# EDGAR Filing Document

**Accession Number:** 0000887194
**File Stem:** 0000930413-23-000271
**Filing Date:** 2023-2
**Character Count:** 239612
**Document Hash:** ddce4f72cfbb8621ee2c4fc1237949db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-23-000271.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0000930413-23-000271

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ABBETT RESEARCH FUND INC
- **CENTRAL INDEX KEY:** 0000887194
- **IRS NUMBER:** 136995863
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06650
- **FILM NUMBER:** 23583982

**BUSINESS ADDRESS:**
- **STREET 1:** 90 HUDSON STREET
- **STREET 2:** 11TH FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 201-827-2000

**MAIL ADDRESS:**
- **STREET 1:** 90 HUDSON STREET
- **STREET 2:** 11TH FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

## Series and Classes Contracts Data

### Lord Abbett Dividend Growth Fund (Series ID: S000006998)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019088 | Class A      | LAMAX           |
| C000019090 | Class C      | LAMCX           |
| C000019091 | Class P      | LAMPX           |
| C000019092 | Class I      | LAMYX           |
| C000054712 | Class F      | LAMFX           |
| C000054713 | Class R2     | LAMQX           |
| C000054714 | Class R3     | LAMRX           |
| C000156653 | Class R4     | LAMSX           |
| C000156654 | Class R5     | LAMTX           |
| C000156655 | Class R6     | LAMHX           |
| C000188280 | Class F3     | LRMAX           |

### Lord Abbett Growth Opportunities Fund (Series ID: S000006999)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019093 | Class A      | LMGAX           |
| C000019095 | Class C      | LMGCX           |
| C000019096 | Class P      | LGOPX           |
| C000019097 | Class I      | LMGYX           |
| C000054715 | Class F      | LGOFX           |
| C000054716 | Class R2     | LGOQX           |
| C000054717 | Class R3     | LGORX           |
| C000156656 | Class R4     | LGOSX           |
| C000156657 | Class R5     | LGOTX           |
| C000156658 | Class R6     | LGOVX           |
| C000188282 | Class F3     | LOMGX           |

### Small-Cap Value Series (Series ID: S000007001)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019103 | Class A      | LRSCX           |
| C000019105 | Class C      | LSRCX           |
| C000019106 | Class P      | LRSPX           |
| C000019107 | Class I      | LRSYX           |
| C000054721 | Class F      | LRSFX           |
| C000054722 | Class R2     | LRSQX           |
| C000054723 | Class R3     | LRSRX           |
| C000156659 | Class R4     | LRSSX           |
| C000156660 | Class R5     | LRSTX           |
| C000156661 | Class R6     | LRSVX           |
| C000188284 | Class F3     | LRSOX           |

**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: 811-06650

**LORD ABBETT RESEARCH FUND, INC.**

(Exact name of Registrant as specified in charter)

<u>90 Hudson Street, Jersey City, New Jersey 07302-3973</u>

(Address of principal executive offices) (Zip code)

Lawrence B. Stoller, Esq.<br> Vice President, Secretary, and Chief Legal Officer

<u>90 Hudson Street, Jersey City, New Jersey 07302-3973</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: (888) 522-2388

Date of fiscal year end: 11/30

Date of reporting period: 11/30/2022

---

| | |
|:---|:---|
| **Item 1:** | **Report(s) to Shareholders.** |

---

![](x3_c105069x1x1.jpg)

LORD ABBETT <br> ANNUAL REPORT

Lord Abbett

Dividend Growth Fund

Growth Opportunities Fund

Small Cap Value Fund

*For the fiscal year ended November 30, 2022*

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [**A Letter to Shareholders**](#x3_c105069a001) |
| 13 | [**Investment Comparisons**](#x3_c105069a002) |
| 17 | [**Information About Your Fund's Expenses and Holdings Presented by Sector**](#x3_c105069a003) |
|  | [**Schedules of Investments:**](#x3_c105069a004) |
| 25 | [Dividend Growth Fund](#x3_c105069a005) |
| 28 | [Growth Opportunities Fund](#x3_c105069a006) |
| 32 | [Small Cap Value Fund](#x3_c105069a007) |
| 36 | [**Statements of Assets and Liabilities**](#x3_c105069a008) |
| 38 | [**Statements of Operations**](#x3_c105069a009) |
| 40 | [**Statements of Changes in Net Assets**](#x3_c105069a010) |
| 42 | [**Financial Highlights**](#x3_c105069a011) |
| 54 | [**Notes to Financial Statements**](#x3_c105069a012) |
| 71 | [**Report of Independent Registered Public Accounting Firm**](#x3_c105069a013) |
| 72 | [**Supplemental Information to Shareholders**](#x3_c105069a014) |

---

------

**Lord Abbett Research Fund**

**Lord Abbett Dividend Growth Fund, Lord Abbett Growth Opportunities Fund, and**

**Lord Abbett Small Cap Value Fund <br> Annual Report**

*For the fiscal year ended November 30, 2022*

![](x3_c105069x3x1.jpg)

From left to right: James L.L. Tullis, Independent Chair of the Lord Abbett Funds and Douglas B. Sieg Director, President and Chief Executive Officer of the Lord Abbett Funds.

**Dear Shareholders:** We are pleased to provide you with this overview of the performance of the Funds for the fiscal year ended November 30, 2022. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and timely information about the Funds, please visit our website at www.lordabbett.com, where you can also access the quarterly commentaries that provide updates on each Fund's performance and other portfolio related updates.

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

**Best regards,**

![](x3_c105069x3x2.jpg)

**Douglas B. Sieg**

**Director, President and Chief Executive Officer**

------

**Lord Abbett Dividend Growth Fund**

For the fiscal year ended November 30, 2022, the Fund returned -5.30%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the S&P 500<sup>®</sup> Index<sup>1</sup>, which returned -9.21% over the same period.

U.S. markets faced many challenges throughout the twelve-month period

ending November 30, 2022, including the spread of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, tighter fiscal and monetary policy, and Russia's invasion of Ukraine. The Dow Jones Industrial Average was up 2.48% and the S&P 500<sup>®</sup> Index<sup>1</sup> fell -9.21%, while the tech-heavy Nasdaq Composite lost -25.59%. Value stocks<sup>2</sup> significantly outperformed growth stocks<sup>3</sup> (1.95%

------

vs -21.59%), while large cap stocks<sup>4</sup> outperformed small cap stocks<sup>5</sup> (-10.66% vs -13.01%).

In November 2021, just prior to the start of the period, the World Health Organization designated the newly discovered Omicron variant as a "variant of concern", leading to one of the largest selloffs of U.S. risk assets since the start of the pandemic, amid fears that the world would succumb to a new wave of infections. U.S. cases hit the highest levels of the pandemic in December, rising above 580,000 new cases in the last week of the month, more than doubling the previous record high. Yet, negative sentiment quickly reversed as cases proved to be generally less severe than prior strains. Market sentiment also increased after the Center for Disease Control shortened its suggested isolation policy for those infected from 10 days to five.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars.

Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June.

Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014.

The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging that price pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding months as inflation prints continued to come in hotter than expected, resulting in a

------

federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Separately, global markets faced increased geopolitical tensions due to Russia's invasion of Ukraine on February 23<sup>rd</sup>. Tensions remained elevated for the remainder of the twelve-month period, as Russia continued to weaponize energy flows, annexed four Ukrainian regions, and ratcheted up its nuclear warnings. In addition, the rhetoric between the U.S. and China over Taiwan further heated up after U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan in August. China responded to the trip with large-scale military drills, which led to a pledge by U.S. President Joe Biden to defend the democratically governed island.

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, leading to a decline in consumer sentiment to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008 as measured by the consumer confidence index.

Despite rising recessionary signs, select bright spots in the U.S. economy supported

the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third-quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

In terms of the Fund's key performance drivers, over the 12-month period ending November 30, 2022, security selection within the industrials sector contributed to the Fund's relative performance. Within the industrials sector, Northrop Grumman Corp., a defense contractor, contributed most to relative performance. The ongoing tensions between Russia and Ukraine built

------

up momentum in the defense sector and the U.S. government is Northrop Grumman's largest customer. We expect Northrop Grumman to be the fastest growing U.S. defense contractor based on its large and ramping growth platforms that serve critical U.S. needs including Ground Based Strategic Deterrent (GBSD) and satellites. The Fund's position in AbbVie, Inc., a research-based biopharmaceutical company, also contributed to relative performance. Shares rallied in the first half of the year, up almost 50% at the peak in early April. The stock price move was supported by the company's strong fourth quarter earnings and fiscal year guidance, which came in above expectations. The Fund's position in McDonald's Corporation, a multinational fast-food chain, contributed to relative performance. Shares rallied after the company reported strong third quarter earnings that demonstrated broad-based business momentum as global comparable sales increased nearly 10%. The company also increased the quarterly dividend by more than 10%.

Conversely, one of the largest detractors from relative performance during the 12-month period ending November 30, 2022, was NVIDIA Corp., an American multinational technology company. The company's gaming segment was adversely impacted by material economic slowdowns in China and Europe, which led to a selloff in shares of NVIDIA. Government restrictions were introduced in September, which

limited the company's ability to sell certain products into China, which compounded the sell off. Within the health care sector, the Fund's allocation to West Pharmaceutical, which manufactures and markets pharmaceuticals, biologics, vaccines and consumer healthcare products, was one of the largest detractors from relative performance. The company reported first quarter earnings that were modestly ahead of expectations, coupled with an earnings guidance increase. Despite the better-than-expected quarter, shares sold off as the company continued to face foreign exchange rate headwinds as the U.S. dollar strengthened and investors worried that a faster-than-expected fall-off in COVID-19 related order flow would result in underutilization of new capacity. The Fund's position in Estée Lauder Companies, Inc., which engages in the manufacturing of skin care, makeup, fragrance, and hair care products, detracted from relative performance. Shares sold off following Russia's invasion of Ukraine. After suspending The Estée Lauder Companies' business investments and initiatives in Russia, the company also decided to suspend all commercial activity in Russia, including closing every store it owns and operates, as well as its brand sites and shipments to any of its retailers in Russia.

**Lord Abbett Growth Opportunities Fund**

For the fiscal year ended November 30, 2022, the Fund returned -27.23%,

------

reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the Russell Midcap<sup>®</sup> Growth Index,<sup>6</sup> which returned -21.77% over the same period.

U.S. markets faced many challenges throughout the twelve-month period ending November 30, 2022, including the spread of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, tighter fiscal and monetary policy, and Russia's invasion of Ukraine. The Dow Jones Industrial Average was up 2.48% and the S&P 500<sup>®</sup> Index<sup>1</sup> fell -9.21%, while the tech-heavy Nasdaq Composite lost -25.59%. Value stocks<sup>2</sup> significantly outperformed growth stocks<sup>3</sup> (1.95% vs -21.59%), while large cap stocks<sup>4</sup> outperformed small cap stocks<sup>5</sup> (-10.66% vs -13.01%).

In November 2021, just prior to the start of the period, the World Health Organization designated the newly discovered Omicron variant as a "variant of concern", leading to one of the largest selloffs of U.S. risk assets since the start of the pandemic, amid fears that the world would succumb to a new wave of infections. U.S. cases hit the highest levels of the pandemic in December, rising above 580,000 new cases in the last week of the month, more than doubling the previous record high. Yet, negative sentiment quickly reversed as cases proved to be generally less severe than prior strains. Market sentiment also increased after the

Center for Disease Control shortened its suggested isolation policy for those infected from 10 days to five.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June.

Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014.

------

The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. After remaining mostly consistent in its messaging that price pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Separately, global markets faced increased geopolitical tensions due to Russia's invasion of Ukraine on February 23<sup>rd</sup>. Tensions remained elevated for the remainder of the twelve-month period, as Russia continued to weaponize energy flows, annexed four Ukrainian regions, and ratcheted up its nuclear warnings. In addition, the rhetoric between the U.S. and China over Taiwan further heated up after U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan in August. China

responded to the trip with large-scale military drills, which led to a pledge by U.S. President Joe Biden to defend the democratically governed island.

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, leading to a decline in consumer sentiment to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008 as measured by the consumer confidence index.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third-quarter earnings were

------

slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

Over the 12-month period ending November 30, 2022, Lord Abbett made the strategic decision to offer a single style of growth investing, led by our Innovation Growth team, which is directed by F. Thomas O'Halloran, J.D., CFA, Partner & Portfolio Manager, and Matthew DeCicco, CFA, Partner & Director of Equities. As a result of this enhanced focus, the investment strategy, philosophy and process of the Growth Opportunities Fund changed to become consistent with the rest of the innovation growth suite of products. As such, the Fund's portfolio management team seeks to invest in the stocks of companies with strong business models, management, and competitive positions that are targeting markets that appear most likely to benefit from increased innovation.

As a result of supply chain dislocations, labor shortages, inflationary pressures, tighter fiscal and monetary policy, and the war in Ukraine, high innovation small and midcap companies, particularly those aggressively reinvesting in research and development to drive future revenues and

earnings, underperformed lower growth, lower valuation names within the index during the period as the market has largely expressed a technical preference for companies with positive earnings today, compared to larger growth potential in the future. As such, the portfolio's exposure to small and midcap secular growth companies, such as MongoDB, Inc., a general-purpose database platform, was a primary drag on relative performance.

In addition, having no exposure to stock of companies related to the oil, gas, and consumable fuel industry throughout the first few months of 2022 was also a primary detractor from relative performance, as geopolitical tensions that ultimately culminated in the Russian invasion of Ukraine resulted in oil prices rising above $120 per barrel in March as the market anticipated a supply shortage.

The Fund's position in Roku, Inc., a manufacturer of digital media players for video streaming, was the largest individual detractor from relative performance. In February, shares of the stock fell after the company reported a revenue miss for the fourth quarter of 2021 and gave first-quarter 2022 guidance that was below analysts' expectations. Management blamed the slowing revenue growth on continued supply chain disruptions impacting the U.S. television market.

The Fund's position in Enphase Energy, Inc., an energy technology company that develops and manufactures solar micro-inverters, battery energy storage, and

------

electric vehicle charging stations, was a prominent contributor to relative performance over the period. Enphase has benefited greatly from increased demand for solar solutions in Europe as a result of persistent energy shortages. In the company's most recent quarterly earnings report, management reported top- and bottom-line earnings results that exceeded consensus expectations. Notably, Enphase's reported strong revenue growth driven by growth in microinverter and IQ Battery shipments. As of the end of the fiscal year, Enphase is one of the portfolio's top active overweights.

The Fund's position in Intra-Cellular Therapies, a developer of innovative treatments for individuals with neuropsychiatric and neurologic disorders, was also a notable contributor to relative performance. Shares soared following the FDA's approval of CAPLYTA<sup>®</sup>, the first and only FDA-approved treatment for depressive episodes in adults with bipolar I or II disorders. Positive momentum of the stock continued into 2022 as a result of the drug's successful initial launch, as well as the company reporting strong first quarter 2022 earnings.

**Lord Abbett Small Cap Value Fund**

For the fiscal year ended November 30, 2022, the Fund returned -9.18% reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the

Russell 2000 Value<sup>®</sup> Index<sup>7</sup>, which returned -4.75% over the same period.

U.S. markets faced many challenges throughout the twelve-month period ending November 30, 2022, including the spread of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, tighter fiscal and monetary policy, and Russia's invasion of Ukraine. The Dow Jones Industrial Average was up 2.48% and the S&P 500<sup>®</sup> Index<sup>1</sup> fell -9.21%, while the tech-heavy Nasdaq Composite lost -25.59%. Value stocks<sup>2</sup> significantly outperformed growth stocks<sup>3</sup> (1.95% vs -21.59%), while large cap stocks<sup>4</sup> outperformed small cap stocks<sup>5</sup> (-10.66% vs -13.01%).

In November 2021, just prior to the start of the period, the World Health Organization designated the newly discovered Omicron variant as a "variant of concern", leading to one of the largest selloffs of U.S. risk assets since the start of the pandemic, amid fears that the world would succumb to a new wave of infections. U.S. cases hit the highest levels of the pandemic in December, rising above 580,000 new cases in the last week of the month, more than doubling the previous record high. Yet, negative sentiment quickly reversed as cases proved to be generally less severe than prior strains. Market sentiment also increased after the Center for Disease Control shortened its suggested isolation policy for those infected from 10 days to five.

------

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. This debate was intensified by November's headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June.

Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia's invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly from a commodity and supply chain standpoint. Russia has been a large exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014.

The surge in prices forced the U.S. Federal Reserve (Fed) into a more

aggressive approach to combating inflation. After remaining mostly consistent in its messaging that price pressures would likely be transitory, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Five additional rate hikes of 50 bps, 75 bps, 75 bps, 75 bps, and 75 bps, respectively, followed in the succeeding months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Separately, global markets faced increased geopolitical tensions due to Russia's invasion of Ukraine on February 23<sup>rd</sup>. Tensions remained elevated for the remainder of the twelve-month period, as Russia continued to weaponize energy flows, annexed four Ukrainian regions, and ratcheted up its nuclear warnings. In addition, the rhetoric between the U.S. and China over Taiwan further heated up after U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan in August. China responded to the trip with large-scale military drills, which led to a pledge

------

by U.S. President Joe Biden to defend the democratically governed island.

Key macroeconomic indicators mostly trended lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, leading to a decline in consumer sentiment to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008 as measured by the consumer confidence index.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of "better-than-feared" takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third-quarter earnings were slightly below expectations but provided evidence of healthy consumer spending.

Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

In terms of the Fund's key performance drivers during the 12-month period ending November 30, 2022, the Fund's position in Spectrum Brands Holdings, Inc., a consumer products and home essentials company, detracted from relative performance. Shares fell after Assa Abloy, which engages in the provision of intelligent lock and security solutions, issued a statement regarding the U.S. DOJ's blocking of Assa Abloys's proposed acquisition of the hardware and home improvement division of Spectrum Brands. The Fund's position in Customers Bancorp, Inc., a bank holding company, also detracted from relative performance. Amid the flattening of the yield curve and skepticism around global growth prospects, banks have come under pressure. Shares continued to fall following two consecutive quarters of lower-than-expected earnings per share. The Fund's position in Century Aluminum Co., a producer of aluminum and operator of aluminum reduction facilities, or smelters, in the United States and Iceland, detracted from relative performance. Shares fell as power costs increased early in the year, with the expectation that higher prices

------

would continue through the summer. Electricity prices typically comprise approximately 1/3 of smelter costs. In addition to this, it became evident there was a much smaller global aluminum supply deficit than anticipated, largely due to weaker China demand and excess supply.

Conversely, the largest contributor to relative performance during the 12-month period ending November 30, 2022, was International Money Express, Inc, a leading money remittance services company. Shares rallied after the company reported fourth quarter earnings above expectations, followed by another strong first quarter earnings report. The company subsequently increased second quarter earnings guidance. We believe their valuation remains attractive and they are well positioned for further growth. The Fund's position in Cars.com, Inc., a leading automotive marketplace platform, contributed to relative performance. Shares rallied after the company reported strong second quarter earnings where revenue and adjusted earnings before interest, taxes, depreciation, and

amortization (EBITDA) beat expectations. Subsequently, the company issued third quarter guidance stating they expect revenue growth to accelerate and projected growth of 6-8% year-over-year in the second half of 2022. The Fund's position in Silicon Motion Technology, which engages in the development, manufacturing, and supply of semiconductor products for the electronics market, was the largest contributor to relative performance within the sector. Silicon Motion Technology was a significant contributor to relative performance in the first half of the year. Shares rallied following the announcement that MaxLinear, which provides highly integrated radio-frequency analog and mixed-signal semiconductor products for broadband communications applications, would acquire Silicon Motion Technology.

*Each Fund's portfolio is actively managed and, therefore, holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.*

<sup>1</sup> The S&P 500<sup>®</sup> Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

<sup>2</sup> As represented by the Russell 3000<sup>®</sup> Value Index as of 11/30/2022.

<sup>3</sup> As represented by the Russell 3000<sup>®</sup> Growth Index as of 11/30/2022.

<sup>4</sup> As represented by the Russell 1000<sup>®</sup> Index as of 11/30/2022.

<sup>5</sup> As represented by the Russell 2000<sup>®</sup> Index as of 11/30/2022.

<sup>6</sup> The Russell Midcap<sup>®</sup> Growth Index measures the performance of those Russell Midcap<sup>®</sup> companies with higher price-to-book ratios and higher forecasted growth values.

<sup>7</sup> The Russell 2000 Value<sup>®</sup> Index measures the performance of those stocks of the Russell 2000<sup>®</sup> Index with lower price-to-book ratios and lower relative forecasted growth rates.

Indices are unmanaged, do not reflect the deduction of fees or expenses, and an investor cannot invest directly in an index.

------

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

**Important Performance and Other Information Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Funds will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.**

Except where noted, comparative Fund performance does not account for the deduction of sales charges and would be different if sales charges were included. Each Fund offers classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see each Fund's prospectus.

During certain periods shown, expense waivers and reimbursements were in place. Without such waivers and expense reimbursements, the Funds' returns would have been lower.

*The annual commentary above discusses the views of the Funds' management and various portfolio holdings of the Funds as of November 30, 2022. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds' portfolios are actively managed and may change significantly, the Funds may no longer own the securities described above or may have otherwise changed their positions in the securities. For more recent information about the Funds' portfolio holdings, please visit www.lordabbett.com.*

**A Note about Risk:** See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see each Fund's prospectus.

**Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.**

**Dividend Growth Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the S&P 500<sup>®</sup> Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results.**

![](x3_c105069x15x1.jpg)

**Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Life of Class** |
| **Class A<sup>3</sup>** | -10.76% | 8.49% | 11.03% | – |
| **Class C<sup>4</sup>** | -6.88% | 8.95% | 10.85% | – |
| **Class F<sup>5</sup>** | -5.05% | 10.05% | 11.92% | – |
| **Class F3<sup>6</sup>** | -4.95% | 10.13% | – | 11.34% |
| **Class I<sup>5</sup>** | -5.04% | 10.05% | 11.97% | – |
| **Class P<sup>5</sup>** | -5.46% | 9.55% | 11.46% | – |
| **Class R2<sup>5</sup>** | -5.64% | 9.39% | 11.29% | – |
| **Class R3<sup>5</sup>** | -5.53% | 9.51% | 11.42% | – |
| **Class R4<sup>7</sup>** | -5.30% | 9.78% | – | 10.96% |
| **Class R5<sup>7</sup>** | -5.09% | 10.06% | – | 11.23% |
| **Class R6<sup>7</sup>** | -5.00% | 10.14% |  | 11.32% |

---

------

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 5.75%.

<sup>2</sup> Performance for the unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund's performance.

<sup>3</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>4</sup> The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>5</sup> Performance is at net asset value.

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

**Growth Opportunities Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in both the Russell Midcap<sup>®</sup> Growth Index and the Russell Midcap<sup>®</sup> Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results.**

![](x3_c105069x17x1.jpg)

**Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Life of Class** |
| **Class A<sup>3</sup>** | -31.41% | 6.32% | 9.87% | – |
| **Class C<sup>4</sup>** | -28.27% | 6.79% | 9.73% | – |
| **Class F<sup>5</sup>** | -27.09% | 7.75% | 10.71% | – |
| **Class F3<sup>6</sup>** | -26.98% | 7.93% | – | 9.82% |
| **Class I<sup>5</sup>** | -27.03% | 7.86% | 10.82% | – |
| **Class P<sup>5</sup>** | -27.35% | 7.38% | 10.33% | – |
| **Class R2<sup>5</sup>** | -27.44% | 7.22% | 10.16% | – |
| **Class R3<sup>5</sup>** | -27.39% | 7.32% | 10.27% | – |
| **Class R4<sup>7</sup>** | -27.19% | 7.59% | – | 7.34% |
| **Class R5<sup>7</sup>** | -27.01% | 7.86% | – | 7.61% |
| **Class R6<sup>7</sup>** | -26.96% | 7.93% |  | 7.71% |

---

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 5.75%.

<sup>2</sup> Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund's performance.

<sup>3</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended November 30, 2022, is calculated using the SEC–required uniform method to compute such return.

<sup>4</sup> The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>5</sup> Performance is at net asset value.

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

**Small Cap Value Fund**

**Investment Comparison**

Below is a comparison of a $10,000 investment in Class A shares with the same investment in both the Russell 2000<sup>®</sup> Value Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund's returns would have been lower. **Past performance is no guarantee of future results.**

![](x3_c105069x18x1.jpg)

**Average Annual Total Returns at Maximum Applicable<br> Sales Charge for the Periods Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Life of Class** |
| **Class A<sup>3</sup>** | -14.38% | 1.16% | 6.63% | – |
| **Class C<sup>4</sup>** | -10.55% | 1.57% | 6.46% | – |
| **Class F<sup>5</sup>** | -8.99% | 2.53% | 7.44% | – |
| **Class F3<sup>6</sup>** | -8.85% | 2.71% | – | 3.86% |
| **Class I<sup>5</sup>** | -8.95% | 2.63% | 7.54% | – |
| **Class P<sup>5</sup>** | -9.33% | 2.17% | 7.06% | – |
| **Class R2<sup>5</sup>** | -9.46% | 2.02% | 6.90% | – |
| **Class R3<sup>5</sup>** | -9.41% | 2.13% | 7.02% | – |
| **Class R4<sup>7</sup>** | -9.14% | 2.38% | – | 4.44% |
| **Class R5<sup>7</sup>** | -8.93% | 2.63% | – | 4.71% |
| **Class R6<sup>7</sup>** | -8.81% | 2.72% |  | 4.80% |

---

<sup>1</sup> Reflects the deduction of the maximum initial sales charge of 5.75%.

<sup>2</sup> Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund's performance.

<sup>3</sup> Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

<sup>4</sup> The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

<sup>5</sup> Performance is at net asset value.

<sup>6</sup> Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

<sup>7</sup> Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

------

**Expense Example**

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 through November 30, 2022).

**Actual Expenses**

For each class of each Fund, the first line of the applicable table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled "Expenses Paid During Period 6/1/22 – 11/30/22" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

For each class of each Fund, the second line of the applicable table on the following pages 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 each 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.

**Dividend Growth Fund**

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). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
| | **Beginning<br>Account<br> Value** | **Ending<br>Account<br>Value** | **Expenses<br>Paid During<br>Period**<sup>†</sup> |
| | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| <br>**Class A** | | | |
| Actual | $1000.00 | $1037.90 | $4.70 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.46 | $4.66 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $1033.90 | $8.51 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1016.70 | $8.44 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $1039.50 | $3.43 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.71 | $3.40 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $1039.80 | $3.07 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.06 | $3.04 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $1039.40 | $3.43 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.71 | $3.40 |
| **Class P** |  |  |  |
| Actual | $1000.00 | $1037.00 | $5.72 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.45 | $5.67 |
| **Class R2** |  |  |  |
| Actual | $1000.00 | $1035.80 | $6.48 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.70 | $6.43 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $1036.80 | $5.97 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.20 | $5.92 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $1038.00 | $4.70 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.46 | $4.66 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $1039.40 | $3.43 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.71 | $3.40 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $1039.80 | $3.07 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.06 | $3.04 |

---

<sup>†</sup> For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.92% for Class A, 1.67% for Class C, 0.67% for Class F, 0.60% for Class F3, 0.67% for Class I, 1.12% for Class P, 1.27% for Class R2, 1.17% for Class R3, 0.92% for Class R4, 0.67% for Class R5 and 0.60% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period).

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Consumer Discretionary | 9.22% |
| Consumer Staples | 7.42% |
| Energy | 4.86% |
| Financials | 16.37% |
| Health Care | 14.55% |
| Industrials | 11.29% |
| Information Technology | 22.88% |
| Materials | 6.22% |
| Real Estate | 2.49% |
| Utilities | 3.44% |
| Repurchase Agreements | 1.26% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

**Growth Opportunities Fund**

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). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
| | **Beginning<br>Account<br> Value** | **Ending<br>Account<br>Value** | **Expenses<br>Paid During<br>Period**<sup>†</sup> |
| | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| <br>**Class A\*** | | | |
| Actual | $1000.00 | $1004.20 | $5.12 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.95 | $5.16 |
| **Class C\*** |  |  |  |
| Actual | $1000.00 | $1000.90 | $8.88 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1016.19 | $8.95 |
| **Class F\*** |  |  |  |
| Actual | $1000.00 | $1005.40 | $4.42 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.66 | $4.46 |
| **Class F3\*** |  |  |  |
| Actual | $1000.00 | $1006.00 | $3.47 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.61 | $3.50 |
| **Class I\*** |  |  |  |
| Actual | $1000.00 | $1005.60 | $4.02 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.06 | $4.05 |
| **Class P\*** |  |  |  |
| Actual | $1000.00 | $1003.90 | $6.13 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.95 | $6.17 |
| **Class R2\*** |  |  |  |
| Actual | $1000.00 | $1002.90 | $6.88 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.20 | $6.93 |
| **Class R3\*** |  |  |  |
| Actual | $1000.00 | $1003.40 | $6.38 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.70 | $6.43 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $1004.80 | $5.13 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.95 | $5.16 |
| **Class R5\*** |  |  |  |
| Actual | $1000.00 | $1005.60 | $3.87 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.21 | $3.90 |
| **Class R6\*** |  |  |  |
| Actual | $1000.00 | $1006.40 | $3.47 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.61 | $3.50 |

---

<sup>†</sup> For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.02% for Class A, 1.77% for Class C, 0.88% for Class F, 0.69% for Class F3, 0.80% for Class I, 1.22% for Class P, 1.37% for Class R2, 1.27% for Class R3, 1.02% for Class R4, 0.77% for Class R5 and 0.69% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period).

\* The annualized expense ratios have been updated to 0.96% for Class A, 1.71% for Class C, 0.81% for Class F, 0.63% for Class F3, 0.71% for class I, 1.16% for Class P, 1.31% for Class R2, 1.21% for Class R3, 0.96% for Class R4, 0.71% for Class R5, and 0.63% for Class R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Actual** | **Hypothetical**<br> **(5% Return**<br> **Before Expenses)** |
| Class A | $4.82 | $4.86 |
| Class C | $8.58 | $8.64 |
| Class F | $4.07 | $4.10 |
| Class F3 | $3.17 | $3.19 |
| Class I | $3.57 | $3.60 |
| Class P | $5.83 | $5.87 |
| Class R2 | $6.59 | $6.63 |
| Class R3 | $6.08 | $6.12 |
| Class R4 | $4.83 | $4.86 |
| Class R5 | $3.57 | $3.60 |
| Class R6 | $3.17 | $3.19 |

---

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Communication Services | 1.55% |
| Consumer Discretionary | 20.81% |
| Consumer Staples | 1.30% |
| Energy | 2.84% |
| Financials | 1.92% |
| Health Care | 19.63% |
| Industrials | 13.12% |
| Information Technology | 35.03% |
| Materials | 1.20% |
| Real Estate | 1.11% |
| Repurchase Agreements | 0.85% |
| Money Market Funds<sup>(a)</sup> | 0.58% |
| Time Deposits<sup>(a)</sup> | 0.06% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

<sup>(a)</sup> Securities were purchased with the cash collateral from loaned securities.

**Small Cap Value Fund**

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). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | |
|:---|:---|:---|:---|
| | **Beginning<br>Account<br> Value** | **Ending<br>Account<br>Value** | **Expenses<br>Paid During<br>Period**<sup>†</sup> |
| | **6/1/22** | **11/30/22** | **6/1/22 –<br> 11/30/22** |
| <br>**Class A** | | | |
| Actual | $1000.00 | $986.90 | $6.13 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.90 | $6.23 |
| **Class C** |  |  |  |
| Actual | $1000.00 | $982.10 | $9.84 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1015.14 | $10.00 |
| **Class F** |  |  |  |
| Actual | $1000.00 | $987.80 | $5.38 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.65 | $5.47 |
| **Class F3** |  |  |  |
| Actual | $1000.00 | $988.60 | $4.44 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.61 | $4.51 |
| **Class I** |  |  |  |
| Actual | $1000.00 | $987.90 | $4.88 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.16 | $4.96 |
| **Class P** |  |  |  |
| Actual | $1000.00 | $985.60 | $7.12 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1017.90 | $7.23 |
| **Class R2** |  |  |  |
| Actual | $1000.00 | $985.30 | $7.86 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1017.15 | $7.99 |
| **Class R3** |  |  |  |
| Actual | $1000.00 | $985.70 | $7.37 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1017.65 | $7.49 |
| **Class R4** |  |  |  |
| Actual | $1000.00 | $986.90 | $6.08 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.95 | $6.17 |
| **Class R5** |  |  |  |
| Actual | $1000.00 | $987.90 | $4.88 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.16 | $4.96 |
| **Class R6** |  |  |  |
| Actual | $1000.00 | $989.10 | $4.44 |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.61 | $4.51 |

---

<sup>†</sup> For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.23% for Class A, 1.98% for Class C, 1.08% for Class F, 0.89% for Class F3, 0.98% for Class I, 1.43% for Class P, 1.58% for Class R2, 1.48% for Class R3, 1.22% for Class R4, 0.98% for Class R5 and 0.89% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period).

------

**Portfolio Holdings Presented by Sector**

*November 30, 2022*

---

| | |
|:---|:---|
| **Sector\*** | **%\*\*** |
| Communication Services | 4.90% |
| Consumer Discretionary | 7.63% |
| Consumer Staples | 6.31% |
| Energy | 6.72% |
| Financials | 23.97% |
| Health Care | 5.65% |
| Industrials | 20.09% |
| Information Technology | 9.02% |
| Materials | 6.44% |
| Real Estate | 5.86% |
| Utilities | 2.31% |
| Repurchase Agreements | 0.81% |
| Money Market Funds<sup>(a)</sup> | 0.26% |
| Time Deposits<sup>(a)</sup> | 0.03% |
| Total | 100.00% |

---

\* A sector may comprise several industries.

\*\* Represents percent of total investments, which excludes derivatives.

<sup>(a)</sup> Securities were purchased with the cash collateral from loaned securities.

**Schedule of Investments**

DIVIDEND GROWTH FUND *November 30, 2022*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 98.55%** |  |  |
| **COMMON STOCKS 98.55%** |  |  |
| **Aerospace & Defense 4.37%** |  |  |
| Northrop Grumman Corp. | 141100 | $75247219 |
| Raytheon Technologies Corp. | 875141 | 86393920 |
| *Total* |  | 161641139 |
| **Banks 3.69%** |  |  |
| Bank of America Corp. 3,601,334 |  | 136310492 |
| **Beverages 2.73%** |  |  |
| Coca-Cola Co. (The) | 1589379 | 101100398 |
| **Biotechnology 2.42%** |  |  |
| AbbVie, Inc. | 554807 | 89423792 |
| **Capital Markets 7.16%** |  |  |
| Ameriprise Financial, Inc. | 290600 | 96464670 |
| Morgan Stanley | 1038500 | 96653195 |
| S&P Global, Inc. | 203800 | 71900640 |
| *Total* |  | 265018505 |
| **Chemicals 2.10%** |  |  |
| Air Products & Chemicals, Inc. | 250400 | 77664064 |
| **Construction Materials 1.98%** |  |  |
| Vulcan Materials Co. | 398605 | 73076255 |
| **Containers & Packaging 1.23%** |  |  |
| Avery Dennison Corp. | 234452 | 45326605 |
| **Electric: Utilities 3.04%** |  |  |
| NextEra Energy, Inc. | 1326049 | 112316350 |
| **Equity Real Estate Investment Trusts 2.49%** | **Equity Real Estate Investment Trusts 2.49%** |  |
| American Tower Corp. | 319800 | 70755750 |
| Prologis, Inc. | 180351 | 21243544 |
| *Total* |  | 91999294 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Food & Staples Retailing 4.17%** |  |  |
| Costco Wholesale Corp. | 140028 | $75510099 |
| Walmart, Inc. | 516770 | 78766083 |
| *Total* |  | 154276182 |
| **Health Care Equipment & Supplies 1.77%** | **Health Care Equipment & Supplies 1.77%** |  |
| Abbott Laboratories | 610200 | 65645316 |
| **Health Care Providers & Services 4.66%** | **Health Care Providers & Services 4.66%** |  |
| Humana, Inc. | 74756 | 41108324 |
| UnitedHealth Group, Inc. | 239700 | 131298072 |
| *Total* |  | 172406396 |
| **Hotels, Restaurants & Leisure 3.01%** | **Hotels, Restaurants & Leisure 3.01%** |  |
| Churchill Downs, Inc. | 131635 | 29217705 |
| McDonald's Corp. | 169726 | 46299555 |
| Starbucks Corp. | 350848 | 35856666 |
| *Total* |  | 111373926 |
| **Industrial Conglomerates 2.27%** |  |  |
| Honeywell International, Inc. | 383100 | 84109605 |
| **Information Technology Services 5.79%** | **Information Technology Services 5.79%** |  |
| Accenture plc Class A (Ireland)<sup>(a)</sup> | 158500 | 47697405 |
| Jack Henry & Associates, Inc. | 260000 | 49231000 |
| Mastercard, Inc. Class A | 328659 | 117134068 |
| *Total* |  | 214062473 |
| **Insurance 5.49%** |  |  |
| Allstate Corp. (The) | 516967 | 69221881 |
| American Financial Group, Inc./OH | 225300 | 32042166 |
| Arthur J Gallagher & Co. | 294753 | 58688270 |
| Chubb Ltd. (Switzerland)<sup>(a)</sup> | 196900 | 43237271 |
| *Total* |  | 203189588 |

---

*See Notes to Financial Statements.* 25

**Schedule of Investments (continued)**

DIVIDEND GROWTH FUND *November 30, 2022*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Life Sciences Tools & Services 2.63%** | **Life Sciences Tools & Services 2.63%** |  |  |
| Danaher Corp. | 252400 | $| 69008684 |
| West Pharmaceutical Services, Inc. | 120200 |  | 28206132 |
| *Total* |  |  | 97214816 |
| **Machinery 2.11%** |  |  |  |
| Parker-Hannifin Corp. | 260891 |  | 77990756 |
| **Metals & Mining 0.91%** |  |  |  |
| Reliance Steel & Aluminum Co. | 158700 |  | 33531723 |
| **Multi-Utilities 0.39%** |  |  |  |
| CMS Energy Corp. | 239100 |  | 14601837 |
| **Oil, Gas & Consumable Fuels 4.85%** | **Oil, Gas & Consumable Fuels 4.85%** |  |  |
| Exxon Mobil Corp. | 1161830 |  | 129358152 |
| Marathon Petroleum Corp. | 411100 |  | 50076091 |
| *Total* |  |  | 179434243 |
| **Personal Products 0.50%** |  |  |  |
| Estee Lauder Cos., Inc. (The) Class A | 78419 |  | 18490416 |
| **Pharmaceuticals 3.04%** |  |  |  |
| Eli Lilly & Co. | 200432 |  | 74376307 |
| Zoetis, Inc. | 247900 |  | 38211306 |
| *Total* |  |  | 112587613 |
| **Professional Services 0.81%** |  |  |  |
| Booz Allen Hamilton Holding Corp. | 282727 |  | 30082153 |
| **Road & Rail 1.70%** |  |  |  |
| Union Pacific Corp. | 289600 |  | 62967728 |
| **Semiconductors & Semiconductor Equipment 4.58%** | **Semiconductors & Semiconductor Equipment 4.58%** | **Semiconductors & Semiconductor Equipment 4.58%** | **Semiconductors & Semiconductor Equipment 4.58%** |
| Analog Devices, Inc. | 293400 |  | 50438394 |
| KLA Corp. | 89700 |  | 35265555 |
| NVIDIA Corp. | 152900 |  | 25875267 |
| Texas Instruments, Inc. | 320800 |  | 57891568 |
| *Total* |  |  | 169470784 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Software 9.51%** |  |  |
| Intuit, Inc. | 91000 | $37090690 |
| Microsoft Corp. | 971200 | 247791968 |
| Roper Technologies, Inc. | 152284 | 66835925 |
| *Total* |  | 351718583 |
| **Specialty Retail 5.42%** |  |  |
| Home Depot, Inc. (The) | 185600 | 60132544 |
| Lowe's Cos., Inc. | 369375 | 78510656 |
| TJX Cos., Inc. (The) | 774900 | 62030745 |
| *Total* |  | 200673945 |
| **Technology Hardware, Storage & Peripherals 2.96%** | **Technology Hardware, Storage & Peripherals 2.96%** | **Technology Hardware, Storage & Peripherals 2.96%** |
| Apple, Inc. | 740003 | 109542644 |
| **Textiles, Apparel & Luxury Goods 0.77%** | **Textiles, Apparel & Luxury Goods 0.77%** |  |
| NIKE, Inc. Class B | 259900 | 28508431 |
| *Total Common Stocks*<br> (cost $3,003,430,736) |  | 3645756052 |
|  | **Principal** <br> **Amount** |  |
| **SHORT-TERM INVESTMENTS 1.26%** | **SHORT-TERM INVESTMENTS 1.26%** |  |
| **Repurchase Agreements 1.26%** |  |  |
| Repurchase Agreement dated 11/30/2022, 1.75% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $49,320,100, of U.S. Treasury Note at 2.00% due 5/31/2024; value: $47,391,585; proceeds: $46,464,591<br> (cost $46,462,332) | $46462332 | 46462332 |
| *Total Investments in Securities 99.81%*<br> (cost $3,049,893,068) |  | 3692218384 |
| *Other Assets and Liabilities – Net<sup>(b)</sup> 0.19%* |  | 7099025 |
| *Net Assets 100.00%* |  | $3699317409 |

---

<sup>(a)</sup> Foreign security traded in U.S. dollars. <br> <sup>(b)</sup> Other Assets and Liabilities include net unrealized appreciation/depreciation on futures contracts as follows:

26 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

DIVIDEND GROWTH FUND *November 30, 2022*

**Futures Contracts at November 30, 2022:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional <br> Amount** | **Notional <br> Value** | **Unrealized <br> Appreciation** |
| E-Mini S&P 500 Index | December 2022 | 185 | Long | $36013386 | $37751562 | $1738176 |

---

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type<sup>(2)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $3645756052 | $– | $– | $3645756052 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 46462332 | – | 46462332 |
| Total | $3645756052 | $46462332 | $– | $3692218384 |
| **Other Financial Instruments** |  |  |  |  |
| Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $1738176 | $– | $– | $1738176 |
| &nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $1738176 | $– | $– | $1738176 |

---

<sup>(1)</sup> Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

*See Notes to Financial Statements.* 27

**Schedule of Investments**

GROWTH OPPORTUNITIES FUND *November 30, 2022*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **LONG-TERM INVESTMENTS 99.08%** |  |  |
| **COMMON STOCKS 99.08%** |  |  |
| **Aerospace & Defense 4.30%** |  |  |
| Axon Enterprise, Inc.\* | 49850 | $9173896 |
| Parsons Corp.\* | 77254 | 3824073 |
| TransDigm Group, Inc. | 11898 | 7477893 |
| *Total* |  | 20475862 |
| **Beverages 1.31%** |  |  |
| Brown-Forman Corp. Class B | 33458 | 2443103 |
| Celsius Holdings, Inc.\* | 34044 | 3790459 |
| *Total* |  | 6233562 |
| **Biotechnology 9.17%** |  |  |
| Alnylam Pharmaceuticals, Inc.\* | 21264 | 4690626 |
| Argenx SE ADR\* | 22172 | 8823791 |
| Biogen, Inc.\* | 12704 | 3876880 |
| Cytokinetics, Inc.\* | 141144 | 5998620 |
| Genmab A/S ADR\* | 105821 | 4923851 |
| Karuna Therapeutics, Inc.\* | 26827 | 6312661 |
| Krystal Biotech, Inc.\* | 46698 | 3630302 |
| Sarepta Therapeutics, Inc.\* | 44147 | 5421693 |
| *Total* |  | 43678424 |
| **Capital Markets 1.93%** |  |  |
| MSCI, Inc. | 10459 | 5311394 |
| Raymond James Financial, Inc. | 33412 | 3905863 |
| *Total* |  | 9217257 |
| **Chemicals 1.21%** |  |  |
| Albemarle Corp. | 20748 | 5767737 |
| **Communications Equipment 4.28%** |  |  |
| Arista Networks, Inc.\* | 74850 | 10426605 |
| Calix, Inc.\* | 139486 | 9945352 |
| *Total* |  | 20371957 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Shares** | **Fair <br> Value** |
| **Construction & Engineering 2.69%** |  |  |  |
| Comfort Systems USA, Inc. |  | 41303 | $5235568 |
| Quanta Services, Inc. |  | 50570 | 7579432 |
| *Total* |  |  | 12815000 |
| **Electrical Equipment 2.35%** |  |  |  |
| AMETEK, Inc. |  | 52611 | 7492859 |
| Hubbell, Inc. |  | 14509 | 3686156 |
| *Total* |  |  | 11179015 |
| **Entertainment 0.74%** |  |  |  |
| World Wrestling Entertainment, Inc. Class A |  | 43873 | 3504575 |
| **Equity Real Estate Investment Trusts 1.12%** | **Equity Real Estate Investment Trusts 1.12%** | **Equity Real Estate Investment Trusts 1.12%** |  |
| SBA Communications Corp. |  | 17848 | 5341906 |
| **Health Care Equipment & Supplies 7.89%** | **Health Care Equipment & Supplies 7.89%** | **Health Care Equipment & Supplies 7.89%** |  |
| Axonics, Inc.\* |  | 48035 | 3289437 |
| DexCom, Inc.\* |  | 91990 | 10696597 |
| IDEXX Laboratories, Inc.\* |  | 5862 | 2496450 |
| Inspire Medical Systems, Inc.\* |  | 12043 | 2909227 |
| Insulet Corp.\* |  | 39130 | 11714348 |
| Lantheus Holdings, Inc.\* |  | 60045 | 3727594 |
| Shockwave Medical, Inc.\* |  | 10852 | 2752067 |
| *Total* |  |  | 37585720 |
| **Hotels, Restaurants & Leisure 6.04%** | **Hotels, Restaurants & Leisure 6.04%** |  |  |
| Chipotle Mexican Grill, Inc.\* |  | 7783 | 12662630 |
| Hilton Worldwide Holdings, Inc. |  | 42174 | 6014856 |
| Planet Fitness, Inc. Class A\* |  | 75139 | 5887892 |
| Wingstop, Inc. |  | 25344 | 4194685 |
| *Total* |  |  | 28760063 |

---

28 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

GROWTH OPPORTUNITIES FUND *November 30, 2022*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **Information Technology Services 4.83%** | **Information Technology Services 4.83%** |  |
| Block, Inc.\* | 65030 | $4407083 |
| Cloudflare, Inc. Class A\* | 76120 | 3740537 |
| Shopify, Inc. Class A (Canada)\*<sup>(a)</sup> | 236312 | 9660435 |
| Toast, Inc. Class A\* | 284428 | 5222098 |
| *Total* |  | 23030153 |
| **Internet & Direct Marketing Retail 4.74%** | **Internet & Direct Marketing Retail 4.74%** |  |
| Coupang, Inc. (South Korea)\*<sup>(a)</sup> | 403505 | 7860278 |
| Etsy, Inc.\* | 46343 | 6121447 |
| MercadoLibre, Inc. (Uruguay)\*<sup>(a)</sup> | 9241 | 8603232 |
| *Total* |  | 22584957 |
| **Life Sciences Tools & Services 1.68%** | **Life Sciences Tools & Services 1.68%** |  |
| Agilent Technologies, Inc. | 37349 | 5788348 |
| Repligen Corp.\* | 12479 | 2231744 |
| *Total* |  | 8020092 |
| **Machinery 1.40%** |  |  |
| Fortive Corp. | 60607 | 4094003 |
| Xylem, Inc. | 22863 | 2568658 |
| *Total* |  | 6662661 |
| **Oil, Gas & Consumable Fuels 2.85%** |  |  |
| Antero Resources Corp.\* | 64418 | 2354478 |
| Cheniere Energy, Inc. | 50415 | 8840774 |
| EQT Corp. | 56624 | 2401424 |
| *Total* |  | 13596676 |
| **Pharmaceuticals 1.00%** |  |  |
| Intra-Cellular Therapies, Inc.\* | 87707 | 4755474 |
| **Professional Services 1.72%** |  |  |
| Booz Allen Hamilton Holding Corp. | 32114 | 3416930 |
| CoStar Group, Inc.\* | 59053 | 4785655 |
| *Total* |  | 8202585 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **Semiconductors & Semiconductor Equipment 12.14%** | **Semiconductors & Semiconductor Equipment 12.14%** | **Semiconductors & Semiconductor Equipment 12.14%** |
| Enphase Energy, Inc.\* | 43924 | $14081595 |
| First Solar, Inc.\* | 20726 | 3575857 |
| GLOBALFOUNDRIES, Inc.\*<sup>(b)</sup> | 51660 | 3324321 |
| KLA Corp. | 12248 | 4815301 |
| Lattice Semiconductor Corp.\* | 108089 | 7872122 |
| Monolithic Power Systems, Inc. | 17770 | 6787429 |
| ON Semiconductor Corp.\* | 80953 | 6087666 |
| Rambus, Inc.\* | 136934 | 5255527 |
| SolarEdge Technologies, Inc. (Israel)\*<sup>(a)</sup> | 11248 | 3361577 |
| Wolfspeed, Inc.\* | 29227 | 2657319 |
| *Total* |  | 57818714 |
| **Software 13.49%** |  |  |
| Aspen Technology, Inc.\* | 23713 | 5465846 |
| Bentley Systems, Inc. Class B | 88949 | 3523270 |
| Bill.com Holdings, Inc.\* | 28150 | 3389823 |
| Cadence Design Systems, Inc.\* | 15341 | 2639266 |
| Clear Secure, Inc. Class A | 231652 | 7199744 |
| Crowdstrike Holdings, Inc. Class A\* | 40701 | 4788473 |
| CyberArk Software Ltd. (Israel)\*<sup>(a)</sup> | 28425 | 4237315 |
| Datadog, Inc. Class A\* | 30596 | 2318565 |
| DoubleVerify Holdings, Inc.\* | 149813 | 3925100 |
| Gitlab, Inc. Class A\* | 55447 | 2192929 |
| Palo Alto Networks, Inc.\* | 15167 | 2576873 |
| Paycom Software, Inc.\* | 17848 | 6052257 |
| Paylocity Holding Corp.\* | 15847 | 3451952 |
| Roper Technologies, Inc. | 8925 | 3917093 |

---

*See Notes to Financial Statements.* 29

**Schedule of Investments (continued)**

GROWTH OPPORTUNITIES FUND *November 30, 2022*

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** | **Fair <br> Value** |
| **Software (continued)** |  |  |  |
| Synopsys, Inc.\* | 7731 | $| 2624984 |
| Trade Desk, Inc. (The) Class A\* | 74862 |  | 3903305 |
| Zscaler, Inc.\* | 15260 |  | 2036447 |
| *Total* |  |  | 64243242 |
| **Specialty Retail 3.15%** |  |  |  |
| Dick's Sporting Goods, Inc. | 33702 |  | 4030085 |
| Tractor Supply Co. | 22145 |  | 5011635 |
| Ulta Beauty, Inc.\* | 12880 |  | 5987139 |
| *Total* |  |  | 15028859 |
| **Technology Hardware, Storage & Peripherals 1.32%** | **Technology Hardware, Storage & Peripherals 1.32%** | **Technology Hardware, Storage & Peripherals 1.32%** | **Technology Hardware, Storage & Peripherals 1.32%** |
| Pure Storage, Inc. Class A\* | 215776 |  | 6298501 |
| **Textiles, Apparel & Luxury Goods 6.99%** |  |  |  |
| Crocs, Inc.\* | 112453 |  | 11357753 |
| Deckers Outdoor Corp.\* | 19832 |  | 7910588 |
| Lululemon Athletica, Inc. (Canada)\*<sup>(a)</sup> | 36923 |  | 14042186 |
| *Total* |  |  | 33310527 |
| **Trading Companies & Distributors 0.74%** |  |  |  |
| WW Grainger, Inc. | 5844 |  | 3524283 |
| *Total Common Stocks*<br> (cost $392,695,204) |  |  | 472007802 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount** | **Fair<br> Value** |
| **SHORT-TERM INVESTMENTS 1.49%** |  |  |
| **Repurchase Agreements 0.85%** |  |  |
| Repurchase Agreement dated 11/30/2022, 1.75% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $4,414,700, of U.S. Treasury Note at 0.25% due 6/15/2024; value: $4,129,707; proceeds: $4,048,900<br> (cost $4,048,703) | $4048703 | $4048703 |
|  | **Shares** |  |
| **Money Market Funds 0.58%** |  |  |
| Fidelity Government Portfolio<sup>(c)</sup><br> (cost $2,767,050) | 2767050 | 2767050 |
| **Time Deposits 0.06%** |  |  |
| CitiBank N.A.<sup>(c)</sup><br> (cost $307,450) | 307450 | 307450 |
| *Total Short-Term Investments*<br> (cost $7,123,203) |  | 7123203 |
| *Total Investments in Securities 100.57%*<br> (cost $399,818,407) |  | 479131005 |
| *Other Assets and Liabilities – Net (0.57)%* |  | (2729998) |
| *Net Assets 100.00%* |  | $476401007 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(c)</sup> | Security was purchased with the cash collateral from loaned securities. |

---

30 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

GROWTH OPPORTUNITIES FUND *November 30, 2022*

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type<sup>(2)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $472007802 | $– | $– | $472007802 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 4048703 |  | 4048703 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 2767050 |  |  | 2767050 |
| &nbsp;&nbsp;&nbsp;Time Deposits | – | 307450 | – | 307450 |
| Total | $474774852 | $4356153 | $– | $479131005 |

---

<sup>(1)</sup> Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

*See Notes to Financial Statements.* 31

**Schedule of Investments**

SMALL CAP VALUE FUND *November 30, 2022*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 99.20%** | | |
| **COMMON STOCKS 99.20%** | | |
| **Aerospace & Defense 2.00%** | | |
| Curtiss-Wright Corp. | 46221 | $8164940 |
| **Auto Components 1.86%** |  |  |
| Dorman Products, Inc.\* | 45505 | 4079068 |
| Gentherm, Inc.\* | 49267 | 3527025 |
| *Total* |  | 7606093 |
| **Banks 11.91%** |  |  |
| Bancorp, Inc. (The)\* | 171667 | 5144860 |
| Eastern Bankshares, Inc. | 214867 | 4213542 |
| First BanCorp | 677245 | 10416012 |
| Heritage Financial Corp. | 243292 | 8004307 |
| Prosperity Bancshares, Inc. | 85184 | 6437355 |
| SouthState Corp. | 78479 | 6894380 |
| Wintrust Financial Corp. | 82700 | 7561261 |
| *Total* |  | 48671717 |
| **Building Products 1.67%** |  |  |
| Masonite International Corp.\* | 90803 | 6834742 |
| **Capital Markets 4.07%** |  |  |
| Bridge Investment Group Holdings, Inc. Class A | 404071 | 6162083 |
| CI Financial Corp.<sup>(a)</sup> | 459700 | 4863049 |
| Moelis & Co. Class A | 130106 | 5623181 |
| *Total* |  | 16648313 |
| **Chemicals 3.97%** |  |  |
| Avient Corp. | 138289 | 4786182 |
| Element Solutions, Inc. | 212497 | 4156442 |
| Valvoline, Inc. | 220452 | 7270507 |
| *Total* |  | 16213131 |
| **Commercial Banks 1.36%** |  |  |
| WSFS Financial Corp. | 114710 | 5564582 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Commercial Services & Supplies 1.45%** | **Commercial Services & Supplies 1.45%** | | |
| SP Plus Corp.\* | 169675 | $| 5919961 |
| **Construction & Engineering 2.08%** |  |  |  |
| EMCOR Group, Inc. | 54868 |  | 8499053 |
| **Construction Materials 1.62%** |  |  |  |
| Eagle Materials, Inc. | 48677 |  | 6636622 |
| **Containers & Packaging 0.87%** |  |  |  |
| Pactiv Evergreen, Inc. | 305990 |  | 3561724 |
| **Diversified Financial Services 1.48%** |  |  |  |
| Compass Diversified Holdings | 308987 |  | 6043786 |
| **Electric: Utilities 2.31%** |  |  |  |
| IDACORP, Inc. | 47664 |  | 5268302 |
| Portland General Electric Co. | 85058 |  | 4187405 |
| *Total* |  |  | 9455707 |
| **Electronic Equipment, Instruments & Components 3.05%** | **Electronic Equipment, Instruments & Components 3.05%** | **Electronic Equipment, Instruments & Components 3.05%** | **Electronic Equipment, Instruments & Components 3.05%** |
| Belden, Inc. | 105352 |  | 8474515 |
| Mirion Technologies, Inc.\* | 624482 |  | 3984195 |
| *Total* |  |  | 12458710 |
| **Energy Equipment & Services 2.00%** | **Energy Equipment & Services 2.00%** |  |  |
| TechnipFMC PLC (United Kingdom)\*<sup>(b)</sup> | 658320 |  | 8163168 |
| **Equity Real Estate Investment Trusts 4.68%** | **Equity Real Estate Investment Trusts 4.68%** |  |  |
| National Storage Affiliates Trust | 129333 |  | 5148747 |
| Physicians Realty Trust | 231268 |  | 3452831 |
| STAG Industrial, Inc. | 161200 |  | 5305092 |
| Sunstone Hotel Investors, Inc. | 474973 |  | 5219953 |
| *Total* |  |  | 19126623 |
| **Food Products 1.70%** |  |  |  |
| Vita Coco Co., Inc. (The)\*<sup>(c)</sup> | 585971 |  | 6937897 |

---

32 *See Notes to Financial Statements.*

**Schedule of Investments (continued)**

SMALL CAP VALUE FUND *November 30, 2022*

 

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Health Care Equipment & Supplies 1.11%** | | |
| CONMED Corp. | 54688 | $4530901 |
| **Health Care Providers & Services 2.77%** |  |  |
| AMN Healthcare Services, Inc.\* | 47638 | 5892821 |
| Tenet Healthcare Corp.\* | 118100 | 5453858 |
| *Total* |  | 11346679 |
| **Hotels, Restaurants & Leisure 3.68%** |  |  |
| Dave & Buster's Entertainment, Inc.\* | 102154 | 4051427 |
| Marcus Corp. (The) | 402258 | 6532670 |
| SeaWorld Entertainment, Inc.\* | 78129 | 4458041 |
| *Total* |  | 15042138 |
| **Household Durables 0.80%** |  |  |
| Helen of Troy Ltd.\* | 33303 | 3281678 |
| **Household Products 2.75%** |  |  |
| Reynolds Consumer Products, Inc. | 172775 | 5521889 |
| Spectrum Brands Holdings, Inc. | 107129 | 5706762 |
| *Total* |  | 11228651 |
| **Information Technology Services 2.90%** |  |  |
| Euronet Worldwide, Inc.\* | 35084 | 3261058 |
| International Money Express, Inc.\* | 396383 | 8609439 |
| *Total* |  | 11870497 |
| **Insurance 5.22%** |  |  |
| Kemper Corp. | 149126 | 8488252 |
| RenaissanceRe Holdings Ltd. | 26740 | 5051453 |
| Selective Insurance Group, Inc. | 33192 | 3190415 |
| Stewart Information Services Corp. | 104475 | 4624064 |
| *Total* |  | 21354184 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Interactive Media & Services 2.27%** | | |
| Cars.com, Inc.\* | 627111 | $9268701 |
| **Machinery 6.83%** |  |  |
| Alamo Group, Inc. | 47190 | 7102095 |
| Columbus McKinnon Corp. | 220674 | 7112323 |
| Crane Holdings Co. | 78590 | 8325825 |
| Miller Industries, Inc. | 195584 | 5396162 |
| *Total* |  | 27936405 |
| **Media 1.05%** |  |  |
| Criteo SA ADR\* | 158942 | 4300970 |
| **Oil, Gas & Consumable Fuels 4.74%** |  |  |
| Chesapeake Energy Corp. | 49346 | 5107311 |
| MEG Energy Corp.\*<sup>(a)</sup> | 396100 | 5639010 |
| Permian Resources Corp. | 851205 | 8648243 |
| *Total* |  | 19394564 |
| **Personal Products 1.89%** |  |  |
| BellRing Brands, Inc.\* | 309505 | 7709769 |
| **Pharmaceuticals 1.78%** |  |  |
| Organon & Co. | 279322 | 7267958 |
| **Professional Services 2.94%** |  |  |
| ICF International, Inc. | 59100 | 6404667 |
| TrueBlue, Inc.\* | 260293 | 5617123 |
| *Total* |  | 12021790 |
| **Real Estate Management & Development 1.20%** | **Real Estate Management & Development 1.20%** |  |
| Marcus & Millichap, Inc. | 131658 | 4902944 |
| **Semiconductors & Semiconductor Equipment 1.29%** | **Semiconductors & Semiconductor Equipment 1.29%** |  |
| FormFactor, Inc.\* | 228223 | 5265105 |
| **Software 1.81%** |  |  |
| CommVault Systems, Inc.\* | 112172 | 7403352 |

---

*See Notes to Financial Statements.* 33

**Schedule of Investments (continued)**

SMALL CAP VALUE FUND *November 30, 2022*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Specialty Retail 1.05%** | | |
| Boot Barn Holdings, Inc.\* | 64000 | $4310400 |
| **Textiles, Apparel & Luxury Goods 1.86%** |  |  |
| Deckers Outdoor Corp.\* | 13112 | 5230114 |
| Kontoor Brands, Inc. | 54295 | 2359118 |
| *Total* |  | 7589232 |
| **Trading Companies & Distributors 3.18%** |  |  |
| Applied Industrial Technologies, Inc. | 47870 | 6342296 |
| MRC Global, Inc.\* | 565618 | 6651668 |
| *Total* |  | 12993964 |
| *Total Common Stocks* <br> (cost $386,648,387) |  | 405526651 |
|  | **Principal** <br> **Amount** |  |
| **SHORT-TERM INVESTMENTS 1.11%** |  |  |
| **Repurchase Agreements 0.82%** |  |  |
| Repurchase Agreement dated 11/30/2022, 1.75% due 12/1/2022 with Fixed Income Clearing Corp. collateralized by $3,631,500, of U.S. Treasury Note at 0.25% due 6/15/2024; value: $3,397,067; proceeds: $3,330,535<br> (cost $3,330,373) | $3330373 | 3330373 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Money Market Funds 0.26%** |  |  |
| Fidelity Government Portfolio<sup>(d)</sup><br> (cost $1,067,763) | 1067763 | $1067763 |
| **Time Deposits 0.03%** |  |  |
| CitiBank N.A.<sup>(d)</sup><br> (cost $118,640) | 118640 | 118640 |
| *Total Short-Term Investments* <br> (cost $4,516,776) |  | 4516776 |
| *Total Investments in Securities 100.31%* <br> (cost $391,165,163) |  | 410043427 |
| *Other Assets and Liabilities – Net (0.31)%* |  | (1256519) |
| *Net Assets 100.00%* |  | $408786908 |

---

---

| | |
|:---|:---|
| ADR | American Depositary Receipt. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(c)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(d)</sup> | Security was purchased with the cash collateral from loaned securities. |

---

34 *See Notes to Financial Statements.*

**Schedule of Investments (concluded)**

SMALL CAP VALUE FUND *November 30, 2022*

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $405526651 | $– | $– | $405526651 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 3330373 |  | 3330373 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 1067763 |  |  | 1067763 |
| &nbsp;&nbsp;&nbsp;Time Deposits | – | 118640 | – | 118640 |
| Total | $406594414 | $3449013 | $– | $410043427 |

---

<sup>(1)</sup> Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. When applicable each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund's net assets.

*See Notes to Financial Statements.* 35

**Statements of Assets and Liabilities**

*November 30, 2022*

---

| | | | |
|:---|:---|:---|:---|
|  | **Dividend<br> Growth Fund** | **Growth<br> Opportunities<br> Fund** | **Small Cap<br> Value Fund** |
| **ASSETS:** | | | |
| Investments in securities, at cost | $3049893068 | $399818407 | $391165163 |
| Investments in securities, at fair value including $0, $3,043,755 and $1,193,496, respectively, of securities loaned | $3692218384 | $479131005 | $410043427 |
| Cash | 6 |  |  |
| Deposits with brokers for futures collateral | 1961000 |  |  |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 14143626 | 394488 |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 7656969 | 174406 | 658800 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 3217643 | 1177026 | 126147 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 1102931 |  |  |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) | 14597 | 58274 |  |
| &nbsp;&nbsp;&nbsp;Securities lending income receivable |  | 201 | 786 |
| Prepaid expenses and other assets | 114667 | 67844 | 66224 |
| **Total assets** | 3720429823 | 481003244 | 410895384 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 14390089 |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 3705299 | 786193 | 115615 |
| &nbsp;&nbsp;&nbsp;Management fee | 1520608 | 245067 | 244990 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 549180 | 93641 | 68511 |
| &nbsp;&nbsp;&nbsp;Directors' fees | 365086 | 111871 | 252567 |
| &nbsp;&nbsp;&nbsp;Fund administration | 116080 | 15081 | 13066 |
| &nbsp;&nbsp;&nbsp;Payable for collateral due to broker for securities lending |  | 3074500 | 1186403 |
| Foreign currency overdraft <br> (cost $0, $101,856 and $0, respectively) |  | 106372 |  |
| Distributions payable |  | 15 |  |
| Accrued expenses | 466072 | 169497 | 227324 |
| **Total liabilities** | 21112414 | 4602237 | 2108476 |
| **NET ASSETS** | $3699317409 | $476401007 | $408786908 |
| **COMPOSITION OF NET ASSETS:** |  |  |  |
| Paid-in capital | $2914633361 | $468306147 | $378319316 |
| Total distributable earnings (loss) | 784684048 | 8094860 | 30467592 |
| **Net Assets** | $3699317409 | $476401007 | $408786908 |

---

<br> 36 *See Notes to Financial Statements.*

**Statements of Assets and Liabilities (concluded)**

*November 30, 2022*

 

---

| | | | |
|:---|:---|:---|:---|
|  | **Dividend<br> Growth Fund** | **Growth<br> Opportunities<br> Fund** | **Small Cap<br> Value Fund** |
| **Net assets by class:** |  |  |  |
| Class A Shares | $2213259487 | $356219171 | $191439887 |
| Class C Shares | $158789480 | $15433781 | $4973880 |
| Class F Shares | $184824327 | $16775039 | $5666869 |
| Class F3 Shares | $295541804 | $48091419 | $27967475 |
| Class I Shares | $812893030 | $14741937 | $157172546 |
| Class P Shares | $912960 | $2643413 | $12171490 |
| Class R2 Shares | $1206542 | $857735 | $520673 |
| Class R3 Shares | $10852408 | $10319164 | $2662775 |
| Class R4 Shares | $4194434 | $2037844 | $458187 |
| Class R5 Shares | $291113 | $65386 | $283432 |
| Class R6 Shares | $16551824 | $9216118 | $5469694 |
| **Outstanding shares by class:** |  |  |  |
| Class A Shares (538.13, 198 and 378 million shares of common stock authorized, $.001 par value) | 119347771 | 18793449 | 14102669 |
| Class C Shares (40, 40 and 30 million shares of common stock authorized, $.001 par value) | 8708538 | 1415213 | 1509659 |
| Class F Shares (144.38, 66 and 63 million shares of common stock authorized, $.001 par value) | 9910386 | 826479 | 411628 |
| Class F3 Shares (88.13, 66 and 63 million shares of common stock authorized, $.001 par value) | 15632394 | 2044600 | 1538961 |
| Class I Shares (144.38, 131 and 315 million shares of common stock authorized, $.001 par value) | 43288220 | 633569 | 8739157 |
| Class P Shares (20, 20 and 50 million shares of common stock authorized, $.001 par value) | 48872 | 146808 | 985447 |
| Class R2 Shares (30, 30 and 30 million shares of common stock authorized, $.001 par value) | 64231 | 49940 | 43173 |
| Class R3 Shares (30, 43.5 and 82.75 million shares of common stock authorized, $.001 par value) | 588812 | 578440 | 214348 |
| Class R4 Shares (30, 43.5 and 82.75 million shares of common stock authorized, $.001 par value) | 226414 | 107508 | 33671 |
| Class R5 Shares (30, 43.5 and 82.75 million shares of common stock authorized, $.001 par value) | 15508 | 2807 | 15733 |
| Class R6 Shares (30, 43.5 and 82.75 million shares of common stock authorized, $.001 par value) | 875739 | 391918 | 301096 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):** |  |  |  |
| Class A Shares-Net asset value | $18.54 | $18.95 | $13.57 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%) | $19.67 | $20.11 | $14.40 |
| Class C Shares-Net asset value | $18.23 | $10.91 | $3.29 |
| Class F Shares-Net asset value | $18.65 | $20.30 | $13.77 |
| Class F3 Shares-Net asset value | $18.91 | $23.52 | $18.17 |
| Class I Shares-Net asset value | $18.78 | $23.27 | $17.98 |
| Class P Shares-Net asset value | $18.68 | $18.01 | $12.35 |
| Class R2 Shares-Net asset value | $18.78 | $17.18 | $12.06 |
| Class R3 Shares-Net asset value | $18.43 | $17.84 | $12.42 |
| Class R4 Shares-Net asset value | $18.53 | $18.96 | $13.61 |
| Class R5 Shares-Net asset value\* | $18.77 | $23.30 | $18.01 |
| Class R6 Shares-Net asset value | $18.90 | $23.52 | $18.17 |

---

<br> \* Net asset value may not recalculate due to rounding of fractional shares. <br>

*See Notes to Financial Statements.* 37

**Statements of Operations**

*For the Year Ended November 30, 2022*

 

---

| | | | |
|:---|:---|:---|:---|
|  | **Dividend<br> Growth Fund** | **Growth<br> Opportunities<br> Fund** | **Small Cap<br> Value Fund** |
| **Investment income:** |  |  |  |
| Dividends (net of foreign withholding taxes of $333,689, $22,144 and $72,088, respectively) | $60531956 | $4332195 | $7017042 |
| Securities lending net income | 5500 | 14770 | 81865 |
| Interest and other | 257186 | 32950 | 14808 |
| Interest earned from Interfund Lending (See Note 11) | 3245 | 2754 | – |
| **Total investment income** | 60797887 | 4382669 | 7113715 |
| **Expenses:** |  |  |  |
| Management fee | 17103368 | 4869360 | 3647791 |
| 12b-1 distribution plan–Class A | 5502721 | 990387 | 512928 |
| 12b-1 distribution plan–Class C | 1699445 | 178705 | 57192 |
| 12b-1 distribution plan–Class F | 299951 | 28832 | 9696 |
| 12b-1 distribution plan–Class P | 4224 | 12645 | 57763 |
| 12b-1 distribution plan–Class R2 | 7936 | 5640 | 3471 |
| 12b-1 distribution plan–Class R3 | 56783 | 56488 | 18065 |
| 12b-1 distribution plan–Class R4 | 10564 | 5222 | 1602 |
| Shareholder servicing | 2294929 | 594525 | 482787 |
| Fund administration | 1298234 | 265029 | 194549 |
| Registration | 250561 | 159578 | 150410 |
| Reports to shareholders | 248792 | 61342 | 43815 |
| Professional | 90936 | 62208 | 47333 |
| Directors' fees | 62052 | 14349 | 10220 |
| Custody | 39993 | 18227 | 26801 |
| Other | 120929 | 103365 | 99289 |
| Gross expenses | 29091418 | 7425902 | 5363712 |
| &nbsp;&nbsp;&nbsp;Expense reductions (See Note 9) | (27197) | (4194) | (2394) |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (339943) | (923988) | (26801) |
| **Net expenses** | 28724278 | 6497720 | 5334517 |
| **Net investment income (loss)** | 32073609 | (2115051) | 1779198 |
| **Net realized and unrealized gain (loss):** |  |  |  |
| Net realized gain (loss) on investments | 175803502 | (66660462) | 12609516 |
| Net realized gain (loss) on futures contracts | (4498043) |  |  |
| Net realized gain (loss) on foreign currency related transactions | 57662 | 14150 | (16909) |
| Net change in unrealized appreciation/depreciation on investments | (356024195) | (186562839) | (61677429) |
| Net change in unrealized appreciation/depreciation on futures contracts | 2562889 |  |  |
| Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies | (1672) | (4632) | – |
| **Net realized and unrealized gain (loss)** | (182099857) | (253213783) | (49084822) |
| **Net Decrease in Net Assets Resulting From Operations** | $(150026248) | $(255328834) | $(47305624) |

---

<br> 38 *See Notes to Financial Statements.*

This page is intentionally left blank.

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Dividend Growth Fund** | **Dividend Growth Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Year Ended<br> November 30, 2022** | **For the Year Ended<br> November 30, 2021** |
| **Operations:** |  |  |
| Net investment income (loss) | $32073609 | $26530101 |
| Net realized gain (loss) on investments, futures contracts and foreign currency related transactions | 171363121 | 264222967 |
| Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies | (353462978) | 348692200 |
| **Net increase (decrease) in net assets resulting from operations** | (150026248) | 639445268 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (187316611) | (62184970) |
| &nbsp;&nbsp;&nbsp;Class C | (14168143) | (4393123) |
| &nbsp;&nbsp;&nbsp;Class F | (36016325) | (11594433) |
| &nbsp;&nbsp;&nbsp;Class F3 | (25251736) | (8434571) |
| &nbsp;&nbsp;&nbsp;Class I | (7544889) | (1611206) |
| &nbsp;&nbsp;&nbsp;Class P | (82023) | (32305) |
| &nbsp;&nbsp;&nbsp;Class R2 | (106750) | (27292) |
| &nbsp;&nbsp;&nbsp;Class R3 | (1044575) | (407344) |
| &nbsp;&nbsp;&nbsp;Class R4 | (354030) | (133545) |
| &nbsp;&nbsp;&nbsp;Class R5 | (48541) | (13459) |
| &nbsp;&nbsp;&nbsp;Class R6 | (1526187) | (589053) |
| **Total distributions to shareholders** | (273459810) | (89421301) |
| **Capital share transactions (Net of share conversions) (See Note 15):** | **Capital share transactions (Net of share conversions) (See Note 15):** | **Capital share transactions (Net of share conversions) (See Note 15):** |
| Net proceeds from sales of shares | 1264274921 | 534740311 |
| Reinvestment of distributions | 258637094 | 84578057 |
| Cost of shares reacquired | (855467499) | (469209381) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | 667444516 | 150108987 |
| **Net increase (decrease) in net assets** | 243958458 | 700132954 |
| **NET ASSETS:** |  |  |
| Beginning of year | $3455358951 | $2755225997 |
| **End of year** | $3699317409 | $3455358951 |

---

<br> 40 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Growth Opportunities Fund** | **Growth Opportunities Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| **For the Year Ended<br> November 30, 2022** | **For the Year Ended<br> November 30, 2021** | **For the Year Ended<br> November 30, 2022** | **For the Year Ended<br> November 30, 2021** |
| $(2115051) | $(5758308) | $1779198 | $2945791 |
| (66646312) | 158735768 | 12592607 | 135342990 |
| (186567471) | (59478291) | (61677429) | 24002366 |
| (255328834) | 93499169 | (47305624) | 162291147 |
| (83797875) | (69456146) | (35765288) | (2209466) |
| (6139071) | (5338174) | (3064012) | (138140) |
| (7283725) | (5797936) | (2266439) | (116358) |
| (7914378) | (3409214) | (3663260) | (273146) |
| (28674260) | (23573196) | (45096355) | (3521033) |
| (605809) | (513944) | (2352057) | (145738) |
| (217049) | (163328) | (101786) | (3908) |
| (2462358) | (2478074) | (783204) | (40717) |
| (414079) | (278864) | (239313) | (13387) |
| (25821) | (11783) | (39639) | (275) |
| (1672402) | (1374852) | (969024) | (83256) |
| (139206827) | (112395511) | (94340377) | (6545424) |
| 165563531 | 194671173 | 40339547 | 97448899 |
| 134800683 | 108512857 | 91210871 | 6312296 |
| (348001750) | (183210072) | (273202509) | (169372531) |
| (47637536) | 119973958 | (141652091) | (65611336) |
| (442173197) | 101077616 | (283298092) | 90134387 |
| $918574204 | $817496588 | $692085000 | $601950613 |
| $476401007 | $918574204 | $408786908 | $692085000 |

---

<br> *See Notes to Financial Statements.* 41

**Financial Highlights**

DIVIDEND GROWTH FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2022 | $21.23 | $0.17 | $(1.20) | $(1.03) | $(0.18) | $(1.48) | $(1.66) |
| 11/30/2021 | 17.82 | 0.16 | 3.83 | 3.99 | (0.15) | (0.43) | (0.58) |
| 11/30/2020 | 16.38 | 0.17 | 2.17 | 2.34 | (0.20) | (0.70) | (0.90) |
| 11/30/2019 | 15.75 | 0.25 | 1.64 | 1.89 | (0.23) | (1.03) | (1.26) |
| 11/30/2018 | 16.26 | 0.24 | 0.48 | 0.72 | (0.24) | (0.99) | (1.23) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2022 | 20.90 | 0.03 | (1.17) | (1.14) | (0.05) | (1.48) | (1.53) |
| 11/30/2021 | 17.55 | 0.01 | 3.78 | 3.79 | (0.01) | (0.43) | (0.44) |
| 11/30/2020 | 16.14 | 0.06 | 2.13 | 2.19 | (0.08) | (0.70) | (0.78) |
| 11/30/2019 | 15.54 | 0.13 | 1.62 | 1.75 | (0.12) | (1.03) | (1.15) |
| 11/30/2018 | 16.06 | 0.12 | 0.47 | 0.59 | (0.12) | (0.99) | (1.11) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2022 | 21.32 | 0.22 | (1.20) | (0.98) | (0.21) | (1.48) | (1.69) |
| 11/30/2021 | 17.87 | 0.21 | 3.84 | 4.05 | (0.17) | (0.43) | (0.60) |
| 11/30/2020 | 16.41 | 0.21 | 2.18 | 2.39 | (0.23) | (0.70) | (0.93) |
| 11/30/2019 | 15.77 | 0.29 | 1.63 | 1.92 | (0.25) | (1.03) | (1.28) |
| 11/30/2018 | 16.26 | 0.28 | 0.49 | 0.77 | (0.27) | (0.99) | (1.26) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2022 | 21.60 | 0.24 | (1.22) | (0.98) | (0.23) | (1.48) | (1.71) |
| 11/30/2021 | 18.11 | 0.23 | 3.89 | 4.12 | (0.20) | (0.43) | (0.63) |
| 11/30/2020 | 16.62 | 0.23 | 2.20 | 2.43 | (0.24) | (0.70) | (0.94) |
| 11/30/2019 | 15.96 | 0.30 | 1.66 | 1.96 | (0.27) | (1.03) | (1.30) |
| 11/30/2018 | 16.45 | 0.30 | 0.48 | 0.78 | (0.28) | (0.99) | (1.27) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2022 | 21.48 | 0.25 | (1.24) | (0.99) | (0.23) | (1.48) | (1.71) |
| 11/30/2021 | 18.02 | 0.22 | 3.86 | 4.08 | (0.19) | (0.43) | (0.62) |
| 11/30/2020 | 16.55 | 0.21 | 2.20 | 2.41 | (0.24) | (0.70) | (0.94) |
| 11/30/2019 | 15.91 | 0.29 | 1.65 | 1.94 | (0.27) | (1.03) | (1.30) |
| 11/30/2018 | 16.41 | 0.29 | 0.48 | 0.77 | (0.28) | (0.99) | (1.27) |
| **Class P** |  |  |  |  |  |  |  |
| 11/30/2022 | 21.37 | 0.14 | (1.20) | (1.06) | (0.15) | (1.48) | (1.63) |
| 11/30/2021 | 17.93 | 0.12 | 3.86 | 3.98 | (0.11) | (0.43) | (0.54) |
| 11/30/2020 | 16.48 | 0.14 | 2.18 | 2.32 | (0.17) | (0.70) | (0.87) |
| 11/30/2019 | 15.83 | 0.22 | 1.65 | 1.87 | (0.19) | (1.03) | (1.22) |
| 11/30/2018 | 16.34 | 0.21 | 0.48 | 0.69 | (0.21) | (0.99) | (1.20) |

---

42 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup> <br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimbursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $18.54 | (5.30) | 0.92 | 0.92 | 0.95 | $2213259 | 47 |
| 21.23 | 22.95 | 0.91 | 0.91 | 0.82 | 2368031 | 39 |
| 17.82 | 15.10 | 0.95 | 0.95 | 1.10 | 1925498 | 59 |
| 16.38 | 13.59 | 0.95 | 0.95 | 1.62 | 1731882 | 51 |
| 15.75 | 4.72 | 0.94 | 0.97 | 1.57 | 1627633 | 51 |
| 18.23 | (6.00) | 1.67 | 1.67 | 0.19 | 158789 | 47 |
| 20.90 | 22.07 | 1.66 | 1.66 | 0.07 | 193493 | 39 |
| 17.55 | 14.21 | 1.70 | 1.70 | 0.37 | 176775 | 59 |
| 16.14 | 12.72 | 1.70 | 1.70 | 0.87 | 216647 | 51 |
| 15.54 | 3.90 | 1.70 | 1.73 | 0.81 | 230385 | 51 |
| 18.65 | (5.05) | 0.67 | 0.77 | 1.16 | 184824 | 47 |
| 21.32 | 23.29 | 0.66 | 0.76 | 1.07 | 467768 | 39 |
| 17.87 | 15.38 | 0.70 | 0.80 | 1.35 | 330470 | 59 |
| 16.41 | 13.81 | 0.70 | 0.80 | 1.87 | 296993 | 51 |
| 15.77 | 5.00 | 0.70 | 0.82 | 1.82 | 241282 | 51 |
| 18.91 | (4.95) | 0.60 | 0.60 | 1.26 | 295542 | 47 |
| 21.60 | 23.34 | 0.60 | 0.60 | 1.14 | 314607 | 39 |
| 18.11 | 15.50 | 0.62 | 0.62 | 1.43 | 240767 | 59 |
| 16.62 | 13.90 | 0.63 | 0.63 | 1.95 | 205183 | 51 |
| 15.96 | 5.07 | 0.62 | 0.65 | 1.91 | 188484 | 51 |
| 18.78 | (5.04) | 0.67 | 0.67 | 1.39 | 812893 | 47 |
| 21.48 | 23.27 | 0.66 | 0.66 | 1.08 | 70953 | 39 |
| 18.02 | 15.42 | 0.70 | 0.70 | 1.35 | 44354 | 59 |
| 16.55 | 13.87 | 0.70 | 0.70 | 1.87 | 42809 | 51 |
| 15.91 | 4.93 | 0.69 | 0.72 | 1.82 | 42698 | 51 |
| 18.68 | (5.46) | 1.12 | 1.12 | 0.74 | 913 | 47 |
| 21.37 | 22.72 | 1.12 | 1.12 | 0.61 | 1074 | 39 |
| 17.93 | 14.83 | 1.15 | 1.15 | 0.90 | 1092 | 59 |
| 16.48 | 13.36 | 1.15 | 1.15 | 1.42 | 1137 | 51 |
| 15.83 | 4.48 | 1.15 | 1.17 | 1.36 | 1663 | 51 |

---

*See Notes to Financial Statements.* 43

**Financial Highlights (concluded)**

DIVIDEND GROWTH FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2022 | $21.48 | $0.11 | $(1.22) | $(1.11) | $(0.11) | $(1.48) | $(1.59) |
| 11/30/2021 | 18.02 | 0.10 | 3.87 | 3.97 | (0.08) | (0.43) | (0.51) |
| 11/30/2020 | 16.55 | 0.12 | 2.19 | 2.31 | (0.14) | (0.70) | (0.84) |
| 11/30/2019 | 15.90 | 0.19 | 1.67 | 1.86 | (0.18) | (1.03) | (1.21) |
| 11/30/2018 | 16.40 | 0.19 | 0.49 | 0.68 | (0.19) | (0.99) | (1.18) |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2022 | 21.11 | 0.13 | (1.19) | (1.06) | (0.14) | (1.48) | (1.62) |
| 11/30/2021 | 17.72 | 0.11 | 3.81 | 3.92 | (0.10) | (0.43) | (0.53) |
| 11/30/2020 | 16.29 | 0.13 | 2.16 | 2.29 | (0.16) | (0.70) | (0.86) |
| 11/30/2019 | 15.67 | 0.21 | 1.63 | 1.84 | (0.19) | (1.03) | (1.22) |
| 11/30/2018 | 16.19 | 0.20 | 0.47 | 0.67 | (0.20) | (0.99) | (1.19) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2022 | 21.21 | 0.17 | (1.18) | (1.01) | (0.19) | (1.48) | (1.67) |
| 11/30/2021 | 17.80 | 0.16 | 3.82 | 3.98 | (0.14) | (0.43) | (0.57) |
| 11/30/2020 | 16.36 | 0.18 | 2.16 | 2.34 | (0.20) | (0.70) | (0.90) |
| 11/30/2019 | 15.74 | 0.25 | 1.63 | 1.88 | (0.23) | (1.03) | (1.26) |
| 11/30/2018 | 16.25 | 0.25 | 0.48 | 0.73 | (0.25) | (0.99) | (1.24) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2022 | 21.47 | 0.21 | (1.20) | (0.99) | (0.23) | (1.48) | (1.71) |
| 11/30/2021 | 18.01 | 0.22 | 3.86 | 4.08 | (0.19) | (0.43) | (0.62) |
| 11/30/2020 | 16.55 | 0.21 | 2.19 | 2.40 | (0.24) | (0.70) | (0.94) |
| 11/30/2019 | 15.90 | 0.29 | 1.66 | 1.95 | (0.27) | (1.03) | (1.30) |
| 11/30/2018 | 16.40 | 0.29 | 0.48 | 0.77 | (0.28) | (0.99) | (1.27) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2022 | 21.59 | 0.23 | (1.21) | (0.98) | (0.23) | (1.48) | (1.71) |
| 11/30/2021 | 18.11 | 0.22 | 3.89 | 4.11 | (0.20) | (0.43) | (0.63) |
| 11/30/2020 | 16.62 | 0.23 | 2.20 | 2.43 | (0.24) | (0.70) | (0.94) |
| 11/30/2019 | 15.96 | 0.30 | 1.66 | 1.96 | (0.27) | (1.03) | (1.30) |
| 11/30/2018 | 16.44 | 0.30 | 0.49 | 0.79 | (0.28) | (0.99) | (1.27) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

44 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup> <br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimbursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $18.78 | (5.64) | 1.27 | 1.27 | 0.60 | $1207 | 47 |
| 21.48 | 22.56 | 1.26 | 1.26 | 0.49 | 1427 | 39 |
| 18.02 | 14.67 | 1.30 | 1.30 | 0.76 | 951 | 59 |
| 16.55 | 13.16 | 1.30 | 1.30 | 1.26 | 1045 | 51 |
| 15.90 | 4.38 | 1.30 | 1.32 | 1.22 | 1267 | 51 |
| 18.43 | (5.53) | 1.17 | 1.17 | 0.69 | 10852 | 47 |
| 21.11 | 22.66 | 1.16 | 1.16 | 0.56 | 13953 | 39 |
| 17.72 | 14.81 | 1.20 | 1.20 | 0.86 | 13802 | 59 |
| 16.29 | 13.31 | 1.20 | 1.20 | 1.37 | 16221 | 51 |
| 15.67 | 4.48 | 1.19 | 1.22 | 1.31 | 17079 | 51 |
| 18.53 | (5.30) | 0.92 | 0.92 | 0.94 | 4194 | 47 |
| 21.21 | 22.96 | 0.91 | 0.91 | 0.80 | 4441 | 39 |
| 17.80 | 15.10 | 0.95 | 0.95 | 1.12 | 4144 | 59 |
| 16.36 | 13.54 | 0.95 | 0.95 | 1.62 | 5504 | 51 |
| 15.74 | 4.75 | 0.94 | 0.97 | 1.61 | 4331 | 51 |
| 18.77 | (5.09) | 0.67 | 0.67 | 1.14 | 291 | 47 |
| 21.47 | 23.28 | 0.66 | 0.66 | 1.09 | 620 | 39 |
| 18.01 | 15.36 | 0.70 | 0.70 | 1.34 | 395 | 59 |
| 16.55 | 13.87 | 0.70 | 0.70 | 1.89 | 272 | 51 |
| 15.90 | 5.00 | 0.69 | 0.72 | 1.84 | 248 | 51 |
| 18.90 | (5.00) | 0.60 | 0.60 | 1.26 | 16552 | 47 |
| 21.59 | 23.34 | 0.60 | 0.60 | 1.13 | 18992 | 39 |
| 18.11 | 15.50 | 0.62 | 0.62 | 1.43 | 16977 | 59 |
| 16.62 | 13.97 | 0.63 | 0.63 | 1.95 | 13012 | 51 |
| 15.96 | 5.06 | 0.62 | 0.65 | 1.89 | 11344 | 51 |

---

*See Notes to Financial Statements.* 45

**Financial Highlights**

GROWTH OPPORTUNITIES FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders<br> from:** | |
|  |<br>**Net asset**<br> **value,**<br> **beginning** <br> **of period** | **Net**<br> **investment**<br> **(loss)**<sup>(a)</sup> | **Net**<br> **realized and** <br> **unrealized**<br> **gain (loss)** | **Total from**<br> **investment**<br> **operations** | **Net**<br> **realized**<br> **gain** | <br>**Net asset**<br> **value,**<br> **end of**<br> **period** |
| **Class A** |  |  |  |  |  |  |
| 11/30/2022 | $31.15 | $(0.08) | $(7.20) | $(7.28) | $(4.92) | $18.95 |
| 11/30/2021 | 32.07 | (0.22) | 3.82 | 3.60 | (4.52) | 31.15 |
| 11/30/2020 | 24.97 | (0.11) | 8.56 | 8.45 | (1.35) | 32.07 |
| 11/30/2019 | 21.46 | (0.09) | 4.74 | 4.65 | (1.14) | 24.97 |
| 11/30/2018 | 22.21 | (0.11) | 1.20 | 1.09 | (1.84) | 21.46 |
| **Class C** |  |  |  |  |  |  |
| 11/30/2022 | 20.21 | (0.14) | (4.24) | (4.38) | (4.92) | 10.91 |
| 11/30/2021 | 22.45 | (0.30) | 2.58 | 2.28 | (4.52) | 20.21 |
| 11/30/2020 | 18.01 | (0.20) | 5.99 | 5.79 | (1.35) | 22.45 |
| 11/30/2019 | 15.93 | (0.19) | 3.41 | 3.22 | (1.14) | 18.01 |
| 11/30/2018 | 17.08 | (0.20) | 0.89 | 0.69 | (1.84) | 15.93 |
| **Class F** |  |  |  |  |  |  |
| 11/30/2022 | 32.95 | (0.06) | (7.67) | (7.73) | (4.92) | 20.30 |
| 11/30/2021 | 33.64 | (0.18) | 4.01 | 3.83 | (4.52) | 32.95 |
| 11/30/2020 | 26.09 | (0.08) | 8.98 | 8.90 | (1.35) | 33.64 |
| 11/30/2019 | 22.33 | (0.06) | 4.96 | 4.90 | (1.14) | 26.09 |
| 11/30/2018 | 23.00 | (0.08) | 1.25 | 1.17 | (1.84) | 22.33 |
| **Class F3** |  |  |  |  |  |  |
| 11/30/2022 | 37.32 | (0.02) | (8.86) | (8.88) | (4.92) | 23.52 |
| 11/30/2021 | 37.47 | (0.14) | 4.51 | 4.37 | (4.52) | 37.32 |
| 11/30/2020 | 28.86 | (0.05) | 10.01 | 9.96 | (1.35) | 37.47 |
| 11/30/2019 | 24.53 | (0.02) | 5.49 | 5.47 | (1.14) | 28.86 |
| 11/30/2018 | 25.05 | (0.04) | 1.36 | 1.32 | (1.84) | 24.53 |
| **Class I** |  |  |  |  |  |  |
| 11/30/2022 | 37.00 | (0.02) | (8.79) | (8.81) | (4.92) | 23.27 |
| 11/30/2021 | 37.21 | (0.17) | 4.48 | 4.31 | (4.52) | 37.00 |
| 11/30/2020 | 28.69 | (0.02) | 9.89 | 9.87 | (1.35) | 37.21 |
| 11/30/2019 | 24.41 | (0.04) | 5.46 | 5.42 | (1.14) | 28.69 |
| 11/30/2018 | 24.95 | (0.05) | 1.35 | 1.30 | (1.84) | 24.41 |
| **Class P** |  |  |  |  |  |  |
| 11/30/2022 | 29.90 | (0.12) | (6.85) | (6.97) | (4.92) | 18.01 |
| 11/30/2021 | 31.01 | (0.27) | 3.68 | 3.41 | (4.52) | 29.90 |
| 11/30/2020 | 24.24 | (0.15) | 8.27 | 8.12 | (1.35) | 31.01 |
| 11/30/2019 | 20.90 | (0.13) | 4.61 | 4.48 | (1.14) | 24.24 |
| 11/30/2018 | 21.72 | (0.15) | 1.17 | 1.02 | (1.84) | 20.90 |

---

46 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total expenses after<br> waivers and/or<br> reimbursements <br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> (loss)<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (27.23) | 1.05 | 1.19 | (0.40) | $356219 | 118 |
| 12.09 | 1.06 | 1.17 | (0.71) | 531845 | 68 |
| 35.75 | 1.10 | 1.19 | (0.42) | 492772 | 50 |
| 23.48 | 1.16 | 1.16 | (0.39) | 385588 | 27 |
| 5.41 | 1.18 | 1.18 | (0.51) | 333638 | 55 |
| (27.73) | 1.80 | 1.94 | (1.16) | 15434 | 118 |
| 11.24 | 1.81 | 1.92 | (1.47) | 25235 | 68 |
| 34.73 | 1.85 | 1.94 | (1.15) | 26782 | 50 |
| 22.58 | 1.91 | 1.91 | (1.14) | 26860 | 27 |
| 4.61 | 1.93 | 1.93 | (1.27) | 26130 | 55 |
| (27.09) | 0.90 | 1.04 | (0.29) | 16775 | 118 |
| 12.22 | 0.91 | 1.02 | (0.57) | 48943 | 68 |
| 35.95 | 0.94 | 1.04 | (0.28) | 42530 | 50 |
| 23.69 | 1.01 | 1.01 | (0.24) | 23271 | 27 |
| 5.53 | 1.03 | 1.03 | (0.36) | 20840 | 55 |
| (26.98) | 0.71 | 0.85 | (0.06) | 48091 | 118 |
| 12.44 | 0.73 | 0.84 | (0.39) | 59660 | 68 |
| 36.18 | 0.77 | 0.86 | (0.15) | 26711 | 50 |
| 23.90 | 0.86 | 0.86 | (0.08) | 7986 | 27 |
| 5.73 | 0.85 | 0.85 | (0.18) | 6804 | 55 |
| (27.03) | 0.81 | 0.94 | (0.06) | 14742 | 118 |
| 12.35 | 0.81 | 0.92 | (0.48) | 217472 | 68 |
| 36.08 | 0.86 | 0.94 | (0.05) | 193878 | 50 |
| 23.81 | 0.91 | 0.91 | (0.15) | 374814 | 27 |
| 5.67 | 0.91 | 0.91 | (0.20) | 373708 | 55 |
| (27.35) | 1.25 | 1.39 | (0.60) | 2643 | 118 |
| 11.86 | 1.26 | 1.37 | (0.92) | 3657 | 68 |
| 35.51 | 1.30 | 1.39 | (0.60) | 3432 | 50 |
| 23.23 | 1.36 | 1.36 | (0.58) | 3286 | 27 |
| 5.19 | 1.38 | 1.38 | (0.71) | 2789 | 55 |

---

*See Notes to Financial Statements.* 47

**Financial Highlights (concluded)**

GROWTH OPPORTUNITIES FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders<br> from:** | |
|  |<br>**Net asset**<br> **value,**<br> **beginning** <br> **of period** | **Net**<br> **investment**<br> **(loss)**<sup>(a)</sup> | **Net**<br> **realized and** <br> **unrealized**<br> **gain (loss)** | **Total from**<br> **investment**<br> **operations** | **Net**<br> **realized**<br> **gain** | <br>**Net asset**<br> **value,**<br> **end of**<br> **period** |
| **Class R2** |  |  |  |  |  |  |
| 11/30/2022 | $28.79 | $(0.14) | $(6.55) | $(6.69) | $(4.92) | $17.18 |
| 11/30/2021 | 30.06 | (0.31) | 3.56 | 3.25 | (4.52) | 28.79 |
| 11/30/2020 | 23.57 | (0.18) | 8.02 | 7.84 | (1.35) | 30.06 |
| 11/30/2019 | 20.39 | (0.16) | 4.48 | 4.32 | (1.14) | 23.57 |
| 11/30/2018 | 21.26 | (0.18) | 1.15 | 0.97 | (1.84) | 20.39 |
| **Class R3** |  |  |  |  |  |  |
| 11/30/2022 | 29.68 | (0.13) | (6.79) | (6.92) | (4.92) | 17.84 |
| 11/30/2021 | 30.83 | (0.28) | 3.65 | 3.37 | (4.52) | 29.68 |
| 11/30/2020 | 24.11 | (0.16) | 8.23 | 8.07 | (1.35) | 30.83 |
| 11/30/2019 | 20.81 | (0.14) | 4.58 | 4.44 | (1.14) | 24.11 |
| 11/30/2018 | 21.64 | (0.16) | 1.17 | 1.01 | (1.84) | 20.81 |
| **Class R4** |  |  |  |  |  |  |
| 11/30/2022 | 31.15 | (0.08) | (7.19) | (7.27) | (4.92) | 18.96 |
| 11/30/2021 | 32.07 | (0.22) | 3.82 | 3.60 | (4.52) | 31.15 |
| 11/30/2020 | 24.97 | (0.11) | 8.56 | 8.45 | (1.35) | 32.07 |
| 11/30/2019 | 21.46 | (0.09) | 4.74 | 4.65 | (1.14) | 24.97 |
| 11/30/2018 | 22.21 | (0.11) | 1.20 | 1.09 | (1.84) | 21.46 |
| **Class R5** |  |  |  |  |  |  |
| 11/30/2022 | 37.03 | (0.06) | (8.75) | (8.81) | (4.92) | 23.30 |
| 11/30/2021 | 37.24 | (0.17) | 4.48 | 4.31 | (4.52) | 37.03 |
| 11/30/2020 | 28.71 | (0.05) | 9.93 | 9.88 | (1.35) | 37.24 |
| 11/30/2019 | 24.43 | (0.04) | 5.46 | 5.42 | (1.14) | 28.71 |
| 11/30/2018 | 24.97 | (0.06) | 1.36 | 1.30 | (1.84) | 24.43 |
| **Class R6** |  |  |  |  |  |  |
| 11/30/2022 | 37.31 | (0.02) | (8.85) | (8.87) | (4.92) | 23.52 |
| 11/30/2021 | 37.46 | (0.15) | 4.52 | 4.37 | (4.52) | 37.31 |
| 11/30/2020 | 28.86 | (0.03) | 9.98 | 9.95 | (1.35) | 37.46 |
| 11/30/2019 | 24.53 | (0.03) | 5.50 | 5.47 | (1.14) | 28.86 |
| 11/30/2018 | 25.05 | (0.07) | 1.39 | 1.32 | (1.84) | 24.53 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

48 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(b)</sup><br> **(%)** | **Total expenses after<br> waivers and/or<br> reimbursements <br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> (loss)<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| (27.44) | 1.40 | 1.54 | (0.77) | $858 | 118 |
| 11.68 | 1.41 | 1.52 | (1.07) | 1257 | 68 |
| 35.26 | 1.45 | 1.54 | (0.76) | 987 | 50 |
| 23.13 | 1.51 | 1.51 | (0.75) | 748 | 27 |
| 5.00 | 1.53 | 1.53 | (0.87) | 865 | 55 |
| (27.39) | 1.30 | 1.44 | (0.65) | 10319 | 118 |
| 11.79 | 1.31 | 1.42 | (0.97) | 15075 | 68 |
| 35.43 | 1.35 | 1.44 | (0.65) | 16868 | 50 |
| 23.18 | 1.41 | 1.41 | (0.64) | 15908 | 27 |
| 5.15 | 1.43 | 1.43 | (0.76) | 17397 | 55 |
| (27.19) | 1.04 | 1.19 | (0.40) | 2038 | 118 |
| 12.08 | 1.06 | 1.17 | (0.72) | 2643 | 68 |
| 35.75 | 1.09 | 1.19 | (0.45) | 1948 | 50 |
| 23.48 | 1.16 | 1.16 | (0.40) | 1022 | 27 |
| 5.41 | 1.18 | 1.18 | (0.51) | 896 | 55 |
| (27.01) | 0.80 | 0.94 | (0.23) | 65 | 118 |
| 12.34 | 0.81 | 0.92 | (0.46) | 194 | 68 |
| 36.09 | 0.85 | 0.94 | (0.16) | 100 | 50 |
| 23.79 | 0.91 | 0.91 | (0.14) | 89 | 27 |
| 5.67 | 0.93 | 0.93 | (0.26) | 71 | 55 |
| (26.96) | 0.71 | 0.85 | (0.07) | 9216 | 118 |
| 12.44 | 0.74 | 0.84 | (0.40) | 12593 | 68 |
| 36.20 | 0.78 | 0.86 | (0.11) | 11488 | 50 |
| 23.86 | 0.86 | 0.86 | (0.11) | 7181 | 27 |
| 5.73 | 0.86 | 0.86 | (0.30) | 9218 | 55 |

---

*See Notes to Financial Statements.* 49

**Financial Highlights**

SMALL CAP VALUE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized <br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 11/30/2022 | $17.62 | $0.04 | $(1.40) | $(1.36) | $(0.02) | $(2.67) | $(2.69) |
| 11/30/2021 | 13.97 | 0.05 | 3.76 | 3.81 | (0.16) |  | (0.16) |
| 11/30/2020 | 17.48 | 0.11 | (0.68) | (0.57) | (0.05) | (2.89) | (2.94) |
| 11/30/2019 | 20.46 | 0.04 | 0.04 | 0.08 |  | (3.06) | (3.06) |
| 11/30/2018 | 23.63 | (0.07) | (0.17) | (0.24) |  | (2.93) | (2.93) |
| **Class C** |  |  |  |  |  |  |  |
| 11/30/2022 | 6.32 | (0.02) | (0.34) | (0.36) | – <sup>(c)</sup> | (2.67) | (2.67) |
| 11/30/2021 | 5.12 | (0.03) | 1.37 | 1.34 | (0.14) |  | (0.14) |
| 11/30/2020 | 8.23 | 0.01 | (0.22) | (0.21) | (0.01) | (2.89) | (2.90) |
| 11/30/2019 | 11.50 | (0.04) | (0.17) | (0.21) |  | (3.06) | (3.06) |
| 11/30/2018 | 14.67 | (0.13) | (0.11) | (0.24) |  | (2.93) | (2.93) |
| **Class F** |  |  |  |  |  |  |  |
| 11/30/2022 | 17.83 | 0.06 | (1.41) | (1.35) | (0.04) | (2.67) | (2.71) |
| 11/30/2021 | 14.14 | 0.05 | 3.82 | 3.87 | (0.18) |  | (0.18) |
| 11/30/2020 | 17.66 | 0.13 | (0.68) | (0.55) | (0.08) | (2.89) | (2.97) |
| 11/30/2019 | 20.61 | 0.06 | 0.05 | 0.11 |  | (3.06) | (3.06) |
| 11/30/2018 | 23.75 | (0.04) | (0.17) | (0.21) |  | (2.93) | (2.93) |
| **Class F3** |  |  |  |  |  |  |  |
| 11/30/2022 | 22.66 | 0.12 | (1.87) | (1.75) | (0.07) | (2.67) | (2.74) |
| 11/30/2021 | 17.90 | 0.13 | 4.82 | 4.95 | (0.19) |  | (0.19) |
| 11/30/2020 | 21.58 | 0.19 | (0.88) | (0.69) | (0.10) | (2.89) | (2.99) |
| 11/30/2019 | 24.39 | 0.12 | 0.13 | 0.25 |  | (3.06) | (3.06) |
| 11/30/2018 | 27.54 | – <sup>(c)</sup> | (0.19) | (0.19) | (0.03) | (2.93) | (2.96) |
| **Class I** |  |  |  |  |  |  |  |
| 11/30/2022 | 22.47 | 0.08 | (1.84) | (1.76) | (0.06) | (2.67) | (2.73) |
| 11/30/2021 | 17.76 | 0.12 | 4.78 | 4.90 | (0.19) |  | (0.19) |
| 11/30/2020 | 21.45 | 0.18 | (0.88) | (0.70) | (0.10) | (2.89) | (2.99) |
| 11/30/2019 | 24.28 | 0.10 | 0.13 | 0.23 |  | (3.06) | (3.06) |
| 11/30/2018 | 27.44 | (0.02) | (0.19) | (0.21) | (0.02) | (2.93) | (2.95) |
| **Class P** |  |  |  |  |  |  |  |
| 11/30/2022 | 16.28 | 0.01 | (1.27) | (1.26) | – <sup>(c)</sup> | (2.67) | (2.67) |
| 11/30/2021 | 12.92 | 0.01 | 3.48 | 3.49 | (0.13) |  | (0.13) |
| 11/30/2020 | 16.38 | 0.08 | (0.63) | (0.55) | (0.02) | (2.89) | (2.91) |
| 11/30/2019 | 19.42 | 0.01 | 0.01 | 0.02 |  | (3.06) | (3.06) |
| 11/30/2018 | 22.61 | (0.11) | (0.15) | (0.26) |  | (2.93) | (2.93) |

---

50 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup> <br> **(%)** | **Total expenses<br> after waivers<br> and/or<br> reimbursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income (loss) <br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $13.57 | (9.18) | 1.22 | 1.23 | 0.31 | $191440 | 54 |
| 17.62 | 27.48 | 1.17 | 1.17 | 0.27 | 235845 | 78 |
| 13.97 | (4.40) | 1.19 | 1.19 | 0.87 | 200419 | 72 |
| 17.48 | 2.56 | 1.20 | 1.20 | 0.25 | 267864 | 95 |
| 20.46 | (0.97) | 1.18 | 1.18 | (0.33) | 327333 | 42 |
| 3.29 | (10.03) | 1.98 | 1.99 | (0.45) | 4974 | 54 |
| 6.32 | 26.62 | 1.92 | 1.92 | (0.54) | 7246 | 78 |
| 5.12 | (5.22) | 1.94 | 1.94 | 0.13 | 5484 | 72 |
| 8.23 | 1.81 | 1.95 | 1.95 | (0.50) | 9231 | 95 |
| 11.50 | (1.70) | 1.93 | 1.93 | (1.08) | 11331 | 42 |
| 13.77 | (8.99) | 1.08 | 1.08 | 0.39 | 5667 | 54 |
| 17.83 | 27.63 | 1.02 | 1.02 | 0.31 | 15604 | 78 |
| 14.14 | (4.24) | 1.04 | 1.04 | 1.03 | 9219 | 72 |
| 17.66 | 2.70 | 1.05 | 1.05 | 0.35 | 10522 | 95 |
| 20.61 | (0.81) | 1.03 | 1.03 | (0.18) | 21981 | 42 |
| 18.17 | (8.85) | 0.88 | 0.88 | 0.67 | 27967 | 54 |
| 22.66 | 27.89 | 0.84 | 0.84 | 0.60 | 30482 | 78 |
| 17.90 | (4.09) | 0.86 | 0.86 | 1.18 | 25733 | 72 |
| 21.58 | 2.88 | 0.86 | 0.86 | 0.59 | 29679 | 95 |
| 24.39 | (0.62) | 0.84 | 0.84 | – <sup>(d)</sup> | 33319 | 42 |
| 17.98 | (8.95) | 0.97 | 0.97 | 0.42 | 157173 | 54 |
| 22.47 | 27.81 | 0.92 | 0.92 | 0.53 | 372878 | 78 |
| 17.76 | (4.18) | 0.94 | 0.94 | 1.12 | 332301 | 72 |
| 21.45 | 2.85 | 0.95 | 0.95 | 0.50 | 411532 | 95 |
| 24.28 | (0.72) | 0.92 | 0.92 | (0.08) | 466928 | 42 |
| 12.35 | (9.33) | 1.42 | 1.43 | 0.11 | 12171 | 54 |
| 16.28 | 27.22 | 1.37 | 1.37 | 0.09 | 14393 | 78 |
| 12.92 | (4.63) | 1.39 | 1.39 | 0.67 | 14958 | 72 |
| 16.38 | 2.41 | 1.40 | 1.40 | 0.05 | 20819 | 95 |
| 19.42 | (1.17) | 1.38 | 1.38 | (0.54) | 25895 | 42 |

---

*See Notes to Financial Statements.* 51

**Financial Highlights (concluded)**

SMALL CAP VALUE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized <br> gain (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R2** |  |  |  |  |  |  |  |
| 11/30/2022 | $15.98 | $– <sup>(c)</sup> | $(1.25) | $(1.25) | $– <sup>(c)</sup> | $(2.67) | $(2.67) |
| 11/30/2021 | 12.69 | (0.01) | 3.41 | 3.40 | (0.11) |  | (0.11) |
| 11/30/2020 | 16.14 | 0.06 | (0.62) | (0.56) |  | (2.89) | (2.89) |
| 11/30/2019 | 19.21 | (0.01) | – <sup>(c)</sup> | (0.01) |  | (3.06) | (3.06) |
| 11/30/2018 | 22.43 | (0.14) | (0.15) | (0.29) |  | (2.93) | (2.93) |
| **Class R3** |  |  |  |  |  |  |  |
| 11/30/2022 | 16.37 | – <sup>(c)</sup> | (1.28) | (1.28) | – <sup>(c)</sup> | (2.67) | (2.67) |
| 11/30/2021 | 12.99 | – <sup>(c)</sup> | 3.50 | 3.50 | (0.12) |  | (0.12) |
| 11/30/2020 | 16.46 | 0.07 | (0.63) | (0.56) | (0.02) | (2.89) | (2.91) |
| 11/30/2019 | 19.50 | – <sup>(c)</sup> | 0.02 | 0.02 |  | (3.06) | (3.06) |
| 11/30/2018 | 22.70 | (0.11) | (0.16) | (0.27) |  | (2.93) | (2.93) |
| **Class R4** |  |  |  |  |  |  |  |
| 11/30/2022 | 17.66 | 0.01 | (1.37) | (1.36) | (0.02) | (2.67) | (2.69) |
| 11/30/2021 | 14.00 | 0.05 | 3.77 | 3.82 | (0.16) |  | (0.16) |
| 11/30/2020 | 17.49 | 0.11 | (0.69) | (0.58) | (0.02) | (2.89) | (2.91) |
| 11/30/2019 | 20.47 | 0.05 | 0.03 | 0.08 |  | (3.06) | (3.06) |
| 11/30/2018 | 23.64 | (0.07) | (0.17) | (0.24) |  | (2.93) | (2.93) |
| **Class R5** |  |  |  |  |  |  |  |
| 11/30/2022 | 22.50 | 0.10 | (1.86) | (1.76) | (0.06) | (2.67) | (2.73) |
| 11/30/2021 | 17.78 | 0.07 | 4.84 | 4.91 | (0.19) |  | (0.19) |
| 11/30/2020 | 21.47 | 0.18 | (0.88) | (0.70) | (0.10) | (2.89) | (2.99) |
| 11/30/2019 | 24.31 | 0.13 | 0.09 | 0.22 |  | (3.06) | (3.06) |
| 11/30/2018 | 27.47 | (0.03) | (0.17) | (0.20) | (0.03) | (2.93) | (2.96) |
| **Class R6** |  |  |  |  |  |  |  |
| 11/30/2022 | 22.65 | 0.12 | (1.86) | (1.74) | (0.07) | (2.67) | (2.74) |
| 11/30/2021 | 17.89 | 0.13 | 4.82 | 4.95 | (0.19) |  | (0.19) |
| 11/30/2020 | 21.57 | 0.18 | (0.87) | (0.69) | (0.10) | (2.89) | (2.99) |
| 11/30/2019 | 24.38 | 0.11 | 0.14 | 0.25 |  | (3.06) | (3.06) |
| 11/30/2018 | 27.53 | – <sup>(c)</sup> | (0.19) | (0.19) | (0.03) | (2.93) | (2.96) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Amount less than $0.01.

<sup>(d)</sup> Amount is less than 0.01%.

52 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(b)</sup> <br> **(%)** | **Total expenses<br> after waivers<br> and/or<br> reimbursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income (loss) <br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $12.06 | (9.46) | 1.58 | 1.58 | (0.02) | $521 | 54 |
| 15.98 | 27.00 | 1.52 | 1.52 | (0.08) | 607 | 78 |
| 12.69 | (4.74) | 1.54 | 1.54 | 0.52 | 441 | 72 |
| 16.14 | 2.25 | 1.55 | 1.55 | (0.09) | 603 | 95 |
| 19.21 | (1.33) | 1.53 | 1.53 | (0.68) | 656 | 42 |
| 12.42 | (9.41) | 1.48 | 1.48 | 0.03 | 2663 | 54 |
| 16.37 | 27.18 | 1.42 | 1.42 | 0.02 | 4829 | 78 |
| 12.99 | (4.67) | 1.44 | 1.44 | 0.62 | 4354 | 72 |
| 16.46 | 2.33 | 1.45 | 1.45 | 0.01 | 5713 | 95 |
| 19.50 | (1.16) | 1.43 | 1.43 | (0.54) | 6080 | 42 |
| 13.61 | (9.14) | 1.21 | 1.22 | 0.07 | 458 | 54 |
| 17.66 | 27.51 | 1.17 | 1.17 | 0.27 | 1564 | 78 |
| 14.00 | (4.43) | 1.19 | 1.19 | 0.84 | 1218 | 72 |
| 17.49 | 2.55 | 1.20 | 1.20 | 0.28 | 2750 | 95 |
| 20.47 | (0.96) | 1.18 | 1.18 | (0.33) | 1851 | 42 |
| 18.01 | (8.93) | 0.97 | 0.98 | 0.56 | 283 | 54 |
| 22.50 | 27.83 | 0.92 | 0.92 | 0.33 | 326 | 78 |
| 17.78 | (4.17) | 0.94 | 0.94 | 1.15 | 26 | 72 |
| 21.47 | 2.85 | 0.93 | 0.93 | 0.64 | 55 | 95 |
| 24.31 | (0.74) | 0.92 | 0.92 | (0.10) | 13 | 42 |
| 18.17 | (8.81) | 0.88 | 0.88 | 0.64 | 5470 | 54 |
| 22.65 | 27.91 | 0.84 | 0.84 | 0.60 | 8311 | 78 |
| 17.89 | (4.10) | 0.86 | 0.86 | 1.18 | 7798 | 72 |
| 21.57 | 2.89 | 0.86 | 0.86 | 0.54 | 8129 | 95 |
| 24.38 | (0.62) | 0.84 | 0.84 | – <sup>(d)</sup> | 20220 | 42 |

---

*See Notes to Financial Statements.* 53

**Notes to Financial Statements**

**1.** **ORGANIZATION** 

Lord Abbett Research Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company and was incorporated under Maryland law on April 6, 1992. The Company consists of the following three funds (separately, a "Fund" and collectively, the "Funds") and their respective classes: Lord Abbett Dividend Growth Fund ("Dividend Growth Fund"), Lord Abbett Growth Opportunities Fund ("Growth Opportunities Fund") and Lord Abbett Small-Cap Value Series ("Small Cap Value Fund").

Dividend Growth Fund's investment objective is to seek current income and capital appreciation. Growth Opportunities Fund's investment objective is capital appreciation. Small Cap Value Fund's investment objective is long-term capital appreciation. Each Fund has eleven active share classes at November 30, 2022: Class A, C, F, F3, I, P, R2, R3, R4, R5 and R6, each with different expenses and dividends. A front-end sales charge is normally added to the net asset value ("NAV") for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge ("CDSC") in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund's prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares will automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Funds or financial intermediary through which a shareholder purchased Class C shares have records verifying that the C shares have been held at least eight years. The Funds' Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Funds' prospectus.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

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| | |
|:---|:---|
| (a) | **Investment Valuation** **–**Under procedures approved by the Funds' Board of Directors (the "Board"), the Board has designated the determination of fair value of the Funds' portfolio investments to Lord, Abbett & Co. LLC ("Lord Abbett"), as valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
|  | Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on |

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**Notes to Financial Statements (continued)**

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|:---|:---|
|  | non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. |
|  | Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. |
|  | Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. |
| (b) | **Security Transactions** **–**Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (c) | **Investment Income** **–**Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, on the Statements of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country's tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (d) | **Income Taxes** **–**It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's filed U.S. federal tax returns remains open for the fiscal years ended November 30, 2019 through November 30, 2022. The statutes of limitations on the Company's state and local tax returns may remain open for an additional year depending upon each Fund's jurisdiction. |
| (e) | **Expenses** **–**Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, |

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**Notes to Financial Statements (continued)**

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|:---|:---|
|  | Class F3 and R6 bear only their class-specific shareholder servicing expenses. Class A, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds' 12b-1 Distribution Plan. |
| (f) | **Foreign Transactions** **–**The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on each Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on each Fund's Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |
|  | Each Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (g) | **Futures Contracts** **–**Each Fund may purchase and sell index futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called "initial margin." Subsequent payments made or received by the Fund called "variation margin" are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract. |
| (h) | **Repurchase Agreements** **–**Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities. |
| (i) | **Fair Value Measurements** **–**Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. |

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**Notes to Financial Statements (continued)**

Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 - unadjusted quoted prices in active markets for identical investments;

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

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

A summary of inputs used in valuing each Fund's investments and other financial instruments as of November 30, 2022 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in each Fund's Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

**3.** **MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES** 

**Management Fee**

The Company has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund's investment portfolio. The management fee is accrued daily and payable monthly.

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

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| | |
|:---|:---|
| **Dividend Growth Fund** | |
| First $2 billion | .55% |
| Over $2 billion | .49% |

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| | |
|:---|:---|
| **Growth Opportunities Fund**<sup>(1)</sup> | **Growth Opportunities Fund**<sup>(1)</sup> |
| First $1 billion | .65% |
| Next $3 billion | .63% |
| Next $1 billion | .60% |
| Over $5 billion | .58% |

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| | |
|:---|:---|
| **Small Cap Value Fund** |  |
| First $2 billion | 0.75% |
| Over $2 billion | 0.7% |

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<sup>(1)</sup> Prior to September 16, 2022, the management fee was based on the Fund's average daily net assets at the following annual rates:

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| | |
|:---|:---|
| First $1 billion | 0.75% |
| Next $1 billion | 0.65% |
| Next $1 billion | 0.6% |
| Over $3 billion | 0.58% |

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**Notes to Financial Statements (continued)**

For the fiscal year ended November 30, 2022, the effective management fee, net of any applicable waivers, was based on each Fund's average daily net assets at the following annualized rates:

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| | |
|:---|:---|
| | **Net Effective<br> Management Fee** |
| Dividend Growth Fund | .53% |
| Growth Opportunities Fund | .60% |
| Small Cap Value Fund | .75% |

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In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived the following fund administration fees for the fiscal year ended November 30, 2022:

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| | |
|:---|:---|
| **Fund** | **Fund<br> Administration Fee** |
| Dividend Growth Fund | $39993 |
| Growth Opportunities Fund | 18227 |
| Small Cap Value Fund | 26801 |

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For the fiscal year ended November 30, 2022 and continuing through March 31, 2024 Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees to the following annual rates:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Effective September 16, 2022<br> Classes** | **Effective September 16, 2022<br> Classes** | **Prior to September 16, 2022<br> Classes** | **Prior to September 16, 2022<br> Classes** |
| <br>**Fund** | **A, C, F, I, P, R2, R3, R4 and R5** | **F3 and R6** | **A, C, F, I, P, R2, R3, R4 and R5** | **F3 and R6** |
| Growth Opportunities Fund | .71% | .63% | .81% | .73% |

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All contractual fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Board.

**12b–1 Distribution Plan**

Each Fund has adopted a distribution plan with respect to Class A, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC ("the Distributor") an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fees\*** | **Class A** | **Class C** | **Class F**<sup>(1)(2)</sup> | **Class P** | **Class R2** | **Class R3** | **Class R4** |
| Service | 0.25% | 0.25% |  | 0.25% | 0.25% | 0.25% | 0.25% |
| Distribution |  | 0.75% | 0.10% | 0.20% | 0.35% | 0.25% |  |

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\* The Funds may designate a portion of the aggregate fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.

<sup>(1)</sup> The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds' prospectus.

<sup>(2)</sup> For the fiscal year ended November 30, 2022 and continuing through March 31, 2023 the Distributor has contractually agreed to waive Dividend Growth Fund's 0.10% Rule 12b-1 fee for Class F shares. This agreement may be terminated only by the Board.

Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.

**Notes to Financial Statements (continued)**

**Commissions**

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the fiscal year ended November 30, 2022:

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| | | |
|:---|:---|:---|
| | **Distributor<br> Commissions** | **Dealers'<br> Concessions** |
| Dividend Growth Fund | $311738 | $1595276 |
| Growth Opportunities Fund | 49652 | 250841 |
| Small Cap Value Fund | 18406 | 94049 |

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Distributor received the following amount of CDSCs for the fiscal year ended November 30, 2022:

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| | | |
|:---|:---|:---|
| | **Class A** | **Class C** |
| Dividend Growth Fund | $33779 | $17583 |
| Growth Opportunities Fund | 5679 | 734 |
| Small Cap Value Fund | 278 | 1281 |

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**Other Related Parties**

As of November 30, 2022, the percentages of Dividend Growth Fund's and Small Cap Value Fund's outstanding shares owned by each Fund that invests principally in affiliated mutual funds managed by Lord Abbett ("Fund of Funds") were as follows:

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| | | |
|:---|:---|:---|
| **Fund of Funds** | **Dividend<br> Growth Fund** | **Small Cap<br> Value Fund** |
| Alpha Strategy Fund |  | 27.22% |
| Multi-Asset Balanced Opportunity Fund | 10.47% |  |
| Multi-Asset Income Fund | 2.86% |  |

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One Director and certain of the Funds' officers have an interest in Lord Abbett.

**4.** **DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS** 

Dividends from net investment income, if any, are declared and paid at least quarterly for Dividend Growth Fund and annually for Growth Opportunities Fund and Small Cap Value Fund. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

**Notes to Financial Statements (continued)**

The tax character of distributions paid during the fiscal year ended November 30, 2022 and fiscal year ended November 30, 2021 was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Dividend Growth Fund** | **Dividend Growth Fund** | **Growth<br> Opportunities Fund** | **Growth<br> Opportunities Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** | **Year Ended<br> 11/30/2022** | **Year Ended<br> 11/30/2021** |
| Distributions paid from: |  |  |  |  |  |  |
| Ordinary income | $46384703 | $23478258 | $12932550 | $19403219 | $14533566 | $6545424 |
| Net long-term capital gains | 227075107 | 65943043 | 126274277 | 92992292 | 79806811 | – |
| &nbsp;&nbsp;&nbsp;Total distributions paid | $273459810 | $89421301 | $139206827 | $112395511 | $94340377 | $6545424 |

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As of November 30, 2022, the components of accumulated gains (losses) on a tax-basis were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Dividend <br>Growth Fund** | **Growth <br>Opportunities <br>Fund** | **Small Cap Value Fund** |
| Undistributed ordinary income - net | $7152665 | $– | $936428 |
| Undistributed long-term capital gains | 163532113 | – | 12431524 |
| &nbsp;&nbsp;&nbsp;Total undistributed earnings | 170684778 |  | 13367952 |
| Capital loss carryforwards\* |  | (59271929) |  |
| Temporary differences | (7717947) | (1905095) | (252567) |
| Unrealized gains (losses) - net | 621717217 | 69271884 | 17352207 |
| &nbsp;&nbsp;&nbsp;Total accumulated gains (losses) - net | $784684048 | $8094860 | $30467592 |

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\* The capital losses will carry forward indefinitely.

At the Funds' election, certain losses incurred within the taxable year ("Qualified Late-Year Losses") are deemed to arise on the first business day of the Funds' next taxable year. The following Funds incurred and will elect to defer late-year ordinary losses or post-October capital losses during the fiscal year ended November 30, 2022:

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| | | |
|:---|:---|:---|
| | **Late-year<br> Ordinary Losses** | **Post-October<br> Capital Losses** |
| Dividend Growth Fund | $– | $7352861 |
| Growth Opportunities Fund | 1793224 |  |

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As of November 30, 2022, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Dividend<br> Growth Fund** | **Growth<br> Opportunities Fund** | **Small Cap<br> Value Fund** |
| Tax cost | $3072237671 | $409854456 | $392691220 |
| Gross unrealized gain | 676211923 | 88344009 | 55372333 |
| Gross unrealized loss | (54493034) | (19067460) | (38020126) |
| &nbsp;&nbsp;&nbsp;Net unrealized security gain(loss) | $621718889 | $69276549 | $17352207 |

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

**Notes to Financial Statements (continued)**

Permanent items identified during the fiscal year ended November 30, 2022 have been reclassified among the components of net assets based on their tax basis treatment as follows:

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| | | |
|:---|:---|:---|
| | **Paid-in capital** | **Total Distributable<br> Earnings (Loss)** |
| Dividend Growth Fund | $35229258 | $(35229258) |
| Growth Opportunities Fund | (317030) | 317030 |

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The permanent differences are attributable to the tax treatment of certain distributions and net operating losses.

**5.** **PORTFOLIO SECURITIES TRANSACTIONS** 

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended November 30, 2022 were as follows:

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| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| Dividend Growth Fund | $1916464937 | $1500874254 |
| Growth Opportunities Fund | 775159592 | 951103875 |
| Small Cap Value Fund | 259290437 | 484048814 |

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There were no purchases or sales of U.S. Government securities for the fiscal year ended November 30, 2022.

Each Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended November 30, 2022, the following Funds engaged in cross trades:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Gain (Loss)** |
| Dividend Growth Fund | $12776563 | $– | $– |
| Growth Opportunities Fund | 10039382 | 357760 | (9694) |

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**6.** **DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES** 

Dividend Growth Fund entered into E-Mini S&P 500 Index futures contracts for the fiscal year ended November 30, 2022 (as described in Note 2(g)) to manage cash. The Fund bears the risk that the underlying index will move unexpectedly, in which case the Fund may realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of November 30, 2022, the Fund had futures contracts with unrealized appreciation of $1,738,176, which is included in the Schedule of Investments. Only current day's variation margin is reported within the Fund's Statement of Assets and Liabilities. Amounts of $(4,498,043) and $2,562,889 are included in the Statements of Operations related to futures contracts under the captions Net realized gain (loss) on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively. The average number of futures contracts throughout the year was 114.

**Notes to Financial Statements (continued)**

**7.** **DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES** 

The Financial Accounting Standards Board requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund's financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the Statements of Assets and Liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by the counterparty. A master netting agreement is an agreement between a fund and the counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds' accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty:

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| | | | |
|:---|:---|:---|:---|
|  | **Dividend Growth Fund** | **Dividend Growth Fund** | **Dividend Growth Fund** |
| **Description** | **Gross Amounts of<br>Recognized Assets** | **Gross Amounts<br>Offset in the<br>Statement of Assets <br> and Liabilities** | **Net Amounts of<br>Assets Presented<br>in the Statement of<br>Assets and Liabilities** |
| Repurchase Agreements | $46462332 | $– | $46462332 |
| &nbsp;&nbsp;&nbsp;Total | $46462332 | $– | $46462332 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount of<br> Assets Presented<br>in the Statement of <br>Assets and Liabilities** | **Amounts Not Offset in the<br>Statement of Assets and Liabilities** | **Amounts Not Offset in the<br>Statement of Assets and Liabilities** | **Amounts Not Offset in the<br>Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount of<br> Assets Presented<br>in the Statement of <br>Assets and Liabilities** | **Financial<br>Instruments** | **Cash**<br>**Collateral**<br>**Received**<sup>(a)</sup> | **Securities**<br>**Collateral**<br>**Received**<sup>(a)</sup> |<br>**Net**<br>**Amount**<sup>(b)</sup> |
| Fixed Income Clearing Corp. | $46462332 | $– | $– | $(46462332) | $– |
| &nbsp;&nbsp;&nbsp;Total | $46462332 | $– | $– | $(46462332) | $– |

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| | | | |
|:---|:---|:---|:---|
|  | **Growth Opportunities Fund** | **Growth Opportunities Fund** | **Growth Opportunities Fund** |
| **Description** | **Gross Amounts of<br>Recognized Assets** | **Gross Amounts<br>Offset in the<br>Statement of Assets<br>and Liabilities** | **Net Amounts of<br>Assets Presented<br>in the Statement of<br>Assets and Liabilities** |
| Repurchase Agreements | $4048703 | $– | $4048703 |
| &nbsp;&nbsp;&nbsp;Total | $4048703 | $– | $4048703 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount of<br> Assets Presented<br>in the Statement of <br>Assets and Liabilities** | **Amounts Not Offset in the<br>Statement of Assets and Liabilities** | **Amounts Not Offset in the<br>Statement of Assets and Liabilities** | **Amounts Not Offset in the<br>Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount of<br> Assets Presented<br>in the Statement of <br>Assets and Liabilities** | **Financial<br>Instruments** | **Cash** <br> **Collateral** <br> **Received**<sup>(a)</sup> | **Securities** <br> **Collateral** <br> **Received**<sup>(a)</sup> |<br>**Net** <br> **Amount**<sup>(b)</sup> |
| Fixed Income Clearing Corp. | $4048703 | $– | $– | $(4048703) | $– |
| &nbsp;&nbsp;&nbsp;Total | $4048703 | $– | $– | $(4048703) | $– |

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| | | | |
|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
| **Description** | **Gross Amounts of <br> Recognized Assets** | **Gross Amounts<br>Offset in the <br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br>Assets Presented <br> in the Statement of<br>Assets and Liabilities** |
| Repurchase Agreements | $3330373 | $– | $3330373 |
| &nbsp;&nbsp;&nbsp;Total | $3330373 | $– | $3330373 |

---

**Notes to Financial Statements (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Amount of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | **Amounts Not Offset in the <br> Statement of Assets and Liabilities** | |
| <br>**Counterparty** | **Net Amount of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** | **Financial<br> Instruments** | **Cash**<br> **Collateral**<br> **Received**<sup>(a)</sup> | **Securities**<br> **Collateral**<br> **Received**<sup>(a)</sup> |<br>**Net**<br> **Amount**<sup>(b)</sup> |
| Fixed Income Clearing Corp. | $3330373 | $– | $– | $(3330373) | $– |
| &nbsp;&nbsp;&nbsp;Total | $3330373 | $– | $– | $(3330373) | $– |

---

<sup>(a)</sup> Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.

<sup>(b)</sup> Net amount represents the amount owed to the Fund by the counterparty as of November 30, 2022.

**8.** **DIRECTORS' REMUNERATION** 

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

**9.** **EXPENSE REDUCTIONS** 

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

**10.** **LINE OF CREDIT** 

For the period ended August 3, 2022, the Funds and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") entered into a syndicated line of credit facility with various lenders for $1.275 billion (the "Syndicated Facility") whereas State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 4, 2022, the Participating Funds entered into a Syndicated Facility with various lenders for $1.625 billion whereas SSB participates as a lender and as agent for the lenders. The Participating Funds are subject to graduated borrowing limits of one-third of fund net assets (if fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended August 3, 2022, the Participating Funds were party to an additional line of credit facility with SSB for $330 million (the "Bilateral Facility"), $250 million committed and $80 million uncommitted. Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of fund net assets (if net assets are less than $750 million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.

**Notes to Financial Statements (continued)**

Effective August 4, 2022, the Participating Funds are party to an additional uncommitted line of credit facility with SSB for $330 million. Under the Bilateral Facility, the Participating Funds are subject to borrowing limits of one-third of fund net assets (if net assets are less than $750 million), or $250 million based on past borrowings and likelihood of future borrowings, among other factors.

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the fiscal year ended November 30, 2022, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

**11.** **INTERFUND LENDING PROGRAM** 

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the fiscal year ended November 30, 2022, the following Funds participated as a lender in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, interest rate and interest income were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Average<br> Amount Loaned** | **Average<br> Interest Rate** | **Interest<br> Income\*** |
| Dividend Growth Fund | $35550398 | 1.32% | $3245 |
| Growth Opportunities Fund | 10807487 | 1.578% | 2754 |

---

\* Statements of Operations location: Interest earned from Interfund Lending.

**12.** **CUSTODIAN AND ACCOUNTING AGENT** 

SSB is the Company's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund's NAV.

**13.** **SECURITIES LENDING AGREEMENT** 

The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds' securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income on each Fund's Statement of Operations.

The initial collateral received by the Funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Funds continue to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

**Notes to Financial Statements (continued)**

---

| | | |
|:---|:---|:---|
| **Funds** | **Market Value of<br> Securities Loaned** | **Collateral**<br> **Received**<sup>(1)</sup> |
| Growth Opportunities Fund | $3043755 | $3074500 |
| Small Cap Value Fund | 1193496 | 1186403 |

---

<sup>(1)</sup> Statements of Assets and Liabilities location: Payable for collateral due to broker for securities lending.

**14.** **INVESTMENT RISKS** 

Each Fund is subject to the general risks and considerations associated with equity investing. The value of the Funds' investments will fluctuate in response to movements in the equity securities markets in general and to the changing prospects of individual companies and/or sectors in which the Funds invest.

Dividend Growth Fund invests primarily in equity securities of large and mid-sized company stocks that have a history of growing their dividends, but there is no guarantee that a company will pay a dividend. Also, equity securities may experience significant volatility. Such securities may fall sharply in response to adverse events affecting overall markets, a particular industry or sector, or an individual company's financial condition. If the Fund's fundamental research and quantitative analysis fail to produce the intended result, the Fund may suffer losses or underperform its benchmark or other funds with the same investment objective or similar strategies, even in a favorable market. Large and mid-sized company stocks each may perform differently than the market as a whole and other types of stocks. This is because different types of stocks tend to shift in and out of favor depending on market and economic conditions. Mid-sized company stocks may be less able to weather economic shifts or other adverse developments than those of larger, more established companies. Securities of mid-sized companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be less liquid than equity securities of larger companies, especially over the short term. The securities of mid-sized companies may be less well-known and less widely held and trade less frequently and in more limited volume than the securities of large cap company stocks. Mid-sized companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or underperform.

Growth Opportunities Fund has particular risks associated with growth stocks. Growth companies may grow faster than other companies, which may result in more volatility in their stock prices. In addition, if the Fund's assessment of a company's potential for growth or market conditions is wrong, it could suffer losses or produce poor performance relative to other funds, even in a favorable market. Growth stocks often are more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. The Fund invests largely in mid-sized company stocks, which may be less able to weather economic shifts or other adverse developments than those of larger, more established companies. Due to the Fund's investment exposure to American Depositary Receipts and foreign companies and emerging markets, the Fund may experience increased market, liquidity, currency, political, information, and other risks. As compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

Small Cap Value Fund has particular risks associated with small company value stocks. Small company value stocks may perform differently than the market as a whole and other types of stocks, such as large company stocks or growth stocks. The market may fail to recognize the intrinsic value of particular value stocks for a long time. In addition, small cap company stocks may

**Notes to Financial Statements (continued)**

be more volatile and less liquid than large cap company stocks, especially over the short term. The securities of small companies may be less well-known and less widely held and trade less frequently and in more limited volume than the securities of large cap company stocks. Small companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or underperform. Also, if the Fund's assessment of a company's value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market.

Geopolitical and other events (e.g., wars, terrorism, natural disasters, epidemics or pandemics, such as the COVID-19 outbreak which began in late 2019) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of each Fund's investments. Market disruptions can also prevent the Funds from implementing their investment strategies and achieving their investment objectives.

The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. The impact of the COVID-19 outbreak has, and could again, negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways.

The COVID-19 pandemic and its effects may last for an extended period of time. Although the long-term economic fallout of COVID-19 is difficult to predict, it has contributed to, and is likely to continue to contribute to, market volatility, inflation and systemic economic weakness. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund's investments, and negatively impact each Fund's performance and your investment in each Fund.

These factors, and others, can affect each Fund's performance.

**15.** **SUMMARY OF CAPITAL TRANSACTIONS** 

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dividend Growth Fund** | **Year Ended<br>November 30, 2022** | **Year Ended<br>November 30, 2022** | **Year Ended<br>November 30, 2021** | **Year Ended<br>November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 13974540 | $259287636 | 12079403 | $235165585 |
| Converted from Class C\* | 1188309 | 21687677 | 1226401 | 24216367 |
| Reinvestment of distributions | 9144279 | 181816364 | 3348777 | 60334025 |
| Shares reacquired | (16499115) | (300875466) | (13166610) | (255398425) |
| Increase | 7808013 | $161916211 | 3487971 | $64317552 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 1823138 | $33695485 | 2018151 | $38607545 |
| Reinvestment of distributions | 681305 | 13432817 | 238095 | 4145247 |
| Shares reacquired | (1845994) | (33204705) | (1822106) | (34628081) |
| Converted to Class A\* | (1208454) | (21687677) | (1245572) | (24216367) |
| Decrease | (550005) | $(7764080) | (811432) | $(16091656) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dividend Growth Fund** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2022** | **Year Ended<br> November 30, 2021** | **Year Ended<br> November 30, 2021** |
| **Class F Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 6321009 | $118356178 | 8062148 | $155033507 |
| Reinvestment of distributions | 1445561 | 29009624 | 511716 | 9288812 |
| Shares reacquired | (19801453) | (359995340) | (5120027) | (99471917) |
| Increase (decrease) | (12034883) | $(212629538) | 3453837 | $64850402 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 3266406 | $61508897 | 3848588 | $75862863 |
| Reinvestment of distributions | 1248580 | 25228028 | 457727 | 8432672 |
| Shares reacquired | (3447363) | (64450170) | (3036228) | (60161024) |
| Increase | 1067623 | $22286755 | 1270087 | $24134511 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 44481407 | $784118700 | 1158530 | $23029811 |
| Reinvestment of distributions | 364558 | 7073222 | 87658 | 1609821 |
| Shares reacquired | (4861711) | (86442477) | (403924) | (7899385) |
| Increase | 39984254 | $704749445 | 842264 | $16740247 |
| **Class P Shares** |  |  |  |  |
| Shares sold | 8439 | $155918 | 5989 | $117482 |
| Reinvestment of distributions | 4081 | 82023 | 1793 | 32305 |
| Shares reacquired | (13897) | (260779) | (18448) | (369820) |
| Decrease | (1377) | $(22838) | (10666) | $(220033) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 8215 | $151827 | 20136 | $409279 |
| Reinvestment of distributions | 5279 | 106750 | 1463 | 26517 |
| Shares reacquired | (15722) | (280349) | (7893) | (157992) |
| Increase (decrease) | (2228) | $(21772) | 13706 | $277804 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 110888 | $1993564 | 149793 | $2889075 |
| Reinvestment of distributions | 52461 | 1040791 | 22889 | 407344 |
| Shares reacquired | (235601) | (4368191) | (290523) | (5628683) |
| Decrease | (72252) | $(1333836) | (117841) | $(2332264) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 51661 | $963587 | 50161 | $968293 |
| Reinvestment of distributions | 10264 | 203794 | 4634 | 83310 |
| Shares reacquired | (44904) | (812647) | (78191) | (1594205) |
| Increase (decrease) | 17021 | $354734 | (23396) | $(542602) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 12201 | $217554 | 13387 | $279562 |
| Reinvestment of distributions | 2402 | 48541 | 736 | 13459 |
| Shares reacquired | (27966) | (522090) | (7173) | (139620) |
| Increase (decrease) | (13363) | $(255995) | 6950 | $153401 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 198095 | $3825575 | 123359 | $2377309 |
| Reinvestment of distributions | 29464 | 595140 | 11134 | 204545 |
| Shares reacquired | (231285) | (4255285) | (192710) | (3760229) |
| Increase (decrease) | (3726) | $165430 | (58217) | $(1178375) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Opportunities Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 2156196 | $44198069 | 1717640 | $52427535 |
| Converted from Class C\* | 97085 | 1972412 | 69100 | 2113900 |
| Reinvestment of distributions | 3213000 | 80517771 | 2267685 | 66601903 |
| Shares reacquired | (3747011) | (76682766) | (2345889) | (71301966) |
| Increase | 1719270 | $50005486 | 1708536 | $49841372 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 253410 | $2943778 | 167836 | $3363755 |
| Reinvestment of distributions | 421545 | 6120829 | 277273 | 5320876 |
| Shares reacquired | (340518) | (4110421) | (283334) | (5687596) |
| Converted to Class A\* | (168029) | (1972412) | (106115) | (2113900) |
| Increase | 166408 | $2981774 | 55660 | $883135 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 232757 | $5175555 | 315868 | $10141816 |
| Reinvestment of distributions | 269145 | 7213082 | 184679 | 5730582 |
| Shares reacquired | (1160697) | (24638467) | (279663) | (8969782) |
| Increase (decrease) | (658795) | $(12249830) | 220884 | $6902616 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 775341 | $19940134 | 1027823 | $37309887 |
| Reinvestment of distributions | 255263 | 7913143 | 97184 | 3409214 |
| Shares reacquired | (584825) | (14832505) | (239152) | (8724274) |
| Increase | 445779 | $13020772 | 885855 | $31994827 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 3799895 | $88270856 | 2172847 | $84024578 |
| Reinvestment of distributions | 934089 | 28667208 | 677010 | 23566711 |
| Shares reacquired | (9978215) | (222844316) | (2182730) | (78550233) |
| Increase (decrease) | (5244231) | $(105906252) | 667127 | $29041056 |
| **Class P Shares** |  |  |  |  |
| Shares sold | 19899 | $397547 | 14084 | $428561 |
| Reinvestment of distributions | 25401 | 605809 | 18193 | 513944 |
| Shares reacquired | (20826) | (417146) | (20618) | (608152) |
| Increase | 24474 | $586210 | 11659 | $334353 |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 13059 | $251412 | 22269 | $623994 |
| Reinvestment of distributions | 7664 | 174581 | 3969 | 108120 |
| Shares reacquired | (14433) | (262205) | (15414) | (444982) |
| Increase | 6290 | $163788 | 10824 | $287132 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 53060 | $1037002 | 77403 | $2265852 |
| Reinvestment of distributions | 104161 | 2462358 | 88313 | 2478074 |
| Shares reacquired | (86716) | (1751468) | (204954) | (5957085) |
| Increase (decrease) | 70505 | $1747892 | (39238) | $(1213159) |

---

**Notes to Financial Statements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Opportunities Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class R4 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 18992 | $384113 | 44793 | $1337302 |
| Reinvestment of distributions | 16523 | 414079 | 9492 | 278864 |
| Shares reacquired | (12855) | (278260) | (30188) | (955362) |
| Increase | 22660 | $519932 | 24097 | $660804 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 461 | $11219 | 2728 | $98755 |
| Reinvestment of distributions | 840 | 25821 | 338 | 11783 |
| Shares reacquired | (3743) | (84631) | (491) | (17255) |
| Increase (decrease) | (2442) | $(47591) | 2575 | $93283 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 112793 | $2953846 | 72344 | $2649138 |
| Reinvestment of distributions | 22136 | 686002 | 14047 | 492786 |
| Shares reacquired | (80562) | (2099565) | (55540) | (1993385) |
| Increase | 54367 | $1540283 | 30851 | $1148539 |
| **Small Cap Value Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1229397 | $17321240 | 1462005 | $25422600 |
| Converted from Class C\* | 31234 | 440543 | 15593 | 269722 |
| Reinvestment of distributions | 2249110 | 33759143 | 141315 | 2051899 |
| Shares reacquired | (2792063) | (38758250) | (2579487) | (43907920) |
| Increase (decrease) | 717678 | $12762676 | (960574) | $(16163699) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 168236 | $579621 | 573149 | $3659774 |
| Reinvestment of distributions | 832375 | 3054816 | 26210 | 137344 |
| Shares reacquired | (510136) | (1781268) | (479301) | (2943519) |
| Converted to Class A\* | (128148) | (440543) | (43367) | (269722) |
| Increase | 362327 | $1412626 | 76691 | $583877 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 261863 | $3738965 | 1809298 | $32386066 |
| Reinvestment of distributions | 140791 | 2140016 | 7306 | 107176 |
| Shares reacquired | (866186) | (12405525) | (1593571) | (28347493) |
| Increase (decrease) | (463532) | $(6526544) | 223033 | $4145749 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 284072 | $5235798 | 290546 | $6468803 |
| Reinvestment of distributions | 182870 | 3662892 | 14669 | 273146 |
| Shares reacquired | (273215) | (5109742) | (397573) | (8696251) |
| Increase (decrease) | 193727 | $3788948 | (92358) | $(1954302) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 502238 | $9212698 | 1088620 | $23675828 |
| Reinvestment of distributions | 2269658 | 45030010 | 190368 | 3516095 |
| Shares reacquired | (10628062) | (205965859) | (3391818) | (73470048) |
| Decrease | (7856166) | $(151723151) | (2112830) | $(46278125) |

---

**Notes to Financial Statements (concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Value Fund** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2022** | **Year Ended <br> November 30, 2021** | **Year Ended <br> November 30, 2021** |
| **Class P Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 142143 | $1768059 | 149070 | $2434946 |
| Reinvestment of distributions | 171930 | 2352000 | 10843 | 145736 |
| Shares reacquired | (212599) | (2695077) | (433468) | (6907347) |
| Increase (decrease) | 101474 | $1424982 | (273555) | $(4326665) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 6576 | $85365 | 10970 | $171154 |
| Reinvestment of distributions | 7607 | 101786 | 296 | 3908 |
| Shares reacquired | (9018) | (103918) | (8016) | (121070) |
| Increase | 5165 | $83233 | 3250 | $53992 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 98208 | $1214055 | 78230 | $1233247 |
| Reinvestment of distributions | 56868 | 783069 | 3011 | 40717 |
| Shares reacquired | (235757) | (2933581) | (121335) | (1940314) |
| Decrease | (80681) | $(936457) | (40094) | $(666350) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 20902 | $309732 | 24882 | $415711 |
| Reinvestment of distributions | 3250 | 48913 | 216 | 3141 |
| Shares reacquired | (79048) | (1177790) | (23505) | (390937) |
| Increase (decrease) | (54896) | $(819145) | 1593 | $27915 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 448 | $8281 | 14746 | $334971 |
| Reinvestment of distributions | 1995 | 39638 | 15 | 275 |
| Shares reacquired | (1184) | (22235) | (1748) | (37424) |
| Increase | 1259 | $25684 | 13013 | $297822 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 44261 | $865733 | 56686 | $1245799 |
| Reinvestment of distributions | 11917 | 238588 | 1766 | 32859 |
| Shares reacquired | (121995) | (2249264) | (127306) | (2610208) |
| Decrease | (65817) | $(1144943) | (68854) | $(1331550) |

---

\* Automatic conversion of Class C shares occurs on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted.

**Report of Independent Registered Public Accounting Firm**

**To the shareholders and the Board of Directors of Lord Abbett Research Fund, Inc.**

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Lord Abbett Research Fund, Inc. (the "Company") comprising the Lord Abbett Dividend Growth Fund, Lord Abbett Growth Opportunities Fund, and Lord Abbett Small-Cap Value Series, including the schedules of investments, as of November 30, 2022, 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, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Lord Abbett Research Fund, Inc. as of November 30, 2022, and 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 five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP<br> New York, New York<br> January 25, 2023

We have served as the auditor of one or more Lord Abbett Family of Funds' investment companies since 1932.

**Basic Information About Management**

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund's organizational documents.

Lord, Abbett & Co. LLC ("Lord Abbett"), a Delaware limited liability company, is the Fund's investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

**Independent Board Members**

The following Independent Board Members also are board members of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 62 investment portfolios.

---

| | | |
|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Current Position and**<br> **Length of Service**<br> **with the Fund** | **Principal Occupation and Other Directorships**<br> **During the Past Five Years** |
| **Evelyn E. Guernsey** <br> Lord, Abbett & Co. LLC <br> c/o Legal Dept. <br> 90 Hudson Street <br> Jersey City, NJ 07302<br> (1955) | Board member since 2011<br> Vice Chair since 2023 | **Principal Occupation:** None.<br>**Other Directorships:** None.<br>|
| **Julie A. Hill** <br> Lord, Abbett & Co. LLC <br> c/o Legal Dept. <br> 90 Hudson Street <br> Jersey City, NJ 07302<br> (1946) | Board member since 2004 | **Principal Occupation:** Owner and CEO of The Hill Company, a business consulting firm (since 1998).<br>**Other Directorships:** Previously served as director of Anthem, Inc., a health benefits company (1994–2021). |
| **Kathleen M. Lutito** <br> Lord, Abbett & Co. LLC <br> c/o Legal Dept. <br> 90 Hudson Street <br> Jersey City, NJ 07302<br> (1963) | Board member since 2017 | **Principal Occupation:** President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006).<br>**Other Directorships:** None. |
| **James M. McTaggart** <br> Lord, Abbett & Co. LLC <br> c/o Legal Dept. <br> 90 Hudson Street <br> Jersey City, NJ 07302<br> (1947) | Board member since 2012 | **Principal Occupation:** Owner of McTaggart LLC (since 2011).<br>**Other Directorships:** None.<br>|
| **Charles O. Prince** <br> Lord, Abbett & Co. LLC <br> c/o Legal Dept. <br> 90 Hudson Street <br> Jersey City, NJ 07302<br> (1950) | Board member since 2019 | **Principal Occupation:** None. Formerly Chair and Chief Executive Officer, Citigroup, Inc. (Retired 2007).<br>**Other Directorships:** Previously served as director of Johnson & Johnson (2005–2022). Previously served as director of Xerox Corporation (2007–2018). |

---

**Basic Information About Management (continued)**

---

| | | |
|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Current Position and**<br> **Length of Service**<br> **with the Fund** | **Principal Occupation and Other Directorships**<br> **During the Past Five Years** |
| **Karla M. Rabusch** <br> Lord, Abbett & Co. LLC <br> c/o Legal Dept.<br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1959) | Board member since 2017 | **Principal Occupation:** President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016).<br>**Other Directorships:** None.<br>|
| **Lorin Patrick** |  |  |
| **Taylor Radtke** <br> Lord, Abbett & Co. LLC <br> c/o Legal Dept. <br> 90 Hudson Street <br> Jersey City, NJ 07302<br> (1968) | Board member since 2021 | **Principal Occupation:** Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly Partner, Goldman Sachs (1992–2016).<br>**Other Directorships:** Currently serves as director of Assured Guaranty (2021–Present), Virtual Combine (2018–Present), and Mariposa Family Learning Center (2021–Present). Previously served as director of SummerMoon Coffee (2022). |
| **Leah Song Richardson** <br> Lord, Abbett & Co. LLC <br> c/o Legal Dept. <br> 90 Hudson Street <br> Jersey City, NJ 07302<br> (1966) | Board member since 2021 | **Principal Occupation:** President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine – School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017).<br>**Other Directorships:** None. |
| **Mark A. Schmid** <br> Lord, Abbett & Co. LLC <br> c/o Legal Dept. <br> 90 Hudson Street <br> Jersey City, NJ 07302<br> (1959) | Board member since 2016 | **Principal Occupation:** Vice President and Chief Investment Officer of the University of Chicago (2009–2021).<br>**Other Directorships:** None. |
| **James L.L. Tullis** <br> Lord, Abbett & Co. LLC <br> c/o Legal Dept. <br> 90 Hudson Street <br> Jersey City, NJ 07302<br> (1947) | Board member since 2006; Chair since 2017 | **Principal Occupation:** Chair of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (1990–2016).<br>**Other Directorships:** Currently serves as Chairman of Crane Co. (since 2020, director since 1998), Director of Alphatec Spine (since 2018), and Director of Exagen Inc. (since 2019). Previously served as director of electroCore, Inc. (2018–2020). |

---

**Interested Board Members**

Mr. Sieg is affiliated with Lord Abbett and is an "interested person" of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 62 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

---

| | | |
|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Current Position and**<br> **Length of Service**<br> **with the Fund** | **Principal Occupation and Other Directorships**<br> **During the Past Five Years** |
| **Douglas B. Sieg** <br> Lord, Abbett & Co. LLC <br> 90 Hudson Street<br> Jersey City, NJ 07302<br> (1969) | Board member since 2016 | **Principal Occupation:** Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.<br>**Other Directorships:** None. |

---

**Basic Information About Management (continued)**

**Officers**

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the "Principal Occupation During the Past Five Years" column indicate each officer's position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (*i.e.*, until his or her death, resignation, retirement, or removal).

---

| | | | |
|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth** | **Current Position**<br> **with the Fund** | **Length of Service**<br> **of Current Position** | **Principal Occupation**<br> **During the Past Five Years** |
| **Douglas B. Sieg**<br> (1969) | President and Chief Executive Officer | Elected as President and Chief Executive Officer in 2018 | Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994. |
| **Jackson C. Chan**<br> (1964) | AML Compliance Officer | Elected in 2018 | Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014. |
| **Nicholas D. Emguschowa**<br> (1986) | Data Protection Officer | Elected in 2022 | Assistant General Counsel, joined Lord Abbett in 2018 and was formerly Associate at Shearman & Sterling (2014-2018). |
| **Michael J. Hebert**<br> (1976) | Chief Financial Officer and Treasurer | Elected as Chief Financial Officer and Treasurer in 2021 | Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014–2021) and Calvert Research & Management (CRM) (2016–2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years. |
| **Jennifer C. Karam**<br> (1970) | Vice President and Assistant Secretary | Elected in 2022 | Partner and Senior Deputy General Counsel, joined Lord Abbett in 2012. |
| **Joseph M. McGill**<br> (1962) | Chief Compliance Officer | Elected in 2014 | Partner and Chief Compliance Officer, joined Lord Abbett in 2014. |

---

**Basic Information About Management (concluded)**

---

| | | | |
|:---|:---|:---|:---|
| **Name and**<br> **Year of Birth** | **Current Position**<br> **with the Fund** | **Length of Service**<br> **of Current Position** | **Principal Occupation**<br> **During the Past Five Years** |
| **Lawrence B. Stoller**<br> (1963) | Vice President, Secretary and Chief Legal Officer | Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019 | Partner and General Counsel, joined Lord Abbett in 2007. |
| **Victoria Zozulya**<br> (1983) | Vice President and Assistant Secretary | Elected in 2022 | Counsel, joined Lord Abbett in 2022 and was formerly Senior Director and Counsel at Equitable (2018–2022) and Assistant General Counsel at Neuberger Berman (2014–2018). |

---

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund's Board members. It is available free upon request.

**Householding**

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

**Proxy Voting Policies, Procedures and Records**

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

**Shareholder Reports and Quarterly Portfolio Disclosure**

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters as an attachment to Form N-PORT. Copies of the filings are available without charge, upon request on the SEC's website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388.

**Tax Information (unaudited)**

The percentages below reflect the portion of ordinary income distributions that are eligible for the corporate dividend received deduction (DRD) and qualified dividend income (QDI) for individual shareholders:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **DRD** | **QDI** |
| Dividend Growth Fund | 100% | 100% |
| Growth Opportunities Fund | 21% | 22% |
| Small Cap Value Fund | 57% | 57% |

---

Additionally, of the distributions paid to the shareholders during the fiscal year ended November 30, 2022, the following amounts represent short-term and long-term capital gains:

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Short-Term**<br> **Capital Gains** | **Long-Term**<br> **Capital Gains** |
| Dividend Growth Fund | $13499075 | $227075107 |
| Growth Opportunities Fund | 12932550 | 126274277 |
| Small Cap Value Fund | 13083759 | 79806811 |

---

---

| | | |
|:---|:---|:---|
| ![](x3_c105069x83x1.jpg) |  |  |
| ![](x3_c105069x83x2.jpg) <br>This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by <br> LORD ABBETT DISTRIBUTOR LLC. | **Lord Abbett Research Fund, Inc.**<br>Lord Abbett Dividend Growth Fund<br>Lord Abbett Growth Opportunities Fund<br>Lord Abbett Small-Cap Value Series | LARF-2<br> (01/23) |

---

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies
to the principal executive officer and senior financial officers of the Registrant ("Code of Ethics"). The Code of
Ethics was in effect during the fiscal year ended November 30, 2022 (the "Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described
in Form N-CSR during the Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) See Item 13(a)(1) concerning the filing of the Code of Ethics.

---

| | |
|:---|:---|
| **Item 3:** | **Audit Committee Financial Expert.** |

---

The Registrant's board of directors has determined that each of the following independent directors who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey, Karla M. Rabusch and Mark A. Schmid. Each of these persons is independent within the meaning of the Form N-CSR.

---

| | |
|:---|:---|
| **Item 4:** | **Principal Accountant Fees and Services.** |
|  | In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended November 30, 2022 and 2021 by the Registrant's principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, "Deloitte") were as follows: |

---

---

| | | |
|:---|:---|:---|
|  | *Fiscal year ended:* | *Fiscal year ended:* |
|  | *2022* | *2021* |
| Audit Fees {a} | $133000 | $126000 |
| Audit-Related Fees | - 0 - | - 0 - |
| Total audit and audit-related fees | 133000 | 126000 |
| Tax Fees {b} | - 0 - | 16682 |
| All Other Fees | - 0 - | - 0 - |
| &nbsp;&nbsp;&nbsp;Total Fees | $133000 | $142682 |

---

{a} Consists of fees for audits of the Registrant's annual financial statements.

{b} Fees for the fiscal year ended November 30, 2022 and 2021 consist of fees for preparing the U.S. Income Tax Return for Regulated Investment Companies, New Jersey Corporation Business Tax Return, New Jersey Annual Report Form, U.S. Return of Excise Tax on Undistributed Income of Investment Companies, IRS Forms 1099-MISC and 1096 Annual Summary and Transmittal of U.S. Information Returns.

(e) (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant's Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any audit, audit-related, tax, and other services to be provided to the
Lord Abbett Funds, including the Registrant, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any audit-related, tax, and other services to be provided to the Registrant's
investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides
ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial
reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor's
independence.

The Audit Committee has delegated pre-approval authority to its Chair, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chair will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

(e) (2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as "All Other Fees".

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant's investment adviser, Lord, Abbett & Co. LLC ("Lord Abbett"), for the fiscal years ended November 30, 2022 and 2021 were:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Fiscal year ended:* | &nbsp;&nbsp;*Fiscal year ended:* |
|  | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| &nbsp;&nbsp;All Other Fees {a} | &nbsp;&nbsp;$270000 | &nbsp;&nbsp;$220000 |

---

{a} Consist of fees for Independent Services Auditors' Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett's Asset Management Services ("SOC-1 Report").

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended November 30, 2022 and 2021 were:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Fiscal year ended:* | &nbsp;&nbsp;*Fiscal year ended:* |
|  | &nbsp;&nbsp;*2022* | &nbsp;&nbsp;*2021* |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$- 0 - | &nbsp;&nbsp;$- 0- |

---

(h) The Registrant's Audit Committee has considered the provision of non-audit services that were rendered to the Registrant's 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 Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte's independence.

(i) Not Applicable.

(j) Not Applicable.

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.** |
|  | Not applicable. |
| **Item 6:** | **Schedule of Investments.** |
|  | Not applicable. |
| **Item 7:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | Not applicable. |
| **Item 8:** | **Portfolio Managers of Closed-End Management Investment Companies**. |
|  | Not applicable. |
| **Item 9:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
|  | Not applicable. |

---

---

| | |
|:---|:---|
| **Item 10:** | **Submission of Matters to a Vote of Security Holders.** |
|  | Not applicable. |
| **Item 11:** | **Controls and Procedures.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | Not applicable. |
| **Item 13:** | **Exhibits.** |

---

---

| | |
|:---|:---|
| (a)(1) | [The Lord Abbett Family of Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of EX-99.CODEETH.](c105069_ex99-codeeth.htm) |
| (a)(2) | [Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.](c105069_ex99-cert.htm) |
| (b) | [Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.](c105069_ex99-906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**LORD ABBETT RESEARCH FUND, INC.**

---

| | | |
|:---|:---|:---|
|  | By: | <u>/s/ Douglas B. Sieg</u> |
|  |  | Douglas B. Sieg |
|  |  | President and Chief Executive Officer |
| Date: January 25, 2023 |  |  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  | By: | <u>/s/ Douglas B. Sieg</u> |
|  |  | Douglas B. Sieg |
|  |  | President and Chief Executive Officer |
| Date: January 25, 2023 |  |  |

---

---

| | | |
|:---|:---|:---|
|  | By: | <u>/s/ Michael J. Hebert</u> |
|  |  | Michael J. Hebert |
|  |  | Chief Financial Officer and Treasurer |
| Date: January 25, 2023 |  |  |

---

## Ex-99.Code

EX-99.CODEETH

**THE LORD ABBETT FAMILY OF FUNDS**

**SARBANES-OXLEY CODE OF ETHICS**

**FOR THE PRINCIPAL EXECUTIVE OFFICER**

**AND SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

**The Lord Abbett Family of Funds'** code of ethics (the "Code") for the investment companies within the complex (collectively, "Funds" and each individually a "Fund"), applies to each Fund's Principal Executive Officer and Senior Financial Officers (the "Covered Officers", each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
 interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by the Funds;

· compliance with applicable laws and governmental rules and regulations;

· the prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Any Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the investment adviser to each of the Funds. The compliance programs and procedures of Lord, Abbett & Co. LLC ("Lord Abbett") are designed to prevent, or identify and correct, violations of such requirements. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds

June 2003

and Lord Abbett of which the Covered Officers are also members. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Lord Abbett, or for both), be involved in establishing policies and implementing decisions which will have different effects on Lord Abbett and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Lord Abbett and is consistent with the performance by the Covered Officers of their duties as officers of one or more Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Directors/Trustees of the Funds that the Covered Officers are also officers of the other Lord Abbett investment companies covered by this and by a separate code of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under this Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive by covering every possible scenario. It follows that the overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his/her personal influence or personal relationships improperly to influence
 investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment
 of the Fund; and

· not cause a Fund to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit the Fund.

There are some potential conflict of interest situations that should be discussed with Lord Abbett's General Counsel if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

· any direct ownership interest in, or any consulting or employment relationship with, any of the
 Funds' service providers, other than Lord Abbett or any affiliated person of Lord Abbett;

· a direct or indirect financial interest in commissions, transaction charges or spreads paid by
 a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered
 Officer's employment, such as compensation or as a member of Lord Abbett.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure & Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize him/herself with the disclosure requirements
 generally applicable to the Funds;

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent,
 facts about a Fund to others, whether within or outside Lord Abbett or a Fund, including to a Fund's independent directors/trustees
 and auditors, and to governmental regulators and self-regulatory organizations;

· each Covered Officer should, to the extent appropriate within his/her area of responsibility,
 consult with other officers and employees of the Funds and Lord Abbett with the goal of promoting full, fair, accurate, timely
 and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public
 communications made by the Funds; and

· it is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code, affirm in writing to the Audit Committee (the "Committee")
 of a Fund that he/she has received, read, and understands the Code;

· annually thereafter affirm to the Committee that he/she has complied with the requirements of
 the Code;

· report at least annually such affiliations or other relationships related to conflicts of interest
 as covered by the Funds' Annual Directors & Officers Questionnaire;

· not retaliate against any employee or member of Lord Abbett for reports of potential violations
 that are made in good faith; and

· notify Lord Abbett's General Counsel<sup></sup>promptly if he/she alleges any violation
 of this Code. Failure to do so is itself a violation of this Code.

Lord Abbett's General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The General Counsel may consult, as appropriate, with the Committee, and/or counsel to the Independent Directors, and is encouraged to do so. However, any approvals or waivers sought by the Covered Persons will be considered by the Committee.

June 2003

Each of the Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lord Abbett's General Counsel will take all appropriate action to investigate
 any potential violations reported to him;

· if, after such investigation, the General Counsel believes that no violation has occurred, the
 General Counsel is not required to take any further action, but he shall discuss with the Committee at its next regularly
 scheduled meeting his investigation and conclusion;

· any matter that the General Counsel believes is a violation will be reported to the Committee;

· if the Committee concurs that a violation has occurred, it will consider appropriate action,
 which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate
 personnel of Lord Abbett; or a recommendation to dismiss the Covered Officer;

· the Committee will be responsible for granting waivers, as appropriate; and

· any changes to or waivers of this Code will, to the extent required, be disclosed as provided
 by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and Lord Abbett's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Except as to the individuals listed in Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of a Fund's independent directors/trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Committee and its counsel.

June 2003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each of the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Date: June 19, 2003

June 2003

**Exhibit A**

---

| | | |
|:---|:---|:---|
| <u>Persons Covered by this Code of Ethics</u> | <u>Persons Covered by this Code of Ethics</u> | <u>Position With Funds</u> |
| Douglas B. Sieg | Principal Executive Officer | President and Chief Executive Officer |
| Michael J. Hebert | Principal Financial Officer and Principal Accounting Officer | Chief Financial Officer and Treasurer |

---

July 2022

## Exhibit 99.906

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: January 25, 2023

---

| |
|:---|
| <u>/s/ Douglas B. Sieg</u> |
| Douglas B. Sieg |
| President and Chief Executive Officer |

---

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: January 25, 2023

---

| |
|:---|
| <u>/s/ Michael J. Hebert</u> |
| Michael J. Hebert |
| Chief Financial Officer and Treasurer |

---

## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

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

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

---

| | | |
|:---|:---|:---|
| Date: January 25, 2023 |  |  |
|  | By: | <u>/s/ Douglas B. Sieg</u> |
|  |  | Douglas B. Sieg |
|  |  | President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Michael J. Hebert</u> |
|  | Michael J. Hebert |
|  | Chief Financial Officer and Treasurer |

---

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