMA 4.50%, 2041,
		value of $117,515)
$	115,211	0.04%, 12/30/2011			$	115,211
		Barclays Capital TriParty Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $9,571, collateralized by U.S.
		Treasury Bond 5.38%, 2031, value of
		$9,763)
	9,571	0.01%, 12/30/2011				9,571
		Deutsche Bank Securities TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $127,796,
		collateralized by GNMA 3.50% - 7.00%,
		2035 - 2046, value of $130,351)
	127,796	0.06%, 12/30/2011				127,796
		UBS Securities, Inc. Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $969, collateralized by U.S.
		Treasury Note 2.75%, 2016, value of
		$992)
	969	0.01%, 12/30/2011				969
		UBS Securities, Inc. TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $49,452,
		collateralized by FNMA 3.00% - 6.50%,
		2021 - 2041,  value of $50,441)
$	49,452	0.04%, 12/30/2011			$	49,452
						302,999
		Total short-term investments
		(cost $302,999)			$	302,999
		Total investments
		(cost $9,699,499) ▲	100.3	%	$	9,298,666
		Other assets and liabilities	(0.3	)%		(27,434	)
		Total net assets	100.0	%	$	9,271,232

The accompanying notes are an integral part of these financial statements.

9

Hartford Capital Appreciation HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 24.0% of total net assets at December 31, 2011.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $9,971,310 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	508,233
Unrealized Depreciation		(1,180,877	)
Net Unrealized Depreciation	$	(672,644	)

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At December 31, 2011, the aggregate value of these securities was $74,461, which represents 0.8% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

Δ Variable rate securities; the rate reported is the coupon rate in effect at December 31, 2011.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At December 31, 2011, the aggregate value of these securities was $35,331, which represents 0.4% of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At December 31, 2011, the aggregate value of these securities was $260, which rounds to zero percent of total net assets.

∞ Securities exempt from registration under Regulation D of the Securities Act of 1933.  The Fund may only be able to resell these securities if they are subsequently registered or if an exemption from registration under the federal and state securities laws is available.  Unless otherwise indicated, these holdings are determined to be liquid.  At December 31, 2011, the aggregate value and percentage of net assets of these securities rounds to zero.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
08/2011		8,452	Allstar Co.	$	8,604
06/2007		29,055	Buck Holdings L.P.		17,135
10/2005		30	Harvey Weinstein Co. Holdings Class A-1  - Reg D		27,951
07/2008		510	Novavax, Inc. Warrants		—
01/2010 - 07/2011		1,970	Sino Forest Corp. Class A		33,397
03/2007		75	Solar Cayman Ltd.  - 144A		22

At December 31, 2011, the aggregate value of these securities was $74,461, which represents 0.8% of total net assets.

The accompanying notes are an integral part of these financial statements.

10

Foreign Currency Contracts Outstanding at December 31, 2011

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
Australian Dollar	Goldman Sachs	Buy	$	88	$	86	01/04/2012	$	2
Australian Dollar	JP Morgan Securities	Buy		95		95	01/03/2012		—
Canadian Dollar	Banc of America Securities	Buy		28		28	01/05/2012		—
Euro	JP Morgan Securities	Sell		1,179		1,178	01/03/2012		(1	)
Hong Kong Dollar	CS First Boston	Sell		1,314		1,313	01/03/2012		(1	)
Japanese Yen	Deutsche Bank Securities	Sell		64,400		60,374	03/02/2012		(4,026	)
Japanese Yen	Goldman Sachs	Sell		40,746		40,907	03/02/2012		161
Japanese Yen	Morgan Stanley	Sell		64,401		60,408	03/02/2012		(3,993	)
Japanese Yen	UBS AG	Sell		64,304		60,302	03/02/2012		(4,002	)
								$	(11,860	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

11

Hartford Capital Appreciation HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Automobiles & Components	$	442,412	$	417,922	$	24,490	$	—
Banks		341,306		203,635		137,671		—
Capital Goods		734,026		440,291		293,735		—
Commercial & Professional Services		17,819		12,377		5,442		—
Consumer Durables & Apparel		170,228		137,389		32,839		—
Consumer Services		119,396		88,020		31,376		—
Diversified Financials		645,393		556,972		83,050		5,371
Energy		1,003,765		854,945		148,820		—
Food & Staples Retailing		77,802		58,761		19,041		—
Food, Beverage & Tobacco		302,358		250,517		51,841		—
Health Care Equipment & Services		369,032		362,480		6,552		—
Household & Personal Products		21,180		—		21,180		—
Insurance		301,790		238,992		62,798		—
Materials		570,089		445,030		124,382		677
Media		226,851		219,773		7,078		—
Pharmaceuticals, Biotechnology & Life Sciences		728,497		536,001		192,496		—
Real Estate		26,126		18,146		7,980		—
Retailing		475,124		387,892		13,455		73,777
Semiconductors & Semiconductor Equipment		310,874		248,136		62,738		—
Software & Services		982,294		977,654		4,640		—
Technology Hardware & Equipment		538,149		521,129		17,020		—
Telecommunication Services		44,376		10,967		33,409		—
Transportation		453,387		414,142		39,245		—
Utilities		63,433		63,433		—		—
Total		8,965,707		7,464,604		1,421,278		79,825
Corporate Bonds		29,960		—		29,960		—
Warrants		—		—		—		—
Short-Term Investments		302,999		—		302,999		—
Total	$	9,298,666	$	7,464,604	$	1,754,237	$	79,825
Foreign Currency Contracts*		163		—		163		—
Total	$	163	$	—	$	163	$	—
Liabilities:
Foreign Currency Contracts*		12,023		—		12,023		—
Total	$	12,023	$	—	$	12,023	$	—

♦ For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of December 31, 2010		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of December 31, 2011
Assets:
Common Stocks	$	81,336	$	26,054	$	(40,997	)†	$	—	$	13,360	$	(63,983	)	$	64,055	$	—	$	79,825
Total	$	81,336	$	26,054	$	(40,997	)	$	—	$	13,360	$	(63,983	)	$	64,055	$	—	$	79,825

* Securities are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Securities where trading has been halted (transfer into Level 3) or securities where trading has resumed (transfer out of Level 3).

2) Broker quoted securities (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Securities that have certain restrictions on trading (transfer into Level 3) or securities where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 was $(39,860).

The accompanying notes are an integral part of these financial statements.

12

Hartford Capital Appreciation HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $9,699,499)	$	9,298,666
Foreign currency on deposit with custodian (cost $156)		169
Unrealized appreciation on foreign currency contracts		163
Receivables:
Investment securities sold		16,619
Fund shares sold		1,043
Dividends and interest		13,868
Other assets		—
Total assets		9,330,528
Liabilities:
Unrealized depreciation on foreign currency contracts		12,023
Bank overdraft		92
Payables:
Investment securities purchased		39,921
Fund shares redeemed		5,568
Investment management fees		1,293
Distribution fees		61
Accrued expenses		338
Total liabilities		59,296
Net assets	$	9,271,232
Summary of Net Assets:
Capital stock and paid-in-capital	$	10,809,289
Undistributed net investment income		5,962
Accumulated net realized loss		(1,131,476	)
Unrealized depreciation of investments and the translations of assets and liabilities denominated in foreign currency		(412,543	)
Net assets	$	9,271,232
Shares authorized		5,000,000
Par value	$	0.001
Class IA: Net asset value per share	$	37.20
Shares outstanding		219,620
Net assets	$	8,169,178
Class IB: Net asset value per share	$	36.90
Shares outstanding		29,864
Net assets	$	1,102,054

The accompanying notes are an integral part of these financial statements.

13

Hartford Capital Appreciation HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	158,987
Interest		7,448
Less: Foreign tax withheld		(7,183	)
Total investment income, net		159,252
Expenses:
Investment management fees		62,204
Transfer agent fees		6
Distribution fees - Class IB		3,351
Custodian fees		259
Accounting services fees		1,669
Board of Directors' fees		217
Audit fees		87
Other expenses		1,221
Total expenses (before fees paid indirectly)		69,014
Commission recapture		(280	)
Custodian fee offset		—
Total fees paid indirectly		(280	)
Total expenses, net		68,734
Net investment income		90,518
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments		754,483
Net realized loss on foreign currency contracts		(8,734	)
Net realized gain on other foreign currency transactions		5,228
Net Realized Gain on Investments and Foreign Currency Transactions		750,977
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(1,928,207	)
Net unrealized depreciation of foreign currency contracts		(11,576	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		14
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions		(1,939,769	)
Net Loss on Investments and Foreign Currency Transactions		(1,188,792	)
Net Decrease in Net Assets Resulting from Operations	$	(1,098,274	)

The accompanying notes are an integral part of these financial statements.

14

Hartford Capital Appreciation HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	90,518		$	71,356
Net realized gain on investments and foreign currency transactions		750,977			971,618
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		(1,939,769	)		448,187
Net Increase (Decrease) In Net Assets Resulting From Operations		(1,098,274	)		1,491,161
Distributions to Shareholders:
From net investment income
Class IA		(71,587	)		(55,594	)
Class IB		(6,414	)		(5,968	)
Total from net investment income		(78,001	)		(61,562	)
From tax-return of capital
Class IA		—			(6,340	)
Class IB		—			(1,098	)
Total from tax-return of capital		—			(7,438	)
Total distributions		(78,001	)		(69,000	)
Capital Share Transactions:
Class IA
Sold		1,967,235			552,196
Issued on reinvestment of distributions		71,587			61,934
Redeemed		(1,742,622	)		(1,348,500	)
Total capital share transactions		296,200			(734,370	)
Class IB
Sold		100,885			111,815
Issued on reinvestment of distributions		6,414			7,066
Redeemed		(368,116	)		(400,674	)
Total capital share transactions		(260,817	)		(281,793	)
Net increase (decrease) from capital share transactions		35,383			(1,016,163	)
Net Increase (Decrease) In Net Assets		(1,140,892	)		405,998
Net Assets:
Beginning of period		10,412,124			10,006,126
End of period	$	9,271,232		$	10,412,124
Undistributed (distribution in excess of) net investment income	$	5,962		$	(4,122	)
Shares:
Class IA
Sold		50,481			14,803
Issued on reinvestment of distributions		1,944			1,534
Redeemed		(42,673	)		(36,097	)
Total share activity		9,752			(19,760	)
Class IB
Sold		2,434			2,990
Issued on reinvestment of distributions		176			181
Redeemed		(8,988	)		(10,870	)
Total share activity		(6,378	)		(7,699	)

The accompanying notes are an integral part of these financial statements.

15

Hartford Capital Appreciation HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

Hartford Capital Appreciation HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may

16

cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Fixed income securities (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to

17

Hartford Capital Appreciation HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of

18

the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of December 31, 2011.

c) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records

19

Hartford Capital Appreciation HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

with value at least equal to the amount of the commitment. As of December 31, 2011, the Fund had no outstanding when-issued or delayed delivery securities.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the Schedule of Investments as of December 31, 2011.

b) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option security or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. As of December 31, 2011, there were no outstanding options contracts.

20

c) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2011:

	Risk Exposure Category
			Foreign
	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	163	$	—	$	—	$	—	$	—	$	163
Total	$	—	$	163	$	—	$	—	$	—	$	—	$	163
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	12,023	$	—	$	—	$	—	$	—	$	12,023
Total	$	—	$	12,023	$	—	$	—	$	—	$	—	$	12,023

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended December 31, 2011.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
			Foreign
	Interest Rate		Exchange			Credit		Equity		Commodity		Other
	Contracts		Contracts			Contracts		Contracts		Contracts		Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on investments in purchased options	$	—	$	—		$	—	$	90	$	—	$	—	$	90
Net realized loss on foreign currency contracts		—		(8,734	)		—		—		—		—		(8,734	)
Total	$	—	$	(8,734	)	$	—	$	90	$	—	$	—	$	(8,644	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(11,576	)	$	—	$	—	$	—	$	—	$	(11,576	)
Total	$	—	$	(11,576	)	$	—	$	—	$	—	$	—	$	(11,576	)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments in derivatives and other financial instruments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and

21

Hartford Capital Appreciation HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	December 31, 2011		December 31, 2010
Ordinary Income	$	78,001	$	61,562
Tax Return of Capital		—		7,438

22

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	6,056
Accumulated Capital and Other Losses*		(871,619	)
Unrealized Depreciation†		(672,494	)
Total Accumulated Deficit	$	(1,538,057	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(2,433	)
Accumulated Net Realized Gain (Loss)		(3,314	)
Capital Stock and Paid-in-Capital		5,747

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	871,619
Total	$	871,619

As of December 31, 2011, the Fund utilized $791,337 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

23

Hartford Capital Appreciation HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million	0.7750%
On next $250 million	0.7250%
On next $500 million	0.6750%
On next $4 billion	0.6250%
On next $5 billion	0.6225%
Over $10 billion	0.6200%

Effective March 1, 2012, HL Advisors will be paid compensation for investment management services according to the following schedule:

Average Daily Net Assets	Annual Fee
On first $250 million	0.7750%
On next $250 million	0.7250%
On next $500 million	0.6750%
On next $1.5 billion	0.6250%
On next $2.5 billion	0.6200%
On next $5 billion	0.6150%
Over $10 billion	0.6100%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion	0.018%
On next $5 billion	0.016%
Over $10 billion	0.014%

24

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended
	December 31, 2011
Class IA		0.67	%
Class IB		0.92

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $12. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO was compensated on a per account basis for providing such services. The amount paid to HASCO can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – In July of 2007, The Hartford entered into a settlement with the Attorneys General of the states of New York, Connecticut and Illinois relating to market timing and the company's individual variable annuity contracts in which certain payments would be made directly to the variable annuity contract holders. The distribution plan provided that unclaimed money from the settlement would be distributed to certain HLS Funds that are investment options through a Hartford individual variable annuity contract. The unclaimed money was distributed to the Fund on September 18, 2009.

25

Hartford Capital Appreciation HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

The total return in the accompanying financial highlights includes a payment from an affiliate. Had the payment from the affiliate been excluded, the impact and total return for the period listed below would have been as follows:

	For the Year Ended December 31, 2009
	Class IA		Class IB
Impact from Payment from Affiliate for Attorneys General Settlement		—%		—%
Total Return Excluding Payment from Affiliate		45.66		45.30

8.    Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	10,866,216
Sales Proceeds Excluding U.S. Government Obligations		11,015,954

9.    Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

10.   Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

11.   Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

26

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27

Hartford Capital Appreciation HLS Fund

Financial Highlights

– Selected Per-Share Data (A) –

	Net Asset						Net Realized																		Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions									(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions			Total			Net Asset			Value at End of
Class(A)	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital			Distributions			Value			Period
For the Year Ended December 31, 2011
IA	$	42.36	$	0.37	$	—	$	(5.20	)	$	(4.83	)	$	(0.33	)	$	—		$	—		$	(0.33	)	$	(5.16	)	$	37.20
IB		42.00		0.32		—		(5.20	)		(4.88	)		(0.22	)		—			—			(0.22	)		(5.10	)		36.90
For the Year Ended December 31, 2010
IA		36.63		0.30		—		5.72			6.02			(0.26	)		—			(0.03	)		(0.29	)		5.73			42.36
IB		36.32		0.21		—		5.66			5.87			(0.16	)		—			(0.03	)		(0.19	)		5.68			42.00
For the Year Ended December 31, 2009
IA		25.34		0.31		—		11.27			11.58			(0.29	)		—			—			(0.29	)		11.29			36.63
IB		25.14		0.25		—		11.14			11.39			(0.21	)		—			—			(0.21	)		11.18			36.32
For the Year Ended December 31, 2008
IA		52.46		0.46		—		(22.58	)		(22.12	)		(0.50	)(F)		(4.28	)		(0.22	)(F)		(5.00	)		(27.12	)		25.34
IB		52.01		0.39		—		(22.37	)		(21.98	)		(0.39	)(F)		(4.28	)		(0.22	)(F)		(4.89	)		(26.87	)		25.14
For the Year Ended December 31, 2007
IA		53.49		0.35		—		8.36			8.71			(0.07	)		(9.67	)		—			(9.74	)		(1.03	)		52.46
IB		53.21		0.22		—		8.28			8.50			(0.03	)		(9.67	)		—			(9.70	)		(1.20	)		52.01

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.

(C) Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Total return without the inclusion of the Payment from (to) Affiliate can be found in Expenses in the accompanying Notes to Financial Statements.

(F) In 2009, the Fund amended its 2008 federal tax return in order to change an election relating to the recognition and classification of certain net realized losses and ordinary income items. As a result, a portion of the distributions that were made by the Fund during 2008 were reclassified as return of capital. This reclassification had no impact on the total net assets or net asset value of the Fund.

28

- Ratios and Supplemental Data -

				Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Net Investment Income			Portfolio Turnover
Total Return(B)		Net Assets at End of Period		Assets Before Waivers(C)			Assets After Waivers(C)			(Loss) to Average Net Assets			Rate(D)
(11.41	)%	$	8,169,178		0.67	%		0.67	%		0.95	%		113	%
(11.62	)		1,102,054		0.92			0.92			0.71			—
16.50			8,889,906		0.67			0.67			0.77			95
16.21			1,522,218		0.92			0.92			0.52			—
45.67	(E)		8,410,214		0.68			0.68			1.03			128
45.30	(E)		1,595,912		0.93			0.93			0.79			—
(45.59	)		6,017,984		0.67			0.67			1.12			131
(45.73	)		1,295,065		0.92			0.92			0.87			—
16.83			12,123,834		0.67			0.67			0.68			101
16.53			2,933,905		0.92			0.92			0.42			—

29

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Capital Appreciation HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Capital Appreciation HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

February 13, 2012

30

Hartford Capital Appreciation HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

31

Hartford Capital Appreciation HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

32

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

33

Hartford Capital Appreciation HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return			Hypothetical (5% return before expenses)
			Expenses paid			Expenses paid		Days in
		Ending	during the period		Ending	during the period		the	Days
	Beginning	Account Value	June 30, 2011	Beginning	Account Value	June 30, 2011	Annualized	current	in the
	Account Value	December 31,	through	Account Value	December 31,	through	expense	1/2	full
	June 30, 2011	2011	December 31, 2011	June 30, 2011	2011	December 31, 2011	ratio	year	year
Class IA	$1,000.00	$866.47	$3.15	$1,000.00	$1,021.83	$3.41	0.67%	184	365
Class IB	$1,000.00	$865.41	$4.33	$1,000.00	$1,020.57	$4.69	0.92%	184	365

34

Hartford Capital Appreciation HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Capital Appreciation HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

35

Hartford Capital Appreciation HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

36

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

37

Hartford Capital Appreciation HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

38

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-AD11 2-12     109078    Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Disciplined Equity HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	8
Statement of Assets and Liabilities at December 31, 2011	9
Statement of Operations for the Year Ended December 31, 2011	10
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	11
Notes to Financial Statements	12
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Expense Example (Unaudited)	28
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	29

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under “Why did the Fund perform this way?” and “What is the outlook?” are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Disciplined Equity HLS Fund inception 05/29/1998

(sub-advised by Wellington Management Company, LLP)                                                Investment objective – Seeks growth of capital. 

Performance Overview 12/31/01 - 12/31/11

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11)

	1 Year	5 Year	10 Year
Disciplined Equity IA	1.15%	-0.30%	2.19%
Disciplined Equity IB	0.90%	-0.55%	1.94%
S&P 500 Index	2.09%	-0.25%	2.92%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford Disciplined Equity HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Manager

Mammen Chally, CFA

Vice President

How did the Fund perform?

The Class IA shares of the Hartford Disciplined Equity HLS Fund returned 1.15% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the S&P 500 Index, which returned 2.09% for the same period. The Fund outperformed the -1.01% return of the average fund in the Lipper Large-Cap Core VP-UF Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The one-year period ending December 31, 2011 was yet another extremely volatile period for equity markets. Global equities started the year on a strong note and continued to march higher in the first quarter of 2011, driven by investors’ enthusiasm for additional government debt purchases by the U.S. Federal Reserve, the extension of tax cuts in the U.S., strong earnings growth, and generally improving economic data. This enthusiasm reversed later in the period, however, as concerns surfaced that the global economy could slip back into recession, resulting in a rapid decline in equity markets. Fears about sovereign debt and solvency in the eurozone, slowing economic expansion in China and the U.S., and uncertainty about the sustainability of corporate earnings growth combined to produce an extremely volatile stock market, and return correlations among stocks spiked as investors shed risk and fled to safety. Markets ended the year on a positive note in the final month of the period with encouraging employment and manufacturing data in the U.S.

Overall equity market performance was mixed for the period across all market capitalizations: large cap equities (+2%) outperformed mid cap (-2%) and small cap stocks (-4%), as represented by the S&P 500, S&P MidCap 400, and Russell 2000 Indices, respectively.During the twelve-month period seven of ten sectors within the S&P 500 Index posted positive returns, led by Utilities (+20%), Consumer Staples (+14%), and Health Care (+13), while Financials (-17%) and Materials (-10%) lagged on a relative basis.

The Fund underperformed the benchmark due to weak stock selection, particularly within the Utilities, Financials, and Materials sectors. This more than offset positive returns within Industrials, Consumer Staples, and Health Care. Sector positioning, a fallout of our bottom-up stock selection process (i.e. stock by stock fundamental research) was modestly additive to relative results. In particular, an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Health Care and an underweight to Financials benefitted the Fund.

The largest detractors from performance relative to the benchmark were Bank of America (Financials), Goldman Sachs (Financials), and Ultra Petroleum (Energy). U.S.-based multinational financial services company Bank of America’s shares declined amid negative headlines regarding litigation uncertainty related to its ownership of Countrywide Financial and fears that the company may need to raise additional equity. Shares of Goldman Sachs, a global leader in investment banking and brokerage services, declined over the course of the year, tracing lower earnings per share (EPS) results, as a number of factors including SEC litigation, regulation, lower trading revenues, a ratings downgrade and intense competitive pressures weighed on the already attractively valued stock. Shares of Ultra Petroleum, an independent energy company engaged in the exploration and production of oil and natural gas, underperformed after the company raised capital expenditures spending guidance with no offsetting increase in 2011 production guidance. Other detractors from absolute (i.e. total return) performance included Freeport-McMoRan Copper & Gold (Materials).

The largest contributors to relative performance were Philip Morris International (Consumer Staples), Citigroup (Financials), and TJX Companies (Consumer Discretionary). Tobacco company Philip Morris International’s stock outperformed after the company reported better-than-expected quarterly earnings with strong results across all divisions. Not owning Citigroup for a majority of the period was beneficial as the stock price declined due to poor earnings results. Near the end of the period, we initiated a position in the stock based on its attractive valuations and the strength of the balance sheet. Shares of off-price apparel and home fashions retailer TJX Companies outperformed many expectations due to the current trade-down economy and availability of name-brand apparel at half the price of regular retailers. Our position in Apple (Information Technology) also contributed to absolute performance during the period.

3

Hartford Disciplined Equity HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

What is the outlook?

Economic data in the United States improved in the fourth quarter. The U.S. unemployment rate fell to 8.6% in November, its lowest level since March 2009. Retail sales, housing, and consumer confidence data also have trended positive in recent months. While we believe economic growth is likely to remain tepid in 2012, this is discounted in valuations, in our view. The biggest risk to U.S. markets remains a cataclysmic liquidity event in Europe that severely impacts global economic growth and confidence. We view this as a low probability event. However, U.S. markets were focused on Europe during the fourth quarter – we expect this will remain a point of emphasis into 2012.

The Fund focuses on stock selection as the key driver of returns and uses proprietary fundamental and quantitative research in a disciplined framework to build a portfolio of the most attractive stocks. Sector exposures are residuals from this bottom-up stock selection process and are not explicit management decisions. Based on individual stock decisions, the Fund ended the period most overweight the Health Care, Consumer Staples, and Information Technology sectors and most underweight Telecommunication Services, Materials, and Financials relative to the S&P 500 Index, the Fund’s benchmark.

Diversification by Industry

as of December 31, 2011

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		0.9	%
Banks (Financials)		4.4
Capital Goods (Industrials)		10.2
Commercial & Professional Services (Industrials)		0.8
Consumer Durables & Apparel (Consumer Discretionary)		1.8
Consumer Services (Consumer Discretionary)		1.6
Diversified Financials (Financials)		5.7
Energy (Energy)		11.2
Food & Staples Retailing (Consumer Staples)		2.4
Food, Beverage & Tobacco (Consumer Staples)		8.5
Health Care Equipment & Services (Health Care)		3.8
Household & Personal Products (Consumer Staples)		2.1
Insurance (Financials)		2.0
Materials (Materials)		1.8
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		10.7
Retailing (Consumer Discretionary)		5.5
Semiconductors & Semiconductor Equipment (Information Technology)		1.0
Software & Services (Information Technology)		12.4
Technology Hardware & Equipment (Information Technology)		6.9
Telecommunication Services (Services)		0.6
Utilities (Utilities)		3.7
Other Assets and Liabilities		2.0
Total		100.0	%

4

Hartford Disciplined Equity HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.0%
		Automobiles & Components - 0.9%
	807	Ford Motor Co. w/ Rights ●	$	8,686
		Banks - 4.4%
	340	BB&T Corp. Θ		8,547
	256	PNC Financial Services Group, Inc.		14,742
	733	Wells Fargo & Co.		20,210
				43,499
		Capital Goods - 10.2%
	178	AMETEK, Inc.		7,493
	77	Boeing Co.		5,652
	63	Caterpillar, Inc.		5,684
	110	Cooper Industries plc Class A		5,931
	138	Dover Corp.		8,006
	627	General Electric Co.		11,226
	146	Illinois Tool Works, Inc.		6,810
	194	Northrop Grumman Corp.		11,370
	63	Parker-Hannifin Corp.		4,824
	99	TransDigm Group, Inc. ●		9,461
	201	United Technologies Corp.		14,680
	48	W.W. Grainger, Inc.		8,985
				100,122
		Commercial & Professional Services - 0.8%
	138	Towers Watson & Co.		8,294
		Consumer Durables & Apparel - 1.8%
	98	Deckers Outdoor Corp. ●		7,414
	142	PVH Corp.		10,004
				17,418
		Consumer Services - 1.6%
	152	McDonald's Corp.		15,204
		Diversified Financials - 5.7%
	152	Ameriprise Financial, Inc.		7,546
	1,423	Bank of America Corp.		7,911
	33	BlackRock, Inc. Θ		5,846
	331	Citigroup, Inc.		8,712
	98	Goldman Sachs Group, Inc.		8,860
	352	JP Morgan Chase & Co.		11,690
	434	SLM Corp.		5,814
				56,379
		Energy - 11.2%
	150	Anadarko Petroleum Corp.		11,435
	289	Chesapeake Energy Corp.		6,437
	109	Chevron Corp.		11,552
	210	ConocoPhillips Holding Co.		15,319
	293	Exxon Mobil Corp.		24,871
	211	Marathon Oil Corp.		6,168
	138	National Oilwell Varco, Inc.		9,409
	195	Occidental Petroleum Corp.		18,256
	225	Ultra Petroleum Corp. ●		6,670
				110,117
		Food & Staples Retailing - 2.4%
	327	CVS Caremark Corp.		13,314
	324	Walgreen Co.		10,699
				24,013
		Food, Beverage & Tobacco - 8.5%
	374	Altria Group, Inc.		11,086
	285	Constellation Brands, Inc. Class A ●		5,885
	141	Dr. Pepper Snapple Group		5,580
	65	Hansen Natural Corp. ●		5,960
	96	Lorillard, Inc.		10,913
	203	PepsiCo, Inc.		13,466
	383	Philip Morris International, Inc.		30,073
				82,963
		Health Care Equipment & Services - 3.8%
	177	Covidien plc		7,948
	117	McKesson Corp.		9,139
	132	St. Jude Medical, Inc.		4,512
	304	UnitedHealth Group, Inc.		15,408
				37,007
		Household & Personal Products - 2.1%
	146	Energizer Holdings, Inc. ●		11,289
	130	Kimberly-Clark Corp.		9,566
				20,855
		Insurance - 2.0%
	194	Allied World Assurance Holdings Ltd.		12,232
	231	MetLife, Inc.		7,190
				19,422
		Materials - 1.8%
	343	Dow Chemical Co.		9,868
	123	Newmont Mining Corp.		7,362
				17,230
		Pharmaceuticals, Biotechnology & Life Sciences - 10.7%
	156	Agilent Technologies, Inc. ●		5,451
	158	Amgen, Inc.		10,133
	51	Biogen Idec, Inc. ●		5,580
	160	Celgene Corp. ●		10,840
	306	Eli Lilly & Co.		12,733
	257	Forest Laboratories, Inc. ●		7,791
	233	Gilead Sciences, Inc. ●		9,543
	450	Merck & Co., Inc.		16,967
	101	Regeneron Pharmaceuticals, Inc. ●		5,594
	153	Salix Pharmaceuticals Ltd. ●		7,339
	115	Thermo Fisher Scientific, Inc. ●		5,154
	137	Watson Pharmaceuticals, Inc. ●		8,288
				105,413
		Retailing - 5.5%
	128	Abercrombie & Fitch Co. Class A Θ		6,265
	63	Amazon.com, Inc. ●		10,952
	391	Lowe's Co., Inc.		9,935
	235	Ross Stores, Inc.		11,167
	243	TJX Cos., Inc.		15,699
				54,018
		Semiconductors & Semiconductor Equipment - 1.0%
	237	Avago Technologies Ltd.		6,830
	186	Skyworks Solutions, Inc. ●		3,023
				9,853
		Software & Services - 12.4%
	232	Accenture plc		12,367
	644	Activision Blizzard, Inc.		7,933
	354	eBay, Inc. ●Θ		10,731
	94	Factset Research Systems, Inc.		8,218
	23	Google, Inc. ●		14,920
	111	IBM Corp.		20,483
	18	Mastercard, Inc.		6,681
	574	Oracle Corp.		14,734
	119	Teradata Corp. ●		5,789

The accompanying notes are an integral part of these financial statements.

5

Hartford Disciplined Equity HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 98.0% - (continued)
		Software & Services - 12.4% - (continued)
	270	VeriSign, Inc. Θ			$	9,657
	533	Western Union Co.				9,726
						121,239
		Technology Hardware & Equipment - 6.9%
	78	Apple, Inc. ●				31,693
	906	Cisco Systems, Inc.				16,376
	495	EMC Corp. ●				10,664
	160	Qualcomm, Inc.				8,747
						67,480
		Telecommunication Services - 0.6%
	209	AT&T, Inc.				6,328
		Utilities - 3.7%
	238	American Electric Power Co., Inc.				9,820
	120	NextEra Energy, Inc.				7,275
	112	PG&E Corp.				4,604
	533	Xcel Energy, Inc.				14,730
						36,429
		Total common stocks
		(cost $827,801)			$	961,969
		Total long-term investments
		(cost $827,801)			$	961,969
		Total investments
		(cost $827,801) ▲	98.0	%	$	961,969
		Other assets and liabilities	2.0	%		19,759
		Total net assets	100.0	%	$	981,728

The accompanying notes are an integral part of these financial statements. 

6

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $828,423 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	173,166
Unrealized Depreciation		(39,620	)
Net Unrealized Appreciation	$	133,546

● Non-income producing.

Θ At December 31, 2011, this security, or a portion of this security, is designated to cover written call options in the table below:

Description	Option Type		Exercise Price/ Rate		Expiration Date		Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
Abercrombie & Fitch Co.		Equity	$	52.50		12/23/2012		205	$	11	$	11	$	—
BB&T Corp.		Equity	$	26.00		01/23/2012		401		16		10		(6	)
Blackrock, Inc.		Equity	$	180.00		01/23/2012		61		26		32		6
eBay, Inc.		Equity	$	32.00		01/23/2012		322		13		15		2
VeriSign, Inc.		Equity	$	36.00		01/23/2012		279		23		12		(11	)
									$	89	$	80	$	(9	)

* The number of contracts does not omit 000's.

Written Put Option Contracts Outstanding at December 31, 2011

Description	Option Type		Exercise Price/ Rate		Expiration Date		Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
J.P. Morgan Chase & Co.		Equity	$	26.00		01/23/2012		298	$	2	$	8	$	6
National Oilwell Varco, Inc.		Equity	$	55.00		01/23/2012		148		1		15		14
Oracle Corp.		Equity	$	26.00		01/23/2012		328		29		13		(16	)
									$	32	$	36	$	4

* The number of contracts does not omit 000's.

Cash of $1,318 was pledged as collateral for open written put option contracts at December 31, 2011.

Futures Contracts Outstanding at December 31, 2011

Description	Number of Contracts*		Position		Expiration Date		Market Value ╪		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini		155		Long		03/16/2012	$	9,708	$	9,746	$	(38	)

* The number of contracts does not omit 000's. 

Cash of $620 was pledged as initial margin deposit and collateral for open futures contracts at December 31, 2011.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

7

Hartford Disciplined Equity HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	961,969	$	961,969	$	—	$	—
Total	$	961,969	$	961,969	$	—	$	—
Written Options *		28		28		—		—
Total	$	28	$	28	$	—	$	—
Liabilities:
Futures *		38		38		—		—
Written Options *		33		33		—		—
Total	$	71	$	71	$	—	$	—

♦ For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

8

Hartford Disciplined Equity HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $827,801)	$	961,969
Cash		1,938	*,†
Receivables:
Investment securities sold		18,071
Fund shares sold		148
Dividends and interest		1,578
Other assets		—
Total assets		983,704
Liabilities:
Bank overdraft		995
Payables:
Fund shares redeemed		594
Variation margin		37
Investment management fees		155
Distribution fees		7
Accrued expenses		67
Written options (proceeds $116)		121
Total liabilities		1,976
Net assets	$	981,728
Summary of Net Assets:
Capital stock and paid-in-capital	$	1,084,884
Undistributed net investment income		683
Accumulated net realized loss		(237,964	)
Unrealized appreciation of investments		134,125
Net assets	$	981,728
Shares authorized		3,500,000
Par value	$	0.001
Class IA: Net asset value per share	$	11.78
Shares outstanding		72,328
Net assets	$	852,312
Class IB: Net asset value per share	$	11.73
Shares outstanding		11,036
Net assets	$	129,416

^* Cash of $1,318 was designated to cover open put options written at December 31, 2011.

^† Cash of $620 was pledged as initial margin deposit and collateral for open futures contracts at December 31, 2011.

The accompanying notes are an integral part of these financial statements.

9

Hartford Disciplined Equity HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	19,447
Interest		8
Less: Foreign tax withheld		(11	)
Total investment income, net		19,444
Expenses:
Investment management fees		7,627
Distribution fees - Class IB		362
Custodian fees		5
Accounting services fees		130
Board of Directors' fees		26
Audit fees		16
Other expenses		195
Total expenses (before fees paid indirectly)		8,361
Commission recapture		(13	)
Custodian fee offset		—
Total fees paid indirectly		(13	)
Total expenses, net		8,348
Net investment income		11,096
Net Realized Gain on Investments and Other Financial Instruments:
Net realized gain on investments		73,379
Net realized gain on futures		1,890
Net realized gain on written options		1,277
Net Realized Gain on Investments and Other Financial Instruments		76,546
Net Changes in Unrealized Depreciation of Investments and Other Financial Instruments:
Net unrealized depreciation of investments		(69,544	)
Net unrealized depreciation of futures		(1	)
Net unrealized depreciation of written options		(43	)
Net Changes in Unrealized Depreciation of Investments and Other Financial Instruments		(69,588	)
Net Gain on Investments and Other Financial Instruments		6,958
Net Increase in Net Assets Resulting from Operations	$	18,054

The accompanying notes are an integral part of these financial statements.

10

Hartford Disciplined Equity HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	11,096		$	14,763
Net realized gain on investments and other financial instruments		76,546			19,613
Net unrealized appreciation (depreciation) of investments and other financial instruments		(69,588	)		116,681
Net Increase In Net Assets Resulting From Operations		18,054			151,057
Distributions to Shareholders:
From net investment income
Class IA		(10,406	)		(12,627	)
Class IB		(1,233	)		(1,603	)
Total distributions		(11,639	)		(14,230	)
Capital Share Transactions:
Class IA
Sold		40,647			62,386
Issued on reinvestment of distributions		10,406			12,627
Redeemed		(226,529	)		(179,815	)
Total capital share transactions		(175,476	)		(104,802	)
Class IB
Sold		12,903			13,283
Issued on reinvestment of distributions		1,233			1,603
Redeemed		(45,566	)		(46,630	)
Total capital share transactions		(31,430	)		(31,744	)
Net decrease from capital share transactions		(206,906	)		(136,546	)
Net Increase (Decrease) In Net Assets		(200,491	)		281
Net Assets:
Beginning of period		1,182,219			1,181,938
End of period	$	981,728		$	1,182,219
Undistributed (distribution in excess of) net investment income	$	683		$	2,103
Shares:
Class IA
Sold		3,390			6,035
Issued on reinvestment of distributions		891			1,107
Redeemed		(18,634	)		(16,783	)
Total share activity		(14,353	)		(9,641	)
Class IB
Sold		1,078			1,267
Issued on reinvestment of distributions		106			142
Redeemed		(3,775	)		(4,389	)
Total share activity		(2,591	)		(2,980	)

The accompanying notes are an integral part of these financial statements.

11

Hartford Disciplined Equity HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

Hartford Disciplined Equity HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the

12

Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV. 

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended December 31, 2011, the Fund held no Level 3 securities; therefore, no reconciliation of Level 3 securities is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

13

Hartford Disciplined Equity HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

e) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To

14

minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund had no outstanding repurchase agreements as of December 31, 2011.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the securities markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of December 31, 2011.

b) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option security or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility

15

Hartford Disciplined Equity HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund had no outstanding purchased options contracts as of December 31, 2011. Transactions involving written options contracts for the Fund during the year ended December 31, 2011, are summarized below: 

	Options Contract Activity During the
	Year Ended December 31, 2011
Call Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year		568		$	122
Written		15,207			1,091
Expired		(13,401	)		(888	)
Closed		(529	)		(161	)
Exercised		(577	)		(84	)
End of year		1,268		$	80
Put Options Written During the Year		Number of Contracts*			Premium Amounts
Beginning of the year		559		$	52
Written		18,589			1,057
Expired		(12,981	)		(650	)
Closed		(3,817	)		(298	)
Exercised		(1,576	)		(125	)
End of year		774		$	36

* The number of contracts does not omit 000's.

c) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2011:

	Risk Exposure Category
			Foreign
	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Total
Liabilities:
Variation margin payable *	$	—	$	—	$	—	$	37	$	—	$	—	$	37
Written options, market value		—		—		—		121		—		—		121
Total	$	—	$	—	$	—	$	158	$	—	$	—	$	158

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $(38) as reported in the Schedule of Investments.

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended December 31, 2011.

16

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
			Foreign
	Interest Rate		Exchange		Credit		Equity			Commodity		Other
	Contracts		Contracts		Contracts		Contracts			Contracts		Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	—	$	—	$	—	$	1,890		$	—	$	—	$	1,890
Net realized gain on written options		—		—		—		1,277			—		—		1,277
Total	$	—	$	—	$	—	$	3,167		$	—	$	—	$	3,167
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of futures	$	—	$	—	$	—	$	(1	)	$	—	$	—	$	(1	)
Net change in unrealized depreciation of written options		—		—		—		(43	)		—		—		(43	)
Total	$	—	$	—	$	—	$	(44	)	$	—	$	—	$	(44	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

17

Hartford Disciplined Equity HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	December 31, 2011		December 31, 2010
Ordinary Income	$	11,639	$	14,230

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	682
Accumulated Capital and Other Losses*		(237,381	)
Unrealized Appreciation†		133,543
Total Accumulated Deficit	$	(103,156	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(877	)
Accumulated Net Realized Gain (Loss)		877

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

18

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	50,480
2017		186,901
Total	$	237,381

As of December 31, 2011, the Fund utilized $77,777 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million	0.7750%
On next $250 million	0.7250%
On next $500 million	0.6750%
On next $4 billion	0.6250%
On next $5 billion	0.6225%
Over $10 billion	0.6200%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion	0.012%
Over $5 billion	0.010%

19

Hartford Disciplined Equity HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended
	December 31, 2011
Class IA		0.74	%
Class IB		0.99

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – In July of 2007, The Hartford entered into a settlement with the Attorneys General of the states of New York, Connecticut and Illinois relating to market timing and the company's individual variable annuity contracts in which certain payments would be made directly to the variable annuity contract holders. The distribution plan provided that unclaimed money from the settlement would be distributed to certain HLS Funds that are investment options through a Hartford individual variable annuity contract. The unclaimed money was distributed to the Fund on September 18, 2009.

20

The total return in the accompanying financial highlights includes a payment from an affiliate. Had the payment from the affiliate been excluded, the impact and total return for the period listed below would have been as follows:

	For the Year Ended December 31, 2009
	Class IA			Class IB
Impact from Payment from Affiliate for Attorneys General Settlement		0.01	%		0.01	%
Total Return Excluding Payment from Affiliate		25.64			25.32

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	471,950
Sales Proceeds Excluding U.S. Government Obligations		652,086

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

21

Hartford Disciplined Equity HLS Fund

Financial Highlights

- Selected Per-Share Data (A) -

	Net Asset						Net Realized																	Net Increase
	Value at						and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment		Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End of
Class	Period		Income (Loss)		(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			Period
For the Year Ended December 31, 2011
IA	$	11.79	$	0.14	$	—	$	(0.01	)	$	0.13		$	(0.14	)	$	—		$	—	$	(0.14	)	$	(0.01	)	$	11.78
IB		11.73		0.11		—		—			0.11			(0.11	)		—			—		(0.11	)		—			11.73
For the Year Ended December 31, 2010
IA		10.47		0.15		—		1.32			1.47			(0.15	)		—			—		(0.15	)		1.32			11.79
IB		10.42		0.13		—		1.30			1.43			(0.12	)		—			—		(0.12	)		1.31			11.73
For the Year Ended December 31, 2009
IA		8.46		0.15		—		2.01			2.16			(0.15	)		—			—		(0.15	)		2.01			10.47
IB		8.41		0.13		—		2.00			2.13			(0.12	)		—			—		(0.12	)		2.01			10.42
For the Year Ended December 31, 2008
IA		15.05		0.14		—		(5.37	)		(5.23	)		(0.14	)		(1.22	)		—		(1.36	)		(6.59	)		8.46
IB		14.97		0.12		—		(5.35	)		(5.23	)		(0.11	)		(1.22	)		—		(1.33	)		(6.56	)		8.41
For the Year Ended December 31, 2007
IA		14.08		0.16		—		1.01			1.17			(0.15	)		(0.05	)		—		(0.20	)		0.97			15.05
IB		14.01		0.13		—		1.00			1.13			(0.12	)		(0.05	)		—		(0.17	)		0.96			14.97

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.

(C) Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Total return without the inclusion of the Payment from (to) Affiliate can be found in Expenses in the accompanying Notes to Financial Statements.

22

- Ratios and Supplemental Data -

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Net Investment Income			Portfolio Turnover
Total Return(B)			Net Assets at End of Period		Assets Before Waivers(C)			Assets After Waivers(C)			(Loss) to Average Net Assets			Rate(D)
	1.15	%	$	852,312		0.74	%		0.74	%		1.06	%		44	%
	0.90			129,416		0.99			0.99			0.81			—
	14.04			1,022,321		0.75			0.75			1.35			44
	13.76			159,898		1.00			1.00			1.10			—
	25.65	(E)		1,008,875		0.75			0.75			1.56			59
	25.33	(E)		173,063		1.00			1.00			1.31			—
	(37.27	)		868,799		0.71			0.71			1.14			73
	(37.43	)		165,848		0.96			0.96			0.89			—
	8.34			1,566,652		0.70			0.70			1.04			75
	8.07			339,877		0.95			0.95			0.79			—

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Disciplined Equity HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Disciplined Equity HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
February 13, 2012

24

Hartford Disciplined Equity HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

Hartford Disciplined Equity HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

26

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

Hartford Disciplined Equity HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return			Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Annualized expense ratio	Days in the current 1/2 year	Days in the full year
Class IA	$1,000.00	$938.62	$3.62	$1,000.00	$1,021.48	$3.77	0.74%	184	365
Class IB	$1,000.00	$937.44	$4.83	$1,000.00	$1,020.21	$5.04	0.99%	184	365

28

Hartford Disciplined Equity HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Disciplined Equity HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

29

Hartford Disciplined Equity HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio manager, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio manager, the number of accounts managed by the portfolio manager, and the Sub-adviser’s method for compensating the portfolio manager.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

30

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

31

Hartford Disciplined Equity HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

32

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-DE11     2-12 109078    Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Dividend and Growth HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	8
Statement of Assets and Liabilities at December 31, 2011	9
Statement of Operations for the Year Ended December 31, 2011	10
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	11
Notes to Financial Statements	12
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Proxy Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Expense Example (Unaudited)	28
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	29

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under “Why did the Fund perform this way?” and “What is the outlook?” are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Dividend and Growth HLS Fund inception 03/09/1994
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks a high level of current income consistent with growth of capital.

Performance Overview 12/31/01 – 12/31/11

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11)

	1 Year	5 Year	10 Year
Dividend and Growth IA	1.32%	0.90%	5.01%
Dividend and Growth IB	1.06%	0.65%	4.76%
Russell 1000 Value Index	0.39%	-2.64%	3.89%
S&P 500 Index	2.09%	-0.25%	2.92%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. (The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies, based on total market capitalizations.)

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford Dividend and Growth HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Managers
Edward P. Bousa, CFA	Donald J. Kilbride	Matthew G. Baker
Senior Vice President	Senior Vice President	Vice President

How did the Fund perform?

The Class IA shares of the Hartford Dividend and Growth HLS Fund returned 1.32% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the S&P 500 Index, which returned 2.09% and outperforming the Russell 1000 Value Index which returned 0.39% for the same period. The Fund outperformed the 1.23% return of the average fund in the Lipper Equity Income VP-UF Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The one-year period ended December 31, 2011 was yet another extremely volatile period for equity markets. Global equities started the year on a strong note and continued to march higher in the first quarter of 2011, driven by investors’ enthusiasm for additional government debt purchases by the U.S. Federal Reserve, the extension of tax cuts in the U.S., strong earnings growth, and generally improving economic data. This enthusiasm reversed later in the period, however, as concerns surfaced that the global economy could slip back into a recession, resulting in a rapid decline in equity markets. Fears about sovereign debt and solvency in the eurozone, slowing economic expansion in China and the U.S., and uncertainty about the sustainability of corporate earnings growth combined to produce an extremely volatile stock market, and return correlations among stocks spiked as investors shed risk and fled to safety. Markets ended the year on a positive note in the final month of the period with encouraging employment and manufacturing data in the U.S.

Mid cap stocks (-2%) and small cap stocks (-4%) underperformed large cap stocks (+2%) during the period as measured by the S&P MidCap 400, Russell 2000, and S&P 500 Indices, respectively. During the twelve-month period seven out of ten sectors within the S&P 500 Index rose, led by Utilities (+20%), Consumer Staples (+14%), and Health Care (+13%). Financials (-17%) and Materials (-10%) lagged the most on a relative basis.

The Fund’s underperformance relative to the S&P 500 (i.e. performance of the Fund as measured against the benchmark) was due to weak stock selection within Consumer Discretionary, Materials, and Industrials. Overall sector allocation, a residual of bottom-up stock selection (i.e. stock by stock fundamental research), was modestly positive driven primarily by overweights (i.e. the Fund’s sector position was greater than the benchmark position) to Health Care and Utilities.

The Fund’s top three detractors from benchmark-relative returns were Apple (Information Technology), Ultra Petroleum (Energy), and MetLife (Financials). Apple, the manufacturer, designer, and marketer of personal computers and related items, had a stable uptrend this year. Not owning Apple detracted from our relative results. Ultra Petroleum is a leading independent energy company actively engaged in the exploration and production of oil and natural gas. The stock underperformed after the company raised capital expenditures spending guidance with no offsetting increase in 2011 production guidance. Shares of life insurance and financial services company MetLife declined due to fears that the Operation Twist launched by the Federal Reserve will depress long term interest rates indefinitely. Financial services companies Bank of America and JPMorgan Chase detracted from absolute (i.e. total return) performance returns.

The Fund’s top contributors to benchmark-relative performance during the period were Citigroup (Financials), Eli Lilly (Health Care), and Pfizer (Health Care). Global financial services company Citigroup saw weak growth continue in securities, banking, and domestic consumer banking. Not owning Citigroup contributed to performance. US-based global pharmaceutical company Eli Lilly has a track record of returning cash to shareholders, and the company has 10 new products that are currently in phase III trials. Shares of another U.S.-based pharmaceutical company Pfizer rose following the acceptance of the filings for Eliquis, a new drug for prevention of stroke in patients with atrial fibrillation. IBM and Exxon Mobil contributed to absolute performance.

What is the outlook?

The stock market rallied sharply during the fourth quarter as conditions in the European debt market stabilized somewhat. Meanwhile, the U.S. economy held up better than feared, supporting stock valuations.

Our investment discipline is focused on investing in areas of strong demand and avoiding areas of oversupply. At the end of the period, our largest overweights relative to the benchmark were to the Financials, Health Care, and Utilities sectors,

3

Hartford Dividend and Growth HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

while we remained underweight the Information Technology, Consumer Staples, and Consumer Discretionary sectors. 

Diversification by Industry

as of December 31, 2011 

Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		1.6	%
Banks (Financials)		6.0
Capital Goods (Industrials)		7.2
Commercial & Professional Services (Industrials)		1.0
Diversified Financials (Financials)		5.9
Energy (Energy)		13.4
Food & Staples Retailing (Consumer Staples)		1.0
Food, Beverage & Tobacco (Consumer Staples)		5.0
Health Care Equipment & Services (Health Care)		3.1
Household & Personal Products (Consumer Staples)		1.7
Insurance (Financials)		5.1
Materials (Materials)		2.7
Media (Consumer Discretionary)		4.4
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		12.0
Retailing (Consumer Discretionary)		3.2
Semiconductors & Semiconductor Equipment (Information Technology)		3.0
Software & Services (Information Technology)		7.9
Technology Hardware & Equipment (Information Technology)		2.8
Telecommunication Services (Services)		3.8
Transportation (Industrials)		2.4
Utilities (Utilities)		5.1
Short-Term Investments		1.5
Other Assets and Liabilities		0.2
Total		100.0	%

4

Hartford Dividend and Growth HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted) 

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.3%
		Automobiles & Components - 1.6%
	2,931	Ford Motor Co. w/ Rights ●	$	31,532
	1,350	Johnson Controls, Inc.		42,201
				73,733
		Banks - 6.0%
	1,179	PNC Financial Services Group, Inc.		67,993
	1,514	US Bancorp		40,945
	5,859	Wells Fargo & Co.		161,477
				270,415
		Capital Goods - 7.2%
	865	Cooper Industries plc Class A		46,823
	619	Deere & Co.		47,856
	558	General Dynamics Corp.		37,077
	3,499	General Electric Co.		62,676
	915	Honeywell International, Inc.		49,709
	253	Northrop Grumman Corp.		14,772
	679	Raytheon Co.		32,855
	368	Siemens AG ADR		35,137
				326,905
		Commercial & Professional Services - 1.0%
	1,368	Waste Management, Inc.		44,760
		Diversified Financials - 5.9%
	726	Ameriprise Financial, Inc.		36,044
	3,275	Bank of America Corp.		18,211
	228	BlackRock, Inc.		40,603
	72	CME Group, Inc.		17,642
	349	Goldman Sachs Group, Inc.		31,542
	2,966	JP Morgan Chase & Co.		98,613
	117	State Street Corp.		4,728
	1,444	UBS AG ADR ●		17,082
				264,465
		Energy - 13.4%
	915	Anadarko Petroleum Corp.		69,865
	840	Baker Hughes, Inc.		40,857
	303	Cenovus Energy, Inc.		10,048
	624	Chesapeake Energy Corp.		13,907
	1,293	Chevron Corp.		137,618
	1,990	EnCana Corp. ADR		36,880
	2,074	Exxon Mobil Corp.		175,761
	538	Occidental Petroleum Corp.		50,373
	797	Total S.A. ADR		40,755
	960	Ultra Petroleum Corp. ●		28,457
				604,521
		Food & Staples Retailing - 1.0%
	1,094	CVS Caremark Corp.		44,609
		Food, Beverage & Tobacco - 5.0%
	452	Anheuser-Busch InBev N.V.		27,543
	1,276	PepsiCo, Inc.		84,629
	923	Philip Morris International, Inc.		72,404
	1,191	Unilever N.V. Class NY ADR		40,918
				225,494
		Health Care Equipment & Services - 3.1%
	1,186	Cardinal Health, Inc.		48,143
	1,863	Medtronic, Inc.		71,245
	458	UnitedHealth Group, Inc.		23,196
				142,584
		Household & Personal Products - 1.7%
	1,150	Procter & Gamble Co.		76,730
		Insurance - 5.1%
	899	ACE Ltd.		63,038
	541	Chubb Corp.		37,434
	303	Marsh & McLennan Cos., Inc.		9,584
	1,582	MetLife, Inc.		49,318
	1,103	Principal Financial Group, Inc.		27,134
	852	Prudential Financial, Inc.		42,722
				229,230
		Materials - 2.7%
	324	Agrium U.S., Inc.		21,737
	864	Barrick Gold Corp.		39,105
	2,063	Dow Chemical Co.		59,341
				120,183
		Media - 4.4%
	3,669	Comcast Corp. Class A		87,003
	466	Omnicom Group, Inc.		20,779
	1,112	Time Warner, Inc.		40,190
	1,352	Walt Disney Co.		50,704
				198,676
		Pharmaceuticals, Biotechnology & Life Sciences - 12.0%
	303	Amgen, Inc.		19,468
	864	AstraZeneca plc ADR		39,981
	949	Bristol-Myers Squibb Co.		33,436
	2,303	Eli Lilly & Co.		95,717
	1,384	Johnson & Johnson		90,789
	2,941	Merck & Co., Inc.		110,861
	5,635	Pfizer, Inc.		121,932
	701	Teva Pharmaceutical Industries Ltd. ADR		28,308
				540,492
		Retailing - 3.2%
	491	J.C. Penney Co., Inc.		17,255
	2,352	Lowe's Co., Inc.		59,681
	1,361	Staples, Inc.		18,910
	935	Target Corp.		47,886
				143,732
		Semiconductors & Semiconductor Equipment - 3.0%
	479	Analog Devices, Inc.		17,154
	2,107	Intel Corp.		51,087
	1,352	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		17,455
	1,735	Texas Instruments, Inc.		50,512
				136,208
		Software & Services - 7.9%
	701	Accenture plc		37,294
	869	Automatic Data Processing, Inc.		46,924
	1,424	eBay, Inc. ●		43,193
	605	IBM Corp.		111,266
	4,145	Microsoft Corp.		107,609
	354	Oracle Corp.		9,071
				355,357
		Technology Hardware & Equipment - 2.8%
	886	Avnet, Inc. ●		27,530
	2,893	Cisco Systems, Inc.		52,307
	832	Qualcomm, Inc.		45,489
				125,326

The accompanying notes are an integral part of these financial statements.

5

Hartford Dividend and Growth HLS Fund

Schedule of Investments — (continued)

December 31, 2011

(000’s Omitted) 

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.3% - (continued)
		Telecommunication Services - 3.8%
	5,654	AT&T, Inc.	$	170,976
		Transportation - 2.4%
	546	FedEx Corp.		45,588
	872	United Parcel Service, Inc. Class B		63,851
				109,439
		Utilities - 5.1%
	1,026	Dominion Resources, Inc.		54,465
	993	Exelon Corp.		43,085
	884	NextEra Energy, Inc.		53,824
	1,103	PG&E Corp.		45,453
	1,265	Xcel Energy, Inc.		34,954
				231,781
		Total common stocks
		(cost $3,895,296)	$	4,435,616
		Total long-term investments
		(cost $3,895,296)	$	4,435,616

SHORT-TERM INVESTMENTS - 1.5%
Repurchase Agreements - 1.5%
		Bank of America Merrill Lynch TriParty
		Joint Repurchase Agreement (maturing on
		01/03/2012 in the amount of $25,627,
		collateralized by GNMA 4.50%, 2041,
		value of $26,139)
$	25,627	0.04%, 12/30/2011			$	25,627
		Barclays Capital TriParty Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $2,129, collateralized by U.S.
		Treasury Bond 5.38%, 2031, value of
		$2,172)
	2,129	0.01%, 12/30/2011				2,129
		Deutsche Bank Securities TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $28,426,
		collateralized by GNMA 3.50% - 7.00%,
		2035 - 2046, value of $28,994)
	28,426	0.06%, 12/30/2011				28,426
		UBS Securities, Inc. Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $216, collateralized by U.S.
		Treasury Note 2.75%, 2016, value of $221)
	215	0.01%, 12/30/2011				215
		UBS Securities, Inc. TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $11,000,
		collateralized by FNMA 3.00% - 6.50%,
		2021 - 2041, value of $11,220)
	11,000	0.04%, 12/30/2011				11,000
						67,397
		Total short-term investments
		(cost $67,397)			$	67,397
		Total investments
		(cost $3,962,693) ▲	99.8	%	$	4,503,013
		Other assets and liabilities	0.2	%		7,063
		Total net assets	100.0	%	$	4,510,076

The accompanying notes are an integral part of these financial statements. 

6

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 7.8% of total net assets at December 31, 2011.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.
▲	At December 31, 2011, the cost of securities for federal income tax purposes was $3,974,340 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	713,694
Unrealized Depreciation		(185,021	)
Net Unrealized Appreciation	$	528,673

●	Non-income producing.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

7

Hartford Dividend and Growth HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted) 

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	4,435,616	$	4,435,616	$	–	$	–
Short-Term Investments		67,397		–		67,397		–
Total	$	4,503,013	$	4,435,616	$	67,397	$	–

♦	For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

8

Hartford Dividend and Growth HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted) 

Assets:
Investments in securities, at market value (cost $3,962,693)	$	4,503,013
Receivables:
Investment securities sold		6,227
Fund shares sold		3,709
Dividends and interest		9,169
Total assets		4,522,118
Liabilities:
Bank overdraft		1
Payables:
Investment securities purchased		9,013
Fund shares redeemed		2,165
Investment management fees		638
Distribution fees		37
Accrued expenses		188
Total liabilities		12,042
Net assets	$	4,510,076
Summary of Net Assets:
Capital stock and paid-in-capital	$	4,117,907
Undistributed net investment income		4,050
Accumulated net realized loss		(152,201	)
Unrealized appreciation of investments		540,320
Net assets	$	4,510,076
Shares authorized		4,000,000
Par value	$	0.001
Class IA: Net asset value per share	$	19.34
Shares outstanding		199,193
Net assets	$	3,851,657
Class IB: Net asset value per share	$	19.30
Shares outstanding		34,122
Net assets	$	658,419

The accompanying notes are an integral part of these financial statements.

9

Hartford Dividend and Growth HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted) 

Investment Income:
Dividends	$	129,893
Interest		66
Less: Foreign tax withheld		(1,581	)
Total investment income, net		128,378
Expenses:
Investment management fees		31,190
Transfer agent fees		4
Distribution fees - Class IB		1,766
Custodian fees		6
Accounting services fees		677
Board of Directors' fees		115
Audit fees		39
Other expenses		540
Total expenses (before fees paid indirectly)		34,337
Commission recapture		(56	)
Total fees paid indirectly		(56	)
Total expenses, net		34,281
Net investment income		94,097
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments		294,693
Net realized loss on foreign currency contracts		(2	)
Net realized gain on other foreign currency transactions		11
Net Realized Gain on Investments and Foreign Currency Transactions		294,702
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(319,890	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions		(319,890	)
Net Loss on Investments and Foreign Currency Transactions		(25,188	)
Net Increase in Net Assets Resulting from Operations	$	68,909

The accompanying notes are an integral part of these financial statements.

10

Hartford Dividend and Growth HLS Fund

Statement of Changes in Net Assets

(000’s Omitted) 

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	94,097		$	90,685
Net realized gain on investments and foreign currency transactions		294,702			249,163
Net unrealized appreciation (depreciation) of investments		(319,890	)		273,658
Net Increase In Net Assets Resulting From Operations		68,909			613,506
Distributions to Shareholders:
From net investment income
Class IA		(81,230	)		(80,337	)
Class IB		(12,208	)		(12,013	)
Total distributions		(93,438	)		(92,350	)
Capital Share Transactions:
Class IA
Sold		192,919			305,845
Issued on reinvestment of distributions		81,230			80,337
Redeemed		(811,468	)		(667,069	)
Total capital share transactions		(537,319	)		(280,887	)
Class IB
Sold		91,132			64,250
Issued on reinvestment of distributions		12,208			12,013
Redeemed		(197,204	)		(213,527	)
Total capital share transactions		(93,864	)		(137,264	)
Net decrease from capital share transactions		(631,183	)		(418,151	)
Net Increase (Decrease) In Net Assets		(655,712	)		103,005
Net Assets:
Beginning of period		5,165,788			5,062,783
End of period	$	4,510,076		$	5,165,788
Undistributed (distribution in excess of) net investment income	$	4,050		$	3,438
Shares:
Class IA
Sold		9,736			17,167
Issued on reinvestment of distributions		4,240			4,216
Redeemed		(40,935	)		(37,226	)
Total share activity		(26,959	)		(15,843	)
Class IB
Sold		4,600			3,574
Issued on reinvestment of distributions		639			632
Redeemed		(9,974	)		(11,938	)
Total share activity		(4,735	)		(7,732	)

The accompanying notes are an integral part of these financial statements.

11

Hartford Dividend and Growth HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted) 

1.	Organization:
	Hartford Dividend and Growth HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.
	Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.
	The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.
	The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.
2.	Significant Accounting Policies:
	The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.
	a)	Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.
	b)	Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities

12

that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

•  Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

• Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

• Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

13

Hartford Dividend and Growth HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted) 

	Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.
	During the year ended December 31, 2011, the Fund held no Level 3 securities; therefore, no reconciliation of Level 3 securities is presented.
	For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.
	For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.
c)	Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.
	Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.
d)	Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
	The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.
	Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.
e)	Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.
f)	Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

14

		Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.
		Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.
		Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).
3.	Securities and Other Investments:
	a)	Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.
4.	Financial Derivative Instruments:
		The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.
	a)	Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.
		Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of December 31, 2011.

15

Hartford Dividend and Growth HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the year ended December 31, 2011.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(2	)	$	—	$	—	$	—	$	—	$	(2	)
Total	$	—	$	(2	)	$	—	$	—	$	—	$	—	$	(2	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend

16

distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

		For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
Ordinary Income	$	93,438	$	92,350

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	4,050
Accumulated Capital and Other Losses*		(140,554	)
Unrealized Appreciation†		528,673
Total Accumulated Earnings	$	392,169

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(47	)
Accumulated Net Realized Gain (Loss)		47

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

17

Hartford Dividend and Growth HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2017	$	140,554
Total	$	140,554

As of December 31, 2011, the Fund utilized $294,671 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million		0.7750%
On next $250 million		0.7250%
On next $500 million		0.6750%
On next $4 billion		0.6250%
On next $5 billion		0.6225%
Over $10 billion		0.6200%

18

Effective March 1, 2012, HL Advisors will be paid compensation for investment management services according to the following schedule:

Average Daily Net Assets	Annual Fee
On first $250 million		0.7750%
On next $250 million		0.7250%
On next $500 million		0.6750%
On next $1.5 billion		0.6250%
On next $2.5 billion		0.6200%
On next $5 billion		0.6150%
Over $10 billion		0.6100%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014%
On next $5 billion		0.012%
Over $10 billion		0.010%

Effective January 1, 2012, the accounting services fees based on the Fund’s average daily net assets were decreased. The new accounting services fees schedule is as follows:

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012%
Over $10 billion		0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended  December 31, 2011
Class IA		0.67	%
Class IB		0.92

19

Hartford Dividend and Growth HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $6. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO was compensated on a per account basis for providing such services. The amount paid to HASCO can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payments from Affiliates – In July of 2007, The Hartford entered into a settlement with the Attorneys General of the states of New York, Connecticut and Illinois relating to market timing and the company's individual variable annuity contracts in which certain payments would be made directly to the variable annuity contract holders. The distribution plan provided that unclaimed money from the settlement would be distributed to certain HLS Funds that are investment options through a Hartford individual variable annuity contract. The unclaimed money was distributed to the Fund on September 18, 2009.

The total return in the accompanying financial highlights includes a payment from an affiliate. Had the payment from the affiliate been excluded, the impact and total return for the period listed below would have been as follows:

	For the Year Ended December 31, 2009
	Class IA		Class IB
Impact from Payment from Affiliate for Attorneys General Settlement		—%		—%
Total Return Excluding Payment from Affiliate		24.67		24.36

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,153,399
Sales Proceeds Excluding U.S. Government Obligations		1,781,239

20

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

21

Hartford Dividend and Growth HLS Fund

Financial Highlights 

– Selected Per-Share Data (A) –

Class		Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income		Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions		Net Increase (Decrease) in Net Asset Value		Net Asset Value at End of Period
For the Year Ended December 31, 2011
IA	$	19.50	$	0.42	$	—	$	(0.16)	$	0.26	$	(0.42)	$	—	$	—	$	(0.42)	$	(0.16)	$	19.34
IB		19.46		0.36		—		(0.16)		0.20		(0.36)		—		—		(0.36)		(0.16)		19.30
For the Year Ended December 31, 2010
IA		17.55		0.35		—		1.96		2.31		(0.36)		—		—		(0.36)		1.95		19.50
IB		17.51		0.32		—		1.94		2.26		(0.31)		—		—		(0.31)		1.95		19.46
For the Year Ended December 31, 2009
IA		14.37		0.35		—		3.19		3.54		(0.36)		—		—		(0.36)		3.18		17.55
IB		14.34		0.33		—		3.16		3.49		(0.32)		—		—		(0.32)		3.17		17.51
For the Year Ended December 31, 2008
IA		22.35		0.44		—		(7.57)		(7.13)		(0.44)		(0.41)		—		(0.85)		(7.98)		14.37
IB		22.28		0.42		—		(7.56)		(7.14)		(0.39)		(0.41)		—		(0.80)		(7.94)		14.34
For the Year Ended December 31, 2007
IA		22.79		0.42		—		1.44		1.86		(0.41)		(1.89)		—		(2.30)		(0.44)		22.35
IB		22.72		0.37		—		1.42		1.79		(0.34)		(1.89)		—		(2.23)		(0.44)		22.28

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees would lower the Fund's performance.

(C) Ratios do not reflect reductions for fees paid indirectly. Please see Fees Paid Indirectly in the Notes to Financial Statements.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Total return without the inclusion of the Payment from (to) Affiliate can be found in Expenses in the accompanying Notes to Financial Statements.

22

– Ratios and Supplemental Data –

Total Return(B)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets Before Waivers(C)			Ratio of Expenses to Average Net Assets After Waivers(C)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate(D)
	1.32	%	$	3,851,657		0.67	%		0.67	%		1.98	%		24	%
	1.06			658,419		0.92			0.92			1.73			—
	13.21			4,409,787		0.68			0.68			1.87			32
	12.93			756,001		0.93			0.93			1.62			—
	24.68	(E)		4,247,031		0.69			0.69			2.24			34
	24.36	(E)		815,752		0.94			0.94			2.00			—
	(32.43	)		3,628,793		0.67			0.67			2.20			41
	(32.60	)		776,959		0.92			0.92			1.95			—
	8.26			5,842,788		0.67			0.67			1.70			27
	7.98			1,501,363		0.92			0.92			1.45			—

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Dividend and Growth HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Dividend and Growth HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
February 13, 2012

24

Hartford Dividend and Growth HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

Hartford Dividend and Growth HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

26

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

Hartford Dividend and Growth HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return			Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Annualized expense ratio	Days in the current 1/2 year	Days in the full year
Class IA	$1,000.00	$959.00	$3.31	$1,000.00	$1,021.83	$3.41	0.67%	184	365
Class IB	$1,000.00	$957.79	$4.54	$1,000.00	$1,020.57	$4.69	0.92%	184	365

28

Hartford Dividend and Growth HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Dividend and Growth HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

29

Hartford Dividend and Growth HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements  – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

30

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

31

Hartford Dividend and Growth HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements  – (continued)

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

32

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-DG11 2-12     109078    Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Global Growth HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	8
Statement of Assets and Liabilities at December 31, 2011	9
Statement of Operations for the Year Ended December 31, 2011	10
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	11
Notes to Financial Statements	12
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Expense Example (Unaudited)	28
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	29

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Global Growth HLS Fund inception 09/30/1998

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks growth of capital.

Performance Overview 12/31/01 - 12/31/11

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11)

	1 Year	5 Year	10 Year
Global Growth IA	-13.89%	-4.52%	1.91%
Global Growth IB	-14.10%	-4.76%	1.66%
MSCI World Growth Index	-5.14%	-0.15%	3.75%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

MSCI World Growth Index is a broad-based unmanaged market capitalization-weighted total return index which measures the performance of growth securities in 23 developed-country global equity markets including the United States, Canada, Europe, Australia, New Zealand and the Far East.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford Global Growth HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Manager

Matthew D. Hudson, CFA

Vice President

How did the Fund perform?

The Class IA shares of the Hartford Global Growth HLS Fund returned -13.89% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the MSCI World Growth Index, which returned -5.14% for the same period. The Fund also underperformed the -9.54% return of the average fund in the Lipper Global Growth VP-UF Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The one-year period ended December 31, 2011 was yet another volatile period for equity markets. Global equities started the year on a strong note and continued to march higher in the first quarter of 2011, driven by investors’ enthusiasm for additional government debt purchases by the U.S. Federal Reserve, the extension of tax cuts in the U.S., strong earnings growth, and generally improving economic data. This enthusiasm reversed later in the period, however, as concerns surfaced that the global economy could slip back into a recession, resulting in a rapid decline in equity markets. Fears about sovereign debt and solvency in the eurozone, slowing economic expansion in China and the U.S., and uncertainty about the sustainability of corporate earnings growth combined to produce an extremely volatile stock market, and return correlations among stocks spiked as investors shed risk and fled to safety. Markets ended the year on a positive note in the final month of the period with encouraging employment and manufacturing data in the U.S.

For the period, Growth stocks (-5.1%) modestly underperformed Value stocks (-4.9%) as measured by the MSCI World Growth Index and the MSCI World Value Index, respectively. Within the MSCI World Growth Index, eight out of ten sectors posted negative returns. Materials (-21%), Financials (-20%), and Energy (-10%) lagged the most, while Consumer Staples (+9%) and Health Care (+4%) posted positive returns.

The Fund’s underperformance versus its benchmark was primarily due to weak security selection within Information Technology, Industrials, and Consumer Discretionary, as well as our underweight positions in the strong performing Consumer Staples and Health Care sectors. This was partially offset by strong stock selection in Health Care and Energy. Additionally, our underweight (i.e. the Fund’s sector position was less than the benchmark position) to Materials and overweight to Information Technology aided relative performance.

The top detractors from the Fund’s relative performance (i.e. performance of the Fund as measured against the benchmark) were Sprint Nextel (Telecommunication Services), Netflix (Consumer Discretionary), and Motorola Mobility (Information Technology). Shares of Sprint Nextel, a communications company offering a range of wireless and wireline communications products and services, fell after the company reported second quarter earnings below consensus expectations due to lower post-paid subscriber additions and higher costs from increased data usage. Shares of the internet-based movie and television subscription service Netflix declined as a pricing change angered members. The firm reversed their decision but significant brand damage had already occurred. Motorola Mobility, a provider of mobile devices, wireless accessories, set-top boxes and video distribution systems, and other related products, saw its shares underperform early in the period. Sentiment for the company became negative during the first quarter as two headline products, the Motorola Xoom and Motorola Atrix, showed signs of weak demand. Top absolute (i.e. total return) detractors for the period also included HTC and Xstrata.

Aetna (Health Care), Sands China (Consumer Discretionary), and Starbucks (Consumer Discretionary) were top contributors to benchmark-relative performance. Shares of Aetna, a diversified health care benefits company, moved sharply higher after the company issued better-than-expected second quarter revenue and earnings and gave bullish earnings guidance for the third quarter as the company continues to gain market share. Shares of Sands China, a developer, owner, and operator of integrated resorts and casinos in Macau, moved higher after the company reported solid quarterly earnings results due to better-than-expected margins. Shares of Starbucks, a roaster and retailer of specialty coffees and drinks, rose as the firm’s sales exceeded expectations driven by higher transactions and broad-based strength across products. The company has also seen increased business across different parts of the day. Apple (Information Technology) was a top contributor to absolute results.

3

Hartford Global Growth HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

What is the outlook?

In 2011, macroeconomic fears and investors’ desire for safety dominated the equity markets. Not surprisingly, some of the best performing sectors were the traditionally defensive Utilities, Consumer Staples, and Health Care sectors. In this environment, investors craved low volatility, safety stocks and the fundamentals of many solid companies were largely ignored. In 2012, we believe we could see greater differentiation among stocks as investors refocus on fundamentals. Barring a catastrophic liquidity event in Europe, we could see some reversion to the mean as the “safety trade” unwinds and investors find bargains in higher growth and higher volatility stocks trading at historic valuations relative to low growth safety stocks. We continue to remain true to our process, focusing on growth companies with improving fundamentals that we believe can exceed consensus earnings expectations.

Portfolio construction is a bottom-up process based on intensive company research. Allocations among sectors are the result of individual stock decisions. At the end of the period, our stock-by-stock investment process resulted in greater-than-benchmark weights in the Information Technology, Financials, and Consumer Discretionary sectors. The Fund held below-benchmark weights in the Consumer Staples, Materials and Health Care sectors.

Diversification by Industry

as of December 31, 2011

	Percentage of
Industry (Sector)	Net Assets
Automobiles & Components (Consumer Discretionary)		2.7	%
Banks (Financials)		2.9
Capital Goods (Industrials)		9.4
Consumer Durables & Apparel (Consumer Discretionary)		2.2
Consumer Services (Consumer Discretionary)		4.8
Diversified Financials (Financials)		6.5
Energy (Energy)		10.9
Food, Beverage & Tobacco (Consumer Staples)		2.6
Health Care Equipment & Services (Health Care)		2.7
Insurance (Financials)		0.8
Materials (Materials)		6.6
Media (Consumer Discretionary)		3.8
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		4.8
Retailing (Consumer Discretionary)		4.3
Semiconductors & Semiconductor Equipment (Information Technology)		5.9
Software & Services (Information Technology)		11.7
Technology Hardware & Equipment (Information Technology)		10.3
Telecommunication Services (Services)		1.2
Transportation (Industrials)		3.4
Short-Term Investments		2.5
Other Assets and Liabilities		0.0
Total		100.0	%

Diversification by Country

as of December 31, 2011

	Percentage of
Country	Net Assets
Brazil		2.4	%
Canada		2.4
China		2.4
France		4.5
Germany		1.3
Hong Kong		2.7
Ireland		1.0
Italy		1.1
Japan		3.6
Jersey		1.2
Netherlands		1.4
Singapore		1.0
South Korea		1.4
Sweden		1.4
Switzerland		2.9
United Kingdom		6.0
United States		60.8
Short-Term Investments		2.5
Other Assets and Liabilities		0.0
Total		100.0	%

4

Hartford Global Growth HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.5%
		Automobiles & Components - 2.7%
	224	Johnson Controls, Inc.	$	7,017
	544	Nissan Motor Co., Ltd.		4,868
				11,885
		Banks - 2.9%
	299	Itau Unibanco Banco Multiplo S.A. ADR		5,557
	322	Standard Chartered plc		7,050
				12,607
		Capital Goods - 9.4%
	72	Boeing Co.		5,267
	111	Honeywell International, Inc.		6,049
	237	Safran S.A.		7,076
	482	Sandvik Ab		5,890
	110	Schneider Electric S.A.		5,739
	60	Siemens AG		5,695
	33	SMC Corp.		5,385
				41,101
		Consumer Durables & Apparel - 2.2%
	95	Lululemon Athletica, Inc. ●		4,450
	1,110	Prada S.p.A. ●		4,996
				9,446
		Consumer Services - 4.8%
	3,751	Genting Singapore plc ●		4,364
	461	MGM Resorts International ●		4,804
	2,595	Sands China Ltd. ●§		7,280
	96	Starbucks Corp.		4,426
				20,874
		Diversified Financials - 6.5%
	116	American Express Co.		5,459
	38	BlackRock, Inc.		6,751
	49	Goldman Sachs Group, Inc.		4,458
	270	Hong Kong Exchanges & Clearing Ltd.		4,296
	220	JP Morgan Chase & Co.		7,310
				28,274
		Energy - 10.9%
	86	Anadarko Petroleum Corp.		6,547
	237	BG Group plc		5,066
	227	Chesapeake Energy Corp.		5,054
	148	ENSCO International plc		6,965
	60	EOG Resources, Inc.		5,956
	99	National Oilwell Varco, Inc.		6,746
	202	Petroleo Brasileiro S.A. ADR		5,015
	87	Schlumberger Ltd.		5,929
				47,278
		Food, Beverage & Tobacco - 2.6%
	104	Green Mountain Coffee Roasters, Inc. ●		4,680
	107	Groupe Danone		6,709
				11,389
		Health Care Equipment & Services - 2.7%
	151	Aetna, Inc.		6,379
	74	Edwards Lifesciences Corp. ●		5,260
				11,639
		Insurance - 0.8%
	541	Ping An Insurance (Group) Co.		3,548
		Materials - 6.6%
	188	Anglo American plc		6,961
	135	Barrick Gold Corp.		6,114
	877	Glencore International plc		5,355
	85	Mosaic Co.		4,306
	20	Syngenta AG		5,932
				28,668
		Media - 3.8%
	394	News Corp. Class A		7,036
	2,821	Sirius XM Radio, Inc. w/ Rights ●		5,135
	435	WPP plc		4,559
				16,730
		Pharmaceuticals, Biotechnology & Life Sciences - 4.8%
	105	Celgene Corp. ●		7,099
	124	Regeneron Pharmaceuticals, Inc. ●		6,853
	13	Roche Holding AG		2,196
	139	Vertex Pharmaceuticals, Inc. ●		4,618
				20,766
		Retailing - 4.3%
	38	Amazon.com, Inc. ●		6,591
	206	Lowe's Co., Inc.		5,226
	14	Priceline.com, Inc. ●		6,732
				18,549
		Semiconductors & Semiconductor Equipment - 5.9%
	167	Altera Corp.		6,205
	143	ASML Holding N.V.		5,963
	302	NVIDIA Corp. ●		4,180
	6	Samsung Electronics Co., Ltd.		5,920
	218	Skyworks Solutions, Inc. ●		3,543
				25,811
		Software & Services - 11.7%
	407	Activision Blizzard, Inc.		5,008
	60	Baidu, Inc. ADR ●		6,949
	81	Citrix Systems, Inc. ●		4,901
	285	eBay, Inc. ●		8,643
	13	Google, Inc. ●		8,209
	461	Oracle Corp.		11,833
	55	Salesforce.com, Inc. ●		5,619
				51,162
		Technology Hardware & Equipment - 10.3%
	45	Apple, Inc. ●		18,091
	462	EMC Corp. ●		9,944
	1,015	Hitachi Ltd.		5,280
	261	Juniper Networks, Inc. ●		5,335
	110	Qualcomm, Inc.		5,996
				44,646
		Telecommunication Services - 1.2%
	2,214	Sprint Nextel Corp. ●		5,180
		Transportation - 3.4%
	541	Delta Air Lines, Inc. ●		4,378
	71	FedEx Corp.		5,947
	40	Kuehne & Nagel International AG		4,431
				14,756
		Total common stocks
		(cost $397,870)	$	424,309
		Total long-term investments
		(cost $397,870)	$	424,309

The accompanying notes are an integral part of these financial statements.

5

Hartford Global Growth HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 2.5%
Repurchase Agreements - 2.5%
		Bank of America Merrill Lynch TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $4,124,
		collateralized by GNMA 4.50%, 2041,
		value of $4,207)
$	4,124	0.04%, 12/30/2011			$	4,124
		Barclays Capital TriParty Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $343, collateralized by U.S.
		Treasury Bond 5.38%, 2031, value of $349)
	343	0.01%, 12/30/2011				343
		Deutsche Bank Securities TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $4,575,
		collateralized by GNMA 3.50% - 7.00%,
		2035 - 2046, value of $4,666)
	4,574	0.06%, 12/30/2011				4,574
		UBS Securities, Inc. Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $35, collateralized by U.S.
		Treasury Note 2.75%, 2016, value of $35)
	35	0.01%, 12/30/2011				35
		UBS Securities, Inc. TriParty Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $1,770, collateralized by FNMA
		3.00% - 6.50%, 2021 - 2041,  value of
		$1,806)
	1,770	0.04%, 12/30/2011				1,770
						10,846
		Total short-term investments
		(cost $10,846)			$	10,846
		Total investments
		(cost $408,716) ▲	100.0	%	$	435,155
		Other assets and liabilities	—	%		(4)
		Total net assets	100.0	%	$	435,151

Note: Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 36.7% of total net assets at December 31, 2011.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $409,585 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	56,399
Unrealized Depreciation		(30,829	)
Net Unrealized Appreciation	$	25,570

● Non-income producing.

The accompanying notes are an integral part of these financial statements.

6

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At December 31, 2011, the aggregate value of these securities was $7,280, which represents 1.7% of total net assets.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

7

Hartford Global Growth HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ®		Level 2 ®		Level 3
Assets:
Common Stocks
Automobiles & Components	$	11,885	$	7,017	$	4,868	$	—
Banks		12,607		5,557		7,050		—
Capital Goods		41,101		11,316		29,785		—
Consumer Durables & Apparel		9,446		4,450		4,996		—
Consumer Services		20,874		9,230		11,644		—
Diversified Financials		28,274		23,978		4,296		—
Energy		47,278		42,212		5,066		—
Food, Beverage & Tobacco		11,389		4,680		6,709		—
Health Care Equipment & Services		11,639		11,639		—		—
Insurance		3,548		—		3,548		—
Materials		28,668		10,420		18,248		—
Media		16,730		12,171		4,559		—
Pharmaceuticals, Biotechnology & Life Sciences		20,766		18,570		2,196		—
Retailing		18,549		18,549		—		—
Semiconductors & Semiconductor Equipment		25,811		13,928		11,883		—
Software & Services		51,162		51,162		—		—
Technology Hardware & Equipment		44,646		39,366		5,280		—
Telecommunication Services		5,180		5,180		—		—
Transportation		14,756		10,325		4,431		—
Total		424,309		299,750		124,559		—
Short-Term Investments		10,846		—		10,846		—
Total	$	435,155	$	299,750	$	135,405	$	—

♦ For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

8

Hartford Global Growth HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $408,716)	$	435,155
Cash		1
Receivables:
Fund shares sold		289
Dividends and interest		262
Total assets		435,707
Liabilities:
Bank overdraft - foreign cash		—
Payables:
Fund shares redeemed		424
Investment management fees		72
Distribution fees		5
Accrued expenses		55
Total liabilities		556
Net assets	$	435,151
Summary of Net Assets:
Capital stock and paid-in-capital	$	584,304
Undistributed net investment income		2,274
Accumulated net realized loss		(177,875	)
Unrealized appreciation of investments and the translations of assets and liabilities denominated in foreign currency		26,448
Net assets	$	435,151
Shares authorized		3,400,000
Par value		$ 0.001
Class IA: Net asset value per share	$	13.45
Shares outstanding		26,247
Net assets	$	352,947
Class IB: Net asset value per share	$	13.34
Shares outstanding		6,162
Net assets	$	82,204

The accompanying notes are an integral part of these financial statements.

9

Hartford Global Growth HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	7,339
Interest		7
Less: Foreign tax withheld		(574	)
Total investment income, net		6,772
Expenses:
Investment management fees		3,986
Transfer agent fees		2
Distribution fees - Class IB		257
Custodian fees		31
Accounting services fees		75
Board of Directors' fees		13
Audit fees		14
Other expenses		168
Total expenses (before fees paid indirectly)		4,546
Commission recapture		(10	)
Total fees paid indirectly		(10	)
Total expenses, net		4,536
Net investment income		2,236
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments		52,169
Net realized gain on foreign currency contracts		33
Net realized gain on other foreign currency transactions		15
Net Realized Gain on Investments and Foreign Currency Transactions		52,217
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(126,296	)
Net unrealized appreciation of foreign currency contracts		6
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(10	)
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions		(126,300	)
Net Loss on Investments and Foreign Currency Transactions		(74,083	)
Net Decrease in Net Assets Resulting from Operations	$	(71,847	)

The accompanying notes are an integral part of these financial statements.

10

Hartford Global Growth HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the			For the
	Year Ended			Year Ended
	December 31,			December 31,
	2011			2010
Operations:
Net investment income	$	2,236		$	1,273
Net realized gain on investments and foreign currency transactions		52,217			30,096
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		(126,300	)		43,323
Net Increase (Decrease) In Net Assets Resulting From Operations		(71,847	)		74,692
Distributions to Shareholders:
From net investment income
Class IA		(149	)		(1,190	)
Class IB		—			(60	)
Total distributions		(149	)		(1,250	)
Capital Share Transactions:
Class IA
Sold		25,684			28,002
Issued on reinvestment of distributions		149			1,190
Redeemed		(99,236	)		(92,308	)
Total capital share transactions		(73,403	)		(63,116	)
Class IB
Sold		12,370			13,416
Issued on reinvestment of distributions		—			60
Redeemed		(35,398	)		(35,503	)
Total capital share transactions		(23,028	)		(22,027	)
Net decrease from capital share transactions		(96,431	)		(85,143	)
Proceeds from regulatory settlements		—			239
Net Decrease In Net Assets		(168,427	)		(11,462	)
Net Assets:
Beginning of period		603,578			615,040
End of period	$	435,151		$	603,578
Undistributed (distribution in excess of) net investment income	$	2,274		$	247
Shares:
Class IA
Sold		1,683			2,031
Issued on reinvestment of distributions		11			81
Redeemed		(6,477	)		(6,732	)
Total share activity		(4,783	)		(4,620	)
Class IB
Sold		819			985
Issued on reinvestment of distributions		—			5
Redeemed		(2,308	)		(2,603	)
Total share activity		(1,489	)		(1,613	)

The accompanying notes are an integral part of these financial statements. 

11

Hartford Global Growth HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

Hartford Global Growth HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the

12

Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

13

Hartford Global Growth HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

During the year ended December 31, 2011, the Fund held no Level 3 securities; therefore, no reconciliation of Level 3 securities is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

14

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of December 31, 2011.

c) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of December 31, 2011, the Fund had no outstanding when-issued or delayed delivery securities.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets

15

Hartford Global Growth HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of December 31, 2011.

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the year ended December 31, 2011.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
			Foreign
	Interest Rate		Exchange		Credit		Equity		Commodity		Other
	Contracts		Contracts		Contracts		Contracts		Contracts		Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	33	$	—	$	—	$	—	$	—	$	33
Total	$	—	$	33	$	—	$	—	$	—	$	—	$	33
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	6	$	—	$	—	$	—	$	—	$	6
Total	$	—	$	6	$	—	$	—	$	—	$	—	$	6

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related

16

to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended		For the Year Ended
	December 31, 2011		December 31, 2010
Ordinary Income	$	149	$	1,250

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	2,274
Accumulated Capital and Other Losses*		(177,006	)
Unrealized Appreciation†		25,579
Total Accumulated Deficit	$	(149,153	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

17

Hartford Global Growth HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(60	)
Accumulated Net Realized Gain (Loss)		60

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2016	$	14,541
2017		162,465
Total	$	177,006

As of December 31, 2011, the Fund utilized $52,908 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-

18

day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million	0.7750%
On next $250 million	0.7250%
On next $500 million	0.6750%
On next $4 billion	0.6250%
On next $5 billion	0.6225%
Over $10 billion	0.6200%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion	0.014%
On next $5 billion	0.012%
Over $10 billion	0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended
	December 31, 2011
Class IA		0.80	%
Class IB		1.05

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

19

Hartford Global Growth HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO was compensated on a per account basis for providing such services. The amount paid to HASCO can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – In July of 2007, The Hartford entered into a settlement with the Attorneys General of the states of New York, Connecticut and Illinois relating to market timing and the company's individual variable annuity contracts in which certain payments would be made directly to the variable annuity contract holders. The distribution plan provided that unclaimed money from the settlement would be distributed to certain HLS Funds that are investment options through a Hartford individual variable annuity contract. The unclaimed money was distributed to the Fund on September 18, 2009.

The total return in the accompanying financial highlights includes a payment from an affiliate. Had the payment from the affiliate been excluded, the impact and total return for the period listed below would have been as follows:

	For the Year Ended December 31, 2009
	Class IA	Class IB
Impact from Payment from Affiliate for Attorneys General Settlement	0.04  %	0.04  %
Total Return Excluding Payment from Affiliate	35.59	35.26

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	303,882
Sales Proceeds Excluding U.S. Government Obligations		399,237

9. Proceeds from Regulatory Settlement:

During the year ended December 31, 2010, as a result of a settlement of an administrative proceeding brought by the SEC against an unaffiliated third party relating to market timing and/or late trading of mutual funds, the Fund received $239, which represented the Fund’s portion of the proceeds from the settlement (the Fund was not a party to the proceeding). The proceeds received by the Fund were recorded as an increase to additional paid-in-capital. The payment did not have a material impact on the Fund’s NAV.

20

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

12. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

21

Hartford Global Growth HLS Fund

Finanacial Highlights

- Selected Per-Share Data (A) -

	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End of
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			Period
For the Year Ended December 31, 2011
IA	$	15.62	$	0.08		$	—	$	(2.24	)	$	(2.16	)	$	(0.01	)	$	—		$	—	$	(0.01	)	$	(2.17	)	$	13.45
IB		15.53		0.04			—		(2.23	)		(2.19	)		—			—			—		—			(2.19	)		13.34
For the Year Ended December 31, 2010
IA		13.71		0.04			—		1.91			1.95			(0.04	)		—			—		(0.04	)		1.91			15.62
IB		13.64		—			—		1.90			1.90			(0.01	)		—			—		(0.01	)		1.89			15.53
For the Year Ended December 31, 2009
IA		10.17		0.08			—		3.55			3.63			(0.09	)		—			—		(0.09	)		3.54			13.71
IB		10.12		0.05			—		3.53			3.58			(0.06	)		—			—		(0.06	)		3.52			13.64
For the Year Ended December 31, 2008
IA		22.42		0.12			—		(11.56	)		(11.44	)		(0.12	)		(0.69	)		—		(0.81	)		(12.25	)		10.17
IB		22.27		0.08			—		(11.47	)		(11.39	)		(0.07	)		(0.69	)		—		(0.76	)		(12.15	)		10.12
For the Year Ended December 31, 2007
IA		20.09		0.03			—		4.84			4.87			(0.01	)		(2.53	)		—		(2.54	)		2.33			22.42
IB		20.02		(0.02	)		—		4.81			4.79			(0.01	)		(2.53	)		—		(2.54	)		2.25			22.27

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees would lower the Fund's performance.

(C) Ratios do not reflect reductions for fees paid indirectly. Please see Fees Paid Indirectly in the Notes to Financial Statements.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Total return without the inclusion of the Payment from (to) Affiliate can be found in Expenses in the accompanying Notes to Financial Statements.

22

- Ratios and Supplemental Data -

				Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Net Investment Income			Portfolio Turnover
Total Return(B)		Net Assets at End of Period		Assets Before Waivers(C)			Assets After Waivers(C)			(Loss) to Average Net Assets			Rate(D)
(13.89	)%	$	352,947		0.80	%		0.80	%		0.46	%		57	%
(14.10	)		82,204		1.05			1.05			0.22			—
14.25			484,754		0.81			0.81			0.28			62
13.96			118,824		1.06			1.06			0.03			—
35.64	(E)		488,720		0.81			0.81			0.67			70
35.31	(E)		126,320		1.06			1.06			0.42			—
(52.46	)		419,183		0.75			0.75			0.67			76
(52.58	)		112,226		1.00			1.00			0.42			—
25.05			1,028,843		0.73			0.73			0.13			75
24.74			299,788		0.98			0.98			(0.11	)		—

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Global Growth HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.  Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Global Growth HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
February 13, 2012

24

Hartford Global Growth HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

Hartford Global Growth HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

26

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

Hartford Global Growth HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return			Hypothetical (5% return before expenses)
			Expenses paid			Expenses paid		Days in
		Ending	during the period		Ending	during the period		the	Days
	Beginning	Account Value	June 30, 2011	Beginning	Account Value	June 30, 2011	Annualized	current	in the
	Account Value	December 31,	through	Account Value	December 31,	through	expense	1/2	full
	June 30, 2011	2011	December 31, 2011	June 30, 2011	2011	December 31, 2011	ratio	year	year
Class IA	$1,000.00	$828.38	$3.73	$1,000.00	$1,021.12	$4.13	0.81%	184	365
Class IB	$1,000.00	$827.34	$4.88	$1,000.00	$1,019.86	$5.40	1.06%	184	365

28

Hartford Global Growth HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Global Growth HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

29

Hartford Global Growth HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio manager, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio manager, the number of accounts managed by the portfolio manager, and the Sub-adviser’s method for compensating the portfolio manager.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted the Fund’s relative underperformance over multiple periods as compared to its peer group and benchmark. The Board also noted that the Fund’s performance would continue to be monitored by HL Advisors.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

30

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

31

Hartford Global Growth HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

32

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-GG11 2-12     109078    Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Global Research HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	13
Statement of Assets and Liabilities at December 31, 2011	14
Statement of Operations for the Year Ended December 31, 2011	15
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	16
Notes to Financial Statements	17
Financial Highlights	28
Report of Independent Registered Public Accounting Firm	30
Directors and Officers (Unaudited)	31
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	33
Quarterly Portfolio Holdings Information (Unaudited)	33
Expense Example (Unaudited)	34
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	35

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under “Why did the Fund perform this way?” and “What is the outlook?” are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Global Research HLS Fund inception 01/31/2008

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 1/31/08 - 12/31/11

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11)

	1 Year	Since Inception
Global Research IA	-9.28%	-1.85%
Global Research IB	-9.51%	-2.09%
MSCI All Country World Index	-6.86%	-2.54%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford Global Research HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Managers
Cheryl M. Duckworth, CFA	Mark D. Mandel, CFA*
Senior Vice President and Associate Director of Global Industry Research	Director and Director of Global Industry Research

How did the Fund perform?

The Class IA shares of the Hartford Global Research HLS Fund returned -9.28% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the MSCI All Country World Index, which returned -6.86% for the same period. The Fund also underperformed the -8.05% return of the average fund in the Lipper Global Core VP-UF Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The one-year period ending December 31, 2011 was yet another extremely volatile period for equity markets. Global equities started the year on a strong note and continued to march higher in the first quarter of 2011, driven by investors’ enthusiasm for additional government debt purchases by the U.S. Federal Reserve, the extension of tax cuts in the U.S., strong earnings growth, and generally improving economic data. This enthusiasm reversed later in the period, however, as concerns surfaced that the global economy could slip back into a recession, resulting in a rapid decline in equity markets. Fears about sovereign debt and solvency in the eurozone, slowing economic expansion in China, and uncertainty about the sustainability of corporate earnings growth combined to produce an extremely volatile stock market, and return correlations among stocks spiked as investors shed risk and fled to safety. Markets ended the year on a positive note in the final month of the period with encouraging employment and manufacturing data in the U.S.

In this environment, seven of ten sectors within the MSCI All Country World Index posted negative returns during the period. Materials (-21%), Financials (-19%), and Industrials (-10%) lagged the most while returns in Health Care (+10%) and Consumer Staples (+8%) rose.

The Fund underperformed its benchmark primarily due to weak security selection. Weak selection within the Materials, Energy, and Consumer Staples sectors more than offset stronger selection in the Industrials, Information Technology, and Financials sectors. Sector allocation, a result of our bottom-up stock selection process (i.e. stock by stock fundamental research), was modestly additive to relative returns due to an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Health Care and an underweight to Industrials.

The largest detractors from benchmark relative returns were Sino-Forest (Materials), Huabao International Holding (Materials), and Central European Distribution (Consumer Staples). Shares of Sino-Forest, a Chinese commercial forest plantation operator, fell as credit rating agencies Moody’s and Standard & Poor’s slashed their ratings on the debt of the firm just after the CEO stepped down. Huabao International Holding, a Chinese company specializing in the production and distribution of tobacco flavorings, saw its shares underperform following a negative pattern of insider selling. Shares of Central European Distribution, a U.S. based producer of vodka and other liquors, fell due to the company’s high debt level and tough competitive environments in Poland and Russia. Bank of America (Financials) was also among the top detractors from absolute (i.e. total return) performance.

Top contributors to benchmark relative performance during the period included Elan (Health Care), Lorillard (Consumer Staples), and UnitedHealth Group (Health Care). Shares of biotechnology company Elan rose as investors remained optimistic over continued revenue growth from Tysabri, a drug for the treatment of multiple sclerosis and Crohn’s disease. The company also benefited from excitement over data that is due out in the near future of bapineuzumab, a treatment for Alzheimer’s disease. Shares of Lorillard, a U.S. based tobacco company, rose as the company in early 2011 reported strong fiscal year 2010 earnings due to strong revenue growth in its core tobacco flavors business and meaningful growth in the firm’s operating profits. Additionally, a report published by TPSAC (Tabacco Products Scientific Advisory Committee) stated that more research would need to be done before recommending a ban on menthol cigarettes; this news positively impacted Lorillard. Shares of UnitedHealth Group, a diversified health and well-being company, rose after the company outperformed expectations. Apple (Information Technology) was a top contributor to absolute performance.

What is the outlook?

Uncertainty in Europe last year led to high levels of risk aversion, record high stock correlations, and a general flight to safety. We believe that barring a catastrophic liquidity event in Europe, we should eventually return to a normalized market environment. We continue to look for stabilization in the European debt markets albeit with a weak macro economy and we expect continued recovery and modest economic

3

Hartford Global Research HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

expansion in the U.S. China may face near-term headwinds but we anticipate a return to stronger growth in the latter part of 2012 and into 2013.

The Fund ended the period most overweight the Information Technology, Health Care, and Materials sectors and most underweight the Industrials, Consumer Discretionary, and Telecommunication Services sectors. The Fund’s largest absolute weightings were in the Financials, Information Technology, and Energy sectors.

* Mr. Mandel supervises a team of global industry analysts that manage the Fund. Mr. Mandel is not involved in day-to-day management of the Fund.

Diversification by Industry

as of December 31, 2011

Industry (Sector)	Percentage of Net Assets
Equity Securities
Automobiles & Components (Consumer Discretionary)		2.1	%
Banks (Financials)		9.0
Capital Goods (Industrials)		5.8
Commercial & Professional Services (Industrials)		0.2
Consumer Durables & Apparel (Consumer Discretionary)		1.0
Consumer Services (Consumer Discretionary)		0.2
Diversified Financials (Financials)		4.3
Energy (Energy)		11.6
Food & Staples Retailing (Consumer Staples)		2.3
Food, Beverage & Tobacco (Consumer Staples)		8.2
Health Care Equipment & Services (Health Care)		3.0
Insurance (Financials)		3.1
Materials (Materials)		8.8
Media (Consumer Discretionary)		2.2
Other Investment Pools and Funds (Financials)		0.3
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		7.2
Real Estate (Financials)		2.6
Retailing (Consumer Discretionary)		2.8
Semiconductors & Semiconductor Equipment (Information Technology)		1.7
Software & Services (Information Technology)		7.5
Technology Hardware & Equipment (Information Technology)		4.5
Telecommunication Services (Services)		4.2
Transportation (Industrials)		2.6
Utilities (Utilities)		3.9
Total		99.1	%
Fixed Income Securities
Petroleum and Coal Products Manufacturing (Energy)		0.0	%
Total		0.0	%
Short-Term Investments		0.9
Other Assets and Liabilities		0.0
Total		100.0	%

Diversification by Country

as of December 31, 2011

	Percentage of
Country	Net Assets
Argentina		0.1	%
Australia		1.3
Belgium		1.0
Bermuda		0.2
Brazil		2.8
Canada		4.4
China		0.6
Denmark		0.3
Egypt		0.1
Finland		0.0
France		3.7
Germany		1.4
Hong Kong		3.2
India		0.9
Indonesia		0.2
Ireland		1.0
Israel		0.7
Italy		0.3
Japan		5.6
Luxembourg		0.4
Malaysia		0.5
Mexico		0.5
Netherlands		1.3
Norway		1.6
Papua New Guinea		0.1
Philippines		0.5
Poland		0.0
Portugal		0.1
Russia		0.1
Singapore		0.6
South Africa		0.6
South Korea		0.6
Spain		0.4
Sweden		0.2
Switzerland		1.9
Taiwan		0.6
Thailand		0.0
Turkey		0.2
United Kingdom		8.6
United States		52.5
Short-Term Investments		0.9
Other Assets and Liabilities		0.0
Total		100.0	%

4

Hartford Global Research HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount				Market Value ╪
COMMON STOCKS - 98.6%
		Automobiles & Components - 2.1%
	2	Michelin (C.G.D.E.) Class B		$	135
	22	Peugeot S.A.			343
	8	Renault S.A.			284
	11	Stanley Electric Co., Ltd.			161
	12	Tokai Rika Co., Ltd.			176
	9	Toyoda Gosei Co., Ltd.			146
	4	Toyota Boshoku Corp.			40
	11	Toyota Motor Corp.			354
					1,639
		Banks - 8.8%
	35	Banco Santander Brasil S.A.			286
	4	Bank Nordik P/F			52
	—	Banque Cantonale Vaudoise			235
	131	Barclays Bank plc ADR			359
	23	BB&T Corp.			589
	3	BNP Paribas			119
	134	China Construction Bank			93
	3	Citizens & Northern Corp.			61
	5	Citizens Republic Bancorp, Inc. ●			54
	27	DnB ASA			263
	1	Gronlandsbanken			72
	5	Hana Financial Holdings			165
	26	HSBC Holdings plc			199
	20	Itau Unibanco Banco Multiplo S.A. ADR			363
	53	Karnataka Bank Ltd.			65
	194	Metropolitan Bank and Trust			302
	141	Mitsubishi UFJ Financial Group, Inc.			598
	7	National Bank of Canada			489
	26	Oversea-Chinese Banking Corp., Ltd.			156
	2	PNC Financial Services Group, Inc.			119
	63	Regions Financial Corp.			271
	28	Standard Chartered plc			617
	14	Susquehanna Bancshares, Inc.			119
	6	Toronto-Dominion Bank			479
	93	Turkiye Sinai Kalkinma Bankasi A.S.			90
	25	Wells Fargo & Co.			691
					6,906
		Capital Goods - 5.8%
	3	AMETEK, Inc.			122
	31	Beijing Enterprises Holdings Ltd.			183
	4	Boeing Co.			280
	1	Brenntag AG			73
	1	Carlisle Cos., Inc.			32
	4	Cooper Industries plc Class A			200
	4	Danaher Corp.			194
	1	Dover Corp.			43
	3	Emerson Electric Co.			118
	1	Esterline Technologies Corp. ●			29
	1	European Aeronautic Defence and Space Co. N.V.			31
	—	Fanuc Corp.			61
	3	General Dynamics Corp.			183
	22	General Electric Co.			393
	4	Honeywell International, Inc.			240
	3	IDEX Corp.			94
	4	Illinois Tool Works, Inc.			189
	5	Ingersoll-Rand plc			142
	1	JS Group Corp.			12
	3	Komatsu Ltd.			62
	—	Lockheed Martin Corp.			32
	6	Mitsui & Co., Ltd.			89
	—	Moog, Inc. Class A ●			15
	4	Pentair, Inc.			120
	—	Precision Castparts Corp.			50
	3	Raytheon Co.			163
	13	Rolls-Royce Holdings plc			155
	3	Safran S.A.			105
	4	Siemens AG			367
	—	SMC Corp.			45
	1	Stanley Black & Decker, Inc.			47
	4	United Technologies Corp.	��		261
	2	Vallourec			132
	3	Vinci S.A.			122
	8	Wabash National Corp. ●			66
	1	WESCO International, Inc. ●			61
	—	Zodiac Aerospace			33
					4,544
		Commercial & Professional Services - 0.2%
	2	Huron Consulting Group, Inc. ●			84
	—	Towers Watson & Co.			12
	13	Transfield Services Ltd.			29
					125
		Consumer Durables & Apparel - 1.0%
	1	Adidas-Salomon AG			52
	1	Coach, Inc.			74
	2	LVMH Moet Hennessy Louis Vuitton S.A.			257
	2	Michael Kors Holdings Ltd. ●			57
	2	NIKE, Inc. Class B			180
	4	Salvatore Ferragamo Italia S.p.A. ●			49
	60	Samsonite International S.A. ●			94
	21	Stella International			46
	20	Trinity Ltd.			15
					824
		Consumer Services - 0.2%
	5	Compass Group plc			50
	1	Las Vegas Sands Corp. ●			21
	1	Marriott International, Inc. Class A			15
	228	Rexlot Holdings Ltd.			15
	42	Shangri-La Asia Ltd.			73
	1	Wyndham Worldwide Corp.			21
					195
		Diversified Financials - 4.3%
	30	Aberdeen Asset Management plc			97
	5	Ameriprise Financial, Inc.			262
	63	Bank of America Corp.			352
	—	BlackRock, Inc.			78
	5	Cetip S.A. - Balcao Organizado			73
	46	CITIC Securities Co., Ltd. ●			75
	19	Citigroup, Inc.			488
	18	GAM Holding Ltd.			198
	3	Goldman Sachs Group, Inc.			303
	4	IBJ Leasing Co., Ltd.			86
	68	Infrastructure Development Finance Co., Ltd.			117
	23	ING Groep N.V. ●			167
	4	Invesco Ltd.			90
	8	Julius Baer Group Ltd.			317
	—	LPL Investment Holdings, Inc. ●			12
	109	Man Group plc			213

The accompanying notes are an integral part of these financial statements.

5

Hartford Global Research HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.6% - (continued)
		Diversified Financials - 4.3% - (continued)
	3	Matsui Securities Co., Ltd.	$	15
	2	Nasdaq OMX Group, Inc. ●		44
	2	SEI Investments Co.		35
	28	UBS AG		333
	1	Warsaw Stock Exchange		14
				3,369
		Energy - 11.6%
	6	Aban Offshore Ltd.		40
	3	Alpha Natural Resources, Inc. ●		63
	2	Anadarko Petroleum Corp.		162
	7	Baker Hughes, Inc.		323
	26	BG Group plc		559
	29	BioFuel Energy Corp. ●		20
	40	BP plc		285
	1	BP plc ADR		47
	21	Cairn Energy plc ���		88
	7	Canadian Natural Resources Ltd. ADR		277
	15	Chesapeake Energy Corp.		331
	1	Chevron Corp.		104
	14	Cobalt International Energy ●		210
	5	Consol Energy, Inc.		200
	46	Cove Energy plc ●		83
	3	Denbury Resources, Inc. ●		51
	1	Dril-Quip, Inc. w/ Rights ●		52
	8	El Paso Corp.		202
	3	EnCana Corp. ADR		50
	9	ENSCO International plc		436
	1	EOG Resources, Inc.		141
	2	Exxon Mobil Corp.		128
	53	Ezra Holdings Ltd. ●		34
	20	Frontline Ltd.		86
	2	Fugro N.V. - CVA		91
	5	GALP Energia SGPS		69
	17	Green Plains Renewable Energy ●		167
	3	Gulfmark Offshore, Inc. ●		143
	2	Husky Energy, Inc.		43
	8	Imperial Oil Ltd.		368
	10	Indo Tambangraya Megah PT		43
	—	Inpex Corp.		82
	—	Interoil Corp. ●		20
	39	Karoon Gas Australia Ltd. ●		179
	2	Marathon Petroleum Corp.		70
	4	National Oilwell Varco, Inc.		279
	2	Newfield Exploration Co. ●		64
	3	Nexen, Inc.		46
	6	Occidental Petroleum Corp.		520
	16	Oil Search Ltd.		100
	1	Pacific Rubiales Energy Corp.		17
	2	Peabody Energy Corp.		76
	13	Petroleo Brasileiro S.A. ADR		330
	20	Petroleum Geo-Services ●		223
	1	Petrominerales Ltd.		19
	5	Pioneer Natural Resources Co.		447
	5	Reliance Industries Ltd.		70
	3	Reliance Industries Ltd. GDR ■		72
	2	Saipem S.p.A.		100
	4	Sasol Ltd. ADR		187
	1	Schlumberger Ltd.		74
	2	Southwestern Energy Co. ●		63
	7	Statoil ASA		192
	5	Suncor Energy, Inc.		142
	2	Tenaris S.A.		44
	2	Tenaris S.A. ADR		78
	4	Tesoro Corp. ●		88
	9	Tonengeneral Sekiyu Kk		98
	2	Tupras-Turkiye Petrol Rafinerileri A.S.		45
	2	Ultra Petroleum Corp. ●		48
	43	Vantage Drilling Co. ●		49
	4	Western Refining, Inc. ●		54
	2	Whiting Petroleum Corp. ●		103
	6	Williams Cos., Inc.		200
	1	YPF Sociedad Anonima ADR		47
				9,122
		Food & Staples Retailing - 2.3%
	1	Costco Wholesale Corp.		100
	13	CVS Caremark Corp.		513
	2	Lawson, Inc.		124
	11	Olam International Ltd.		18
	24	Sun Art Retail Group Ltd. ●		30
	61	Tesco plc		380
	22	Wal-Mart de Mexico SAB de CV		60
	6	Wal-Mart Stores, Inc.		385
	7	Woolworths Ltd.		191
				1,801
		Food, Beverage & Tobacco - 8.2%
	9	Anheuser-Busch InBev N.V.		542
	90	Asian Citrus Holdings Ltd.		47
	10	Bajaj Hindusthan Ltd.		4
	10	British American Tobacco plc		470
	5	Britvic plc		27
	333	China Minzhong Food Corp., Ltd. ●		209
	39	China Yurun Food Group Ltd.		51
	20	Cott Corp. ●		124
	81	Deoleo S.A.		45
	4	Diamond Foods, Inc.		145
	12	General Mills, Inc.		466
	2	GLG Life Technology Corp. ●		2
	6	Green Mountain Coffee Roasters, Inc. ●		251
	11	Groupe Danone		720
	27	Grupo Modelo S.A.B.		172
	5	Imperial Tobacco Group plc		170
	16	Kraft Foods, Inc.		595
	9	Lorillard, Inc.		1,058
	1	Molson Coors Brewing Co.		36
	3	Omega Protein Corp. ●		21
	10	Philip Morris International, Inc.		774
	6	Pilgrim's Pride Corp. ●		37
	268	PT Bisi International TBK		27
	17	Smithfield Foods, Inc. ●		414
	1	Swedish Match Ab		38
	3	Zhongpin, Inc. ●		28
				6,473
		Health Care Equipment & Services - 3.0%
	2	Aetna, Inc.		83
	1	Amerisource Bergen Corp.		39
	9	Boston Scientific Corp. ●		46
	1	Brookdale Senior Living, Inc. ●		15
	2	Cardinal Health, Inc.		72

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.6% - (continued)
		Health Care Equipment & Services - 3.0% - (continued)
	1	CIGNA Corp.	$	57
	8	Covidien plc		358
	1	HCA Holdings, Inc. ●		18
	—	M3, Inc. ☼		104
	4	McKesson Corp.		345
	5	Medtronic, Inc.		207
	3	St. Jude Medical, Inc.		86
	1	Stryker Corp.		56
	12	UnitedHealth Group, Inc.		610
	3	Vanguard Health Systems, Inc. ●		29
	1	Wellcare Health Plans, Inc. ●		42
	—	Wellpoint, Inc.		25
	3	Zimmer Holdings, Inc. ●		166
				2,358
		Insurance - 3.1%
	90	Ageas		140
	3	AON Corp.		136
	15	AXA S.A.		194
	11	Brasil Insurance Participacoes e Administracao S.A		104
	29	China Pacific Insurance		82
	31	Discovery Holdings Ltd.		164
	14	FBD Holdings		118
	5	Marsh & McLennan Cos., Inc.		142
	8	National Financial Partners Corp. ●		101
	37	New China Life Insurance Co., Ltd. ●		122
	4	Principal Financial Group, Inc.		88
	10	Progressive Corp.		188
	13	Prudential plc		131
	24	Storebrand ASA		127
	5	Swiss Re Ltd.		274
	14	Unum Group		303
				2,414
		Materials - 8.8%
	28	African Minerals Ltd. ●		190
	2	Air Products and Chemicals, Inc.		169
	3	Akzo Nobel N.V.		144
	155	AMVIG Holdings Ltd.		82
	18	Anglo American plc		668
	4	Antofagasta		78
	7	Aquarius Platinum Ltd.		17
	8	Asahi Kasei Corp.		49
	30	Aston Resources Ltd. ●		283
	4	Ball Corp.		145
	7	Barrick Gold Corp.		313
	4	BASF SE		253
	5	BHP Billiton plc		132
	1	Cabot Corp.		38
	1	Celanese Corp.		33
	—	CF Industries Holdings, Inc.		67
	—	Cliff's Natural Resources, Inc.		12
	1	CRH plc		12
	2	Croda International plc		55
	2	Detour Gold Corp. ●		39
	6	Dow Chemical Co.		169
	1	Eastman Chemical Co.		53
	7	EcoSynthetix, Inc. ●		32
	10	First Quantum Minerals Ltd.		188
	1	FMC Corp.		46
	15	Fortescue Metals Group Ltd.		66
	2	Fortress Paper Ltd. ●		42
	1	Freeport-McMoRan Copper & Gold, Inc.		18
	3	Goldcorp, Inc.		133
	12	Graphic Packaging Holding Co. ●		49
	980	Greenheart Group Ltd. ●		83
	2	HeidelbergCement AG w/ Rights		100
	929	Huabao International Holdings Ltd.		474
	—	Iluka Resources Ltd.		8
	1	Ivanhoe Mines Ltd. ●		12
	1	JSR Corp.		22
	22	Kinross Gold Corp.		253
	1	Koninklijke DSM N.V.		38
	4	LyondellBasell Industries Class A		123
	2	MeadWestvaco Corp.		50
	9	Methanex Corp.		198
	3	Methanex Corp. ADR		67
	5	Mitsubishi Chemical Holdings		25
	3	Molycorp, Inc. ●		66
	65	Mongolian Mining Corp. ●		48
	11	Mosaic Co.		555
	87	Nine Dragons Paper Holdings		55
	1	Olin Corp.		21
	7	Owens-Illinois, Inc. ●		137
	1	Praxair, Inc.		99
	13	PTT Chemical Public Co., Ltd. ●		25
	—	Reliance Steel & Aluminum		5
	6	Rexam plc		34
	5	Rio Tinto plc		222
	3	Shin-Etsu Chemical Co., Ltd.		152
	116	Sino Forest Corp. Class A ⌂●†		40
	14	Smurfit Kappa Group plc ●		85
	2	Teck Cominco Ltd. Class B		58
	2	Tikkurila Oy		30
	9	Ube Industries Ltd.		25
	2	Westlake Chemical Corp.		69
	4	Worthington Industries, Inc.		61
	21	Xingda International Holdings		10
	4	Xstrata plc		54
				6,879
		Media - 2.2%
	1	AMC Networks, Inc. ●		22
	13	Comcast Corp. Class A		314
	6	Comcast Corp. Special Class A		140
	1	DirecTV Class A ●		30
	2	DreamWorks Animation SKG, Inc. ●		26
	2	Elsevier N.V.		23
	—	Fuji Media Holdings, Inc.		42
	4	Liberty Global, Inc. ●		169
	3	News Corp. Class A		57
	1	Omnicom Group, Inc.		47
	2	Publicis Groupe		108
	4	Reed Elsevier Capital, Inc.		34
	1	SES Global S.A.		34
	20	Sirius XM Radio, Inc. w/ Rights ●		37
	1	Time Warner, Inc.		39
	3	Viacom, Inc. Class B		159
	1	Virgin Media, Inc.		31
	10	Walt Disney Co.		359
	—	Washington Post Co. Class B		10

The accompanying notes are an integral part of these financial statements.

7

Hartford Global Research HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.6% - (continued)
		Media - 2.2% - (continued)
	3	Wolters Kluwer N.V.	$	44
				1,725
		Pharmaceuticals, Biotechnology & Life Sciences - 7.2%
	1	Acorda Therapeutics, Inc. ●		21
	2	Agilent Technologies, Inc. ●		59
	1	Algeta ASA ●		34
	—	Alk-Abello A/S		17
	9	Alkermes plc ●		161
	3	Almirall S.A.		19
	14	Amylin Pharmaceuticals, Inc. ●		158
	1	Astellas Pharma, Inc.		41
	3	AstraZeneca plc		136
	3	AstraZeneca plc ADR		127
	2	Auxilium Pharmaceuticals, Inc. ●		30
	1	Biogen Idec, Inc. ●		100
	9	Bristol-Myers Squibb Co.		322
	2	Cadence Pharmaceuticals, Inc. ●		8
	1	Celgene Corp. ●		83
	13	Daiichi Sankyo Co., Ltd.		250
	8	Eisai Co., Ltd.		322
	29	Elan Corp. plc ADR ●		397
	8	Eli Lilly & Co.		343
	5	Exelixis, Inc. ●		21
	9	Forest Laboratories, Inc. ●		286
	1	Gilead Sciences, Inc. ●		38
	1	H. Lundbeck A/S		18
	—	Hospira, Inc. ●		9
	2	Immunogen, Inc. ●		20
	2	Incyte Corp. ●		36
	2	Ironwood Pharmaceuticals, Inc. ●		23
	—	Life Technologies Corp. ●		11
	3	Medicines Co. ●		54
	13	Merck & Co., Inc.		479
	3	Mylan, Inc. ●		66
	2	NPS Pharmaceuticals, Inc. ●		11
	—	Ono Pharmaceutical Co., Ltd.		20
	1	Onyx Pharmaceuticals, Inc. ●		46
	1	Pacira Pharmaceuticals, Inc. ●		5
	14	Pfizer, Inc.		308
	1	Pharmasset, Inc. ●		127
	3	Regeneron Pharmaceuticals, Inc. ●		192
	3	Rigel Pharmaceuticals, Inc. ●		23
	1	Roche Holding AG		104
	2	Salix Pharmaceuticals Ltd. ●		72
	2	Seattle Genetics, Inc. ●		40
	13	Shionogi & Co., Ltd.		166
	1	Targacept, Inc. ●		3
	13	Teva Pharmaceutical Industries Ltd. ADR		521
	2	Thermo Fisher Scientific, Inc. ●		101
	3	UCB S.A.		136
	1	Vertex Pharmaceuticals, Inc. ●		37
	—	Waters Corp. ●		30
	—	Watson Pharmaceuticals, Inc. ●		30
				5,661
		Real Estate - 2.6%
	—	Alexandria Real Estate Equities, Inc.		15
	1	Aliansce Shopping		7
	1	Alstria Office REIT AG		11
	3	American Assets Trust, Inc.		68
	—	American Campus Communities, Inc.		15
	2	American Tower Corp. Class A		112
	—	Avalonbay Communities, Inc.		11
	22	Ayala Land, Inc.		8
	—	Boston Properties, Inc.		40
	10	BR Malls Participacoes S.A.		93
	1	BR Properties S.A.		8
	—	BRE Properties		23
	12	British Land Co. plc		84
	—	Brookfield Asset Management, Inc.		10
	1	Canadian Apartment Properties		16
	1	Castellum AB		12
	45	China Overseas Grand Oceans Group Ltd.		39
	7	China Overseas Land & Investment Ltd.		11
	14	Commonwealth Property Office Fund		14
	1	Coresite Realty Corp.		12
	1	Cyrela Commercial Properties S.A. Empreendimentose Particicpacoes		6
	1	Daito Trust Construction Co., Ltd.		116
	1	DDR Corp.		10
	1	Derwent London plc		18
	26	Dexus Property Group		22
	—	Digital Realty Trust, Inc.		21
	1	Douglas Emmett, Inc.		19
	1	Education Realty Trust, Inc.		7
	—	Equity Lifestyle Properties, Inc.		15
	9	Forest City Enterprises, Inc. Class A ●		105
	2	Glimcher Realty Trust		16
	8	GPT Group		24
	1	GSW Immobilien AG ●		25
	1	HCP, Inc.		44
	—	Health Care, Inc.		16
	—	Icade		6
	1	Kilroy Realty Corp.		19
	1	LaSalle Hotel Properties		16
	6	Link REIT		24
	108	Mapletree Industries NPV		89
	—	Mercialys		5
	2	Mitsubishi Estate Co., Ltd.		34
	2	Mitsui Fudosan Co., Ltd.		32
	—	Northern Property Real Estate Investment Trust		6
	—	PSP Swiss Property		16
	—	Public Storage		61
	2	Rayonier, Inc.		73
	1	RioCan Real Estate Investment Trust		25
	—	RLJ Lodging Trust		8
	—	Saul Centers, Inc.		9
	3	Shaftesbury plc		19
	2	Simon Property Group, Inc.		238
	10	Sun Hung Kai Properties Ltd.		121
	—	Swiss Prime Site AG		14
	—	Taubman Centers, Inc.		24
	1	UDR, Inc.		24
	—	Unibail-Rodamco SE		45
	—	Vornado Realty Trust		18
	3	Westfield Group		26
	3	Westfield Retail Trust		8
				2,033

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.6% - (continued)
		Retailing - 2.8%
	2	Amazon.com, Inc. ●	$	331
	14	Belle International Holdings Ltd. §		24
	—	Fast Retailing Co., Ltd.		39
	5	Gap, Inc.		85
	5	Home Depot, Inc.		194
	1	Industria de Diseno Textil S.A.		119
	78	Intime Department Store		79
	1	J.C. Penney Co., Inc.		32
	2	Kohl's Corp.		85
	20	Lifestyle International		45
	17	Lowe's Co., Inc.		438
	5	Macy's, Inc.		158
	26	Myer Holdings Ltd.		52
	1	Nordstrom, Inc.		30
	1	Pinault-Printemps-Redoute S.A.		89
	—	Priceline.com, Inc. ●		176
	—	Rakuten, Inc.		78
	34	Sa Sa International Holdings Ltd.		19
	3	Target Corp.		153
				2,226
		Semiconductors & Semiconductor Equipment - 1.7%
	9	Applied Micro Circuits Corp. ●		58
	9	ASM Pacific Technology		102
	4	ASML Holding N.V.		159
	3	ASML Holding N.V. ADR		138
	1	Linear Technology Corp.		44
	2	Maxim Integrated Products, Inc.		49
	2	NVIDIA Corp. ●		24
	6	RF Micro Devices, Inc. ●		32
	—	Samsung Electronics Co., Ltd.		220
	4	Spreadtrum Communications, Inc.		84
	82	Taiwan Semiconductor Manufacturing Co., Ltd.		205
	6	Texas Instruments, Inc.		183
				1,298
		Software & Services - 7.5%
	7	Accenture plc		362
	3	Activision Blizzard, Inc.		38
	2	Alliance Data Systems Corp. ●		176
	11	Automatic Data Processing, Inc. ‡		580
	—	Check Point Software Technologies Ltd. ADR ●		15
	3	Cia Brasileira de Meios de Pagamentos		78
	2	Citrix Systems, Inc. ●		123
	17	eBay, Inc. ●		515
	—	Equinix, Inc. ●		35
	6	Euronet Worldwide, Inc. ●		109
	1	Exlservice Holdings, Inc. ●		32
	2	Genpact Ltd. ●		35
	1	Google, Inc. ●		758
	1	Gree, Inc.		48
	3	Hisoft Technology International Ltd. ●		28
	1	IBM Corp.		183
	1	Intuit, Inc.		64
	4	Kakaku.com, Inc.		135
	16	Lender Processing Services		248
	17	Microsoft Corp.		438
	18	Oracle Corp.		472
	2	Red Hat, Inc. ●		78
	6	Redecard S.A.		100
	1	Salesforce.com, Inc. ●		112
	11	Sapient Corp.		142
	1	Sohu.com, Inc. ●		25
	2	Teradata Corp. ●		104
	2	Tibco Software, Inc. ●		49
	2	VeriSign, Inc.		85
	2	Visa, Inc.		210
	1	VMware, Inc. ●		80
	24	Western Union Co.		446
				5,903
		Technology Hardware & Equipment - 4.5%
	55	AAC Technologies Holdings, Inc.		122
	17	Advantech Co., Ltd.		48
	4	Apple, Inc. ●		1,438
	1	Aruba Networks, Inc. ●		26
	4	Calix, Inc. ●		23
	13	Chroma Ate, Inc.		26
	31	Cisco Systems, Inc.		552
	14	EMC Corp. ●		312
	—	F5 Networks, Inc. ●		39
	2	Finisar Corp. ●		32
	2	Hamamatsu Photonics KK		77
	4	Hewlett-Packard Co.		108
	19	Hitachi Ltd.		101
	37	Hon Hai Precision Industry Co., Ltd.		100
	—	Juniper Networks, Inc. ●		6
	7	Qualcomm, Inc.		357
	51	Synnex Technology International Corp.		124
	—	Universal Display Corp. ●		2
	4	Yokogawa Electric Corp.		40
				3,533
		Telecommunication Services - 4.2%
	6	America Movil S.A. de C.V. ADR		139
	66	Axiata Group Berhad		108
	45	Bharti Televentures		291
	155	China Unicom Ltd.		326
	2	Crown Castle International Corp. ●		112
	28	Frontier Communications Corp.		145
	3	KT Corp. ADR		39
	34	Leap Wireless International, Inc. w/ Rights ●		320
	11	MetroPCS Communications, Inc. ●		94
	1	Millicom International Cellular SDR		144
	5	Mobile Telesystems OJSC ADR		77
	6	MTN Group Ltd.		103
	4	NII Holdings, Inc. Class B ●		81
	22	Orascom Telecom Holding SAE GDR ●		64
	3	P.T. Telekomunikasi Indonesia ADR		100
	1	Philippine Long Distance Telephone Co. ADR		55
	1	SBA Communications Corp. ●		52
	2	SK Telecom Co., Ltd. ADR		26
	73	Sprint Nextel Corp. ●		170
	5	Tele2 Ab B Shares		98
	19	Telenor ASA		309
	3	Tim Participacoes S.A. ADR		72
	5	TW Telecom, Inc. ●		96
	5	VimpelCom Ltd. ADR		44
	71	Vodafone Group plc		198
				3,263

The accompanying notes are an integral part of these financial statements.

9

Hartford Global Research HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.6% - (continued)
		Transportation - 2.6%
	3	Abertis Infraestructuras S.A.	$	42
	252	AirAsia Berhad		299
	10	BBA Aviation plc		28
	2	Deutsche Post AG		30
	4	DSV A/S		78
	—	East Japan Railway Co.		13
	5	FedEx Corp.		378
	1	Genesee & Wyoming, Inc. Class A ●		85
	2	Hitachi Transport System Ltd.		26
	97	Hutchinson Port Holdings Trust		60
	8	J.B. Hunt Transport Services, Inc.		348
	24	JetBlue Airways Corp. ●		126
	3	Kansas City Southern ●		205
	8	Localiza Rent a Car S.A.		108
	13	Pacer International, Inc. ●		67
	4	Quality Distribution, Inc. ●		41
	16	Transurban Group		90
	5	Vitran Corp., Inc. ●		26
	46	Zhejiang Expressway Co., Ltd.		30
				2,080
		Utilities - 3.9%
	6	Calpine Corp. ●		90
	4	Cheung Kong Infrastructure		25
	3	Chubu Electric Power Co., Inc.		58
	16	Companhia Energetica de Minas Gerais ADR		292
	9	E.On AG		185
	2	Edison International		86
	1	Electricite de France		33
	20	Enel S.p.A.		80
	16	ENN Energy Holdings Ltd.		52
	8	Gaz de France		217
	202	Guangdong Investment Ltd.		122
	6	International Power plc		30
	1	ITC Holdings Corp.		49
	33	National Grid plc		322
	8	NextEra Energy, Inc.		485
	3	Northeast Utilities		99
	24	Osaka Gas Co., Ltd.		95
	5	PG&E Corp.		188
	1	Pinnacle West Capital Corp.		54
	17	Power Grid Corp. of India Ltd.		32
	4	Severn Trent plc		83
	11	Snam S.p.A.		47
	35	Tokyo Gas Co., Ltd.		160
	4	Tractebel Energia S.A.		68
	3	Xcel Energy, Inc.		83
				3,035
		Total common stocks
		(cost $79,144)	$	77,406
PREFERRED STOCKS - 0.2%
		Banks - 0.2%
	10	Banco Itau Holding	$	190
		Total preferred stocks
		(cost $114)	$	190
WARRANTS - 0.0%
		Food, Beverage & Tobacco - 0.0%
	1	GLG Life Technology Corp. ⌂	$	—
		Total warrants
		(cost $–)	$	—
EXCHANGE TRADED FUNDS - 0.3%
		Other Investment Pools and Funds - 0.3%
	5	Industrial Select Sector SPDR Fund	$	177
	1	SPDR S&P Retail ETF		41
		Total exchange traded funds
		(cost $215)	$	218
CORPORATE BONDS - 0.0%
		Petroleum and Coal Products Manufacturing - 0.0%
		Green Plains Renewable Energy
$	13	5.75%, 11/01/2015 ۞■	$	12
		Total corporate bonds
		(cost $12)	$	12
		Total long-term investments
		(cost $79,485)	$	77,826
SHORT-TERM INVESTMENTS - 0.9%
Repurchase Agreements - 0.9%
		Bank of America Merrill Lynch TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $262,
		collateralized by GNMA 4.50%, 2041,
		value of $267)
$	262	0.04%, 12/30/2011	$	262
		Barclays Capital TriParty Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $22, collateralized by U.S.
		Treasury Bond 5.38%, 2031, value of $22)
	22	0.01%, 12/30/2011		22
		Deutsche Bank Securities TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $291,
		collateralized by GNMA 3.50% - 7.00%,
		2035 - 2046, value of $296)
	291	0.06%, 12/30/2011		291
		UBS Securities, Inc. Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $2, collateralized by U.S.
		Treasury Note 2.75%, 2016, value of $2)
	2	0.01%, 12/30/2011		2

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 0.9% - (continued)
Repurchase Agreements - 0.9% - (continued)
		UBS Securities, Inc. TriParty Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $112, collateralized by FNMA
		3.00% - 6.50%, 2021 - 2041, value of
		$115)
$	112	0.04%, 12/30/2011			$	112
						689
		Total short-term investments
		(cost $689)			$	689
		Total investments
		(cost $80,174) ▲	100.0	%	$	78,515
		Other assets and liabilities	—	%		—
		Total net assets	100.0	%	$	78,515

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 46.6% of total net assets at December 31, 2011.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $81,706 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	6,811
Unrealized Depreciation		(10,002	)
Net Unrealized Depreciation	$	(3,191	)

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors. At December 31, 2011, the aggregate value of these securities was $40, which represents 0.1% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At December 31, 2011, the aggregate value of these securities was $84, which represents 0.1% of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933. The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid. At December 31, 2011, the aggregate value of these securities was $24, which rounds to zero percent of total net assets.

⌂ The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par	Security	Cost Basis
02/2011	1	GLG Life Technology Corp. Warrants	$	—
06/2011 - 07/2011	116	Sino Forest Corp. Class A		485

At December 31, 2011, the aggregate value of these securities was $40, which represents 0.1% of total net assets.

The accompanying notes are an integral part of these financial statements.

11

Hartford Global Research HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

۞ Convertible security.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $17 at December 31, 2011.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

Foreign Currency Contracts Outstanding at December 31, 2011

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
British Pound	JP Morgan Securities	Sell	$	10	$	10	01/03/2012	$	—
Euro	Deutsche Bank Securities	Buy		45		45	01/04/2012		—
Euro	Deutsche Bank Securities	Sell		32		32	01/04/2012		—
Japanese Yen	BNP Paribas Securities	Buy		51		49	03/15/2012		2
Japanese Yen	JP Morgan Securities	Buy		27		27	02/02/2012		—
Japanese Yen	JP Morgan Securities	Sell		605		604	02/02/2012		(1	)
Japanese Yen	JP Morgan Securities	Buy		17		17	01/04/2012		—
Japanese Yen	Standard Chartered Bank	Buy		68		68	02/02/2012		—
Japanese Yen	Standard Chartered Bank	Buy		157		157	03/15/2012		—
Japanese Yen	Westpac International	Buy		330		332	03/15/2012		(2	)
Japanese Yen	Westpac International	Sell		538		519	03/15/2012		(19	)
Norwegian Krone	State Street Global Markets LLC	Sell		1		1	01/04/2012		—
Swiss Franc	Goldman Sachs	Buy		39		45	02/09/2012		(6	)
Swiss Franc	Goldman Sachs	Sell		39		51	02/09/2012		12
								$	(14	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

12

Hartford Global Research HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Automobiles & Components	$	1,639	$	—	$	1,639	$	—
Banks		6,906		3,573		3,333		—
Capital Goods		4,544		3,074		1,470		—
Commercial & Professional Services		125		96		29		—
Consumer Durables & Apparel		824		311		513		—
Consumer Services		195		57		138		—
Diversified Financials		3,369		1,812		1,557		—
Energy		9,122		6,611		2,511		—
Food & Staples Retailing		1,801		1,058		743		—
Food, Beverage & Tobacco		6,473		4,123		2,350		—
Health Care Equipment & Services		2,358		2,254		104		—
Insurance		2,414		1,302		1,112		—
Materials		6,879		3,345		3,494		40
Media		1,725		1,440		285		—
Pharmaceuticals, Biotechnology & Life Sciences		5,661		4,398		1,263		—
Real Estate		2,033		1,210		823		—
Retailing		2,226		1,682		544		—
Semiconductors & Semiconductor Equipment		1,298		612		686		—
Software & Services		5,903		5,720		183		—
Technology Hardware & Equipment		3,533		2,895		638		—
Telecommunication Services		3,263		1,686		1,577		—
Transportation		2,080		1,444		636		—
Utilities		3,035		1,494		1,541		—
Total		77,406		50,197		27,169		40
Corporate Bonds		12		—		12		—
Exchange Traded Funds		218		218		—		—
Preferred Stocks		190		190		—		—
Warrants		—		—		—		—
Short-Term Investments		689		—		689		—
Total	$	78,515	$	50,605	$	27,870	$	40
Foreign Currency Contracts*		14		—		14		—
Total	$	14	$	—	$	14	$	—
Liabilities:
Foreign Currency Contracts*		28		—		28		—
Total	$	28	$	—	$	28	$	—

♦ For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of December 31, 2010		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of December 31, 2011
Assets:
Common Stocks	$	—	$	(139	)	$	(522	)†	$	—	$	616	$	(203	)	$	288	$	—	$	40
Total	$	—	$	(139	)	$	(522	)	$	—	$	616	$	(203	)	$	288	$	—	$	40

* Securities are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Securities where trading has been halted (transfer into Level 3) or securities where trading has resumed (transfer out of Level 3).

2) Broker quoted securities (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Securities that have certain restrictions on trading (transfer into Level 3) or securities where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 was $(522).

The accompanying notes are an integral part of these financial statements.

13

Hartford Global Research HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $80,174)	$	78,515
Cash		2
Foreign currency on deposit with custodian (cost $5)		5
Unrealized appreciation on foreign currency contracts		14
Receivables:
Investment securities sold		158
Fund shares sold		48
Dividends and interest		129
Total assets		78,871
Liabilities:
Unrealized depreciation on foreign currency contracts		28
Payables:
Investment securities purchased		197
Fund shares redeemed		86
Investment management fees		16
Distribution fees		1
Accrued expenses		28
Total liabilities		356
Net assets	$	78,515
Summary of Net Assets:
Capital stock and paid-in-capital	$	97,834
Undistributed net investment income		828
Accumulated net realized loss		(18,472	)
Unrealized depreciation of investments and the translations of assets and liabilities denominated in foreign currency		(1,675	)
Net assets	$	78,515
Shares authorized		800,000
Par value	$	0.001
Class IA: Net asset value per share	$	9.02
Shares outstanding		5,851
Net assets	$	52,768
Class IB: Net asset value per share	$	8.98
Shares outstanding		2,867
Net assets	$	25,747

The accompanying notes are an integral part of these financial statements.

14

Hartford Global Research HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	2,120
Interest		1
Less: Foreign tax withheld		(184	)
Total investment income, net		1,937
Expenses:
Investment management fees		856
Distribution fees - Class IB		79
Custodian fees		60
Accounting services fees		15
Board of Directors' fees		3
Audit fees		18
Other expenses		26
Total expenses (before fees paid indirectly)		1,057
Commission recapture		(2	)
Total fees paid indirectly		(2	)
Total expenses, net		1,055
Net investment income		882
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments		8,255
Net realized gain on futures		4
Net realized loss on foreign currency contracts		(171	)
Net realized gain on other foreign currency transactions		38
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		8,126
Net Changes in Unrealized Depreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(17,780	)
Net unrealized depreciation of futures		(2	)
Net unrealized appreciation of foreign currency contracts		74
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(2	)
Net Changes in Unrealized Depreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		(17,710	)
Net Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(9,584	)
Net Decrease in Net Assets Resulting from Operations	$	(8,702	)

The accompanying notes are an integral part of these financial statements.

15

Hartford Global Research HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	882		$	937
Net realized gain on investments, other financial instruments and foreign currency transactions		8,126			10,117
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		(17,710	)		3,166
Net Increase (Decrease) In Net Assets Resulting From Operations		(8,702	)		14,220
Distributions to Shareholders:
From net investment income
Class IA		(9	)		(780	)
Class IB		(4	)		(320	)
Total distributions		(13	)		(1,100	)
Capital Share Transactions:
Class IA
Sold		15,571			18,546
Issued on reinvestment of distributions		9			780
Redeemed		(26,693	)		(25,084	)
Total capital share transactions		(11,113	)		(5,758	)
Class IB
Sold		6,048			8,413
Issued on reinvestment of distributions		4			320
Redeemed		(13,223	)		(15,288	)
Total capital share transactions		(7,171	)		(6,555	)
Net decrease from capital share transactions		(18,284	)		(12,313	)
Net Increase (Decrease) In Net Assets		(26,999	)		807
Net Assets:
Beginning of period		105,514			104,707
End of period	$	78,515		$	105,514
Undistributed (distribution in excess of) net investment income	$	828		$	47
Shares:
Class IA
Sold		1,546			2,074
Issued on reinvestment of distributions		1			82
Redeemed		(2,710	)		(2,869	)
Total share activity		(1,163	)		(713	)
Class IB
Sold		600			954
Issued on reinvestment of distributions		1			34
Redeemed		(1,338	)		(1,738	)
Total share activity		(737	)		(750	)

The accompanying notes are an integral part of these financial statements.

16

Hartford Global Research HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

Hartford Global Research HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily

17

Hartford Global Research HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current

18

yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class.

19

Hartford Global Research HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of December 31, 2011.

c) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records

20

with value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery securities as of December 31, 2011.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the Schedule of Investments as of December 31, 2011.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the securities markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. As of December 31, 2011, the Fund had no outstanding futures contracts.

21

Hartford Global Research HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

c) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	14	$	—	$	—	$	—	$	—	$	14
Total	$	—	$	14	$	—	$	—	$	—	$	—	$	14
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	28	$	—	$	—	$	—	$	—	$	28
Total	$	—	$	28	$	—	$	—	$	—	$	—	$	28

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended December 31, 2011.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts			Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	—	$	—		$	—	$	4		$	—	$	—	$	4
Net realized loss on foreign currency contracts		—		(171	)		—		—			—		—		(171	)
Total	$	—	$	(171	)	$	—	$	4		$	—	$	—	$	(167	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of futures	$	—	$	—		$	—	$	(2	)	$	—	$	—	$	(2	)
Net change in unrealized appreciation of foreign currency contracts		—		74			—		—			—		—		74
Total	$	—	$	74		$	—	$	(2	)	$	—	$	—	$	72

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for

22

corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
Ordinary Income	$	13	$	1,100

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	831
Accumulated Capital and Other Losses*		(16,957	)
Unrealized Depreciation†		(3,193	)
Total Accumulated Deficit	$	(19,319	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net

23

Hartford Global Research HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(88	)
Accumulated Net Realized Gain (Loss)		88

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2017	$	16,957
Total	$	16,957

As of December 31, 2011, the Fund utilized $7,201 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

24

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $500 million		0.9000%
On next $500 million		0.8750%
On next $4 billion		0.8500%
On next $5 billion		0.8475%
Over $10 billion		0.8450%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.016%
On next $5 billion		0.014%
Over $10 billion		0.012%

Effective January 1, 2012, the accounting services fees based on the Fund’s average daily net assets were increased. The new accounting services fees schedule is as follows:

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018%
On next $5 billion		0.016%
Over $10 billion		0.014%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended December 31, 2011
Class IA		1.03	%
Class IB		1.28

25

Hartford Global Research HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – In July of 2007, The Hartford entered into a settlement with the Attorneys General of the states of New York, Connecticut and Illinois relating to market timing and the company's individual variable annuity contracts in which certain payments would be made directly to the variable annuity contract holders. The distribution plan provided that unclaimed money from the settlement would be distributed to certain HLS Funds that are investment options through a Hartford individual variable annuity contract. The unclaimed money was distributed to the Fund on September 18, 2009.

The total return in the accompanying financial highlights includes a payment from an affiliate. Had the payment from the affiliate been excluded, the impact and total return for the period listed below would have been as follows:

	For the Year Ended December 31, 2009
	Class IA		Class IB
Impact from Payment from Affiliate for Attorneys General Settlement		0.02%		0.02%
Total Return Excluding Payment from Affiliate		42.10		41.76

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	81,230
Sales Proceeds Excluding U.S. Government Obligations		97,884

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

26

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

27

Hartford Global Research HLS Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital			Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Year Ended December 31, 2011
IA	$	9.94	$	0.11		$	—	$	(1.03	)	$	(0.92	)	$	—		$	—	$	—		$	—		$	(0.92	)	$	9.02
IB		9.93		0.09			—		(1.04	)		(0.95	)		—			—		—			—			(0.95	)		8.98
For the Year Ended December 31, 2010
IA		8.67		0.10			—		1.28			1.38			(0.11	)		—		—			(0.11	)		1.27			9.94
IB		8.66		0.08			—		1.28			1.36			(0.09	)		—		—			(0.09	)		1.27			9.93
For the Year Ended December 31, 2009
IA		6.16		0.08			—		2.51			2.59			(0.08	)		—		—			(0.08	)		2.51			8.67
IB		6.15		0.07			—		2.50			2.57			(0.06	)		—		—			(0.06	)		2.51			8.66
From January 31, 2008 (commencement of operations) through December 31, 2008
IA(F)		10.00		—			—		(3.78	)		(3.78	)		(0.05	)		—		(0.01	)		(0.06	)		(3.84	)		6.16
IB(F)		10.00		(0.08	)		—		(3.72	)		(3.80	)		(0.04	)		—		(0.01	)		(0.05	)		(3.85	)		6.15

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.

(C) Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Total return without the inclusion of the Payment from (to) Affiliate can be found in Expenses in the accompanying Notes to Financial Statements.

(F) Commenced operations on January 31, 2008.

(G) Not annualized.

(H) Annualized.

(I) During the year ended December 31, 2008, the Fund incurred $95.4 million in sales associated with the transition of assets from Hartford Global Communications HLS Fund, Hartford Global Financial Services HLS Fund and Hartford Global Technology HLS Fund, which merged into the Fund on August 22, 2008.  These sales were excluded from the portfolio turnover rate calculation.

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- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets Before Waivers(C)			Ratio of Expenses to Average Net Assets After Waivers(C)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate(D)
	(9.28	)%	$	52,768		1.03	%		1.03	%		1.01	%		86	%
	(9.51	)		25,747		1.28			1.28			0.76			—
	16.01			69,740		1.01			0.98			1.03			92
	15.72			35,774		1.26			1.23			0.78			—
	42.13	(E)		67,012		1.16			1.06			1.17			124
	41.79	(E)		37,695		1.41			1.31			0.93			—
	(37.87	)(G)		48,627		1.02	(H)		0.94	(H)		1.29	(H)		335	(I)
	(38.01	)(G)		31,008		1.27	(H)		1.19	(H)		0.99	(H)		—

29

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Harford Global Research HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Global Research HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
February 13, 2012

30

Hartford Global Research HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

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Hartford Global Research HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

32

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

33

Hartford Global Research HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return			Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Annualized expense ratio	Days in the current 1/2 year	Days in the full year
Class IA	$1,000.00	$860.52	$4.92	$1,000.00	$1,019.91	$5.35	1.05%	184	365
Class IB	$1,000.00	$859.43	$6.09	$1,000.00	$1,018.65	$6.61	1.30%	184	365

34

Hartford Global Research HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Global Research HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

35

Hartford Global Research HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

36

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the

37

Hartford Global Research HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-GR11 2-12     109078    Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Growth HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	7
Statement of Assets and Liabilities at December 31, 2011	8
Statement of Operations for the Year Ended December 31, 2011	9
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	10
Notes to Financial Statements	11
Financial Highlights	20
Report of Independent Registered Public Accounting Firm	22
Directors and Officers (Unaudited)	23
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	25
Quarterly Portfolio Holdings Information (Unaudited)	25
Expense Example (Unaudited)	26
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	27

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Growth HLS Fund inception 04/30/2002
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 4/30/02 – 12/31/11

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11)

	1 Year	5 Year	Since Inception
Growth IA	-8.95%	-0.16%	3.57%
Growth IB	-9.18%	-0.42%	3.32%
Russell 1000 Growth Index	2.64%	2.50%	3.87%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. (The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization.)

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford Growth HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Manager

Andrew J. Shilling, CFA

Senior Vice President

How did the Fund perform?

The Class IA shares of the Hartford Growth HLS Fundreturned -8.95% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the Russell 1000 Growth Index,which returned 2.64% for the same period. The Fund also underperformed the -2.38% return of the average fund in the Lipper Large-Cap Growth VP-UF Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The one-year period ending December 31, 2011 was yet another volatile period for equity markets. Global equities started the year on a strong note and continued to march higher in the first quarter of 2011, driven by investors’ enthusiasm for additional government debt purchases by the U.S. Federal Reserve, the extension of tax cuts in the U.S., strong earnings growth, and generally improving economic data. This enthusiasm reversed later in the period, however, as concerns surfaced that the global economy could slip back into recession, resulting in a rapid decline in equity markets. Fears about sovereign debt and solvency in the eurozone, slowing economic expansion in China, and uncertainty about the sustainability of corporate earnings growth combined to produce an extremely volatile stock market, and return correlations among stocks spiked as investors shed risk and fled to safety. Markets ended the year on a positive note in the final month of the period with encouraging employment and manufacturing data in the U.S.

Overall equity market performance was mixed for the period across market capitalizations: large cap equities (+2%) did better than mid caps (-2%) and small caps (-4%), as represented by the S&P 500, S&P MidCap 400, and Russell 2000 indices, respectively. During the twelve-month period seven of ten sectors rose within the Russell 1000 Growth Index, led by Utilities (+20%), Consumer Staples (+15%), and Consumer Discretionary (+5%). Materials (-10%), Industrials (-3%), and Financials (-1%) lagged.

Security selection in Information Technology, Consumer Discretionary, and Materials detracted from the Fund’s relative returns. Sector allocation, a residual of bottom-up stock selection, also modestly detracted from relative performance primarily due to an underweight (i.e. the Fund’s sector position was less than the benchmark position) in Consumer Staples.

Juniper Networks (Information Technology), Acme Packet (Information Technology), and Exxon Mobil (Energy) were the top detractors from benchmark relative performance during the period. Shares of Juniper Networks, a leading provider of routing and security solutions, fell after the company lowered its revenue guidance due to delayed orders from some of its large telecom services customers. Shares of Acme Packet, a leading provider of session delivery network solutions that enable the delivery of interactive communications, underperformed. The company posted slightly disappointing quarterly earnings due to higher-than-expected operating expenditures. Exxon Mobil, a global integrated energy company, exhibited solid earnings along with an increased focus on organic growth; as a result its stock performed well during the year. Not owning Exxon Mobil detracted from relative returns. Rovi (Information Technology) was also among the top detractors from absolute (i.e. total return) performance returns.

Top contributors to benchmark-relative returns were Green Mountain Coffee (Consumer Staples), Polo Ralph Lauren (Consumer Discretionary), and Alliance Data Systems (Information Technology). Shares of Green Mountain Coffee, the leading provider of single-cup brewers and portion packs for coffee and other beverages, outperformed early in the period. Collaborations with traditional coffee retailers, including Dunkin Donuts and Starbucks, were greeted positively by the market and are expected to expand the market. Shares of Polo Ralph Lauren, a producer of apparel, accessories, fragrances, and home furnishings, rose reflecting the company’s superior brand strength and growth opportunities in Asia. Shares of marketing and customer-loyalty solutions provider Alliance Data Systems outperformed after the company posted solid quarterly earnings and raised its earnings guidance. Apple (Information Technology) and News Corp (Consumer Discretionary) were among the top contributors to absolute returns.

What is the outlook?

In 2011, macroeconomic fears and investors’ desire for safety dominated the equity markets. Not surprisingly, the best performing sectors were the traditionally defensive Utilities, Consumer Staples, and Health Care sectors. In this environment, investors craved low volatility, safety stocks, and the fundamentals of many solid companies were largely ignored. In 2012, we believe we could see greater differentiation among stocks as investors refocus on 

3

Hartford Growth HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

fundamentals. Barring a catastrophic liquidity event in Europe, we could see some reversion to the mean as the “safety trade” unwinds and investors find bargains in high quality stocks that were painted with the “risk” brush in 2011.

In this environment we continue to focus our efforts on stock-by-stock fundamental research, picking one stock at a time based upon the attractiveness of each company’s fundamentals and valuation. In particular, we are focusing on finding what we consider proven companies with attractive valuations, solid fundamentals, and sustainable growth business models. As a result of this bottom up stock selection, at the end of the period our largest overweight positions versus the benchmark were Information Technology and Consumer Discretionary. Consumer Staples and Health Care were the Fund’s largest underweight positions at the end of the period.

Diversification by Industry

as of December 31, 2011 

Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		3.5	%
Capital Goods (Industrials)		8.5
Consumer Durables & Apparel (Consumer Discretionary)		2.9
Consumer Services (Consumer Discretionary)		2.8
Diversified Financials (Financials)		3.9
Energy (Energy)		9.4
Food, Beverage & Tobacco (Consumer Staples)		2.8
Health Care Equipment & Services (Health Care)		4.3
Materials (Materials)		4.0
Media (Consumer Discretionary)		4.5
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		2.9
Retailing (Consumer Discretionary)		5.2
Semiconductors & Semiconductor Equipment (Information Technology)		8.0
Software & Services (Information Technology)		16.6
Technology Hardware & Equipment (Information Technology)		18.1
Transportation (Industrials)		1.4
Short-Term Investments		1.3
Other Assets and Liabilities		(0.1	)
Total		100.0	%

4

Hartford Growth HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted) 

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.8%
		Automobiles & Components - 3.5%
	126	Harley-Davidson, Inc.	$	4,905
	198	Johnson Controls, Inc.		6,197
				11,102
		Capital Goods - 8.5%
	92	AMETEK, Inc.		3,866
	54	Boeing Co.		3,959
	23	Caterpillar, Inc.		2,083
	60	Cummins, Inc.		5,306
	74	Eaton Corp.		3,240
	66	Illinois Tool Works, Inc.		3,066
	53	Joy Global, Inc.		3,998
	16	PACCAR, Inc.		597
	7	Precision Castparts Corp.		1,184
				27,299
		Consumer Durables & Apparel - 2.9%
	78	Coach, Inc.		4,749
	41	Fossil, Inc. ●		3,291
	10	Michael Kors Holdings Ltd. ●		267
	6	Ralph Lauren Corp.		810
				9,117
		Consumer Services - 2.8%
	75	Las Vegas Sands Corp. ●		3,220
	207	MGM Resorts International ●		2,158
	79	Starbucks Corp.		3,648
				9,026
		Diversified Financials - 3.9%
	39	American Express Co.		1,858
	95	Ameriprise Financial, Inc.		4,725
	32	BlackRock, Inc.		5,736
				12,319
		Energy - 9.4%
	76	Anadarko Petroleum Corp.		5,815
	89	Consol Energy, Inc.		3,277
	89	ENSCO International plc		4,193
	34	EOG Resources, Inc.		3,312
	87	National Oilwell Varco, Inc.		5,931
	19	Occidental Petroleum Corp.		1,740
	87	Schlumberger Ltd.		5,942
				30,210
		Food, Beverage & Tobacco - 2.8%
	202	Green Mountain Coffee Roasters, Inc. ●		9,070
		Health Care Equipment & Services - 4.3%
	64	Covidien plc		2,866
	54	Edwards Lifesciences Corp. ●		3,790
	182	Hologic, Inc. ●		3,191
	75	UnitedHealth Group, Inc.		3,799
				13,646
		Materials - 4.0%
	53	Freeport-McMoRan Copper & Gold, Inc.		1,960
	82	Monsanto Co.		5,734
	42	Mosaic Co.		2,107
	33	Rio Tinto plc ADR		1,623
	25	Walter Energy, Inc.		1,526
				12,950
		Media - 4.5%
	371	News Corp. Class A		6,624
	1,839	Sirius XM Radio, Inc. w/ Rights ●		3,347
	118	Walt Disney Co.		4,441
				14,412
		Pharmaceuticals, Biotechnology & Life Sciences - 2.9%
	169	Agilent Technologies, Inc. ●		5,889
	83	Gilead Sciences, Inc. ●		3,415
				9,304
		Retailing - 5.2%
	77	Abercrombie & Fitch Co. Class A		3,784
	27	Amazon.com, Inc. ●		4,658
	126	Lowe's Co., Inc.		3,200
	10	Priceline.com, Inc. ●		4,878
				16,520
		Semiconductors & Semiconductor Equipment - 8.0%
	349	Altera Corp.		12,964
	149	Analog Devices, Inc.		5,340
	164	Broadcom Corp. Class A		4,807
	131	Skyworks Solutions, Inc. ●		2,117
	13	Texas Instruments, Inc.		386
				25,614
		Software & Services - 16.6%
	37	Alliance Data Systems Corp. ●		3,875
	90	BMC Software, Inc. ●		2,941
	133	Citrix Systems, Inc. ●		8,085
	53	Cognizant Technology Solutions Corp. ●		3,420
	421	eBay, Inc. ●		12,767
	3	Google, Inc. ●		2,125
	380	Oracle Corp.		9,752
	65	Rovi Corp. ●		1,598
	14	Salesforce.com, Inc. ●		1,387
	98	Tibco Software, Inc. ●		2,345
	92	VeriSign, Inc.		3,287
	20	VMware, Inc. ●		1,678
				53,260
		Technology Hardware & Equipment - 18.1%
	98	Acme Packet, Inc. ●		3,038
	61	Apple, Inc. ●		24,577
	387	EMC Corp. ●		8,334
	39	F5 Networks, Inc. ●		4,086
	248	Juniper Networks, Inc. ●		5,052
	141	NetApp, Inc. ●		5,126
	140	Qualcomm, Inc.		7,631
				57,844
		Transportation - 1.4%
	21	C.H. Robinson Worldwide, Inc.		1,479
	67	J.B. Hunt Transport Services, Inc.		3,004
				4,483
		Total common stocks
		(cost $290,940)	$	316,176
		Total long-term investments
		(cost $290,940)	$	316,176

The accompanying notes are an integral part of these financial statements.

5

Hartford Growth HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 1.3%
Repurchase Agreements - 1.3%
		Bank of America Merrill Lynch TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $1,608,
		collateralized by GNMA 4.50%, 2041,
		value of $1,641)
$	1,608	0.04%, 12/30/2011			$	1,608
		Barclays Capital TriParty Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $134, collateralized by U.S.
		Treasury Bond 5.38%, 2031, value of $136)
	134	0.01%, 12/30/2011				134
		Deutsche Bank Securities TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $1,784,
		collateralized by GNMA 3.50% - 7.00%,
		2035 - 2046, value of $1,820)
	1,784	0.06%, 12/30/2011				1,784
		UBS Securities, Inc. Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $14, collateralized by U.S.
		Treasury Note 2.75%, 2016, value of $14)
	14	0.01%, 12/30/2011				14
		UBS Securities, Inc. TriParty Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $690, collateralized by FNMA
		3.00% - 6.50%, 2021 - 2041, value of $704)
	690	0.04%, 12/30/2011				690
						4,230
		Total short-term investments
		(cost $4,230)			$	4,230
		Total investments
		(cost $295,170) ▲	100.1	%	$	320,406
		Other assets and liabilities	(0.1	)%		(450	)
		Total net assets	100.0	%	$	319,956

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 1.8% of total net assets at December 31, 2011.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $296,263 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	47,016
Unrealized Depreciation		(22,873	)
Net Unrealized Appreciation	$	24,143

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

6

Hartford Growth HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	316,176	$	316,176	$	—	$	—
Short-Term Investments		4,230		—		4,230		—
Total	$	320,406	$	316,176	$	4,230	$	—

♦	For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

7

Hartford Growth HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $295,170)	$	320,406
Cash		1
Receivables:
Fund shares sold		167
Dividends and interest		199
Total assets		320,773
Liabilities:
Payables:
Fund shares redeemed		728
Investment management fees		56
Distribution fees		4
Accrued expenses		29
Total liabilities		817
Net assets	$	319,956
Summary of Net Assets:
Capital stock and paid-in-capital	$	348,684
Undistributed net investment income		—
Accumulated net realized loss		(53,964	)
Unrealized appreciation of investments		25,236
Net assets	$	319,956
Shares authorized		800,000
Par value	$	0.001
Class IA: Net asset value per share	$	10.92
Shares outstanding		22,296
Net assets	$	243,509
Class IB: Net asset value per share	$	10.73
Shares outstanding		7,128
Net assets	$	76,447

The accompanying notes are an integral part of these financial statements.

8

Hartford Growth HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	3,454
Interest		3
Less: Foreign tax withheld		(17	)
Total investment income, net		3,440
Expenses:
Investment management fees		3,051
Transfer agent fees		5
Distribution fees - Class IB		240
Custodian fees		8
Accounting services fees		39
Board of Directors' fees		10
Audit fees		14
Other expenses		89
Total expenses (before fees paid indirectly)		3,456
Commission recapture		(6	)
Total fees paid indirectly		(6	)
Total expenses, net		3,450
Net investment loss		(10	)
Net Realized Gain on Investments:
Net realized gain on investments		37,324
Net Realized Gain on Investments		37,324
Net Changes in Unrealized Depreciation of Investments:			)
Net unrealized depreciation of investments		(68,361	)
Net Changes in Unrealized Depreciation of Investments		(68,361	)
Net Loss on Investments		(31,037	)
Net Decrease in Net Assets Resulting from Operations	$	(31,047	)

The accompanying notes are an integral part of these financial statements.

9

Hartford Growth HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income (loss)	$	(10	)	$	539
Net realized gain on investments		37,324			30,396
Net unrealized appreciation (depreciation) of investments		(68,361	)		32,180
Net Increase (Decrease) In Net Assets Resulting From Operations		(31,047	)		63,115
Distributions to Shareholders:
From net investment income
Class IA		(460	)		(74	)
Class IB		—			(26	)
Total distributions		(460	)		(100	)
Capital Share Transactions:
Class IA
Sold		50,505			43,139
Issued in merger		—			54,822
Issued on reinvestment of distributions		460			74
Redeemed		(100,832	)		(70,148	)
Total capital share transactions		(49,867	)		27,887
Class IB
Sold		13,615			14,660
Issued in merger		—			23,402
Issued on reinvestment of distributions		—			26
Redeemed		(38,523	)		(31,714	)
Total capital share transactions		(24,908	)		6,374
Net increase (decrease) from capital share transactions		(74,775	)		34,261
Net Increase (Decrease) In Net Assets		(106,282	)		97,276
Net Assets:
Beginning of period		426,238			328,962
End of period	$	319,956		$	426,238
Undistributed (distribution in excess of)
net investment income	$	—		$	520
Shares:
Class IA
Sold		4,162			4,106
Issued in merger		—			5,038
Issued on reinvestment of distributions		41			8
Redeemed		(8,326	)		(6,806	)
Total share activity		(4,123	)		2,346
Class IB
Sold		1,144			1,394
Issued in merger		—			2,184
Issued on reinvestment of distributions		—			3
Redeemed		(3,227	)		(3,095	)
Total share activity		(2,083	)		486

The accompanying notes are an integral part of these financial statements.

10

Hartford Growth HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1.    Organization:

Hartford Growth HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2.    Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the

11

Hartford Growth HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

12

During the year ended December 31, 2011, the Fund held no Level 3 securities; therefore, no reconciliation of Level 3 securities is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the

13

Hartford Growth HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3.    Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

4.    Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

14

5.    Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
Ordinary Income	$	460	$	100

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Accumulated Capital and Other Losses*	$	(52,871	)
Unrealized Appreciation†		24,143
Total Accumulated Deficit	$	(28,728	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

15

Hartford Growth HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(50	)
Accumulated Net Realized Gain (Loss)		67
Capital Stock and Paid-in-Capital		(17	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	52,871
Total	$	52,871

As of December 31, 2011, the Fund utilized $35,277 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

6.    Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington

16

Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million		0.8000%
On next $250 million		0.7500%
On next $500 million		0.7000%
On next $4 billion		0.6750%
On next $5 billion		0.6725%
Over $10 billion		0.6700%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
All Assets		0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended  December 31, 2011
Class IA		0.82	%
Class IB		1.07

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the

17

Hartford Growth HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO was compensated on a per account basis for providing such services. The amount paid to HASCO can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

7.    Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	143,879
Sales Proceeds Excluding U.S. Government Obligations		222,061

8.    Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

9.   Fund Merger:

Reorganization of Hartford Fundamental Growth HLS Fund into Hartford Growth HLS Fund: At a meeting held on August 5, 2009, the Board of Directors of the Company approved a Form of Agreement and Plan of Reorganization (“Reorganization Agreement”) that provided for the reorganization of a series of the Company, Hartford Fundamental Growth HLS Fund (“Target Fund”), into another series of the Company, Hartford Growth HLS Fund (“Acquiring Fund”) (the

“Reorganization”). The Reorganization did not require shareholder approval by the shareholders of the Target Fund or the Acquiring Fund.

Pursuant to the Reorganization Agreement, on April 16, 2010, each holder of Class IA and Class IB shares of the Target Fund became the owner of full and fractional shares of the corresponding class in the Aquiring Fund having an equal aggregate value.

18

The merger was accomplished by tax free exchange as detailed below:

	Net assets of Target Fund on Merger Date		Net assets of Acquiring Fund immediately before merger		Net assets of Acquiring Fund immediately after merger		Target Fund shares exchanged		Acquiring Fund shares issued to the Target Fund's shareholders
Class IA	$	54,822	$	254,913	$	309,735		6,125		5,038
Class IB		23,402		90,981		114,383		2,627		2,184
Total	$	78,224	$	345,894	$	424,118		8,752		7,222

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

19

Hartford Growth HLS Fund

Financial Highlights

- Selected Per-Share Data (A) -

	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments fom		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End of
Class	Period		Income (Loss)			(to) Afiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			Period
For the Year Ended December 31, 2011
IA	$	12.02	$	0.01		$	—	$	(1.09	)	$	(1.08	)	$	(0.02	)	$	—		$	—	$	(0.02	)	$	(1.10	)	$	10.92
IB		11.81		(0.03	)		—		(1.05	)		(1.08	)		—			—			—		—			(1.08	)		10.73
For the Year Ended December 31, 2010(E)
IA		10.07		0.02			—		1.93			1.95			—			—			—		—			1.95			12.02
IB		9.92		—			—		1.89			1.89			—			—			—		—			1.89			11.81
For the Year Ended December 31, 2009
IA		7.53		0.04			—		2.54			2.58			(0.04	)		—			—		(0.04	)		2.54			10.07
IB		7.42		0.02			—		2.49			2.51			(0.01	)		—			—		(0.01	)		2.50			9.92
For the Year Ended December 31, 2008
IA		13.39		0.03			—		(5.47	)		(5.44	)		(0.03	)		(0.39	)		—		(0.42	)		(5.86	)		7.53
IB		13.18		—			—		(5.37	)		(5.37	)		—			(0.39	)		—		(0.39	)		(5.76	)		7.42
For the Year Ended December 31, 2007
IA		12.32		0.01			—		2.01			2.02			—			(0.95	)		—		(0.95	)		1.07			13.39
IB		12.17		(0.02	)		—		1.98			1.96			—			(0.95	)		—		(0.95	)		1.01			13.18

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.
(C)	Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using the average shares method.
(F)	During the year ended December 31, 2010, the Fund incurred $49.9 million in sales associated with the transition of assets from Hartford Fundamental Growth HLS Fund, which merged into the Fund on April 16, 2010. These sales were excluded from the portfolio turnover calculation.

20

- Ratios and Supplemental Data -

					Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Net Investment Income			Portfolio Turnover
Total Return(B)			Net Assets at End of Period		Assets Before Waivers(C)			Assets After Waivers(C)			(Loss) to Average Net Assets			Rate(D)
	(8.95	)%	$	243,509		0.82	%		0.82	%		0.06	%		37	%
	(9.18	)		76,447		1.07			1.07			(0.19	)		—
	19.37			317,464		0.84			0.84			0.21			74	(F)
	19.07			108,774		1.09			1.09			(0.04	)		—
	34.24			242,406		0.88			0.88			0.44			85
	33.90			86,556		1.13			1.13			0.20			—
	(41.79	)		203,993		0.84			0.84			0.27			93
	(41.93	)		81,720		1.09			1.09			0.02			—
	16.78			388,985		0.83			0.83			0.11			101
	16.49			189,987		1.08			1.08			(0.14	)		—

21

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Growth HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Growth HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

February 13, 2012

22

Hartford Growth HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

23

Hartford Growth HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

24

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

25

Hartford Growth HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return			Hypothetical (5% return before expenses)
			Expenses paid			Expenses paid		Days in
		Ending	during the period		Ending	during the period		the	Days
	Beginning	Account Value	June 30, 2011	Beginning	Account Value	June 30, 2011	Annualized	current	in the
	Account Value	December 31,	through	Account Value	December 31,	through	expense	1/2	full
	June 30, 2011	2011	December 31, 2011	June 30, 2011	2011	December 31, 2011	ratio	year	year
Class IA	$1,000.00	$845.56	$3.81	$1,000.00	$1,021.07	$4.18	0.82%	184	365
Class IB	$1,000.00	$844.47	$4.97	$1,000.00	$1,019.81	$5.45	1.07%	184	365

26

Hartford Growth HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Growth HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

27

Hartford Growth HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio manager, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio manager, the number of accounts managed by the portfolio manager, and the Sub-adviser’s method for compensating the portfolio manager.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

28

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

29

Hartford Growth HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

30

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-G11 2-12     109078    Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Healthcare HLS Fund

(formerly Hartford Global Health HLS Fund)

Table of Contents

Fund Performance	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	7
Statement of Assets and Liabilities at December 31, 2011	8
Statement of Operations for the Year Ended December 31, 2011	9
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	10
Notes to Financial Statements	11
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Expense Example (Unaudited)	28
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	29

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Healthcare HLS Fund inception 05/01/2000

(formerly Hartford Global Health HLS Fund)

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 12/31/01 - 12/31/11

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11)

	1 Year	5 Year	10 Year
Healthcare IA	8.54%	2.42%	5.73%
Healthcare IB	8.27%	2.16%	5.47%
S&P 500 Index	2.09%	-0.25%	2.92%
S&P North American Health Care Sector Index	11.62%	3.71%	3.90%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

S&P North American Health Care Sector Index is a modified capitalization-weighted index based on United States headquartered health care companies. Stocks in the index are weighted such that each stock is no more than 7.5% of the market capitalization as of the most recent reconstitution date. The companies included in the index must be common stocks and be traded on the American Stock Exchange, Nasdaq or the New York Stock Exchange and meet certain established market capitalization levels.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Managers
Ann C. Gallo	Jean M. Hynes, CFA	Robert L. Deresiewicz	Kirk J. Mayer, CFA
Senior Vice President and Global Industry Analyst	Senior Vice President and Global Industry Analyst	Senior Vice President and Global Industry Analyst	Senior Vice President and Global Industry Analyst

How did the Fund perform?

The Class IA shares of the Hartford Healthcare HLS Fund returned 8.54% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the S&P North American Health Care Sector Index, which returned 11.62% and outperforming the S&P 500 Index, which returned 2.09% for the same period. The Fund outperformed the 7.48% return of the average fund in the Lipper Health and Biotechnology VP-UF Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Health Care stocks (+12%) outperformed both the broader U.S. market (+2%) and the world market (-5%), as measured by the S&P North American Health Care Sector Index, S&P 500, and MSCI World Indexes respectively. Within the S&P North American Health Care Index, three sub-sectors posted positive returns - Major Pharmaceuticals (+19%), Specialty Pharmaceuticals/Biotechnology (+17%), and Health Services (+12%). Returns within Medical Technology (0%) were flat for the quarter.

During the period stock selection, particularly in Medical Technology and Major Pharmaceuticals, detracted from relative results. Sector allocation, a fallout of our bottom-up (i.e. stock by stock fundamental research) investment process, modestly detracted from relative performance, mainly due to our underweight position (i.e. the Fund’s sector position was less than the benchmark position) in Pharmaceuticals and overweight position in Health Services.

Shionogi, Teva Pharmaceuticals, and Exelixis were the largest detractors from both relative and absolute performance. Japan-based pharmaceutical company Shionogi saw its shares drop as the company again announced a downward revision in earnings for its US subsidiary. Investors also seemed to be worried about the potentially negative impact to margins as the company has to invest in product development to replace lost Crestor sales due to the availability of a generic Lipitor. Global pharmaceutical company Teva Pharmaceuticals’ share price fell due to disappointing results from phase III trials for a new multiple sclerosis candidate, Bravo. Shares of Exelixis, a biotechnology company committed to developing small molecule therapies for cancer treatment, were pressured down after it was reported that six deaths occurred during trials of the company’s cancer treatment, Cabozantinib, raising concerns about the drug’s efficacy.

Elan, Pharmasset, and Abiomed were the top contributors to benchmark-relative performance during the period. Elan, a biotechnology company specializing in neuroscience, saw its stock rise as investors remain optimistic over continued revenue growth from Tysabri, a drug for the treatment of multiple sclerosis and Crohn’s disease. Shares of Pharmasset, which focuses on the discovery, development, and commercialization of novel drugs to treat viral infections, rose after it was acquired by Gilead Sciences in November. Also aiding Pharmasset was the potential of its Hepatitis C medicines. Shares of Abiomed, a provider of medical devices in circulatory support, rose following the announcement that the early usage of their drug Impella 2.5 improves survival in shock patients. Insurance company UnitedHealth Group was among the top absolute (i.e. total return) contributors during the period.

What is the outlook?

While Health Care stocks finished the year ahead of the broader market, the sector did give back some gains during the fourth quarter due to concerns over the U.S. federal deficit reduction plan. The U.S. Health Care industry is expected to be subject to a 2% across the board reduction in Medicare reimbursement with the inability of the Congressional super committee to reach a compromise in November. Medicaid and commercial reimbursement will not be affected. Given the magnitude of the Health Care cost problem in the U.S., combined with our view that the Patient Protection and Affordable Care Act (PPACA) does very little to address the issue, we have long believed that Health Care stocks will be subject to escalating reimbursement pressure in the years to come. That said, despite this pressure, we also believe that there will always be demand for, and reimbursement of, truly innovative Health Care products and services. In other words, while the bar has been raised we believe returns will accrue to companies able to offer clinical evidence attesting to the superiority of their products and services. This is one of the key tenets upon which we have structured our Fund.

The U.S. Supreme Court will rule on the constitutionality of the Health Care reform legislation in 2012. Thus far, six courts have ruled on the constitutionality of the individual mandate, with three ruling in favor of it and three against it. While uncertainty will remain over the final design of the legislation,

3

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Manager Discussion (Unaudited) – (continued)

December 31, 2011

we expect the Obama administration to continue to enact the legislation in a generally industry-friendly manner.

We expect the roll-out of health care reform in the U.S. to be an evolutionary process. While we are confident with our Fund positioning, we will continue to closely monitor industry developments and make adjustments to the portfolio as needed. Against this backdrop, the Fund ended the period most overweight the Specialty Pharmaceuticals/Biotechnology sub-sector and most underweight the Major Pharmaceuticals sub-sector relative to the benchmark.

Diversification by Industry

as of December 31, 2011

Industry	Percentage of Net Assets
Biotechnology		19.6	%
Drug Retail		3.4
Health Care Distributors		7.3
Health Care Equipment		16.0
Health Care Facilities		1.0
Health Care Technology		0.3
Life Sciences Tools & Services		5.2
Managed Health Care		14.3
Pharmaceuticals		32.9
Short-Term Investments		0.0
Other Assets and Liabilities		0.0
Total		100.0	%

4

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 100.0%
		Biotechnology - 19.6%
	89	3SBio, Inc. ADR ●	$	913
	98	Achillion Pharmaceuticals, Inc. ●		749
	35	Acorda Therapeutics, Inc. ●		842
	164	Alkermes plc ●		2,853
	201	Amylin Pharmaceuticals, Inc. ●		2,292
	87	Ardea Biosciences, Inc. ●		1,464
	91	Arena Pharmaceuticals, Inc. ●		170
	38	Biogen Idec, Inc. ●		4,193
	47	Celgene Corp. ●		3,164
	215	Exelixis, Inc. ●		1,016
	120	Immunogen, Inc. ●		1,391
	102	Incyte Corp. ●		1,538
	60	Ironwood Pharmaceuticals, Inc. ●		719
	56	Momenta Pharmaceuticals, Inc. ●		977
	72	NPS Pharmaceuticals, Inc. ●		476
	41	Onyx Pharmaceuticals, Inc. ●		1,802
	41	Pharmasset, Inc. ●		5,192
	81	Progenics Pharmaceuticals, Inc. ●		691
	52	Regeneron Pharmaceuticals, Inc. ●		2,893
	83	Rigel Pharmaceuticals, Inc. ●		654
	141	Seattle Genetics, Inc. ●		2,357
	15	Targacept, Inc. ●		82
				36,428
		Drug Retail - 3.4%
	153	CVS Caremark Corp.		6,246
		Health Care Distributors - 7.3%
	128	Cardinal Health, Inc.		5,207
	108	McKesson Corp.		8,383
				13,590
		Health Care Equipment - 16.0%
	175	Abiomed, Inc. ●		3,229
	131	China Medical Technologies, Inc. ADR ●		373
	108	Covidien plc		4,857
	35	Dexcom, Inc. ●		330
	20	DiaSorin S.p.A.		504
	39	Heartware International, Inc. ●		2,663
	71	Hologic, Inc. ●		1,250
	164	Medtronic, Inc.		6,262
	93	St. Jude Medical, Inc.		3,180
	128	Stereotaxis, Inc. ●		105
	29	Stryker Corp.		1,456
	58	Tornier N.V. ●		1,040
	2,557	Trauson Holdings Co., Ltd.		578
	79	Volcano Corp. ●		1,882
	40	Zimmer Holdings, Inc. ●		2,126
				29,835
		Health Care Facilities - 1.0%
	33	HCA Holdings, Inc. ●		727
	106	Vanguard Health Systems, Inc. ●		1,083
				1,810
		Health Care Technology - 0.3%
	32	Allscripts Healthcare Solutions, Inc. ●		602
		Life Sciences Tools & Services - 5.2%
	92	Agilent Technologies, Inc. ●		3,203
	21	Life Technologies Corp. ●		817
	84	PAREXEL International Corp. ●		1,734
	74	Thermo Fisher Scientific, Inc. ●		3,341
	7	Waters Corp. ●		548
				9,643
		Managed Health Care - 14.3%
	133	Aetna, Inc.		5,599
	84	CIGNA Corp.		3,545
	246	UnitedHealth Group, Inc.		12,442
	44	Wellcare Health Plans, Inc. ●		2,300
	41	Wellpoint, Inc.		2,684
				26,570
		Pharmaceuticals - 32.9%
	10	Alk-Abello A/S		572
	61	Almirall S.A.		416
	27	AstraZeneca plc ADR		1,245
	40	Auxilium Pharmaceuticals, Inc. ●		801
	115	Bristol-Myers Squibb Co.		4,056
	81	Cadence Pharmaceuticals, Inc. ●		321
	176	Daiichi Sankyo Co., Ltd.		3,492
	27	Dr. Reddy's Laboratories Ltd. ADR		780
	93	Eisai Co., Ltd.		3,838
	476	Elan Corp. plc ADR ●		6,542
	33	Eli Lilly & Co.		1,359
	170	Forest Laboratories, Inc. ●		5,141
	13	Hospira, Inc. ●		380
	141	Medicines Co. ●		2,636
	168	Merck & Co., Inc.		6,322
	108	Mylan, Inc. ●		2,322
	10	Ono Pharmaceutical Co., Ltd.		555
	72	Optimer Pharmaceuticals, Inc. ●		875
	27	Pacira Pharmaceuticals, Inc. ●		233
	195	Pfizer, Inc.		4,215
	8	Roche Holding AG		1,371
	6	Salix Pharmaceuticals Ltd. ●		286
	264	Shionogi & Co., Ltd.		3,389
	27	Simcere Pharmaceutical Group ●		252
	118	Teva Pharmaceutical Industries Ltd. ADR		4,762
	45	UCB S.A.		1,883
	47	Watson Pharmaceuticals, Inc. ●		2,818
	73	Xenoport, Inc. ●		280
				61,142
		Total common stocks
		(cost $174,652)	$	185,866
		Total long-term investments
		(cost $174,652)	$	185,866
SHORT-TERM INVESTMENTS - 0.0%
		Repurchase Agreements - 0.0%
		Bank of America Merrill Lynch TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $32,
		collateralized by GNMA 4.50%, 2041,
		value of $33)
$	32	0.04%, 12/30/2011	$	32

The accompanying notes are an integral part of these financial statements.

5

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 0.0% - (continued)
		Repurchase Agreements - 0.0% - (continued)
		Barclays Capital TriParty Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $3, collateralized by U.S.
		Treasury Bond 5.38%, 2031, value of $3)
$	3	0.01%, 12/30/2011			$	3
		Deutsche Bank Securities TriParty Joint
		Repurchase Agreement (maturing on
		01/03/2012 in the amount of $36,
		collateralized by GNMA 3.50% - 7.00%,
		2035 - 2046, value of $37)
	36	0.06%, 12/30/2011				36
		UBS Securities, Inc. Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $-, collateralized by U.S.
		Treasury Note 2.75%, 2016, value of $-)
	—	0.01%, 12/30/2011				—
		UBS Securities, Inc. TriParty Joint Repurchase
		Agreement (maturing on 01/03/2012 in the
		amount of $14, collateralized by FNMA
		3.00% - 6.50%, 2021 - 2041,  value of $14)
	14	0.04%, 12/30/2011				14
						85
		Total short-term investments
		(cost $85)			$	85
		Total investments
		(cost $174,737) ▲	100.0	%	$	185,951
		Other assets and liabilities	–	%		70
		Total net assets	100.0	%	$	186,021

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 19.0% of total net assets at December 31, 2011.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $176,127 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	28,226
Unrealized Depreciation		(18,402	)
Net Unrealized Appreciation	$	9,824

● Non-income producing.  

Foreign Currency Contracts Outstanding at December 31, 2011

Description

Counterparty

Buy / Sell

Market Value ╪

Contract Amount

Delivery Date

Unrealized Appreciation/ (Depreciation)

Japanese Yen

JP Morgan Securities

Sell

$

6,368

$

6,352

02/02/2012

$

(16

)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

6

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	185,866	$	169,268	$	16,598	$	—
Short-Term Investments		85		—		85		—
Total	$	185,951	$	169,268	$	16,683	$	—
Liabilities:
Foreign Currency Contracts *		16		—		16		—
Total	$	16	$	—	$	16	$	—

♦ For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.

‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

7

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $174,737)	$	185,951
Cash		—
Receivables:
Investment securities sold		574
Fund shares sold		72
Dividends and interest		161
Total assets		186,758
Liabilities:
Unrealized depreciation on foreign currency contracts		16
Payables:
Investment securities purchased		341
Fund shares redeemed		321
Investment management fees		35
Distribution fees		3
Accrued expenses		21
Total liabilities		737
Net assets	$	186,021
Summary of Net Assets:
Capital stock and paid-in-capital	$	182,669
Undistributed net investment income		578
Accumulated net realized loss		(8,426	)
Unrealized appreciation of investments and the translations of assets and liabilities denominated in foreign currency		11,200
Net assets	$	186,021
Shares authorized		800,000
Par value	$	0.001
Class IA: Net asset value per share	$	15.07
Shares outstanding		9,097
Net assets	$	137,088
Class IB: Net asset value per share	$	14.74
Shares outstanding		3,320
Net assets	$	48,933

The accompanying notes are an integral part of these financial statements.

8

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	2,506
Interest		1
Less: Foreign tax withheld		(65	)
Total investment income, net		2,442
Expenses:
Investment management fees		1,677
Transfer agent fees		5
Distribution fees - Class IB		136
Custodian fees		9
Accounting services fees		20
Board of Directors' fees		4
Audit fees		10
Other expenses		68
Total expenses (before fees paid indirectly)		1,929
Commission recapture		(3	)
Total fees paid indirectly		(3	)
Total expenses, net		1,926
Net investment income		516
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments		21,172
Net realized loss on foreign currency contracts		(927	)
Net realized gain on other foreign currency transactions		11
Net Realized Gain on Investments and Foreign Currency Transactions		20,256
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(6,290	)
Net unrealized appreciation of foreign currency contracts		654
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions		(5,636	)
Net Gain on Investments and Foreign Currency Transactions		14,620
Net Increase in Net Assets Resulting from Operations	$	15,136

The accompanying notes are an integral part of these financial statements.

9

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	516		$	958
Net realized gain on investments and foreign currency transactions		20,256			6,222
Net unrealized appreciation (depreciation) of investments		(5,636	)		5,944
Net Increase In Net Assets Resulting From Operations		15,136			13,124
Distributions to Shareholders:
From net investment income
Class IA		(68	)		(235	)
Class IB		—			(15	)
Total distributions		(68	)		(250	)
Capital Share Transactions:
Class IA
Sold		30,285			15,131
Issued on reinvestment of distributions		68			235
Redeemed		(41,445	)		(41,364	)
Total capital share transactions		(11,092	)		(25,998	)
Class IB
Sold		11,253			7,720
Issued on reinvestment of distributions		—			15
Redeemed		(21,415	)		(19,685	)
Total capital share transactions		(10,162	)		(11,950	)
Net decrease from capital share transactions		(21,254	)		(37,948	)
Net Decrease In Net Assets		(6,186	)		(25,074	)
Net Assets:
Beginning of period		192,207			217,281
End of period	$	186,021		$	192,207
Undistributed (distribution in excess of) net investment income	$	578		$	737
Shares:
Class IA
Sold		1,950			1,133
Issued on reinvestment of distributions		5			17
Redeemed		(2,753	)		(3,124	)
Total share activity		(798	)		(1,974	)
Class IB
Sold		747			593
Issued on reinvestment of distributions		—			1
Redeemed		(1,449	)		(1,520	)
Total share activity		(702	)		(926	)

The accompanying notes are an integral part of these financial statements. 

10

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

Hartford Healthcare HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its

11

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

12

During the year ended December 31, 2011, the Fund held no Level 3 securities; therefore, no reconciliation of Level 3 securities is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

13

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund had no illiquid or restricted securities as of December 31, 2011.

c) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of December 31, 2011, the Fund had no outstanding when-issued or delayed delivery securities.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to

14

the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the Schedule of Investments as of December 31, 2011.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	16	$	—	$	—	$	—	$	—	$	16
Total	$	—	$	16	$	—	$	—	$	—	$	—	$	16

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended December 31, 2011.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(927	)	$	—	$	—	$	—	$	—	$	(927	)
Total	$	—	$	(927	)	$	—	$	—	$	—	$	—	$	(927	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	654		$	—	$	—	$	—	$	—	$	654
Total	$	—	$	654		$	—	$	—	$	—	$	—	$	654

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

15

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
Ordinary Income	$	68	$	250

16

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	650
Accumulated Capital and Other Losses*		(7,124	)
Unrealized Appreciation†		9,826
Total Accumulated Earnings	$	3,352

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(607	)
Accumulated Net Realized Gain (Loss)		607

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2017	$	7,124
Total	$	7,124

As of December 31, 2011, the Fund utilized $17,252 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

17

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million	0.8500%
On next $250 million	0.8000%
On next $4.5 billion	0.7500%
On next $5 billion	0.7475%
Over $10 billion	0.7450%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
All Assets	0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

18

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended  December 31, 2011
Class IA		0.91	%
Class IB		1.16

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO was compensated on a per account basis for providing such services. The amount paid to HASCO can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – In July of 2007, The Hartford entered into a settlement with the Attorneys General of the states of New York, Connecticut and Illinois relating to market timing and the company's individual variable annuity contracts in which certain payments would be made directly to the variable annuity contract holders. The distribution plan provided that unclaimed money from the settlement would be distributed to certain HLS Funds that are investment options through a Hartford individual variable annuity contract. The unclaimed money was distributed to the Fund on September 18, 2009.

The total return in the accompanying financial highlights includes a payment from an affiliate. Had the payment from the affiliate been excluded, the impact and total return for the period listed below would have been as follows:

	For the Year Ended December 31, 2009
	Class IA		Class IB
Impact from Payment from Affiliate for Attorneys General Settlement		0.01%		0.01%
Total Return Excluding Payment from Affiliate		22.70		22.39

19

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	88,770
Sales Proceeds Excluding U.S. Government Obligations		110,660

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

20

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21

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Financial Highlights

– Selected Per-Share Data – (A)

	Net Asset							Net Realized																	Net Increase
	Value at							and Unrealized			Total from			Dividends from			Distributions								(Decrease) in			Net Asset
	Beginning of		Net Investment			Payments from		Gain (Loss) on			Investment			Net Investment			from Realized			Distributions		Total			Net Asset			Value at End of
Class	Period		Income (Loss)			(to) Affiliate		Investments			Operations			Income			Capital Gains			from Capital		Distributions			Value			Period
For the Year Ended December 31, 2011
IA	$	13.89	$	0.06		$	—	$	1.13		$	1.19		$	(0.01	)	$	—		$	—	$	(0.01	)	$	1.18		$	15.07
IB		13.61		0.02			—		1.11			1.13			—			—			—		—			1.13			14.74
For the Year Ended December 31, 2010
IA		12.99		0.08			—		0.84			0.92			(0.02	)		—			—		(0.02	)		0.90			13.89
IB		12.74		0.04			—		0.83			0.87			—			—			—		—			0.87			13.61
For the Year Ended December 31, 2009
IA		10.66		0.07			—		2.35			2.42			(0.07	)		(0.02	)		—		(0.09	)		2.33			12.99
IB		10.46		0.03			—		2.31			2.34			(0.04	)		(0.02	)		—		(0.06	)		2.28			12.74
For the Year Ended December 31, 2008
IA		15.39		0.06			—		(3.99	)		(3.93	)		(0.06	)		(0.74	)		—		(0.80	)		(4.73	)		10.66
IB		15.11		0.02			—		(3.91	)		(3.89	)		(0.02	)		(0.74	)		—		(0.76	)		(4.65	)		10.46
For the Year Ended December 31, 2007
IA		16.84		0.03			—		0.99			1.02			(0.02	)		(2.45	)		—		(2.47	)		(1.45	)		15.39
IB		16.59		(0.02	)		—		0.99			0.97			—			(2.45	)		—		(2.45	)		(1.48	)		15.11

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.
(C)	Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Total return without the inclusion of the Payment from (to) Affiliate can be found in Expenses in the accompanying Notes to Financial Statements.

22

– Ratios and Supplemental Data –

				Ratio of Expenses to Average Net			Ratio of Expenses to Average Net			Ratio of Net Investment Income			Portfolio Turnover
Total Return(B)		Net Assets at End of Period		Assets Before Waivers(C)			Assets After Waivers(C)			(Loss) to Average Net Assets			Rate(D)
8.54	%	$	137,088		0.91	%		0.91	%		0.33	%		45	%
8.27			48,933		1.16			1.16			0.08			–
7.10			137,454		0.90			0.90			0.55			32
6.84			54,753		1.15			1.15			0.30			–
22.72	(E)		154,216		0.91			0.91			0.51			73
22.41	(E)		63,065		1.16			1.16			0.26			–
(25.56	)		179,087		0.88			0.88			0.42			57
(25.75	)		62,080		1.13			1.13			0.17			–
6.12			289,561		0.87			0.87			0.16			39
5.86			105,898		1.12			1.12			(0.09	)		–

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Healthcare HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Healthcare HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

February 13, 2012

24

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

26

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return			Hypothetical (5% return before expenses)
			Expenses paid			Expenses paid		Days in
		Ending	during the period		Ending	during the period		the	Days
	Beginning	Account Value	June 30, 2011	Beginning	Account Value	June 30, 2011	Annualized	current	in the
	Account Value	December 31,	through	Account Value	December 31,	through	expense	1/2	full
	June 30, 2011	2011	December 31, 2011	June 30, 2011	2011	December 31, 2011	ratio	year	year
Class IA	$1,000.00	$916.77	$4.40	$1,000.00	$1,020.62	$4.63	0.91%	184	365
Class IB	$1,000.00	$915.61	$5.60	$1,000.00	$1,019.36	$5.90	1.16%	184	365

28

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Healthcare HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

29

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

30

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

31

Hartford Healthcare HLS Fund (formerly Hartford Global Health HLS Fund)

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

32

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-HC11 2-12     109078     Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford High Yield HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	11
Statement of Assets and Liabilities at December 31, 2011	12
Statement of Operations for the Year Ended December 31, 2011	13
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	14
Notes to Financial Statements	15
Financial Highlights	30
Report of Independent Registered Public Accounting Firm	32
Directors and Officers (Unaudited)	33
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	35
Quarterly Portfolio Holdings Information (Unaudited)	35
Expense Example (Unaudited)	36
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	37

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under “Why did the Fund perform this way?” and “What is the outlook?” are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford High Yield HLS Fund inception 09/30/1998

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks to provide high current income, and long-term total return.

Performance Overview 12/31/01 - 12/31/11

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11)

	1 Year	5 Year	10 Year
High Yield IA	4.69%	7.05%	7.00%
High Yield IB	4.44%	6.79%	6.73%
Barclays Capital U.S. Corporate High-Yield Index	4.98%	7.54%	8.85%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

Barclays Capital U.S. Corporate High-Yield Index is an unmanaged broad-based market-value-weighted index that tracks the total return performance of non-investment grade, fixed-rate, publicly placed, dollar denominated and nonconvertible debt registered with the Securities and Exchange Commission.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford High Yield HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Managers
Carlos Feged, CFA	James Serhant, CFA
Senior Vice President	Senior Vice President

How did the Fund perform?

The Class IA Shares of the Hartford High Yield HLS Fund returned 4.69% for the twelve-month period ended December 31, 2011, underperforming its benchmark the Barclays Capital U.S. High Yield Index returned 4.98%, and outperforming the Lipper High Current Yield VP-UF Funds category, a group of funds with investment strategies similar to those of the Fund, which returned 3.35%.

Why did the Fund perform this way?

While the performance of the High Yield market was close to our 6-7% expectation for 2011, the volatility experienced in achieving this return was much higher than we expected.  With one eye on Global Macro issues, including the European debt crisis, the United States debt ceiling debate and the global growth outlook, and another on the more traditional drivers of High Yield performance, including corporate earnings and balance sheets, the market has been whipsawed in unusual fashion over the last 12 months. Indeed, the monthly volatility of the High Yield market over the period was 40% higher than normal, with a monthly volatility of 2.8% compared to a historical average of 2% for the market and 2.3% in years with a similar return profile.

The Fund had mixed security selection across the major industry sectors. Information Technology and Telecommunication Services saw the best security selection with the Fund’s holdings outpacing the index holdings based on the strength of strong security choices and weightings within the Level 3 Communications and First Data issuer complexes. Other strong issuer contributors were MGM Resorts, benefitting from an economic rebound on the Las Vegas strip; SpringLeaf Finance Corporation (fka American General Finance) whose volatility provided meaningful trading opportunities; and a large position in a unique Term Loan of Easton Bell Sports.

In 2011, we had poor security selection within the Consumer Staples sector which was hurt by a late-year sell-off in one of our long-term core holdings, American Seafood Group LLC. While 2011 was a disappointing year for the company due to a confluence of the Japanese tsunami reducing demand as well as cyclical dynamics in the seafood industry,we believe these to be one-off events and expect results to improve in 2012. The biggest overall drags on performance at the issuer level came from our positioning on convertible bonds in the auto sector, which included General Motors, TRW Automotive and Dana Corporation. Entering the year our view was that healthy balance sheets in the Automotive sector were likely to be deployed in shareholder friendly actions. We believed equities stood to gain disproportionately from these actions as Automotive bonds presented paltry yields and re-leveraging risk. As a result, we felt that there was better value in convertible bonds. We were wrong. Automotive bonds outperformed the High Yield market as strong balance sheets were kept intact and shielded fixed income investors from a deteriorating macroeconomic environment that led to significant equity market declines. We are not yet giving up on this theme and look to earnings announcements and capital returns to shareholders to be likely catalysts for improved performance in 2012.

What is the outlook?

The market rallied into year-end, posting a 2.66% return for December, recovering November’s decline and a little more. The dollar price of 97.92 is up more than seven points from the early October low and back to well above the historical average and median dollar price of 90.65 and 93.02, respectively. At these levels, the market is pricing in a 7% default rate for 2012, up from a 4.5% default rate expectation a year ago. So, despite the fact that actual defaults came in at only 1.7%, materially lower than what was priced in a year ago (and even lower than our 2% forecast), spreads widened in anticipation of higher default rates beyond 2011. We anticipate defaults could tick-up to the 3-4% area, primarily due to the risk of a very large default in the space, but expect it will remain well below what is priced in.

We expect market volatility will likely remain somewhat more elevated than normal. While Europe has not solved its long-term problems by any stretch, they seem to have bought enough time and continue to iterate toward a longer-term solution. Indeed, the Europeans do seem to have begun to successfully navigate the all important first half of 2012 refunding hurdle by using the European Central Bank’s new liquidity programs, which has helped to spur successful Spanish and Italian bond auctions. This is positive and the markets have begun to respond favorably. And while we believe a recession in Europe is underway, companies seem to be weathering the storm better than most expect as suggested by recent comments from the CEO of Avis and the operational update from Ineos Chemical Holdings. Economic data in the U.S. has continued to steadily improve, and while still weak for a recovery, suggests that growth will likely be in the 2-3% range for 2012. In this environment, spreads may continue to tighten meaningfully by year-end,

3

Hartford High Yield HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

driven by improved clarity on both the European and domestic political fronts. As these become clearer, we believe the High Yield market will come to accept that the default peak will be meaningfully below that of the last cycle, and expect spreads to potentially tighten into the 600bps area. If this happens, we expect that the High Yield market would likely deliver high single digit returns for 2012.

Distribution by Credit Quality

as of December 31, 2011

Credit Rating *	Percentage of Net Assets
Baa / BBB		2.6
Ba / BB		17.6
B		46.7
Caa / CCC or Lower		23.4
Unrated		3.1
U.S. Government Agencies and Securities		5.4
Non Debt Securities and Other Short-Term Instruments		1.0
Other Assets & Liabilities		0.2
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Security Type

as of December 31, 2011

	Percentage of
Category	Net Assets
Asset & Commercial Mortgage Backed Securities		0.5	%
Common Stocks		0.3
Corporate Bonds		85.1
Preferred Stocks		0.7
Senior Floating Rate Interests		7.8
U.S. Government Securities		5.3
Warrants		0.0
Short-Term Investments		0.1
Other Assets and Liabilities		0.2
Total		100.0	%

Diversification by Industry

as of December 31, 2011

	Percentage of
Industry	Net Assets
Fixed Income Securities
Accommodation and Food Services		3.5	%
Administrative Waste Management and Remediation		1.2
Agriculture, Forestry, Fishing and Hunting		0.7
Air Transportation		1.0
Apparel Manufacturing		0.5
Arts, Entertainment and Recreation		9.4
Chemical Manufacturing		1.7
Computer and Electronic Product Manufacturing		2.3
Construction		1.1
Educational Services		0.3
Fabricated Metal Product Manufacturing		0.3
Finance and Insurance		12.1
Food Manufacturing		0.4
Food Services		0.6
Health Care and Social Assistance		5.7
Information		10.7
Machinery Manufacturing		0.6
Mining		1.9
Miscellaneous Manufacturing		1.2
Motor Vehicle & Parts Manufacturing		4.4
Paper Manufacturing		1.2
Petroleum and Coal Products Manufacturing		7.5
Pipeline Transportation		2.5
Plastics and Rubber Products Manufacturing		0.9
Primary Metal Manufacturing		0.8
Printing and Related Support Activities		0.9
Professional, Scientific and Technical Services		2.6
Rail Transportation		0.5
Real Estate and Rental and Leasing		2.5
Retail Trade		6.6
Soap, Cleaning Compound, and Toilet Manufacturing		0.5
Textile Product Mills		0.4
Transit and Ground Passenger Transportation		0.4
Truck Transportation		0.9
Utilities		3.9
Water Transportation		0.8
Wholesale Trade		0.9
Total		93.4	%
Equity Securities
Automobiles & Components		0.7
Energy		0.3
Food, Beverage & Tobacco		0.0
Software & Services		0.0
Total		1.0	%
U.S. Government Securities		5.3
Short-Term Investments		0.1
Other Assets and Liabilities		0.2
Total		100.0	%

4

Hartford High Yield HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.5%
		Finance and Insurance - 0.5%
		Banc of America Large Loan
$	3,905	2.03%, 11/15/2015 ■Δ	$	3,529
		Soundview NIM Trust
	2,490	0.00%, 12/25/2036 ⌂■●		—
				3,529
		Total asset & commercial mortgage backed securities
		(cost $6,296)	$	3,529
CORPORATE BONDS - 85.1%
		Accommodation and Food Services - 3.5%
		Marina District Finance Co., Inc.
$	2,653	9.50%, 10/15/2015	$	2,480
		MGM Mirage, Inc.
	11,546	11.13%, 11/15/2017		13,162
		MGM Resorts International
	6,168	11.38%, 03/01/2018		6,785
		Wynn Las Vegas LLC
	2,424	7.75%, 08/15/2020		2,691
				25,118
		Administrative Waste Management and Remediation - 1.2%
		Energy Solutions, Inc. LLC
	3,021	10.75%, 08/15/2018		2,828
		Iron Mountain, Inc.
	2,641	7.75%, 10/01/2019		2,790
		TransUnion LLC
	2,440	11.38%, 06/15/2018		2,788
				8,406
		Agriculture, Forestry, Fishing and Hunting - 0.7%
		American Seafood Group LLC
	3,577	10.75%, 05/15/2016 ■		3,184
	2,171	15.00%, 05/15/2017 ■Þ		1,619
				4,803
		Air Transportation - 0.5%
		United Air Lines, Inc.
	3,502	9.88%, 08/01/2013 ■		3,581
		Apparel Manufacturing - 0.5%
		Quiksilver, Inc.
	3,502	6.88%, 04/15/2015		3,252
		Arts, Entertainment and Recreation - 8.0%
		CCO Holdings LLC
	777	7.38%, 06/01/2020		820
		Cenveo, Inc.
	3,163	8.88%, 02/01/2018		2,760
		Cequel Communication LLC
	2,431	8.63%, 11/15/2017 ■		2,577
		Clubcorp Club Operations, Inc.
	3,676	10.00%, 12/01/2018		3,529
		Downstream Development Authority
	2,668	10.50%, 07/01/2019 ■		2,521
		FireKeepers Development Authority
	6,779	13.88%, 05/01/2015 ■		7,694
		First Data Corp.
	5,189	10.55%, 09/24/2015 Þ		4,949
		Knight Ridder, Inc.
	10,621	6.88%, 03/15/2029		5,311
		McClatchy Co.
	4,252	11.50%, 02/15/2017		4,114
		NAI Entertainment Holdings LLC
	1,494	8.25%, 12/15/2017 ■		1,580
		TL Acquisitions, Inc.
	6,725	10.50%, 01/15/2015 ■		4,825
		UPC Germany GMBH
	2,555	8.13%, 12/01/2017 ■		2,699
		Virgin Media Finance plc
	2,330	9.50%, 08/15/2016		2,615
		XM Satellite Radio, Inc.
	3,724	7.63%, 11/01/2018 ■		3,910
	6,045	13.00%, 08/01/2013 ■		6,861
				56,765
		Chemical Manufacturing - 1.7%
		Ferro Corp.
	3,968	7.88%, 08/15/2018		3,988
		Hexion Specialty Chemicals
	3,690	8.88%, 02/01/2018		3,459
		Ineos Group Holdings plc
	5,536	8.50%, 02/15/2016 ■		4,401
				11,848
		Computer and Electronic Product Manufacturing - 2.3%
		Advanced Micro Devices, Inc.
	2,734	8.13%, 12/15/2017 ‡		2,837
		Magnachip Semiconductor
	2,493	10.50%, 04/15/2018		2,593
		Nextel Communications, Inc.
	3,024	7.38%, 08/01/2015		2,767
		Seagate HDD Cayman
	2,630	7.75%, 12/15/2018 ■		2,798
		Sorenson Communications
	2,005	10.50%, 02/01/2015 ■		1,383
		Stratus Technologies, Inc.
	1,605	12.00%, 03/29/2015		1,452
		Viasystems, Inc.
	2,410	12.00%, 01/15/2015 ■		2,582
				16,412
		Construction - 1.1%
		D.R. Horton, Inc.
	2,520	6.50%, 04/15/2016		2,611
		Pulte Homes, Inc.
	2,446	7.88%, 06/15/2032		1,969
		Shea Homes L.P.
	3,133	8.63%, 05/15/2019 ■		2,930
				7,510
		Educational Services - 0.3%
		Laureate Education, Inc.
	2,422	10.00%, 08/15/2015 ■		2,470
		Fabricated Metal Product Manufacturing - 0.3%
		BWAY Holding Co.
	2,282	10.00%, 06/15/2018		2,430

The accompanying notes are an integral part of these financial statements

5

Hartford High Yield HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 85.1% - (continued)
		Finance and Insurance - 10.4%
		Ally Financial, Inc.
$	3,500	7.50%, 09/15/2020 ‡	$	3,535
	2,723	8.30%, 02/12/2015		2,873
		CIT Group, Inc.
	3,440	6.63%, 04/01/2018 ■		3,560
	13,968	7.00%, 05/01/2017		13,968
		CNL Lifestyle Properties
	4,044	7.25%, 04/15/2019		3,741
		Ford Motor Credit Co.
	3,150	12.00%, 05/15/2015		3,859
		GMAC LLC
	2,040	8.00%, 11/01/2031		1,969
		Hub International Holdings, Inc.
	2,792	10.25%, 06/15/2015 ■		2,771
		Ineos Finance plc
	4,200	9.00%, 05/15/2015 ■		4,263
		Liberty Mutual Group, Inc.
	3,641	10.75%, 06/15/2058 ■		4,569
		Offshore Group Investments Ltd.
	2,408	11.50%, 08/01/2015		2,604
		Penson Worldwide, Inc.
	3,495	12.50%, 05/15/2017 ■		2,097
		Provident Funding Associates L.P.
	2,763	10.13%, 02/15/2019 ■		2,127
	5,422	10.25%, 04/15/2017 ■		5,056
		Springleaf Finance Corp.
	15,536	6.90%, 12/15/2017		11,186
		Tomkins, Inc. LLC
	2,596	9.00%, 10/01/2018		2,878
		UPCB Finance III Ltd.
	2,868	6.63%, 07/01/2020 ■		2,825
				73,881
		Food Manufacturing - 0.4%
		JBS USA LLC
	3,091	7.25%, 06/01/2021 ■		2,882
		Food Services - 0.6%
		Landry's Acquisition Co.
	126	11.63%, 12/01/2015 ■		133
		Landry's Restaurants, Inc.
	4,190	11.63%, 12/01/2015		4,410
				4,543
		Health Care and Social Assistance - 5.7%
		Alere, Inc.
	2,469	7.88%, 02/01/2016		2,475
		Amerigroup Corp.
	2,489	7.50%, 11/15/2019		2,564
		Aurora Diagnostic Holdings
	2,765	10.75%, 01/15/2018		2,751
		Biomet, Inc.
	3,254	10.38%, 10/15/2017 Þ		3,522
		Examworks Group, Inc.
	2,650	9.00%, 07/15/2019 ■		2,398
		HCA, Inc.
	12,289	7.50%, 11/15/2095		9,463
	2,596	8.50%, 04/15/2019		2,843
		Health Management Associates, Inc.
	2,160	7.38%, 01/15/2020 ■		2,246
		LifePoint Hospitals, Inc.
	3,021	6.63%, 10/01/2020		3,130
		Rite Aid Corp.
	2,342	10.25%, 10/15/2019		2,582
		Tenet Healthcare Corp.
	2,831	6.25%, 11/01/2018 ■		2,881
		Valeant Pharmaceuticals International
	3,605	7.25%, 07/15/2022 ■		3,497
				40,352
		Information - 9.9%
		Charter Communications Holdings II LLC
	1,958	13.50%, 11/30/2016		2,261
		Clearwire Corp.
	5,666	12.00%, 12/01/2015 ■		5,425
		CSC Holdings LLC
	2,739	6.75%, 11/15/2021 ■		2,883
		DISH DBS Corp.
	5,066	7.88%, 09/01/2019		5,725
		Evertec, Inc.
	2,743	11.00%, 10/01/2018		2,798
		Frontier Communications Corp.
	2,984	7.88%, 01/15/2027		2,536
		GXS Worldwide, Inc.
	2,778	9.75%, 06/15/2015		2,570
		iGate Corp.
	2,845	9.00%, 05/01/2016 ■		2,937
		Intelsat Bermuda Ltd.
	3,007	11.50%, 02/04/2017 Þ		2,901
		Intelsat Jackson Holdings Ltd.
	7,610	8.50%, 11/01/2019		8,067
		Kabel Baden Wurttemberg GMBH & Co.
	2,646	7.50%, 03/15/2019 ■		2,778
		Level 3 Financing, Inc.
	6,596	10.00%, 02/01/2018		6,992
		Paetec Holding Corp.
	2,127	9.88%, 12/01/2018		2,340
		Qwest Corp.
	2,877	7.25%, 10/15/2035		2,869
		Sprint Nextel Corp.
	3,267	9.00%, 11/15/2018 ■		3,430
	4,395	11.50%, 11/15/2021 ■		4,351
		Trilogy International Partners LLC
	3,533	10.25%, 08/15/2016 ■		3,233
		Videotron Ltee
	2,565	9.13%, 04/15/2018		2,825
		Windstream Corp.
	3,400	7.50%, 04/01/2023		3,357
				70,278
		Machinery Manufacturing - 0.6%
		Case New Holland, Inc.
	3,816	7.88%, 12/01/2017		4,312
		Mining - 1.9%
		Arch Coal, Inc.
	2,516	7.25%, 06/15/2021 ■		2,585
		FMG Resources Pty Ltd.
	3,662	7.00%, 11/01/2015 ■		3,699
	1,434	8.25%, 11/01/2019 ■		1,459
		Peabody Energy Corp.
	3,520	6.00%, 11/15/2018 ■		3,590

The accompanying notes are an integral part of these financial statements

6

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 85.1% - (continued)
		Mining - 1.9% - (continued)
		Taseko Mines Ltd.
$	2,414	7.75%, 04/15/2019	$	2,179
				13,512
		Miscellaneous Manufacturing - 1.2%
		BE Aerospace, Inc.
	2,408	6.88%, 10/01/2020		2,624
		Reynolds Group Issuer, Inc.
	1,995	7.88%, 08/15/2019 ■		2,085
	3,900	9.00%, 04/15/2019 ■		3,705
				8,414
		Motor Vehicle & Parts Manufacturing - 2.2%
		Chrysler Group
	3,930	8.25%, 06/15/2021 ■		3,576
		Ford Motor Co.
	2,405	7.50%, 08/01/2026		2,556
	4,251	9.22%, 09/15/2021		5,016
		TRW Automotive, Inc.
	3,333	3.50%, 12/01/2015		4,491
				15,639
		Paper Manufacturing - 1.2%
		Mercer International, Inc.
	3,014	9.50%, 12/01/2017		3,082
		Sappi Papier Holding, Inc.
	1,566	6.63%, 04/15/2021 ■		1,343
		Westvaco Corp.
	3,287	8.20%, 01/15/2030		3,737
				8,162
		Petroleum and Coal Products Manufacturing - 7.2%
		Alon Refinancing Krotz Springs, Inc.
	3,038	13.50%, 10/15/2014 ‡		3,160
		Alpha Natural Resources, Inc.
	2,355	6.00%, 06/01/2019		2,284
		Bill Barrett Corp.
	1,050	7.63%, 10/01/2019		1,097
	1,810	9.88%, 07/15/2016		1,991
		Chaparral Energy, Inc.
	2,563	9.88%, 10/01/2020		2,768
		Chesapeake Energy Corp.
	2,940	6.88%, 08/15/2018		3,146
		Concho Resources, Inc.
	2,504	7.00%, 01/15/2021		2,689
		Denbury Resources, Inc.
	2,192	9.75%, 03/01/2016		2,417
		EV Energy Partners Finance
	1,916	8.00%, 04/15/2019		1,950
		Headwaters, Inc.
	2,423	7.63%, 04/01/2019		2,144
		Key Energy Services, Inc.
	3,471	6.75%, 03/01/2021		3,471
		Newfield Exploration Co.
	1,546	5.75%, 01/30/2022		1,670
		Plains Exploration & Production Co.
	1,203	6.75%, 02/01/2022		1,260
		Regency Energy Partners L.P.
	2,619	9.38%, 06/01/2016		2,881
		Rosetta Resources, Inc.
	2,578	9.50%, 04/15/2018		2,784
		Sandridge Energy, Inc.
	2,610	8.75%, 01/15/2020		2,695
		Targa Resources Partners
	2,596	11.25%, 07/15/2017		2,920
		Venoco, Inc.
	2,729	8.88%, 02/15/2019		2,456
		Western Refining, Inc.
	2,867	11.25%, 06/15/2017 ■		3,261
		WPX Energy, Inc.
	3,835	6.00%, 01/15/2022 ■		3,926
				50,970
		Pipeline Transportation - 2.5%
		Chesapeake Midstream Partners
	2,888	5.88%, 04/15/2021 ■		2,888
		Dynegy Holdings, Inc.
	8,558	0.00%, 06/01/2019 Ω		5,606
		Eagle Rock Energy Partners L.P.
	2,720	8.38%, 06/01/2019 ■		2,720
		El Paso Corp.
	3,345	7.80%, 08/01/2031		3,855
		Energy Transfer Equity L.P.
	2,643	7.50%, 10/15/2020		2,887
				17,956
		Plastics and Rubber Products Manufacturing - 0.9%
		Plastipak Holdings, Inc.
	2,421	10.63%, 08/15/2019 ■		2,675
		Sealed Air Corp.
	537	8.13%, 09/15/2019 ■		588
	963	8.38%, 09/15/2021 ■		1,064
		Titan International, Inc.
	2,197	7.88%, 10/01/2017		2,285
				6,612
		Primary Metal Manufacturing - 0.8%
		Aleris International, Inc.
	2,845	7.63%, 02/15/2018		2,774
		Novelis, Inc.
	2,513	8.38%, 12/15/2017		2,670
				5,444
		Printing and Related Support Activities - 0.9%
		Harland Clarke Holdings Corp.
	4,685	9.50%, 05/15/2015		3,420
		Sheridan (The) Group, Inc.
	3,607	12.50%, 04/15/2014		3,247
				6,667
		Professional, Scientific and Technical Services - 2.6%
		Affinion Group, Inc.
	11,835	11.50%, 10/15/2015		10,326
	6,910	11.63%, 11/15/2015 ‡		5,735
		Global Geophysical Services, Inc.
	2,845	10.50%, 05/01/2017		2,675
				18,736
		Rail Transportation - 0.5%
		RailAmerica, Inc.
	3,078	9.25%, 07/01/2017		3,363
		Real Estate and Rental and Leasing - 2.5%
		Ashtead Capital, Inc.
	2,720	9.00%, 08/15/2016 ■		2,836
		Avis Budget Car Rental LLC
	3,632	9.63%, 03/15/2018 ‡		3,759

The accompanying notes are an integral part of these financial statements

7

Hartford High Yield HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 85.1% - (continued)
		Real Estate and Rental and Leasing - 2.5% - (continued)
		International Lease Finance Corp.
$	3,500	8.88%, 09/01/2017	$	3,623
		Maxim Crane Works L.P.
	2,889	12.25%, 04/15/2015 ■		2,600
		Realogy Corp.
	2,328	11.75%, 04/15/2014 Þ		2,049
		United Rentals North America, Inc.
	2,823	8.38%, 09/15/2020		2,752
				17,619
		Retail Trade - 5.2%
		Amerigas Partners L.P.
	3,516	6.25%, 08/20/2019		3,498
		Building Materials Corp.
	3,013	7.50%, 03/15/2020 ■		3,254
		Dollar General Corp.
	3,418	11.88%, 07/15/2017 Þ		3,777
		Hillman Group, Inc.
	3,257	10.88%, 06/01/2018		3,224
		J.C. Penney Co., Inc.
	3,196	7.63%, 03/01/2097		2,860
		Jaguar Land Rover plc
	3,683	8.13%, 05/15/2021 ■		3,462
		Liz Claiborne, Inc.
	2,950	10.50%, 04/15/2019 ■		3,157
		Masonite International Co.
	2,868	8.25%, 04/15/2021 ■		2,811
		Nebraska Book Co.
	2,883	10.00%, 04/15/2012 Ψ		2,033
		Sears Holdings Corp.
	2,878	6.63%, 10/15/2018		2,187
		Supervalu, Inc.
	3,422	8.00%, 05/01/2016		3,533
		Toys R Us, Inc.
	2,779	7.38%, 09/01/2016 ■		2,786
				36,582
		Soap, Cleaning Compound, and Toilet Manufacturing - 0.5%
		Yankee Candle Co.
	3,828	10.25%, 02/15/2016		3,349
		Textile Product Mills - 0.4%
		Interface, Inc.
	2,592	7.63%, 12/01/2018		2,741
		Transit and Ground Passenger Transportation - 0.4%
		Emergency Medical Services Corp.
	2,768	8.13%, 06/01/2019		2,761
		Truck Transportation - 0.9%
		Swift Transportation Co., Inc.
	5,626	12.50%, 05/15/2017 ■		6,062
		Utilities - 3.9%
		AES Corp.
	2,524	9.75%, 04/15/2016 ‡		2,890
		Calpine Corp.
	6,710	7.88%, 01/15/2023 ■		7,213
		Edison Mission Energy
	8,609	7.00%, 05/15/2017		5,596
		Energy Future Intermediate Holding Co. LLC
	4,266	10.00%, 12/01/2020		4,501
		NRG Energy, Inc.
	5,158	8.50%, 06/15/2019		5,235
		Reliant Energy, Inc.
	1,959	9.24%, 07/02/2017		1,920
				27,355
		Water Transportation - 0.8%
		Seven Seas Cruises
	2,732	9.13%, 05/15/2019 ■		2,794
		Ship Finance International Ltd.
	3,027	8.50%, 12/15/2013		2,845
				5,639
		Wholesale Trade - 0.9%
		Spectrum Brands, Inc.
	3,565	12.00%, 08/28/2019 Þ		3,878
		U.S. Foodservice, Inc.
	2,853	8.50%, 06/30/2019 ■		2,760
				6,638
		Total corporate bonds
		(cost $602,406)	$	603,064
SENIOR FLOATING RATE INTERESTS ♦ - 7.8%
		Air Transportation - 0.5%
		Macquarie Aircraft Leasing Finance S.A., Second Lien Term Loan
$	3,513	4.30%, 11/29/2013 ±⌂	$	3,303
		Arts, Entertainment and Recreation - 1.4%
		AMC Entertainment Holdings, Inc.
	6,467	5.00%, 06/13/2012 ±Þ		6,268
		Chester Downs and Marina LLC
	1,358	12.38%, 07/31/2016 ±		1,360
		Revel Entertainment Group LLC
	2,687	9.00%, 02/17/2017 ±☼		2,448
				10,076
		Finance and Insurance - 1.2%
		Asurion Corp., Second Lien Term Loan
	2,371	9.00%, 05/24/2019 ±		2,330
		BNY Convergex Group LLC, 2nd Lien Eze Borrower Term Loan Committment
	407	8.75%, 12/17/2017 ±		387
		BNY Convergex Group LLC, 2nd Lien Top Borrower Term Loan Committment
	971	8.75%, 12/17/2017 ±		922
		Nuveen Investments, Inc., Second Lien Term Loan
	5,152	12.50%, 07/31/2015 ±		5,318
				8,957
		Information - 0.8%
		WideOpenWest Finance LLC, Second Lien Term Loan
	6,277	6.54%, 06/29/2015 ±Þ		5,579
		Motor Vehicle & Parts Manufacturing - 2.2%
		General Motors Co.
	17,705	0.38%, 10/27/2015 ◊☼		15,394

The accompanying notes are an integral part of these financial statements

8

Shares or Principal Amount					Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 7.8% - (continued)
		Petroleum and Coal Products Manufacturing - 0.3%
		Dynegy Power LLC
$	1,920	9.25%, 08/05/2016 ±			$	1,941
		Retail Trade - 1.4%
		Easton-Bell Sports, Inc.
	10,379	11.50%, 12/31/2015 ±⌂Þ				10,068
		Total senior floating rate interests
		(cost $58,104)			$	55,318
U.S. GOVERNMENT SECURITIES - 5.3%
U.S. Treasury Securities - 5.3%
		U.S. Treasury Notes - 5.3%
$	37,236	1.88%, 06/15/2012			$	37,540
		Total U.S. government securities
		(cost $37,539)			$	37,540
COMMON STOCKS - 0.3%
		Energy - 0.3%
	207,275	KCA Deutag ⌂●†			$	1,720
		Software & Services - 0.0%
	38	Stratus Technologies, Inc. ⌂●†				—
		Total common stocks
		(cost $2,796)			$	1,720
PREFERRED STOCKS - 0.7%
		Automobiles & Components - 0.7%
	143	General Motors Co., 4.75% ۞			$	4,893
		Software & Services - 0.0%
	9	Stratus Technologies, Inc. ⌂†				—
		Total preferred stocks
		(cost $6,507)			$	4,893
WARRANTS - 0.0%
		Food, Beverage & Tobacco - 0.0%
	2	ASG Consolidated LLC ⌂■			$	140
		Total warrants
		(cost $34)			$	140
		Total long-term investments
		(cost $713,682)			$	706,204
SHORT-TERM INVESTMENTS - 0.1%
		Investment Pools and Funds - 0.0%
	10	JP Morgan U.S. Government Money Market Fund			$	11
	—	Wells Fargo Advantage Government Money Market Fund				—
						11
		U.S. Treasury Bills - 0.1%
$	900	0.01%, 2/2/2012 ○				900
		Total short-term investments
		(cost $911)			$	911
		Total investments
		(cost $714,593) ▲	99.8	%	$	707,115
		Other assets and liabilities	0.2	%		1,553
		Total net assets	100.0	%	$	708,668

Note: Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 7.1% of total net assets at December 31, 2011.

The accompanying notes are an integral part of these financial statements

9

Hartford High Yield HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $716,902 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	18,897
Unrealized Depreciation		(28,684	)
Net Unrealized Depreciation	$	(9,787	)

† These securities are valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At December 31, 2011, the aggregate value of these securities was $1,720, which represents 0.2% of total net assets.

● Non-income producing.

● Non-income producing.  For long-term debt securities, items identified are in default as to payment of interest and/or principal.

Ψ The company is in bankruptcy.  The investment held by the fund is current with respect to interest payments.

Ω Debt security in default due to bankruptcy.

Δ Variable rate securities; the rate reported is the coupon rate in effect at December 31, 2011.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

± The interest rate disclosed for these securities represents the average coupon as of December 31, 2011.

◊ The interest rate disclosed for these securities represents an estimated average coupon as of December 31, 2011.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At December 31, 2011, the aggregate value of these securities was $206,525, which represents 29.1% of total net assets.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
04/2010 - 07/2010		2	ASG Consolidated LLC Warrants - 144A	$	34
09/2010 - 11/2011	$	10,379	Easton-Bell Sports, Inc., 11.50%, 12/31/2015		10,283
03/2011		207,275	KCA Deutag		2,796
01/2011 - 08/2011	$	3,513	Macquarie Aircraft Leasing Finance S.A., Second Lien Term Loan, 4.30%, 11/29/2013		3,230
02/2007	$	2,490	Soundview NIM Trust, 0.00%, 12/25/2036 - 144A		2,479
03/2010 - 04/2010		9	Stratus Technologies, Inc. Preferred		—
03/2010 - 04/2010		38	Stratus Technologies, Inc.		—

At December 31, 2011, the aggregate value of these securities was $15,231, which represents 2.1% of total net assets.

۞ Convertible security.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $18,646 at December 31, 2011.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

Þ This security may pay interest in additional principal instead of cash.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

10

Hartford High Yield HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	3,529	$	—	$	3,529	$	—
Common Stocks ‡		1,720		—		—		1,720
Corporate Bonds		603,064		—		597,897		5,167
Preferred Stocks		4,893		4,893		—		—
Senior Floating Rate Interests		55,318		—		55,318		—
U.S. Government Securities		37,540		—		37,540		—
Warrants		140		140		—		—
Short-Term Investments		911		11		900		—
Total	$	707,115	$	5,044	$	695,184	$	6,887

♦ For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as					Change in														Balance as
	of		Realized			Unrealized										Transfers		Transfers		of
	December		Gain			Appreciation			Net							Into		Out of		December
	31, 2010		(Loss)			(Depreciation)			Amortization		Purchases		Sales			Level 3 *		Level 3 *		31, 2011
Assets:
Asset & Commercial Mortgage Backed Securities	$	—	$	—		$	—	†	$	—	$	—	$	—		$	—	$	—	$	—
Common Stocks		—		—			(1,075	)‡		—		2,795		—			—		—		1,720
Corporate Bonds		5,606		(1,291	)		217	§		63		3,493		(4,743	)		1,822		—		5,167
Preferred Stocks		—		—			—	†		—		—		—			—		—		—
Total	$	5,606	$	(1,291	)	$	(858	)	$	63	$	6,288	$	(4,743	)	$	1,822	$	—	$	6,887

* Securities are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Securities where trading has been halted (transfer into Level 3) or securities where trading has resumed (transfer out of Level 3).

2) Broker quoted securities (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Securities that have certain restrictions on trading (transfer into Level 3) or securities where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 was zero.

‡ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 was $(1,075).

§ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 was $(219).

The accompanying notes are an integral part of these financial statements. 

11

Hartford High Yield HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $714,593)	$	707,115
Cash		1,629
Foreign currency on deposit with custodian (cost $—)		—
Receivables:
Fund shares sold		5,249
Dividends and interest		13,761
Total assets		727,754
Liabilities:
Payables:
Investment securities purchased		18,646
Fund shares redeemed		271
Investment management fees		107
Distribution fees		9
Accrued expenses		53
Total liabilities		19,086
Net assets	$	708,668
Summary of Net Assets:
Capital stock and paid-in-capital	$	705,466
Undistributed net investment income		57,146
Accumulated net realized loss		(46,466	)
Unrealized depreciation of investments and the translations of assets and liabilities denominated in foreign currency		(7,478	)
Net assets	$	708,668
Shares authorized		2,800,000
Par value	$	0.001
Class IA: Net asset value per share	$	8.70
Shares outstanding		63,037
Net assets	$	548,608
Class IB: Net asset value per share	$	8.59
Shares outstanding		18,638
Net assets	$	160,060

The accompanying notes are an integral part of these financial statements. 

12

Hartford High Yield HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	448
Interest		62,802
Total investment income, net		63,250
Expenses:
Investment management fees		5,207
Transfer agent fees		2
Distribution fees - Class IB		435
Custodian fees		8
Accounting services fees		136
Board of Directors' fees		18
Audit fees		15
Other expenses		150
Total expenses (before fees paid indirectly)		5,971
Custodian fee offset		(1	)
Total fees paid indirectly		(1	)
Total expenses, net		5,970
Net investment income		57,280
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments		20,924
Net realized gain on written options		1,325
Net realized gain on swap contracts		94
Net realized loss on foreign currency contracts		(245	)
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		22,098
Net Changes in Unrealized Depreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(44,734	)
Net unrealized appreciation of swap contracts		66
Net unrealized appreciation of foreign currency contracts		245
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Depreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		(44,423	)
Net Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(22,325	)
Net Increase in Net Assets Resulting from Operations	$	34,955

The accompanying notes are an integral part of these financial statements.

13

Hartford High Yield HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	57,280		$	64,815
Net realized gain on investments and other financial instruments		22,098			63,363
Net unrealized depreciation of investments and other financial instruments		(44,423	)		(17,997	)
Net Increase In Net Assets Resulting From Operations		34,955			110,181
Distributions to Shareholders:
From net investment income
Class IA		(49,277	)		(3,774	)
Class IB		(14,302	)		(1,226	)
Total distributions		(63,579	)		(5,000	)
Capital Share Transactions:
Class IA
Sold		148,789			190,974
Issued on reinvestment of distributions		49,277			3,774
Redeemed		(229,731	)		(198,912	)
Total capital share transactions		(31,665	)		(4,164	)
Class IB
Sold		42,743			46,511
Issued on reinvestment of distributions		14,302			1,226
Redeemed		(76,938	)		(75,736	)
Total capital share transactions		(19,893	)		(27,999	)
Net decrease from capital share transactions		(51,558	)		(32,163	)
Net Increase (Decrease) In Net Assets		(80,182	)		73,018
Net Assets:
Beginning of period		788,850			715,832
End of period	$	708,668		$	788,850
Undistributed (distribution in excess of)
net investment income	$	57,146		$	63,788
Shares:
Class IA
Sold		16,247			22,498
Issued on reinvestment of distributions		5,892			443
Redeemed		(24,914	)		(23,540	)
Total share activity		(2,775	)		(599	)
Class IB
Sold		4,716			5,523
Issued on reinvestment of distributions		1,731			145
Redeemed		(8,423	)		(9,090	)
Total share activity		(1,976	)		(3,422	)

The accompanying notes are an integral part of these financial statements. 

14

Hartford High Yield HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

Hartford High Yield HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in

15

Hartford High Yield HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Fixed income securities (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

16

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

17

Hartford High Yield HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of December 31, 2011.

18

b) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery securities as of December 31, 2011.

c) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

d) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the Schedule of Investments, had mortgage related and other asset backed securities as of December 31, 2011.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of

19

Hartford High Yield HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of December 31, 2011.

b) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option security or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund had no outstanding purchased options contracts as of December 31, 2011. Transactions involving written options contracts for the Fund during the year ended December 31, 2011, are summarized below:

20

	Options Contract Activity During the  Year Ended December 31, 2011
Call Options Written During the Year		Number of Contracts*			Premium Amounts
Beginning of the year		—		$	—
Written		43,110,000			670
Expired		(43,110,000	)		(670	)
Closed		—			—
Exercised		—			—
End of year		—		$	—
Put Options Written During the Year		Number of Contracts*			Premium Amounts
Beginning of the year		—		$	—
Written		27,060,000			655
Expired		(27,060,000	)		(655	)
Closed		—			—
Exercised		—			—
End of year		—		$	—

* The number of contracts does not omit 000's.

c) Swap Agreements – The Fund may invest in swap agreements. Swap agreements are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund enters into credit default, total return, cross-currency, interest rate, inflation and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap agreements are also used to gain exposure to certain markets. In connection with these agreements, securities or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments and some upfront payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Agreements – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a credit event, such as payment default or bankruptcy.

21

Hartford High Yield HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract. The Fund will generally not buy protection on issuers that are not currently held by the Fund.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund had no outstanding credit default swaps as of December 31, 2011.

d) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the year ended December 31, 2011.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on written options	$	—	$	—		$	1,325	$	—	$	—	$	—	$	1,325
Net realized gain on swap contracts		—		—			94		—		—		—		94
Net realized loss on foreign currency contracts		—		(245	)		—		—		—		—		(245	)
Total	$	—	$	(245	)	$	1,419	$	—	$	—	$	—	$	1,174
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of swap contracts	$	—	$	—		$	66	$	—	$	—	$	—	$	66
Net change in unrealized appreciation of foreign currency contracts		—		245			—		—		—		—		245
Total	$	—	$	245		$	66	$	—	$	—	$	—	$	311

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less

22

credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments in derivatives and other financial instruments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend

23

Hartford High Yield HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
Ordinary Income	$	63,579	$	5,000

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	57,180
Accumulated Capital and Other Losses*		(44,157	)
Unrealized Depreciation†		(9,787	)
Total Accumulated Earnings	$	3,236

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(343	)
Accumulated Net Realized Gain (Loss)		343

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

24

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	44,157
Total	$	44,157

As of December 31, 2011, the Fund utilized $23,678 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $500 million		0.7000	%
On next $500 million		0.6750	%
On next $4 billion		0.6250	%
On next $5 billion		0.6050	%
Over $10 billion		0.5950	%

Effective March 1, 2012, HL Advisors will be paid compensation for investment management services according to the following schedule:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7000	%
On next $500 million		0.6750	%
On next $1.5 billion		0.6250	%
On next $2.5 billion		0.6150	%
On next $5 billion		0.6050	%
Over $10 billion		0.5950	%

25

Hartford High Yield HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018	%
On next $5 billion		0.016	%
Over $10 billion		0.014	%

Effective January 1, 2012, the accounting services fees based on the Fund’s average daily net assets were increased. The new accounting services fees schedule is as follows:

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020	%
On next $5 billion		0.018	%
Over $10 billion		0.016	%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended December 31, 2011
Class IA		0.74	%
Class IB		0.99

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

26

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO was compensated on a per account basis for providing such services. The amount paid to HASCO can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – In July of 2007, The Hartford entered into a settlement with the Attorneys General of the states of New York, Connecticut and Illinois relating to market timing and the company's individual variable annuity contracts in which certain payments would be made directly to the variable annuity contract holders. The distribution plan provided that unclaimed money from the settlement would be distributed to certain HLS Funds that are investment options through a Hartford individual variable annuity contract. The unclaimed money was distributed to the Fund on September 18, 2009.

The total return in the accompanying financial highlights includes a payment from an affiliate. Had the payment from the affiliate been excluded, the impact and total return for the period listed below would have been as follows:

	For the Year Ended December 31, 2009
	Class IA		Class IB
Impact from Payment from Affiliate for Attorneys General Settlement		0.03%		0.03%
Total Return Excluding Payment from Affiliate		50.41		50.04

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	642,708
Sales Proceeds Excluding U.S. Government Obligations		694,457
Cost of Purchases for U.S. Government Obligations		118,555
Sales Proceeds for U.S. Government Obligations		80,850

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s. 

27

Hartford High Yield HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

At its meeting held on February 1, 2012, the Board of Directors of the Company approved a change of sub-adviser for the Fund, a series of the Company, from Hartford Investment Management to Wellington Management Company, LLP. As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HL Advisors and Wellington Management Company, LLP. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur on March 5, 2012. 

28

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29

Hartford High Yield HLS Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Year Ended December 31, 2011 (E)
IA	$	9.15	$	0.71	$	—	$	(0.31	)	$	0.40		$	(0.85	)	$	—	$	—	$	(0.85	)	$	(0.45	)	$	8.70
IB		9.04		0.67		—		(0.30	)		0.37			(0.82	)		—		—		(0.82	)		(0.45	)		8.59
For the Year Ended December 31, 2010 (E)
IA		7.94		0.75		—		0.52			1.27			(0.06	)		—		—		(0.06	)		1.21			9.15
IB		7.86		0.72		—		0.52			1.24			(0.06	)		—		—		(0.06	)		1.18			9.04
For the Year Ended December 31, 2009 (E)
IA		5.73		0.73		—		2.16			2.89			(0.68	)		—		—		(0.68	)		2.21			7.94
IB		5.68		0.70		—		2.14			2.84			(0.66	)		—		—		(0.66	)		2.18			7.86
For the Year Ended December 31, 2008
IA		8.87		0.83		—		(3.12	)		(2.29	)		(0.85	)		—		—		(0.85	)		(3.14	)		5.73
IB		8.78		0.83		—		(3.11	)		(2.28	)		(0.82	)		—		—		(0.82	)		(3.10	)		5.68
For the Year Ended December 31, 2007 (E)
IA		9.35		0.71		—		(0.45	)		0.26			(0.74	)		—		—		(0.74	)		(0.48	)		8.87
IB		9.27		0.68		—		(0.45	)		0.23			(0.72	)		—		—		(0.72	)		(0.49	)		8.78

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.

(C) Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using the average shares method.

(F) Total return without the inclusion of the Payment from (to) Affiliate can be found in Expenses in the accompanying Notes to Financial Statements.

30

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period		Ratio of Expenses to Average Net Assets Before Waivers(C)			Ratio of Expenses to Average Net Assets After Waivers(C)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate(D)
	4.69	%	$	548,608		0.74	%		0.74	%		7.68	%		88	%
	4.44			160,060		0.99			0.99			7.43			—
	16.15			602,493		0.75			0.75			8.80			139
	15.86			186,357		1.00			1.00			8.57			—
	50.46	(F)		527,000		0.75			0.75			10.32			173
	50.08	(F)		188,832		1.00			1.00			10.08			—
	(25.23	)		293,839		0.74			0.74			9.05			101
	(25.42	)		124,701		0.99			0.99			8.76			—
	2.79			460,243		0.77			0.72			7.47			148
	2.53			222,712		1.02			0.97			7.20			—

31

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford High Yield HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian, agent banks and brokers or by other appropriate auditing procedures where replies from agent banks and brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford High Yield HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
February 13, 2012 

32

Hartford High Yield HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

33

Hartford High Yield HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

34

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007. 

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. 

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 

35

Hartford High Yield HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return			Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011  through December 31, 2011	Beginning Account Value June 30, 2011	Ending Account Value December 31,  2011	Expenses paid during the period June 30, 2011  through December 31, 2011	Annualized expense  ratio	Days in the current  1/2 year	Days in the full year
Class IA	$1,000.00	$992.81	$3.72	$1,000.00	$1,021.48	$3.77	0.74%	184	365
Class IB	$1,000.00	$991.58	$4.97	$1,000.00	$1,020.21	$5.04	0.99%	184	365

36

Hartford High Yield HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford High Yield HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Hartford Investment Management Company (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

37

Hartford High Yield HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HL Advisors were considered in the aggregate.

38

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

39

Hartford High Yield HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

40

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-HY11 2-12     109078     Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Index HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	4
Investment Valuation Hierarchy Level Summary at December 31, 2011	10
Statement of Assets and Liabilities at December 31, 2011	11
Statement of Operations for the Year Ended December 31, 2011	12
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and  December 31, 2010	13
Notes to Financial Statements	14
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Expense Example (Unaudited)	28
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	29

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Index HLS Fund inception 05/01/1987
(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks to provide investment results which approximate the price and yield performance of publicly traded common stocks in the aggregate.

 

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11)

	1 Year	5 Year	10 Year
Index IA	1.81%	-0.51%	2.58%
Index IB	1.60%	-0.75%	2.33%
S&P 500 Index	2.09%	-0.25%	2.92%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

 Hartford Index HLS Fund

 Manager Discussion (Unaudited)

 December 31, 2011

Portfolio Manager

Deane Gyllenhaal

Vice President

How did the Fund perform?

The Class IA shares of the Hartford Index HLS Fund returned 1.81% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the S&P 500 Index, which returned 2.09%, and outperforming the Lipper S&P 500 Index VP-UF Funds category, a group of funds with investment strategies similar to those of the Fund, which returned 1.71%.

Why did the Fund perform this way?

By design, the Fund is managed to mimic the performance of the S&P 500 Index. Due to this approach, the Fund is expected to perform in line with the Index. However, we do not purchase the stock of our parent, The Hartford Financial Services Group, Inc. (HIG). This exposure to HIG is reallocated across the Life/Health, Property/Casualty and Multi-line Insurance industries. The performance of the Fund marginally differed from the benchmark over the period, primarily due to trading in futures contracts, minimal cash exposure, and lack of exposure to HIG.

Most of the sectors, as defined by the Global Industry Classification Standard (GICS), within the index had positive returns during 2011. Utilities rose the most, up 20% for the twelve month period. Consumer Staples added 14% and Health Care gained 13%. Heavily weighted Financials declined the most, down 17%, causing a drag on the overall index. Materials was also down 10%.

On a stock level, the best index performers for the year included Cabot Oil & Gas gaining 100.9%, then El Paso Corp. which returned 93.5%, and Intuitive Surgical rounded out the top three up 79.6%. On the negative side, the bottom two performers were First Solar which dropped 74.1%, and Monster Worldwide, which fell 66.4%.

What is the outlook?

Although U.S. economic data has improved and U.S. recession risks seemed to have eased, the European debt crisis seems unabated, if not spreading. It is possible we are seeing the beginnings of a decoupling of U.S. macro concerns from Europe. Much of the macro economic data, while improved, is still – on the whole – weak and we believe remains a significant barrier to growth. Investor sentiment is another significant barrier to long term fundamental growth. We believe investors are still minding geopolitical risks, and assessing whether either macroeconomic events or fundamentals are the drivers of market returns.

The Fund will continue to be fully invested in the S&P 500 Index, with a focus on risk control and efficient trading. Performance of the Fund is expected to mirror the return of the Index.

Diversification by Industry
as of December 31, 2011
Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		0.7	%
Banks (Financials)		2.7
Capital Goods (Industrials)		8.1
Commercial & Professional Services (Industrials)		0.5
Consumer Durables & Apparel (Consumer Discretionary)		1.0
Consumer Services (Consumer Discretionary)		2.1
Diversified Financials (Financials)		5.2
Energy (Energy)		12.1
Food & Staples Retailing (Consumer Staples)		2.4
Food, Beverage & Tobacco (Consumer Staples)		6.5
Health Care Equipment & Services (Health Care)		3.9
Household & Personal Products (Consumer Staples)		2.5
Insurance (Financials)		3.5
Materials (Materials)		3.5
Media (Consumer Discretionary)		3.1
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		7.8
Real Estate (Financials)		2.0
Retailing (Consumer Discretionary)		3.7
Semiconductors & Semiconductor Equipment (Information Technology)		2.3
Software & Services (Information Technology)		9.3
Technology Hardware & Equipment (Information Technology)		7.2
Telecommunication Services (Services)		2.9
Transportation (Industrials)		1.9
Utilities (Utilities)		3.8
Short-Term Investments		1.3
Other Assets and Liabilities		0.0
Total		100.0	%

3

 Hartford Index HLS Fund

 Schedule of Investments

 December 31, 2011

 (000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.7%
		Automobiles & Components - 0.7%
	9	BorgWarner, Inc. ●	$	548
	298	Ford Motor Co. w/ Rights ●		3,210
	19	Goodyear Tire & Rubber Co. ●		272
	18	Harley-Davidson, Inc.		711
	53	Johnson Controls, Inc.		1,668
				6,409
		Banks - 2.7%
	55	BB&T Corp.		1,379
	16	Comerica, Inc.		403
	72	Fifth Third Bancorp		919
	21	First Horizon National Corp.		165
	41	Hudson City Bancorp, Inc.		259
	68	Huntington Bancshares, Inc.		372
	75	Keycorp		575
	10	M&T Bank Corp.		751
	28	People's United Financial, Inc.		364
	41	PNC Financial Services Group, Inc.		2,382
	99	Regions Financial Corp.		425
	42	SunTrust Banks, Inc.		747
	150	US Bancorp		4,053
	414	Wells Fargo & Co.		11,408
	14	Zion Bancorp		236
				24,438
		Capital Goods - 8.1%
	55	3M Co.		4,500
	58	Boeing Co.		4,283
	51	Caterpillar, Inc.		4,600
	12	Cooper Industries plc Class A		671
	15	Cummins, Inc.		1,336
	45	Danaher Corp.		2,106
	33	Deere & Co.		2,514
	15	Dover Corp.		844
	26	Eaton Corp.		1,144
	58	Emerson Electric Co.		2,692
	23	Fastenal Co.		1,013
	4	Flowserve Corp.		435
	13	Fluor Corp.		670
	28	General Dynamics Corp.		1,857
	829	General Electric Co.		14,843
	10	Goodrich Corp.		1,221
	61	Honeywell International, Inc.		3,300
	38	Illinois Tool Works, Inc.		1,772
	25	Ingersoll-Rand plc		748
	10	Jacobs Engineering Group, Inc. ●		410
	8	Joy Global, Inc.		621
	8	L-3 Communications Holdings, Inc.		525
	21	Lockheed Martin Corp.		1,683
	28	Masco Corp.		293
	21	Northrop Grumman Corp.		1,202
	28	PACCAR, Inc.		1,052
	9	Pall Corp.		515
	12	Parker-Hannifin Corp.		906
	11	Precision Castparts Corp.		1,873
	16	Quanta Services, Inc. ●		355
	27	Raytheon Co.		1,316
	11	Rockwell Automation, Inc.		819
	12	Rockwell Collins, Inc.		660
	8	Roper Industries, Inc.		656
	5	Snap-On, Inc.		231

13	Stanley Black & Decker, Inc.	896
22	Textron, Inc.	403
36	Tyco International Ltd.	1,694
71	United Technologies Corp.	5,203
5	W.W. Grainger, Inc.	884
15	Xylem, Inc.	373
		73,119
	Commercial & Professional Services - 0.5%
8	Avery Dennison Corp.	237
9	Cintas Corp.	303
4	Dun & Bradstreet Corp.	286
9	Equifax, Inc. ●	367
15	Iron Mountain, Inc.	450
16	Pitney Bowes, Inc.	291
15	R.R. Donnelley & Sons Co.	213
25	Republic Services, Inc.	680
11	Robert Half International, Inc.	319
7	Stericycle, Inc. ●	519
36	Waste Management, Inc.	1,182
		4,847
	Consumer Durables & Apparel - 1.0%
23	Coach, Inc.	1,399
22	D.R. Horton, Inc.	275
6	Harman International Industries, Inc.	210
9	Hasbro, Inc.	291
11	Leggett & Platt, Inc.	251
13	Lennar Corp.	249
27	Mattel, Inc.	738
23	Newell Rubbermaid, Inc.	366
29	NIKE, Inc. Class B	2,808
26	Pulte Group, Inc. ●	166
5	Ralph Lauren Corp.	704
7	V.F. Corp.	870
6	Whirlpool Corp.	285
		8,612
	Consumer Services - 2.1%
9	Apollo Group, Inc. Class A ●	492
36	Carnival Corp.	1,160
2	Chipotle Mexican Grill, Inc. ●	829
10	Darden Restaurants, Inc.	469
5	DeVry, Inc.	183
23	H & R Block, Inc.	376
23	International Game Technology	401
21	Marriott International, Inc. Class A	613
80	McDonald's Corp.	8,062
59	Starbucks Corp.	2,692
15	Starwood Hotels & Resorts	725
12	Wyndham Worldwide Corp.	452
6	Wynn Resorts Ltd.	682
36	Yum! Brands, Inc.	2,133
		19,269
	Diversified Financials - 5.2%
79	American Express Co.	3,741
18	Ameriprise Financial, Inc.	883
796	Bank of America Corp.	4,424
95	Bank of New York Mellon Corp.	1,896
8	BlackRock, Inc.	1,410
36	Capital One Financial Corp.	1,527
85	Charles Schwab Corp.	954

The accompanying notes are an integral part of these financial statements.

4

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.7% - (continued)
		Diversified Financials - 5.2% - (continued)
	230	Citigroup, Inc.	$	6,038
	5	CME Group, Inc.		1,281
	43	Discover Financial Services, Inc.		1,036
	20	E*Trade Financial Corp. ●		158
	7	Federated Investors, Inc.		110
	11	Franklin Resources, Inc.		1,101
	39	Goldman Sachs Group, Inc.		3,493
	6	IntercontinentalExchange, Inc. ●		684
	35	Invesco Ltd.		712
	298	JP Morgan Chase & Co.		9,918
	10	Legg Mason, Inc.		235
	16	Leucadia National Corp.		353
	15	Moody's Corp.		518
	117	Morgan Stanley		1,763
	10	Nasdaq OMX Group, Inc. ●		244
	19	Northern Trust Corp.		750
	21	NYSE Euronext		536
	40	SLM Corp.		535
	39	State Street Corp.		1,559
	20	T. Rowe Price Group, Inc.		1,129
				46,988
		Energy - 12.1%
	17	Alpha Natural Resources, Inc. ●		352
	39	Anadarko Petroleum Corp.		2,982
	30	Apache Corp.		2,730
	34	Baker Hughes, Inc.		1,666
	8	Cabot Oil & Gas Corp.		625
	19	Cameron International Corp. ●		947
	52	Chesapeake Energy Corp.		1,153
	156	Chevron Corp.		16,634
	104	ConocoPhillips Holding Co.		7,598
	18	Consol Energy, Inc.		653
	31	Denbury Resources, Inc. ●		470
	32	Devon Energy Corp.		1,967
	5	Diamond Offshore Drilling, Inc.		300
	61	El Paso Corp.		1,609
	21	EOG Resources, Inc.		2,082
	12	EQT Corp.		643
	376	Exxon Mobil Corp.		31,894
	19	FMC Technologies, Inc. ●		975
	72	Halliburton Co.		2,494
	8	Helmerich & Payne, Inc.		492
	23	Hess Corp.		1,329
	55	Marathon Oil Corp.		1,616
	28	Marathon Petroleum Corp.		931
	15	Murphy Oil Corp.		846
	23	Nabors Industries Ltd. ●		391
	33	National Oilwell Varco, Inc.		2,259
	10	Newfield Exploration Co. ●		392
	20	Noble Corp.		598
	14	Noble Energy, Inc.		1,304
	64	Occidental Petroleum Corp.		5,970
	21	Peabody Energy Corp.		705
	10	Pioneer Natural Resources Co.		860
	14	QEP Resources, Inc.		408
	12	Range Resources Corp.		761
	10	Rowan Companies, Inc. ●		297
	105	Schlumberger Ltd.		7,200
	27	Southwestern Energy Co. ●		871
	51	Spectra Energy Corp.		1,569
	8	Sunoco, Inc.		345
	11	Tesoro Corp. ●		262
	44	Valero Energy Corp.		925
	46	Williams Cos., Inc.		1,529
				109,634
		Food & Staples Retailing - 2.4%
	34	Costco Wholesale Corp.		2,832
	102	CVS Caremark Corp.		4,167
	47	Kroger Co.		1,136
	27	Safeway, Inc.		561
	17	Supervalu, Inc.		134
	46	Sysco Corp.		1,358
	70	Walgreen Co.		2,309
	137	Wal-Mart Stores, Inc.		8,193
	13	Whole Foods Market, Inc.		874
				21,564
		Food, Beverage & Tobacco - 6.5%
	161	Altria Group, Inc.		4,788
	52	Archer Daniels Midland Co.		1,501
	12	Beam, Inc.		624
	8	Brown-Forman Corp.		639
	14	Campbell Soup Co.		469
	178	Coca-Cola Co.		12,474
	25	Coca-Cola Enterprises, Inc.		632
	33	ConAgra Foods, Inc.		859
	14	Constellation Brands, Inc. Class A ●		283
	14	Dean Foods Co. ●		161
	17	Dr. Pepper Snapple Group		664
	51	General Mills, Inc.		2,043
	25	H.J. Heinz Co.		1,358
	12	Hershey Co.		741
	11	Hormel Foods Corp.		317
	9	J.M. Smucker Co.		697
	19	Kellogg Co.		985
	139	Kraft Foods, Inc.		5,180
	11	Lorillard, Inc.		1,212
	10	McCormick & Co., Inc.		527
	16	Mead Johnson Nutrition Co.		1,099
	12	Molson Coors Brewing Co.		536
	123	PepsiCo, Inc.		8,146
	136	Philip Morris International, Inc.		10,704
	27	Reynolds American, Inc.		1,100
	46	Sara Lee Corp.		877
	23	Tyson Foods, Inc. Class A		473
				59,089
		Health Care Equipment & Services - 3.9%
	28	Aetna, Inc.		1,201
	20	Amerisource Bergen Corp.		755
	7	Bard (C.R.), Inc.		576
	44	Baxter International, Inc.		2,189
	17	Becton, Dickinson & Co.		1,260
	116	Boston Scientific Corp. ●		621
	27	Cardinal Health, Inc.		1,103
	18	CareFusion Corp. ●		448
	11	Cerner Corp. ●		702
	22	CIGNA Corp.		940
	11	Coventry Health Care, Inc. ●		343
	38	Covidien plc		1,703
	7	DaVita, Inc. ●		555

The accompanying notes are an integral part of these financial statements.

5

 Hartford Index HLS Fund

 Schedule of Investments – (continued)

 December 31, 2011

 (000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.7% - (continued)
		Health Care Equipment & Services - 3.9% - (continued)
	11	Dentsply International, Inc.	$	389
	9	Edwards Lifesciences Corp. ●		636
	38	Express Scripts, Inc. ●		1,705
	13	Humana, Inc.		1,126
	3	Intuitive Surgical, Inc. ●		1,431
	8	Laboratory Corp. of America Holdings ●		669
	19	McKesson Corp.		1,504
	30	Medco Health Solutions, Inc. ●		1,697
	83	Medtronic, Inc.		3,169
	7	Patterson Cos., Inc.		202
	12	Quest Diagnostics, Inc.		718
	25	St. Jude Medical, Inc.		858
	26	Stryker Corp.		1,270
	34	Tenet Healthcare Corp. ●		174
	84	UnitedHealth Group, Inc.		4,239
	9	Varian Medical Systems, Inc. ●		596
	27	Wellpoint, Inc.		1,807
	14	Zimmer Holdings, Inc. ●		749
				35,335
		Household & Personal Products - 2.5%
	34	Avon Products, Inc.		590
	10	Clorox Co.		689
	38	Colgate-Palmolive Co.		3,507
	9	Estee Lauder Co., Inc.		983
	31	Kimberly-Clark Corp.		2,278
	216	Procter & Gamble Co.		14,411
				22,458
		Insurance - 3.5%
	27	ACE Ltd.		1,876
	38	Aflac, Inc.		1,649
	40	Allstate Corp.		1,102
	35	American International Group, Inc. ●		805
	25	AON Corp.		1,188
	7	Assurant, Inc.		299
	140	Berkshire Hathaway, Inc. Class B ●		10,663
	22	Chubb Corp.		1,527
	13	Cincinnati Financial Corp.		391
	39	Genworth Financial, Inc. ●		255
	25	Lincoln National Corp.		478
	24	Loews Corp.		914
	42	Marsh & McLennan Cos., Inc.		1,336
	86	MetLife, Inc.		2,692
	25	Principal Financial Group, Inc.		613
	49	Progressive Corp.		957
	39	Prudential Financial, Inc.		1,930
	8	Torchmark Corp.		360
	33	Travelers Cos., Inc.		1,940
	24	Unum Group		502
	26	XL Group plc		504
				31,981
		Materials - 3.5%
	16	Air Products and Chemicals, Inc.		1,404
	5	Airgas, Inc.		421
	84	Alcoa, Inc.		723
	8	Allegheny Technologies, Inc.		399
	13	Ball Corp.		454
	8	Bemis Co., Inc.		244
	5	CF Industries Holdings, Inc.		741
	11	Cliff's Natural Resources, Inc.		702
	93	Dow Chemical Co.		2,667

73	E.I. DuPont de Nemours & Co.	3,321
11	Eastman Chemical Co.	421
24	Ecolab, Inc.	1,360
6	FMC Corp.	474
74	Freeport-McMoRan Copper & Gold, Inc.	2,739
6	International Flavors & Fragrances, Inc.	333
34	International Paper Co.	1,015
13	MeadWestvaco Corp.	402
42	Monsanto Co.	2,948
23	Mosaic Co.	1,180
39	Newmont Mining Corp.	2,334
25	Nucor Corp.	982
13	Owens-Illinois, Inc. ●	249
12	PPG Industries, Inc.	1,016
24	Praxair, Inc.	2,518
15	Sealed Air Corp.	259
7	Sherwin-Williams Co.	605
9	Sigma-Aldrich Corp.	591
6	Titanium Metals Corp.	96
11	United States Steel Corp.	298
10	Vulcan Materials Co.	398
		31,294
	Media - 3.1%
17	Cablevision Systems Corp.	247
51	CBS Corp. Class B	1,394
214	Comcast Corp. Class A	5,071
55	DirecTV Class A ●	2,369
21	Discovery Communications, Inc. ●	850
19	Gannett Co., Inc.	251
36	Interpublic Group of Cos., Inc.	352
23	McGraw-Hill Cos., Inc.	1,036
172	News Corp. Class A	3,070
22	Omnicom Group, Inc.	966
8	Scripps Networks Interactive Class A	322
25	Time Warner Cable, Inc.	1,591
79	Time Warner, Inc.	2,840
43	Viacom, Inc. Class B	1,968
141	Walt Disney Co.	5,288
–	Washington Post Co. Class B	126
		27,741
	Pharmaceuticals, Biotechnology & Life Sciences - 7.8%
122	Abbott Laboratories	6,876
27	Agilent Technologies, Inc. ●	951
24	Allergan, Inc.	2,103
62	Amgen, Inc.	4,000
19	Biogen Idec, Inc. ●	2,103
133	Bristol-Myers Squibb Co.	4,689
35	Celgene Corp. ●	2,353
80	Eli Lilly & Co.	3,325
21	Forest Laboratories, Inc. ●	635
59	Gilead Sciences, Inc. ●	2,414
13	Hospira, Inc. ●	392
214	Johnson & Johnson	14,057
14	Life Technologies Corp. ●	545
239	Merck & Co., Inc.	9,021
33	Mylan, Inc. ●	718
9	PerkinElmer, Inc.	178
7	Perrigo Co.	710
603	Pfizer, Inc.	13,059
30	Thermo Fisher Scientific, Inc. ●	1,336

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.7% - (continued)
		Pharmaceuticals, Biotechnology & Life Sciences - 7.8% - (continued)
	7	Waters Corp. ●	$	523
	10	Watson Pharmaceuticals, Inc. ●		602
				70,590
		Real Estate - 2.0%
	31	American Tower Corp. Class A		1,853
	9	Apartment Investment & Management Co.		217
	7	Avalonbay Communities, Inc.		970
	12	Boston Properties, Inc.		1,154
	25	CBRE Group, Inc. ●		387
	23	Equity Residential Properties Trust		1,326
	32	HCP, Inc.		1,327
	15	Health Care, Inc.		811
	55	Host Hotels & Resorts, Inc.		818
	32	Kimco Realty Corp.		518
	13	Plum Creek Timber Co., Inc.		464
	36	ProLogis, Inc.		1,030
	11	Public Storage		1,500
	23	Simon Property Group, Inc.		2,973
	23	Ventas, Inc.		1,246
	14	Vornado Realty Trust		1,114
	42	Weyerhaeuser Co.		786
				18,494
		Retailing - 3.7%
	7	Abercrombie & Fitch Co. Class A		328
	29	Amazon.com, Inc. ●		4,945
	4	AutoNation, Inc. ●		139
	2	AutoZone, Inc. ●		712
	19	Bed Bath & Beyond, Inc. ●		1,094
	23	Best Buy Co., Inc.		539
	5	Big Lots, Inc. ●		194
	18	CarMax, Inc. ●		543
	9	Dollar Tree, Inc. ●		773
	7	Expedia, Inc.		216
	9	Family Dollar Stores, Inc.		531
	11	GameStop Corp. Class A ●		262
	27	Gap, Inc.		506
	12	Genuine Parts Co.		750
	121	Home Depot, Inc.		5,086
	11	J.C. Penney Co., Inc.		396
	20	Kohl's Corp.		982
	19	Limited Brands, Inc.		780
	98	Lowe's Co., Inc.		2,496
	33	Macy's, Inc.		1,062
	4	Netflix, Inc. ●		299
	13	Nordstrom, Inc.		630
	10	O'Reilly Automotive, Inc. ●		804
	4	Priceline.com, Inc. ●		1,842
	19	Ross Stores, Inc.		915
	3	Sears Holdings Corp. ●		95
	55	Staples, Inc.		763
	53	Target Corp.		2,700
	10	Tiffany & Co.		662
	30	TJX Cos., Inc.		1,914
	7	TripAdvisor, Inc. ●		188
	9	Urban Outfitters, Inc. ●		241
				33,387
		Semiconductors & Semiconductor Equipment - 2.3%
	46	Advanced Micro Devices, Inc. ●		248

25	Altera Corp.	934
23	Analog Devices, Inc.	836
102	Applied Materials, Inc.	1,097
38	Broadcom Corp. Class A	1,119
5	First Solar, Inc. ●	155
400	Intel Corp.	9,693
13	KLA-Tencor Corp.	633
18	Linear Technology Corp.	536
44	LSI Corp. ●	263
15	Microchip Technology, Inc.	550
77	Micron Technology, Inc. ●	487
5	Novellus Systems, Inc. ●	217
48	NVIDIA Corp. ●	664
14	Teradyne, Inc. ●	197
90	Texas Instruments, Inc.	2,612
21	Xilinx, Inc.	661
		20,902
	Software & Services - 9.3%
50	Accenture plc	2,677
39	Adobe Systems, Inc. ●	1,088
14	Akamai Technologies, Inc. ●	456
18	Autodesk, Inc. ●	540
38	Automatic Data Processing, Inc.	2,072
13	BMC Software, Inc. ●	439
29	CA, Inc.	587
15	Citrix Systems, Inc. ●	887
24	Cognizant Technology Solutions Corp. ●	1,526
12	Computer Sciences Corp.	287
90	eBay, Inc. ●	2,736
26	Electronic Arts, Inc. ●	537
19	Fidelity National Information Services, Inc.	507
11	Fiserv, Inc. ●	649
20	Google, Inc. ●	12,821
93	IBM Corp.	17,012
23	Intuit, Inc.	1,229
8	Mastercard, Inc.	3,133
588	Microsoft Corp.	15,258
309	Oracle Corp.	7,924
25	Paychex, Inc.	763
15	Red Hat, Inc. ●	624
22	SAIC, Inc. ●	266
11	Salesforce.com, Inc. ●	1,084
58	Symantec Corp. ●	906
13	Teradata Corp. ●	636
13	Total System Services, Inc.	249
12	VeriSign, Inc.	446
40	Visa, Inc.	4,053
49	Western Union Co.	888
97	Yahoo!, Inc. ●	1,570
		83,850
	Technology Hardware & Equipment - 7.2%
13	Amphenol Corp. Class A	593
73	Apple, Inc. ●	29,548
422	Cisco Systems, Inc.	7,630
123	Corning, Inc.	1,602
120	Dell, Inc. ●	1,754
160	EMC Corp. ●	3,451
6	F5 Networks, Inc. ●	663
12	FLIR Systems, Inc.	306

The accompanying notes are an integral part of these financial statements.

7

 Hartford Index HLS Fund

 Schedule of Investments – (continued)

 December 31, 2011

 (000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.7% - (continued)
		Technology Hardware & Equipment - 7.2% - (continued)
	9	Harris Corp.	$	329
	156	Hewlett-Packard Co.		4,017
	14	Jabil Circuit, Inc.		282
	18	JDS Uniphase Corp. ●		188
	41	Juniper Networks, Inc. ●		843
	6	Lexmark International, Inc. ADR		186
	11	Molex, Inc.		258
	21	Motorola Mobility Holdings, Inc. ●		802
	23	Motorola Solutions, Inc.		1,043
	28	NetApp, Inc. ●		1,023
	132	Qualcomm, Inc.		7,220
	19	SanDisk Corp. ●		927
	33	TE Connectivity Ltd.		1,026
	18	Western Digital Corp. ●		568
	109	Xerox Corp.		867
				65,126
		Telecommunication Services - 2.9%
	465	AT&T, Inc.		14,069
	48	CenturyLink, Inc.		1,803
	78	Frontier Communications Corp.		402
	23	MetroPCS Communications, Inc. ●		199
	235	Sprint Nextel Corp. ●		550
	222	Verizon Communications, Inc.		8,918
	46	Windstream Corp.		537
				26,478
		Transportation - 1.9%
	13	C.H. Robinson Worldwide, Inc.		898
	82	CSX Corp.		1,737
	17	Expeditors International of Washington, Inc.		681
	25	FedEx Corp.		2,083
	26	Norfolk Southern Corp.		1,925
	4	Ryder System, Inc.		212
	61	Southwest Airlines Co.		523
	38	Union Pacific Corp.		4,013
	76	United Parcel Service, Inc. Class B		5,543
				17,615
		Utilities - 3.8%
	51	AES Corp. ●		599
	9	AGL Resources, Inc.		387
	19	Ameren Corp.		630
	38	American Electric Power Co., Inc.		1,568
	33	CenterPoint Energy, Inc.		672
	20	CMS Energy Corp.		436
	23	Consolidated Edison, Inc.		1,427
	16	Constellation Energy Group, Inc.		626
	45	Dominion Resources, Inc.		2,372
	13	DTE Energy Co.		724
	105	Duke Energy Corp.		2,303
	26	Edison International		1,058
	14	Entergy Corp.		1,011
	52	Exelon Corp.		2,258
	33	FirstEnergy Corp.		1,454
	6	Integrys Energy Group, Inc.		329
	33	NextEra Energy, Inc.		2,018
	22	NiSource, Inc.		524
	14	Northeast Utilities		502
	18	NRG Energy, Inc. ●		328
	8	Oneok, Inc.		701
	18	Pepco Holdings, Inc.		361
	32	PG&E Corp.		1,312

9	Pinnacle West Capital Corp.		415
45	PPL Corp.		1,335
23	Progress Energy, Inc.		1,297
40	Public Service Enterprise Group, Inc.		1,311
9	SCANA Corp.		407
19	Sempra Energy		1,035
68	Southern Co.		3,133
17	TECO Energy, Inc.		324
18	Wisconsin Energy Corp.		634
38	Xcel Energy, Inc.		1,053
			34,544
	Total common stocks
	(cost $803,253)	$	893,764
	Total long-term investments (cost $803,253)	$	893,764

SHORT-TERM INVESTMENTS - 1.3%
		Repurchase Agreements - 1.3%
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $924, collateralized by U.S. Treasury Note 1.38%, 2018, value of $942)
$	924	0.01%, 12/30/2011	$	924
		RBC Capital Markets Corp. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $7,170, collateralized by U.S. Treasury Note 0.38% - 1.50%, 2013 - 2016, value of $7,314)
	7,170	0.01%, 12/30/2011		7,170
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $2,427, collateralized by U.S. Treasury Note 1.88% - 2.00%, 2015 - 2016, value of $2,475)
	2,427	0.02%, 12/30/2011		2,427
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $841, collateralized by U.S. Treasury Note 3.63%, 2021, value of $858)
	841	0.01%, 12/30/2011		841
				11,362
		U.S. Treasury Bills - 0.0%
	1,000	0.01%, 2/2/2012   □○	$	1,000
		Total short-term investments
		(cost $12,362)	$	12,362

Total investments
(cost $815,615) ▲	100.0	%	$	906,126
Other assets and liabilities	–	%		(392	)
Total net assets	100.0	%	$	905,734

The accompanying notes are an integral part of these financial statements.

8

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $849,302 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	252,562
Unrealized Depreciation		(195,738	)
Net Unrealized Appreciation	$	56,824

●	Non-income producing.
○	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
□	This security, or a portion of this security, is pledged as initial margin deposit for open futures contracts held at December 31, 2011 as listed in the table below:

Description	Number of Contracts*		Position		Expiration Date		Market Value ╪		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 Index		43		Long		03/15/2012	$	13,465	$	13,454	$	11

 * The number of contracts does not omit 000's.

 Cash of $80 was pledged as initial margin deposit and collateral for open futures contracts at December 31, 2011.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

9

 Hartford Index HLS Fund

 Investment Valuation Hierarchy Level Summary

 December 31, 2011

 (000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	893,764	$	893,764	$	–	$	–
Short-Term Investments		12,362		–		12,362		–
Total	$	906,126	$	893,764	$	12,362	$	–
Futures *		11		11		–		–
Total	$	11	$	11	$	–	$	–

♦	For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

10

 Hartford Index HLS Fund

 Statement of Assets and Liabilities

 December 31, 2011

 (000’s Omitted)

Assets:
Investments in securities, at market value (cost $815,615)	$	906,126
Cash		87	*
Receivables:
Investment securities sold		142
Fund shares sold		193
Dividends and interest		1,347
Variation margin		2
Total assets		907,897
Liabilities:
Payables:
Fund shares redeemed		1,973
Variation margin		54
Investment management fees		60
Distribution fees		13
Accrued expenses		63
Total liabilities		2,163
Net assets	$	905,734
Summary of Net Assets:
Capital stock and paid-in-capital	$	869,707
Undistributed net investment income		1,451
Accumulated net realized loss		(55,946	)
Unrealized appreciation of investments		90,522
Net assets	$	905,734
Shares authorized		4,000,000
Par value	$	0.001
Class IA: Net asset value per share	$	26.20
Shares outstanding		25,697
Net assets	$	673,275
Class IB: Net asset value per share	$	26.09
Shares outstanding		8,909
Net assets	$	232,459

* Cash of $80 was pledged as initial margin deposit and collateral for open futures contracts at December 31, 2011.

The accompanying notes are an integral part of these financial statements.

11

 Hartford Index HLS Fund

 Statement of Operations

 For the Year Ended December 31, 2011

 (000’s Omitted)

Investment Income:
Dividends	$	20,235
Interest		6
Total investment income, net		20,241
Expenses:
Investment management fees		2,920
Distribution fees - Class IB		568
Custodian fees		26
Accounting services fees		97
Board of Directors' fees		23
Audit fees		16
Other expenses		139
Total expenses		3,789
Net investment income		16,452
Net Realized Loss on Investments and Other Financial Instruments:		(789000	)
Net realized loss on investments		(1,395	)
Net realized gain on futures		606
Net Realized Loss on Investments and Other Financial Instruments		(789	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments:		4,269
Net unrealized appreciation of investments		4,502
Net unrealized depreciation of futures		(233	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments		4,269
Net Gain on Investments and Other Financial Instruments		3,480
Net Increase in Net Assets Resulting from Operations	$	19,932

The accompanying notes are an integral part of these financial statements.

12

 Hartford Index HLS Fund

 Statement of Changes in Net Assets

 (000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	16,452		$	16,123
Net realized gain (loss) on investments and other financial instruments		(789	)		2,457
Net unrealized appreciation of investments and other financial instruments		4,269			114,628
Net Increase In Net Assets Resulting From Operations		19,932			133,208
Distributions to Shareholders:
From net investment income
Class IA		(11,907	)		(13,079	)
Class IB		(3,567	)		(2,921	)
Total distributions		(15,474	)		(16,000	)
Capital Share Transactions:
Class IA
Sold		49,488			74,931
Issued on reinvestment of distributions		11,907			13,079
Redeemed		(202,307	)		(184,062	)
Total capital share transactions		(140,912	)		(96,052	)
Class IB
Sold		103,660			86,663
Issued on reinvestment of distributions		3,567			2,921
Redeemed		(83,928	)		(69,647	)
Total capital share transactions		23,299			19,937
Net decrease from capital share transactions		(117,613	)		(76,115	)
Net Increase (Decrease) In Net Assets		(113,155	)		41,093
Net Assets:
Beginning of period		1,018,889			977,796
End of period	$	905,734		$	1,018,889
Undistributed (distribution in excess of)
net investment income	$	1,451		$	784
Shares:
Class IA
Sold		1,855			3,164
Issued on reinvestment of distributions		458			509
Redeemed		(7,518	)		(7,732	)
Total share activity		(5,205	)		(4,059	)
Class IB
Sold		3,893			3,670
Issued on reinvestment of distributions		138			114
Redeemed		(3,145	)		(2,948	)
Total share activity		886			836

The accompanying notes are an integral part of these financial statements.

13

 Hartford Index HLS Fund

 Notes to Financial Statements

 December 31, 2011

 (000’s Omitted)

1. Organization:

Hartford Index HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company's Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund's portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

14

Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended December 31, 2011, the Fund held no Level 3 securities; therefore, no reconciliation of Level 3 securities is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

15

 Hartford Index HLS Fund

 Notes to Financial Statements – (continued)

 December 31, 2011

 (000’s Omitted)

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

e) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

16

b) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of December 31, 2011, the Fund had no outstanding when-issued or delayed delivery securities.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the securities markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of December 31, 2011.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Variation margin receivable *	$	—	$	—	$	—	$	2	$	—	$	—	$	2
Total	$	—	$	—	$	—	$	2	$	—	$	—	$	2

Liabilities:
Variation margin payable *	$	—	$	—	$	—	$	54	$	—	$	—	$	54
Total	$	—	$	—	$	—	$	54	$	—	$	—	$	54
														True

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $11 as reported in the Schedule of Investments.

17

 Hartford Index HLS Fund

 Notes to Financial Statements – (continued)

 December 31, 2011

 (000’s Omitted)

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended December 31, 2011.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	—	$	—	$	—	$	606	$	—	$	—	$	606
Total	$	—	$	—	$	—	$	606	$	—	$	—	$	606

Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:

Net change in unrealized depreciation of futures	$	—	$	—	$	—	$	(233	)	$	—	$	—	$	(233	)
Total	$	—	$	—	$	—	$	(233	)	$	—	$	—	$	(233	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

18

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
Ordinary Income	$	15,474	$	16,000

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,451
Accumulated Capital and Other Losses*		(22,247	)
Unrealized Appreciation†		56,823
Total Accumulated Earnings	$	36,027

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(311	)
Accumulated Net Realized Gain (Loss)		311

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

19

Hartford Index HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

 At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	22,247
Total	$	22,247
As of December 31, 2011, the Fund utilized $1,269 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $2 billion	0.3000%
On next $3 billion	0.2000%
On next $5 billion	0.1800%
Over $10 billion	0.1700%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
All Assets	0.010%

20

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Funds was in the amount of $1. These fees are accrued daily and paid monthly.

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	33,353
Sales Proceeds Excluding U.S. Government Obligations		149,747

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

21

Hartford Index HLS Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period	Net Investment Income (Loss)	Payments from (to) Affiliate	Net Realized and Unrealized Gain (Loss) on Investments	Total from Investment Operations	Dividends from Net Investment Income	Distributions from Realized Capital Gains	Distributions from Capital	Total Distributions	Net Increase (Decrease) in Net Asset Value	Net Asset Value at End of Period
For the Year Ended December 31, 2011
IA	$   26.20	$   0.52	$   –	$   (0.05)	$   0.47	$   (0.47)	$   –	$   –	$   (0.47)	$   –	$   26.20
IB	26.08	0.39	–	0.03	0.42	(0.41)	–	–	(0.41)	0.01	26.09
For the Year Ended December 31, 2010
IA	23.22	0.44	–	2.97	3.41	(0.43)	–	–	(0.43)	2.98	26.20
IB	23.12	0.34	–	2.99	3.33	(0.37)	–	–	(0.37)	2.96	26.08
For the Year Ended December 31, 2009
IA	18.75	0.42	–	4.48	4.90	(0.42)	(0.01)	–	(0.43)	4.47	23.22
IB	18.69	0.35	–	4.46	4.81	(0.37)	(0.01)	–	(0.38)	4.43	23.12
For the Year Ended December 31, 2008
IA	31.54	0.59	–	(12.16)	(11.57)	(0.58)	(0.64)	–	(1.22)	(12.79)	18.75
IB	31.40	0.51	–	(12.07)	(11.56)	(0.51)	(0.64)	–	(1.15)	(12.71)	18.69
For the Year Ended December 31, 2007
IA	32.36	0.59	–	1.07	1.66	(0.57)	(1.91)	–	(2.48)	(0.82)	31.54
IB	32.22	0.48	–	1.09	1.57	(0.48)	(1.91)	–	(2.39)	(0.82)	31.40

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.
(C)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

22

- Ratios and Supplemental Data -

Total Return(B)		Net Assets at End of Period		Ratio of Expenses to Average Net Assets Before Waivers			Ratio of Expenses to Average Net Assets After Waivers			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate(C)
1.81	%	$	673,275		0.33	%		0.33	%		1.74	%		3	%
1.60			232,459		0.58			0.58			1.51			–
14.73			809,629		0.34			0.34			1.73			4
14.45			209,260		0.59			0.59			1.48			–
26.15			811,634		0.35			0.35			2.00			6
25.81			166,162		0.60			0.60			1.75			–
(37.11	)		718,081		0.32			0.32			2.02			4
(37.27	)		138,014		0.57			0.57			1.77			–
5.20			1,390,827		0.33			0.33			1.61			4
4.94			271,967		0.58			0.58			1.36			–

23

Report of Independent Registered Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Index HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Index HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

 

Minneapolis, MN
February 13, 2012

24

Hartford Index HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

Hartford Index HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

26

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

Hartford Index HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual Return			Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Annualized expense ratio	Days in the current 1/2 year	Days in the full year
Class IA	$1,000.00	$961.70	$1.63	$1,000.00	$1,023.54	$1.68	0.33%	184	365
Class IB	$1,000.00	$960.91	$2.87	$1,000.00	$1,022.28	$2.96	0.58%	184	365

28

Hartford Index HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Index HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Hartford Investment Management Company (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

29

Hartford Index HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio manager, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio manager, the number of accounts managed by the portfolio manager, and the Sub-adviser’s method for compensating the portfolio manager.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods, noting that the Fund is managed to approximate the performance of the S&P 500 Index. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HL Advisors were considered in the aggregate.

30

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

31

Hartford Index HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

32

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-IX11 2-12     109078    Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford International Opportunities HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	8
Statement of Assets and Liabilities at December 31, 2011	9
Statement of Operations for the Year Ended December 31, 2011	10
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and  December 31, 2010	11
Notes to Financial Statements	12
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Expense Example (Unaudited)	30
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	31

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford International Opportunities HLS Fund inception 07/02/1990

(sub-advised by Wellington Management Company, LLP)	Investment objective – Seeks long-term growth of
	capital.

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11)  

	1 Year	5 Year	10 Year
International Opportunities IA	-13.97%	-0.66%	5.93%
International Opportunities IB	-14.19%	-0.91%	5.67%
MSCI All Country World ex USA Index	-13.33%	-2.48%	6.76%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date. 

MSCI All Country World ex USA Index is a broad-based, unmanaged, market capitalization weighted, total return index that measures the performance of both developed and emerging stock markets, excluding the U.S. The index is calculated to exclude companies and share classes which cannot be freely purchased by foreigners.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford International Opportunities HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Managers
Nicolas M. Choumenkovitch	Tara Connolly Stilwell, CFA
Senior Vice President	Vice President

How did the Fund perform?

The Class IA shares of the Hartford International Opportunities HLS Fund returned -13.97% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the MSCI All Country World ex-US Index, which returned -13.33% for the same period. The Fund also underperformed the -13.42% return of the average fund in the Lipper International Growth Funds VP-UF peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The one-year period ended December 31, 2011 was yet another extremely volatile period for equity markets. Global equities started the year on a strong note and continued to march higher in the first quarter of 2011, driven by investors’ enthusiasm for additional government debt purchases by the U.S. Federal Reserve, the extension of tax cuts in the U.S., strong earnings growth, and generally improving economic data. This enthusiasm reversed later in the period, however, as concerns surfaced that the global economy could slip back into a recession, resulting in a rapid decline in equity markets. Fears about sovereign debt and solvency in the eurozone, slowing economic expansion in China, and uncertainty about the sustainability of corporate earnings growth combined to produce an extremely volatile stock market, and return correlations among stocks spiked as investors shed risk and fled to safety. Markets ended the year on a positive note in the final month of the period with encouraging employment and manufacturing data in the U.S.

The Fund’s underperformance versus its benchmark was primarily due to weak stock selection, particularly within Materials, Consumer Discretionary, and Energy. This was partially offset by stronger selection in Utilities, Information Technology, and Consumer Staples. Allocation among sectors, a result of the bottom-up stock selection process (i.e. stock by stock fundamental research), was modestly additive to relative returns, due in part to underweight (i.e. the Fund’s sector position was less than the benchmark position) positions in Materials and Financials.

The largest detractors from benchmark relative returns were PDG Realty (Consumer Discretionary), Rio Tinto (Materials), and Royal Dutch Shell (Energy). Shares of Brazilian real estate company PDG Realty declined during the period due to questions surrounding the sale of special purpose vehicles (SPVs) as well as concerns over increasing land acquisition costs. Shares of international mining company Rio Tinto declined due to slowing growth and its effect on the firm’s iron ore production growth. Shares of Royal Dutch Shell rose sharply in a broad-based rally in Energy stocks during the fourth quarter. Not owning the stock detracted from relative returns. Other notable detractors from absolute (i.e. total return) performance included France-based producer of seamless steel tube products Vallourec (Industrials).

Top contributors to relative performance during the period included Imperial Tobacco (Consumer Staples), National Grid (Utilities), and Rolls-Royce (Industrials). Shares of international tobacco company Imperial Tobacco climbed during the period as a result of posting strong revenue growth in emerging markets. Shares of National Grid, the international electricity and gas company, benefited in part from regulatory concessions by the Office of the Gas and Electricity Markets (Ofgem) in the U.K.Shares of Rolls-Royce, a U.K.-based world-leading provider of power systems and services for use on land, at sea, and in air, rose as the company gained market share in wide body airplanes in Asia, where travel is expected to increase. Vodafone (Telecommunication Services) and BG Group (Energy) also contributed positively to absolute performance.

What is the outlook?

At a macro level, we expect the developed world to remain in a low growth environment and interest rates to stay low. Against a backdrop of higher volatility, we strive to maintain a well-balanced portfolio with investments that represent diverse economic drivers that are not necessarily reliant on broader GDP growth. We continue to be positioned generally for a stronger U.S. dollar and a better U.S. economy over time. Given how far Europe has fallen, we were able to find some attractively valued stock-specific opportunities there, but we have been selective. We expect market volatility to continue in Europe, thus we have been focusing on export-oriented companies or stocks with defensive characteristics.

As is consistent with the investment approach, we continue to look for opportunities at a company-by-company level, focusing on those companies which we believe can deliver

3

Hartford International Opportunities HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

improvements in return on investment capital (ROIC) or sustain ROIC for longer than the market anticipates.

At the end of the period, we were most overweight Industrials and Health Care, and most underweight Materials and Financials, relative to the benchmark. On a regional basis, we ended the period with an overweight to select European countries, including the U.K., France, and Germany. We were underweight in select Asia Pacific countries , including Australia, Japan, and South Korea.

Diversification by Industry

as of December 31, 2011

Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		3.3	%
Banks (Financials)		5.2
Capital Goods (Industrials)		9.3
Commercial & Professional Services (Industrials)		1.8
Consumer Durables & Apparel (Consumer Discretionary)		1.3
Consumer Services (Consumer Discretionary)		2.1
Diversified Financials (Financials)		3.3
Energy (Energy)		10.5
Food & Staples Retailing (Consumer Staples)		1.7
Food, Beverage & Tobacco (Consumer Staples)		7.9
Health Care Equipment & Services (Health Care)		1.7
Household & Personal Products (Consumer Staples)		2.2
Insurance (Financials)		5.3
Materials (Materials)		6.7
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		7.7
Real Estate (Financials)		4.2
Retailing (Consumer Discretionary)		1.5
Semiconductors & Semiconductor Equipment (Information Technology)		6.0
Software & Services (Information Technology)		1.0
Technology Hardware & Equipment (Information Technology)		1.0
Telecommunication Services (Services)		3.6
Transportation (Industrials)		4.0
Utilities (Utilities)		4.7
Short-Term Investments		3.5
Other Assets and Liabilities		0.5
Total		100.0	%

Diversification by Country

as of December 31, 2011

	Percentage of
Country	Net Assets
Australia		0.2	%
Belgium		1.2
Brazil		5.4
Canada		3.0
Chile		0.6
China		1.5
Denmark		0.3
Finland		0.9
France		13.2
Germany		6.4
Hong Kong		3.6
India		0.6
Ireland		2.1
Israel		1.2
Italy		1.5
Japan		9.7
Jersey		0.4
Malaysia		0.4
Netherlands		2.5
Norway		0.8
Russia		1.1
South Korea		1.8
Sweden		2.0
Switzerland		10.3
Taiwan		3.0
United Kingdom		21.3
United States		1.0
Short-Term Investments		3.5
Other Assets and Liabilities		0.5
Total		100.0	%

4

Hartford International Opportunities HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.0%
		Australia - 0.2%
	1,063	Aquarius Platinum Ltd.	$	2,584
		Belgium - 1.2%
	432	Umicore		17,762
		Brazil - 5.4%
	193	Banco do Estado do Rio Grande do Sul S.A.		2,065
	365	Banco Santander Brasil S.A.		2,968
	1,619	CCR S.A.		10,608
	244	Cetip S.A. - Balcao Organizado		3,526
	1,211	Itau Unibanco Banco Multiplo S.A. ADR		22,480
	1,379	JSL S.A.		6,906
	297	Localiza Rent a Car S.A.		4,074
	3,947	PDG Realty S.A.		12,485
	574	Petroleo Brasileiro S.A. ADR		14,261
	305	Raia Drogasil S.A.		2,123
				81,496
		Canada - 3.0%
	296	Canadian Natural Resources Ltd.		11,101
	488	Kinross Gold Corp.		5,567
	253	Potash Corp. of Saskatchewan, Inc.		10,456
	1,414	Talisman Energy, Inc.		18,011
				45,135
		Chile - 0.6%
	520	Enersis S.A. ADR		9,175
		China - 1.5%
	5,324	China Pacific Insurance		15,106
	1,207	CITIC Securities Co., Ltd. ●		1,985
	2,664	Dongfeng Motor Group Co., Ltd.		4,549
	1,296	Shandong Weigao Group Medical Polymer Co., Ltd.		1,164
				22,804
		Denmark - 0.3%
	280	DSV A/S		5,011
		Finland - 0.9%
	100	Kone Oyj Class B		5,190
	253	Nokian Rendaat Oyj		8,116
				13,306
		France - 13.2%
	312	Accor S.A.		7,865
	346	Cie Generale d'Optique Essilor International S.A.		24,368
	571	Groupe Danone		35,834
	220	Michelin (C.G.D.E.) Class B		12,973
	332	Pernod-Ricard		30,696
	597	Safran S.A.		17,853
	513	Schneider Electric S.A.		26,808
	181	Technip S.A.		16,999
	157	Unibail-Rodamco SE		28,028
				201,424
		Germany - 6.4%
	144	Allianz SE		13,754
	357	Beiersdorf AG		20,222
	382	Continental AG		23,748
	3,238	Infineon Technologies AG		24,316
	291	SAP AG		15,390
				97,430
		Hong Kong - 3.6%
	9,425	AIA Group Ltd.		29,338
	1,994	ENN Energy Holdings Ltd.		6,384
	1,368	Hengan International Group Co., Ltd.		12,754
	3,474	Shangri-La Asia Ltd.		5,984
				54,460
		India - 0.6%
	1,375	Bharti Televentures		8,884
		Ireland - 2.1%
	909	CRH plc		18,033
	1,064	Elan Corp. plc ADR ●		14,615
				32,648
		Israel - 1.2%
	459	Teva Pharmaceutical Industries Ltd. ADR		18,545
		Italy - 1.5%
	1,861	Intesa Sanpaolo		3,099
	4,318	Snam S.p.A.		19,019
				22,118
		Japan - 9.7%
	216	Acom Co., Ltd.		3,847
	376	Daiichi Sankyo Co., Ltd.		7,445
	204	Daito Trust Construction Co., Ltd.		17,502
	179	East Japan Railway Co.		11,428
	341	Eisai Co., Ltd.		14,121
	68	Fanuc Corp.		10,296
	125	Fast Retailing Co., Ltd.		22,720
	2	Inpex Corp.		9,986
	926	JS Group Corp.		17,740
	3,209	Mitsubishi UFJ Financial Group, Inc.		13,586
	1,272	Mitsui Fudosan Co., Ltd.		18,548
				147,219
		Jersey - 0.4%
	1,045	Glencore International plc		6,381
		Malaysia - 0.4%
	4,658	AirAsia Berhad		5,534
		Netherlands - 2.5%
	209	ASML Holding N.V. ADR		8,747
	2,817	ING Groep N.V. ●		20,143
	242	Unilever N.V. CVA		8,333
				37,223
		Norway - 0.8%
	760	Telenor ASA		12,433
		Russia - 1.1%
	1,346	Sberbank ●		13,381
	142	X5 Retail Group N.V. ●§		3,235
				16,616
		South Korea - 1.8%
	30	Samsung Electronics Co., Ltd.		27,404
		Sweden - 2.0%
	718	Assa Abloy Ab		17,947
	567	Skf Ab B Shares		11,955
				29,902

The accompanying notes are an integral part of these financial statements.

5

Hartford International Opportunities HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.0% - (continued)
		Switzerland - 10.3%
	301	Adecco S.A.	$	12,530
	121	CIE Financiere Richemont S.A.		6,063
	26	Givaudan		24,660
	157	Kuehne & Nagel International AG		17,602
	233	Roche Holding AG		39,373
	9	SGS S.A.		14,846
	434	Swiss Re Ltd.		22,052
	1,697	UBS AG		20,131
				157,257
		Taiwan - 3.0%
	4,292	Synnex Technology International Corp.		10,351
	12,245	Taiwan Semiconductor Manufacturing Co., Ltd.		30,595
	4,690	WPG Holdings Co., Ltd.		5,400
				46,346
		United Kingdom - 21.3%
	505	AstraZeneca plc		23,314
	3,467	Barclays Bank plc ADR		9,495
	1,656	BG Group plc		35,378
	4,500	BP plc		32,054
	423	British American Tobacco plc		20,086
	463	ENSCO International plc		21,733
	663	Imperial Tobacco Group plc		25,088
	276	Intercontinental Hotels Group		4,965
	3,807	National Grid plc		36,795
	349	Rio Tinto plc		17,070
	2,891	Rolls-Royce Holdings plc		33,469
	540	Standard Chartered plc		11,820
	3,192	Tesco plc		19,973
	11,914	Vodafone Group plc		33,217
				324,457
		United States - 1.0%
	419	Carnival Corp.		13,683
	45	Michael Kors Holdings Ltd. ●		1,237
				14,920
		Total common stocks
		(cost $1,530,269)	$	1,458,474
		Total long-term investments (cost $1,530,269)	$	1,458,474
SHORT-TERM INVESTMENTS - 3.5%
		Repurchase Agreements - 3.5%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $20,524, collateralized by GNMA 4.50%, 2041, value of $20,934)
$	20,524	0.04%, 12/30/2011	$	20,524
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $1,705, collateralized by U.S. Treasury Bond 5.38%, 2031, value of $1,739)
	1,705	0.01%, 12/30/2011		1,705
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $22,766, collateralized by GNMA 3.50% - 7.00%, 2035 - 2046, value of $23,221)
	22,765	0.06%, 12/30/2011		22,765
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $173, collateralized by U.S. Treasury Note 2.75%, 2016, value of $177)
	173	0.01%, 12/30/2011		173
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $8,809, collateralized by FNMA 3.00% - 6.50%, 2021 - 2041,  value of $8,986)
	8,809	0.04%, 12/30/2011		8,809
				53,976

Total short-term investments
(cost $53,976)			$	53,976
Total investments
(cost $1,584,245) ▲	99.5	%	$	1,512,450
Other assets and liabilities	0.5	%		8,174
Total net assets	100.0	%	$	1,520,624

The accompanying notes are an integral part of these financial statements.

6

 Note: Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 95.0% of total net assets at December 31, 2011. 
  
Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $1,602,704 and the aggregate gross unrealized appreciation and depreciation based on that cost were:            

Unrealized Appreciation	$	49,993
Unrealized Depreciation		(140,247	)
Net Unrealized Depreciation	$	(90,254	)

●

Non-income producing.

§

These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At December 31, 2011, the aggregate value of these securities was $3,235, which represents 0.2% of total net assets.

Foreign Currency Contracts Outstanding at December 31, 2011 

Description	Counterparty	Buy / Sell	Market Value ╪		Contract Amount		Delivery Date		Unrealized Appreciation/ (Depreciation)
British Pound	JP Morgan Securities	Sell	$	2,240	$	2,233		01/03/2012	$	(7	)
Euro	JP Morgan Securities	Sell		797		796		01/03/2012		(1	)
									$	(8	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

Currency Concentration of Securities at December 31, 2011

	Percentage of
Description	Net Assets
Brazilian Real		2.8	%
British Pound		21.7
Canadian Dollar		2.3
Danish Krone		0.3
Euro		25.1
Hong Kong Dollar		5.1
Indian Rupee		0.6
Japanese Yen		9.7
Malaysian Ringgit		0.4
Norwegian Krone		0.8
Republic of Korea Won		1.8
Swedish Krona		2.0
Swiss Franc		10.3
Taiwanese Dollar		3.0
United States Dollar		13.6
Other Assets and Liabilities		0.5
Total		100.0	%

The accompanying notes are an integral part of these financial statements.

7

Hartford International Opportunities HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Australia	$	2,584	$	–	$	2,584	$	–
Belgium		17,762		–		17,762		–
Brazil		81,496		81,496		–		–
Canada		45,135		45,135		–		–
Chile		9,175		9,175		–		–
China		22,804		1,985		20,819		–
Denmark		5,011		–		5,011		–
Finland		13,306		–		13,306		–
France		201,424		–		201,424		–
Germany		97,430		–		97,430		–
Hong Kong		54,460		–		54,460		–
India		8,884		–		8,884		–
Ireland		32,648		14,615		18,033		–
Israel		18,545		18,545		–		–
Italy		22,118		–		22,118		–
Japan		147,219		–		147,219		–
Jersey		6,381		–		6,381		–
Malaysia		5,534		–		5,534		–
Netherlands		37,223		8,747		28,476		–
Norway		12,433		–		12,433		–
Russia		16,616		16,616		–		–
South Korea		27,404		–		27,404		–
Sweden		29,902		–		29,902		–
Switzerland		157,257		–		157,257		–
Taiwan		46,346		–		46,346		–
United Kingdom		324,457		21,733		302,724		–
United States		14,920		14,920		–		–
Total		1,458,474		232,967		1,225,507		–
Short-Term Investments		53,976		–		53,976		–
Total	$	1,512,450	$	232,967	$	1,279,483	$	–
Liabilities:
Foreign Currency Contracts*		8		–		8		–
Total	$	8	$	–	$	8	$	–

♦	For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

8

Hartford International Opportunities HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $1,584,245)	$	1,512,450
Cash		1
Receivables:
Investment securities sold		5,113
Fund shares sold		847
Dividends and interest		3,811
Total assets		1,522,222
Liabilities:
Unrealized depreciation on foreign currency contracts		8
Bank overdraft - foreign cash		2
Payables:
Fund shares redeemed		1,204
Investment management fees		227
Distribution fees		13
Accrued expenses		144
Total liabilities		1,598
Net assets	$	1,520,624
Summary of Net Assets:
Capital stock and paid-in-capital	$	2,304,613
Undistributed net investment income		28,134
Accumulated net realized loss		(740,270	)
Unrealized depreciation of investments and the translations of assets and liabilities denominated in foreign currency		(71,853	)
Net assets	$	1,520,624
Shares authorized		2,625,000
Par value	$	0.001
Class IA: Net asset value per share	$	10.72
Shares outstanding		120,194
Net assets	$	1,287,917
Class IB: Net asset value per share	$	10.82
Shares outstanding		21,508
Net assets	$	232,707

The accompanying notes are an integral part of these financial statements.

9

Hartford International Opportunities HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	48,719
Interest		37
Less: Foreign tax withheld		(5,096	)
Total investment income, net		43,660
Expenses:
Investment management fees		12,340
Transfer agent fees		5
Distribution fees - Class IB		712
Custodian fees		170
Accounting services fees		293
Board of Directors' fees		45
Audit fees		24
Other expenses		443
Total expenses (before fees paid indirectly)		14,032
Commission recapture		(54	)
Total fees paid indirectly		(54	)
Total expenses, net		13,978
Net investment income		29,682
Net Realized Gain on Investments and Foreign Currency Transactions:		5344000
Net realized gain on investments		5,838
Net realized loss on foreign currency contracts		(611	)
Net realized gain on other foreign currency transactions		117
Net Realized Gain on Investments and Foreign Currency Transactions		5,344
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions:		(293,187	)
Net unrealized depreciation of investments		(292,406	)
Net unrealized depreciation of foreign currency contracts		(634	)
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(147	)
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions		(293,187	)
Net Loss on Investments and Foreign Currency Transactions		(287,843	)
Net Decrease in Net Assets Resulting from Operations	$	(258,161	)

The accompanying notes are an integral part of these financial statements.

10

Hartford International Opportunities HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	29,682		$	20,497
Net realized gain on investments and foreign currency transactions		5,344			270,674
Net unrealized depreciation of investments and foreign currency transactions		(293,187	)		(56,880	)
Net Increase (Decrease) In Net Assets Resulting From Operations		(258,161	)		234,291
Distributions to Shareholders:
From net investment income
Class IA		(686	)		(19,308	)
Class IB		(122	)		(2,992	)
Total distributions		(808	)		(22,300	)
Capital Share Transactions:
Class IA
Sold		151,842			114,911
Issued in merger		—			453,865
Issued on reinvestment of distributions		686			19,308
Redeemed		(351,186	)		(309,369	)
Total capital share transactions		(198,658	)		278,715
Class IB
Sold		34,174			33,853
Issued in merger		—			142,673
Issued on reinvestment of distributions		122			2,992
Redeemed		(90,473	)		(100,545	)
Total capital share transactions		(56,177	)		78,973
Net increase (decrease) from capital share transactions		(254,835	)		357,688
Proceeds from regulatory settlements		—			688
Net Increase (Decrease) In Net Assets		(513,804	)		570,367
Net Assets:
Beginning of period		2,034,428			1,464,061
End of period	$	1,520,624		$	2,034,428
Undistributed (distribution in excess of)
net investment income	$	28,134		$	430
Shares:
Class IA
Sold		12,594			10,237
Issued in merger		—			39,574
Issued on reinvestment of distributions		62			1,611
Redeemed		(29,342	)		(27,787	)
Total share activity		(16,686	)		23,635
Class IB
Sold		2,865			2,977
Issued in merger		—			12,297
Issued on reinvestment of distributions		11			248
Redeemed		(7,424	)		(8,918	)
Total share activity		(4,548	)		6,604

The accompanying notes are an integral part of these financial statements.

11

Hartford International Opportunities HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

Hartford International Opportunities HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the

12

Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV. 

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

13

Hartford International Opportunities HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended December 31, 2011, the Fund held no Level 3 securities; therefore, no reconciliation of Level 3 securities is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

14

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of December 31, 2011.

c) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of December 31, 2011, the Fund had no outstanding when-issued or delayed delivery securities.

15

Hartford International Opportunities HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the Schedule of Investments as of December 31, 2011.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2011:
	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Liabilities:
Unrealized depreciation     on foreign currency     contracts	$	—	$	8		$	—	$	—	$	—	$	—	$	8
Total	$	—	$	8		$	—	$	—	$	—	$	—	$	8
The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended December 31, 2011
The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:
	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on     foreign currency     contracts	$	—	$	(611	)	$	—	$	—	$	—	$	—	$	(611	)
Total	$	—	$	(611	)	$	—	$	—	$	—	$	—	$	(611	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized     depreciation of foreign     currency contracts	$	—	$	(634	)	$	—	$	—	$	—	$	—	$	(634	)
Total	$	—	$	(634	)	$	—	$	—	$	—	$	—	$	(634	)

16

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
Ordinary Income	$	808	$	22,300

17

Hartford International Opportunities HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	28,134
Accumulated Capital and Other Losses*		(721,811	)
Unrealized Depreciation†		(90,312	)
Total Accumulated Deficit	$	(783,989	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(1,170	)
Accumulated Net Realized Gain (Loss)		1,170

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes of approximately:

Year of Expiration	Amount
2015	$	37,085
2016		397,126
2017		287,600
Total	$	721,811

As of December 31, 2011, the Fund utilized $9,925 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

18

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million	0.7750%
On next $250 million	0.7250%
On next $500 million	0.6750%
On next $4 billion	0.6250%
On next $5 billion	0.6225%
Over $10 billion	0.6200%

Effective March 1, 2012, HL Advisors will be paid compensation for investment management services according to the following schedule:

Average Daily Net Assets	Annual Fee
On first $250 million	0.7750%
On next $250 million	0.7250%
On next $500 million	0.6750%
On next $1.5 billion	0.6250%
On next $2.5 billion	0.6200%
On next $5 billion	0.6150%
Over $10 billion	0.6100%

19

Hartford International Opportunities HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion	0.016%
On next $5 billion	0.014%
Over $10 billion	0.012%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended December 31, 2011
Class IA		0.72	%
Class IB		0.97

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO was compensated on a per account basis for providing such services. The amount paid to HASCO can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

20

g) Payment from Affiliate – In July of 2007, The Hartford entered into a settlement with the Attorneys General of the states of New York, Connecticut and Illinois relating to market timing and the company's individual variable annuity contracts in which certain payments would be made directly to the variable annuity contract holders. The distribution plan provided that unclaimed money from the settlement would be distributed to certain HLS Funds that are investment options through a Hartford individual variable annuity contract. The unclaimed money was distributed to the Fund on September 18, 2009.

The total return in the accompanying financial highlights includes a payment from an affiliate. Had the payment from the affiliate been excluded, the impact and total return for the period listed below would have been as follows:

	For the Year Ended December 31, 2009
		Class IA		Class IB
Impact from Payment from Affiliate for Attorneys General Settlement		0.23	%	0.23	%
Total Return Excluding Payment from Affiliate		33.15		32.83

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	2,009,033
Sales Proceeds Excluding U.S. Government Obligations		2,280,103

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

10. Fund Merger:

Reorganization of Hartford International Growth HLS Fund and Hartford International Small Company HLS Fund into Hartford International Opportunities HLS Fund: At a meeting held on August 5, 2009, the Board of Directors of the Company approved the Forms of Agreement and Plans of Reorganization (“Reorganization Agreements”) that provided for the reorganization of each of two series of the Company, Hartford International Growth HLS Fund (“Target Fund #1”) and Hartford International Small Company HLS Fund (“Target Fund #2), into another series of the Company, Hartford International Opportunities HLS Fund (“Acquiring Fund”) (“Reorganizations”). The reorganizations did not require shareholder approval by the shareholders of the Target Funds or the Acquiring Fund.

Pursuant to the Reorganization Agreements, on April 16, 2010, (merger date), each holder of Class IA and Class IB shares of the Target Funds became the owner of full and fractional shares of the corresponding class in the Aquiring Fund having an equal aggregate value.

21

Hartford International Opportunities HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

The merger was accomplished by tax free exchange as detailed below:

	Net assets of Target Fund #1 on Merger Date		Net assets of Target Fund #2 on Merger Date		Acquiring Fund shares issued to the Target Funds' shareholders		Net assets of Acquiring Fund immediately before merger		Net assets of Acquiring Fund immediately after merger		Target Fund #1 shares exchanged		Target Fund #2 shares exchanged
Class IA	$	289,334	$	164,531		39,574	$	1,276,569	$	1,730,434		37,523	$	14,231
Class IB		97,957		44,716		12,297		216,979		359,652		12,771		3,902
Total	$	387,291	$	209,247		51,871	$	1,493,548	$	2,090,086		50,294	$	18,133

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

12. Proceeds from Regulatory Settlement:

During the year ended December 31, 2010, as a result of a settlement of an administrative proceeding brought by the SEC against an unaffiliated third party relating to market timing and/or late trading of mutual funds, the Fund received $688, which represented the Fund’s portion of the proceeds from the settlement (the Fund was not a party to the proceeding). The proceeds received by the Fund were recorded as an increase to additional paid-in-capital. The payment did not have a material impact on the Fund’s NAV.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

22

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23

Hartford International Opportunities HLS Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Year Ended December 31, 2011
IA	$	12.46	$	0.21	$	–	$	(1.94	)	$	(1.73	)	$	(0.01	)	$	–		$	–	$	(0.01	)	$	(1.74	)	$	10.72
IB		12.61		0.19		–		(1.97	)		(1.78	)		(0.01	)		–			–		(0.01	)		(1.79	)		10.82
For the Year Ended December 31, 2010(E)
IA		11.01		0.13		–		1.46			1.59			(0.14	)		–			–		(0.14	)		1.45			12.46
IB		11.15		0.11		–		1.46			1.57			(0.11	)		–			–		(0.11	)		1.46			12.61
For the Year Ended December 31, 2009
IA		8.40		0.16		0.03		2.61			2.80			(0.19	)		–			–		(0.19	)		2.61			11.01
IB		8.51		0.14		0.03		2.64			2.81			(0.17	)		–			–		(0.17	)		2.64			11.15
For the Year Ended December 31, 2008
IA		15.62		0.28		–		(6.68	)		(6.40	)		(0.28	)		(0.54	)		–		(0.82	)		(7.22	)		8.40
IB		15.78		0.27		–		(6.76	)		(6.49	)		(0.24	)		(0.54	)		–		(0.78	)		(7.27	)		8.51
For the Year Ended December 31, 2007
IA		15.23		0.18		–		3.77			3.95			(0.19	)		(3.37	)		–		(3.56	)		0.39			15.62
IB		15.36		0.16		–		3.78			3.94			(0.15	)		(3.37	)		–		(3.52	)		0.42			15.78

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.

(C) Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using the average shares method.

(F) During the year ended December 31, 2010, the Fund incurred $456.2 million in sales associated with the transition of assets from Hartford International Growth HLS Fund and Hartford International Small Company HLS Fund, which merged into the Fund on April 16, 2010. These sales were excluded from the portfolio turnover calculation.

(G) Total return without the inclusion of the Payment from (to) Affiliate can be found in Expenses in the accompanying Notes to Financial Statements.

24

- Ratios and Supplemental Data -

Total Return(B)		Net Assets at End of Period		Ratio of Expenses to Average Net Assets Before Waivers(C)			Ratio of Expenses to Average Net Assets After Waivers(C)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate(D)
(13.97	)%	$	1,287,917		0.73	%		0.73	%		1.66	%		111	%
(14.19	)		232,707		0.98			0.98			1.41			–
-
14.49			1,705,757		0.74			0.74			1.19			128	(F)
14.20			328,671		0.99			0.99			0.94			–
-
33.46	(G)		1,247,179		0.76			0.76			1.68			152
33.13	(G)		216,882		1.01			1.01			1.43			–
-
(42.25	)		1,046,234		0.71			0.71			2.21			158
(42.39	)		189,221		0.96			0.96			1.96			–
-
27.43			2,027,078		0.71			0.71			1.13			135
27.11			417,144		0.96			0.96			0.89			–

25

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford International Opportunities HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford International Opportunities HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
February 13, 2012

26

Hartford International Opportunities HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

27

Hartford International Opportunities HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

28

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29

Hartford International Opportunities HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011		Ending Account Value December 31, 2011		Expenses paid during the period June 30, 2011 through December 31, 2011		Beginning Account Value June 30, 2011		Ending Account Value December 31, 2011		Expenses paid during the period June 30, 2011 through December 31, 2011		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class IA	$	1,000.00	$	833.78	$	3.37	$	1,000.00	$	1,021.53	$	3.72		0.73	%		184		365
Class IB	$	1,000.00	$	832.74	$	4.53	$	1,000.00	$	1,020.27	$	4.99		0.98	%		184		365

30

Hartford International Opportunities HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford International Opportunities HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’

31

Hartford International Opportunities HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that although the Fund has had some recent short-term challenges, the overall performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The

32

Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

33

Hartford International Opportunities HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

34

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-IO11 2-12     109078     Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford MidCap HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	8
Statement of Assets and Liabilities at December 31, 2011	9
Statement of Operations for the Year Ended December 31, 2011	10
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	11
Notes to Financial Statements	12
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Expense Example (Unaudited)	28
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	29

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford MidCap HLS Fund* inception 07/14/1997
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term growth of capital.

 

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes. 

Average Annual Total Returns (as of 12/31/11)

	1 Year	5 Year	10 Year
MidCap IA	-7.92%	2.11%	7.13%
MidCap IB	-8.16%	1.85%	6.87%
S&P MidCap 400 Index	-1.73%	3.32%	7.04%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

S&P MidCap 400 Index is an unmanaged index of common stocks of companies chosen by S&P designed to represent price movements in the mid-cap U.S. equity market.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

* The Fund has restrictions on the purchase of shares. A description of the restrictions can be found in the prospectus.

2

Hartford MidCap HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Managers
Philip W. Ruedi, CFA	Mark A. Whitaker, CFA
Senior Vice President	Vice President

How did the Fund perform?

The Class IA shares of the Hartford MidCap HLS Fund returned -7.92% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the S&P MidCap 400 Index, which returned -1.73% for the same period. The Fund also underperformed the -3.86% return of the average fund in the Lipper Mid-Cap Core VP-UF Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The twelve-month period ended December 31, 2011 was yet another extremely volatile period for equity markets. Global equities started the year on a strong note and continued to march higher in the first quarter of 2011, driven by investors’ enthusiasm for additional government debt purchases by the U.S. Federal Reserve, the extension of tax cuts in the U.S., strong corporate earnings growth, and generally improving economic data. This enthusiasm reversed later in the period, however, as concerns surfaced that the global economy could slip back into recession, resulting in a rapid decline in equity markets. Fears about sovereign debt and solvency in the eurozone, slowing economic expansion in China, and uncertainty about the sustainability of corporate earnings growth combined to produce an extremely volatile stock market, and return correlations among stocks spiked as investors shed risk and fled to safety. Markets ended the year on a positive note in the final month of the period with encouraging employment and manufacturing data in the U.S.

Mid cap stocks (-2%) and small cap stocks (-4%) underperformed large cap stocks (+2%) during the period, as measured by the S&P MidCap 400, Russell 2000, and S&P 500 Indices, respectively. Growth stocks (-1.6%) outpaced Value stocks (-3.4%) during the period, as measured by the Russell 2500 Growth and Russell 2500 Value Indices. Within the S&P MidCap 400 Index, five out of ten sectors posted double-digit positive returns. The Consumer Staples (+22%), Utilities (+17%), and Consumer Discretionary (+2%) sectors performed best while the Information Technology (-12%), Energy (-10%), and Telecommunication Services (-10%) sectors lagged the benchmark.

Underperformance versus the benchmark was driven by weak security selection in the Industrials, Financials, and Energy sectors, which more than offset strong stock selection in the Information Technology and Telecommunication Services sectors. Sector allocation, which is driven by our bottom-up stock selection process (i.e. stock by stock fundamental research), also detracted during the period as a result of our underweight position (i.e. the Fund’s sector position was less than the benchmark position) in Consumer Staples and an overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Information Technology.

Top detractors from benchmark-relative performance included Alpha Natural Resources (Energy), Netflix (Consumer Discretionary), and PACCAR (Industrials). Shares of Alpha Natural Resources, a U.S.-based coal producer, declined after reduced shipment guidance raised investor concerns about a slowdown in demand from China. Internet-based subscription service for television and movies provider Netflix’s shares declined after the firm announced a pricing change that angered many members. Shares of PACCAR, a worldwide manufacturer of light, medium, and heavy-duty trucks and after-market parts, declined due to concerns about the company’s exposure to the weak European economy. Digital media technology company Rovi (Information Technology) was among the top absolute (i.e. total return) performance detractors during the period.

Top relative contributors included Regeneron Pharmaceuticals (Health Care), Tempur-Pedic International (Consumer Discretionary), and Cree (Information Technology). Shares of biopharmaceutical company Regeneron rose as expectations for the success of Eylea, a drug for macular degeneration treatment, have increased. The company also has a compelling antibody platform that should position it well in drug discovery. Shares of Tempur-Pedic International benefited from strong earnings results as a result of effective cost-cutting measures and improved marketing efforts. Shares of Cree, an innovator of LED lighting, fell from lower LED demand as TV inventory corrections and overcapacity in China have weighed on revenues. Not owning Cree benefitted the fund. Among top contributors to absolute performance were Verisign (Information Technology) and Vertex Pharmaceuticals (Health Care).

What is the outlook?

After bottoming in early 2009, risk assets have rebounded strongly while global economies continue to show signs of stabilizing as unprecedented fiscal and monetary stimulus work their way through the system. Despite some signs of continued weakness, we believe that global growth remains

3

Hartford MidCap HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

positive. The U.S. recovery continues at a sluggish pace but the trends remain positive. While we remain mindful of additional factors that may impact the pace of the recovery in the U.S., including sovereign debt issues in Europe, the impact of any resulting fiscal restraint on growth, increased government regulation, and continued pressure on housing, we believe that the U.S. economy appears likely to continue to expand.

Our efforts are focused on picking stocks based on a bottom-up review of their fundamentals. As a result of these individual stock decisions, we ended the period with our most significant overweight positions relative to the benchmark in the Health Care, Information Technology, and Energy sectors. Our largest underweights relative to the benchmark were in Financials, Consumer Discretionary, and Materials.

Diversification by Industry
as of December 31, 2011
Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		1.6	%
Banks (Financials)		6.2
Capital Goods (Industrials)		9.0
Commercial & Professional Services (Industrials)		3.8
Consumer Durables & Apparel (Consumer Discretionary)		3.6
Diversified Financials (Financials)		5.5
Energy (Energy)		9.9
Food & Staples Retailing (Consumer Staples)		0.5
Food, Beverage & Tobacco (Consumer Staples)		1.5
Health Care Equipment & Services (Health Care)		7.8
Insurance (Financials)		1.7
Materials (Materials)		4.3
Media (Consumer Discretionary)		1.9
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		10.0
Real Estate (Financials)		2.3
Retailing (Consumer Discretionary)		2.7
Semiconductors & Semiconductor Equipment (Information Technology)		5.7
Software & Services (Information Technology)		10.1
Technology Hardware & Equipment (Information Technology)		3.1
Transportation (Industrials)		4.3
Utilities (Utilities)		3.6
Short-Term Investments		0.8
Other Assets and Liabilities		0.1
Total		100.0	%

4

Hartford MidCap HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.1%
		Automobiles & Components - 1.6%
	542	Harley-Davidson, Inc.	$	21,080
		Banks - 6.2%
	141	Cullen/Frost Bankers, Inc.		7,438
	363	East West Bancorp, Inc.		7,159
	979	First Niagara Financial Group, Inc.		8,447
	461	First Republic Bank ●		14,110
	2,108	Huntington Bancshares, Inc.		11,575
	317	M&T Bank Corp.		24,237
	105	Signature Bank ●		6,319
				79,285
		Capital Goods - 9.0%
	316	AMETEK, Inc.		13,297
	269	Carlisle Cos., Inc.		11,928
	298	IDEX Corp.		11,040
	305	Jacobs Engineering Group, Inc. ●		12,396
	576	Lennox International, Inc.		19,456
	230	MSC Industrial Direct Co., Inc.		16,450
	547	PACCAR, Inc.		20,487
	176	Pall Corp.		10,077
				115,131
		Commercial & Professional Services - 3.8%
	203	Equifax, Inc. ●		7,858
	532	Manpower, Inc.		19,026
	787	Robert Half International, Inc.		22,407
				49,291
		Consumer Durables & Apparel - 3.6%
	514	Hasbro, Inc.		16,377
	125	Michael Kors Holdings Ltd. ●		3,411
	29	NVR, Inc. ●		19,986
	122	Tempur-Pedic International, Inc. ●		6,414
				46,188
		Diversified Financials - 5.5%
	446	Cetip S.A. - Balcao Organizado		6,438
	231	Greenhill & Co., Inc.		8,393
	899	Invesco Ltd.		18,058
	175	LPL Investment Holdings, Inc. ●		5,356
	1,092	SEI Investments Co.		18,944
	225	T. Rowe Price Group, Inc.		12,839
				70,028
		Energy - 9.9%
	244	Alpha Natural Resources, Inc. ●		4,990
	445	Atwood Oceanics, Inc. ●		17,696
	663	Cobalt International Energy ●		10,283
	349	Consol Energy, Inc.		12,812
	592	Denbury Resources, Inc. ●		8,935
	435	ENSCO International plc		20,429
	849	McDermott International, Inc. ●		9,771
	549	Newfield Exploration Co. ●		20,704
	239	Pioneer Natural Resources Co.		21,387
				127,007
		Food & Staples Retailing - 0.5%
	100	Whole Foods Market, Inc.		6,925
		Food, Beverage & Tobacco - 1.5%
	431	Molson Coors Brewing Co.		18,776
		Health Care Equipment & Services - 7.8%
	474	Amerisource Bergen Corp.		17,615

342	Cardinal Health, Inc.	13,901
410	Coventry Health Care, Inc. ●	12,443
143	Gen-Probe, Inc. ●	8,429
224	Health Net, Inc. ●	6,803
692	Lincare Holdings, Inc.	17,800
305	Patterson Cos., Inc.	8,994
353	Resmed, Inc. ●	8,967
82	SXC Health Solutions Corp. ●	4,620
		99,572
	Insurance - 1.7%
553	Unum Group	11,643
294	W.R. Berkley Corp.	10,112
		21,755
	Materials - 4.3%
264	Carpenter Technology Corp.	13,592
14	CF Industries Holdings, Inc.	1,986
174	FMC Corp.	14,957
127	Sherwin-Williams Co.	11,342
221	Silgan Holdings, Inc.	8,532
83	Walter Energy, Inc.	5,007
		55,416
	Media - 1.9%
89	AMC Networks, Inc. ●	3,338
751	DreamWorks Animation SKG, Inc. ●	12,459
197	Liberty Global, Inc. ●	8,088
		23,885
	Pharmaceuticals, Biotechnology & Life Sciences - 10.0%
506	Alkermes plc ●	8,783
1,077	Amylin Pharmaceuticals, Inc. ●	12,257
724	Incyte Corp. ●	10,864
294	Ironwood Pharmaceuticals, Inc. ●	3,523
364	Life Technologies Corp. ●	14,147
1,090	Mylan, Inc. ●	23,393
138	Regeneron Pharmaceuticals, Inc. ●	7,653
541	Seattle Genetics, Inc. ●	9,044
237	Waters Corp. ●	17,531
354	Watson Pharmaceuticals, Inc. ●	21,355
		128,550
	Real Estate - 2.3%
142	Alexandria Real Estate Equities, Inc.	9,759
324	American Tower Corp. Class A	19,448
		29,207
	Retailing - 2.7%
231	Advance Automotive Parts, Inc.	16,094
407	CarMax, Inc. ●	12,410
135	Joseph A. Bank Clothiers, Inc. ●	6,567
		35,071
	Semiconductors & Semiconductor Equipment - 5.7%
287	Analog Devices, Inc.	10,265
677	Maxim Integrated Products, Inc.	17,626
1,145	NVIDIA Corp. ●	15,870
1,193	Skyworks Solutions, Inc. ●	19,345
305	Xilinx, Inc.	9,785
		72,891
	Software & Services - 10.1%
239	Citrix Systems, Inc. ●	14,530
139	Factset Research Systems, Inc.	12,115
255	Gartner, Inc. Class A ●	8,853
1,705	Genpact Ltd. ●	25,495

The accompanying notes are an integral part of these financial statements.

5

Hartford MidCap HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount				Market Value ╪
COMMON STOCKS - 99.1% - (continued)
		Software & Services - 10.1% - (continued)
	32	Red Hat, Inc. ●	$	1,310
	659	Rovi Corp. ●		16,202
	777	VeriSign, Inc.		27,744
	1,245	Western Union Co.		22,725
				128,974
		Technology Hardware & Equipment - 3.1%
	516	ADTRAN, Inc.		15,560
	58	F5 Networks, Inc. ●		6,115
	400	National Instruments Corp.		10,374
	509	Polycom, Inc. ●		8,289
				40,338
		Transportation - 4.3%
	248	C.H. Robinson Worldwide, Inc.		17,320
	285	Expeditors International of Washington, Inc.		11,678
	372	J.B. Hunt Transport Services, Inc.		16,757
	139	Kansas City Southern ●		9,424
				55,179
		Utilities - 3.6%
	190	Northeast Utilities		6,862
	489	NRG Energy, Inc. ●		8,858
	651	UGI Corp.		19,142
	332	Wisconsin Energy Corp.		11,613
				46,475
		Total common stocks
		(cost $1,223,346)	$	1,271,024
		Total long-term investments (cost $1,223,346)	$	1,271,024
SHORT-TERM INVESTMENTS - 0.8%
Repurchase Agreements - 0.8%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $4,019, collateralized by GNMA 4.50%, 2041, value of $4,099)
$	4,019	0.04%, 12/30/2011	$	4,019
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $334, collateralized by U.S. Treasury Bond 5.38%, 2031, value of $341)
	334	0.01%, 12/30/2011		334
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $4,458, collateralized by GNMA 3.50% - 7.00%, 2035 - 2046, value of $4,547)
	4,457	0.06%, 12/30/2011		4,457
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $34, collateralized by U.S. Treasury Note 2.75%, 2016, value of $35)
	34	0.01%, 12/30/2011		34

	UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $1,725, collateralized by FNMA 3.00% - 6.50%, 2021 - 2041,  value of $1,759)
1,725	0.04%, 12/30/2011	$	1,725
			10,569
	Total short-term investments
	(cost $10,569)	$	10,569

Total investments
(cost $1,233,915) ▲	99.9	%	$	1,281,593
Other assets and liabilities	0.1	%		852
Total net assets	100.0	%	$	1,282,445

 The accompanying notes are an integral part of these financial statements.

6

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 2.8% of total net assets at December 31, 2011.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $1,256,402 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	134,812
Unrealized Depreciation		(109,621	)
Net Unrealized Appreciation	$	25,191

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

 The accompanying notes are an integral part of these financial statements. 

7

Hartford MidCap HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	1,271,024	$	1,271,024	$	—	$	—
Short-Term Investments		10,569		—		10,569		—
Total	$	1,281,593	$	1,271,024	$	10,569	$	—

♦	For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

 The accompanying notes are an integral part of these financial statements. 

8

Hartford MidCap HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $1,233,915)	$	1,281,593
Cash		—
Receivables:
Investment securities sold		171
Fund shares sold		1,067
Dividends and interest		1,205
Total assets		1,284,036
Liabilities:
Payables:
Fund shares redeemed		1,325
Investment management fees		196
Distribution fees		4
Accrued expenses		66
Total liabilities		1,591
Net assets	$	1,282,445
Summary of Net Assets:
Capital stock and paid-in-capital	$	1,316,720
Undistributed net investment income		896
Accumulated net realized loss		(82,849	)
Unrealized appreciation of investments and the translations of assets and liabilities denominated in foreign currency		47,678
Net assets	$	1,282,445
Shares authorized		2,400,000
Par value	$	0.001
Class IA: Net asset value per share	$	23.77
Shares outstanding		51,009
Net assets	$	1,212,257
Class IB: Net asset value per share	$	23.59
Shares outstanding		2,975
Net assets	$	70,188

 The accompanying notes are an integral part of these financial statements.  

9

Hartford MidCap HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	19,821
Interest		17
Less: Foreign tax withheld		(12	)
Total investment income, net		19,826
Expenses:
Investment management fees		11,384
Transfer agent fees		5
Distribution fees - Class IB		242
Custodian fees		12
Accounting services fees		202
Board of Directors' fees		40
Audit fees		19
Other expenses		224
Total expenses (before fees paid indirectly)		12,128
Commission recapture		(65	)
Total fees paid indirectly		(65	)
Total expenses, net		12,063
Net investment income		7,763
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments		233,318
Net realized gain on futures		3,567
Net realized gain on foreign currency contracts		29
Net realized loss on other foreign currency transactions		(30	)
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		236,884
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(382,149	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions		(382,149	)
Net Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(145,265	)
Net Decrease in Net Assets Resulting from Operations	$	(137,502	)

The accompanying notes are an integral part of these financial statements.  

10

Hartford MidCap HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	7,763		$	7,034
Net realized gain on investments, other financial instruments and foreign currency transactions		236,884			165,120
Net unrealized appreciation (depreciation) of investments		(382,149	)		197,571
Net Increase (Decrease) In Net Assets Resulting From Operations		(137,502	)		369,725
Distributions to Shareholders:
From net investment income
Class IA		(10,115	)		(3,951	)
Class IB		(147	)		(69	)
Total distributions		(10,262	)		(4,020	)
Capital Share Transactions:
Class IA
Sold		178,223			180,263
Issued on reinvestment of distributions		10,115			3,951
Redeemed		(554,640	)		(288,847	)
Total capital share transactions		(366,302	)		(104,633	)
Class IB
Sold		16,499			21,429
Issued on reinvestment of distributions		147			69
Redeemed		(66,782	)		(99,980	)
Total capital share transactions		(50,136	)		(78,482	)
Net decrease from capital share transactions		(416,438	)		(183,115	)
Net Increase (Decrease) In Net Assets		(564,202	)		182,590
Net Assets:
Beginning of period		1,846,647			1,664,057
End of period	$	1,282,445		$	1,846,647
Undistributed (distribution in excess of)
net investment income	$	896		$	3,742
Shares:
Class IA
Sold		6,643			7,950
Issued on reinvestment of distributions		433			161
Redeemed		(22,270	)		(12,489	)
Total share activity		(15,194	)		(4,378	)
Class IB
Sold		621			953
Issued on reinvestment of distributions		6			3
Redeemed		(2,487	)		(4,402	)
Total share activity		(1,860	)		(3,446	)

The accompanying notes are an integral part of these financial statements.   

11

Hartford MidCap HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted) 

1. Organization:

Hartford MidCap HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in

12

which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these

13

Hartford MidCap HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended December 31, 2011, the Fund held no Level 3 securities; therefore, no reconciliation of Level 3 securities is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

14

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund had no illiquid or restricted securities as of December 31, 2011.

b) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of December 31, 2011, the Fund had no outstanding when-issued or delayed delivery securities.

15

Hartford MidCap HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of December 31, 2011.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the securities markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. As of December 31, 2011, the Fund had no outstanding futures contracts.

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the year ended December 31, 2011.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	—	$	—	$	—	$	3,567	$	—	$	—	$	3,567
Net realized gain on foreign currency contracts		—		29		—		—		—		—		29
Total	$	—	$	29	$	—	$	3,567	$	—	$	—	$	3,596

16

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
Ordinary Income	$	10,262	$	4,020

17

Hartford MidCap HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	896
Accumulated Capital and Other Losses*		(60,362	)
Unrealized Appreciation†		25,191
Total Accumulated Deficit	$	(34,275	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(347	)
Accumulated Net Realized Gain (Loss)		347

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	60,362
Total	$	60,362
As of December 31, 2011, the Fund utilized $250,501 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

18

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million	0.7750%
On next $250 million	0.7250%
On next $500 million	0.6750%
On next $4 billion	0.6250%
On next $5 billion	0.6225%
Over $10 billion	0.6200%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion	0.012%
Over $5 billion	0.010%

Effective January 1, 2012, the accounting services fees based on the Fund’s average daily net assets were decreased. The new accounting services fees schedule is as follows:

Average Daily Net Assets	Annual Fee
All assets	0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce

19

Hartford MidCap HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended December 31, 2011
Class IA		0.70	%
Class IB		0.95

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO was compensated on a per account basis for providing such services. The amount paid to HASCO can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – In July of 2007, The Hartford entered into a settlement with the Attorneys General of the states of New York, Connecticut and Illinois relating to market timing and the company's individual variable annuity contracts in which certain payments would be made directly to the variable annuity contract holders. The distribution plan provided that unclaimed money from the settlement would be distributed to certain HLS Funds that are investment options through a Hartford individual variable annuity contract. The unclaimed money was distributed to the Fund on September 18, 2009.

The total return in the accompanying financial highlights includes a payment from an affiliate. Had the payment from the affiliate been excluded, the impact and total return for the period listed below would have been as follows:

	For the Year Ended December 31, 2009
		Class IA		Class IB
Impact from Payment from Affiliate for Attorneys General Settlement		0.03	%	0.03	%
Total Return Excluding Payment from Affiliate		30.92		30.59

20

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,140,718
Sales Proceeds Excluding U.S. Government Obligations		1,559,323

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

21

Hartford MidCap HLS Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period	Net Investment Income (Loss)	Payments from (to) Affiliate	Net Realized and Unrealized Gain (Loss) on Investments	Total from Investment Operations	Dividends from Net Investment Income	Distributions from Realized Capital Gains	Distributions from Capital	Total Distributions	Net Increase (Decrease) in Net Asset Value	Net Asset Value at End of Period
For the Year Ended December 31, 2011
IA	$   26.01	$   0.15	$   –	$   (2.20)	$   (2.05)	$   (0.19)	$   –	$   –	$   (0.19)	$   (2.24)	$   23.77
IB	25.74	0.07	–	(2.17)	(2.10)	(0.05)	–	–	(0.05)	(2.15)	23.59
For the Year Ended December 31, 2010
IA	21.12	0.10	–	4.85	4.95	(0.06)	–	–	(0.06)	4.89	26.01
IB	20.92	0.04	–	4.79	4.83	(0.01)	–	–	(0.01)	4.82	25.74
For the Year Ended December 31, 2009
IA	16.21	0.11	0.01	4.89	5.01	(0.10)	–	–	(0.10)	4.91	21.12
IB	16.06	0.04	0.01	4.86	4.91	(0.05)	–	–	(0.05)	4.86	20.92
For the Year Ended December 31, 2008
IA	26.34	0.12	–	(9.03)	(8.91)	(0.12)	(1.10)	–	(1.22)	(10.13)	16.21
IB	26.08	0.06	–	(8.92)	(8.86)	(0.06)	(1.10)	–	(1.16)	(10.02)	16.06
For the Year Ended December 31, 2007(F)
IA	26.99	0.06	–	3.99	4.05	(0.15)	(4.55)	–	(4.70)	(0.65)	26.34
IB	26.76	(0.01)	–	3.95	3.94	(0.07)	(4.55)	–	(4.62)	(0.68)	26.08

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.

(C) Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Total return without the inclusion of the Payment from (to) Affiliate can be found in Expenses in the accompanying Notes to Financial Statements.

(F) Per share amounts have been calculated using the average shares method.

22

- Ratios and Supplemental Data -

Total Return(B)		Net Assets at End of Period		Ratio of Expenses to Average Net Assets Before Waivers(C)			Ratio of Expenses to Average Net Assets After Waivers(C)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate(D)
(7.92	)%	$	1,212,257		0.71	%		0.71	%		0.48	%		69	%
(8.16	)		70,188		0.96			0.96			0.18			–
23.45			1,722,182		0.70			0.70			0.44			52
23.15			124,465		0.95			0.95			0.12			–
30.96	(E)		1,490,852		0.72			0.72			0.48			82
30.62	(E)		173,205		0.97			0.97			0.23			–
(35.32	)		1,552,741		0.69			0.69			0.51			92
(35.49	)		169,328		0.94			0.94			0.26			–
15.30			2,716,285		0.69			0.69			0.22			79
15.01			302,151		0.94			0.94			(0.03	)		–

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford MidCap HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford MidCap HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
February 13, 2012

24

Hartford MidCap HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

Hartford MidCap HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

26

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

Hartford MidCap HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return			Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Annualized expense ratio	Days in the current 1/2 year	Days in the full year
Class IA	$1,000.00	$861.05	$3.38	$1,000.00	$1,021.58	$3.67	0.72%	184	365
Class IB	$1,000.00	$859.92	$4.55	$1,000.00	$1,020.32	$4.94	0.97%	184	365

28

Hartford MidCap HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford MidCap HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

29

Hartford MidCap HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

30

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

31

Hartford MidCap HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

32

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-MC11 2-12     109078    Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford MidCap Value HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	8
Statement of Assets and Liabilities at December 31, 2011	9
Statement of Operations for the Year Ended December 31, 2011	10
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	11
Notes to Financial Statements	12
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Expense Example (Unaudited)	28
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	29

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford MidCap Value HLS Fund* inception 04/30/2001
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

 

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11) (1) (2)

	1 Year	5 Year	10 Year
MidCap Value IA	-8.56%	0.07%	6.55%
MidCap Value IB	-8.79%	-0.18%	6.29%
Russell 2500 Value Index	-3.36%	-0.58%	7.16%
Russell MidCap Value Index	-1.38%	0.04%	7.67%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

Russell 2500 Value Index is an unmanaged index measuring the performance of those Russell 2500 Index companies with lower price-to-book ratios and lower forecasted growth values. (The Russell 2500 Index is an unmanaged index that measures the performance of the 2,500 smallest U.S. companies based on total market capitalization.)

Russell MidCap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.

The Fund has added an additional benchmark, the Russell MidCap Value Index. The Fund’s investment manager believes that the Russell MidCap Value index, along with the Fund’s current benchmark Russell 2500 Value Index, comprises the universe of securities in which the Fund primarily invests.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

* The Fund has restrictions on the purchase of shares. A description of the restrictions can be found in the prospectus.

2

Hartford MidCap Value HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Manager

James N. Mordy

Senior Vice President

How did the Fund perform?

The Class IA shares of the Hartford MidCap Value HLS Fund returned -8.56% for the twelve-month period ended December 31, 2011, underperforming its benchmarks, the Russell 2500 Value Index, which returned -3.36% and the Russell MidCap Value Index, which returned -1.38% for the same period. The Fund also underperformed the -4.49% return of the average fund in the Lipper Mid-Cap Value VP-UF Fund peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The twelve-month period ended December 31, 2011 was yet another extremely volatile period for equity markets. Global equities started the year on a strong note and continued to march higher in the first quarter of 2011, driven by investors’ enthusiasm for additional government debt purchases by the U.S. Federal Reserve, the extension of tax cuts in the U.S., strong earnings growth, and generally improving economic data. This enthusiasm reversed later in the period, however, as concerns surfaced that the global economy could slip back into recession, resulting in a rapid decline in equity markets. Fears about sovereign debt and solvency in the eurozone, slowing economic expansion in China, and uncertainty about the sustainability of corporate earnings growth combined to produce an extremely volatile stock market, and return correlations among stocks spiked as investors shed risk and fled to safety. Markets ended the year on a positive note in the final month of the period with encouraging employment and manufacturing data in the U.S.

During this period, small-cap (-4%) and mid-cap stocks (-2%) underperformed larger-cap stocks (+2%), as represented by the Russell 2000, S&P MidCap 400, and S&P 500 indices, respectively. Growth (-1.6%) outperformed Value (-3.4%), during the period, as measured by Russell 2500 Growth and Russell 2500 Value, respectively. Within the Russell 2500 Value Index, four of ten sectors rose, led by Utilities (+21%), Consumer Staples (+8%), and Health Care (+3%).

The Fund’s relative underperformance versus the index was primarily driven by weak stock selection within Financials, Materials, and Consumer Staples, which more than offset positive stock selection within Consumer Discretionary and Information Technology. Overall sector allocation, a result of bottom-up security selection (i.e. stock by stock fundamental research), also detracted from relative returns, particularly due to our underweight position (i.e. the Fund’s sector position was less than the benchmark position) in Utilities.

The largest detractors from benchmark-relative and absolute returns included Sino-Forest (Materials), PHH (Financials), and Popular (Financials). Shares of Sino-Forest, a commercial forest plantation operator in China, fell amidst allegations of fraud related to the lease agreements of the company’s tree plantations. Shares of mortgage and fleet management services provider PHH declined as management elected to downsize a debt deal, which prompted a ratings downgrade and CEO replacement. Shares of Popular, a diversified, publicly owned bank holding company, underperformed as its credit performance was more mixed than most regional banks, which showed credit improvement.

The largest contributors to benchmark-relative and absolute (i.e. total return) performance included Buck Holdings-Dollar General (Consumer Discretionary), Varian Semiconductor Equipment (Information Technology), and Ross Stores (Consumer Discretionary). Shares of Buck Holdings-Dollar General, a discount retailer, continue to outperform in a trade-down economy. As the world’s top designer and manufacturer of ion implantation equipment and systems, Varian Semiconductor Equipment’s shares rose as it was acquired by Applied Materials. Shares of Ross Stores, the operator of off-price retail apparel and home accessories stores, rose as the company continues to provide the rare combination of strong management, consistent operational results, and good square footage growth.

What is the outlook?

Our macro view has not changed significantly in recent months. We believe that the U.S. economy has decent momentum including a pick-up in jobs growth, but fiscal restraint should keep a lid on things. Globally, we face headwinds from a likely European recession and a heavy slate of upcoming sovereign debt maturities. Reduced inflationary pressures will likely give policy makers in China and other Emerging Market countries some flexibility to stimulate demand, and will help consumers at the margin.

With respect to portfolio positioning, we were net buyers of Consumer Staples and Materials over the year, while we were net sellers in the Industrials and Consumer Discretionary sectors. We are currently slightly underweight the more cyclical sectors of the Russell 2500 Value Index. This

3

Hartford MidCap Value HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

underweight is concentrated in the Financials (due mainly to the REITs), Consumer Discretionary, and Information Technology sectors. Our largest sector overweight (i.e. the Fund’s sector position was greater than the benchmark position) at the end of the period was Materials.  

Diversification by Industry
as of December 31, 2011
Industry (Sector)	Percentage of Net Assets
Banks (Financials)		9.7	%
Capital Goods (Industrials)		13.7
Consumer Durables & Apparel (Consumer Discretionary)		5.2
Consumer Services (Consumer Discretionary)		0.4
Diversified Financials (Financials)		3.9
Energy (Energy)		6.3
Food, Beverage & Tobacco (Consumer Staples)		5.8
Health Care Equipment & Services (Health Care)		4.1
Insurance (Financials)		8.3
Materials (Materials)		10.1
Media (Consumer Discretionary)		0.7
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		3.3
Real Estate (Financials)		5.3
Retailing (Consumer Discretionary)		5.2
Semiconductors & Semiconductor Equipment (Information Technology)		3.6
Software & Services (Information Technology)		1.0
Technology Hardware & Equipment (Information Technology)		3.0
Transportation (Industrials)		1.6
Utilities (Utilities)		7.6
Short-Term Investments		1.2
Other Assets and Liabilities		0.0
Total		100.0	%

4

Hartford MidCap Value HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.8%
		Banks - 9.7%
	199	Bankunited, Inc.	$	4,370
	320	Beneficial Mutual Bancorp, Inc. ●		2,676
	180	Comerica, Inc.		4,654
	476	Fifth Third Bancorp		6,056
	224	First Midwest Bancorp, Inc.		2,269
	815	Huntington Bancshares, Inc.		4,476
	59	M&T Bank Corp.		4,466
	2,366	Popular, Inc. ●		3,289
	669	Regions Financial Corp.		2,878
	452	TCF Financial Corp.		4,665
	334	Umpqua Holdings Corp.		4,133
				43,932
		Capital Goods - 13.7%
	93	AGCO Corp. ●		3,996
	57	AMETEK, Inc.		2,402
	342	Barnes Group, Inc.		8,239
	110	Dover Corp.		6,357
	89	Esterline Technologies Corp. ●		4,980
	116	Hubbell, Inc. Class B		7,783
	198	Pentair, Inc.		6,588
	123	Teledyne Technologies, Inc. ●		6,752
	76	Terex Corp. ●		1,028
	173	Thomas ? Betts Corp. ●		9,440
	150	URS Corp. ●		5,279
				62,844
		Consumer Durables & Apparel - 5.2%
	301	Lennar Corp.		5,921
	244	Mattel, Inc.		6,782
	2,206	Samsonite International S.A. ●		3,451
	387	Toll Brothers, Inc. ●		7,894
				24,048
		Consumer Services - 0.4%
	52	DeVry, Inc.		1,981
		Diversified Financials - 3.9%
	194	E*Trade Financial Corp. ●		1,546
	240	Invesco Ltd.		4,821
	69	LPL Investment Holdings, Inc. ●		2,110
	514	PHH Corp. ●		5,503
	181	Solar Capital Ltd.		3,995
	452	Solar Cayman Ltd. ⌂■●†		41
				18,016
		Energy - 6.3%
	373	Cobalt International Energy ●		5,786
	65	Consol Energy, Inc.		2,393
	94	ENSCO International plc		4,420
	97	Japan Petroleum Exploration Co., Ltd.		3,777
	463	Lone Pine Resources, Inc. ●		3,243
	109	Newfield Exploration Co. ●		4,101
	107	Tidewater, Inc.		5,280
				29,000
		Food, Beverage & Tobacco - 5.8%
	3,202	China Agri-Industries Holdings		2,429
	63	Corn Products International, Inc.		3,334
	270	Cosan Ltd.		2,960
	388	Maple Leaf Foods, Inc. w/ Rights		4,125
	175	Molson Coors Brewing Co.		7,615
	292	Tyson Foods, Inc. Class A		6,035
				26,498

	Health Care Equipment & Services - 4.1%
81	Amerisource Bergen Corp.	3,016
321	Brookdale Senior Living, Inc. ●	5,582
165	CIGNA Corp.	6,943
309	Vanguard Health Systems, Inc. ●	3,156
		18,697
	Insurance - 8.3%
95	Everest Re Group Ltd.	8,022
160	Platinum Underwriters Holdings Ltd.	5,463
218	Principal Financial Group, Inc.	5,368
183	Reinsurance Group of America, Inc.	9,573
449	Unum Group	9,464
		37,890
	Materials - 10.1%
45	CF Industries Holdings, Inc.	6,553
92	FMC Corp.	7,950
86	Greif, Inc.	3,917
1,064	Incitec Pivot Ltd.	3,377
409	Louisiana-Pacific Corp. ●	3,299
280	Methanex Corp. ADR	6,385
235	Owens-Illinois, Inc. ●	4,549
751	Rexam plc	4,110
132	Sino Forest Corp. ⌂■●†	45
220	Sino Forest Corp. Class A ⌂●†	76
265	Steel Dynamics, Inc.	3,486
2,410	Yingde Gases	2,450
		46,197
	Media - 0.7%
148	Virgin Media, Inc.	3,158
	Pharmaceuticals, Biotechnology & Life Sciences - 3.3%
599	Almirall S.A.	4,105
305	Impax Laboratories, Inc. ●	6,150
121	UCB S.A.	5,060
		15,315
	Real Estate - 5.3%
164	American Assets Trust, Inc.	3,362
938	BR Properties S.A.	9,304
263	Forest City Enterprises, Inc. Class A ●	3,110
102	Iguatemi Emp de Shopping	1,899
354	Weyerhaeuser Co.	6,613
		24,288
	Retailing - 5.2%
138	Ann, Inc. ●	3,425
5,788	Buck Holdings L.P. ⌂●†	12,954
156	Ross Stores, Inc.	7,419
		23,798
	Semiconductors & Semiconductor Equipment - 3.6%
226	Avago Technologies Ltd.	6,511
125	Linear Technology Corp.	3,747
370	Microsemi Corp. ●	6,201
		16,459
	Software & Services - 1.0%
260	Booz Allen Hamilton Holding Corp. ●	4,492
	Technology Hardware & Equipment - 3.0%
326	Arrow Electronics, Inc. ●	12,184
253	Flextronics International Ltd. ●	1,430
		13,614

The accompanying notes are an integral part of these financial statements.

5

Hartford MidCap Value HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.8% - (continued)
		Transportation - 1.6%
	362	Delta Air Lines, Inc. ●	$	2,930
	527	Swift Transportation Co. ●		4,343
				7,273
		Utilities - 7.6%
	622	N.V. Energy, Inc.		10,167
	213	Northeast Utilities		7,679
	182	UGI Corp.		5,348
	248	Westar Energy, Inc.		7,146
	128	Wisconsin Energy Corp.		4,468
				34,808
		Total common stocks
		(cost $435,151)	$	452,308
		Total long-term investments (cost $435,151)	$	452,308

SHORT-TERM INVESTMENTS - 1.2%
Repurchase Agreements - 1.2%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $2,136, collateralized by GNMA 4.50%, 2041, value of $2,178)
$	2,136	0.04%, 12/30/2011	$	2,136
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $177, collateralized by U.S. Treasury Bond 5.38%, 2031, value of $181)
	177	0.01%, 12/30/2011		177
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $2,369, collateralized by GNMA 3.50% - 7.00%, 2035 - 2046, value of $2,416)
	2,369	0.06%, 12/30/2011		2,369
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $18, collateralized by U.S. Treasury Note 2.75%, 2016, value of $18)
	18	0.01%, 12/30/2011		18
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $917, collateralized by FNMA 3.00% - 6.50%, 2021 - 2041,  value of $935)
	917	0.04%, 12/30/2011		917
				5,617

Total short-term investments
(cost $5,617)			$	5,617
Total investments
(cost $440,768) ▲	100.0	%	$	457,925
Other assets and liabilities	0.0	%		221
Total net assets	100.0	%	$	458,146

The accompanying notes are an integral part of these financial statements.

6

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 13.4% of total net assets at December 31, 2011.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $449,075 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	62,326
Unrealized Depreciation		(53,476	)
Net Unrealized Appreciation	$	8,850

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At December 31, 2011, the aggregate value of these securities was $13,116, which represents 2.9% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.  

● Non-income producing.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At December 31, 2011, the aggregate value of these securities was $86, which rounds to zero percent of total net assets.  

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.   

Period Acquired	Shares/ Par		Security		Cost Basis
06/2007		5,788		Buck Holdings L.P.	$	3,420
12/2009		132		Sino Forest Corp.  - 144A		2,093
12/2009 - 06/2011		220		Sino Forest Corp. Class A		3,807
03/2007		452		Solar Cayman Ltd.  - 144A		133

At December 31, 2011, the aggregate value of these securities was $13,116, which represents 2.9% of total net assets.

Foreign Currency Contracts Outstanding at December 31, 2011

Description	Counterparty		Buy / Sell	Market Value ╪		Contract Amount		Delivery Date	Unrealized Appreciation/ (Depreciation)
Australian Dollar		JP Morgan Securities	Sell	$	8	$	8	1/3/2012	$	–
British Pound		JP Morgan Securities	Sell		10		10	1/3/2012		–
									$	–

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

7

Hartford MidCap Value HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	452,308	$	410,433	$	28,759	$	13,116
Short-Term Investments		5,617		–		5,617		–
Total	$	457,925	$	410,433	$	34,376	$	13,116
Liabilities:
Foreign Currency Contracts *		—		—		—		—
Total	$	—	$	—	$	—	$	—

♦	For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of December 31, 2010		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of December 31, 2011
Assets:
Common Stocks	$	13,180	$	3,229	$	(7,026	)†	$	—	$	822	$	(4,559	)	$	7,470	$	—	$	13,116
Total	$	13,180	$	3,229	$	(7,026	)	$	—	$	822	$	(4,559	)	$	7,470	$	—	$	13,116

* Securities are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Securities where trading has been halted (transfer into Level 3) or securities where trading has resumed (transfer out of Level 3).

2) Broker quoted securities (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Securities that have certain restrictions on trading (transfer into Level 3) or securities where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 was $(7,026).

The accompanying notes are an integral part of these financial statements.

8

Hartford MidCap Value HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $440,768)	$	457,925
Cash		42
Receivables:
Investment securities sold		18
Fund shares sold		98
Dividends and interest		449
Total assets		458,532
Liabilities:
Unrealized depreciation on foreign currency contracts		—
Bank overdraft - foreign cash		—
Payables:
Fund shares redeemed		256
Investment management fees		81
Distribution fees		6
Accrued expenses		43
Total liabilities		386
Net assets	$	458,146
Summary of Net Assets:
Capital stock and paid-in-capital	$	505,658
Undistributed net investment income		3,414
Accumulated net realized loss		(68,082	)
Unrealized appreciation of investments and the translations of assets and liabilities denominated in foreign currency		17,156
Net assets	$	458,146
Shares authorized		1,200,000
Par value	$	0.001
Class IA: Net asset value per share	$	9.44
Shares outstanding		36,192
Net assets	$	341,583
Class IB: Net asset value per share	$	9.38
Shares outstanding		12,426
Net assets	$	116,563

The accompanying notes are an integral part of these financial statements.

9

Hartford MidCap Value HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	7,817
Interest		6
Less: Foreign tax withheld		(145	)
Total investment income, net		7,678
Expenses:
Investment management fees		4,339
Transfer agent fees		2
Distribution fees - Class IB		353
Custodian fees		20
Accounting services fees		55
Board of Directors' fees		13
Audit fees		14
Other expenses		125
Total expenses (before fees paid indirectly)		4,921
Commission recapture		(15	)
Custodian fee offset		—
Total fees paid indirectly		(15	)
Total expenses, net		4,906
Net investment income		2,772
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments		74,856
Net realized gain on foreign currency contracts		40
Net realized loss on other foreign currency transactions		(18	)
Net Realized Gain on Investments and Foreign Currency Transactions		74,878
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(123,014	)
Net unrealized appreciation of foreign currency contracts		—
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(2	)
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions		(123,016	)
Net Loss on Investments and Foreign Currency Transactions		(48,138	)
Net Decrease in Net Assets Resulting from Operations	$	(45,366	)

The accompanying notes are an integral part of these financial statements.

10

Hartford MidCap Value HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	2,772		$	2,566
Net realized gain on investments and foreign currency transactions		74,878			50,326
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		(123,016	)		71,976
Net Increase (Decrease) In Net Assets Resulting From Operations		(45,366	)		124,868
Distributions to Shareholders:
From net investment income
Class IA		(40	)		(2,489	)
Class IB		(14	)		(531	)
Total distributions		(54	)		(3,020	)
Capital Share Transactions:
Class IA
Sold		30,432			30,002
Issued in merger		—			82,281
Issued on reinvestment of distributions		40			2,489
Redeemed		(117,488	)		(90,281	)
Total capital share transactions		(87,016	)		24,491
Class IB
Sold		11,942			11,740
Issued in merger		—			14,050
Issued on reinvestment of distributions		14			531
Redeemed		(47,153	)		(41,543	)
Total capital share transactions		(35,197	)		(15,222	)
Net increase (decrease) from capital share transactions		(122,213	)		9,269
Net Increase (Decrease) In Net Assets		(167,633	)		131,117
Net Assets:
Beginning of period		625,779			494,662
End of period	$	458,146		$	625,779
Undistributed (distribution in excess of)
net investment income	$	3,414		$	331
Shares:
Class IA
Sold		2,960			3,223
Issued in merger		—			9,542
Issued on reinvestment of distributions		4			264
Redeemed		(11,556	)		(10,118	)
Total share activity		(8,592	)		2,911
Class IB
Sold		1,173			1,277
Issued in merger		—			1,637
Issued on reinvestment of distributions		1			59
Redeemed		(4,645	)		(4,656	)
Total share activity		(3,471	)		(1,683	)

The accompanying notes are an integral part of these financial statements.

11

Hartford MidCap Value HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted) 

1. Organization:

Hartford MidCap Value HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the

12

Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

13

Hartford MidCap Value HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

14

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of December 31, 2011.

c) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of December 31, 2011, the Fund had no outstanding when-issued or delayed delivery securities.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

15

Hartford MidCap Value HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the Schedule of Investments as of December 31, 2011.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2011:

Risk Exposure Category

Interest Rate Contracts

Foreign Exchange Contracts

Credit Contracts

Equity Contracts

Commodity Contracts

Other Contracts

Total

Liabilities:

Unrealized depreciation on foreign currency contracts

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Total

$

—

$

—

$

—

$

—

$

—

$

—

$

—

The volume of derivative activity was minimal during the year ended December 31, 2011

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	40	$	—	$	—	$	—	$	—	$	40
Total	$	—	$	40	$	—	$	—	$	—	$	—	$	40

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of

16

equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities. 

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
Ordinary Income	$	54	$	3,020

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	5,097
Accumulated Capital and Other Losses*		(61,458	)
Unrealized Appreciation†		8,849
Total Accumulated Deficit	$	(47,512	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

17

Hartford MidCap Value HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	365
Accumulated Net Realized Gain (Loss)		(365	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration		Amount
2016	$	8,562
2017		52,896
Total	$	61,458

As a result of current or past mergers in the Fund, certain provisions in the Internal Revenue Code may limit the future utilization of capital losses.  As of December 31, 2011, the Fund utilized $68,839 of prior year capital loss carryforwards

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

18

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million	0.8250%
On next $250 million	0.7750%
On next $500 million	0.7250%
On next $4 billion	0.6750%
On next $5 billion	0.6725%
Over $10 billion	0.6700%

Effective March 1, 2012, HL Advisors will be paid compensation for investment management services according to the following schedule:

Average Daily Net Assets	Annual Fee
On first $500 million	0.8000%
On next $500 million	0.7250%
On next $1.5 billion	0.6750%
On next $2.5 billion	0.6700%
On next $5 billion	0.6650%
Over $10 billion	0.6600%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
All Assets	0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended December 31, 2011
Class IA	0.83%
Class IB	1.08

19

Hartford MidCap Value HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO was compensated on a per account basis for providing such services. The amount paid to HASCO can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – In July of 2007, The Hartford entered into a settlement with the Attorneys General of the states of New York, Connecticut and Illinois relating to market timing and the company's individual variable annuity contracts in which certain payments would be made directly to the variable annuity contract holders. The distribution plan provided that unclaimed money from the settlement would be distributed to certain HLS Funds that are investment options through a Hartford individual variable annuity contract. The unclaimed money was distributed to the Fund on September 18, 2009.

The total return in the accompanying financial highlights includes a payment from an affiliate. Had the payment from the affiliate been excluded, the impact and total return for the period listed below would have been as follows:

	For the Year Ended December 31, 2009
	Class IA	Class IB
Impact from Payment from Affiliate for Attorneys General Settlement	0.01%	0.01%
Total Return Excluding Payment from Affiliate	44.18	43.82

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	237,145
Sales Proceeds Excluding U.S. Government Obligations		353,993

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

20

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

21

Hartford MidCap Value HLS Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Year Ended December 31, 2011
IA	$	10.32	$	0.07	$	–	$	(0.95	)	$	(0.88	)	$	–		$	–		$	–	$	–		$	(0.88	)	$	9.44
IB		10.29		0.04		–		(0.95	)		(0.91	)		–			–			–		–			(0.91	)		9.38
For the Year Ended December 31, 2010(E)
IA		8.33		0.05		–		2.00			2.05			(0.06	)		–			–		(0.06	)		1.99			10.32
IB		8.30		0.03		–		1.99			2.02			(0.03	)		–			–		(0.03	)		1.99			10.29
For the Year Ended December 31, 2009
IA		5.82		0.07		–		2.50			2.57			(0.06	)		–			–		(0.06	)		2.51			8.33
IB		5.80		0.05		–		2.49			2.54			(0.04	)		–			–		(0.04	)		2.50			8.30
For the Year Ended December 31, 2008
IA		12.34		0.07		–		(4.35	)		(4.28	)		(0.06	)		(2.18	)		–		(2.24	)		(6.52	)		5.82
IB		12.30		0.05		–		(4.33	)		(4.28	)		(0.04	)		(2.18	)		–		(2.22	)		(6.50	)		5.80
For the Year Ended December 31, 2007
IA		14.18		0.08		–		0.51			0.59			(0.07	)		(2.36	)		–		(2.43	)		(1.84	)		12.34
IB		14.13		0.04		–		0.53			0.57			(0.04	)		(2.36	)		–		(2.40	)		(1.83	)		12.30

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.
(C)	Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using the average shares method.
(F)	During the year ended December 31, 2010, the Fund incurred $89.7 million in purchases associated with the transition of assets from Hartford SmallCap Value HLS Fund, which merged into the Fund on July 30, 2010.  These purchases were excluded from the portfolio turnover calculation.
(G)	Total return without the inclusion of the Payment from (to) Affiliate can be found in Expenses in the accompanying Notes to Financial Statements.

22

- Ratios and Supplemental Data -

Total Return(B)		Net Assets at End of Period		Ratio of Expenses to Average Net Assets Before Waivers(C)			Ratio of Expenses to Average Net Assets After Waivers(C)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate(D)
(8.56	)%	$	341,583		0.83	%		0.83	%		0.57	%		43	%
(8.79	)		116,563		1.08			1.08			0.32			–
24.67			462,281		0.85			0.85			0.57			57	(F)
24.36			163,498		1.10			1.10			0.30			–
44.19	(G)		348,742		0.86			0.86			0.87			50
43.83	(G)		145,920		1.11			1.11			0.62			–
(40.21	)		301,896		0.81			0.81			0.82			51
(40.36	)		128,483		1.06			1.06			0.57			–
2.13			615,430		0.79			0.79			0.53			50
1.87			300,502		1.04			1.04			0.28			–

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford MidCap Value HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford MidCap Value HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN February 13, 2012

24

Hartford MidCap Value HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

Hartford MidCap Value HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

26

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

Hartford MidCap Value HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011		Ending Account Value December 31, 2011		Expenses paid during the period June 30, 2011 through December 31, 2011		Beginning Account Value June 30, 2011		Ending Account Value December 31, 2011		Expenses paid during the period June 30, 2011 through December 31, 2011		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class IA	$	1,000.00	$	879.06	$	3.93	$	1,000.00	$	1,021.02	$	4.23		0.83	%		184		365
Class IB	$	1,000.00	$	877.95	$	5.11	$	1,000.00	$	1,019.76	$	5.50		1.08	%		184		365

28

Hartford MidCap Value HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford MidCap Value HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

29

Hartford MidCap Value HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio manager, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio manager, the number of accounts managed by the portfolio manager, and the Sub-adviser’s method for compensating the portfolio manager.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

30

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board considered that HL Advisors was proposing to amend the investment sub-advisory agreement between HL Advisors and the Sub-Adviser to increase the sub-advisory fee paid to the Sub-Adviser on behalf of the Fund. The Board also considered that shareholders would not pay any increased management fees or expenses as a result of the proposal as HL Advisors, and not the Fund, would pay the increased fee.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

31

Hartford MidCap Value HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

32

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-MCV11 2-12     109078    Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Money Market HLS Fund

Table of Contents

Financial Statements
Schedule of Investments at December 31, 2011	2
Investment Valuation Hierarchy Level Summary at December 31, 2011	5
Statement of Assets and Liabilities at December 31, 2011	6
Statement of Operations for the Year Ended December 31, 2011	7
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	8
Notes to Financial Statements	9
Financial Highlights	16
Report of Independent Registered Public Accounting Firm	18
Directors and Officers (Unaudited)	19
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	21
Quarterly Portfolio Holdings Information (Unaudited)	21
Expense Example (Unaudited)	22
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	23

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

Hartford Money Market HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CERTIFICATES OF DEPOSIT - 6.0%
	Finance and Insurance - 6.0%
		Commercial Banking - 2.0%
		Bank of Nova Scotia Houston
$	12,250	0.26%, 03/05/2012	$	12,250
	12,250	0.28%, 04/05/2012		12,250
	21,200	0.59%, 01/06/2012 Δ		21,201
				45,701
		Depository Credit - Banking - 4.0%
		Royal Bank of Canada New York
	16,000	0.33%, 02/14/2012 Δ		16,000
	41,000	1.18%, 06/18/2012 Δ		41,124
		Toronto-Dominion Bank New York
	24,500	0.21%, 02/10/2012		24,500
	12,000	0.36%, 01/12/2012 Δ		12,000
				93,624
		Total certificates of deposit
		(cost $139,325)	$	139,325
COMMERCIAL PAPER - 40.4%
	Beverage and Tobacco Product Manufacturing - 3.9%
		Beverage Manufacturing - 3.9%
		Coca Cola Co.
$	29,750	0.16%, 03/09/2012	$	29,741
		Pepsico, Inc.
	62,000	0.06%, 01/10/2012 - 01/24/2012 ■		61,999
				91,740
	Chemical Manufacturing - 4.7%
		Basic Chemical Manufacturing - 4.7%
		E.I. DuPont De Nemours & Co.
	23,750	0.05%, 01/10/2012 ■		23,750
	13,750	0.06%, 01/05/2012 ■		13,750
	12,250	0.14%, 03/20/2012 ■		12,246
		Export Development Canada
	60,750	0.03%, 01/09/2012 - 02/09/2012		60,748
				110,494
	Computer and Electrical Products Manufacturing - 2.6%
		Computer and Peripheral Equipment Manufacturing - 2.6%
		International Business Machines Co.
	36,250	0.05%, 01/27/2012 - 01/30/2012 ■		36,249
	24,500	0.06%, 01/20/2012 ■		24,499
				60,748
	Finance and Insurance - 19.2%
		Commercial Banking - 6.8%
		Old Line Funding LLC
	24,500	0.22%, 02/22/2012 ■		24,492
	21,500	0.23%, 01/19/2012 - 02/01/2012 ■		21,497
		State Street Corp.
	62,250	0.25%, 02/13/2012 - 03/26/2012		62,221
		U.S. Bank
	26,250	0.19%, 01/19/2012		26,248
	24,500	0.25%, 03/16/2012		24,487
				158,945
		Depository Credit - Banking - 1.0%
		Toronto-Dominion Holdings USA
	24,250	0.11%, 03/08/2012 ■		24,245
		International Trade Financing (Foreign Banks) - 1.1%
		Kreditanstalt fuer Wiederaufbau
	26,250	0.18%, 01/19/2012 ■		26,248
		Nondepository Credit Banking - 9.4%
		Caterpillar Financial Services Corp.
	48,000	0.06%, 01/05/2012		47,999
	12,000	0.08%, 02/08/2012		11,999
		General Electric Capital Corp.
	13,000	0.16%, 01/19/2012		12,999
	13,000	0.25%, 02/08/2012		12,997
	19,000	0.27%, 02/29/2012		18,992
	14,750	0.28%, 03/15/2012		14,741
		John Deere Credit, Inc.
	18,250	0.08%, 01/18/2012		18,249
	45,000	0.09%, 01/05/2012 - 01/11/2012		44,999
		Toyota Motor Credit Corp.
	12,000	0.11%, 02/17/2012		11,998
	12,250	0.21%, 02/13/2012		12,247
	13,000	0.26%, 01/24/2012		12,998
				220,218
		Securities and Commodity Contracts and Brokerage - 0.9%
		JP Morgan Chase Funding, Inc.
	21,375	0.01%, 01/03/2012		21,375
				451,031
	Health Care and Social Assistance - 2.7%
		Pharmaceutical & Medicine Manufacturing - 2.7%
		Johnson & Johnson
	24,750	0.07%, 01/26/2012 ■		24,749
	13,250	0.08%, 01/17/2012 ■		13,249
	24,750	0.09%, 03/05/2012		24,746
				62,744
	Retail Trade - 2.4%
		Other General Merchandise Stores - 2.4%
		Wal-Mart Stores, Inc.
	14,750	0.03%, 01/04/2012 ■		14,750
	23,750	0.04%, 01/30/2012		23,749
	18,500	0.06%, 01/12/2012		18,500
				56,999
	Soap, Cleaning Compound, and Toiletries Manufacturing - 4.9%
		Soap, Cleaning Compound, and Toiletries Manufacturing - 4.9%
		Colgate-Palmolive Co.
	58,500	0.02%, 01/09/2012 - 01/12/2012		58,500
		Procter & Gamble Co.
	6,000	0.07%, 03/21/2012 ■		5,999
	24,500	0.08%, 02/14/2012 - 03/19/2012		24,496
	26,250	0.09%, 01/20/2012 ■		26,249
				115,244
		Total commercial paper
		(cost $949,000)	$	949,000

The accompanying notes are an integral part of these financial statements.

2

Shares or Principal Amount				Market Value ╪
CORPORATE NOTES - 6.6%
	Beverage and Tobacco Product Manufacturing - 1.3%
			Beverage Manufacturing - 1.3%
			Coca-Cola Co.
	$	29,800	0.51%, 05/15/2012 Δ	$	29,810
	Finance and Insurance - 5.3%
			Insurance Carriers - 1.3%
			Met Life Global Funding I
		12,000	0.51%, 07/06/2012 ■ Δ		12,000
		18,450	0.89%, 04/10/2012 ■ Δ		18,471
					30,471
			International Trade Financing (Foreign Banks) - 2.9%
			International Bank for Reconstruction & Development
		24,250	0.05%, 02/01/2012		24,249
		18,250	0.06%, 02/22/2012		18,248
		26,000	0.08%, 02/02/2012		25,998
					68,495
			Securities and Commodity Contracts and Brokerage - 1.1%
			JP Morgan Chase & Co.
		15,750	0.43%, 01/18/2013 Δ		15,750
		10,324	0.58%, 02/22/2012 Δ		10,330
					26,080
					125,046
			Total corporate notes
			(cost $154,856)	$	154,856
FOREIGN GOVERNMENT OBLIGATIONS - 11.4%
			Canada - 11.4%
			British Columbia (Province of)
	$	18,250	0.08%, 02/02/2012	$	18,249
		13,150	0.09%, 02/16/2012		13,148
		31,000	0.12%, 06/15/2012 - 07/05/2012		30,982
			Manitoba (Province of)
		63,250	0.34%, 02/15/2012		63,618
			Ontario (Province of)
		36,000	0.09%, 03/13/2012 - 04/05/2012		35,992
		35,500	0.36%, 01/20/2012		35,544
			Quebec (Province of)
		22,625	0.09%, 03/06/2012 - 03/22/2012 ■		22,620
		28,250	0.10%, 02/24/2012 - 03/14/2012 ■		28,245
		20,000	0.11%, 01/17/2012 ■		19,999
					268,397
			Total foreign government obligations
			(cost $268,397)	$	268,397
OTHER POOLS AND FUNDS - 0.0%
		–	JP Morgan U.S. Government Money Market Fund	$	–
		100	Wells Fargo Advantage Government Money Market Fund		100
			Total other pools and funds
			(cost $100)		$100
REPURCHASE AGREEMENTS - 16.3%
			Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $31,144, collateralized by U.S. Treasury Note 1.38%, 2018, value of $31,766)
	$	31,144	0.01% dated 12/30/2011	$	31,144
			RBC Capital Markets Corp. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $241,709, collateralized by U.S. Treasury Note 0.38% - 1.50%, 2013 - 2016, value of $246,543)
		241,709	0.01% dated 12/30/2011		241,709
			RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $81,809, collateralized by U.S. Treasury Note 1.88% - 2.00%, 2015 - 2016, value of $83,446)
		81,809	0.02% dated 12/30/2011		81,809
			UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $28,343, collateralized by U.S. Treasury Note 3.63%, 2021, value of $28,910)
		28,343	0.01% dated 12/30/2011		28,343
		383005
			Total repurchase agreements
			(cost $383,005)	$	383,005
U.S. GOVERNMENT AGENCIES - 6.9%
			Federal Home Loan Mortgage Corp. - 4.8%
	$	28,000	0.06%, 01/09/2012	$	27,999
		26,500	0.07%, 01/23/2012		26,499
		41,250	0.10%, 01/17/2012		41,248
		16,000	0.11%, 01/30/2012		15,999
					111,745
			Federal National Mortgage Association - 2.1%
		25,000	0.04%, 02/01/2012		24,999
		25,500	0.10%, 01/18/2012		25,499
					50,498
			Total U.S. government agencies
			(cost $162,243)	$	162,243
U.S. GOVERNMENT SECURITIES - 12.4%
			Other Direct Federal Obligations - 5.2%
			Federal Home Loan Bank
	$	39,000	0.05%, 01/13/2012	$	38,999
		50,750	0.07%, 01/25/2012		50,748
		31,750	0.09%, 01/18/2012		31,749
					121,496

The accompanying notes are an integral part of these financial statements. 

3

Hartford Money Market HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
U.S. GOVERNMENT SECURITIES - 12.4% - (continued)
		U.S. Treasury Bills - 7.2%
$	78,000	0.07%, 01/31/2012			$	78,053
	39,250	0.13%, 02/29/2012			39,541
	50,250	0.16%, 02/15/2012			50,546
					168,140
		Total U.S. government securities
		(cost $289,636)			$	289,636
		Total investments
		(cost $2,346,562) ▲	100.0	%	$	2,346,562
		Other assets and liabilities	–	%	398
		Total net assets	100.0	%	$	2,346,960

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.  The rates presented in this Schedule of Investments are yields, unless otherwise noted. ��Market value of investments in U.S. dollar denominated securities of foreign issuers represents 21.1% of total net assets at December 31, 2011.

▲	Also represents cost for tax purposes.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at December 31, 2011.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At December 31, 2011, the aggregate value of these securities was $455,306, which represents 19.4% of total net assets.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

Hartford Money Market HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011
(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Certificates of Deposit	$	139,325	$	–	$	139,325	$	–
Commercial Paper		949,000		–		949,000		–
Corporate Notes		154,856		–		154,856		–
Foreign Government Obligations		268,397		–		268,397		–
Other Pools and Funds		100		100		–		–
Repurchase Agreements		383,005		–		383,005		–
U.S. Government Agencies		162,243		–		162,243		–
U.S. Government Securities		289,636		–		289,636		–
Total	$	2,346,562	$	100	$	2,346,462	$	–

♦ For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.  

The accompanying notes are an integral part of these financial statements.

5

Hartford Money Market HLS Fund

Statement of Assets and Liabilities

December 31, 2011
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $2,346,562)	$	2,346,562
Receivables:
Fund shares sold		2,147
Dividends and interest		3,592
Other assets		135
Total assets		2,352,436
Liabilities:
Payables:
Fund shares redeemed		5,184
Investment management fees		207
Accrued expenses		85
Total liabilities		5,476
Net assets	$	2,346,960
Summary of Net Assets:
Capital stock and paid-in-capital	$	2,346,960
Net assets	$	2,346,960
Shares authorized		14,000,000
Par value	$	0.001
Class IA: Net asset value per share	$	1.00
Shares outstanding		1,970,312
Net assets	$	1,970,312
Class IB: Net asset value per share	$	1.00
Shares outstanding		376,648
Net assets	$	376,648

The accompanying notes are an integral part of these financial statements.

6

Hartford Money Market HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	—
Interest		3,974
Total investment income, net		3,974
Expenses:
Investment management fees		9,847
Transfer agent fees		2
Custodian fees		5
Accounting services fees		246
Board of Directors' fees		53
Audit fees		10
Other expenses		127
Total expenses (before waivers)		10,290
Expense waivers		(6,316	)
Custodian fee offset		—
Total waivers		(6,316	)
Total expenses, net		3,974
Net investment income		—
Net Realized Gain on Investments:
Net realized gain on investments		—
Net Realized Gain on Investments		—
Net Gain on Investments		—
Net Increase in Net Assets Resulting from Operations	$	—

The accompanying notes are an integral part of these financial statements.

7

Hartford Money Market HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net realized gain on investments		—			4
Payment from affiliate		—			9,496
Net Increase In Net Assets Resulting From Operations		—			9,500
Capital Share Transactions:
Class IA
Sold		1,775,191			1,278,776
Redeemed		(1,890,893	)		(2,020,865	)
Total capital share transactions		(115,702	)		(742,089	)
Class IB
Sold		267,452			222,037
Redeemed		(310,323	)		(352,170	)
Total capital share transactions		(42,871	)		(130,133	)
Net decrease from capital share transactions		(158,573	)		(872,222	)
Net Decrease In Net Assets		(158,573	)		(862,722	)
Net Assets:
Beginning of period		2,505,533			3,368,255
End of period	$	2,346,960		$	2,505,533
Undistributed (distribution in excess of)
net investment income	$	—		$	—
Shares:
Class IA
Sold		1,775,191			1,278,814
Redeemed		(1,890,893	)		(2,020,865	)
Total share activity		(115,702	)		(742,051	)
Class IB
Sold		267,452			222,045
Redeemed		(310,323	)		(352,170	)
Total share activity		(42,871	)		(130,125	)

The accompanying notes are an integral part of these financial statements. 

8

Hartford Money Market HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

Hartford Money Market HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – The Fund’s investments are valued at amortized cost, which approximates market value. Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund as determined on the Valuation Date.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market

9

Hartford Money Market HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost. 

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended December 31, 2011, the Fund held no Level 3 securities; therefore, no reconciliation of Level 3 securities is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Realized gains and losses are determined on the basis of identified cost.

Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

e) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

10

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of December 31, 2011.

c) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of December 31, 2011, the Fund had no outstanding when-issued or delayed delivery securities.

11

Hartford Money Market HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

4. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment and extension risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate.

5. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund had no reclassifications.

d) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

12

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of December 31, 2011.

e) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

6. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first  $5 billion	0.4000%
On next $5 billion	0.3800%
Over $10 billion	0.3700%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
All Assets	0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

13

Hartford Money Market HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended December 31, 2011
Class IA		0.16	%
Class IB		0.16

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

At a meeting held on February 4, 2009, the Board of Directors approved the temporary reduction of distribution and service fees under the Fund’s Distribution Plan of the Company to zero for Class IB for a period of six months, effective March 1, 2009. Effective September 1, 2009, the Board of Directors approved a six month extension of this reduction of distribution and service fees under the Fund’s Distribution Plan. The Board of Directors then continued to approve these six month extentions of the reduction of distribution and service fees to zero for class IB through February 29, 2012. Effective February 2, 2012, the Board of Directors approved a six-month extension of the reduction of distribution and service fees under the Fund’s Distribution Plan. The Fund’s actions will result in a corresponding temporary reduction of 12b-1 payments of amounts paid to financial intermediaries by the Fund’s distributor to zero for Class IB during this time period. The Board of Directors’ action can be changed at any time. The Hartford may be required to pay, out of its own resources, the equivalent of the 12b-1 fees to financial intermediaries notwithstanding the reduction of 12b-1 fees.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $3. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO was compensated on a per account basis for providing such services. The amount paid to HASCO can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

On September 16, 2010, due to the realized losses incurred by the Fund, HL Advisers paid $9,496 to the Fund to provide support to the Fund’s $1.00 NAV. The payments had no impact on the Fund’s total return. These amounts are shown as an increase from payment from affiliate on the Statement of Changes in Net Assets.

14

7. Investment Transactions:

For the year ended December 31, 2011, the costs of purchases and sales of securities (including U.S. Government Obligations) for the Fund were $103,412,910 and $103,571,935, respectively.

8. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15

Hartford Money Market HLS Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class

Net Asset Value at Beginning of Period

Net Investment Income (Loss)

Payments from (to) Affiliate

Net Realized and Unrealized Gain (Loss) on Investments

Total from Investment Operations

Dividends from Net Investment Income

Distributions from Realized Capital Gains

Distributions from Capital

Total Distributions

Net Increase (Decrease) in Net Asset Value

Net Asset Value at End of Period

For the Year Ended December 31, 2011

IA

$

1.00

$

–

$

–

$

–

$

–

$

–

$

–

$

–

$

–

$

–

$

1.00

IB

1.00

–

–

–

–

–

–

–

–

–

1.00

For the Year Ended December 31, 2010

IA

1.00

–

–

–

–

–

–

–

–

–

1.00

IB

1.00

–

–

–

–

–

–

–

–

–

1.00

For the Year Ended December 31, 2009

IA

1.00

–

–

–

–

–

–

–

–

–

1.00

IB

1.00

–

–

–

–

–

–

–

–

–

1.00

For the Year Ended December 31, 2008

IA

1.00

0.02

–

–

0.02

(0.02

)

–

–

(0.02

)

–

1.00

IB

1.00

0.02

–

–

0.02

(0.02

)

–

–

(0.02

)

–

1.00

For the Year Ended December 31, 2007

IA

1.00

0.05

–

–

0.05

(0.05

)

–

–

(0.05

)

–

1.00

IB

1.00

0.05

–

–

0.05

(0.05

)

–

–

(0.05

)

–

1.00

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.

(C) Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

16

- Ratios and Supplemental Data -

Total Return(B)		Net Assets at End of Period		Ratio of Expenses to Average Net Assets Before Waivers(C)			Ratio of Expenses to Average Net Assets After Waivers(C)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate(D)
–	%	$	1,970,312		0.42	%		0.16	%		–	%		N/A
–			376,648		0.42			0.16			–			–
									��
–			2,086,014		0.43			0.22			–			N/A
–			419,519		0.43			0.22			–			–
0.06			2,820,121		0.48			0.32			0.02			N/A
0.05			548,134		0.53			0.34			0.00			–
2.15			4,427,230		0.47			0.42			2.01			N/A
1.89			774,432		0.72			0.67			1.80			–
4.95			2,224,124		0.47			0.42			4.83			N/A
4.69			452,976		0.72			0.67			4.58			–

17

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Money Market HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Money Market HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
February 13, 2012 

18

Hartford Money Market HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

19

Hartford Money Market HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

20

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

21

Hartford Money Market HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011		Ending Account Value December 31, 2011		Expenses paid during the period June 30, 2011 through December 31, 2011		Beginning Account Value June 30, 2011		Ending Account Value December 31, 2011		Expenses paid during the period June 30, 2011 through December 31, 2011		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class IA	$	1,000.00	$	1,000.00	$	0.60	$	1,000.00	$	1,024.60	$	0.61		0.12	%		184		365
Class IB	$	1,000.00	$	1,000.00	$	0.60	$	1,000.00	$	1,024.60	$	0.61		0.12	%		184		365

22

Hartford Money Market HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Money Market HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Hartford Investment Management Company (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

23

Hartford Money Market HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations given the Fund’s focus on liquidity and preservation of capital. The Board also considered the effect of capital support arrangements and fee waivers on the peer comparisons.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal

24

to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HL Advisors were considered in the aggregate.

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board also considered that it had approved a temporary reduction of the distribution and service fees for the Fund’s Class IB shares through February 29, 2012.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

25

Hartford Money Market HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

26

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-MM11 2-12     109078    Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Portfolio Diversifier HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	18
Statement of Assets and Liabilities at December 31, 2011	19
Statement of Operations for the Period June 6, 2011, (commencement of operations) through December 31, 2011	20
Statement of Changes in Net Assets for the Period June 6, 2011, (commencement of operations) through December 31, 2011	21
Notes to Financial Statements	22
Financial Highlights	34
Report of Independent Registered Public Accounting Firm	36
Directors and Officers (Unaudited)	37
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	39
Quarterly Portfolio Holdings Information (Unaudited)	39
Expense Example (Unaudited)	40

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Portfolio Diversifier HLS Fund inception 06/06/2011
(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks to produce investment performance that mitigates against significant declines in the aggregate value of investment allocations to equity mutual funds under certain variable annuity contracts issued by Hartford Life Insurance Company and its affiliates, while also preserving the potential for modest appreciation in the Fund’s net asset value when markets are appreciating.

 

The chart above shows the growth of a $10,000 investment in Class IB.

Cumulative Returns (as of 12/31/11) (1)

	Since   Inception
Portfolio Diversifier IB	2.38%
Barclays Capital U.S. Aggregate Bond Index	4.52%
S&P 500 Index	-0.99%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable annuity level. Any such additional sales charges or other fees or expenses would lower the contract’s performance.

2

Hartford Portfolio Diversifier HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Managers
Paul Bukowski, CFA	James Ong, CFA
Senior Vice President and Head of Quantitative Equities	Vice President

How did the Fund perform?

The Class IB shares of the Hartford Portfolio Diversifier HLS Fund returned 2.38% for the period from inception (June 6, 2011) to December 31, 2011 compared to the returns of the Barclays U.S. Aggregate Bond Index which returned 4.52% and the S&P 500 Index which returned -0.99% for the same period.

Why did the Fund perform this way?

The Fund performed in line with expectations. The Fund invests in securities which we expect to increase in value as the S&P declines (protection) and securities which replicate the Barclays Capital U.S. Aggregate Bond and S&P 500 Indices.

As the S&P 500 faltered during August and September, the Fund’s protection securities rose in value, only to give up some gains by the end of the year as the S&P 500 rose (October was one of the strongest months for equity market returns in the last 20 years). The Fund’s Barclays Capital U.S. Aggregate Bond position also added value as this index outperformed the S&P 500.

What is the outlook?

During the last several months, U.S. economic data has improved and U.S. recession risks seemed to have eased. However, the European debt crisis seems unabated, if not spreading, for example to France. It is possible we are seeing the beginnings of a decoupling of U.S. macroeconomic concerns from Europe. Additionally, earnings growth was solid during the fourth quarter and the trend looks to continue despite analyst downward revisions. That is the good news.

The bad news is that given the globalization of our economy, we view any decoupling of the U.S. economy from European troubles as short-lived or, at the very least, we expect the European debt crisis to act as a material governor on the ability of the U.S. economy to grow. We believe macroeconomic data, while improved, is still – on the whole - weak and remains a significant barrier to growth. Investor sentiment is another significant barrier to long term fundamental growth. Underneath the markets robust returns in October was a high volume of short covering, but little participation by long term institutional investors and trading volume throughout the fourth quarter was tepid compared to normal levels. In this environment, we believe investors will place marginally higher demand for quality, stable and consistent earnings.

Diversification by Security Type
as of December 31, 2011
Category	Percentage of Net Assets
Equity Securities
Common Stocks		18.7	%
Exchange Traded Funds		1.2
Put Options Purchased		26.3
Total		46.2	%
Fixed Income Securities
Asset & Commercial Mortgage Backed Securities		0.7	%
Corporate Bonds		8.9
Foreign Government Obligations		0.7
Municipal Bonds		0.2
U.S. Government Agencies		13.8
U.S. Government Securities		14.8
Total		39.1	%
Short-Term Investments		29.0	%
Other Assets and Liabilities		(14.3	)
Total		100.0	%

3

Hartford Portfolio Diversifier HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

Diversification by Industry
as of December 31, 2011
Industry (Sector)	Percentage of Net Assets
Equity Securities
Automobiles & Components (Consumer Discretionary)	0.1	%
Banks (Financials)	0.5
Capital Goods (Industrials)	1.5
Commercial & Professional Services (Industrials)	0.1
Consumer Durables & Apparel (Consumer Discretionary)	0.2
Consumer Services (Consumer Discretionary)	0.4
Diversified Financials (Financials)	1.0
Energy (Energy)	2.3
Food & Staples Retailing (Consumer Staples)	0.4
Food, Beverage & Tobacco (Consumer Staples)	1.2
Health Care Equipment & Services (Health Care)	0.7
Household & Personal Products (Consumer Staples)	0.5
Insurance (Financials)	0.7
Materials (Materials)	0.7
Media (Consumer Discretionary)	0.6
Other Investment Pools and Funds (Financials)	1.2
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)	1.5
Real Estate (Financials)	0.4
Retailing (Consumer Discretionary)	0.7
Semiconductors & Semiconductor Equipment (Information Technology)	0.4
Software & Services (Information Technology)	1.8
Technology Hardware & Equipment (Information Technology)	1.4
Telecommunication Services (Services)	0.5
Transportation (Industrials)	0.4
Utilities (Utilities)	0.7
Total	19.9	%
Fixed Income Securities
Administrative Waste Management and Remediation (Services)	0.0	%
Airport Revenues (Airport Revenues)	0.0
Arts, Entertainment and Recreation (Services)	0.4
Beverage and Tobacco Product Manufacturing (Consumer Staples)	0.3
Chemical Manufacturing (Basic Materials)	0.1
Computer and Electronic Product Manufacturing (Technology)	0.3
Couriers and Messengers (Services)	0.1
Electrical Equipment and Appliance Manufacturing (Technology)	0.0
Finance and Insurance (Finance)	4.4
Food Manufacturing (Consumer Staples)	0.2
Food Services (Consumer Cyclical)	0.0
General Obligations (General Obligations)	0.1
Health Care and Social Assistance (Health Care)	0.6
Higher Education (Univ., Dorms, etc.) (Higher Education (Univ., Dorms, etc.))	0.0
Information (Technology)	0.7
Machinery Manufacturing (Capital Goods)	0.1

Mining (Basic Materials)	0.2
Miscellaneous Manufacturing (Capital Goods)	0.2
Motor Vehicle & Parts Manufacturing (Consumer Cyclical)	0.0
Paper Manufacturing (Basic Materials)	0.1
Petroleum and Coal Products Manufacturing (Energy)	0.7
Pipeline Transportation (Utilities)	0.1
Primary Metal Manufacturing (Basic Materials)	0.1
Professional, Scientific and Technical Services (Services)	0.0
Public Administration (Services)	0.0
Rail Transportation (Transportation)	0.1
Retail Trade (Consumer Cyclical)	0.3
Soap, Cleaning Compound and Toilet Manufacturing (Consumer Staples)	0.1
Transportation (Transportation)	0.1
Utilities (Utilities)	0.5
Total	9.8	%
Foreign Government Obligations	0.7	%
Put Options Purchased	26.3
U.S. Government Agencies	13.8
U.S. Government Securities	14.8
Short-Term Investments	29.0
Other Assets and Liabilities	(14.3	)
Total	100.0	%

Distribution by Credit Quality
as of December 31, 2011
Credit Rating *	Percentage of Net Assets
Aaa / AAA	1.6	%
Aa / AA	1.0
A	4.3
Baa / BBB	3.5
Ba / BB	0.1
Unrated	0.0
U.S. Government Agencies and Securities	30.8
Non Debt Securities and Other Short-Term Instruments	73.0
Other Assets & Liabilities	(14.3	)
Total	100.0	%

*       Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

4

Hartford Portfolio Diversifier HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 18.7%
		Automobiles & Components - 0.1%
	–	BorgWarner, Inc. ●	$	12
	7	Ford Motor Co. w/ Rights ●		72
	–	Goodyear Tire & Rubber Co. ●		6
	–	Harley-Davidson, Inc.		16
	1	Johnson Controls, Inc.		37
				143
		Banks - 0.5%
	1	BB&T Corp.		31
	–	Comerica, Inc.		9
	2	Fifth Third Bancorp		21
	–	First Horizon National Corp.		4
	1	Hudson City Bancorp, Inc.		6
	2	Huntington Bancshares, Inc.		8
	2	Keycorp		13
	–	M&T Bank Corp.		17
	1	People's United Financial, Inc.		8
	1	PNC Financial Services Group, Inc.		53
	2	Regions Financial Corp.		9
	1	SunTrust Banks, Inc.		17
	3	US Bancorp		90
	9	Wells Fargo & Co.		255
	–	Zion Bancorp		5
				546
		Capital Goods - 1.5%
	1	3M Co.		100
	1	Boeing Co.		96
	1	Caterpillar, Inc.		103
	–	Cooper Industries plc Class A		15
	–	Cummins, Inc.		30
	1	Danaher Corp.		47
	1	Deere & Co.		56
	–	Dover Corp.		19
	1	Eaton Corp.		25
	1	Emerson Electric Co.		60
	1	Fastenal Co.		23
	–	Flowserve Corp.		10
	–	Fluor Corp.		15
	1	General Dynamics Corp.		41
	19	General Electric Co.		331
	–	Goodrich Corp.		27
	1	Honeywell International, Inc.		74
	1	Illinois Tool Works, Inc.		39
	1	Ingersoll-Rand plc		17
	–	Jacobs Engineering Group, Inc. ●		9
	–	Joy Global, Inc.		14
	–	L-3 Communications Holdings, Inc.		12
	–	Lockheed Martin Corp.		38
	1	Masco Corp.		7
	–	Northrop Grumman Corp.		27
	1	PACCAR, Inc.		23
	–	Pall Corp.		11
	–	Parker-Hannifin Corp.		20
	–	Precision Castparts Corp.		42
	–	Quanta Services, Inc. ●		8
	1	Raytheon Co.		29
	–	Rockwell Automation, Inc.		18
	–	Rockwell Collins, Inc.		15
	–	Roper Industries, Inc.		15
	–	Snap-On, Inc.		5

–	Stanley Black & Decker, Inc.	20
–	Textron, Inc.	9
1	Tyco International Ltd.	38
2	United Technologies Corp.	116
–	W.W. Grainger, Inc.	20
–	Xylem, Inc.	8
		1,632
	Commercial & Professional Services - 0.1%
–	Avery Dennison Corp.	5
–	Cintas Corp.	7
–	Dun & Bradstreet Corp.	6
–	Equifax, Inc. ●	8
–	Iron Mountain, Inc.	10
–	Pitney Bowes, Inc.	7
–	R.R. Donnelley & Sons Co.	5
1	Republic Services, Inc.	15
–	Robert Half International, Inc.	7
–	Stericycle, Inc. ●	12
1	Waste Management, Inc.	26
		108
	Consumer Durables & Apparel - 0.2%
1	Coach, Inc.	31
–	D.R. Horton, Inc.	6
–	Harman International Industries, Inc.	5
–	Hasbro, Inc.	6
–	Leggett & Platt, Inc.	6
–	Lennar Corp.	6
1	Mattel, Inc.	16
1	Newell Rubbermaid, Inc.	8
1	NIKE, Inc. Class B	63
1	Pulte Group, Inc. ●	4
–	Ralph Lauren Corp.	16
–	V.F. Corp.	19
–	Whirlpool Corp.	6
		192
	Consumer Services - 0.4%
–	Apollo Group, Inc. Class A ●	11
1	Carnival Corp.	26
–	Chipotle Mexican Grill, Inc. ●	19
–	Darden Restaurants, Inc.	10
–	DeVry, Inc.	4
1	H & R Block, Inc.	8
1	International Game Technology	9
–	Marriott International, Inc. Class A	14
2	McDonald's Corp.	180
1	Starbucks Corp.	60
–	Starwood Hotels & Resorts	16
–	Wyndham Worldwide Corp.	10
–	Wynn Resorts Ltd.	15
1	Yum! Brands, Inc.	48
		430
	Diversified Financials - 1.0%
2	American Express Co.	84
–	Ameriprise Financial, Inc.	20
18	Bank of America Corp.	99
2	Bank of New York Mellon Corp.	42
–	BlackRock, Inc.	31
1	Capital One Financial Corp.	34
2	Charles Schwab Corp.	21

The accompanying notes are an integral part of these financial statements.

5

Hartford Portfolio Diversifier HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 18.7% - (continued)
		Diversified Financials - 1.0% - (continued)
	5	Citigroup, Inc.	$	135
	–	CME Group, Inc.		28
	1	Discover Financial Services, Inc.		23
	–	E*Trade Financial Corp. ●		4
	–	Federated Investors, Inc.		2
	–	Franklin Resources, Inc.		25
	1	Goldman Sachs Group, Inc.		78
	–	IntercontinentalExchange, Inc. ●		15
	1	Invesco Ltd.		16
	7	JP Morgan Chase & Co.		221
	–	Legg Mason, Inc.		5
	–	Leucadia National Corp.		8
	–	Moody's Corp.		12
	3	Morgan Stanley		39
	–	Nasdaq OMX Group, Inc. ●		5
	–	Northern Trust Corp.		17
	–	NYSE Euronext		12
	1	SLM Corp.		12
	1	State Street Corp.		35
	–	T. Rowe Price Group, Inc.		25
				1,048
		Energy - 2.3%
	–	Alpha Natural Resources, Inc. ●		8
	1	Anadarko Petroleum Corp.		67
	1	Apache Corp.		61
	1	Baker Hughes, Inc.		37
	–	Cabot Oil & Gas Corp.		14
	–	Cameron International Corp. ●		21
	1	Chesapeake Energy Corp.		26
	3	Chevron Corp.		371
	2	ConocoPhillips Holding Co.		169
	–	Consol Energy, Inc.		15
	1	Denbury Resources, Inc. ●		10
	1	Devon Energy Corp.		44
	–	Diamond Offshore Drilling, Inc.		7
	1	El Paso Corp.		36
	–	EOG Resources, Inc.		46
	–	EQT Corp.		14
	8	Exxon Mobil Corp.		712
	–	FMC Technologies, Inc. ●		22
	2	Halliburton Co.		56
	–	Helmerich & Payne, Inc.		11
	1	Hess Corp.		30
	1	Marathon Oil Corp.		36
	1	Marathon Petroleum Corp.		21
	–	Murphy Oil Corp.		19
	1	Nabors Industries Ltd. ●		9
	1	National Oilwell Varco, Inc.		50
	–	Newfield Exploration Co. ●		9
	–	Noble Corp.		13
	–	Noble Energy, Inc.		29
	1	Occidental Petroleum Corp.		133
	–	Peabody Energy Corp.		16
	–	Pioneer Natural Resources Co.		19
	–	QEP Resources, Inc.		9
	–	Range Resources Corp.		17
	–	Rowan Companies, Inc. ●		7
	2	Schlumberger Ltd.		161
	1	Southwestern Energy Co. ●		19

1	Spectra Energy Corp.	35
–	Sunoco, Inc.	8
–	Tesoro Corp. ●	6
1	Valero Energy Corp.	21
1	Williams Cos., Inc.	34
		2,448
	Food & Staples Retailing - 0.4%
1	Costco Wholesale Corp.	63
2	CVS Caremark Corp.	93
1	Kroger Co.	25
1	Safeway, Inc.	13
–	Supervalu, Inc.	3
1	Sysco Corp.	30
2	Walgreen Co.	52
3	Wal-Mart Stores, Inc.	183
–	Whole Foods Market, Inc.	19
		481
	Food, Beverage & Tobacco - 1.2%
4	Altria Group, Inc.	107
1	Archer Daniels Midland Co.	33
–	Beam, Inc.	14
–	Brown-Forman Corp.	14
–	Campbell Soup Co.	10
4	Coca-Cola Co.	278
1	Coca-Cola Enterprises, Inc.	14
1	ConAgra Foods, Inc.	19
–	Constellation Brands, Inc. Class A ●	6
–	Dean Foods Co. ●	4
–	Dr. Pepper Snapple Group	15
1	General Mills, Inc.	46
1	H.J. Heinz Co.	30
–	Hershey Co.	17
–	Hormel Foods Corp.	7
–	J.M. Smucker Co.	15
–	Kellogg Co.	22
3	Kraft Foods, Inc.	116
–	Lorillard, Inc.	27
–	McCormick & Co., Inc.	12
–	Mead Johnson Nutrition Co.	24
–	Molson Coors Brewing Co.	12
3	PepsiCo, Inc.	182
3	Philip Morris International, Inc.	239
1	Reynolds American, Inc.	25
1	Sara Lee Corp.	20
1	Tyson Foods, Inc. Class A	11
		1,319
	Health Care Equipment & Services - 0.7%
1	Aetna, Inc.	27
–	Amerisource Bergen Corp.	17
–	Bard (C.R.), Inc.	13
1	Baxter International, Inc.	49
–	Becton, Dickinson & Co.	28
3	Boston Scientific Corp. ●	14
1	Cardinal Health, Inc.	25
–	CareFusion Corp. ●	10
–	Cerner Corp. ●	16
1	CIGNA Corp.	21
–	Coventry Health Care, Inc. ●	8
1	Covidien plc	38

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 18.7% - (continued)
		Health Care Equipment & Services - 0.7% - (continued)
	–	Da Vita, Inc. ●	$	12
	–	Dentsply International, Inc.		9
	–	Edwards Lifesciences Corp. ●		14
	1	Express Scripts, Inc. ●		38
	–	Humana, Inc.		25
	–	Intuitive Surgical, Inc. ●		31
	–	Laboratory Corp. of America Holdings ●		15
	–	McKesson Corp.		33
	1	Medco Health Solutions, Inc. ●		38
	2	Medtronic, Inc.		71
	–	Patterson Cos., Inc.		4
	–	Quest Diagnostics, Inc.		16
	1	St. Jude Medical, Inc.		19
	1	Stryker Corp.		28
	1	Tenet Healthcare Corp. ●		4
	2	UnitedHealth Group, Inc.		95
	–	Varian Medical Systems, Inc. ●		13
	1	Wellpoint, Inc.		40
	–	Zimmer Holdings, Inc. ●		17
				788
		Household & Personal Products - 0.5%
	1	Avon Products, Inc.		13
	–	Clorox Co.		16
	1	Colgate-Palmolive Co.		78
	–	Estee Lauder Co., Inc.		22
	1	Kimberly-Clark Corp.		51
	5	Procter & Gamble Co.		322
				502
		Insurance - 0.7%
	1	ACE Ltd.		42
	1	Aflac, Inc.		37
	1	Allstate Corp.		25
	1	American International Group, Inc. ●		18
	1	AON Corp.		26
	–	Assurant, Inc.		7
	3	Berkshire Hathaway, Inc. Class B ●		238
	–	Chubb Corp.		34
	–	Cincinnati Financial Corp.		9
	1	Genworth Financial, Inc. ●		6
	1	Lincoln National Corp.		11
	1	Loews Corp.		20
	1	Marsh & McLennan Cos., Inc.		30
	2	MetLife, Inc.		60
	1	Principal Financial Group, Inc.		14
	1	Progressive Corp.		21
	1	Prudential Financial, Inc.		43
	–	Torchmark Corp.		8
	1	Travelers Cos., Inc.		43
	1	Unum Group		11
	1	XL Group plc		11
				714
		Materials - 0.7%
	–	Air Products and Chemicals, Inc.		31
	–	Airgas, Inc.		9
	2	Alcoa, Inc.		16
	–	Allegheny Technologies, Inc.		9
	–	Ball Corp.		10
	–	Bemis Co., Inc.		5

–	CF Industries Holdings, Inc.	17
–	Cliff's Natural Resources, Inc.	16
2	Dow Chemical Co.	60
2	E.I. DuPont de Nemours & Co.	74
–	Eastman Chemical Co.	9
1	Ecolab, Inc.	30
–	FMC Corp.	11
2	Freeport-McMoRan Copper & Gold, Inc.	61
–	International Flavors & Fragrances, Inc.	7
1	International Paper Co.	23
–	MeadWestvaco Corp.	9
1	Monsanto Co.	66
1	Mosaic Co.	26
1	Newmont Mining Corp.	52
1	Nucor Corp.	22
–	Owens-Illinois, Inc. ●	6
–	PPG Industries, Inc.	23
1	Praxair, Inc.	56
–	Sealed Air Corp.	6
–	Sherwin-Williams Co.	13
–	Sigma-Aldrich Corp.	13
–	Titanium Metals Corp.	2
–	United States Steel Corp.	7
–	Vulcan Materials Co.	9
		698
	Media - 0.6%
–	Cablevision Systems Corp.	5
1	CBS Corp. Class B	31
5	Comcast Corp. Class A	113
1	DirecTV Class A ●	53
–	Discovery Communications, Inc. ●	19
–	Gannett Co., Inc.	6
1	Interpublic Group of Cos., Inc.	8
1	McGraw-Hill Cos., Inc.	23
4	News Corp. Class A	69
–	Omnicom Group, Inc.	22
–	Scripps Networks Interactive Class A	7
1	Time Warner Cable, Inc.	36
2	Time Warner, Inc.	63
1	Viacom, Inc. Class B	44
3	Walt Disney Co.	118
–	Washington Post Co. Class B	3
		620
	Pharmaceuticals, Biotechnology & Life Sciences - 1.5%
3	Abbott Laboratories	153
1	Agilent Technologies, Inc. ●	21
1	Allergan, Inc.	47
1	Amgen, Inc.	89
–	Biogen Idec, Inc. ●	47
3	Bristol-Myers Squibb Co.	105
1	Celgene Corp. ●	53
2	Eli Lilly & Co.	74
–	Forest Laboratories, Inc. ●	14
1	Gilead Sciences, Inc. ●	54
–	Hospira, Inc. ●	9
5	Johnson & Johnson	314
–	Life Technologies Corp. ●	12
5	Merck & Co., Inc.	201

 The accompanying notes are an integral part of these financial statements.

7

Hartford Portfolio Diversifier HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 18.7% - (continued)
		Pharmaceuticals, Biotechnology & Life Sciences - 1.5% - (continued)
	1	Mylan, Inc. ●	$	16
	–	PerkinElmer, Inc.		4
	–	Perrigo Co.		16
	13	Pfizer, Inc.		292
	1	Thermo Fisher Scientific, Inc. ●		30
	–	Waters Corp. ●		12
	–	Watson Pharmaceuticals, Inc. ●		13
				1,576
		Real Estate - 0.4%
	1	American Tower Corp. Class A		41
	–	Apartment Investment & Management Co.		5
	–	Avalonbay Communities, Inc.		22
	–	Boston Properties, Inc.		26
	1	CBRE Group, Inc. ●		9
	1	Equity Residential Properties Trust		30
	1	HCP, Inc.		30
	–	Health Care, Inc.		18
	1	Host Hotels & Resorts, Inc.		18
	1	Kimco Realty Corp.		12
	–	Plum Creek Timber Co., Inc.		10
	1	ProLogis, Inc.		23
	–	Public Storage		33
	1	Simon Property Group, Inc.		66
	1	Ventas, Inc.		28
	–	Vornado Realty Trust		25
	1	Weyerhaeuser Co.		17
				413
		Retailing - 0.7%
	–	Abercrombie & Fitch Co. Class A		7
	1	Amazon.com, Inc. ●		111
	–	AutoNation, Inc. ●		3
	–	AutoZone, Inc. ●		16
	–	Bed Bath & Beyond, Inc. ●		24
	1	Best Buy Co., Inc.		12
	–	Big Lots, Inc. ●		4
	–	CarMax, Inc. ●		12
	–	Dollar Tree, Inc. ●		17
	–	Expedia, Inc.		5
	–	Family Dollar Stores, Inc.		12
	–	GameStop Corp. Class A ●		6
	1	Gap, Inc.		11
	–	Genuine Parts Co.		17
	3	Home Depot, Inc.		114
	–	J.C. Penney Co., Inc.		9
	–	Kohl's Corp.		22
	–	Limited Brands, Inc.		17
	2	Lowe's Co., Inc.		56
	1	Macy's, Inc.		24
	–	Netflix, Inc. ●		7
	–	Nordstrom, Inc.		14
	–	O'Reilly Automotive, Inc. ●		18
	–	Priceline.com, Inc. ●		41
	–	Ross Stores, Inc.		19
	–	Sears Holdings Corp. ●		2
	1	Staples, Inc.		17
	1	Target Corp.		60
	–	Tiffany & Co.		15
	1	TJX Cos., Inc.		43

–	TripAdvisor, Inc. ●	4
–	Urban Outfitters, Inc. ●	5
		744
	Semiconductors & Semiconductor Equipment - 0.4%
1	Advanced Micro Devices, Inc. ●	6
1	Altera Corp.	21
1	Analog Devices, Inc.	19
2	Applied Materials, Inc.	25
1	Broadcom Corp. Class A	25
–	First Solar, Inc. ●	3
9	Intel Corp.	216
–	KLA-Tencor Corp.	14
–	Linear Technology Corp.	12
1	LSI Corp. ●	6
–	Microchip Technology, Inc.	12
2	Micron Technology, Inc. ●	11
–	Novellus Systems, Inc. ●	5
1	NVIDIA Corp. ●	15
–	Teradyne, Inc. ●	4
2	Texas Instruments, Inc.	58
–	Xilinx, Inc.	15
		467
	Software & Services - 1.8%
1	Accenture plc	60
1	Adobe Systems, Inc. ●	24
–	Akamai Technologies, Inc. ●	10
–	Autodesk, Inc. ●	12
1	Automatic Data Processing, Inc.	46
–	BMC Software, Inc. ●	10
1	CA, Inc.	13
–	Citrix Systems, Inc. ●	20
1	Cognizant Technology Solutions Corp. ●	34
–	Computer Sciences Corp.	6
2	eBay, Inc. ●	61
1	Electronic Arts, Inc. ●	12
–	Fidelity National Information Services, Inc.	11
–	Fiserv, Inc. ●	15
–	Google, Inc. ●	286
2	IBM Corp.	380
1	Intuit, Inc.	27
–	Mastercard, Inc.	70
13	Microsoft Corp.	341
7	Oracle Corp.	177
1	Paychex, Inc.	17
–	Red Hat, Inc. ●	14
–	SAIC, Inc. ●	6
–	Salesforce.com, Inc. ●	24
1	Symantec Corp. ●	20
–	Teradata Corp. ●	14
–	Total System Services, Inc.	6
–	VeriSign, Inc.	10
1	Visa, Inc.	91
1	Western Union Co.	20
2	Yahoo!, Inc. ●	35
		1,872
	Technology Hardware & Equipment - 1.4%
–	Amphenol Corp. Class A	13
2	Apple, Inc. ●	660
9	Cisco Systems, Inc.	170

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 18.7% - (continued)
		Technology Hardware & Equipment - 1.4% - (continued)
	3	Corning, Inc.	$	36
	3	Dell, Inc. ●		39
	4	EMC Corp. ●		77
	–	F5 Networks, Inc. ●		15
	–	FLIR Systems, Inc.		7
	–	Harris Corp.		7
	3	Hewlett-Packard Co.		90
	–	Jabil Circuit, Inc.		6
	–	JDS Uniphase Corp. ●		4
	1	Juniper Networks, Inc. ●		19
	–	Lexmark International, Inc. ADR		4
	–	Molex, Inc.		6
	–	Motorola Mobility Holdings, Inc. ●		18
	1	Motorola Solutions, Inc.		23
	1	NetApp, Inc. ●		23
	3	Qualcomm, Inc.		161
	–	SanDisk Corp. ●		21
	1	TE Connectivity Ltd.		23
	–	Western Digital Corp. ●		13
	2	Xerox Corp.		19
				1,454
		Telecommunication Services - 0.5%
	10	AT&T, Inc.		314
	1	CenturyLink, Inc.		40
	2	Frontier Communications Corp.		9
	1	MetroPCS Communications, Inc. ●		5
	5	Sprint Nextel Corp. ●		12
	5	Verizon Communications, Inc.		199
	1	Windstream Corp.		12
				591
		Transportation - 0.4%
	–	C.H. Robinson Worldwide, Inc.		20
	2	CSX Corp.		39
	–	Expeditors International of Washington, Inc.		15
	1	FedEx Corp.		46
	1	Norfolk Southern Corp.		43
	–	Ryder System, Inc.		5
	1	Southwest Airlines Co.		11
	1	Union Pacific Corp.		90
	2	United Parcel Service, Inc. Class B		124
				393
		Utilities - 0.7%
	1	AES Corp. ●		13
	–	AGL Resources, Inc.		9
	–	Ameren Corp.		14
	1	American Electric Power Co., Inc.		35
	1	CenterPoint Energy, Inc.		15
	–	CMS Energy Corp.		10
	1	Consolidated Edison, Inc.		32
	–	Constellation Energy Group, Inc.		14
	1	Dominion Resources, Inc.		53
	–	DTE Energy Co.		16
	2	Duke Energy Corp.		51
	1	Edison International		24
	–	Entergy Corp.		23
	1	Exelon Corp.		50
	1	FirstEnergy Corp.		33
	–	Integrys Energy Group, Inc.		7

	1	NextEra Energy, Inc.		45
	–	NiSource, Inc.		12
	–	Northeast Utilities		11
	–	NRG Energy, Inc. ●		7
	–	Oneok, Inc.		16
	–	Pepco Holdings, Inc.		8
	1	PG&E Corp.		29
	–	Pinnacle West Capital Corp.		9
	1	PPL Corp.		30
	1	Progress Energy, Inc.		29
	1	Public Service Enterprise Group, Inc.		29
	–	SCANA Corp.		9
	–	Sempra Energy		23
	2	Southern Co.		70
	–	TECO Energy, Inc.		7
	–	Wisconsin Energy Corp.		14
	1	Xcel Energy, Inc.		24
				771
		Total common stocks
		(cost $19,690)	$	19,950
EXCHANGE TRADED FUNDS - 1.2%
		Other Investment Pools and Funds - 1.2%
	22	Vanguard S&P 500 ETF	$	1,253
		Total exchange traded funds
		(cost $1,245)	$	1,253
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.7%
		Finance and Insurance - 0.7%
		Banc of America Commercial Mortgage, Inc.
$	25	5.41%, 09/10/2047	$	27
	15	5.92%, 05/10/2045 Δ		17
		Citibank Credit Card Issuance Trust
	70	4.85%, 03/10/2017 Ø		78
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	25	5.32%, 12/11/2049		27
	35	5.40%, 07/15/2044 Δ		39
	25	5.62%, 10/15/2048		27
		Commercial Mortgage Pass-Through Certificates
	20	5.31%, 12/10/2046		22
	15	6.01%, 12/10/2049 Δ		17
		Credit Suisse Mortgage Capital Certificates
	30	5.47%, 09/15/2039		32
		Goldman Sachs Mortgage Securities Corp. II
	35	4.75%, 07/10/2039		37
	15	5.40%, 08/10/2038		16
	25	5.56%, 11/10/2039		27
		Goldman Sachs Mortgage Securities Corp. II Class A4
	45	5.98%, 08/10/2045 Δ		49
		Greenwich Capital Commercial Funding Corp.
	35	5.44%, 03/10/2039 Δ		38

 The accompanying notes are an integral part of these financial statements.

9

Hartford Portfolio Diversifier HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.7% - (continued)
		Finance and Insurance - 0.7% - (continued)
		JP Morgan Chase Commercial Mortgage Securities Corp.
$	25	5.34%, 05/15/2047	$	27
	20	5.42%, 01/15/2049		22
	35	5.44%, 06/12/2047 Δ		38
	20	5.93%, 02/12/2049 Δ		22
		LB-UBS Commercial Mortgage Trust
	20	5.43%, 02/15/2040		21
	20	5.87%, 09/15/2045		22
		Morgan Stanley Capital I
	25	5.69%, 04/15/2049 Δ		26
		Wachovia Bank Commercial Mortgage Trust
	25	5.31%, 11/15/2048		27
	25	5.34%, 12/15/2043		26
	25	5.44%, 12/15/2044 Δ		27
	25	5.93%, 06/15/2049 Δ		26
				737
		Total asset & commercial mortgage backed securities
		(cost $733)	$	737
CORPORATE BONDS - 8.9%
		Administrative Waste Management and Remediation - 0.0%
		Republic Services, Inc.
$	20	5.00%, 03/01/2020	$	22
		Arts, Entertainment and Recreation - 0.4%
		CBS Corp.
	10	7.88%, 07/30/2030		13
		Comcast Corp.
	90	5.15%, 03/01/2020		102
		DirecTV Holdings LLC
	30	3.50%, 03/01/2016		31
	20	5.00%, 03/01/2021		21
		Discovery Communications, Inc.
	15	5.05%, 06/01/2020		16
		NBC Universal Media LLC
	30	4.38%, 04/01/2021		32
		News America, Inc.
	35	6.40%, 12/15/2035		38
		Time Warner Cable, Inc.
	15	4.00%, 09/01/2021		15
		Time Warner, Inc.
	80	4.88%, 03/15/2020		87
	65	6.75%, 07/01/2018		77
		Viacom, Inc.
	10	6.88%, 04/30/2036		13
		Walt Disney Co.
	25	5.63%, 09/15/2016		30
				475
		Beverage and Tobacco Product Manufacturing - 0.3%
		Altria Group, Inc.
	30	4.75%, 05/05/2021		33
	25	9.70%, 11/10/2018		34
		Anheuser-Busch InBev N.V
	60	5.38%, 01/15/2020		70

	Coca-Cola Co.
30	3.15%, 11/15/2020	32
	Diageo Capital plc
30	5.50%, 09/30/2016	35
	PepsiCo, Inc.
55	3.13%, 11/01/2020	57
	Philip Morris International, Inc.
25	4.50%, 03/26/2020	28
		289
	Chemical Manufacturing - 0.1%
	Dow Chemical Co.
45	8.55%, 05/15/2019	59
	E.I. DuPont de Nemours & Co.
40	3.63%, 01/15/2021	44
	Potash Corp. of Saskatchewan, Inc.
10	6.50%, 05/15/2019	12
	Praxair, Inc.
25	5.38%, 11/01/2016	29
		144
	Computer and Electronic Product Manufacturing - 0.3%
	Cingular Wireless LLC
10	7.13%, 12/15/2031	13
	Cisco Systems, Inc.
25	4.45%, 01/15/2020	28
70	5.50%, 02/22/2016 Ø	82
	Hewlett-Packard Co.
15	4.30%, 06/01/2021	15
25	5.50%, 03/01/2018	28
	Intel Corp.
15	3.30%, 10/01/2021	16
	Lockheed Martin Corp.
25	4.25%, 11/15/2019	27
	Raytheon Co.
25	3.13%, 10/15/2020	25
	Texas Instruments, Inc.
25	2.38%, 05/16/2016	26
	Thermo Fisher Scientific, Inc.
25	2.25%, 08/15/2016	25
		285
	Couriers and Messengers - 0.1%
	United Parcel Service, Inc.
15	3.13%, 01/15/2021	16
45	3.88%, 04/01/2014	48
		64
	Electrical Equipment and Appliance Manufacturing - 0.0%
	Emerson Electric Co.
10	4.88%, 10/15/2019	12
	General Electric Co.
25	5.25%, 12/06/2017	29
	Koninklijke Philips Electronics N.V
8	6.88%, 03/11/2038	10
		51
	Finance and Insurance - 3.7%
	Aetna, Inc.
20	3.95%, 09/01/2020	21

The accompanying notes are an integral part of these financial statements. 

10

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 8.9% - (continued)
		Finance and Insurance - 3.7% - (continued)
		Allstate Corp.
$	35	5.00%, 08/15/2014	$	38
	7	5.95%, 04/01/2036		8
		American Express Credit Corp.
	75	2.75%, 09/15/2015		75
		American International Group, Inc.
	40	6.40%, 12/15/2020		40
		Asian Development Bank
	40	2.50%, 03/15/2016		42
		Bank of America Corp.
	20	5.00%, 05/13/2021		18
	160	5.65%, 05/01/2018 Ø		153
		Bank of New York Mellon Corp.
	25	2.30%, 07/28/2016		25
		Bank of Nova Scotia
	15	4.38%, 01/13/2021		16
		Barclays Bank plc
	100	5.20%, 07/10/2014		103
		BB&T Corp.
	30	3.20%, 03/15/2016		31
		Berkshire Hathaway Finance Corp.
	50	5.40%, 05/15/2018		58
		Blackrock, Inc.
	25	5.00%, 12/10/2019 Ø		27
		Boston Properties L.P.
	15	5.88%, 10/15/2019		17
		BP Capital Markets plc
	40	2.25%, 11/01/2016		40
		Capital One Financial Corp.
	50	6.15%, 09/01/2016		52
		Caterpillar Financial Services Corp.
	70	6.13%, 02/17/2014		77
		Chubb Corp.
	20	5.75%, 05/15/2018		23
		Cigna Corp.
	10	5.38%, 02/15/2042		10
		Citigroup, Inc.
	75	5.00%, 09/15/2014 Ø		74
	115	5.38%, 08/09/2020		118
		Credit Suisse New York
	75	6.00%, 02/15/2018 Ø		74
		Deutsche Bank AG
	40	3.25%, 01/11/2016		41
		European Bank for Reconstruction & Development
	30	2.50%, 03/15/2016		32
		European Investment Bank
	50	2.88%, 09/15/2020		50
	200	3.13%, 06/04/2014 Ø		209
		Fifth Third Bank
	35	3.63%, 01/25/2016		36
		General Electric Capital Corp.
	145	4.38%, 09/16/2020 Ø		148
	40	5.30%, 02/11/2021		43
		Goldman Sachs Group, Inc.
	140	5.38%, 03/15/2020 Ø		138
	10	6.25%, 02/01/2041		10
		HCP, Inc.
	25	6.70%, 01/30/2018		28

	Health Care REIT, Inc.
20	5.25%, 01/15/2022	20
	HSBC Finance Corp.
50	4.75%, 07/15/2013	51
	HSBC Holdings plc
50	5.10%, 04/05/2021	53
	Inter-American Development Bank
75	2.25%, 07/15/2015 Ø	79
	International Bank for Reconstruction & Development
150	1.13%, 08/25/2014 Ø	152
	John Deere Capital Corp.
35	2.80%, 09/18/2017	37
	JP Morgan Chase & Co.
30	4.95%, 03/25/2020	32
75	5.13%, 09/15/2014	79
30	6.00%, 01/15/2018	34
130	6.30%, 04/23/2019 Ø	147
	Kreditanstalt fuer Wiederaufbau
285	1.25%, 10/26/2015 Ø	286
	Landwirtschaftliche Rentenbank
65	3.13%, 07/15/2015	69
	Lincoln National Corp.
25	8.75%, 07/01/2019	30
	MetLife, Inc.
50	7.72%, 02/15/2019	63
	Morgan Stanley
50	4.75%, 04/01/2014 Ø	49
100	5.45%, 01/09/2017 Ø	97
40	5.50%, 07/28/2021	37
	National Rural Utilities Cooperative Finance Corp.
30	5.45%, 04/10/2017	34
	Oesterreichische Kontrollbank AG
35	4.88%, 02/16/2016	39
	PNC Funding Corp.
35	5.13%, 02/08/2020	40
	Prudential Financial, Inc.
50	2.75%, 01/14/2013	50
40	5.38%, 06/21/2020	43
	Royal Bank of Canada
35	2.30%, 07/20/2016	36
	Royal Bank of Scotland plc
75	3.95%, 09/21/2015	70
	Simon Property Group L.P.
50	5.65%, 02/01/2020	57
	SLM Corp.
30	6.25%, 01/25/2016	29
	Toyota Motor Credit Corp.
40	3.20%, 06/17/2015	42
	Travelers Cos., Inc.
35	3.90%, 11/01/2020	37
	U.S. Bancorp
60	2.45%, 07/27/2015	61
	UnitedHealth Group, Inc.
25	6.88%, 02/15/2038	34
	Wellpoint, Inc.
25	5.25%, 01/15/2016	28
10	5.80%, 08/15/2040	12

The accompanying notes are an integral part of these financial statements.

11

Hartford Portfolio Diversifier HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 8.9% - (continued)
		Finance and Insurance - 3.7% - (continued)
		Wells Fargo & Co.
$	90	4.60%, 04/01/2021	$	99
		Westpac Banking Corp.
	40	3.00%, 12/09/2015		40
				3,941
		Food Manufacturing - 0.2%
		Archer Daniels Midland Co.
	25	5.45%, 03/15/2018		29
		General Mills, Inc.
	20	5.65%, 02/15/2019		24
		Kellogg Co.
	15	4.00%, 12/15/2020		16
		Kraft Foods, Inc.
	70	5.38%, 02/10/2020		81
		Unilever Capital Corp.
	10	5.90%, 11/15/2032		13
				163
		Food Services - 0.0%
		McDonald's Corp.
	25	5.35%, 03/01/2018		30
		Yum! Brands, Inc.
	7	6.88%, 11/15/2037		9
				39
		Health Care and Social Assistance - 0.6%
		Abbott Laboratories
	50	5.13%, 04/01/2019		58
		Amgen, Inc.
	25	5.75%, 03/15/2040		27
		Aristotle Holding, Inc.
	10	4.75%, 11/15/2021 ■		11
		AstraZeneca plc
	30	5.90%, 09/15/2017		36
		Baxter International, Inc.
	30	4.50%, 08/15/2019		34
		Boston Scientific Corp.
	15	6.00%, 01/15/2020		17
		Bristol-Myers Squibb Co.
	20	5.45%, 05/01/2018		24
		Covidien International
	25	6.00%, 10/15/2017		30
		CVS Caremark Corp.
	20	6.13%, 09/15/2039		24
		Eli Lilly & Co.
	20	5.20%, 03/15/2017		23
		Gilead Sciences, Inc.
	20	4.40%, 12/01/2021		21
		Glaxosmithkline Capital, Inc.
	40	5.65%, 05/15/2018		48
		Johnson & Johnson
	35	2.15%, 05/15/2016		37
	10	5.85%, 07/15/2038		13
		McKesson Corp
	10	4.75%, 03/01/2021		11
		Medtronic, Inc.
	25	4.45%, 03/15/2020		28
		Merck & Co., Inc.
	40	3.88%, 01/15/2021		45
		Novartis Securities Investment Ltd.
	25	5.13%, 02/10/2019		30

	Pfizer, Inc.
65	6.20%, 03/15/2019	80
	Quest Diagnostics, Inc.
15	4.70%, 04/01/2021	16
	Teva Pharmaceutical Finance IV B.V
20	3.65%, 11/10/2021	21
		634
	Information - 0.7%
	America Movil S.A. de C.V
45	5.63%, 11/15/2017	52
	AT&T, Inc.
35	5.35%, 09/01/2040	40
95	5.80%, 02/15/2019	112
10	6.40%, 05/15/2038	12
	British Telecommunications plc
8	9.62%, 12/15/2030 Δ	11
	Cellco Partnership - Verizon Wireless Capital
50	5.55%, 02/01/2014	54
25	8.50%, 11/15/2018	34
	Deutsche Telekom International Finance B.V
15	8.75%, 06/15/2030	21
	Embarq Corp.
40	7.08%, 06/01/2016	43
	France Telecom S.A
20	5.38%, 07/08/2019	22
	Google, Inc.
20	2.13%, 05/19/2016 Ø	21
	Microsoft Corp.
60	1.63%, 09/25/2015 Ø	62
7	5.20%, 06/01/2039	8
	Oracle Corp.
10	5.38%, 07/15/2040	12
60	5.75%, 04/15/2018	73
	Telefonica Emisiones SAU
35	5.46%, 02/16/2021	34
	Verizon Communications, Inc.
25	6.00%, 04/01/2041	31
75	6.35%, 04/01/2019	91
	Vodafone Group plc
40	5.45%, 06/10/2019	47
		780
	Machinery Manufacturing - 0.1%
	Baker Hughes, Inc.
8	5.13%, 09/15/2040	9
	Caterpillar, Inc.
35	3.90%, 05/27/2021	38
	Xerox Corp.
20	6.35%, 05/15/2018	23
		70
	Mining - 0.2%
	Barrick Gold Corp.
35	6.95%, 04/01/2019	43
	BHP Billiton Finance USA Ltd.
15	6.50%, 04/01/2019	18
	Newmont Mining Corp.
8	6.25%, 10/01/2039	9
	Rio Tinto Finance USA Ltd.
15	3.75%, 09/20/2021	16
40	6.50%, 07/15/2018	48

The accompanying notes are an integral part of these financial statements.

12

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 8.9% - (continued)
		Mining - 0.2% - (continued)
		Teck Resources Ltd.
$	20	4.50%, 01/15/2021	$	21
		Vale Overseas Ltd.
	25	6.88%, 11/10/2039		29
				184
		Miscellaneous Manufacturing - 0.2%
		3M Co.
	25	1.38%, 09/29/2016		25
		Boeing Co.
	40	4.88%, 02/15/2020 Ø		47
		Honeywell International, Inc.
	25	4.25%, 03/01/2021		28
		Northrop Grumman Corp.
	20	5.05%, 08/01/2019		22
		Tyco International Ltd.
	20	8.50%, 01/15/2019		26
		United Technologies Corp.
	40	4.50%, 04/15/2020		45
				193
		Motor Vehicle & Parts Manufacturing - 0.0%
		Johnson Controls, Inc.
	15	5.00%, 03/30/2020		17
		Paper Manufacturing - 0.1%
		International Paper Co.
	25	7.50%, 08/15/2021		31
		Kimberly-Clark Corp.
	25	6.13%, 08/01/2017		30
				61
		Petroleum and Coal Products Manufacturing - 0.7%
		Anadarko Petroleum Corp.
	40	5.95%, 09/15/2016		45
		Apache Corp.
	25	5.10%, 09/01/2040		29
		Canadian Natural Resources Ltd.
	30	5.70%, 05/15/2017		35
		ConocoPhillips
	35	6.50%, 02/01/2039		48
		Devon Financing Corp.
	10	7.88%, 09/30/2031		14
		EnCana Corp.
	25	6.50%, 02/01/2038		30
		Ensco plc
	25	4.70%, 03/15/2021		26
		Hess Corp.
	13	5.60%, 02/15/2041		15
		Marathon Petroleum Corp.
	15	5.13%, 03/01/2021		16
		Nabors Industries, Inc.
	20	5.00%, 09/15/2020		20
		Nexen, Inc.
	10	7.50%, 07/30/2039		12
		Occidental Petroleum Corp.
	15	4.10%, 02/01/2021		17
		Pemex Project Funding Master Trust
	50	5.75%, 03/01/2018		55
		Petrobras International Finance Co.
	50	5.38%, 01/27/2021 Ø		53

	Petroleos Mexicanos
10	6.50%, 06/02/2041 ■	11
	Sempra Energy
35	6.50%, 06/01/2016	41
	Shell International Finance B.V
50	4.30%, 09/22/2019	58
	Statoilhydro ASA
30	5.25%, 04/15/2019	35
	Suncor Energy, Inc.
25	6.50%, 06/15/2038	31
	Transocean, Inc.
25	6.50%, 11/15/2020	26
	TXU Electric Delivery Co.
15	7.00%, 09/01/2022	19
	Valero Energy Corp.
25	6.13%, 02/01/2020	28
	Weatherford International Ltd.
30	5.13%, 09/15/2020	31
	Williams Partners L.P.
25	5.25%, 03/15/2020	28
		723
	Pipeline Transportation - 0.1%
	Enterprise Products Operating LLC
45	5.20%, 09/01/2020	50
	Kinder Morgan Energy Partners L.P.
25	6.38%, 03/01/2041	28
	Oneok Partners L.P.
10	6.65%, 10/01/2036	12
	Plains All American Pipeline L.P.
10	6.65%, 01/15/2037	12
	TransCanada Pipelines Ltd.
50	3.80%, 10/01/2020	54
		156
	Primary Metal Manufacturing - 0.1%
	Alcoa, Inc.
25	6.15%, 08/15/2020	26
	ArcelorMittal
35	5.50%, 03/01/2021	32
		58
	Professional, Scientific and Technical Services - 0.0%
	IBM Corp.
25	5.60%, 11/30/2039	32
	Public Administration - 0.0%
	Waste Management, Inc.
25	4.75%, 06/30/2020	27
	Rail Transportation - 0.1%
	Burlington Northern Santa Fe Corp.
25	4.70%, 10/01/2019	28
	Canadian National Railway Co.
15	2.85%, 12/15/2021	15
	Canadian Pacific Railway Co.
8	7.13%, 10/15/2031	10
	CSX Corp.
25	3.70%, 10/30/2020	25

The accompanying notes are an integral part of these financial statements.  

13

Hartford Portfolio Diversifier HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 8.9% - (continued)
		Rail Transportation - 0.1% - (continued)
		Norfolk Southern Corp.
$	27	4.84%, 10/01/2041 ■	$	29
		Union Pacific Corp.
	14	6.63%, 02/01/2029		18
				125
		Retail Trade - 0.3%
		Energy Transfer Partners
	40	9.00%, 04/15/2019		48
		Federated Retail Holdings, Inc.
	30	5.90%, 12/01/2016		34
		Home Depot, Inc.
	50	4.40%, 04/01/2021		56
		Kroger Co.
	40	3.90%, 10/01/2015		43
		Lowe's Co., Inc.
	10	6.65%, 09/15/2037		13
		Target Corp.
	40	3.88%, 07/15/2020		44
		Wal-Mart Stores, Inc.
	95	3.25%, 10/25/2020		102
	10	4.25%, 04/15/2021		11
	10	5.63%, 04/15/2041		13
				364
		Soap, Cleaning Compound and Toilet Manufacturing - 0.1%
		Procter & Gamble Co.
	50	4.70%, 02/15/2019		59
		Utilities - 0.5%
		Consolidated Edison Co. of NY
	20	6.65%, 04/01/2019		25
		Dominion Resources, Inc.
	50	4.45%, 03/15/2021		56
		Duke Energy Corp.
	25	5.30%, 02/15/2040		30
		Exelon Generation Co. LLC
	30	4.00%, 10/01/2020		31
		FirstEnergy Solutions Co.
	20	6.05%, 08/15/2021		22
		Florida Power & Light Co.
	25	5.69%, 03/01/2040		32
		Georgia Power Co.
	25	4.75%, 09/01/2040		28
		Hydro Quebec
	30	8.40%, 01/15/2022		44
		Kentucky Utilities
	20	5.13%, 11/01/2040		24
		MidAmerican Energy Holdings Co.
	30	6.13%, 04/01/2036		36
		Nevada Power Co.
	10	6.75%, 07/01/2037		14
		Ohio Power Co.
	35	5.38%, 10/01/2021		40
		Pacific Gas & Electric Co.
	25	6.05%, 03/01/2034		31
		Progress Energy, Inc.
	25	4.40%, 01/15/2021		28
		PSEG Power LLC
	25	5.13%, 04/15/2020		28

		Southern California Edison Co.
	25	4.50%, 09/01/2040		27
		Xcel Energy, Inc.
	35	4.70%, 05/15/2020		39
				535
		Total corporate bonds
		(cost $9,336)	$	9,491
FOREIGN GOVERNMENT OBLIGATIONS - 0.7%
		Brazil - 0.2%
		Brazil (Republic of)
$	125	5.88%, 01/15/2019 Ø	$	148
	8	7.13%, 01/20/2037		11
			$	159
		Canada - 0.3%
		British Columbia (Province of)
	60	2.10%, 05/18/2016		62
		Canada (Government of)
	40	2.38%, 09/10/2014		42
		Manitoba (Province of)
	75	2.63%, 07/15/2015		79
		Ontario (Province of)
	85	4.40%, 04/14/2020		97
		Quebec (Province of)
	60	3.50%, 07/29/2020		64
				344
		Colombia - 0.0%
		Colombia (Republic of)
	25	8.13%, 05/21/2024		35
		Italy - 0.0%
		Italy (Republic of)
	25	5.38%, 06/15/2033		21
		Mexico - 0.1%
		United Mexican States
	100	5.13%, 01/15/2020		114
	10	6.05%, 01/11/2040		12
				126
		Panama - 0.0%
		Panama (Republic of)
	10	6.70%, 01/26/2036		13
		Peru - 0.1%
		Peru (Republic of)
	10	5.63%, 11/18/2050		11
	30	7.13%, 03/30/2019		38
				49
		Poland - 0.0%
		Poland (Republic of)
	20	5.00%, 03/23/2022		20
		Total foreign government obligations
		(cost $743)	$	767
MUNICIPAL BONDS - 0.2%
		Airport Revenues - 0.0%
		Clark County Nevada Airport Rev,
$	5	6.82%, 07/01/2045	$	6

The accompanying notes are an integral part of these financial statements.  

14

Shares or Principal Amount			Market Value ╪
MUNICIPAL BONDS - 0.2% - (continued)
		Airport Revenues - 0.0% - (continued)
		New York and New Jersey PA,
$	15	4.93%, 10/01/2051	$	16
				22
		General Obligations - 0.1%
		California State Build America Bonds,
	40	7.60%, 11/01/2040		50
		Mississippi State,
	25	5.25%, 11/01/2034		28
		State of Illinois, Taxable Pension,
	40	5.10%, 06/01/2033		36
				114
		Higher Education (Univ., Dorms, etc.) - 0.0%
		University of Texas Fin Dept,
	25	4.79%, 08/15/2046		29
		Transportation - 0.1%
		Bay Area Toll Auth, CA, Toll Bridge Rev,
	15	6.26%, 04/01/2049 Ø		20
		Metropolitan Transportation Auth Rev,
	20	5.87%, 11/15/2039		22
		New Jersey State Turnpike Auth, Taxable,
	15	7.41%, 01/01/2040 Ø		21
				63
		Total municipal bonds
		(cost $215)	$	228
U.S. GOVERNMENT AGENCIES - 13.8%
		Federal Home Loan Mortgage Corporation - 4.2%
$	200	1.63%, 04/15/2013	$	203
	170	2.50%, 01/07/2014		177
	130	2.88%, 02/09/2015		139
	273	3.50%, 04/01/2026 - 01/15/2041 ☼		285
	95	3.75%, 03/27/2019		109
	620	4.00%, 06/01/2024 - 08/01/2041 ☼		651
	1,009	4.50%, 03/01/2015 - 10/01/2040 ☼Ø		1,069
	730	5.00%, 05/01/2023 - 08/01/2041		787
	110	5.13%, 10/18/2016		130
	577	5.50%, 05/01/2038 - 01/15/2040 ☼		627
	202	6.00%, 06/01/2036		222
	10	6.25%, 07/15/2032		15
				4,414
		Federal National Mortgage Association - 6.7%
	70	0.50%, 10/30/2012		70
	70	1.00%, 09/23/2013		71
	110	1.63%, 10/26/2015		113
	200	2.63%, 11/20/2014		212
	180	2.75%, 03/13/2014		189
	418	3.50%, 09/01/2025 - 11/01/2041 ☼		434
	1,219	4.00%, 09/01/2025 - 09/01/2041 ☼		1,283
	1,551	4.50%, 05/01/2025 - 05/01/2041 ☼		1,652
	110	4.63%, 10/15/2013		118
	1,288	5.00%, 05/01/2028 - 07/01/2036		1,391
	796	5.50%, 01/01/2038 - 05/01/2040		869
	25	5.63%, 07/15/2037		34
	373	6.00%, 07/01/2037		412
	240	6.50%, 06/01/2039		271
	38	6.63%, 11/15/2030		56
				7,175

		Government National Mortgage Association - 2.9%
	123	3.50%, 01/15/2027 - 12/20/2041 ☼		129
	546	4.00%, 08/15/2026 - 12/20/2041 ☼		586
	1,042	4.50%, 09/15/2039 - 07/20/2041 Ø		1,141
	596	5.00%, 09/15/2039 - 03/20/2041		660
	308	5.50%, 07/15/2038		346
	215	6.00%, 01/15/2040 - 08/20/2041 ☼		244
				3,106
		Total U.S. government agencies
		(cost $14,531)	$	14,695
U.S. GOVERNMENT SECURITIES - 14.8%
	Other Direct Federal Obligations - 0.6%
		Federal Farm Credit Bank - 0.1%
$	20	3.88%, 10/07/2013	$	22
	40	4.88%, 01/17/2017		47
				69
		Federal Home Loan Bank - 0.5%
	200	1.88%, 06/21/2013		204
	100	4.50%, 09/16/2013		107
	130	4.75%, 12/16/2016		153
	40	5.00%, 11/17/2017		48
				512
		Tennessee Valley Authority - 0.0%
	40	6.75%, 11/01/2025		57
				638
	U.S. Treasury Securities - 14.2%
		U.S. Treasury Bonds - 2.9%
	172	3.13%, 11/15/2041		180
	305	3.75%, 08/15/2041 Ø		359
	938	4.25%, 11/15/2040 Ø		1,196
	936	5.38%, 02/15/2031 ‡		1,334
				3,069
		U.S. Treasury Notes - 11.3%
	4,780	1.00%, 07/15/2013 - 08/31/2016 Ø		4,836
	810	1.25%, 08/31/2015 Ø		831
	880	1.38%, 02/15/2013 Ø		892
	726	1.75%, 05/31/2016 Ø		759
	878	1.88%, 09/30/2017 Ø		918
	405	2.13%, 08/15/2021 Ø		415
	2,975	2.38%, 08/31/2014 Ø		3,134
	215	3.13%, 05/15/2021 Ø		240
				12,025
				15,094
		Total U.S. government securities
		(cost $15,185)	$	15,732

 The accompanying notes are an integral part of these financial statements.  

15

Hartford Portfolio Diversifier HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Contracts			Market Value ╪
PUT OPTIONS PURCHASED - 26.3%
	Equity Contracts - 26.3%
		S&P 500
	97	Expiration: 06/06/2016, Exercise Price: $1,170.00	$	25,308
	33	Expiration: 09/26/2012, Exercise Price: $1,175.00		2,766
		Total put options purchased
		(cost $26,784)	$	28,074
		Total long-term investments
		(cost $88,462)	$	90,927

Shares or Principal Amount			Market Value ╪
SHORT-TERM INVESTMENTS - 29.0%
	Investment Pools and Funds - 0.2%
	215	JP Morgan U.S. Government Money Market Fund	$	215
		Repurchase Agreements - 26.6%
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $2,304, collateralized by U.S. Treasury Note 1.38%, 2018, value of $2,350)
$	2,304	0.01%, 12/30/2011	$	2,304
		RBC Capital Markets Corp. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $17,880, collateralized by U.S. Treasury Note 0.38% - 1.50%, 2013 - 2016, value of $18,238)
	17,880	0.01%, 12/30/2011		17,880
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $6,052, collateralized by U.S. Treasury Note 1.88% - 2.00%, 2015 - 2016, value of $6,173)
	6,052	0.02%, 12/30/2011		6,052
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $2,097, collateralized by U.S. Treasury Note 3.63%, 2021, value of $2,139)
	2,096	0.01%, 12/30/2011		2,096
				28,332
	U.S. Treasury Bills - 2.2%
	2,370	0.01%, 2/2/2012   □○		2,370
		Total short-term investments
		(cost $30,917)	$	30,917

Total investments
(cost $119,379) ▲	114.3	%	$	121,844
Other assets and liabilities	(14.3	)%		(15,263	)
Total net assets	100.0	%	$	106,581

The accompanying notes are an integral part of these financial statements.  

16

Note: Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 2.6% of total net assets at December 31, 2011.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $120,968 and the aggregate gross unrealized appreciation and depreciation based on that cost were:    

Unrealized Appreciation	$	5,069
Unrealized Depreciation		(4,193	)
Net Unrealized Appreciation	$	876

●	Non-income producing.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at December 31, 2011.
○	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At December 31, 2011, the aggregate value of these securities was $51, which rounds to zero percent of total net assets.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $1,026 at December 31, 2011.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
□	This security, or a portion of this security, is pledged as initial margin deposit for open futures contracts held at December 31, 2011 as listed in the table below:

Description	Number of Contracts*		Position		Expiration Date		Market Value ╪		Notional Amount		Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini		643		Short		03/16/2012	$	40,271	$	40,319	$	48

*	The number of contracts does not omit 000's.
	Cash of $190 was pledged as initial margin deposit and collateral for open futures contracts at December 31, 2011.

Ø This security, or a portion of this security, collateralized the written put options in the table below:

													Unrealized
	Option		Exercise		Expiration		Number of		Market		Premiums		Appreciation
Description	Type		Price/ Rate		Date		Contracts*		Value		Received		(Depreciation)
S&P 500		Equity	$	910.00		06/06/2016		78,004	$	12,223	$	10,009	$	(2,214	)
S&P 500		Equity	$	910.00		06/06/2016		19,251		3,016		3,209		193
									$	15,239	$	13,218	$	(2,021	)

*	The number of contracts does not omit 000's.
	In addition, securities valued at $13,380, held on behalf of the Fund at the custody bank, were received from the broker as collateral in connection with option contracts
PA	- Port Authority

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

 The accompanying notes are an integral part of these financial statements. 

17

Hartford Portfolio Diversifier HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

		Total		Level 1 ♦		Level 2 ♦		Level 3 ♦
Assets:
Asset & Commercial Mortgage Backed Securities	$	737	$	–	$	737	$	–
Common Stocks ‡		19,950		19,950		–		–
Corporate Bonds		9,491		–		9,491		–
Exchange Traded Funds		1,253		1,253		–		–
Foreign Government Obligations		767		–		767		–
Municipal Bonds		228		–		228		–
Put Options Purchased		28,074		–		28,074		–
U.S. Government Agencies		14,695		–		14,641		54
U.S. Government Securities		15,732		180		15,552		–
Short-Term Investments		30,917		215		30,702		–
Total	$	121,844	$	21,598	$	100,192	$	54
Futures *		48		48		–		–
Written Options *		193		–		193		–
Total	$	241	$	48	$	193	$	–

Liabilities:
Written Options *		2,214		–		2,214		–
Total	$	2,214	$	–	$	2,214	$	–

♦	For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of June 6, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Net Amortization		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2011
Assets:
U.S. Government Agencies	$	—	$	—	$	—	$	—	$	54	$	—	$	—	$	—	$	54
Total	$	—	$	—	$	—	$	—	$	54	$	—	$	—	$	—	$	54

The accompanying notes are an integral part of these financial statements.  

18

Hartford Portfolio Diversifier HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $119,379)	$	121,844
Cash		383	*
Receivables:
Investment securities sold		42
Fund shares sold		1,106
Dividends and interest		314
Variation margin		154
Other assets		17
Total assets		123,860
Liabilities:
Payables:
Investment securities purchased		2,008
Fund shares redeemed		—
Investment management fees		13
Distribution fees		6
Accrued expenses		13
Written options (proceeds $13,218)		15,239
Total liabilities		17,279
Net assets	$	106,581
Summary of Net Assets:
Capital stock and paid-in-capital	$	106,079
Undistributed net investment income		—
Accumulated net realized gain		10
Unrealized appreciation of investments		492
Net assets	$	106,581
Shares authorized		1,000,000
Par value	$	0.001
Class IB: Net asset value per share	$	10.18
Shares outstanding		10,465
Net assets	$	106,581

^* Cash of $190 was pledged as initial margin deposit and collateral for open futures contracts at December 31, 2011.

The accompanying notes are an integral part of these financial statements. 

19

Hartford Portfolio Diversifier HLS Fund

Statement of Operations

For the Period June 6, 2011, (commencement of operations) through December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	202
Interest		405
Total investment income, net		607
Expenses:
Investment management fees		255
Distribution fees - Class IB		106
Custodian fees		15
Accounting services fees		8
Board of Directors' fees		1
Audit fees		5
Other expenses		5
Total expenses (before waivers and fees paid indirectly)		395
Expense waivers		(33	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(33	)
Total expenses, net		362
Net investment income		245
Net Realized Gain on Investments and Other Financial Instruments:
Net realized gain on investments		935
Net realized loss on futures		(663	)
Net Realized Gain on Investments and Other Financial Instruments		272
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments:
Net unrealized appreciation of investments		2,465
Net unrealized appreciation of futures		48
Net unrealized depreciation of written options		(2,021	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments		492
Net Gain on Investments and Other Financial Instruments		764
Net Increase in Net Assets Resulting from Operations	$	1,009

The accompanying notes are an integral part of these financial statements.  

20

Hartford Portfolio Diversifier HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Period June 6, 2011* through December 31, 2011
Operations:
Net investment income	$	245
Net realized gain on investments and other financial instruments		272
Net unrealized appreciation of investments and other financial instruments		492
Net Increase In Net Assets Resulting From Operations		1,009
Distributions to Shareholders:
From net investment income
Class IB		(352	)
Total from net investment income		(352	)
From net realized gain on investments		191
Class IB		(191	)
Total from net realized gain on investments		(191	)
Total distributions		(543	)
Capital Share Transactions:
Class IB
Sold		106,671
Issued on reinvestment of distributions		543
Redeemed		(1,099	)
Total capital share transactions		106,115
Net increase from capital share transactions		106,115
Net Increase In Net Assets		106,581
Net Assets:
Beginning of period		—
End of period	$	106,581
Undistributed (distribution in excess of)
net investment income	$	—
Shares:
Class IB
Sold		10,517
Issued on reinvestment of distributions		53
Redeemed		(105	)
Total share activity		10,465

* Commencement of operations.

The accompanying notes are an integral part of these financial statements.  

21

Hartford Portfolio Diversifier HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

Hartford Portfolio Diversifier HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates. The Fund’s shares are available only to separate accounts of HLIC and its affiliates as a required investment option for variable annuity contracts whose holders have elected a guaranteed benefit rider subject to an allocation requiring investment in the Fund.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class IB shares of the Fund are offered at the per share net asset value (“NAV”) without a sales charge and are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its

22

shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Fixed income securities (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these

23

Hartford Portfolio Diversifier HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

e) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined by dividing the Fund’s net assets by the number of shares outstanding.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

24

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of December 31, 2011.

c) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery securities as of December 31, 2011.

d) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the Schedule of Investments, had mortgage related and other asset backed securities as of December 31, 2011.

25

Hartford Portfolio Diversifier HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the securities markets, commodities, or movements in interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of December 31, 2011.

b) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities or commodities. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option security or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap or security to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund, as shown on the Schedule of

26

Investments, had outstanding purchased options contracts as of December 31, 2011. Transactions involving written options contracts during the year ended December 31, 2011, are summarized below:

	Options Contract Activity During the Period June 6, 2011 (commencement of operations) through December 31, 2011
Put Options Written During the Period	Number of Contracts*		Premium Amounts
Beginning of the period		—	$	—
Written		97,255		13,218
Expired		—		—
Closed		—		—
Exercised		—		—
End of period		97,255	$	13,218
* The number of contracts does not omit 000's.

c)	Additional Derivative Instrument Information:
	Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Investments in securities, at value (purchased options), market value	$	—	$	—	$	—	$	28,074	$	—	$	—	$	28,074
Variation margin receivable *		—		—		—		154		—		—		154
Total	$	—	$	—	$	—	$	28,228	$	—	$	—	$	28,228

Liabilities:
Written options, market value	$	—	$	—	$	—	$	15,239	$	—	$	—	$	15,239
Total	$	—	$	—	$	—	$	15,239	$	—	$	—	$	15,239
														True
* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures    cumulative appreciation (depreciation) of $48 as reported in the Schedule of Investments
The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the period June 6, 2011 through December 31, 2011

27

Hartford Portfolio Diversifier HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

The Effect of Derivative Instruments on the Statement of Operations for the period June 6, 2011, (commencement of operations) through December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts			Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on investments in purchased options	$	—	$	—	$	—	$	1,001		$	—	$	—	$	1,001
Net realized loss on futures		—		—		—		(663	)		—		—		(663	)
Total	$	—	$	—	$	—	$	338		$	—	$	—	$	338

Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of investments in purchased options	$	—	$	—	$	—	$	1,290		$	—	$	—	$	1,290
Net change in unrealized appreciation of futures		—		—		—		48			—		—		48
Net change in unrealized depreciation of written options		—		—		—		(2,021	)		—		—		(2,021	)
Total	$	—	$	—	$	—	$	(683	)	$	—	$	—	$	(683	)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments in derivatives and other financial instruments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

28

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Period June 6, 2011 (Commencement of Operations) through December 31, 2011
Ordinary Income	$	486
Long-Term Capital Gains*		57

* The Fund designates these distributions as long-term capital dividends pursuant to IRC Sec. 852(b)(3)(C).

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Accumulated Capital and Other Losses	$	(374	)
Unrealized Appreciation*		876
Total Accumulated Earnings	$	502

 * The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

29

Hartford Portfolio Diversifier HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

 ��

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	107
Accumulated Net Realized Gain (Loss)		(71	)
Capital Stock and Paid-in-Capital		(36	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of December 31, 2011.

As of December 31, 2011, the Fund elected to defer the following post-October losses:
	Amount
Ordinary Income	$	374

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Hartford Investment Management.

30

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $500 million	0.60%
On next $500 million	0.55%
On next $4 billion	0.50%
On next $5 billion	0.48%
Over $10 billion	0.47%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion	0.018%
On next $5 billion	0.016%
Over $10 billion	0.014%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund in proportion to the average daily net assets of the Fund, except where allocation of certain expenses is more fairly made directly to the Fund. HL Advisors has contractually agreed to reimburse expenses (exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) to the extent necessary to maintain total annual operating expenses for the Class IB shares of the Fund at the annual rate of 0.85% of the Fund’s average daily net assets. This contractual arrangement will remain in effect until April 30, 2013, and shall renew automatically for one-year terms unless HL Advisors provides written notice of termination prior to the start date of the next term or upon approval of the Board of Directors of the Company.

d) Fees Paid Indirectly – The Fund’s custodian bank, State Street Bank and Trust Co., has agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Period Ended December 31, 2011
Class IB	0.85%

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used

31

Hartford Portfolio Diversifier HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of December 31, 2011, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares
Class IB	6,000

9. Investment Transactions:

For the period June 6, 2011, (commencement of operations) through December 31, 2011, the cost of purchases and proceeds from sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	95,087
Sales Proceeds Excluding U.S. Government Obligations		22,091
Cost of Purchases for U.S. Government Obligations		20,441
Sales Proceeds for U.S. Government Obligations		5,910

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. 

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33

Hartford Portfolio Diversifier HLS Fund

Financial Highlights

- Selected Per-Share Date (A) -

Class	Net Asset Value at Beginning of Period	Net Investment Income (Loss)	Payments from (to) Affiliate	Net Realized and Unrealized Gain (Loss) on Investments	Total from Investment Operations	Dividends from Net Investment Income	Distributions from Realized Capital Gains	Distributions from Capital	Total Distributions	Net Increase (Decrease) in Net Asset Value	Net Asset Value at End of Period
From June 6, 2011 (commencement of operations) through December 31, 2011  (D)
IB(E)	$   10 .00	$   0 .04	$   –	$   0 .19	$   0 .23	$   (0 .03)	$   (0 .02)	$   –	$   (0 .05)	$   0 .18	$   10 .18

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	The figures do not include sales charges or other fees which may be applied at the variable annuity product level.  Any such additional sales charges or other fees would lower the Fund's performance.
(C)	Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.
(D)	Per share amounts have been calculated using the average shares method.
(E)	Commenced operations on June 6, 2011.
(F)	Not annualized.
(G)	Annualized.

34

- Ratios and Supplemental Data -

Total Return(B)	Net Assets at End of Period	Ratio of Expenses to Average Net Assets Before Waivers(C)	Ratio of Expenses to Average Net Assets After Waivers(C)	Ratio of Net Investment Income (Loss) to Average Net Assets	Portfolio Turnover Rate
2.38%(F)	$106,581	0.93%(G)	0.85%(G)	0.58%(G)	43 %

35

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund,Inc. 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Portfolio Diversifier HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the period June 6, 2011 (commencement of operations) to December 31, 2011. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Portfolio Diversifier HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations, the changes in its net assets, and the financial highlights for the period June 6, 2011 (commencement of operations) to December 31, 2011, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN February 13, 2012

36

Hartford Portfolio Diversifier HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

37

Hartford Portfolio Diversifier HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

38

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

39

Hartford Portfolio Diversifier HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return			Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Annualized expense ratio	Days in the current 1/2 year	Days in the full year
Class IB	$1,000.00	$1,045.25	$4.38	$1,000.00	$1,020.92	$4.33	0.85%	184	365

40

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-PD11 2-12     109078     Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Small Company HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	10
Statement of Assets and Liabilities at December 31, 2011	11
Statement of Operations for the Year Ended December 31, 2011	12
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	13
Notes to Financial Statements	14
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Expense Example (Unaudited)	30
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	31

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Small Company HLS Fund inception 08/09/1996

(sub-advised by Wellington Management Company, LLP) Investment objective – Seeks growth of capital.

Average Annual Total Returns (as of 12/31/11) 

	1 Year	5 Year	10 Year
Small Company IA	-3.36%	1.02%	5.92%
Small Company IB	-3.62%	0.78%	5.66%
Russell 2000 Growth Index	-2.91%	2.09%	4.48%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date. 

Russell 2000 Growth Index is an unmanaged index of those Russell 2000 Index growth companies with higher price-to-book ratios and higher forecasted growth values. (The Russell 2000 Index is a broad-based unmanaged index comprised of 2,000 of the smallest U.S.-domiciled company common stocks (on the basis of capitalization) that are traded in the United States on the New York Stock Exchange, American Stock Exchange and Nasdaq.)

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford Small Company HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Managers
Steven C. Angeli, CFA	Stephen C. Mortimer	Jamie A. Rome, CFA
Senior Vice President	Senior Vice President	Senior Vice President
Mario E. Abularach, CFA	Mammen Chally, CFA
Vice President and Equity Research Analyst	Vice President

How did the Fund perform?

The Class IA shares of the Hartford Small Company HLS Fund returned -3.36% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the Russell 2000 Growth Index which returned -2.91% for the same period. The Fund also underperformed the -2.82% return of the average fund in the Lipper Small Cap Growth VP-UF Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The twelve-month period ended December 31, 2011 was yet another extremely volatile period for equity markets. Global equities started the year on a strong note and continued to march higher in the first quarter of 2011, driven by investors’ enthusiasm for additional government debt purchases by the U.S. Federal Reserve, the extension of tax cuts in the U.S., strong earnings growth, and generally improving economic data. This enthusiasm reversed later in the period, however, as concerns surfaced that the global economy could slip back into recession, resulting in a rapid decline in equity markets. Fears about sovereign debt and solvency in the eurozone, slowing economic expansion in China, and uncertainty about the sustainability of corporate earnings growth combined to produce an extremely volatile stock market, and return correlations among stocks spiked as investors shed risk and fled to safety. Markets ended the year on a positive note in the final month of the period with encouraging employment and manufacturing data in the U.S.

In this environment, small-cap and mid-cap stocks underperformed the large-cap stocks over the twelve-month period, as measured by the Russell 2000 (-4%), S&P MidCap 400 (-2%) and S&P 500 (+2%) indices, respectively. Seven out of ten sectors within the Russell 2000 Growth Index posted negative returns during the period. Materials (-16%), Energy (-6%), and Consumer Discretionary (-5%) posted the largest losses while Consumer Staples (+13%) posted the largest gain.

The Fund underperformed its benchmark during the period due to weak stock selection in the Industrials and Information Technology sectors. This was partially offset by strong stock selection in the Health Care sector. Sector allocation, which is the residual result of bottom-up stock selection (i.e. stock by stock fundamental research), was neutral during the period. In particular, an underweight (i.e. the Fund’s sector position was less than the benchmark position) to Materials was additive to relative performance and underweights to Energy and Financials detracted from relative performance.

Stocks that detracted the most from benchmark-relative and absolute (i.e. total return) performance returns during the period were Shutterfly (Consumer Discretionary), Meritor (Industrials), and James River Coal (Energy). Shares of Shutterfly, a web-based photo publication service company, declined due to lower earnings expectations that resulted from price pressure. The firm was also impacted by an ill-timed third quarter market test of the Tiny Prints product line that resulted in significant lost revenues. Drivetrain mobility and braking solutions provider Meritor saw share price weakness, despite beating consensus estimates during the fourth quarter, primarily due to lowered European earnings guidance and continued net operating losses from their U.S. sales. Thermal and coal producer James River Coal saw its share price decline due to lower production, higher costs, and macroeconomic concerns.

Top contributors to relative performance during the period included Green Mountain Coffee (Consumer Staples), Ulta Salon Cosmetics (Consumer Discretionary), and WellCare Health Plan (Health Care). The share price of Green Mountain Coffee, the leading provider of single-cup brewers and portion packs for coffee and other beverages, rose sharply during the period. The company enjoys a dominant position in the market with its Keurig single-cup coffee maker and announced new relationships with Starbucks and Dunkin Donuts. Specialty cosmetics, skin, and hair care retailer, Ulta Salon Cosmetics’ shares performed well as the beauty industry remained healthy and the firm benefitted from market share gains and margin expansion from fixed store cost leverage. WellCare Health Plan, a U.S.-based HMO providing services to government-sponsored health care programs, topped earnings and guidance expectations as lower medical costs helped improve margins. Pharmasset (Health Care) was among the top contributors to absolute performance.

3

Hartford Small Company HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

What is the outlook?

Macro concerns were once again top of mind in 2011 leading to a market that was driven by investors' search for safety. Looking forward, we believe that our security selection process, with its focus on fundamentals, can highlight securities that offer a compelling combination of strong fundamentals and attractive valuations. While we continue to evaluate companies' future earnings and cash flows under a variety of scenarios, we are relatively constructive on the macro backdrop that we believe will unfold this year.

During the fourth quarter the most notable shift in the Fund’s positioning was an increase in our Consumer Discretionary overweight (i.e. the Fund’s sector position was greater than the benchmark position) relative to the benchmark. We reduced our exposure in Industrials and Consumer Staples. As always, sector weights, as well as other characteristics of the Fund, are an outcome of the decisions made on a bottom-up, stock-by-stock basis. At the end of the period, we were most overweight the Consumer Discretionary and Information Technology sectors, and were most underweight the Industrials and Consumer Staples sectors.

Diversification by Industry 

as of December 31, 2011 

Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		1.8	%
Banks (Financials)		3.3
Capital Goods (Industrials)		9.7
Commercial & Professional Services (Industrials)		2.0
Consumer Durables & Apparel (Consumer Discretionary)		5.0
Consumer Services (Consumer Discretionary)		2.1
Diversified Financials (Financials)		2.1
Energy (Energy)		7.8
Food, Beverage & Tobacco (Consumer Staples)		1.5
Health Care Equipment & Services (Health Care)		10.2
Household & Personal Products (Consumer Staples)		1.5
Insurance (Financials)		0.5
Materials (Materials)		3.0
Media (Consumer Discretionary)		0.9
Other Investment Pools and Funds (Financials)		0.2
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		8.6
Real Estate (Financials)		1.4
Retailing (Consumer Discretionary)		8.0
Semiconductors & Semiconductor Equipment (Information Technology)		3.8
Software & Services (Information Technology)		15.3
Technology Hardware & Equipment (Information Technology)		5.7
Telecommunication Services (Services)		0.3
Transportation (Industrials)		2.9
Utilities (Utilities)		0.6
Short-Term Investments		1.5
Other Assets and Liabilities		0.3
Total		100.0	%

4

Hartford Small Company HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.9%
		Automobiles & Components - 1.8%
	143	Amerigon, Inc. ●	$	2,043
	644	Dana Holding Corp. ●		7,828
	351	Tenneco Automotive, Inc. ●		10,450
	55	Tesla Motors, Inc. ●		1,572
				21,893
		Banks - 3.3%
	276	Boston Private Financial Holdings, Inc.		2,190
	275	East West Bancorp, Inc.		5,431
	109	First Midwest Bancorp, Inc.		1,100
	224	Flushing Financial Corp.		2,834
	67	Hudson Valley Holding Corp.		1,430
	99	Northwest Bancshares, Inc.		1,236
	178	Ocwen Financial Corp. ●		2,582
	300	Pinnacle Financial Partners, Inc. ●		4,851
	198	Signature Bank ●		11,886
	184	Umpqua Holdings Corp.		2,277
	644	Western Alliance Bancorp ●		4,013
	43	Wintrust Financial Corp.		1,203
				41,033
		Capital Goods - 9.7%
	61	A.O. Smith Corp.		2,459
	56	Aaon, Inc.		1,143
	53	Acuity Brands, Inc.		2,817
	25	AGCO Corp. ●		1,057
	155	Altra Holdings, Inc. ●		2,910
	116	Applied Industrial Technologies, Inc.		4,076
	53	AZZ, Inc.		2,409
	35	Carlisle Cos., Inc.		1,529
	89	Ceradyne, Inc. ●		2,388
	75	Chart Industries, Inc. ●		4,050
	119	Colfax Corp. ●		3,388
	115	Commercial Vehicles Group, Inc. ●		1,041
	31	Crane Co.		1,451
	484	DigitalGlobe, Inc. ●		8,288
	52	EMCOR Group, Inc.		1,392
	114	Esterline Technologies Corp. ●		6,374
	60	Franklin Electric Co., Inc.		2,622
	119	GrafTech International Ltd. ●		1,621
	246	Kratos Defense & Security ●		1,466
	45	Lennox International, Inc.		1,522
	23	Lindsay Corp.		1,265
	790	Meritor, Inc. ●		4,205
	64	Michael Baker Corp. ●		1,257
	36	Middleby Corp. ●		3,357
	229	Moog, Inc. Class A ●		10,058
	84	Nordson Corp.		3,479
	283	Owens Corning, Inc. ●		8,114
	59	Polypore International, Inc. ●		2,595
	70	Sun Hydraulics Corp.		1,646
	48	TAL International Group, Inc.		1,385
	120	Teledyne Technologies, Inc. ●		6,587
	54	Textainer Group Holdings Ltd.		1,570
	31	TransDigm Group, Inc. ●		2,954
	193	Trex Co., Inc. ●		4,431
	137	Trimas Corp. ●		2,463
	328	United Rentals, Inc. ●		9,701
	213	Wabash National Corp. ●		1,670
				120,740
		Commercial & Professional Services - 2.0%
	12	Advisory Board Co. ●		885
	269	Corrections Corp. of America ●		5,474
	82	Deluxe Corp.		1,869
	75	Exponent, Inc. ●		3,429
	165	Geo Group, Inc. ●		2,765
	592	Sykes Enterprises, Inc. ●		9,276
	43	United Stationers, Inc.		1,411
				25,109
		Consumer Durables & Apparel - 4.9%
	608	Brunswick Corp.		10,977
	83	Columbia Sportswear Co.		3,846
	103	Deckers Outdoor Corp. ●		7,797
	333	Hanesbrands, Inc. ●		7,286
	9	NVR, Inc. ●		6,114
	46	Polaris Industries, Inc.		2,547
	656	Pulte Group, Inc. ●		4,143
	99	Skechers USA, Inc. Class A ●		1,194
	196	Steven Madden Ltd. ●		6,761
	163	Tempur-Pedic International, Inc. ●		8,551
	50	Warnaco Group, Inc. ●		2,485
				61,701
		Consumer Services - 2.1%
	58	American Public Education, Inc. ●		2,493
	17	Buffalo Wild Wings, Inc. ●		1,175
	376	Cheesecake Factory, Inc. ●		11,032
	194	Estacio Participacoes S.A.		1,875
	54	Gaylord Entertainment Co. w/ Rights ●		1,308
	71	Regis Corp.		1,182
	28	Steiner Leisure Ltd. ●		1,271
	88	Weight Watchers International, Inc.		4,825
	112	Whistler Blackcomb Holdings, Inc.		1,174
				26,335
		Diversified Financials - 2.1%
	223	BGC Partners, Inc.		1,323
	123	Compass Diversified Holdings		1,523
	213	DFC Global Corp. ●		3,840
	131	Fifth Street Finance Corp.		1,250
	230	Gain Capital Holdings, Inc.		1,541
	414	Justice Holdings Ltd. ●		5,528
	469	Knight Capital Group, Inc. ●		5,542
	250	Manning & Napier, Inc. ●		3,125
	211	Netspend Holdings, Inc. ●		1,710
	168	Uranium Participation Corp. ●		927
				26,309
		Energy - 7.8%
	2,328	Alberta Oilsands, Inc. ●		423
	43	Approach Resources, Inc. ●		1,273
	202	Atwood Oceanics, Inc. ●		8,036
	104	Berry Petroleum Co.		4,386
	353	BPZ Resources, Inc. ●		1,004
	152	C&J Energy Services, Inc. ●		3,181
	243	Carrizo Oil & Gas, Inc. ●		6,397
	17	Clayton Williams Energy, Inc. ●		1,282
	56	Complete Production Services, Inc. ●		1,873
	124	CVR Energy, Inc. ●		2,319
	306	Gulfmark Offshore, Inc. ●		12,836
	283	Hornbeck Offshore Services, Inc. ●		8,792
	936	ION Geophysical Corp. ●		5,740
	59	James River Coal Co. ●		410

The accompanying notes are an integral part of these financial statements.

5

Hartford Small Company HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.9% - (continued)
		Energy - 7.8% - (continued)
	257	Karoon Gas Australia Ltd. ●	$	1,182
	61	Northern Oil and Gas, Inc. ●		1,463
	3,035	Oilsands Quest, Inc. ⌂●†		435
	97	Petroleum Development Corp. ●		3,421
	335	Rosetta Resources, Inc. ●		14,586
	42	Swift Energy Co. ●		1,242
	166	Tidewater, Inc.		8,185
	280	Vaalco Energy, Inc. ●		1,691
	139	Whiting Petroleum Corp. ●		6,511
				96,668
		Food, Beverage & Tobacco - 1.5%
	20	Boston Beer Co., Inc. Class A ●		2,209
	94	Cosan S.A. Industria E Comercio		1,358
	276	Darling International, Inc. ●		3,662
	203	Diamond Foods, Inc.		6,538
	164	GrainCorp Ltd.		1,309
	63	Green Mountain Coffee Roasters, Inc. ●		2,816
	121	Viterra, Inc.		1,272
				19,164
		Health Care Equipment & Services - 10.2%
	391	Abiomed, Inc. ●		7,223
	418	Allscripts Healthcare Solutions, Inc. ●		7,912
	45	AmSurg Corp. ●		1,174
	184	Angiodynamics, Inc. ●		2,718
	5	Atrion Corp.		1,081
	148	Catalyst Health Solutions ●		7,671
	54	Corvel Corp. ●		2,792
	89	Cyberonics, Inc. ●		2,970
	236	Dexcom, Inc. ●		2,195
	46	Ensign Group, Inc.		1,120
	182	Gen-Probe, Inc. ●		10,749
	57	Greatbatch, Inc. ●		1,262
	61	Hanger Orthopedic Group, Inc. ●		1,136
	191	Health Net, Inc. ●		5,799
	81	HealthSouth Corp. ●		1,432
	18	Healthspring, Inc. ●		966
	132	Heartware International, Inc. ●		9,077
	33	ICU Medical, Inc. ●		1,476
	286	Insulet Corp. ●		5,387
	71	LHC Group, Inc. ●		912
	104	Masimo Corp. ●		1,934
	18	MEDNAX, Inc. ●		1,325
	74	Merge Healthcare, Inc. ●		359
	132	NuVasive, Inc. ●		1,662
	128	Owens & Minor, Inc.		3,566
	249	SXC Health Solutions Corp. ●		14,056
	90	U.S. Physical Therapy, Inc.		1,767
	166	Volcano Corp. ●		3,954
	201	Wellcare Health Plans, Inc. ●		10,575
	206	Zoll Medical Corp. ●		13,005
				127,255
		Household & Personal Products - 1.5%
	321	Elizabeth Arden, Inc. ●		11,886
	135	Nu Skin Enterprises, Inc. Class A		6,569
				18,455
		Insurance - 0.5%
	36	Allied World Assurance Holdings Ltd.		2,284
	114	Amerisafe, Inc. ●		2,660
	39	Platinum Underwriters Holdings Ltd.		1,344
				6,288
		Materials - 3.0%
	30	Allied Nevada Gold Corp. ●		914
	24	AptarGroup, Inc.		1,242
	2,015	Aurcana Corp. ●		1,404
	235	Detour Gold Corp. ●		5,794
	108	Georgia Gulf Corp. ●		2,095
	82	Kraton Performance Polymers ●		1,663
	381	Methanex Corp. ADR		8,685
	33	Molycorp, Inc. ●		794
	92	New Gold, Inc. ●		930
	137	Olin Corp.		2,693
	952	Romarco Minerals, Inc. ●		1,009
	141	Silgan Holdings, Inc.		5,444
	138	Stillwater Mining Co. ●		1,447
	46	TPC Group, Inc. ●		1,078
	34	Universal Stainless & Alloy Products ●		1,274
	104	Winpak Ltd.		1,224
				37,690
		Media - 0.9%
	283	AMC Networks, Inc. ●		10,652
		Pharmaceuticals, Biotechnology & Life Sciences - 8.6%
	236	Alkermes plc ●		4,089
	284	Ardea Biosciences, Inc. ●		4,776
	732	Arena Pharmaceuticals, Inc. ●		1,368
	100	Aveo Pharmaceuticals, Inc. ●		1,718
	166	Bruker Corp. ●		2,057
	303	Cadence Pharmaceuticals, Inc. ●		1,196
	117	Cubist Pharmaceuticals, Inc. ●		4,650
	770	Exelixis, Inc. ●		3,648
	556	Immunogen, Inc. ●		6,444
	625	Incyte Corp. ●		9,376
	619	Ironwood Pharmaceuticals, Inc. ●		7,412
	297	Medicines Co. ●		5,529
	68	Momenta Pharmaceuticals, Inc. ●		1,183
	394	NPS Pharmaceuticals, Inc. ●		2,594
	278	Onyx Pharmaceuticals, Inc. ●		12,239
	145	Optimer Pharmaceuticals, Inc. ●		1,776
	439	PAREXEL International Corp. ●		9,108
	452	Rigel Pharmaceuticals, Inc. ●		3,569
	313	Salix Pharmaceuticals Ltd. ●		14,975
	493	Seattle Genetics, Inc. ●		8,239
	36	United Therapeutics Corp. ●		1,701
				107,647
		Real Estate - 1.4%
	144	Anworth Mortgage Asset Corp.		904
	82	Capstead Mortgage Corp.		1,025
	106	Colonial Properties Trust		2,207
	371	Coresite Realty Corp.		6,604
	39	Hatteras Financial Corp.		1,023
	116	Medical Properties Trust, Inc.		1,148
	376	MFA Mortgage Investments, Inc.		2,526
	104	Summit Hotel Properties, Inc.		985
	110	Whitestone REIT		1,305
				17,727
		Retailing - 8.0%
	5,016	Allstar Co. ⌂†		5,195

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.9% - (continued)
		Retailing - 8.0% - (continued)
	48	Ascena Retail Group, Inc. ●	$	1,414
	60	Cato Corp.		1,440
	191	Children's Place Retail Stores, Inc. ●		10,129
	99	Core-Mark Holding Co., Inc.		3,902
	1,149	Debenhams plc		1,043
	245	DSW, Inc.		10,816
	445	Express, Inc. ●		8,883
	566	GNC Holdings, Inc. ●		16,382
	41	Guess?, Inc.		1,220
	164	Hot Topic, Inc.		1,083
	77	Mattress Firm Holding Corp. ●		1,781
	116	PetMed Express, Inc.		1,203
	213	Rent-A-Center, Inc.		7,886
	413	rue21, Inc. ●		8,910
	507	Shutterfly, Inc. ●		11,532
	102	Teavana Holdings, Inc. ●		1,912
	17	Ulta Salon, Cosmetics & Fragrances, Inc. ●		1,109
	107	Vitamin Shoppe, Inc. ●		4,280
				100,120
		Semiconductors & Semiconductor Equipment - 3.8%
	116	Applied Micro Circuits Corp. ●		778
	120	Cavium, Inc. ●		3,413
	108	Cymer, Inc. ●		5,386
	393	Cypress Semiconductor Corp.		6,636
	321	GT Advanced Technologies, Inc. ●		2,326
	302	Integrated Device Technology, Inc. ●		1,647
	816	Lattice Semiconductor Corp. ●		4,845
	83	Microsemi Corp. ●		1,390
	455	Mindspeed Technologies, Inc. ●		2,085
	144	Nanometrics, Inc. ●		2,657
	160	ON Semiconductor Corp. ●		1,235
	210	PMC - Sierra, Inc. ●		1,155
	264	Silicon Image, Inc. ●		1,242
	596	Skyworks Solutions, Inc. ●		9,671
	103	Ultratech Stepper, Inc. ●		2,538
				47,004
		Software & Services - 15.3%
	103	Ancestry.com, Inc. ●		2,372
	190	Ariba, Inc. ●		5,342
	221	Broadsoft, Inc. ●		6,682
	1,618	Cadence Design Systems, Inc. ●		16,829
	77	Commvault Systems, Inc. w/ Rights ●		3,297
	194	Concur Technologies, Inc. ●		9,832
	156	Constant Contact, Inc. ●		3,618
	145	DealerTrack Holdings, Inc. ●		3,943
	221	Dice Holdings, Inc. ●		1,830
	81	Fortinet, Inc. ●		1,775
	193	Higher One Holdings, Inc. ●		3,564
	315	IAC/Interactive Corp.		13,399
	163	j2 Global, Inc.		4,575
	155	JDA Software Group, Inc. ●		5,020
	192	Jive Software, Inc. ●		3,077
	86	Keynote Systems, Inc.		1,762
	147	Kit Digital, Inc. ●		1,244
	836	LivePerson, Inc. ●		10,494
	12	Mercadolibre, Inc.		973
	85	MicroStrategy, Inc. ●		9,190
	60	Nuance Communications, Inc. ●		1,505
	83	Opnet Technologies, Inc.		3,060
	399	Parametric Technology Corp. ●		7,280
	108	Pegasystems, Inc.		3,174
	61	Progress Software Corp. ●		1,185
	114	QLIK Technologies, Inc. ●		2,764
	153	Quest Software, Inc. ●		2,841
	113	RealPage, Inc. ●		2,860
	1,415	Sapient Corp.		17,833
	140	Solarwinds, Inc. ●		3,910
	45	Solera Holdings, Inc.		2,001
	70	Sourcefire, Inc. w/ Rights ●		2,263
	164	Syntel, Inc.		7,650
	52	Tibco Software, Inc. ●		1,251
	280	VeriFone Systems, Inc. ●		9,948
	207	Wright Express Corp. ●		11,227
	169	XO Group, Inc. ●		1,408
				190,978
		Technology Hardware & Equipment - 5.7%
	116	Arris Group, Inc. ●		1,259
	480	Aruba Networks, Inc. ●		8,884
	177	Coherent, Inc. ●		9,247
	17	Comverse Technology, Inc. ●		119
	162	Emulex Corp. ●		1,108
	410	Fabrinet ●		5,615
	458	Finisar Corp. ●		7,673
	55	Interdigital, Inc.		2,393
	87	InvenSense, Inc. ●		868
	847	Jabil Circuit, Inc.		16,653
	379	Mitel Networks Corp. ●		1,206
	44	Netgear, Inc. ●		1,480
	165	Oplink Communications, Inc. ●		2,719
	54	Park Electrochemical Corp.		1,371
	87	Plantronics, Inc.		3,098
	40	Polycom, Inc. ●		652
	173	Universal Display Corp. ●		6,347
				70,692
		Telecommunication Services - 0.3%
	30	AboveNet, Inc. ●		1,958
	146	Leap Wireless International, Inc. w/ Rights ●		1,352
				3,310
		Transportation - 2.9%
	248	Avis Budget Group, Inc. ●		2,656
	185	J.B. Hunt Transport Services, Inc.		8,318
	579	JetBlue Airways Corp. ●		3,011
	21	Kirby Corp. ●		1,363
	384	Localiza Rent a Car S.A.		5,267
	66	Marten Transport Ltd.		1,180
	173	Old Dominion Freight Line, Inc. ●		6,993
	674	US Airways Group, Inc. ●		3,415
	151	Werner Enterprises, Inc.		3,650
	40	Zipcar, Inc. ●		533
				36,386
		Utilities - 0.6%
	54	Portland General Electric Co.		1,368
	114	UniSource Energy Corp.		4,205
	49	Westar Energy, Inc.		1,399
				6,972
		Total common stocks
		(cost $1,192,250)	$	1,220,128

The accompanying notes are an integral part of these financial statements.

7

Hartford Small Company HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
PREFERRED STOCKS - 0.1%
		Consumer Durables & Apparel - 0.1%
	15	Callaway Golf Co., 7.50% ۞	$	1,432
		Total preferred stocks
		(cost $1,698)	$	1,432
EXCHANGE TRADED FUNDS - 0.2%
		Other Investment Pools and Funds - 0.2%
	35	iShares Russell 2000 Growth Index Fund	$	2,958
		Total exchange traded funds
		(cost $2,849)	$	2,958
		Total long-term investments (cost $1,196,797)	$	1,224,518
SHORT-TERM INVESTMENTS - 1.5%
	Repurchase Agreements - 1.5%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $6,942, collateralized by GNMA 4.50%, 2041, value of $7,081)
$	6,942	0.04%, 12/30/2011	$	6,942
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $577, collateralized by U.S. Treasury Bond 5.38%, 2031, value of $588)
	577	0.01%, 12/30/2011		577
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $7,700, collateralized by GNMA 3.50% - 7.00%, 2035 - 2046, value of $7,854)
	7,700	0.06%, 12/30/2011		7,700
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $58, collateralized by U.S. Treasury Note 2.75%, 2016, value of $60)
	58	0.01%, 12/30/2011		58
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $2,980, collateralized by FNMA 3.00% - 6.50%, 2021 - 2041,  value of $3,039)
	2,980	0.04%, 12/30/2011		2,980
				18,257
		Total short-term investments
		(cost $18,257)	$	18,257

Total investments
(cost $1,215,054) ▲	99.7	%	$	1,242,775
Other assets and liabilities	0.3	%		4,078
Total net assets	100.0	%	$	1,246,853

The accompanying notes are an integral part of these financial statements.  

8

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 3.6% of total net assets at December 31, 2011.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $1,228,277 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	129,094
Unrealized Depreciation		(114,596	)
Net Unrealized Appreciation	$	14,498

†	These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At December 31, 2011, the aggregate value of these securities was $5,630, which represents 0.5% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.
●	Non-income producing.
⌂	The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par	Security	Cost Basis
08/2011	5,016	Allstar Co.	$	5,107
10/2010 - 05/2011	3,035	Oilsands Quest, Inc.		1,362

At December 31, 2011, the aggregate value of these securities was $5,630, which represents 0.5% of total net assets. 

۞ Convertible security.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements. 

9

Hartford Small Company HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	1,220,128	$	1,210,964	$	3,534	$	5,630
Exchange Traded Funds		2,958		2,958		–		–
Preferred Stocks		1,432		1,432		–		–
Short-Term Investments		18,257		–		18,257		–
Total	$	1,242,775	$	1,215,354	$	21,791	$	5,630

♦	For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value: 

	Balance as of December 31, 2010		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of December 31, 2011
Assets:
Common Stocks	$	1,690	$	(60	)	$	(758	)†	$	—	$	5,429	$	(124	)	$	1,143	$	(1,690	)	$	5,630
Total	$	1,690	$	(60	)	$	(758	)	$	—	$	5,429	$	(124	)	$	1,143	$	(1,690	)	$	5,630

*

Securities are transferred into and out of Level 3 for a variety of reasons including, but not limited to:     1) Securities where trading has been halted (transfer into Level 3) or securities where trading has resumed (transfer out of Level 3).     2) Broker quoted securities (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).     3) Securities that have certain restrictions on trading (transfer into Level 3) or securities where trading restrictions have expired (transfer out of Level 3).

†

Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 was $(758).

The accompanying notes are an integral part of these financial statements.

10

Hartford Small Company HLS Fund

Statement of Assets and Liabilities

December 31, 2011
(000’s Omitted)

Assets:
Investments in securities, at market value (cost $1,215,054)	$	1,242,775
Cash		57
Receivables:
Investment securities sold		9,771
Fund shares sold		839
Dividends and interest		528
Other assets		—
Total assets		1,253,970
Liabilities:
Bank overdraft - foreign cash		—
Payables:
Investment securities purchased		6,328
Fund shares redeemed		513
Investment management fees		189
Distribution fees		9
Accrued expenses		78
Total liabilities		7,117
Net assets	$	1,246,853
Summary of Net Assets:
Capital stock and paid-in-capital	$	1,233,567
Distributions in excess of net investment loss		(67	)
Accumulated net realized loss		(14,370	)
Unrealized appreciation of investments and the translations of assets and liabilities denominated in foreign currency		27,723
Net assets	$	1,246,853
Shares authorized		1,500,000
Par value	$	0.001
Class IA: Net asset value per share	$	17.07
Shares outstanding		63,910
Net assets	$	1,090,883
Class IB: Net asset value per share	$	16.56
Shares outstanding		9,418
Net assets	$	155,970

The accompanying notes are an integral part of these financial statements.

11

Hartford Small Company HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	8,215
Interest		29
Less: Foreign tax withheld		(104	)
Total investment income, net		8,140
Expenses:
Investment management fees		9,525
Transfer agent fees		6
Distribution fees - Class IB		514
Custodian fees		34
Accounting services fees		168
Board of Directors' fees		33
Audit fees		19
Other expenses		217
Total expenses (before fees paid indirectly)		10,516
Commission recapture		(65	)
Custodian fee offset		—
Total fees paid indirectly		(65	)
Total expenses, net		10,451
Net investment loss		(2,311	)
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments		196,590
Net realized loss on foreign currency contracts		(169	)
Net realized gain on other foreign currency transactions		33
Net Realized Gain on Investments and Foreign Currency Transactions		196,454
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(237,257	)
Net unrealized appreciation of foreign currency contracts		54
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		1
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions		(237,202	)
Net Loss on Investments and Foreign Currency Transactions		(40,748	)
Net Decrease in Net Assets Resulting from Operations	$	(43,059	)

The accompanying notes are an integral part of these financial statements.

12

Hartford Small Company HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment loss	$	(2,311	)	$	(1,521	)
Net realized gain on investments and foreign currency transactions		196,454			197,288
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		(237,202	)		82,021
Net Increase (Decrease) In Net Assets Resulting From Operations		(43,059	)		277,788
Capital Share Transactions:
Class IA
Sold		242,954			139,355
Redeemed		(294,153	)		(221,319	)
Total capital share transactions		(51,199	)		(81,964	)
Class IB
Sold		44,274			33,442
Redeemed		(95,489	)		(71,448	)
Total capital share transactions		(51,215	)		(38,006	)
Net decrease from capital share transactions		(102,414	)		(119,970	)
Net Increase (Decrease) In Net Assets		(145,473	)		157,818
Net Assets:
Beginning of period		1,392,326			1,234,508
End of period	$	1,246,853		$	1,392,326
Undistributed (distribution in excess of)
net investment income	$	(67	)	$	(552	)
Shares:
Class IA
Sold		13,058			9,164
Redeemed		(15,958	)		(14,470	)
Total share activity		(2,900	)		(5,306	)
Class IB
Sold		2,422			2,221
Redeemed		(5,358	)		(4,882	)
Total share activity		(2,936	)		(2,661	)

The accompanying notes are an integral part of these financial statements.

13

Hartford Small Company HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

Hartford Small Company HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in

14

which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV. 

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

15

Hartford Small Company HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

16

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of December 31, 2011.

c) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of December 31, 2011, the Fund had no outstanding when-issued or delayed delivery securities.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of

17

Hartford Small Company HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of December 31, 2011.

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the year ended December 31, 2011.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(169	)	$	—	$	—	$	—	$	—	$	(169	)
Total	$	—	$	(169	)	$	—	$	—	$	—	$	—	$	(169	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of     foreign currency contracts	$	—	$	54		$	—	$	—	$	—	$	—	$	54
Total	$	—	$	54		$	—	$	—	$	—	$	—	$	54

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for

18

corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Components of Distributable Earnings – The Fund’s components of distributable earnings (deficit) on a tax basis at December 31, 2011, are as follows:

	Amount
Accumulated Capital and Other Losses*	$	(1,214	)
Unrealized Appreciation†		14,500
Total Accumulated Earnings	$	13,286

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	2,796
Accumulated Net Realized Gain (Loss)		272
Capital Stock and Paid-in-Capital		(3,068	)

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Hartford Small Company HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	1,214
Total	$	1,214

As of December 31, 2011, the Fund utilized $203,709 of prior year capital loss carryforwards

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million	0.7750%
On next $250 million	0.7250%
On next $500 million	0.6750%
On next $500 million	0.6000%
On next $3.5 billion	0.5500%
On next $5 billion	0.5300%
Over $10 billion	0.5200%

20

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion	0.012%
Over $5 billion	0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended December 31, 2011
Class IA		0.71	%
Class IB		0.96

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO was compensated on a per account basis for providing such services. The amount paid to HASCO can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

21

Hartford Small Company HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

g) Payments from Affiliates – In July of 2007, The Hartford entered into a settlement with the Attorneys General of the states of New York, Connecticut and Illinois relating to market timing and the company's individual variable annuity contracts in which certain payments would be made directly to the variable annuity contract holders. The distribution plan provided that unclaimed money from the settlement would be distributed to certain HLS Funds that are investment options through a Hartford individual variable annuity contract. The unclaimed money was distributed to the Fund on September 18, 2009.

On June 8, 2007, the Fund was reimbursed for incorrect IPO allocations to the Fund.

On May 2, 2007, the Fund had trading reimbursements relating to the change in portfolio managers of the Fund.

The total return in the accompanying financial highlights includes payments from affiliates. Had the payments from the affiliates been excluded, the impact and total return for the periods listed below would have been as follows:

	For the Year Ended December 31, 2009
		Class IA		Class IB
Impact from Payment from Affiliate for Attorneys General Settlement		0.08	%	0.09	%
Total Return Excluding Payment from Affiliate		29.18		28.90

	For the Year Ended December 31, 2007
		Class IA		Class IB
Impact from Payment from Affiliate for Trading Reimbursements		0.16	%	0.16	%
Impact from Payment from Affiliate for Incorrect IPO Allocations		0.03		0.03
Total Return Excluding Payments from Affiliates		14.01		13.73

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,372,071
Sales Proceeds Excluding U.S. Government Obligations		1,470,113

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

22

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

23

Hartford Small Company HLS Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Year Ended December 31, 2011
IA	$	17.66	$	(0.02	)	$	–	$	(0.57	)	$	(0.59	)	$	–		$	–		$	–	$	–		$	(0.59	)	$	17.07
IB		17.18		(0.09	)		–		(0.53	)		(0.62	)		–			–			–		–			(0.62	)		16.56
For the Year Ended December 31, 2010
IA		14.23		(0.01	)		–		3.44			3.43			–			–			–		–			3.43			17.66
IB		13.88		(0.06	)		–		3.36			3.30			–			–			–		–			3.30			17.18
For the Year Ended December 31, 2009
IA		11.01		(0.01	)		0.01		3.22			3.22			–			–			–		–			3.22			14.23
IB		10.76		(0.04	)		0.01		3.15			3.12			–			–			–		–			3.12			13.88
For the Year Ended December 31, 2008
IA		18.62		0.02			–		(7.56	)		(7.54	)		(0.02	)		(0.05	)		–		(0.07	)		(7.61	)		11.01
IB		18.20		(0.01	)		–		(7.38	)		(7.39	)		–			(0.05	)		–		(0.05	)		(7.44	)		10.76
For the Year Ended December 31, 2007(F)
IA		19.07		–			0.04		2.57			2.61			(0.05	)		(3.01	)		–		(3.06	)		(0.45	)		18.62
IB		18.71		(0.05	)		0.04		2.51			2.50			–			(3.01	)		–		(3.01	)		(0.51	)		18.20

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.

(C) Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Total return without the inclusion of the Payment from (to) Affiliate can be found in Expenses in the accompanying Notes to Financial Statements.

(F) Per share amounts have been calculated using the average shares method.

(G) During the year ended December 31, 2007, Hartford Small Company HLS Fund received a $12.6 million in-kind subscription of securities from a shareholder in exchange for shares of this fund.  This payment-in-kind was excluded from the portfolio turnover rate calculation.

24

Total Return(B)		Net Assets at End of Period		Ratio of Expenses to Average Net Assets Before Waivers(C)			Ratio of Expenses to Average Net Assets After Waivers(C)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate(D)
(3.36)	%	$	1,090,883		0.71	%		0.71	%		(0.13	)%		99	%
(3.62)			155,970		0.96			0.96			(0.38	)		–
24.13			1,180,045		0.73			0.73			(0.08	)		171
23.83			212,281		0.98			0.98			(0.33	)		–
29.29	(E)		1,026,150		0.75			0.75			(0.07	)		184
29.01	(E)		208,358		1.00			1.00			(0.32	)		–
(40.60	)		793,078		0.71			0.71			0.16			194
(40.73	)		179,411		0.96			0.96			(0.09	)		–
14.23	(E)		1,292,444		0.70			0.70			(0.02	)		167	(G)
13.94	(E)		312,775		0.95			0.95			(0.27	)		–

25

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Small Company HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Small Company HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
February 13, 2012 

26

Hartford Small Company HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

27

Hartford Small Company HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

28

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29

Hartford Small Company HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011		Ending Account Value December 31, 2011		Expenses paid during the period June 30, 2011 through December 31, 2011		Beginning Account Value June 30, 2011		Ending Account Value December 31, 2011		Expenses paid during the period June 30, 2011 through December 31, 2011		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class IA	$	1,000.00	$	855.55	$	3.37	$	1,000.00	$	1,021.58	$	3.67		0.72	%		184		365
Class IB	$	1,000.00	$	854.44	$	4.53	$	1,000.00	$	1,020.32	$	4.94		0.97	%		184		365

30

Hartford Small Company HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Small Company HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

31

Hartford Small Company HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

32

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

33

Hartford Small Company HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

34

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-SC11 2-12     109078    Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Stock HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	8
Statement of Assets and Liabilities at December 31, 2011	9
Statement of Operations for the Year Ended December 31, 2011	10
Statement of Changes in Net Assets for Years Ended December 31, 2011, and December 31, 2010	11
Notes to Financial Statements	12
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Expense Example (Unaudited)	28
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	29

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Stock HLS Fund inception 08/31/1977
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term growth of capital.

 

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11)

	1 Year	5 Year	10 Year
Stock IA	-1.09%	-0.65%	1.96%
Stock IB	-1.34%	-0.90%	1.71%
S&P 500 Index	2.09%	-0.25%	2.92%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford Stock HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Managers
Steven T. Irons, CFA	Peter I. Higgins, CFA
Senior Vice President	Senior Vice President

How did the Fund perform?

The Class IA shares of the Hartford Stock HLS Fund returned -1.09% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the S&P 500 Index, which returned 2.09% for the same period. The Fund also underperformed the -1.01% return of the average fund in the Lipper Large Cap Core VP-UF Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

The twelve-month period ended December 31, 2011 was yet another extremely volatile period for equity markets. Global equities started the year on a strong note and continued to march higher in the first quarter of 2011, driven by investors’ enthusiasm for additional government debt purchases by the U.S. Federal Reserve, the extension of tax cuts in the U.S., strong earnings growth, and generally improving economic data. This enthusiasm reversed later in the period, however, as concerns surfaced that the global economy could slip back into recession, resulting in a rapid decline in equity markets. Fears about sovereign debt and solvency in the eurozone, slowing economic expansion in China and the U.S., and uncertainty about the sustainability of corporate earnings growth combined to produce an extremely volatile stock market, and return correlations among stocks spiked as investors shed risk and fled to safety. Markets ended the year on a positive note in the final month of the period with encouraging employment and manufacturing data in the U.S.

Overall equity market performance was mixed for the period across all market capitalizations: large-cap equities (+2%) outperformed mid-caps (-2%) and small-caps (-4%) equities as represented by the S&P 500, S&P 400 MidCap, and Russell 2000 indices, respectively. During the twelve-month period seven of ten sectors rose within the S&P 500 Index, led by Utilities (+20%), Consumer Staples (+14%), and Health Care (+13%). Financials (-17%) and Materials (-10%) lagged on both an absolute and a relative basis.

The Fund’s underperformance versus the benchmark was driven by weak security selection in Industrials, Energy, and Consumer Discretionary, as well as underweight exposure (i.e. the Fund’s sector position was less than the benchmark position) to the Consumer Staples and Utilities sectors. This was modestly offset by stronger selection in Materials and Telecommunication Services, as well as an overweight (i.e. the Fund’s sector position was greater than the benchmark position) exposure to Health Care. Note that sector positioning is a result of bottom-up security selection (i.e. stock by stock fundamental research).

Stocks that detracted the most from benchmark-relative (i.e. performance of the Fund as measured against the benchmark) returns during the period were Hewlett-Packard (Information Technology), PACCAR (Industrials), and IBM (Information Technology). Hewlett-Packard, a global technology company, reduced earnings guidance for 2012 due to macroeconomic headwinds and the impact of floods in Thailand on disk drive production. Shares of PACCAR, a manufacturer of light, medium, and heavy-duty trucks and after-market parts, fell due to concerns about the company’s exposure to the weak European economy. Global services and software provider IBM reported positive quarterly results driving its stock price higher; not owning it detracted from our relative returns. Our holdings in financial services companies Bank of America and Goldman Sachs also detracted from returns on an absolute (i.e. total return) basis.

Top contributors to relative performance during the period were Buck Holdings-Dollar General (Consumer Discretionary), Google (Information Technology), and Kansas City Southern (Industrials). Buck Holdings-Dollar General, a discount retailer, saw its shares rise as store customer traffic increased in this trade-down economy. Shares of Google, a leading provider of online search, internet content services, and web-based software applications, performed strongly after reporting above-consensus third quarter earnings. Freight rail transportation provider Kansas City Southern reported better-than-expected second quarter earnings driven by revenue increases from higher carload volumes. Exxon Mobil (Energy), Pfizer (Health Care), and Apple (Information Technology) also contributed positively to the Fund’s returns on an absolute basis.

What is the outlook?

We are constructive on our outlook for 2012 but recognize there are many factors at play, both positive and negative. Certain depressed sectors, such as housing, will likely start to see some traction which should help employment trends. However, many of our exporters may see headwinds as a

3

Hartford Stock HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

result of the strengthening in the U.S. dollar over the past several months. We believe the government needs to continue to improve its fiscal position and will likely constrain growth. Given this environment, we expect to see continued modest economic growth as the most likely scenario. With respect to equity markets, current expectations for the S&P 500 (ex-financials) are for low-single digit sales growth and mid-single digit earnings growth, a significant deceleration from the double digit pace seen in 2011. These expectations are in-line with our economic view and we expect modest upside to the market from these levels.

We continue to focus our efforts on stock-by-stock fundamental research to construct a diversified large-cap core portfolio. We screen for companies on specific valuation, return on capital, and earnings characteristics, and we focus on understanding how returns on capital are being created, employing a disciplined valuation methodology for both purchases and sales. At the end of the period, our bottom-up investment approach resulted in overweight exposures in Information Technology, Health Care, and Financials, as we found a number of attractive investment opportunities in these sectors. The Fund’s largest underweights relative to the S&P 500 Index were in Consumer Staples, Telecommunication Services, and Utilities.

Diversification by Industry
as of December 31, 2011
Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		2.6	%
Banks (Financials)		6.8
Capital Goods (Industrials)		6.3
Consumer Services (Consumer Discretionary)		0.9
Diversified Financials (Financials)		7.5
Energy (Energy)		10.8
Food & Staples Retailing (Consumer Staples)		1.6
Food, Beverage & Tobacco (Consumer Staples)		5.9
Health Care Equipment & Services (Health Care)		3.1
Household & Personal Products (Consumer Staples)		1.1
Insurance (Financials)		1.0
Materials (Materials)		1.7
Media (Consumer Discretionary)		2.7
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		12.9
Real Estate (Financials)		0.6
Retailing (Consumer Discretionary)		6.0
Semiconductors & Semiconductor Equipment (Information Technology)		2.5
Software & Services (Information Technology)		9.6
Technology Hardware & Equipment (Information Technology)		11.0
Telecommunication Services (Services)		0.6
Transportation (Industrials)		2.6
Utilities (Utilities)		1.5
Short-Term Investments		0.2
Other Assets and Liabilities		0.5
Total		100.0	%

4

Hartford Stock HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.3%
		Automobiles & Components - 2.6%
	1,650	Ford Motor Co. w/ Rights ●	$	17,755
	764	Harley-Davidson, Inc.		29,705
				47,460
		Banks - 6.8%
	815	BB&T Corp.		20,511
	3,237	Mitsubishi UFJ Financial Group, Inc.		13,702
	268	PNC Financial Services Group, Inc.		15,450
	1,114	US Bancorp		30,123
	1,665	Wells Fargo & Co.		45,896
				125,682
		Capital Goods - 6.3%
	338	3M Co.		27,617
	280	Boeing Co.		20,553
	468	Ingersoll-Rand plc		14,254
	696	PACCAR, Inc.		26,064
	226	Rockwell Collins, Inc.		12,530
	217	Stanley Black & Decker, Inc.		14,689
				115,707
		Consumer Services - 0.9%
	427	DeVry, Inc.		16,438
		Diversified Financials - 7.5%
	81	BlackRock, Inc.		14,420
	682	Citigroup, Inc.		17,951
	150	Goldman Sachs Group, Inc.		13,592
	1,027	Invesco Ltd.		20,622
	1,362	JP Morgan Chase & Co.		45,283
	247	SEI Investments Co.		4,285
	404	T. Rowe Price Group, Inc.		23,029
				139,182
		Energy - 10.8%
	328	Anadarko Petroleum Corp.		25,021
	687	Chesapeake Energy Corp.		15,302
	1,020	Exxon Mobil Corp.		86,489
	260	Occidental Petroleum Corp.		24,343
	317	Petroleo Brasileiro S.A. ADR		7,885
	1,292	Petroleum Geo-Services ●		14,085
	378	Statoilhydro ASA ADR		9,671
	342	Suncor Energy, Inc.		9,854
	213	Ultra Petroleum Corp. ●		6,314
				198,964
		Food & Staples Retailing - 1.6%
	509	CVS Caremark Corp.		20,774
	270	Sysco Corp.		7,910
				28,684
		Food, Beverage & Tobacco - 5.9%
	642	General Mills, Inc.		25,943
	647	Kraft Foods, Inc.		24,157
	697	PepsiCo, Inc.		46,246
	387	Unilever N.V. NY Shares ADR		13,308
				109,654
		Health Care Equipment & Services - 3.1%
	147	Edwards Lifesciences Corp. ●		10,357
	662	Medtronic, Inc.		25,337
	415	UnitedHealth Group, Inc.		21,017
				56,711
		Household & Personal Products - 1.1%
	317	Procter & Gamble Co.		21,140

	Insurance - 1.0%
227	Marsh & McLennan Cos., Inc.	7,184
501	Unum Group	10,552
		17,736
	Materials - 1.7%
302	Dow Chemical Co.	8,688
159	Monsanto Co.	11,127
275	Nucor Corp.	10,866
		30,681
	Media - 2.7%
937	Comcast Corp. Class A	22,223
725	Walt Disney Co.	27,195
		49,418
	Pharmaceuticals, Biotechnology & Life Sciences - 12.9%
441	Agilent Technologies, Inc. ●	15,401
539	Amgen, Inc.	34,596
462	Celgene Corp. ●	31,231
1,079	Daiichi Sankyo Co., Ltd.	21,374
113	Gilead Sciences, Inc. ●	4,621
1,225	Merck & Co., Inc.	46,182
1,893	Pfizer, Inc.	40,971
67	Roche Holding AG	11,309
930	Shionogi & Co., Ltd.	11,931
510	UCB S.A.	21,379
		238,995
	Real Estate - 0.6%
626	Weyerhaeuser Co.	11,678
	Retailing - 6.0%
9,440	Allstar Co. ⌂†	9,776
67	Amazon.com, Inc. ●	11,615
10,986	Buck Holdings L.P. ⌂●†	24,586
230	Kohl's Corp.	11,346
1,538	Lowe's Co., Inc.	39,023
290	Nordstrom, Inc.	14,436
		110,782
	Semiconductors & Semiconductor Equipment - 2.5%
744	Maxim Integrated Products, Inc.	19,363
352	Taiwan Semiconductor Manufacturing Co., Ltd. ADR	4,538
316	Texas Instruments, Inc.	9,205
423	Xilinx, Inc.	13,545
		46,651
	Software & Services - 9.6%
259	Accenture plc	13,808
389	Automatic Data Processing, Inc.	21,015
605	eBay, Inc. ●	18,362
95	Google, Inc. ●	61,364
358	Lender Processing Services	5,389
865	Microsoft Corp.	22,450
1,945	Western Union Co.	35,511
		177,899
	Technology Hardware & Equipment - 11.0%
146	Apple, Inc. ●	58,927
2,382	Cisco Systems, Inc.	43,058
923	EMC Corp. ●	19,871
1,000	Hewlett-Packard Co.	25,760
739	Juniper Networks, Inc. ●	15,083
186	NetApp, Inc. ●	6,746

The accompanying notes are an integral part of these financial statements.

5

Hartford Stock HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.3% - (continued)
		Technology Hardware & Equipment - 11.0% - (continued)
	609	Qualcomm, Inc.	$	33,323
				202,768
		Telecommunication Services - 0.6%
	408	Vodafone Group plc ADR		11,433
		Transportation - 2.6%
	184	Con-way, Inc.		5,373
	190	FedEx Corp.		15,900
	158	Kansas City Southern ●		10,766
	216	United Parcel Service, Inc. Class B		15,831
				47,870
		Utilities - 1.5%
	447	NextEra Energy, Inc.		27,238
		Total common stocks
		(cost $1,702,672)	$	1,832,771
		Total long-term investments (cost $1,702,672)	$	1,832,771
SHORT-TERM INVESTMENTS - 0.2%
Repurchase Agreements - 0.2%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $1,379, collateralized by GNMA 4.50%, 2041, value of $1,407)
$	1,379	0.04%, 12/30/2011	$	1,379
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $115, collateralized by U.S. Treasury Bond 5.38%, 2031, value of $117)
	114	0.01%, 12/30/2011		114
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $1,530, collateralized by GNMA 3.50% - 7.00%, 2035 - 2046, value of $1,560)
	1,530	0.06%, 12/30/2011		1,530
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $12, collateralized by U.S. Treasury Note 2.75%, 2016, value of $12)
	12	0.01%, 12/30/2011		12
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $592, collateralized by FNMA 3.00% - 6.50%, 2021 - 2041,  value of $604)
	592	0.04%, 12/30/2011		592
				3,627
		Total short-term investments
		(cost $3,627)	$	3,627

Total investments
(cost $1,706,299) ▲	99.5	%	$	1,836,398
Other assets and liabilities	0.5	%		9,767
Total net assets	100.0	%	$	1,846,165

The accompanying notes are an integral part of these financial statements.

6

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 8.2% of total net assets at December 31, 2011.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $1,723,853 and the aggregate gross unrealized appreciation and depreciation based on that cost were:  

Unrealized Appreciation	$	244,577
Unrealized Depreciation		(132,032	)
Net Unrealized Appreciation	$	112,545

†	These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At December 31, 2011, the aggregate value of these securities was $34,362, which represents 1.9% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.
●	Non-income producing.
⌂	The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par	Security	Cost Basis
08/2011	9,440	Allstar Co.	$              9,610
06/2007	10,986	Buck Holdings L.P.	6,484

At December 31, 2011, the aggregate value of these securities was $34,362, which represents 1.9% of total net assets.

Foreign Currency Contracts Outstanding at December 31, 2011

Description	Counterparty	Buy / Sell	Market Value ╪	Contract Amount	Delivery Date	Unrealized Appreciation/ (Depreciation)
Japanese Yen	Goldman Sachs	Sell	$   30,613	$   30,732	01/23/2012	$   119

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

7

Hartford Stock HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	1,832,771	$	1,704,629	$	93,780	$	34,362
Short-Term Investments		3,627		—		3,627		—
Total	$	1,836,398	$	1,704,629	$	97,407	$	34,362
Foreign Currency Contracts *		119		—		119		—
Total	$	119	$	—	$	119	$	–

♦	For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of December 31, 2010		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2011
Assets:
Common Stocks	$	24,675	$	6,038	$	2,015	*	$	—	$	9,610	$	(7,976	)	$	—	$	—	$	34,362
Total	$	24,675	$	6,038	$	2,015		$	—	$	9,610	$	(7,976	)	$	—	$	—	$	34,362

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 was $2,015.

The accompanying notes are an integral part of these financial statements.

8

Hartford Stock HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $1,706,299)	$	1,836,398
Cash		—
Unrealized appreciation on foreign currency contracts		119
Receivables:
Investment securities sold		7,404
Fund shares sold		115
Dividends and interest		3,705
Total assets		1,847,741
Liabilities:
Payables:
Fund shares redeemed		1,269
Investment management fees		192
Distribution fees		13
Accrued expenses		102
Total liabilities		1,576
Net assets	$	1,846,165
Summary of Net Assets:
Capital stock and paid-in-capital	$	2,674,976
Undistributed net investment income		2,536
Accumulated net realized loss		(961,561	)
Unrealized appreciation of investments and the translations of assets and liabilities denominated in foreign currency		130,214
Net assets	$	1,846,165
Shares authorized		4,000,000
Par value	$	0.001
Class IA: Net asset value per share	$	39.95
Shares outstanding		40,422
Net assets	$	1,614,788
Class IB: Net asset value per share	$	39.92
Shares outstanding		5,796
Net assets	$	231,377

The accompanying notes are an integral part of these financial statements.

9

Hartford Stock HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	39,228
Interest		19
Less: Foreign tax withheld		(729	)
Total investment income, net		38,518
Expenses:
Investment management fees		9,719
Distribution fees - Class IB		660
Custodian fees		11
Accounting services fees		206
Board of Directors' fees		46
Audit fees		16
Other expenses		336
Total expenses (before fees paid indirectly)		10,994
Commission recapture		(21	)
Custodian fee offset		—
Total fees paid indirectly		(21	)
Total expenses, net		10,973
Net investment income		27,545
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments		137,518
Net realized loss on foreign currency contracts		(1,974	)
Net realized gain on other foreign currency transactions		198
Net Realized Gain on Investments and Foreign Currency Transactions		135,742
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(181,721	)
Net unrealized depreciation of foreign currency contracts		(296	)
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(15	)
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions		(182,032	)
Net Loss on Investments and Foreign Currency Transactions		(46,290	)
Net Decrease in Net Assets Resulting from Operations	$	(18,745	)

The accompanying notes are an integral part of these financial statements.

10

Hartford Stock HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	27,545		$	23,525
Net realized gain on investments and foreign currency transactions		135,742			186,374
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		(182,032	)		93,630
Net Increase (Decrease) In Net Assets Resulting From Operations		(18,745	)		303,529
Distributions to Shareholders:
From net investment income
Class IA		(23,255	)		(21,729	)
Class IB		(2,687	)		(2,570	)
Total distributions		(25,942	)		(24,299	)
Capital Share Transactions:
Class IA
Sold		35,432			42,056
Issued on reinvestment of distributions		23,255			21,729
Redeemed		(385,103	)		(380,269	)
Total capital share transactions		(326,416	)		(316,484	)
Class IB
Sold		16,524			19,460
Issued on reinvestment of distributions		2,687			2,570
Redeemed		(82,724	)		(87,497	)
Total capital share transactions		(63,513	)		(65,467	)
Net decrease from capital share transactions		(389,929	)		(381,951	)
Net Decrease In Net Assets		(434,616	)		(102,721	)
Net Assets:
Beginning of period		2,280,781			2,383,502
End of period	$	1,846,165		$	2,280,781
Undistributed (distribution in excess of)
net investment income	$	2,536		$	655
Shares:
Class IA
Sold		862			1,143
Issued on reinvestment of distributions		588			544
Redeemed		(9,352	)		(10,290	)
Total share activity		(7,902	)		(8,603	)
Class IB
Sold		398			535
Issued on reinvestment of distributions		68			65
Redeemed		(2,005	)		(2,368	)
Total share activity		(1,539	)		(1,768	)

The accompanying notes are an integral part of these financial statements.

11

Hartford Stock HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

Hartford Stock HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in

12

which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

13

Hartford Stock HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

14

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of December 31, 2011.

c) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of December 31, 2011, the Fund had no outstanding when-issued or delayed delivery securities.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

15

Hartford Stock HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the Schedule of Investments as of December 31, 2011.

b) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	119	$	—	$	—	$	—	$	—	$	119
Total	$	—	$	119	$	—	$	—	$	—	$	—	$	119

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended December 31, 2011.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(1,974	)	$	—	$	—	$	—	$	—	$	(1,974	)
Total	$	—	$	(1,974	)	$	—	$	—	$	—	$	—	$	(1,974	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(296	)	$	—	$	—	$	—	$	—	$	(296	)
Total	$	—	$	(296	)	$	—	$	—	$	—	$	—	$	(296	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention

16

(or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
Ordinary Income	$	25,942	$	24,299

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	2,536
Accumulated Capital and Other Losses*		(943,888	)
Unrealized Appreciation†		112,541
Total Accumulated Deficit	$	(828,811	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

17

Hartford Stock HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	278
Accumulated Net Realized Gain (Loss)		(278	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	205,611
2017		738,277
Total	$	943,888
As of December 31, 2011, the Fund utilized $106,064 of prior year capital loss carryforwards

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-

18

day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million	0.5250%
On next $250 million	0.5000%
On next $500 million	0.4750%
On next $4 billion	0.4500%
On next $5 billion	0.4475%
Over $10 billion	0.4450%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
All Assets	0.10%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended December 31, 2011
Class IA		0.50	%
Class IB		0.75

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the

19

Hartford Stock HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $3. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – In July of 2007, The Hartford entered into a settlement with the Attorneys General of the states of New York, Connecticut and Illinois relating to market timing and the company's individual variable annuity contracts in which certain payments would be made directly to the variable annuity contract holders. The distribution plan provided that unclaimed money from the settlement would be distributed to certain HLS Funds that are investment options through a Hartford individual variable annuity contract. The unclaimed money was distributed to the Fund on September 18, 2009.

The total return in the accompanying financial highlights includes a payment from an affiliate. Had the payment from the affiliate been excluded, the impact and total return for the period listed below would have been as follows:

	For the Year Ended December 31, 2009
		Class IA	Class IB
Impact from Payment from Affiliate for Attorneys General Settlement		— %	— %
Total Return Excluding Payment from Affiliate		41.53	41.18

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	887,046
Sales Proceeds Excluding U.S. Government Obligations		1,269,876

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

20

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

21

Hartford Stock HLS Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period	Net Investment Income (Loss)	Payments from (to) Affiliate	Net Realized and Unrealized Gain (Loss) on Investments	Total from Investment Operations	Dividends from Net Investment Income	Distributions from Realized Capital Gains	Distributions from Capital	Total Distributions	Net Increase (Decrease) in Net Asset Value	Net Asset Value at End of Period
For the Year Ended December 31, 2011
IA	$   40.98	$   0.62	$   –	$   (1.07)	$   (0.45)	$   (0.58)	$   –	$   –	$   (0.58)	$   (1.03)	$   39.95
IB	40.94	0.51	–	(1.06)	(0.55)	(0.47)	–	–	(0.47)	(1.02)	39.92
For the Year Ended December 31, 2010
IA	36.10	0.44	–	4.89	5.33	(0.45)	–	–	(0.45)	4.88	40.98
IB	36.06	0.35	–	4.88	5.23	(0.35)	–	–	(0.35)	4.88	40.94
For the Year Ended December 31, 2009
IA	25.86	0.48	–	10.25	10.73	(0.49)	–	–	(0.49)	10.24	36.10
IB	25.84	0.39	–	10.24	10.63	(0.41)	–	–	(0.41)	10.22	36.06
For the Year Ended December 31, 2008
IA	47.11	0.59	–	(20.79)	(20.20)	(0.81)	(0.24)	–	(1.05)	(21.25)	25.86
IB	47.00	0.50	–	(20.72)	(20.22)	(0.70)	(0.24)	–	(0.94)	(21.16)	25.84
For the Year Ended December 31, 2007
IA	52.57	0.60	–	2.43	3.03	(0.57)	(7.92)	–	(8.49)	(5.46)	47.11
IB	52.45	0.45	–	2.44	2.89	(0.42)	(7.92)	–	(8.34)	(5.45)	47.00

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.

(C) Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Total return without the inclusion of the Payment from (to) Affiliate can be found in Expenses in the accompanying Notes to Financial Statements.

22

- Ratios and Supplemental Data -

Total Return(B)		Net Assets at End of Period		Ratio of Expenses to Average Net Assets Before Waivers(C)			Ratio of Expenses to Average Net Assets After Waivers(C)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate(D)
(1.09	)%	$	1,614,788		0.50	%		0.50	%		1.37	%		43	%
(1.34	)		231,377		0.75			0.75			1.11			–
14.80			1,980,502		0.50			0.50			1.09			77
14.51			300,279		0.75			0.75			0.84			–
41.54	(E)		2,055,227		0.51			0.51			1.43			84
41.18	(E)		328,275		0.76			0.76			1.19			–
(43.13	)		1,810,864		0.49			0.49			1.38			89
(43.27	)		287,794		0.74			0.74			1.13			–
5.90			3,909,045		0.49			0.49			1.01			96
5.64			652,838		0.74			0.74			0.76			–

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Stock HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Stock HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
February 13, 2012

24

Hartford Stock HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

Hartford Stock HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

26

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

Hartford Stock HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return			Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Annualized expense ratio	Days in the current 1/2 year	Days in the full year
Class IA	$1,000.00	$948.62	$2.46	$1,000.00	$1,022.68	$2.55	0.50%	184	365
Class IB	$1,000.00	$947.41	$3.68	$1,000.00	$1,021.42	$3.82	0.75%	184	365

28

Hartford Stock HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Stock HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with

29

Hartford Stock HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

30

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The

31

Hartford Stock HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

32

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-S11 2-12     109078     Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Total Return Bond HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	6
Investment Valuation Hierarchy Level Summary at December 31, 2011	20
Statement of Assets and Liabilities at December 31, 2011	21
Statement of Operations for the Year Ended December 31, 2011	22
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	23
Notes to Financial Statements	24
Financial Highlights	40
Report of Independent Registered Public Accounting Firm	42
Directors and Officers (Unaudited)	43
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	45
Quarterly Portfolio Holdings Information (Unaudited)	45
Expense Example (Unaudited)	46
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	47

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Total Return Bond HLS Fund inception 08/31/1977

(sub-advised by Hartford Investment Management Company)

Investment objective – Seeks a competitive total return, with income as a secondary objective.

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11) (1) (2)

	1 Year	5 Year	10 Year
Total Return Bond IA	6.99%	5.05%	5.49%
Total Return Bond IB	6.72%	4.79%	5.23%
Barclays Capital U.S. Aggregate Bond Index	7.84%	6.50%	5.78%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

Barclays Capital U.S. Aggregate Bond Index is an unmanaged index and is composed of securities from the Barclays Capital Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford Total Return Bond HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Managers
Nasri Toutoungi	Joseph Portera	Christopher J. Zeppieri, CFA
Managing Director	Executive Vice President	Vice President

How did the Fund Perform?

The Class IA Shares of the Hartford Total Return Bond HLS Fund returned 6.99% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the Barclays Capital U.S. Aggregate Bond Index, which returned 7.84%, and outperforming the Lipper Intermediate Investment Grade Debt VP-UF Funds category, a group of funds with investment strategies similar to those of the Fund, which returned 5.73%.

Why Did the Fund perform this way?

The market and economic environment at the end of 2010 was characterized by confidence and optimism. The Federal Reserve’s (Fed) second quantitative easing program (QE2), which supported equities and risk product in the last months of 2010 provided good momentum into the first quarter of 2011. Commercial Mortgage Backed Securities (CMBS), High yield and Investment Grade Corporate spreads tightened (i.e. short and long term interest rates moved closer together) in the first couple of months of the year. The Fund had overweights (i.e. the Fund’s sector position was greater than the benchmark) in each of these sectors to begin the year which added to relative performance.

At the end of February, the Arab Spring uprisings in Tunisia and Libya sent fuel prices higher causing many economists to revise down growth expectations. Pessimism grew a little stronger in March as the Japanese Tsunami created disruptions in production chains. Yield spreads tightened in April but this event was short-lived. Spreads began to move higher in May as economic data softened.

The Fund began to reduce credit spread risk early in the summer as the outlook for the U.S. debt ceiling and the European Sovereign credit crisis darkened. Additional insurance against a severe environment was applied with the use of single issuer and index credit default swaps. The timing of this application added to the relative return as equities and credit markets soured abruptly in August through September. Despite a downgrade to the U.S. Treasury and no firm resolution to the European crisis, spreads began to retrace their widening through the fourth quarter.

Through the year, the Fund maintained credit exposure greater than that of the benchmark which is consistent with its style. Most credit subsectors produced negative excess returns over the year. Left unchanged, the Fund would have significantly underperformed the benchmark, however, well timed asset allocation shifts and profitable duration management mitigated nearly all of the Fund’s negative returns due to its higher than benchmark risk position.

What is the outlook?

The struggle to maintain economies at reasonable growth and reasonable inflation has always challenged monetary and fiscal authorities, but we believe this balancing act has become much more difficult in the last year. U.S. monetary policy is at historic accommodative levels, yet growth and inflation expectations remain muted. Meanwhile, fiscal policy has become increasingly limited due to high debt levels which have already resulted in a U.S. Treasury rating downgrade. Although earnings and economic data have improved in the fourth quarter of 2011, we are cautious to extrapolate the data into the new year. The consumption component of Gross Domestic Product (GDP) appears vulnerable as does investor confidence amidst what could be a very volatile news headline environment. We believe that policy responses or non-responses to economic slowing and sovereign credit developments will likely have consequences of their own. Our base case is for slightly slower than consensus growth in the U.S. but the tails of both higher inflation and economic contraction remain fat.

The U.S. Treasury curve is likely to remain in a narrow range. Interest rates, at current historically low levels, are arguably more reflective of growth challenges than most risk products. We expect only a modest rally should economic or equity market conditions deteriorate. We feel inflation breakevens in five year Treasury Inflation Protected Securities (TIPS), at 1.7%, are attractive at well below Consumer Price Index (CPI) trend and should perform well in most scenarios.

Agency mortgage option adjusted spreads are attractive. We expect to remain overweight the product as a means of remaining defensive and enhancing portfolio yield in the first quarter of 2012. Interest rates and the speed of mortgage prepayments are expected to remain fairly stable and the supply and demand picture appears to favor the sector.

CMBS had a strong fourth quarter. The product has benefited from favorable supply and demand with limited new production and light dealer inventories. We will look for opportunities to reduce exposure in the sector by moving up in capital structure and quality.

3

Hartford Total Return Bond HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

We believe Investment Grade corporate bonds are currently priced for economic headwinds but our position remains cautious. Financials will be particularly susceptible to European sovereign debt contagion and we are carefully selecting our exposure only slightly higher than benchmark. We will look for opportunities to add to select Investment Grade corporate bonds in the new issue market and on market dips.

High Yield bonds rebounded nicely in the fourth quarter but further spread contraction appears limited. We have started the new year reducing exposure to this sector due to the vulnerability to weaker valuations due to potential negative macroeconomic events.

We believe Emerging Markets bond spreads will remain well correlated with other risk sectors but will likely experience greater widening in a more severe global slowdown due to lesser demand for natural resources and financial ties with European banks.

On November 21, 2011, the Board of Directors of the Hartford Series Fund, Inc. (the “Company”) approved a change of subadviser for the Fund, a series of the Company, from Hartford Investment Management Company to Wellington Management Company, LLP (“Wellington Management”). As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HL Investment Advisors, LLC and Wellington Management. The change in the Fund’s subadviser and the implementation of the new sub-advisory agreement are expected to occur during the first quarter of 2012.

Distribution by Credit Quality
as of December 31, 2011
Credit Rating *	Percentage of Net Assets
Aaa / AAA		3.4
Aa / AA		4.1
A		11.0
Baa / BBB		21.3
Ba / BB		2.7
B		2 8
Caa / CCC or Lower		2.4
Unrated		0.5
U.S. Government Agencies and Securities		53.2
Non Debt Securities and Other Short-Term Instruments		2.8
Other Assets & Liabilities		(4.2	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Security Type
as of December 31, 2011
Category	Percentage of Net Assets
Asset & Commercial Mortgage Backed Securities		6.6	%
Call Options Purchased		0.4
Corporate Bonds		38.6
Foreign Government Obligations		0.9
Municipal Bonds		1.4
Preferred Stocks		0.1
Put Options Purchased		0.1
Senior Floating Rate Interests		0.7
U.S. Government Agencies		38.8
U.S. Government Securities		13.6
Short-Term Investments		3.0
Other Assets and Liabilities		(4.2	)
Total		100.0	%

4

Diversification by Industry
as of December 31, 2011
Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		0.2	%
Administrative Waste Management and Remediation		0.2
Agriculture, Forestry, Fishing and Hunting		0.0
Air Transportation		0.0
Apparel Manufacturing		0.0
Arts, Entertainment and Recreation		1.9
Beverage and Tobacco Product Manufacturing		0.7
Chemical Manufacturing		1.6
Computer and Electronic Product Manufacturing		0.3
Construction		0.4
Educational Services		0.0
Electrical Equipment and Appliance Manufacturing		0.3
Fabricated Metal Product Manufacturing		0.0
Finance and Insurance		20.8
Food Manufacturing		0.5
Food Services		0.1
Health Care and Social Assistance		1.6
Higher Education (Univ., Dorms, etc.)		0.3
Information		3.5
Machinery Manufacturing		0.2
Mining		1.4
Miscellaneous		0.3
Miscellaneous Manufacturing		0.9
Motor Vehicle and Parts Manufacturing		0.4
Paper Manufacturing		0.1
Petroleum and Coal Products Manufacturing		4.1
Pipeline Transportation		0.5
Plastics and Rubber Products Manufacturing		0.1
Primary Metal Manufacturing		1.0
Printing and Related Support Activities		0.1
Professional, Scientific and Technical Services		0.5
Rail Transportation		0.4
Real Estate and Rental and Leasing		0.3
Retail Trade		1.2
Soap, Cleaning Compound, and Toilet Manufacturing		0.0
Tax Allocation		0.4
Textile Product Mills		0.0
Transit and Ground Passenger Transportation		0.0
Utilities		2.4
Utilities - Electric		0.2
Utilities - Water and Sewer		0.2
Water Transportation		0.1
Wholesale Trade		0.1
Total		47.3	%
Equity Securities
Automobiles & Components		0.0
Banks		0.1
Total		0.1	%
Call Options Purchased		0.4
Foreign Government Obligations		0.9
Put Options Purchased		0.1
U.S. Government Agencies		38.8
U.S. Government Securities		13.6
Short-Term Investments		3.0
Other Assets and Liabilities		(4.2	)
Total		100.0	%

5

Hartford Total Return Bond HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 6.6%
		Finance and Insurance - 6.6%
		Ally Automotive Receivables Trust
$	1,900	3.00%, 10/15/2015 ■	$	1,937
	5,675	3.38%, 09/15/2017 ■		5,897
	5,650	3.61%, 08/15/2016 ■		5,861
		Banc of America Commercial Mortgage, Inc.
	2,595	5.80%, 06/10/2049 Δ		2,783
		Banc of America Large Loan
	7,726	5.33%, 12/16/2043 ■		7,039
	6,370	5.80%, 06/15/2049 ■Δ		6,374
		Bank of America Automotive Trust
	6,700	3.03%, 10/15/2016 ■		6,811
		Bear Stearns Commercial Mortgage Securities, Inc.
	70,075	15.00%, 11/11/2041 - 07/11/2042 ⌂►		481
		CFCRE Commercial Mortgage Trust
	31,459	4.24%, 04/15/2044 ■►		2,027
		Chase Issuance Trust
	6,920	5.12%, 10/15/2014		7,163
		Citibank Credit Card Issuance Trust
	8,955	6.30%, 06/20/2014		9,170
		Citigroup Commercial Mortgage Trust
	3,160	5.92%, 03/15/2049 Δ		2,313
		CNH Equipment Trust
	6,322	2.55%, 11/17/2014 ○		6,318
	3,075	2.97%, 05/15/2017		3,159
		Commercial Mortgage Pass-Through Certificates
	2,270	4.31%, 12/10/2012 ■†		2,264
	1,395	4.76%, 12/10/2012 ■†		1,385
	28,970	5.30%, 07/10/2046 ■►		2,776
	3,200	5.61%, 06/09/2028 ■		3,215
	1,370	5.95%, 06/09/2028 ■		1,369
	31,818	8.25%, 10/01/2020 ■►		1,348
		Countrywide Home Loans, Inc.
	23,770	6.00%, 10/25/2037 ⌂		21,703
		Credit-Based Asset Servicing and Securitization
	2,172	0.56%, 05/25/2036 ■Δ		1,797
		Crest Clarendon Street
	3,895	1.05%, 12/28/2017 ■Δ		3,790
		Cwcapital Cobalt
	6,500	5.53%, 04/15/2047		5,385
		DBUBS Mortgage Trust
	5,155	4.54%, 05/12/2021 ■		5,172
	27,235	4.89%, 01/01/2021 ■►		1,561
	32,933	6.65%, 02/01/2021 ■►		507
		Ford Credit Automotive Owner Trust
	4,600	2.54%, 02/15/2016		4,733
	3,680	3.21%, 07/15/2017		3,709
	1,730	5.53%, 05/15/2016 ■		1,844
		Ford Credit Floorplan Master Owner Trust
	6,225	1.50%, 09/15/2015		6,235
		FREMF Mortgage Trust
	5,915	4.35%, 01/25/2046 ■Δ		4,992
	5,190	4.75%, 11/25/2046 ■Δ		4,390
		GE Business Loan Trust
	7,267	1.28%, 05/15/2034 ■Δ		2,574
		GE Capital Credit Card Master Note Trust
	3,565	3.69%, 07/15/2015		3,621
		GMAC Mortgage Servicer Advance Funding
	12,085	3.72%, 03/15/2023 ■		12,055
		Goldman Sachs Mortgage Securities Corp. II
	4,347	5.56%, 11/10/2039		4,772
	45,385	6.00%, 08/10/2020 ■►		3,879
		Harley-Davidson Motorcycle Trust
	4,180	2.12%, 08/15/2017		4,189
		Hyundai Automotive Receivables Trust
	6,710	2.27%, 02/15/2017		6,860
		JP Morgan Automotive Receivable Trust
	1,675	12.85%, 03/15/2012 ⌂†		1,412
		JP Morgan Chase Commercial Mortgage Securities Corp.
	366,069	0.22%, 08/12/2037 ►		63
	48,049	4.14%, 05/15/2021 ■►		3,581
	50,046	4.84%, 02/15/2021 ■►		3,175
	3,840	5.14%, 11/13/2016 ■Δ		3,878
	1,510	5.34%, 05/15/2047		1,445
	4,380	5.42%, 01/15/2049		4,735
	3,090	5.44%, 06/12/2047 Δ		3,312
	4,315	5.88%, 02/15/2051 Δ		4,687
	16,715	6.00%, 09/15/2020 ■►		1,604
	15,315	10.00%, 10/15/2020 ■►		575
	322,444	15.00%, 05/12/2045 ►		2,618
		Lehman Brothers Small Balance Commercial
	2,608	5.52%, 09/25/2030 ■		2,144
	935	5.62%, 09/25/2036 ■		875
		Merrill Lynch Mortgage Trust
	31,293	3.96%, 10/12/2041 ⌂■►		97
		Merrill Lynch/Countrywide Commercial Mortgage Trust
	4,377	5.38%, 08/12/2048		4,528
		Morgan Stanley Capital I
	103,275	4.39%, 09/15/2047 ■►		4,028
	2,202	5.78%, 04/12/2049 Δ		2,249
		Morgan Stanley Dean Witter Capital I
	15,286	0.00%, 08/25/2032 ⌂►†∞		–
		Morgan Stanley Re-Remic Trust
	6,970	6.46%, 07/17/2056 ■		5,855
		National Credit Union Administration
	5,453	1.84%, 10/07/2020 Δ		5,487
		Nationstar Home Equity Loan Trust
	211	0.00%, 03/25/2037 ⌂■●†		–
		RBSCF Trust
	7,205	5.51%, 04/16/2047 ■Δ		6,888
		Renaissance Home Equity Loan Trust
	3,566	5.36%, 05/25/2035		1,656
	2,676	5.58%, 11/25/2036 Δ		1,507
		Residential Funding Mortgage Securities, Inc.
	2,089	6.00%, 07/25/2037 ⌂		1,644
		Sovereign Commercial Mortgage Securities
	3,815	5.97%, 07/22/2030 ■Δ		3,903

The accompanying notes are an integral part of these financial statements. 

6

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 6.6% - (continued)
		Finance and Insurance - 6.6% - (continued)
		Wachovia Bank Commercial Mortgage Trust
$	5,740	5.59%, 04/15/2047	$	4,604
		Wamu Commercial Mortgage Securities Trust
	7,170	6.31%, 03/23/2045 ■ΔΨ		3,907
		Wells Fargo Alternative Loan Trust
	8,925	6.25%, 11/25/2037 ⌂		6,899
		Wells Fargo Commercial Mortgage Trust
	3,041	5.28%, 10/15/2020 ■		3,062
		WF-RBS Commercial Mortgage Trust
	5,505	4.90%, 06/15/2044 ■		6,090
	2,045	5.64%, 11/15/2044 ■		2,003
	37,074	6.02%, 11/15/2044 ■►		4,415
				286,384
		Total asset & commercial mortgage backed securities
		(cost $299,051)	$	286,384
CORPORATE BONDS - 38.6%
		Accommodation and Food Services - 0.2%
		Marina District Finance Co., Inc.
$	1,240	9.50%, 10/15/2015	$	1,159
		MGM Mirage, Inc.
	4,172	11.13%, 11/15/2017		4,756
		MGM Resorts International
	2,188	11.38%, 03/01/2018		2,407
		Wynn Las Vegas LLC
	1,060	7.75%, 08/15/2020		1,177
				9,499
		Administrative Waste Management and Remediation - 0.2%
		Brambles USA, Inc.
	5,478	3.95%, 04/01/2015 ■		5,665
		Energy Solutions, Inc. LLC
	1,185	10.75%, 08/15/2018		1,110
		Iron Mountain, Inc.
	1,215	7.75%, 10/01/2019		1,283
		TransUnion LLC
	875	11.38%, 06/15/2018		1,000
				9,058
		Agriculture, Forestry, Fishing and Hunting - 0.0%
		American Seafood Group LLC
	945	10.75%, 05/15/2016 ■		841
		Air Transportation - 0.0%
		United Air Lines, Inc.
	1,150	9.88%, 08/01/2013 ■		1,176
		Apparel Manufacturing - 0.0%
		Quiksilver, Inc.
	1,495	6.88%, 04/15/2015		1,388
		Arts, Entertainment and Recreation - 1.9%
		CCO Holdings LLC
	275	7.38%, 06/01/2020		290
		Cenveo, Inc.
	1,600	8.88%, 02/01/2018		1,396
		Cequel Communication LLC
	1,031	8.63%, 11/15/2017 ■		1,093
		Clubcorp Club Operations, Inc.
	1,513	10.00%, 12/01/2018		1,452
		Comcast Corp.
	100	10.63%, 07/15/2012		104
		DirecTV Holdings LLC
	4,200	5.00%, 03/01/2021		4,495
	8,570	7.63%, 05/15/2016		9,095
		Downstream Development Authority
	1,026	10.50%, 07/01/2019 ■		970
		FireKeepers Development Authority
	439	13.88%, 05/01/2015 ■		498
		First Data Corp.
	2,007	10.55%, 09/24/2015 Þ		1,914
		Globo Comunicacao e Participacoes S.A
	2,660	6.25%, 07/20/2015 §♠		2,786
		Knight Ridder, Inc.
	5,503	6.88%, 03/15/2029		2,751
		McClatchy Co.
	1,639	11.50%, 02/15/2017		1,586
		NAI Entertainment Holdings LLC
	813	8.25%, 12/15/2017 ■		860
		NBC Universal Media LLC
	3,745	3.65%, 04/30/2015		3,953
	6,700	4.38%, 04/01/2021		7,071
	4,665	5.15%, 04/30/2020		5,194
		News America, Inc.
	7,955	4.50%, 02/15/2021		8,341
		Time Warner Entertainment Co., L.P.
	8,175	8.38%, 07/15/2033		10,715
		Time Warner, Inc.
	1,505	4.00%, 01/15/2022		1,552
	7,665	6.25%, 03/29/2041		9,190
		TL Acquisitions, Inc.
	2,755	10.50%, 01/15/2015 ■		1,977
		UPC Germany GMBH
	696	8.13%, 12/01/2017 ■		735
		Virgin Media Finance plc
	1,080	9.50%, 08/15/2016		1,212
		XM Satellite Radio, Inc.
	1,830	7.63%, 11/01/2018 ■		1,922
	2,151	13.00%, 08/01/2013 ■		2,441
				83,593
		Beverage and Tobacco Product Manufacturing - 0.7%
		Altria Group, Inc.
	4,440	10.20%, 02/06/2039		6,909
		Anheuser-Busch Cos., Inc.
	4,830	5.05%, 10/15/2016		5,501
		Anheuser-Busch InBev N.V
	8,890	7.75%, 01/15/2019		11,514
		Coca-Cola Co.
	5,720	3.30%, 09/01/2021		6,024
				29,948
		Chemical Manufacturing - 1.6%
		Dow Chemical Co.
	17,745	8.55%, 05/15/2019		23,216

The accompanying notes are an integral part of these financial statements. 

7

Hartford Total Return Bond HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 38.6% - (continued)
		Chemical Manufacturing - 1.6% - (continued)
		Ecolab, Inc.
$	2,290	2.38%, 12/08/2014	$	2,335
	12,850	3.00%, 12/08/2016		13,292
	3,980	4.35%, 12/08/2021		4,250
	2,660	5.50%, 12/08/2041		2,948
		Ferro Corp.
	1,790	7.88%, 08/15/2018		1,799
		Hexion Specialty Chemicals
	1,595	8.88%, 02/01/2018		1,495
		Incitec Pivot Finance LLC
	9,460	6.00%, 12/10/2019 ■		10,336
		Ineos Group Holdings plc
	1,841	8.50%, 02/15/2016 ■		1,464
		Yara International ASA
	5,445	7.88%, 06/11/2019 ■		6,683
				67,818
		Computer and Electronic Product Manufacturing - 0.3%
		Advanced Micro Devices, Inc.
	1,070	8.13%, 12/15/2017		1,110
		Hewlett-Packard Co.
	7,860	2.35%, 03/15/2015		7,822
		Magnachip Semiconductor
	870	10.50%, 04/15/2018		905
		Nextel Communications, Inc.
	1,060	7.38%, 08/01/2015		970
		Seagate HDD Cayman
	1,115	7.75%, 12/15/2018 ■		1,186
		Sorenson Communications
	2,006	10.50%, 02/01/2015 ■		1,384
		Viasystems, Inc.
	1,175	12.00%, 01/15/2015 ■		1,259
				14,636
		Construction - 0.4%
		CRH America, Inc.
	3,590	5.30%, 10/15/2013		3,728
		D.R. Horton, Inc.
	1,245	6.50%, 04/15/2016		1,290
		Odebrecht Finance Ltd.
	9,340	7.00%, 04/21/2020 §		9,994
		Pulte Homes, Inc.
	800	7.88%, 06/15/2032		644
		Shea Homes L.P.
	1,373	8.63%, 05/15/2019 ■		1,284
		Urbi Desarrollos Urbanos
	1,500	9.50%, 01/21/2020 §		1,515
				18,455
		Educational Services - 0.0%
		Laureate Education, Inc.
	830	10.00%, 08/15/2015 ■		847
		Electrical Equipment and Appliance Manufacturing - 0.3%
		General Electric Co.
	10,740	5.00%, 02/01/2013		11,192
		Fabricated Metal Product Manufacturing - 0.0%
		BWAY Holding Co.
	815	10.00%, 06/15/2018		868
		Finance and Insurance - 13.9%
		Aetna, Inc.
	5,755	4.13%, 06/01/2021		6,007
		Ally Financial, Inc.
	1,255	7.50%, 09/15/2020		1,268
	1,210	8.30%, 02/12/2015		1,277
		American Express Centurion Bank
	3,337	5.95%, 06/12/2017		3,750
		American Express Co.
	8,385	5.50%, 04/16/2013		8,764
	8,587	5.55%, 10/17/2012		8,874
		American International Group, Inc.
	2,593	3.65%, 01/15/2014		2,518
		Americo Life, Inc.
	75	7.88%, 05/01/2013 ⌂■		76
		Asciano Finance Ltd.
	2,936	3.13%, 09/23/2015 ■		2,839
	3,698	5.00%, 04/07/2018 ■		3,708
		BAE Systems Holdings, Inc.
	4,154	5.20%, 08/15/2015 ■		4,466
		Bank of America Capital II
	2,610	8.00%, 12/15/2026		2,349
		Bank of America Corp.
	13,800	5.65%, 05/01/2018		13,148
	8,665	5.75%, 12/01/2017		8,184
	20,395	6.50%, 08/01/2016		20,539
		Bank of New York Institutional Capital Trust
	200	7.78%, 12/01/2026 ■		203
		BP Capital Markets plc
	11,820	2.25%, 11/01/2016		11,895
		Capital One Financial Corp.
	5,224	2.13%, 07/15/2014		5,157
	3,740	3.15%, 07/15/2016		3,756
		CDP Financial, Inc.
	10,860	3.00%, 11/25/2014 ■		11,293
		Cigna Corp.
	10,196	2.75%, 11/15/2016		10,174
		CIT Group, Inc.
	1,175	6.63%, 04/01/2018 ■		1,216
	5,503	7.00%, 05/01/2017		5,503
		Citigroup, Inc.
	10,185	2.13%, 04/30/2012 ‡		10,253
	33,951	4.59%, 12/15/2015		34,168
	8,887	6.38%, 08/12/2014		9,327
	4,839	8.50%, 05/22/2019		5,696
		CNA Financial Corp.
	4,492	5.75%, 08/15/2021		4,584
		CNL Lifestyle Properties
	1,594	7.25%, 04/15/2019		1,474
		Corpoacion Andina De Fomento
	10,160	3.75%, 01/15/2016		10,317
		Discover Financial Services, Inc.
	5,970	10.25%, 07/15/2019		7,277
		Ford Motor Credit Co.
	6,545	6.63%, 08/15/2017		7,125
	1,590	12.00%, 05/15/2015		1,948
		General Electric Capital Corp.
	10,479	4.38%, 09/16/2020		10,708
	10,990	5.63%, 05/01/2018		12,309

The accompanying notes are an integral part of these financial statements. 

8

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 38.6% - (continued)
		Finance and Insurance - 13.9% - (continued)
		GMAC LLC
$	985	8.00%, 11/01/2031	$	951
		Goldman Sachs Group, Inc.
	14,511	3.63%, 02/07/2016		14,021
	2,437	6.00%, 06/15/2020		2,496
		Guardian Life Insurance Co.
	6,291	7.38%, 09/30/2039 ■		8,008
		HCP, Inc.
	5,284	3.75%, 02/01/2016		5,376
		Health Care REIT, Inc.
	4,802	3.63%, 03/15/2016		4,726
		Hub International Holdings, Inc.
	1,212	10.25%, 06/15/2015 ■		1,203
		Ineos Finance plc
	1,780	9.00%, 05/15/2015 ■		1,807
		JP Morgan Chase & Co.
	25,695	3.15%, 07/05/2016 ‡		25,815
	12,145	4.35%, 08/15/2021		12,265
	13,196	4.75%, 03/01/2015 ‡		14,035
	6,375	6.00%, 01/15/2018		7,112
		JP Morgan Chase Capital XXV
	4,288	6.80%, 10/01/2037		4,304
		Liberty Mutual Group, Inc.
	1,425	10.75%, 06/15/2058 ■		1,788
		Lloyds Banking Group plc
	15,635	4.38%, 01/12/2015 ■		15,051
		Massachusetts Mutual Life Insurance Co.
	2,993	8.88%, 06/01/2039 ■		4,378
		Merrill Lynch & Co., Inc.
	12,775	6.05%, 05/16/2016		12,041
		MetLife Global Funding I
	6,515	0.80%, 03/15/2012 ■Δ		6,511
	3,400	5.13%, 06/10/2014 ■		3,661
		Morgan Stanley
	15,305	3.80%, 04/29/2016		14,101
	4,302	5.75%, 10/18/2016		4,190
	19,962	6.25%, 08/28/2017		19,536
		Myriad International Holdings B.V
	3,900	6.38%, 07/28/2017 ■		4,153
		Nationwide Financial Services, Inc.
	4,280	5.38%, 03/25/2021 ■		4,204
		Nationwide Mutual Insurance Co.
	6,425	9.38%, 08/15/2039 ■		7,764
		New York Life Global Funding
	12,295	3.00%, 05/04/2015 ■		12,877
		Offshore Group Investments Ltd.
	954	11.50%, 08/01/2015		1,031
		Ohio National Financial Services, Inc.
	6,672	6.38%, 04/30/2020 ■		7,256
		Penson Worldwide, Inc.
	2,211	12.50%, 05/15/2017 ■		1,327
		PNC Bank NA
	2,235	6.00%, 12/07/2017		2,483
	2,924	6.88%, 04/01/2018		3,316
		Progressive Corp.
	4,675	3.75%, 08/23/2021		4,858
		Provident Funding Associates L.P.
	1,031	10.13%, 02/15/2019 ■		794
	1,901	10.25%, 04/15/2017 ■		1,773
		Prudential Financial, Inc.
	8,810	3.00%, 05/12/2016		8,778
		Prudential Holdings LLC
	200	7.25%, 12/18/2023 ■		226
		Rabobank Netherlands
	4,513	11.00%, 06/30/2019 ■♠		5,280
		Santander Holdings USA
	3,006	4.63%, 04/19/2016		2,887
		Santander U.S. Debt S.A
	10,100	3.72%, 01/20/2015 ■		9,171
		SLM Corp.
	6,630	6.25%, 01/25/2016		6,448
		Springleaf Finance Corp.
	5,440	6.90%, 12/15/2017		3,917
		Standard Chartered plc
	3,752	3.20%, 05/12/2016 ■		3,671
		State Street Bank & Trust Co.
	3,935	5.25%, 10/15/2018		4,379
		State Street Corp.
	7,610	4.96%, 03/15/2018		7,910
		Teachers Insurance & Annuity Association
	6,248	6.85%, 12/16/2039 ■		8,019
		Tomkins, Inc. LLC
	920	9.00%, 10/01/2018		1,020
		UBS AG Stamford CT
	4,535	2.25%, 01/28/2014		4,413
		Union Bank NA
	11,235	3.00%, 06/06/2016		11,427
		UPCB Finance III Ltd.
	1,084	6.63%, 07/01/2020 ■		1,068
		VTB Capital S.A
	2,200	6.55%, 10/13/2020 ■		2,060
		Wells Fargo Bank NA
	8,015	0.67%, 05/16/2016 Δ		7,046
	12,775	4.75%, 02/09/2015		13,328
		Xstrata Finance Canada Corp.
	6,375	3.60%, 01/15/2017 ■		6,428
	5,075	4.95%, 11/15/2021 ■		5,185
		ZFS Finance USA Trust I
	3,193	6.50%, 05/09/2037 ■Δ		2,874
				602,897
		Food Manufacturing - 0.5%
		JBS USA LLC
	1,058	7.25%, 06/01/2021 ■		987
		Kraft Foods, Inc.
	2,420	4.13%, 02/09/2016		2,627
		Sigma Alimentos S.A
	5,600	5.63%, 04/14/2018 §		5,712
		Wrigley Jr., William Co.
	10,070	3.70%, 06/30/2014 ■		10,381
				19,707
		Food Services - 0.1%
		Arcos Dorados S.A
	3,297	7.50%, 10/01/2019 ■		3,643
		Landry's Restaurants, Inc.
	1,950	11.63%, 12/01/2015		2,053
				5,696
		Health Care and Social Assistance - 1.6%
		Amerigroup Corp.
	1,006	7.50%, 11/15/2019		1,036

The accompanying notes are an integral part of these financial statements. 

9

Hartford Total Return Bond HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 38.6% - (continued)
		Health Care and Social Assistance - 1.6% - (continued)
		Aristotle Holding, Inc.
$	8,840	3.50%, 11/15/2016 ■	$	9,003
		Aurora Diagnostic Holdings
	1,121	10.75%, 01/15/2018		1,115
		Biomet, Inc.
	1,140	10.38%, 10/15/2017 Þ		1,234
		CVS Caremark Corp.
	9,183	8.35%, 07/10/2031 ■		11,239
		Examworks Group, Inc.
	922	9.00%, 07/15/2019 ■		835
		Gilead Sciences, Inc.
	2,229	2.40%, 12/01/2014		2,269
	10,146	3.05%, 12/01/2016		10,384
	7,210	4.40%, 12/01/2021		7,633
		HCA, Inc.
	5,147	7.50%, 11/15/2095		3,963
	1,140	8.50%, 04/15/2019		1,248
		Health Management Associates, Inc.
	794	7.38%, 01/15/2020 ■		826
		LifePoint Hospitals, Inc.
	1,085	6.63%, 10/01/2020		1,124
		Partners Healthcare Systems
	2,815	3.44%, 07/01/2021		2,839
		Tenet Healthcare Corp.
	1,014	6.25%, 11/01/2018 ■		1,032
		Teva Pharmaceutical Finance IV B.V
	5,265	3.65%, 11/10/2021		5,355
		Teva Pharmaceuticals Finance
	5,265	2.40%, 11/10/2016		5,355
		Valeant Pharmaceuticals International
	1,280	7.25%, 07/15/2022 ■		1,242
				67,732
		Information - 3.4%
		AT&T, Inc.
	6,455	2.40%, 08/15/2016		6,586
	15,520	5.35%, 09/01/2040		17,458
		Cellco Partnership - Verizon Wireless Capital LLC
	7,280	8.50%, 11/15/2018		9,826
		Charter Communications Holdings II LLC
	954	13.50%, 11/30/2016		1,102
		Clearwire Corp.
	2,489	12.00%, 12/01/2015 ■		2,383
		CSC Holdings LLC
	768	6.75%, 11/15/2021 ■		808
		Deutsche Telekom International Finance B.V
	13,315	3.13%, 04/11/2016 ■		13,414
		DISH DBS Corp.
	1,980	7.88%, 09/01/2019		2,237
		Evertec, Inc.
	1,115	11.00%, 10/01/2018		1,137
		Frontier Communications Corp.
	1,055	7.88%, 01/15/2027		897
		GTE Corp.
	165	8.75%, 11/01/2021		231
		GXS Worldwide, Inc.
	1,109	9.75%, 06/15/2015		1,026
		iGate Corp.
	1,127	9.00%, 05/01/2016 ■		1,164
		Intelsat Bermuda Ltd.
	1,255	11.50%, 02/04/2017 Þ		1,211
		Intelsat Jackson Holdings Ltd.
	2,665	8.50%, 11/01/2019		2,825
		Kabel Baden Wurttemberg GMBH & Co.
	1,269	7.50%, 03/15/2019 ■		1,332
		Level 3 Financing, Inc.
	2,359	10.00%, 02/01/2018		2,501
		MTS International Funding Ltd.
	2,060	8.63%, 06/22/2020 ■		2,212
		Paetec Holding Corp.
	698	9.88%, 12/01/2018		768
		Qwest Corp.
	4,835	7.20%, 11/10/2026		4,824
	3,656	7.25%, 10/15/2035		3,646
		Rogers Cable, Inc.
	2,920	8.75%, 05/01/2032		3,956
		Sprint Nextel Corp.
	1,306	9.00%, 11/15/2018 ■		1,371
	1,575	11.50%, 11/15/2021 ■		1,559
		TCI Communications, Inc.
	4,025	8.75%, 08/01/2015		4,890
		Telecom Italia Capital
	5,000	7.18%, 06/18/2019		4,686
	214	7.72%, 06/04/2038		182
		Telefonica Emisiones SAU
	11,220	3.99%, 02/16/2016		10,788
	5,295	4.95%, 01/15/2015		5,267
		Trilogy International Partners LLC
	1,979	10.25%, 08/15/2016 ■		1,811
		Verizon Communications, Inc.
	11,240	3.50%, 11/01/2021		11,702
	5,315	4.75%, 11/01/2041		5,720
		Verizon Maryland, Inc.
	1,500	8.30%, 08/01/2031		1,851
		Verizon Virginia, Inc.
	13,805	4.63%, 03/15/2013		14,373
		Videotron Ltee
	915	9.13%, 04/15/2018		1,008
		Windstream Corp.
	1,625	7.50%, 04/01/2023		1,605
				148,357
		Machinery Manufacturing - 0.2%
		Baker Hughes, Inc.
	4,700	3.20%, 08/15/2021 ■		4,856
		Case New Holland, Inc.
	1,336	7.88%, 12/01/2017		1,510
		Joy Global, Inc.
	1,520	5.13%, 10/15/2021		1,622
				7,988
		Mining - 1.4%
		Anglo American Capital plc
	16,188	9.38%, 04/08/2014 - 04/08/2019 ■		18,755
		Arch Coal, Inc.
	705	7.25%, 06/15/2021 ■		724

The accompanying notes are an integral part of these financial statements. 

10

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 38.6% - (continued)
		Mining - 1.4% - (continued)
		Cliff's Natural Resources, Inc.
$	4,065	4.80%, 10/01/2020	$	4,032
	6,135	5.90%, 03/15/2020		6,539
		FMG Resources Pty Ltd.
	1,299	7.00%, 11/01/2015 ■		1,312
	691	8.25%, 11/01/2019 ■		703
		Peabody Energy Corp.
	1,370	6.00%, 11/15/2018 ■		1,398
		Rio Tinto Finance USA Ltd.
	4,965	9.00%, 05/01/2019		6,776
		Southern Copper Corp.
	4,200	6.75%, 04/16/2040		4,203
		Taseko Mines Ltd.
	974	7.75%, 04/15/2019		879
		Teck Resources Ltd.
	7,515	10.75%, 05/15/2019		9,168
		Vale Overseas Ltd.
	6,460	6.25%, 01/23/2017		7,280
				61,769
		Miscellaneous Manufacturing - 0.9%
		BE Aerospace, Inc.
	929	6.88%, 10/01/2020		1,013
		Meccanica Holdings USA, Inc.
	10,489	6.25%, 07/15/2019 - 01/15/2040 ■		7,743
		Reynolds Group Issuer, Inc.
	830	7.88%, 08/15/2019 ■		867
	1,525	9.00%, 04/15/2019 ■		1,449
		Textron, Inc.
	5,175	4.63%, 09/21/2016		5,304
		Tyco Electronics Group S.A
	5,292	4.88%, 01/15/2021		5,689
	6,787	6.55%, 10/01/2017		7,840
		Tyco International Ltd.
	7,791	8.50%, 01/15/2019		10,035
				39,940
		Motor Vehicle and Parts Manufacturing - 0.2%
		Chrysler Group
	1,525	8.25%, 06/15/2021 ■		1,388
		Daimler Finance NA LLC
	5,070	2.63%, 09/15/2016 ■		5,040
		Ford Motor Co.
	1,380	7.50%, 08/01/2026		1,466
		TRW Automotive, Inc.
	1,445	3.50%, 12/01/2015		1,947
				9,841
		Paper Manufacturing - 0.1%
		Mercer International, Inc.
	1,510	9.50%, 12/01/2017		1,544
		Sappi Papier Holding, Inc.
	784	6.63%, 04/15/2021 ■		672
		Westvaco Corp.
	1,342	8.20%, 01/15/2030		1,526
				3,742
		Petroleum and Coal Products Manufacturing - 4.1%
		AGL Capital Corp.
	3,155	5.88%, 03/15/2041		3,732
		Alpha Natural Resources, Inc.
	1,161	6.00%, 06/01/2019		1,126
		Anadarko Petroleum Corp.
	3,565	6.38%, 09/15/2017		4,132
		Bill Barrett Corp.
	424	7.63%, 10/01/2019		443
	635	9.88%, 07/15/2016		699
		Chaparral Energy, Inc.
	1,225	9.88%, 10/01/2020		1,323
		Chesapeake Energy Corp.
	968	6.88%, 08/15/2018		1,036
		Concho Resources, Inc.
	1,015	7.00%, 01/15/2021		1,090
		Consumers Energy Co.
	4,000	5.15%, 02/15/2017		4,539
	4,620	6.70%, 09/15/2019		5,851
		Ecopetrol S.A
	950	7.63%, 07/23/2019		1,145
		Ensco plc
	5,590	4.70%, 03/15/2021		5,821
		EV Energy Partners Finance
	1,055	8.00%, 04/15/2019		1,073
		Gazprom International S.A
	4,400	4.95%, 05/23/2016 ■		4,406
		Headwaters, Inc.
	975	7.63%, 04/01/2019		863
		Key Energy Services, Inc.
	1,414	6.75%, 03/01/2021		1,414
		Marathon Petroleum Corp.
	6,255	5.13%, 03/01/2021		6,534
	9,410	6.50%, 03/01/2041		10,664
		Nabors Industries, Inc.
	2,755	5.00%, 09/15/2020		2,809
	7,183	9.25%, 01/15/2019		9,035
		Newfield Exploration Co.
	613	5.75%, 01/30/2022		662
		Noble Energy, Inc.
	7,533	4.15%, 12/15/2021		7,793
	5,670	6.00%, 03/01/2041		6,560
		Pemex Project Funding Master Trust
	6,205	6.63%, 06/15/2035		7,035
		Petrobras International Finance Co.
	4,120	3.88%, 01/27/2016		4,245
	11,675	5.75%, 01/20/2020		12,494
		Plains Exploration & Production Co.
	515	6.75%, 02/01/2022		539
		Regency Energy Partners L.P.
	1,440	9.38%, 06/01/2016		1,584
		Rosetta Resources, Inc.
	1,045	9.50%, 04/15/2018		1,129
		Rowan Cos., Inc.
	5,548	7.88%, 08/01/2019		6,504
		Sandridge Energy, Inc.
	865	8.75%, 01/15/2020		893
		Schlumberger Ltd.
	5,745	3.30%, 09/14/2021 ■		5,902
		Sempra Energy
	5,218	6.50%, 06/01/2016		6,087
	9,495	9.80%, 02/15/2019		12,823
		Talisman Energy, Inc.
	2,910	7.75%, 06/01/2019		3,588

The accompanying notes are an integral part of these financial statements. 

11

Hartford Total Return Bond HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 38.6% - (continued)
		Petroleum and Coal Products Manufacturing - 4.1% - (continued)
		Transocean, Inc.
$	11,630	1.50%, 12/15/2037 ۞	$	11,427
	4,375	6.38%, 12/15/2021		4,650
		Valero Energy Corp.
	9,686	9.38%, 03/15/2019		12,421
		Venoco, Inc.
	1,005	8.88%, 02/15/2019		905
		Western Refining, Inc.
	897	11.25%, 06/15/2017 ■		1,020
		WPX Energy, Inc.
	1,360	6.00%, 01/15/2022 ■		1,392
				177,388
		Pipeline Transportation - 0.5%
		Chesapeake Midstream Partners
	1,275	5.88%, 04/15/2021 ■		1,275
		DCP Midstream LLC
	2,495	4.75%, 09/30/2021 ■		2,579
	3,318	5.35%, 03/15/2020 ■		3,551
		Dynegy Holdings, Inc.
	3,920	0.00%, 06/01/2019 Ω		2,568
		Eagle Rock Energy Partners L.P.
	1,259	8.38%, 06/01/2019 ■		1,259
		El Paso Corp.
	1,602	7.80%, 08/01/2031		1,846
		Energy Transfer Equity L.P.
	1,077	7.50%, 10/15/2020		1,177
		TransCanada Pipelines Ltd.
	5,616	7.25%, 08/15/2038		7,762
				22,017
		Plastics and Rubber Products Manufacturing - 0.1%
		Plastipak Holdings, Inc.
	1,000	10.63%, 08/15/2019 ■		1,105
		Sealed Air Corp.
	227	8.13%, 09/15/2019 ■		249
	366	8.38%, 09/15/2021 ■		404
		Titan International, Inc.
	772	7.88%, 10/01/2017		803
				2,561
		Primary Metal Manufacturing - 1.0%
		Alcoa, Inc.
	12,065	6.15%, 08/15/2020		12,535
		Aleris International, Inc.
	930	7.63%, 02/15/2018		907
		ArcelorMittal
	6,025	9.00%, 02/15/2015		6,661
	17,925	9.85%, 06/01/2019		19,937
		Novelis, Inc.
	946	8.38%, 12/15/2017		1,005
				41,045
		Printing and Related Support Activities - 0.1%
		Harland Clarke Holdings Corp.
	1,885	9.50%, 05/15/2015		1,376
		Sheridan (The) Group, Inc.
	1,583	12.50%, 04/15/2014		1,425
				2,801
		Professional, Scientific and Technical Services - 0.5%
		Affinion Group, Inc.
	10,324	11.50%, 10/15/2015		9,008
	3,639	11.63%, 11/15/2015		3,021
		Global Geophysical Services, Inc.
	978	10.50%, 05/01/2017		919
		IBM Corp.
	7,995	1.95%, 07/22/2016		8,228
				21,176
		Rail Transportation - 0.4%
		Canadian Pacific Railway Co.
	5,915	4.50%, 01/15/2022		5,999
		Norfolk Southern Corp.
	10,230	5.75%, 04/01/2018		12,060
		RailAmerica, Inc.
	1,100	9.25%, 07/01/2017		1,202
				19,261
		Real Estate and Rental and Leasing - 0.3%
		Ashtead Capital, Inc.
	828	9.00%, 08/15/2016 ■		863
		Avis Budget Car Rental LLC
	1,500	9.63%, 03/15/2018		1,552
		ERAC USA Finance Co.
	6,130	6.38%, 10/15/2017 ■		7,084
		International Lease Finance Corp.
	1,597	8.88%, 09/01/2017		1,653
		United Rentals North America, Inc.
	1,005	8.38%, 09/15/2020		980
				12,132
		Retail Trade - 1.1%
		Ahold Lease USA, Inc.
	9,513	8.62%, 01/02/2025		10,988
		Amerigas Partners L.P.
	1,554	6.25%, 08/20/2019		1,546
		Automotores Gildemeister
	4,400	8.25%, 05/24/2021 ■		4,488
		Building Materials Corp.
	1,186	7.50%, 03/15/2020 ■		1,281
		Energy Transfer Partners
	8,045	4.65%, 06/01/2021		7,881
		Gap, Inc.
	7,675	5.95%, 04/12/2021		7,320
		Harley-Davidson Financial Services, Inc.
	4,800	3.88%, 03/15/2016 ■		4,972
		Hillman Group, Inc.
	2,188	10.88%, 06/01/2018		2,166
		Jaguar Land Rover plc
	1,512	8.13%, 05/15/2021 ■		1,421
		Liz Claiborne, Inc.
	1,415	10.50%, 04/15/2019 ■		1,514
		Masonite International Co.
	965	8.25%, 04/15/2021 ■		946
		Sears Holdings Corp.
	921	6.63%, 10/15/2018		700
		Supervalu, Inc.
	1,360	8.00%, 05/01/2016		1,404
		Toys R Us, Inc.
	1,010	7.38%, 09/01/2016 ■		1,013
				47,640

The accompanying notes are an integral part of these financial statements. 

12

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 38.6% - (continued)
		Soap, Cleaning Compound, and Toilet Manufacturing - 0.0%
		Yankee Candle Co.
$	1,687	10.25%, 02/15/2016	$	1,476
		Textile Product Mills - 0.0%
		Interface, Inc.
	1,029	7.63%, 12/01/2018		1,088
		Transit and Ground Passenger Transportation - 0.0%
		Emergency Medical Services Corp.
	1,281	8.13%, 06/01/2019		1,278
		Utilities - 2.4%
		AES Corp.
	890	9.75%, 04/15/2016		1,019
		AES El Salvador Trust
	2,300	6.75%, 02/01/2016 §		2,231
		Calpine Corp.
	3,284	7.88%, 01/15/2023 ■		3,530
		CenterPoint Energy, Inc.
	7,475	6.85%, 06/01/2015		8,482
		Comision Fed De Electric
	3,800	4.88%, 05/26/2021 ■		3,914
		Commonwealth Edison Co.
	5,836	5.80%, 03/15/2018		6,890
		Dominion Resources, Inc.
	3,025	1.95%, 08/15/2016		3,040
	2,800	4.90%, 08/01/2041		3,023
		E.CL S.A
	2,100	5.63%, 01/15/2021 ■		2,219
		Edison Mission Energy
	3,430	7.00%, 05/15/2017		2,230
		Empresas Public Medellin
	3,910	7.63%, 07/29/2019 §		4,536
		Energy Future Intermediate Holding Co. LLC
	1,527	10.00%, 12/01/2020		1,611
		LG & E & KU Energy LLC
	7,190	2.13%, 11/15/2015		7,081
		MidAmerican Energy Holdings Co.
	9,665	8.48%, 09/15/2028		13,981
		Northeast Utilities
	4,375	5.65%, 06/01/2013		4,627
		NRG Energy, Inc.
	2,610	8.50%, 06/15/2019		2,649
		Pacific Gas & Electric Energy Recovery Funding LLC
	6,208	8.25%, 10/15/2018		8,183
		Progress Energy, Inc.
	8,405	4.40%, 01/15/2021		9,265
		PSEG Power
	4,534	5.00%, 04/01/2014		4,855
		Taqa Abu Dhabi National Energy
	4,000	5.88%, 12/13/2021 ■		4,160
		Virginia Electric & Power Co.
	6,327	5.10%, 11/30/2012		6,572
				104,098
		Water Transportation - 0.1%
		Seven Seas Cruises
	970	9.13%, 05/15/2019 ■		991
		Ship Finance International Ltd.
	1,325	8.50%, 12/15/2013		1,246
				2,237
		Wholesale Trade - 0.1%
		International Paper Co.
	3,470	4.75%, 02/15/2022		3,688
		Spectrum Brands, Inc.
	685	12.00%, 08/28/2019 Þ		745
		U.S. Foodservice, Inc.
	997	8.50%, 06/30/2019 ■		965
				5,398
		Total corporate bonds
		(cost $1,613,645)	$	1,678,584
FOREIGN GOVERNMENT OBLIGATIONS - 0.9%
		Brazil - 0.1%
		Banco Nacional De Desenvolvimento
$	4,800	5.50%, 07/12/2020 ■	$	5,190
		Colombia - 0.1%
		Colombia (Republic of)
	2,783	4.38%, 07/12/2021		2,992
		El Salvador - 0.0%
		El Salvador (Republic of)
	2,465	7.65%, 06/15/2035 §		2,514
		Norway - 0.5%
		Norway (Kingdom of)
	NOK            113,355	3.75%, 05/25/2021		21,015
		Qatar - 0.2%
		Qatar (State of)
	3,800	3.13%, 01/20/2017 ■		3,833
	3,600	4.50%, 01/20/2022 ■		3,708
				7,541
		Total foreign government obligations
		(cost $40,019)	$	39,252
MUNICIPAL BONDS - 1.4%
		Higher Education (Univ., Dorms, etc.) - 0.3%
		Curators University, MO, System Fac Rev
$	2,270	5.79%, 11/01/2041	$	2,923
		New York State Dormitory Auth Rev Non State
	9,030	5.00%, 10/01/2041		10,083
				13,006
		Miscellaneous - 0.3%
		Colorado Bridge Enterprise Rev Build America Bond
	4,000	6.08%, 12/01/2040		4,985
		Oregon School Boards Association, Taxable Pension
	7,325	4.76%, 06/30/2028		7,937
				12,922
		Tax Allocation - 0.4%
		California Urban IDA Taxable
	275	6.10%, 05/01/2024		257

The accompanying notes are an integral part of these financial statements. 

13

Hartford Total Return Bond HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
MUNICIPAL BONDS - 1.4% - (continued)
		Tax Allocation - 0.4% - (continued)
		Massachusetts School Building Auth
$	8,320	5.00%, 10/15/2041	$	9,022
		Regional Transportation Dist
	5,225	5.84%, 11/01/2050		6,671
				15,950
		Utilities - Electric - 0.2%
		Georgia Municipal Elec Auth
	10,565	6.64%, 04/01/2057		10,982
		Utilities - Water and Sewer - 0.2%
		San Francisco City & County Public Utilities Commission
	8,520	6.00%, 11/01/2040		9,936
		Total municipal bonds
		(cost $56,283)	$	62,796
SENIOR FLOATING RATE INTERESTS ♦ - 0.7%
		Air Transportation - 0.0%
		Macquarie Aircraft Leasing Finance S.A., Second Lien Term Loan
$	1,758	4.3%, 11/29/2013 ±⌂	$	1,652
		Finance and Insurance - 0.3%
		Asurion Corp., Second Lien Term Loan
	1,176	9.00%, 05/24/2019 ±		1,156
		BNY Convergex Group LLC, 2nd Lien Eze Borrower Term Loan Committment
	217	8.75%, 12/17/2017 ±		207
		BNY Convergex Group LLC, 2nd Lien Top Borrower Term Loan Committment
	518	8.75%, 12/17/2017 ±		492
		Chrysler Group LLC
	7,922	6.00%, 05/24/2017 ±		7,480
		Nuveen Investments, Inc., Second Lien Term Loan
	2,645	12.50%, 07/31/2015 ±		2,730
				12,065
		Information - 0.1%
		WideOpenWest Finance LLC, Second Lien Term Loan
	5,623	6.54%, 06/29/2015 ±Þ		4,997
		Motor Vehicle and Parts Manufacturing - 0.2%
		General Motors Co.
	8,480	0.38%, 10/27/2015 ◊☼		7,373
		Retail Trade - 0.1%
		Easton-Bell Sports, Inc.
	4,906	11.50%, 12/31/2015 ±⌂Þ		4,759
		Total senior floating rate interests
		(cost $33,074)	$	30,846
U.S. GOVERNMENT AGENCIES - 38.8%
		Federal Home Loan Mortgage Corporation - 6.2%
$	47,415	3.50%, 01/15/2041 ☼	$	48,682
	25,217	4.00%, 08/01/2025		26,701
	33,701	4.99%, 08/25/2018 ►		3,543
	76,861	5.00%, 10/25/2020 ►		1,703
	23,794	5.50%, 08/25/2020 ►		2,052
	91,751	5.50%, 10/01/2018 - 08/01/2038		99,796
	36,536	5.56%, 07/25/2021 ►		4,124
	65,291	6.00%, 04/01/2017 - 05/01/2038		72,073
	7,884	6.50%, 07/01/2031 - 08/01/2038		8,839
	6	7.50%, 09/01/2029 - 11/01/2031		7
				267,520
		Federal National Mortgage Association - 17.6%
	76,351	3.50%, 11/01/2026 - 03/01/2041		79,163
	80,893	4.00%, 06/01/2025 - 10/01/2041		85,849
	185,247	4.50%, 09/01/2024 - 08/01/2040 ☼		197,319
	204,979	5.00%, 02/01/2018 - 04/25/2038		221,719
	143,237	5.50%, 12/01/2013 - 05/01/2039		156,554
	21,499	6.00%, 11/01/2012 - 02/01/2037		23,908
	55	6.50%, 11/01/2014 - 07/01/2032		60
	1,791	7.00%, 02/01/2016 - 10/01/2037		2,046
	560	7.50%, 11/01/2015 - 05/01/2032		646
	2	8.00%, 04/01/2032		2
				767,266
		Government National Mortgage Association - 15.0%
	77,727	4.00%, 08/20/2040 - 12/20/2040		83,316
	384,742	4.50%, 05/15/2040 - 10/20/2040		420,751
	113,096	5.00%, 06/15/2039 - 09/20/2040		125,397
	13,072	5.50%, 03/15/2033 - 10/20/2034		14,798
	8,579	6.50%, 06/15/2028 - 09/15/2032		9,946
	23	7.00%, 06/20/2030 - 08/15/2031		27
	4	8.50%, 11/15/2024		5
				654,240
		Total U.S. government agencies
		(cost $1,624,767)	$	1,689,026
U.S. GOVERNMENT SECURITIES - 13.6%
U.S. Treasury Securities - 13.6%
		U.S. Treasury Bonds - 6.1%
$	1,309	3.75%, 08/15/2041 ‡	$	1,540
	36,792	4.38%, 05/15/2041 ‡		47,939
	114,675	4.75%, 02/15/2041 ‡		158,037
	41,369	5.38%, 02/15/2031 ╦		58,964
				266,480
		U.S. Treasury Notes - 7.5%
	186,000	0.13%, 04/15/2016 ◄		198,904
	1,721	0.38%, 10/31/2012		1,724
	4,750	0.88%, 11/30/2016 Ø		4,764
	119,858	1.00%, 10/31/2016 ‡Θ		121,019
				326,411
				592,891
		Total U.S. government securities
		(cost $557,269)	$	592,891
	Contracts			Market Value ╪
CALL OPTIONS PURCHASED - 0.4%
Foreign Exchange Contracts - 0.4%
		CHF Call/USD Put
	114,700	Expiration: 08/10/2012	$	14,964

The accompanying notes are an integral part of these financial statements. 

14

	Contracts			Market Value ╪
CALL OPTIONS PURCHASED - 0.4% - (continued)
Foreign Exchange Contracts - 0.4% - (continued)
		USD Call/CHF Put
	137,700	Expiration: 02/15/2012	$	527
		USD Call/JPY Put
	9,900	Expiration: 10/19/2012 Ð		588
				16,079
		Total call options purchased
		(cost $5,008)	$	16,079
PUT OPTIONS PURCHASED - 0.1%
Foreign Exchange Contracts - 0.1%
		EUR Put/USD Call
	82,185	Expiration: 04/19/2012	$	5,611
Interest Rate Contracts - 0.0%
		90 Day EURO
	1	Expiration: 03/20/2012
		Exercise Rate: 0.99%		215
		Total put options purchased
		(cost $3,909)	$	5,826

Shares or Principal Amount ╬				Market Value ╪
PREFERRED STOCKS - 0.1%
		Automobiles & Components - 0.0%
	58	General Motors Co., 4.75% ۞	$	2,002
		Banks - 0.1%
	330	Federal Home Loan Mortgage Corp.		438
	2	US Bancorp		1,639
				2,077
		Total preferred stocks
		(cost $12,513)	$	4,079
		Total long-term investments
		(cost $4,245,538)	$	4,405,763
SHORT-TERM INVESTMENTS - 3.0%
Commercial Paper - 2.0%
		Beverage and Tobacco Product Manufacturing - 0.5%
		Coca Cola Co.
$	7,000	0.08%, 2/24/2012 ○	$	6,999
		Pepsico, Inc.
	14,000	0.05%, 2/10/2012 ○		13,999
				20,998
		Chemical Manufacturing - 0.3%
		Praxair, Inc.
	14,000	0.03%, 1/5/2012 ○		14,000
		Foreign Governments - 0.2%
		Ontario (Province of)
	10,000	0.03%, 1/23/2012 ○		10,000
		Health Care and Social Assistance - 0.7%
		Pfizer, Inc.
	14,000	0.04%, 1/12/2012 ■○		14,000
		Roche Holdings, Inc.
	14,000	0.06%, 2/13/2012 ○		13,994
				27,994
		Soap, Cleaning Compound, and Toilet Manufacturing - 0.3%
		Procter & Gamble Co.
	14,000	0.06%, 1/9/2012 ■○		13,999
				86,991
		Investment Pools and Funds - 0.0%
	1,390	JP Morgan U.S. Government Money Market Fund		1,390
Repurchase Agreements - 0.2%
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $682, collateralized by U.S. Treasury Note 1.38%, 2018, value of $695)
	682	0.01%, 12/30/2011		682
		RBC Capital Markets Corp. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $5,289, collateralized by U.S. Treasury Note 0.38% - 1.50%, 2013 - 2016, value of $5,395)
	5,289	0.01%, 12/30/2011		5,289
		RBS Greenwich Capital Markets TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $1,790, collateralized by U.S. Treasury Note 1.88% - 2.00%, 2015 - 2016, value of $1,826)
	1,790	0.02%, 12/30/2011		1,790
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $620, collateralized by U.S. Treasury Note 3.63%, 2021, value of $633)
	620	0.01%, 12/30/2011		620
				8,381
U.S. Treasury Bills - 0.8%
	33,427	0.01%, 2/2/2012 □○		33,427
		Total short-term investments
		(cost $130,194)	$	130,189

Total investments
(cost $4,375,732) ▲	104.2	%	$	4,535,952
Other assets and liabilities	(4.2	)%		(184,658	)
Total net assets	100.0	%	$	4,351,294

The accompanying notes are an integral part of these financial statements. 

15

Hartford Total Return Bond HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 10.3% of total net assets at December 31, 2011.

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $4,396,678 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	216,514
Unrealized Depreciation		(77,240	)
Net Unrealized Appreciation	$	139,274

†	These securities are valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At December 31, 2011, the aggregate value of these securities was $5,061, which represents 0.1% of total net assets.
●	Non-income producing.  For long-term debt securities, items identified are in default as to payment of interest and/or principal.
Ψ	The company is in bankruptcy.  The investment held by the fund is current with respect to interest payments.
Ω	Debt security in default due to bankruptcy.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at December 31, 2011.
○	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
►	Securities disclosed are interest-only strips.  The interest rates represent effective yields based upon estimated future cash flows at December 31, 2011.
◄	U.S. Treasury inflation-protected securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semiannual interest payments equal a fixed percentage of the inflation-adjusted principal amount.
±	The interest rate disclosed for these securities represents the average coupon as of December 31, 2011.
◊	The interest rate disclosed for these securities represents an estimated average coupon as of December 31, 2011.
♦	Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (LIBOR), (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At December 31, 2011, the aggregate value of these securities was $553,285, which represents 12.7% of total net assets.
§	These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At December 31, 2011, the aggregate value of these securities was $29,288, which represents 0.7% of total net assets.
∞	Securities exempt from registration under Regulation D of the Securities Act of 1933.  The Fund may only be able to resell these securities if they are subsequently registered or if an exemption from registration under the federal and state securities laws is available.  Unless otherwise indicated, these holdings are determined to be liquid.  At December 31, 2011, the aggregate value and percentage of net assets of these securities rounds to zero.

The accompanying notes are an integral part of these financial statements.

16

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.  

Period Acquired		Shares/ Par	Security		Cost Basis
04/2003	$	75	Americo Life, Inc., 7.88%, 05/01/2013 - 144A	$	74
10/2004 - 12/2004	$	70,075	Bear Stearns Commercial Mortgage Securities, Inc., 15.00%, 11/11/2041 - 07/11/2042		389
08/2007	$	23,770	Countrywide Home Loans, Inc., 6.00%, 10/25/2037		23,339
11/2010 - 11/2011	$	4,906	Easton-Bell Sports, Inc., 11.50%, 12/31/2015		4,860
03/2007	$	1,675	JP Morgan Automotive Receivable Trust, 12.85%, 03/15/2012		1,675
01/2011	$	1,758	Macquarie Aircraft Leasing Finance S.A., Second Lien Term Loan, 4.30%, 11/29/2013		1,615
11/2004	$	31,293	Merrill Lynch Mortgage Trust, 3.96%, 10/12/2041 - 144A		63
10/2005 - 08/2006	$	15,286	Morgan Stanley Dean Witter Capital I, 0.00%, 08/25/2032 - Reg D		320
04/2007	$	211	Nationstar Home Equity Loan Trust, 0.00%, 03/25/2037 - 144A		211
06/2009	$	2,089	Residential Funding Mortgage Securities, Inc., 6.00%, 07/25/2037		1,539
03/2008	$	8,925	Wells Fargo Alternative Loan Trust, 6.25%, 11/25/2037		7,248
At December 31, 2011, the aggregate value of these securities was $38,723, which represents 0.9% of total net assets

۞	Convertible security.
♠	Perpetual maturity security.  Maturity date shown is the first call date.
╬	All principal amounts are in U.S. dollars unless otherwise indicated.
	NOK ─ Norwegian Krone
☼	This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $205,905 at December 31, 2011.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
╦	This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  In addition, securities valued at $44,749, held on behalf of the Fund at the custody bank, were received from broker as collateral in connection with swap contracts.
□	This security, or a portion of this security, is pledged as initial margin deposit for open futures contracts held at December 31, 2011 as listed in the table below:

Description	Number of Contracts*		Position		Expiration Date		Market Value ╪		Notional Amount		Unrealized Appreciation/ (Depreciation)
2 Year U.S. Treasury Note		1,660		Long		03/30/2012	$	366,108	$	365,884	$	224
5 Year U.S. Treasury Note		1,435		Short		03/30/2012		176,875		176,003		(872	)
10 Year U.S. Treasury Note		356		Long		03/21/2012		46,680		46,419		261
30 Year U.S. Treasury Bond		377		Short		03/21/2012		54,594		54,280		(314	)
											$	(701	)

*       The number of contracts does not omit 000's.

Θ At December 31, 2011, this security, or a portion of this security, is designated to cover written call options in the table below:

Description (Counterparty)	Option Type		Exercise Price/ Rate		Expiration Date		Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
EUR Call/USD Put (Morgan Stanley)		Foreign Exchange		1.50 USD		04/19/2012		82,184,689	$	79	$	1,577	$	1,498
USD Call/CHF Put (Credit Suisse)		Foreign Exchange		0.82 USD		08/10/2012		114,700,000		14,964		10,339		(4,625	)
									$	15,043	$	11,916	$	(3,127	)

* The number of contracts does not omit 000's.

The accompanying notes are an integral part of these financial statements.

17

Hartford Total Return Bond HLS Fund

Schedule of Investments– (continued)

December 31, 2011

(000’s Omitted)

Ø This security, or a portion of this security, collateralized the written put options in the table below:

Description (Counterparty) †	Option Type		Exercise Price/ Rate			Expiration Date		Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
90 Day EURO		Interest Rate		99.00	%		03/20/2012		907	$	74	$	214	$	140
EUR Put/USD Call (Morgan Stanley)		Foreign Exchange		1.17 USD			04/19/2012		82,184,689		615		797		182
										$	689	$	1,011	$	322

†      Counterparty shown for instruments with direct counterparty exposure.

*      The number of contracts does not omit 000's.

Ð	This security has limitations.  If the U.S. Dollar to Japanese Yen exchange rate is less than or equal to 90.00 on expiration date, the counterparty will be required to pay the Fund the equivalent of par on the number of contracts traded.
Þ	This security may pay interest in additional principal instead of cash.

IDA     —      Industrial Development Authority Bond

Foreign Currency Contracts Outstanding at December 31, 2011

Description	Counterparty	Buy / Sell		Market Value ╪		Contract Amount	Delivery Date		Unrealized Appreciation/ (Depreciation)
Australian Dollar	Morgan Stanley	Buy	$	44,054	$	43,861	01/05/2012	$	193
Australian Dollar	Morgan Stanley	Sell		22,487		22,082	01/05/2012		(405	)
Australian Dollar	Morgan Stanley	Sell		43,972		43,789	01/19/2012		(183	)
Australian Dollar	Wells Fargo	Sell		21,567		21,137	01/05/2012		(430	)
Norwegian Krone	Wells Fargo	Sell		21,731		22,542	01/13/2012		811
								$	(14	)

The accompanying notes are an integral part of these financial statements.

18

Credit Default Swap Contracts Outstanding at December 31, 2011

Reference Entity	Counterparty	Notional Amount (a)		Buy/Sell Protection		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)		Expiration Date	Upfront Premiums Paid/ (Received)				Market Value ╪			Unrealized Appreciation/ (Depreciation)
Banco Santander S.A	Barclay Investment, Inc.	$	10,100		Buy		(1.00)% / 3.41%	03/20/15	$	511		$	718		$	207
Bank of America Corp.	Barclay Investment, Inc.		20,395		Buy		(1.00)% / 4.09%	09/20/16		2,235			2,505			270
Bank of America Corp.	Credit Suisse		7,735		Buy		(1.00)% / 4.09%	09/20/16		795			950			155
Capital One Financial Corp.	Barclay Investment, Inc.		11,500		Buy		(1.00)% / 1.40%	12/20/16		475			218			(257	)
CDX Emerging Markets Index	Barclay Investment, Inc.		42,000		Buy		(5.00)%	12/20/16		(3,738	)		(3,603	)		135
CDX North American High Yield Index	Barclay Investment, Inc.		41,454		Buy		(5.00)%	12/20/16		3,224			2,908			(316	)
CDX North American Investment Grade Index	Morgan Stanley		90,385		Buy		(1.00)%	12/20/16		1,488			848			(640	)
Citigroup, Inc.	Credit Suisse		5,515		Buy		(1.00)% / 2.78%	09/20/16		327			417			90
Enterprise Products Operating LLC	Credit Suisse		11,000		Sell		1.00% / 1.74%	12/20/16		(363	)		(377	)		(14	)
General Electric Capital Corp.	Barclay Investment, Inc.		23,000		Sell		1.00% / 2.46%	12/20/16		(2,368	)		(1,515	)		853
iTraxx Australia	UBS Securities LLC		19,070		Buy		(1.00)%	06/20/16		203			584			381
iTraxx Europe	Morgan Stanley		42,710		Buy		(1.00)%	12/20/16		1,718			1,416			(302	)
iTraxx Europe Tranche	Morgan Stanley		85,420		Buy		(1.00)%	06/20/16		792			2,577			1,785
JP Morgan Chase & Co.	Barclay Investment, Inc.		23,145		Buy		(1.00)% / 1.36%	09/20/16		457			377			(80	)
JP Morgan Chase & Co.	Credit Suisse		13,196		Buy		(1.00)% / 1.13%	03/20/15		37			52			15
Morgan Stanley	JP Morgan Securities		5,975		Buy		(1.00)% / 4.21%	09/20/16		554			758			204
Pacific Gas & Electric Co.	Credit Suisse		7,900		Sell		1.00% / 1.30%	09/20/16		(65	)		(108	)		(43	)
									$	6,282		$	8,725		$	2,443

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.  The percentage shown is the implied credit spread on December 31, 2011. For credit default swap agreements on indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

19

Hartford Total Return Bond HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:					��
Asset & Commercial Mortgage Backed Securities	$	286,384	$	–	$	262,284	$	24,100
Call Options Purchased		16,079		–		16,079		–
Corporate Bonds		1,678,584		–		1,666,171		12,413
Foreign Government Obligations		39,252		–		39,252		–
Municipal Bonds		62,796		–		62,796		–
Preferred Stocks		4,079		2,440		1,639		–
Put Options Purchased		5,826		215		5,611		–
Senior Floating Rate Interests		30,846		–		30,846		–
U.S. Government Agencies		1,689,026		–		1,689,026		–
U.S. Government Securities		592,891		203,668		389,223		–
Short-Term Investments		130,189		1,390		128,799		–
Total	$	4,535,952	$	207,713	$	4,291,726	$	36,513
Credit Default Swaps *		4,095		–		4,095		–
Foreign Currency Contracts *		1,004		–		1,004		–
Futures *		485		485		–		–
Written Options *		1,820		140		1,680		–
Total	$	7,404	$	625	$	6,779	$	–
Liabilities:
Credit Default Swaps *		1,652		–		1,652		–
Foreign Currency Contracts *		1,018		–		1,018		–
Futures *		1,186		1,186		–		–
Written Options *		4,625		–		4,625		–
Total	$	8,481	$	1,186	$	7,295	$	–

♦	For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of December 31, 2010		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization			Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of December 31, 2011
Assets:
Asset & Commercial Mortgage Backed Securities	$	32,960	$	7,927	$	(3,421	)†	$	357		$	9,417	$	(29,766	)	$	8,355	$	(1,729	)	$	24,100
Corporate Bonds		11,035		3		(9	)‡		(49	)		1,478		(45	)		—		—			12,413
Total	$	43,995	$	7,930	$	(3,430	)	$	308		$	10,895	$	(29,811	)	$	8,355	$	(1,729	)	$	36,513

*	Securities are transferred into and out of Level 3 for a variety of reasons including, but not limited to:     1) Securities where trading has been halted (transfer into Level 3) or securities where trading has resumed (transfer out of Level 3).     2) Broker quoted securities (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).     3) Securities that have certain restrictions on trading (transfer into Level 3) or securities where trading restrictions have expired (transfer out of Level 3).
†	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 was $4,895.
‡	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 was $(9).

The accompanying notes are an integral part of these financial statements.

20

Hartford Total Return Bond HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $4,375,732)	$	4,535,952
Cash		592
Foreign currency on deposit with custodian (cost $311)		299
Unrealized appreciation on foreign currency contracts		1,004
Unrealized appreciation on swap contracts		4,095
Receivables:
Investment securities sold		153,133
Fund shares sold		877
Dividends and interest		35,532
Variation margin		230
Swap premiums paid		12,816
Total assets		4,744,530
Liabilities:
Unrealized depreciation on foreign currency contracts		1,018
Unrealized depreciation on swap contracts		1,652
Payables:
Investment securities purchased		360,100
Fund shares redeemed		7,129
Variation margin		364
Investment management fees		438
Distribution fees		35
Accrued expenses		234
Swap premiums received		6,534
Written options (proceeds $12,927)		15,732
Total liabilities		393,236
Net assets	$	4,351,294
Summary of Net Assets:
Capital stock and paid-in-capital	$	4,188,439
Undistributed net investment income		172,212
Accumulated net realized loss		(167,402	)
Unrealized appreciation of investments and the translations of assets and liabilities denominated in foreign currency		158,045
Net assets	$	4,351,294
Shares authorized		5,000,000
Par value	$	0.001
Class IA: Net asset value per share	$	11.63
Shares outstanding		319,663
Net assets	$	3,718,609
Class IB: Net asset value per share	$	11.55
Shares outstanding		54,783
Net assets	$	632,685

The accompanying notes are an integral part of these financial statements.

21

Hartford Total Return Bond HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	339
Interest		189,016
Total investment income, net		189,355
Expenses:
Investment management fees		21,110
Transfer agent fees		5
Distribution fees - Class IB		1,686
Custodian fees		17
Accounting services fees		827
Board of Directors' fees		105
Audit fees		34
Other expenses		632
Total expenses (before fees paid indirectly)		24,416
Custodian fee offset		—
Total fees paid indirectly		—
Total expenses, net		24,416
Net investment income		164,939
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments		114,117
Net realized loss on futures		(8,183	)
Net realized gain on written options		5,858
Net realized gain on swap contracts		12,683
Net realized loss on foreign currency contracts		(11,419	)
Net realized gain on other foreign currency transactions		1,186
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		114,242
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		30,988
Net unrealized depreciation of futures		(2,708	)
Net unrealized depreciation of written options		(2,777	)
Net unrealized appreciation of swap contracts		2,443
Net unrealized appreciation of foreign currency contracts		1,385
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(58	)
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		29,273
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		143,515
Net Increase in Net Assets Resulting from Operations	$	308,454

The accompanying notes are an integral part of these financial statements.

22

Hartford Total Return Bond HLS Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	164,939		$	187,476
Net realized gain on investments, other financial instruments and foreign currency transactions		114,242			111,753
Net unrealized appreciation of investments, other financial instruments and foreign currency transactions		29,273			48,815
Net Increase In Net Assets Resulting From Operations		308,454			348,044
Distributions to Shareholders:
From net investment income
Class IA		(8,287	)		(169,465	)
Class IB		(1,420	)		(29,035	)
Total distributions		(9,707	)		(198,500	)
Capital Share Transactions:
Class IA
Sold		425,018			638,697
Issued on reinvestment of distributions		8,287			169,465
Redeemed		(997,652	)		(808,117	)
Total capital share transactions		(564,347	)		45
Class IB
Sold		103,223			122,194
Issued on reinvestment of distributions		1,420			29,035
Redeemed		(236,649	)		(244,416	)
Total capital share transactions		(132,006	)		(93,187	)
Net decrease from capital share transactions		(696,353	)		(93,142	)
Net Increase (Decrease) In Net Assets		(397,606	)		56,402
Net Assets:
Beginning of period		4,748,900			4,692,498
End of period	$	4,351,294		$	4,748,900
Undistributed (distribution in excess of)
net investment income	$	172,212		$	9,703
Shares:
Class IA
Sold		38,022			57,674
Issued on reinvestment of distributions		727			15,563
Redeemed		(88,636	)		(72,705	)
Total share activity		(49,887	)		532
Class IB
Sold		9,236			11,115
Issued on reinvestment of distributions		125			2,678
Redeemed		(21,185	)		(22,189	)
Total share activity		(11,824	)		(8,396	)

The accompanying notes are an integral part of these financial statements.

23

Hartford Total Return Bond HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

Hartford Total Return Bond HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the

24

Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV.

Fixed income securities (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income securities when the Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market

25

Hartford Total Return Bond HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid.

26

Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling

27

Hartford Total Return Bond HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of December 31, 2011.

c) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed delivery securities as of December 31, 2011.

In connection with the Fund’s ability to purchase securities on a when-issued or forward commitment basis, the Fund may enter into to-be announced (“TBA”) commitments. TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed-upon future settlement date. The specific securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate and mortgage terms. The Fund generally enters into TBA commitments with intent to take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

The Fund may enter into “dollar rolls” in which the Fund sells securities and contracts with the same counterparty to repurchase substantially similar securities (for example, same issuer, coupon and maturity) on a specified future date at an agreed upon price. The Fund gives up the right to receive interest paid on the securities sold. The Fund would benefit to the extent of any differences between the price received for the securities and the lower forward price for the future purchase. Dollar rolls involve the risk that the market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions are excluded from the Fund’s portfolio turnover rate. The Fund had open dollar roll transactions as of December 31, 2011, in the amount of $154,195 included within investment securities purchased on the Statement of Assets and Liabilities and $(1,062) included within the net unrealized appreciation of investments within the Statement of Operations.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income,

28

which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive the principal amount until maturity.

f) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the Schedule of Investments, had mortgage related and other asset backed securities as of December 31, 2011.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the Schedule of Investments as of December 31, 2011.

29

Hartford Total Return Bond HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the securities markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, this risk is reduced through the use of an FCM. The Fund, as shown on the Schedule of Investments, had outstanding futures contracts as of December 31, 2011.

c) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying securities or currency or an option to purchase the same underlying securities or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid securities having a value equal to or greater than the fluctuating market value of the option security or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund, as shown on the Schedule of Investments, had outstanding purchased options contracts as of December 31, 2011. Transactions involving written options contracts during the year ended December 31, 2011, are summarized below:

30

	Options Contract Activity During the Year Ended December 31, 2011
Call Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year	—			$—
Written		688,832,849			22,088
Expired		(362,393,622	)		(5,004	)
Closed		(129,554,538	)		(5,168	)
Exercised		—			—
End of year		196,884,689		$	11,916
Put Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year		4,409,819		$	418
Written		1,547,057,587			24,082
Expired		(854,288,784	)		(6,593	)
Closed		(614,993,026	)		(16,896	)
Exercised		—			—
End of year		82,185,596		$	1,011

* The number of contracts does not omit 000's.

d) Swap Agreements – The Fund may invest in swap agreements. Swap agreements are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund enters into credit default, total return, cross-currency, interest rate, inflation and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap agreements are also used to gain exposure to certain markets. In connection with these agreements, securities or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments and some upfront payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Agreements – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security or index in the event of a credit event, such as payment default or bankruptcy.

31

Hartford Total Return Bond HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract. The Fund will generally not buy protection on issuers that are not currently held by the Fund.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign issues of an emerging country or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of December 31, 2011.

Interest Rate Swap Agreements – The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) or index (e.g., U.S. Consumer Price Index), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap contracts is accrued daily as interest income/expense. Interest rate swaps are marked to market daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When the interest rate swap agreement is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

If an interest rate swap contract provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayments rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the agreement’s remaining life, to the extent that the amount is positive. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) or by posting collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. As of December 31, 2011, the Fund did not hold any interest rate swap agreements.

Total Return Swap Agreements – The Fund may invest in total return swap agreements. An investment in a total return swap allows the Fund to gain or mitigate exposure to underlying referenced securities. Total return swap agreements on commodities involve commitments where cash flows are exchanged based on the price of a commodity and based on a

32

fixed or variable rate. One party would receive payments based on the price appreciation or depreciation of a commodity index, a portion of the index, or a single commodity in exchange for paying to or receiving from the counterparty seller an agreed-upon rate. A variable rate may be correlated to a base rate, such as the LIBOR, and is adjusted each period. Therefore, if interest rates increase over the term of the swap agreement, the party paying the rate may be required to pay a higher rate at each swap reset date.

Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One party pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. As of December 31, 2011, the Fund did not hold any total return swap agreements.

e) Additional Derivative Instrument Information:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Investments in securities, at value (purchased options), market value	$	215	$	21,690	$	—	$	—	$	—	$	—	$	21,905
Unrealized appreciation on foreign currency contracts		—		1,004		—		—		—		—		1,004
Unrealized appreciation on swap contracts		—		—		4,095		—		—		—		4,095
Variation margin receivable *		230		—		—		—		—		—		230
Total	$	445	$	22,694	$	4,095	$	—	$	—	$	—	$	27,234
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	1,018	$	—	$	—	$	—	$	—	$	1,018
Unrealized depreciation on swap contracts		—		—		1,652		—		—		—		1,652
Variation margin payable *		364		—		—		—		—		—		364
Written options, market value		74		15,658		—		—		—		—		15,732
Total	$	438	$	16,676	$	1,652	$	—	$	—	$	—	$	18,766
														True

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $(701) as reported in the Schedule of Investments

The ratio of foreign currency contracts to net assets at December 31, 2011, was 3.37% compared to the twelve-month average ratio of 10.04% during the year ended December 31, 2011. The volume of other derivatives that are presented in the Schedule of Investments is consistent with the derivative activity during the year ended December 31, 2011.

33

Hartford Total Return Bond HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on investments in purchased options	$	(7,525	)	$	(2,385	)	$	(8,056	)	$	—	$	—	$	—	$	(17,966	)
Net realized loss on futures		(8,183	)		—			—			—		—		—		(8,183	)
Net realized gain (loss) on written options		3,592			(7,310	)		9,576			—		—		—		5,858
Net realized gain on swap contracts		798			214			11,671			—		—		—		12,683
Net realized loss on foreign currency contracts		—			(11,419	)		—			—		—		—		(11,419	)
Total	$	(11,318	)	$	(20,900	)	$	13,191		$	—	$	—	$	—	$	(19,027	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of investments in purchased options	$	—		$	13,361		$	—		$	—	$	—	$	—	$	13,361
Net change in unrealized depreciation of futures		(2,708	)		—			—			—		—		—		(2,708	)
Net change in unrealized appreciation (depreciation) of written options		139			(2,916	)		—			—		—		—		(2,777	)
Net change in unrealized appreciation of swap contracts		—			—			2,443			—		—		—		2,443
Net change in unrealized appreciation of foreign currency contracts		—			1,385			—			—		—		—		1,385
Total	$	(2,569	)	$	11,830		$	2,443		$	—	$	—	$	—	$	11,704

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments in derivatives and other financial instruments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention

34

(or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
Ordinary Income	$	9,707	$	198,500

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	172,216
Accumulated Capital and Other Losses*		(149,977	)
Unrealized Appreciation†		140,619
Total Accumulated Earnings	$	162,858

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

35

Hartford Total Return Bond HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	7,277
Accumulated Net Realized Gain (Loss)		(7,277	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	149,977
Total	$	149,977
As of December 31, 2011, the Fund utilized $113,185 of prior year capital loss carryforwards

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective

36

and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million	0.5250%
On next $250 million	0.5000%
On next $500 million	0.4750%
On next $4 billion	0.4500%
On next $5 billion	0.4300%
Over $10 billion	0.4200%

Effective March 1, 2012, HL Advisors will be paid compensation for investment management services according to the following schedule:

Average Daily Net Assets	Annual Fee
On first $250 million	0.5250%
On next $250 million	0.5000%
On next $500 million	0.4750%
On next $1.5 billion	0.4500%
On next $2.5 billion	0.4450%
On next $5 billion	0.4300%
Over $10 billion	0.4200%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion	0.018%
On next $5 billion	0.016%
Over $10 billion	0.014%

Effective January 1, 2012, the accounting services fees based on the Fund’s average daily net assets were increased. The new accounting services fees schedule is as follows:

Average Daily Net Assets	Annual Fee
On first $5 billion	0.020%
On next $5 billion	0.018%
Over $10 billion	0.016%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

37

Hartford Total Return Bond HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

d) Fees Paid Indirectly – The Fund’s custodian bank has agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended December 31, 2011
Class IA		0.49	%
Class IB		0.74

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $6. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO was compensated on a per account basis for providing such services. The amount paid to HASCO can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	3,418,449
Sales Proceeds Excluding U.S. Government Obligations		3,295,935
Cost of Purchases for U.S. Government Obligations		2,414,286
Sales Proceeds for U.S. Government Obligations		2,854,798

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment

38

fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

10. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

On November 21, 2011, the Board of Directors of the Company approved a change of sub-adviser for the Fund, a series of the Company, from Hartford Investment Management to Wellington Management. As part of this approval the Company’s Board of Directors approved a new sub-advisory agreement between HL Advisors and Wellington Management. The change in the Fund’s sub-adviser and implementation of the new sub-advisory agreement are expected to occur during the first quarter of 2012.

39

Hartford Total Return Bond HLS Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Year Ended December 31, 2011
IA	$	10.90	$	0.44	$	–	$	0.31		$	0.75		$	(0.02	)		–	$	–	$	(0.02	)	$	0.73		$	11.63
IB		10.84		0.42		–		0.31			0.73			(0.02	)		–		–		(0.02	)		0.71			11.55
For the Year Ended December 31, 2010
IA		10.58		0.45		–		0.34			0.79			(0.47	)		–		–		(0.47	)		0.32			10.90
IB		10.53		0.44		–		0.31			0.75			(0.44	)		–		–		(0.44	)		0.31			10.84
For the Year Ended December 31, 2009
IA		9.54		0.46		–		0.98			1.44			(0.40	)		–		–		(0.40	)		1.04			10.58
IB		9.50		0.46		–		0.95			1.41			(0.38	)		–		–		(0.38	)		1.03			10.53
For the Year Ended December 31, 2008
IA		11.15		0.62		–		(1.49	)		(0.87	)		(0.74	)		–		–		(0.74	)		(1.61	)		9.54
IB		11.09		0.67		–		(1.55	)		(0.88	)		(0.71	)		–		–		(0.71	)		(1.59	)		9.50
For the Year Ended December 31, 2007(E)
IA		11.24		0.60		–		(0.08	)		0.52			(0.61	)		–		–		(0.61	)		(0.09	)		11.15
IB		11.19		0.57		–		(0.09	)		0.48			(0.58	)		–		–		(0.58	)		(0.10	)		11.09

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees would lower the Fund's performance.

(C) Ratios do not reflect reductions for fees paid indirectly. Please see Fees Paid Indirectly in the Notes to Financial Statements.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using the average shares method.

40

- l;- Ratios and Supplemental Data -

Total Return(B)	Net Assets at End of Period		Ratio of Expenses to Average Net Assets Before Waivers(C)			Ratio of Expenses to Average Net Assets After Waivers(C)			Ratio of Net Investment Income (Loss) to Average Net Assets		��	Portfolio Turnover Rate(D)
6.99%	$	3,718,609		0.49	%		0.49	%		3.60	%		107	%
6.72		632,685		0.74			0.74			3.35			–
7.51		4,026,583		0.50			0.50			3.90			188
7.25		722,317		0.75			0.75			3.65			–
15.01		3,902,957		0.51			0.51			4.67			215
14.72		789,541		0.76			0.76			4.42			–
(7.62)		3,167,919		0.49			0.49			5.54			173
(7.85)		740,580		0.74			0.74			5.27			–
4.67		3,458,709		0.49			0.49			5.27			223
4.41		1,036,331		0.74			0.74			5.01			–

41

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Total Return Bond HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian, agent banks and brokers or by other appropriate auditing procedures where replies from agent banks and brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Total Return Bond HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
February 13, 2012

42

Hartford Total Return Bond HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

43

Hartford Total Return Bond HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

44

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

45

Hartford Total Return Bond HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return			Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Beginning Account Value June 30, 2011	Ending Account Value December 31, 2011	Expenses paid during the period June 30, 2011 through December 31, 2011	Annualized expense ratio	Days in the current 1/2 year	Days in the full year
Class IA	$1,000.00	$1,041.19	$2.52	$1,000.00	$1,022.74	$2.50	0.49%	184	365
Class IB	$1,000.00	$1,039.89	$3.80	$1,000.00	$1,021.48	$3.77	0.74%	184	365

46

Hartford Total Return Bond HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Total Return Bond HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Hartford Investment Management Company (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

47

Hartford Total Return Bond HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board considered the recent changes to the Fund’s portfolio management team.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HL Advisors were considered in the aggregate.

48

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on

49

Hartford Total Return Bond HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

50

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), initially approve, and annually review and consider the continuation of, the mutual fund’s investment sub-advisory agreement(s). At its meeting held on November 21, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve an investment sub-advisory agreement for Hartford Total Return Bond HLS Fund (the “Fund”) between HL Investment Advisors, LLC (“HL Advisors”), the Fund’s investment manager, and Wellington Management Company, LLP (“Wellington Management”) (the “Agreement”). The Agreement is expected to go into effect in the first quarter of 2012.

Prior to approving the Agreement, the Board requested, received, and reviewed written responses from HL Advisors and Wellington Management to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses (the “Adviser Materials”). In addition, the Board received an in-person presentation from Fund officers and representatives of HL Advisors about the proposal to replace Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s current sub-adviser, with Wellington Management. The Board’s Investment Committee also met in person with members of the proposed portfolio management team for the Fund regarding the capabilities of Wellington Management and the associated benefits to the Fund and its shareholders. In addition, the Board had previously received information with respect to Wellington Management in connection with Wellington Management’s re-approval on August 2-3, 2011 as the sub-adviser to certain other Hartford-sponsored funds.

In determining to approve the Agreement for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board with respect to the approval of the Agreement. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreement is provided below.

Nature, Extent, And Quality Of Services to be Provided by Wellington Management

The Board requested and considered information concerning the nature, extent, and quality of the services to be provided to the Fund by Wellington Management. The Board considered, among other things, the terms of the Agreement, the range of services to be provided, and Wellington Management’s organizational structure, systems and personnel. The Board also considered Wellington Management’s reputation and overall financial strength, and the Board’s past experience with Wellington Management as sub-adviser for other Hartford-sponsored funds. The Board considered the terms of the “preferred partnership” arrangement pursuant to which Wellington Management would serve as the preferred sub-adviser to the Hartford-sponsored funds, including the benefits of the arrangement for the Fund and other Hartford-sponsored funds.

With respect to Wellington Management’s fixed income capabilities, the Board considered that HL Advisors believes that Wellington Management is a high quality fixed income manager with greater depth and breadth relative to Hartford Investment Management and other peer advisory firms and that Wellington Management has strong investment capabilities with expertise across various investment disciplines. The Board also considered Wellington Management’s global fixed income capabilities, including the number and geographic locations of Wellington Management’s investment personnel. The Board noted that during the past ten years, Wellington Management had been committed to supporting the growth of its fixed income teams by allocating additional resources, personnel and technology to these teams, and also noted that Wellington Management is focused entirely on third-party asset management and has experience managing assets for a diverse set of clients, including fixed income mutual funds, with different objectives and guidelines. In addition, the Board considered Wellington Management’s risk management systems, noting that they are embedded within the firm’s fixed income process.

With respect to the day-to-day portfolio management services to be provided by Wellington Management, the Board considered the Investment Committee’s meeting with members of the proposed portfolio management team, and Wellington Management’s investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board also considered the experience of the proposed portfolio management team. The Board considered that HL Advisors and Wellington Management proposed certain changes to the Fund’s principal investment strategy in connection with the sub-adviser change.

51

Hartford Total Return Bond HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board also considered information previously provided by HL Advisors and Wellington Management regarding Wellington Management’s compliance policies and procedures and compliance history, and received a representation from HL Advisors that the written compliance policies and procedures of Wellington Management are reasonably designed to prevent violations of the federal securities laws.

In considering this information, the Board evaluated not only the information presented to the Board and the Investment Committee in connection with its consideration of the Agreement, but also the Board’s experience through past interactions with Wellington Management. Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by Wellington Management.

Performance of Wellington Management

The Board considered the investment performance of Wellington Management, including the performance of Wellington Management’s composite for accounts with substantially similar investment objectives, policies and principal investment strategies to one or more components of the Fund’s principal investment strategy. The Board noted that the performance of the relevant Wellington Management composite was favorable when compared to the Fund’s performance under Hartford Investment Management and to the Fund’s benchmark. HL Advisors and Wellington Management also provided additional information about the broad range of the portfolio management team’s investment experience and their investment philosophy and process.

Based on these considerations, the Board concluded that it was satisfied that Wellington Management has the capability of providing satisfactory investment performance for the Fund.

Costs of the Services and Profitability of HL Advisors and Wellington Management

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and the estimated profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund both under the sub-advisory arrangement with Hartford Investment Management and assuming implementation of the Agreement with Wellington Management. The Board also requested and received information relating to the operations and profitability of Wellington Management.

Based on these considerations, the Board concluded that the profits anticipated to be realized by HL Advisors, Wellington Management and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services

With respect to the sub-advisory fee schedule to be paid to Wellington Management by HL Advisors in respect of the Fund, the Board considered comparative fee information with respect to the sub-advisory fees to be paid by HL Advisors to Wellington Management. The Board also considered information provided by Wellington Management to the Investment Committee of the Board about the quality of services to be performed for the Fund and Wellington Management’s investment philosophy. In addition, the Board considered HL Advisors’ representation that it had negotiated Wellington Management’s fees at arm’s length.

The Board considered that, in connection with the sub-adviser change, HL Advisors was proposing to add an additional breakpoint to the Fund’s contractual management fee schedule with HL Advisors that would result in a management fee reduction at certain asset levels. The Board noted that HL Advisors, not the Fund, would pay the sub-advisory fees to Wellington Management.

Based on these considerations, the Board concluded that the Fund’s proposed sub-advisory fees, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services to be provided.

52

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Fund grows and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board noted HL Advisors’ proposal to add an additional breakpoint to the Fund’s management fee schedule in connection with the sub-adviser change, thereby reducing fee rates above certain asset levels.

The Board reviewed relevant information included in the Adviser Materials regarding comparative breakpoint information for other funds in the Fund’s Lipper peer group. Based on these considerations, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would review future growth in Fund assets and the appropriateness of the breakpoints as part of its future annual review of the Agreement and the investment management agreement between the Fund and HL Advisors.

Other Benefits

The Board considered other benefits to Wellington Management and its affiliates from their relationships with the Fund. The Board also considered the benefits, if any, to Wellington Management from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and Wellington Management that Wellington Management would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreement. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

53

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-TRB11 2-12     109078     Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing in Hartford HLS Funds.

This has been a tumultuous year. In the beginning of 2011, we witnessed tension-fueled political uprisings in the already-volatile Middle East and North Africa region. We also watched as Japan dealt with a series of crises including a massive earthquake and subsequent tsunami. Yet, U.S. economic conditions continued to improve, with gains in consumer confidence and retail sales. During the first half of 2011, domestic, international, and world indices (as measured by the S&P 500, MSCI EAFE and MSCI World) were all up more than 5% through June, 30 2011.

The economic recovery, however, lost momentum in the second half of 2011. The employment and housing markets both remain extremely challenged. Investors continue to be concerned about the implications of the European sovereign debt crisis, as well as our own high levels of domestic debt. Fears that the European sovereign debt crisis could continue to drag down the global economy have weighed heavily on stocks.

Ongoing apprehension regarding the U.S. debt ceiling during the summer and the resulting downgrade of the U.S. sovereign credit rating by Standard & Poor’s also contributed to weaker investor confidence.

There are, however, some reasons to remain confident. Corporations have record levels of cash on their balance sheets—corporate cash has doubled in the past 10 years. In addition, U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter according to the Commerce Department, as consumers and businesses set aside fears about the recovery and stepped up spending. Corporate earnings have also remained positive, with a majority of companies beating expectations each quarter this year. This momentum will hopefully continue into next year.

As we head into 2012, in light of the continued market volatility, now would be a good time to schedule a meeting with your financial advisor to examine your current investment strategy and determine whether you are on the right track.

• Does your fixed-income portfolio complement your equity portfolio?

• Are you receiving diversified sources of income?

• Is your portfolio still in line with your risk tolerance and investment time horizon?

Talk to your advisor to see what changes you should make to address these concerns and opportunities.

Thank you again for investing with Hartford HLS Funds.

James Davey
President
Hartford HLS Funds

Hartford Value HLS Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at December 31, 2011	5
Investment Valuation Hierarchy Level Summary at December 31, 2011	8
Statement of Assets and Liabilities at December 31, 2011	9
Statement of Operations for the Year Ended December 31, 2011	10
Statement of Changes in Net Assets for the Years Ended December 31, 2011, and December 31, 2010	11
Notes to Financial Statements	12
Financial Highlights	22
Report of Independent Registered Public Accounting Firm	24
Directors and Officers (Unaudited)	25
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	27
Quarterly Portfolio Holdings Information (Unaudited)	27
Expense Example (Unaudited)	28
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	29

This report is prepared for the general information of contract owners and qualified retirement plan participants. It is not an offer of contracts or of qualified retirement plans. It should not be used in connection with any offer, except in conjunction with the appropriate product prospectus which contains all pertinent information including the applicable sales, administrative and other charges.

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

Hartford Value HLS Fund inception 04/30/2001
(sub-advised by Wellington Management Company, LLP)                                              

Investment objective – Seeks long-term total return.

 

The chart above shows the growth of a $10,000 investment in Class IA. Growth results in classes other than Class IA will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 12/31/11)

	1 Year	5 Year	10 Year
Value IA	-1.96%	0.10%	3.85%
Value IB	-2.20%	-0.15%	3.59%
Russell 1000 Value Index	0.39%	-2.64%	3.89%

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Total returns presented above were calculated using the Fund's net asset value available to shareholders for sale or redemption of Fund shares on December 31, 2011, which may exclude investment transactions as of this date.

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. (The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies, based on total market capitalizations.)

You cannot invest directly in an index.

The chart represents a hypothetical investment in the Fund. Performance data represents past performance and current performance could be higher or lower.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

The value of the Fund will fluctuate so that when redeemed, it may be worth more or less than the original investment. The chart and table do not reflect the deductions of taxes, sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level. Any such additional sales charges or other fees or expenses would lower the contract’s or plan’s performance.

2

Hartford Value HLS Fund

Manager Discussion (Unaudited)

December 31, 2011

Portfolio Managers
Karen H. Grimes, CFA	W. Michael Reckmeyer, III, CFA	Ian R. Link, CFA
Senior Vice President	Senior Vice President	Director

How did the Fund perform?

The Class IA shares of the Hartford Value HLS Fund returned -1.96% for the twelve-month period ended December 31, 2011, underperforming its benchmark, the Russell 1000 Value Index, which returned 0.39% for the same period. The Fund also underperformed the -1.85% return of the average fund in the Lipper Large Cap Value VP-UF Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Equities ended the year on a strong note in the fourth quarter, resulting in modest positive returns for broad equity benchmarks for the full year. Calendar year 2011, however, was yet another volatile period for equity markets. After a good start in the first quarter, the middle two quarters were marked by material increases in both equity volatility and correlations among stocks, as investors shed risk and fled to safety during the period. In the final quarter, equity markets started to recover losses from earlier in the year, as investors’ outlook improved due to improving corporate and economic signs globally.

While accommodative economic policies supported equity markets at the start of 2011, this incremental optimism reversed course as concerns over the health of the global economy resurfaced, resulting in a rapid decline in equity markets. Fears about sovereign debt and insolvency in the eurozone, slowing economic expansion in China, and uncertainty over the sustainability of corporate earnings growth combined to produce an extremely volatile and negative stock market during much of the year. Markets ended the year on a positive note in the final quarter led by encouraging employment and manufacturing data in the U.S., and generally better-than-expected economic data.

In this environment, mid-cap (-2%) and small-cap stocks (-4%) underperformed their larger-cap (+2%) counterparts as represented by the S&P MidCap 400, Russell 2000, and S&P 500 indices, respectively. During the twelve-month period seven out of ten sectors rose within the Russell 1000 Value Index, led by Utilities (+19%), Health Care (+17%), and Consumer Staples (+14%). Financials (-17%) and Materials (-7%) lagged relative to other sectors.

The Fund’s underperformance versus its benchmark was due to weak stock selection and sector allocation. Stock selection was particularly weak in Health Care, Industrials, and Materials, offsetting strong stock selection in Financials and Energy. The Fund’s underweight (i.e. the Fund’s sector position was less than the benchmark position) to Utilities and overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Materials also detracted from relative results. An underweight to Financials was additive.

Ingersoll-Rand (Industrials), Mosaic (Materials), and Cisco Systems (Information Technology) detracted most from benchmark-relative returns. Shares of industrial machinery, climate control, and security system provider Ingersoll-Rand declined as the residential segment was weak on higher copper prices and softening HVAC demand. Phosphate and potash fertilizer producer Mosaic saw its shares decline in response to the sharp sell-off in grain prices amid fears of a global recession. Shares of Cisco Systems, a leading supplier of networking equipment, were pressured by a sharp decline in gross margins, elevated competition, and weakness in the public sector segment. Top absolute (i.e. total return) performance detractors for the period also included Financials holdings Bank of America, Goldman Sachs, and JPMorgan.

Among the top contributors to benchmark-relative returns were Citigroup (Financials), Philip Morris International (Consumer Staples), and Buck Holdings-Dollar General (Consumer Discretionary). Not holding Citigroup contributed positively to relative performance. The company’s shares fell during the period as weakness continued in the securities/banking sector and the company reduced estimates on higher expenses. Philip Morris International, the largest tobacco company in the world, saw its shares outperform after the company reported better-than-expected quarterly earnings with strong results across all divisions. Buck Holdings-Dollar General, the discount retailer, continued to post solid performance in a trade-down economy. Top absolute contributors for the period also included Chevron (Energy) and Pfizer (Health Care).

What is the outlook?

Economic data in the United States improved in the fourth quarter. The U.S. unemployment rate fell to 8.6% in November, its lowest level since March 2009. Retail sales, housing, and consumer confidence data also trended positive  

3

Hartford Value HLS Fund

Manager Discussion (Unaudited) – (continued)

December 31, 2011

in recent months. While economic growth is likely to remain tepid in 2012, this is discounted in valuations, in our view. We believe the biggest risk to U.S. markets remains a cataclysmic liquidity event in Europe that severely impacts global economic growth and confidence. We view this as a low probability event. However, U.S. markets were focused on Europe during much of 2011 – we expect this will remain a point of emphasis into 2012.

As always, we remain focused on analyzing each stock in our portfolio, and those we are considering for purchase, relative to a range of economic scenarios. We expect a continued modest economic expansion in the U.S., underpinned by falling inflation and only modest fiscal restraint. We believe the likelihood of a European recession is increasing, but we believe the U.S. can withstand this and continue its slow recovery.

While the coming environment is likely to be challenging in Europe, we believe that we are well-positioned for continuing global economic volatility. In part this is because volatility has created opportunities to gain exposure to great companies at very attractive prices. We are focused on positioning the portfolio in these attractively valued companies with improving outlooks while reducing exposure to those that do not discount a slowdown and that are not positioned for such an environment. As always, getting the earnings right will be critical and, as bottom-up investors, we have focused our attention and resources on that task.

Based on bottom-up stock decisions (i.e. stock by stock fundamental research), we ended the period most overweight the Materials, Industrials, and Consumer Discretionary sectors relative to the Russell 1000 Value Index; our largest underweights were in Utilities, Telecommunication Services, and Financials.

Diversification by Industry
as of December 31, 2011
Industry (Sector)	Percentage of Net Assets
Automobiles & Components (Consumer Discretionary)		0.8	%
Banks (Financials)		7.2
Capital Goods (Industrials)		10.5
Consumer Durables & Apparel (Consumer Discretionary)		1.0
Diversified Financials (Financials)		7.6
Energy (Energy)		13.1
Food & Staples Retailing (Consumer Staples)		1.9
Food, Beverage & Tobacco (Consumer Staples)		6.3
Health Care Equipment & Services (Health Care)		4.9
Insurance (Financials)		8.2
Materials (Materials)		5.9
Media (Consumer Discretionary)		2.7
Pharmaceuticals, Biotechnology & Life Sciences (Health Care)		8.4
Retailing (Consumer Discretionary)		5.2
Semiconductors & Semiconductor Equipment (Information Technology)		5.4
Software & Services (Information Technology)		1.3
Technology Hardware & Equipment (Information Technology)		1.9
Telecommunication Services (Services)		3.1
Utilities (Utilities)		4.0
Short-Term Investments		0.5
Other Assets and Liabilities		0.1
Total		100.0	%

4

Hartford Value HLS Fund

Schedule of Investments

December 31, 2011

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.4%
		Automobiles & Components - 0.8%
	96	General Motors Co. ●	$	1,939
	269	Goodyear Tire & Rubber Co. ●		3,808
				5,747
		Banks - 7.2%
	256	PNC Financial Services Group, Inc.		14,750
	432	US Bancorp		11,695
	880	Wells Fargo & Co.		24,262
				50,707
		Capital Goods - 10.5%
	75	3M Co.		6,168
	99	Boeing Co.		7,298
	954	General Electric Co.		17,089
	150	Illinois Tool Works, Inc.		7,019
	248	Ingersoll-Rand plc		7,548
	147	PACCAR, Inc.		5,491
	171	Stanley Black & Decker, Inc.		11,549
	245	Tyco International Ltd.		11,427
				73,589
		Consumer Durables & Apparel - 1.0%
	260	Mattel, Inc.		7,231
		Diversified Financials - 7.6%
	154	Ameriprise Financial, Inc.		7,643
	685	Bank of America Corp.		3,809
	59	BlackRock, Inc.		10,486
	173	Credit Suisse Group ADR		4,057
	90	Goldman Sachs Group, Inc.		8,117
	588	JP Morgan Chase & Co.		19,537
	230	Solar Cayman Ltd. ⌂■●†		21
				53,670
		Energy - 13.1%
	66	Apache Corp.		5,977
	140	Baker Hughes, Inc.		6,812
	229	Chevron Corp.		24,351
	52	EOG Resources, Inc.		5,119
	132	Exxon Mobil Corp.		11,197
	205	Marathon Oil Corp.		5,997
	168	Noble Corp.		5,077
	167	Occidental Petroleum Corp.		15,677
	96	Royal Dutch Shell plc ADR		7,321
	141	Southwestern Energy Co. ●		4,492
				92,020
		Food & Staples Retailing - 1.9%
	256	CVS Caremark Corp.		10,431
	98	Sysco Corp.		2,869
				13,300
		Food, Beverage & Tobacco - 6.3%
	130	Anheuser-Busch InBev N.V.		7,956
	123	Archer Daniels Midland Co.		3,531
	158	General Mills, Inc.		6,392
	195	Kraft Foods, Inc.		7,298
	124	PepsiCo, Inc.		8,239
	143	Philip Morris International, Inc.		11,226
				44,642
		Health Care Equipment & Services - 4.9%
	125	Baxter International, Inc.		6,175
	181	Covidien plc •		8,148
	181	HCA Holdings, Inc. ●		3,986
	228	UnitedHealth Group, Inc.		11,579

81	Zimmer Holdings, Inc. ●	4,351
		34,239
	Insurance - 8.2%
229	ACE Ltd.	16,044
153	Chubb Corp.	10,573
383	Marsh & McLennan Cos., Inc.	12,096
207	Principal Financial Group, Inc.	5,097
108	Swiss Re Ltd.	5,489
394	Unum Group	8,309
		57,608
	Materials - 5.9%
37	CF Industries Holdings, Inc.	5,322
288	Dow Chemical Co.	8,292
145	E.I. DuPont de Nemours & Co.	6,619
129	Mosaic Co.	6,527
91	Nucor Corp.	3,616
568	Rexam plc	3,107
59	Rexam plc ADR	1,618
485	Steel Dynamics, Inc.	6,376
		41,477
	Media - 2.7%
141	CBS Corp. Class B	3,832
639	Comcast Corp. Class A	15,161
		18,993
	Pharmaceuticals, Biotechnology & Life Sciences - 8.4%
100	Abbott Laboratories	5,643
136	Amgen, Inc.	8,704
113	Johnson & Johnson	7,406
353	Merck & Co., Inc.	13,311
746	Pfizer, Inc.	16,140
191	Teva Pharmaceutical Industries Ltd. ADR	7,726
		58,930
	Retailing - 5.2%
3,040	Buck Holdings L.P. ⌂●†	6,804
213	Home Depot, Inc.	8,942
125	Kohl's Corp.	6,187
178	Lowe's Co., Inc.	4,515
124	Nordstrom, Inc.	6,180
261	Staples, Inc.	3,627
		36,255
	Semiconductors & Semiconductor Equipment - 5.4%
216	Analog Devices, Inc.	7,723
644	Intel Corp.	15,620
255	Maxim Integrated Products, Inc.	6,629
254	Xilinx, Inc.	8,150
		38,122
	Software & Services - 1.3%
354	Microsoft Corp.	9,197
	Technology Hardware & Equipment - 1.9%
499	Cisco Systems, Inc.	9,026
180	Hewlett-Packard Co.	4,628
		13,654
	Telecommunication Services - 3.1%
715	AT&T, Inc.	21,624
	Utilities - 4.0%
168	Edison International	6,935
98	Entergy Corp.	7,181

The accompanying notes are an integral part of these financial statements.

5

Hartford Value HLS Fund

Schedule of Investments – (continued)

December 31, 2011

(000’s Omitted)

Shares or Principal Amount				Market Value ╪
COMMON STOCKS - 99.4% - (continued)
		Utilities - 4.0% - (continued)
	61	NextEra Energy, Inc.	$	3,712
	204	Northeast Utilities		7,343
	91	PPL Corp.		2,684
				27,855
		Total common stocks
		(cost $644,471)	$	698,860
		Total long-term investments (cost $644,471)	$	698,860
	SHORT-TERM INVESTMENTS - 0.5%
	Repurchase Agreements - 0.5%
		Bank of America Merrill Lynch TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $1,262, collateralized by GNMA 4.50%, 2041, value of $1,288)
$	1,262	0.04%, 12/30/2011	$	1,262
		Barclays Capital TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $105, collateralized by U.S. Treasury Bond 5.38%, 2031, value of $107)
	105	0.01%, 12/30/2011		105
		Deutsche Bank Securities TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $1,400, collateralized by GNMA 3.50% - 7.00%, 2035 - 2046, value of $1,428)
	1,400	0.06%, 12/30/2011		1,400
		UBS Securities, Inc. Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $11, collateralized by U.S. Treasury Note 2.75%, 2016, value of $11)
	11	0.01%, 12/30/2011		11
		UBS Securities, Inc. TriParty Joint Repurchase Agreement (maturing on 01/03/2012 in the amount of $542, collateralized by FNMA 3.00% - 6.50%, 2021 - 2041,  value of $553)
	542	0.04%, 12/30/2011		542
				3,320
		Total short-term investments
		(cost $3,320)	$	3,320

Total investments
(cost $647,791) ▲	99.9	%	$	702,180
Other assets and liabilities	0.1	%		584
Total net assets	100.0	%	$	702,764

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets. Market value of long-term investments in foreign securities represents 5.3% of total net assets at December 31, 2011.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

The accompanying notes are an integral part of these financial statements.

6

▲ At December 31, 2011, the cost of securities for federal income tax purposes was $655,158 and the aggregate gross unrealized appreciation and depreciation based on that cost were: 

Unrealized Appreciation	100,411
Unrealized Depreciation	(53,389	)
Net Unrealized Appreciation	47,022

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At December 31, 2011, the aggregate value of these securities was $6,825, which represents 1.0% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.  

● Non-income producing.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At December 31, 2011, the aggregate value of these securities was $21, which rounds to zero percent of total net assets.  

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par	Security	Cost Basis
06/2007	3,040	Buck Holdings L.P.	$   1,800
03/2007	230	Solar Cayman Ltd.  - 144A	67

At December 31, 2011, the aggregate value of these securities was $6,825, which represents 1.0% of total net assets. 

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

7

Hartford Value HLS Fund

Investment Valuation Hierarchy Level Summary

December 31, 2011

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	698,860	$	683,439	$	8,596	$	6,825
Short-Term Investments		3,320		–		3,320		–
Total	$	702,180	$	683,439	$	11,916	$	6,825

♦	For the year ended December 31, 2011, there were no significant transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of December 31, 2010		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Balance as of December 31, 2011
Assets:
Common Stocks	$	6,920	$	1,671	$	542	*	$	—	$	—	$	(2,308	)	$	—	$	—	$	6,825
Total	$	6,920	$	1,671	$	542		$	—	$	—	$	(2,308	)	$	—	$	—	$	6,825

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at December 31, 2011 was $542.

The accompanying notes are an integral part of these financial statements.

8

Hartford Value HLS Fund

Statement of Assets and Liabilities

December 31, 2011

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $647,791)	$	702,180
Cash		1
Receivables:
Fund shares sold		81
Dividends and interest		1,294
Total assets		703,556
Liabilities:
Payables:
Fund shares redeemed		623
Investment management fees		113
Distribution fees		6
Accrued expenses		50
Total liabilities		792
Net assets	$	702,764
Summary of Net Assets:
Capital stock and paid-in-capital	$	824,947
Undistributed net investment income		796
Accumulated net realized loss		(177,368	)
Unrealized appreciation of investments		54,389
Net assets	$	702,764
Shares authorized		800,000
Par value	$	0.001
Class IA: Net asset value per share	$	10.37
Shares outstanding		57,021
Net assets	$	591,278
Class IB: Net asset value per share	$	10.36
Shares outstanding		10,762
Net assets	$	111,486

The accompanying notes are an integral part of these financial statements.

9

Hartford Value HLS Fund

Statement of Operations

For the Year Ended December 31, 2011

(000’s Omitted)

Investment Income:
Dividends	$	19,166
Interest		4
Less: Foreign tax withheld		(75	)
Total investment income, net		19,095
Expenses:
Investment management fees		5,738
Transfer agent fees		—
Distribution fees - Class IB		327
Custodian fees		8
Accounting services fees		79
Board of Directors' fees		19
Audit fees		19
Other expenses		116
Total expenses (before fees paid indirectly)		6,306
Commission recapture		(7	)
Custodian fee offset		—
Total fees paid indirectly		(7	)
Total expenses, net		6,299
Net investment income		12,796
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments		29,884
Net realized gain on foreign currency contracts		115
Net realized loss on other foreign currency transactions		(108	)
Net Realized Gain on Investments and Foreign Currency Transactions		29,891
Net Changes in Unrealized Depreciation of Investments:
Net unrealized depreciation of investments		(55,980	)
Net Changes in Unrealized Depreciation of Investments		(55,980	)
Net Loss on Investments and Foreign Currency Transactions		(26,089	)
Net Decrease in Net Assets Resulting from Operations	$	(13,293	)

The accompanying notes are an integral part of these financial statements.

10

Hartford Value HLS Fund

Statement of Changes in Net Assets 

(000’s Omitted)

	For the Year Ended December 31, 2011			For the Year Ended December 31, 2010
Operations:
Net investment income	$	12,796		$	9,863
Net realized gain on investments and foreign currency transactions		29,891			49,485
Net unrealized appreciation (depreciation) of investments		(55,980	)		25,336
Net Increase (Decrease) In Net Assets Resulting From Operations		(13,293	)		84,684
Distributions to Shareholders:
From net investment income
Class IA		(10,698	)		(8,406	)
Class IB		(1,700	)		(1,444	)
Total distributions		(12,398	)		(9,850	)
Capital Share Transactions:
Class IA
Sold		31,406			58,470
Issued in merger		—			531,323
Issued on reinvestment of distributions		10,698			8,406
Redeemed		(170,093	)		(163,665	)
Total capital share transactions		(127,989	)		434,534
Class IB
Sold		12,495			23,470
Issued in merger		—			97,765
Issued on reinvestment of distributions		1,700			1,444
Redeemed		(53,712	)		(43,998	)
Total capital share transactions		(39,517	)		78,681
Net increase (decrease) from capital share transactions		(167,506	)		513,215
Net Increase (Decrease) In Net Assets		(193,197	)		588,049
Net Assets:
Beginning of period		895,961			307,912
End of period	$	702,764		$	895,961
Undistributed (distribution in excess of)
net investment income	$	796		$	735
Shares:
Class IA
Sold		2,933			5,916
Issued in merger		—			52,973
Issued on reinvestment of distributions		1,040			813
Redeemed		(15,762	)		(16,659	)
Total share activity		(11,789	)		43,043
Class IB
Sold		1,155			2,336
Issued in merger		—			9,763
Issued on reinvestment of distributions		166			141
Redeemed		(4,943	)		(4,491	)
Total share activity		(3,622	)		7,749

The accompanying notes are an integral part of these financial statements.

11

Hartford Value HLS Fund

Notes to Financial Statements

December 31, 2011

(000’s Omitted)

1. Organization:

Hartford Value HLS Fund (the “Fund”) serves as an underlying investment option for certain variable annuity and variable life insurance separate accounts of Hartford Life Insurance Company (“HLIC”) and its affiliates and certain qualified retirement plans. The Fund may also serve as an underlying investment option for certain variable annuity and variable life separate accounts of other insurance companies. Owners of variable annuity contracts and policyholders of variable life insurance contracts may choose the funds permitted in the variable insurance contract prospectus. In addition, participants in certain qualified retirement plans may choose the Fund if permitted by their plans.

Hartford Series Fund, Inc. (the “Company”) is an open-end registered management investment company comprised of thirty portfolios. Financial Statements for the Fund, a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

The Fund is divided into Class IA and Class IB shares. Each class is offered at the per share net asset value (“NAV”) without a sales charge and is subject to the same expenses, except that the Class IB shares are subject to distribution and service fees charged pursuant to a Distribution Plan adopted in accordance with Rule 12b-1 under the 1940 Act.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make 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.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio securities and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or broker quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign securities in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its

12

shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to a security if the Fund were to sell the security at approximately the time at which the Fund determines its NAV. 

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical securities. Level 1 may include exchange traded instruments such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt securities that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, that are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term securities, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using broker quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and broker quotes for comparable securities along with other assumptions relating to credit quality, collateral value, complexity of the security structure, general market conditions and liquidity. This category may include securities where trading has been halted or there are certain restrictions on trading. While these securities are priced using unobservable inputs, the valuation of these securities reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such securities. Individual securities within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

13

Hartford Value HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Security Transactions and Investment Income – Security transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund is informed of the dividend. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investment securities, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio security valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of securities held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the contract holders and plan participants. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

14

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell a security and agrees to repurchase the security sold at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral security(ies), including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk. To minimize counterparty risk, the securities that serve to collateralize the repurchase agreement are held by the Fund's custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of December 31, 2011.

b) Illiquid and Restricted Securities – The Fund is permitted to invest up to 15% of its net assets in illiquid securities. Illiquid securities are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid securities or other investments when its sub-adviser considers it desirable to do so or may have to sell such securities or investments at a price that is lower than the price that could be obtained if the securities or investments were more liquid. A sale of illiquid securities or other investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid securities and investments also may be more difficult to value due to the unavailability of reliable market quotations for such securities or investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted securities that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Schedule of Investments, had illiquid and/or restricted securities as of December 31, 2011.

c) Securities Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for securities that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a realized gain or loss. During this period, such securities are subject to market fluctuations, and the Fund identifies securities segregated in its records with value at least equal to the amount of the commitment. As of December 31, 2011, the Fund had no outstanding when-issued or delayed delivery securities.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments and the amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

15

Hartford Value HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund's securities and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of December 31, 2011.

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the year ended December 31, 2011.

The Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2011:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	115	$	—	$	—	$	—	$	—	$	115
Total	$	—	$	115	$	—	$	—	$	—	$	—	$	115

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains prior to the next fiscal year-end. Accordingly, no provision for federal

16

income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes. 

b) Net Investment Income (Loss), Net Realized Gains (Losses) – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable):

	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
Ordinary Income	$	12,398	$	9,850

As of December 31, 2011, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	796
Accumulated Capital and Other Losses*		(170,001	)
Unrealized Appreciation†		47,022
Total Accumulated Deficit	$	(122,183	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The difference between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended December 31, 2011, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

		Amount
Undistributed Net Investment Income	$	(337	)
Accumulated Net Realized Gain (Loss)		337

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss

17

Hartford Value HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation. 

At December 31, 2011 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration		Amount
2015	$	19,072
2016		106,920
2017		44,009
Total	$	170,001

As of December 31, 2011, the Fund utilized $29,729 of prior year capital loss carryforwards

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2011. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – HL Investment Advisors, LLC (“HL Advisors”), an indirect wholly owned subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HL Advisors has overall investment supervisory responsibility for the Fund. In addition, HL Advisors provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HL Advisors has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HL Advisors, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HL Advisors for investment management services rendered as of December 31, 2011; the rates are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $250 million	0.7750%
On next $250 million	0.7250%
On next $500 million	0.6750%
On next $4 billion	0.6250%
On next $5 billion	0.6225%
Over $10 billion	0.6200%

18

Effective March 1, 2012, HL Advisors will be paid compensation for investment management services according to the following schedule:

Average Daily Net Assets	Annual Fee
On first $250 million	0.7750%
On next $250 million	0.7250%
On next $500 million	0.6750%
On next $1.5 billion	0.6250%
On next $2.5 billion	0.6200%
On next $5 billion	0.6150%
Over $10 billion	0.6100%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between HLIC and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average daily net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
All Assets	0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within a Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund.

d) Fees Paid Indirectly – The Company, on behalf of the Fund, has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services, Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian bank has also agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended December 31, 2011, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended December 31, 2011
Class IA		0.75	%
Class IB		1.00

e) Distribution Plan for Class IB shares – The Company, on behalf of the Fund, has adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act to compensate the Distributor, Hartford Securities Distribution Company, Inc. (a wholly owned, ultimate subsidiary of The Hartford), from assets attributable to the Class IB shares for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Class IB shares, subject to the review and approval of the Company’s Board of Directors.

The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund attributable to its Class IB shares for activities primarily intended to result in the sale of Class IB shares. The Board has the authority to suspend or reduce these payments at any point in time. Under the terms of the Distribution Plan and the principal underwriting agreement, the Fund is authorized to make payments monthly to the Distributor that may be used to pay or compensate entities providing distribution and shareholder servicing with respect to the Class IB shares for such entities’ fees or expenses incurred or paid in that regard. These fees are accrued daily and paid monthly.

19

Hartford Value HLS Fund

Notes to Financial Statements – (continued)

December 31, 2011

(000’s Omitted)

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HL Advisors and/or The Hartford or its subsidiaries. For the year ended December 31, 2011, a portion of the Fund’s chief compliance officer’s salary was paid by all the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO was compensated on a per account basis for providing such services. The amount paid to HASCO can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

g) Payment from Affiliate – In July of 2007, The Hartford entered into a settlement with the Attorneys General of the states of New York, Connecticut and Illinois relating to market timing and the company's individual variable annuity contracts in which certain payments would be made directly to the variable annuity contract holders. The distribution plan provided that unclaimed money from the settlement would be distributed to certain HLS Funds that are investment options through a Hartford individual variable annuity contract. The unclaimed money was distributed to the Fund on September 18, 2009.

The total return in the accompanying financial highlights includes a payment from an affiliate. Had the payment from the affiliate been excluded, the impact and total return for the period listed below would have been as follows:

	For the Year Ended December 31, 2009
		Class IA		Class IB
Impact from Payment from Affiliate for Attorneys General Settlement		—	%	—	%
Total Return Excluding Payment from Affiliate		24.37		24.05

8. Investment Transactions:

For the year ended December 31, 2011, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	124,027
Sales Proceeds Excluding U.S. Government Obligations		288,267

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended December 31, 2011, the Fund did not have any borrowings under this facility.

10. Fund Merger:

Reorganization of Hartford Equity Income HLS Fund and Hartford Value Opportunities HLS Fund into Hartford Value HLS Fund: At a meeting held on August 5, 2009, the Board of Directors of the Company approved a Form of Agreement and Plan of Reorganization that provided for the reorganization of a series of the Company, Hartford Equity Income HLS Fund (“Target Fund #1”) into another series of the Company, Hartford Value HLS Fund (“Acquiring Fund”). The reorganization did not require shareholder approval by the shareholders of Target Fund #1 or the Aquiring Fund. At a separate meeting held on August 5, 2009, the Board of Directors of Hartford HLS Series Fund II, Inc. approved a Form of Agreement and Plan of Reorganization that provided for the reorganization of a series of Hartford HLS Series Fund II, Inc., Hartford Value Opportunities HLS Fund (Target Fund #2) into a series of the Company, Acquiring Fund. The reorganization of Hartford Value Opportunities HLS Fund was subject to a shareholder vote which occurred at a special meeting of Target Fund #2 shareholders on January 26, 2010 and the reorganization of Target Fund #2 into the Aquiring Fund was approved.

20

Pursuant to the reorganization agreements, on March 19, 2010 (merger date), each holder of Class IA and Class IB shares of Target Fund #1 and Target Fund #2 became the owner of full and fractional shares of the corresponding class in the Aquiring Fund having an equal aggregate value.

This merger was accomplished by tax free exchange as detailed below:

Assuming the acquisition had been completed on January 1, 2010, the beginning of the annual reporting period of the Funds, the Aquiring Fund pro forma results of operations for the annual period ended December 31, 2010, are as follows:

	Net assets of Target Fund #1 on Merger Date		Net assets of Target Fund #2 on Merger Date		Net assets of Acquiring Fund immediately before merger		Net assets of Acquiring Fund immediately after merger		Target Fund #1 shares exchanged		Target Fund #2 shares exchanged		Acquiring Fund shares issued to the Target Funds' shareholders
Class IA	$	261,089	$	270,234	$	250,350	$	781,673		24,063	$	20,105		52,973
Class IB		37,783		59,982		63,311		161,076		3,480		4,480		9,763
Total	$	298,872	$	330,216	$	313,661	$	942,749		27,543	$	24,585		62,736

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

12. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

21

Hartford Value HLS Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Payments from (to) Affiliate		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Increase (Decrease) in Net Asset Value			Net Asset Value at End of Period
For the Year Ended December 31, 2011
IA	$	10.77	$	0.20	$	–	$	(0.41	)	$	(0.21	)	$	(0.19	)	$	–		$	–	$	(0.19	)	$	(0.40	)	$	10.37
IB		10.76		0.17		–		(0.41	)		(0.24	)		(0.16	)		–			–		(0.16	)		(0.40	)		10.36
For the Year Ended December 31, 2010(E)
IA		9.50		0.13		–		1.26			1.39			(0.12	)		–			–		(0.12	)		1.27			10.77
IB		9.50		0.11		–		1.25			1.36			(0.10	)		–			–		(0.10	)		1.26			10.76
For the Year Ended December 31, 2009
IA		7.77		0.14		–		1.75			1.89			(0.16	)		–			–		(0.16	)		1.73			9.50
IB		7.77		0.13		–		1.74			1.87			(0.14	)		–			–		(0.14	)		1.73			9.50
For the Year Ended December 31, 2008
IA		12.83		0.20		–		(4.36	)		(4.16	)		(0.20	)		(0.70	)		–		(0.90	)		(5.06	)		7.77
IB		12.81		0.20		–		(4.37	)		(4.17	)		(0.17	)		(0.70	)		–		(0.87	)		(5.04	)		7.77
For the Year Ended December 31, 2007
IA		13.06		0.17		–		1.02			1.19			(0.17	)		(1.25	)		–		(1.42	)		(0.23	)		12.83
IB		13.03		0.16		–		1.00			1.16			(0.13	)		(1.25	)		–		(1.38	)		(0.22	)		12.81

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	The figures do not include sales charges or other fees which may be applied at the variable life insurance, variable annuity or qualified retirement plan product level.  Any such additional sales charges or other fees would lower the Fund's performance.
(C)	Ratios do not reflect reductions for fees paid indirectly.  Please see Fees Paid Indirectly in the Notes to Financial Statements.
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using the average shares method.
(F)	During the year ended December 31, 2010, the Fund incurred $269.8 million in sales associated with the transition of assets from Hartford Equity Income HLS Fund and Hartford Value Opportunities HLS Fund, which merged into the Fund on March 19, 2010.  These sales were excluded from the portfolio turnover calculation.
(G)	Total return without the inclusion of the Payment from (to) Affiliate can be found in Expenses in the accompanying Notes to Financial Statements.

22

- Ratios and Supplemental Data -

Total Return(B)		Net Assets at End of Period		Ratio of Expenses to Average Net Assets Before Waivers(C)			Ratio of Expenses to Average Net Assets After Waivers(C)			Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate(D)
(1.96	)%	$	591,278		0.75	%		0.75	%		1.65	%		16	%
(2.20	)		111,486		1.00			1.00			1.40			–
14.67			741,230		0.78			0.78			1.36			47	(F)
14.38			154,731		1.03			1.03			1.11			–
24.37	(G)		244,909		0.87			0.87			1.65			50
24.06	(G)		63,003		1.12			1.12			1.40			–
(34.03	)		217,460		0.84			0.84			1.87			57
(34.20	)		63,338		1.09			1.09			1.62			–
8.98			327,689		0.84			0.84			1.42			35
8.70			131,651		1.09			1.09			1.14			–

23

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Hartford Series Fund, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Hartford Value HLS Fund (one of the portfolios constituting Hartford Series Fund, Inc. (the Funds)) as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Hartford Value HLS Fund of Hartford Series Fund, Inc. at December 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

 

Minneapolis, MN
February 13, 2012

24

Hartford Value HLS Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of December 31, 2011, collectively consist of 91 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to Hartford Series Fund, Inc. (“HSF”), and Hartford HLS Series Fund II, Inc. (“HSF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-800-862-6668 or writing to Hartford HLS Funds, c/o Individual Annuity Services, P.O. Box 5085, Hartford, CT 06102-5085.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the chief compliance officer’s compensation, but does not pay salaries or compensation to any of their other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 2003 to March 2005, Mr. Birdsong was an independent director of the Atlantic Whitehall Funds. From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (HSF) and 1986 (HSF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (HSF) and 2002 (HSF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. From August 2004 to August 2005, Ms. Jaffee served as an Entrepreneur in Residence with Warburg Pincus, a private equity firm. From September 1995 to July 2004, Ms. Jaffee served as Executive Vice President at Citigroup, where she was President and Chief Executive Officer of Citibank’s Global Securities Services (1995 to 2003). Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006. Mr. Johnston joined Renal Care Group in November 2002 as a member of the Board of Directors and served as Chairman of the Board from March 2003 through March 2006. Mr. Johnston served as a Director of MultiPlan, Inc. from July 2006 through August 2010. From September 1987 to December 2002, Mr. Johnston was with Equitable Securities Corporation (and its successors, SunTrust Equitable Securities and SunTrust Robinson Humphrey) serving in various investment banking and managerial positions, including Managing Director and Head of Investment Banking, Chief Executive Officer and Vice Chairman.

25

Hartford Value HLS Fund

Directors and Officers (Unaudited) – (continued)

Phillip O. Peterson (1944) Director since 2002 (HSF) and 2000 (HSF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. From January 2004 to April 2005, Mr. Peterson served as Independent President of the Strong Mutual Funds.

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

David N. Levenson (1966) Director since 2010

Mr. Levenson currently serves as President of The Hartford’s Wealth Management business. He was appointed to this role in July 2010. Previously, Mr. Levenson served as Executive Vice President of Legacy Holdings for The Hartford from June 2009 to July 2010. From 2006 to 2009, Mr. Levenson was with Hartford Life Insurance K.K. where he served as President and Chief Executive Officer from 2007 to 2009. He served as Managing Director of Hartford Investment Management Company from 2005 to 2006. Additionally, Mr. Levenson serves as Executive Vice President of The Hartford and as President, Director and Chief Executive Officer of Hartford Life Insurance Company (“HLIC”) and Hartford Life, Inc. (“HL Inc.”).

Lowndes A. Smith (1939) Director since 1996 (HSF) and 2002 (HSF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as a Managing Director of Whittington Gray Associates.

Other Officers

James E. Davey (1964) President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC. Additionally, Mr. Davey serves as President, Chief Executive Officer and Manager of Hartford Investment Financial Services, Inc. (“HIFSCO”) and President, Chief Executive Officer and Manager of HL Advisors. Mr. Davey joined The Hartford in 2002.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President, Treasurer and Controller since 2002 (HSF) and 1993 (HSF2)

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

Dr. Robert J. Froehlich (1953) Senior Managing Director since 2009

Dr. Froehlich joined The Hartford as Senior Managing Director in September 2009. Prior to joining The Hartford, Dr. Froehlich served as Vice Chairman of Deutsche Asset Management from 1997-2009.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

26

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2011 are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 800-862-6668 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

27

Hartford Value HLS Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs including investment management fees, distribution fees, 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 period of June 30, 2011 through December 31, 2011.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, 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 line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns 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 be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value June 30, 2011		Ending Account Value December 31, 2011		Expenses paid during the period June 30, 2011 through December 31, 2011		Beginning Account Value June 30, 2011		Ending Account Value December 31, 2011		Expenses paid during the period June 30, 2011 through December 31, 2011		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class IA	$	1,000.00	$	941.20	$	3.72	$	1,000.00	$	1,021.37	$	3.87		0.76	%		184		365
Class IB	$	1,000.00	$	940.01	$	4.94	$	1,000.00	$	1,020.11	$	5.14		1.01	%		184		365

28

Hartford Value HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on August 2-3, 2011, the Board of Directors (the “Board”) of Hartford Series Fund, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for Hartford Value HLS Fund (the “Fund”) with HL Investment Advisors, LLC (“HL Advisors”) and the continuation of the investment sub-advisory agreement between HL Advisors and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HL Advisors, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the August 2-3, 2011 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 21-22, 2011 and August 2-3, 2011. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HL Advisors at the Board’s meetings on June 21-22, 2011 and August 2-3, 2011 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of their reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, And Quality Of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

With respect to HL Advisors, the Board noted that under the Agreements, HL Advisors is responsible for the management of the Fund, including overseeing fund operations and service providers, as well as investment advisory services in connection with  

29

Hartford Value HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

selecting, monitoring and supervising the Sub-adviser. The Board considered HL Advisors’ ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford HLS Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ 49 portfolio managers. The Board recognized that HL Advisors has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HL Advisors’ oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HL Advisors’ oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HL Advisors’ services in this regard. In addition, the Board considered HL Advisors’ ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HL Advisors had incurred in connection with fund combinations in recent years. The Board considered that HL Advisors or its affiliates are responsible for providing the Fund’s officers. The Board also noted that Hartford Life Insurance Company (“HLIC”) provides administrative services to the Fund. The Board considered its experiences with HL Advisors and HLIC with respect to each of these services.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HL Advisors and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HL Advisors’ analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HL Advisors’ and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HL Advisors’ cost to provide investment management and related services to the Fund and HL Advisors’ profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HL Advisors and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HL Advisors in connection with the continuation of the investment management agreement. In this regard, the Consultant reported that The Hartford’s process for calculating and reporting Fund profitability is reasonable, sound and well within common industry practice.

30

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HL Advisors and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HL Advisors to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HL Advisors and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. The Board considered that the management fee for the Fund includes the fee paid to HLIC for providing certain administrative services to the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s investors. With respect to HL Advisors, the Board considered representations from HL Advisors that it is difficult to anticipate whether and to what extent economies may be realized by HL Advisors as assets grow over time. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduces fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of investors as a peer fund’s assets hypothetically increase over time. Based on information provided by HL Advisors, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund, including the role of the Fund in supporting the variable life insurance and variable annuity products offered by The Hartford. The Board reviewed information noting that HLIC, an affiliate of HL Advisors, receives fees for providing certain administrative services to the Fund, and that HLIC also receives fees for fund accounting and related services from the Fund, and the Board considered information on expected profits to HLIC or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HL Advisors, receives transfer agency compensation from the

31

Hartford Value HLS Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Fund, and the Board reviewed information on the expected profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information. 

The Board also considered that Hartford Securities Distribution Company, Inc., as principal underwriter of the Fund, receives 12b-1 fees from the Fund. The Board also noted that certain affiliates of HL Advisors distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HL Advisors and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HL Advisors or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds. The Board considered HL Advisors’ efforts to provide investors in the family with a broad range of investment styles and asset classes.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

32

The Hartford
P.O. Box 5085 

Hartford, CT 06102-5085

Hartford Series Fund, Inc. is underwritten and distributed by Hartford Securities Distribution Company, Inc.

"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.

Hartford Series Fund, Inc. inception dates range from 1977 to date. Hartford Series Fund, Inc. is not a subsidiary of The Hartford but is underwritten, distributed by and advised by subsidiaries of The Hartford. Investments in Hartford Series Fund, Inc. are not guaranteed by The Hartford or any other entity.

You should carefully consider investment objectives, risks, and charges and expenses of Hartford HLS Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained by calling 800-862-6668. Please read them carefully before you invest or send money. 

HLSAR-V11 2-12     109078    Printed in U.S.A ©2011 The Hartford, Hartford, CT 06115

Item 2. Code of Ethics.

Registrant has adopted a code of ethics that applies to Registrant’s principal executive officer, principal financial officer, and controller, which is attached as an exhibit.

Item 3. Audit Committee Financial Expert.

The Board of Directors of the Registrant has designated Phillip O. Peterson as an Audit Committee Financial Expert. Mr. Peterson is considered by the Board to be an independent director.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees: $475,960 for the fiscal year ended December 31, 2010; $412,850 for the fiscal year ended December 31, 2011.

(b) Audit Related Fees: $72,150 for the fiscal year ended December 31, 2010; $35,515 for the fiscal year ended December 31, 2011. Audit-related services principally in connection with SEC Rule 17Ad-13 report.

(c) Tax Fees: $130,802 for the fiscal year ended December 31, 2010; $85,500 for the fiscal year ended December 31, 2011.

(d) All Other Fees: $0 for the fiscal year ended December 31, 2010; $0 for the fiscal year ended December 31, 2011.

(e) (1) A copy of the Audit Committee’s pre-approval policies and procedures is attached as an exhibit.

(e) (2) One hundred percent of the services described in items 4(b) through 4(d) were approved in accordance with the Audit Committee's Pre-Approval Policy. As a result, none of such services was approved pursuant to paragraph (c) (7) (i) (c) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the year ended October 31, 2011, were attributed to work performed by persons other than the principal accountant's full-time employees.

(g) Non-Audit Fees: $1,050,371 for the fiscal year ended December 31, 2010; $1,331,880 for the fiscal year ended December 31, 2011.

The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this Annual filing.

Item 6. Schedule of Investments

The Schedule of Investments is included as part of the Annual report filed under Item 1 of this form.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since registrant last provided disclosure in response to this requirement.

Item 11. Controls and Procedures.

(a) Based on an evaluation of the Registrant's Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report, the Disclosure Controls and Procedures are effectively designed to ensure that information required to be disclosed by the Registrant is recorded, processed, summarized and reported by the date of this report, including ensuring that information required to be disclosed in the report is accumulated and communicated to the Registrant's management, including the Registrant's officers, as appropriate, to allow timely decisions regarding required disclosure.

(b) There was no change in the Registrant's internal control over financial reporting that occurred during the Registrant’s last fiscal half year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

11(a) (2)	Section 302 certifications of the principal executive officer and principal financial officer of Registrant.
(b)	Section 906 certification.
12(a)(1)	Code of Ethics
12(a)(2)	Audit Committee Pre-Approved Policies and Procedures

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.

	HARTFORD SERIES FUND, INC.
Date: February 10, 2012	By: /s/ James E. Davey
	James E. Davey
	Its: President

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.

Date:  February 10, 2012	By: /s/ James E. Davey
	James E. Davey
	Its: President
Date:  February 10, 2012	By: /s/ Tamara L. Fagely
	Tamara L. Fagely
	Its: Vice President, Controller and Treasurer