Lord Abbett Research Fund N-CSRS Certified semi-annual shareholder report (management investment company)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-06650
Lord Abbett Research Fund, Inc.
(Exact name of registrant as specified in charter)
90 Hudson Street, Jersey City, NJ					07302
(Address of principal executive offices)					(Zip code)
Christina T. Simmons, Vice President & Assistant Secretary 90 Hudson Street, Jersey City, NJ 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code:				(800) 201-6984
Date of fiscal year end:	11/30
Date of reporting period:		May 31, 2007

Item 1:               Report to Shareholders.

2007

LORD ABBETT SEMIANNUAL REPORT

Lord Abbett

Large Cap Core Fund

Small Cap Value Fund

For the six-month period ended May 31, 2007

Lord Abbett Research Fund
Lord Abbett Large Cap Core Fund and
Lord Abbett Small Cap Value Fund

Semiannual Report

For the six-month period ended May 31, 2007

Dear Shareholders: We are pleased to provide you with this overview of the Lord Abbett Large Cap Core Fund's and the Lord Abbett Small Cap Value Fund's performance for the six-month period ended May 31, 2007. On this page and the following pages, we discuss the major factors that influenced performance. For detailed and more timely information about the Funds, please visit our Website at www.lordabbett.com, where you also can access the quarterly commentaries by the Funds' portfolio managers.

General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a newsletter accompanying your quarterly account statements. We also encourage you to call Lord Abbett at 888-522-2388 and speak to one of our professionals if you would like more information.

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

Best regards,

Robert S. Dow
Chairman

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

Q: What were the overall market conditions during the six-month period ended May 31, 2007?

A: Supported by improving macro fundamentals and a dwindling supply of equity shares outstanding, the equity markets surged during the six months ended May 31, 2007, returning more than 10% based on the S&P Composite 1500® Index¹ (on a total return basis). A brief, but sharp, sell-off in February erased about three months' worth of gains; however, the stock market sprang back, returning more than 9% based on the S&P C omposite 1500

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Index (including the reinvestment of dividends) between March and May. Both the Dow Jones Industrial Average² and S&P 500® Index³ reached record levels. Providing liquidity to the stock market was a bevy of mergers and acquisitions, private equity deals, and share buybacks, which cumulatively left investors with fewer shares of public companies to own. With demand up and supply down, share prices rallied.

The positive macro backdrop included stable to moderating inflation (excluding food and energy), near record levels (for the period) of disposable income (adjusted for inflation), resurgent orders for nondefense capital good orders, and broad improvement in the manufacturing sector of the economy. The yield on 10-year Treasury bonds climbed by approximately 40 basis points.

Though returns in the equity market were broad, companies with mid to small capitalizations outperformed those companies with large to mega capitalizations. In fact, shares of growth-oriented small and mid cap companies led all other styles of investing. In the large cap category, value continued its dominance over growth. At the sector level, the top three performers were telecommunications, materials, and utilities. The underachieving sectors were financials and consumer discretionary.

Lord Abbett Large Cap Core Fund

Q: How did the Large Cap Core Fund perform during the six-month period ended May 31, 2007?

A: The Fund returned 10.1%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared with its benchmark, the Russell 1000® Index,⁴ which returned 10.7% over the same period.

Q: What were the most significant factors affecting performance?

A: The worst detractor from the Fund's relative performance was the utilities sector, followed by the materials and processing sector and the other energy sector (owing to an underweight position); this sector includes oil service companies, as well as smaller exploration and production companies, and independent refiners.

Among the individual holdings that detracted from the Fund's performance were technology holding Advanced Micro Devices, Inc. (the Fund's number-one detractor), a supplier of integrated circuits for the personal and networked computer and communications markets; materials and processing holdings Newmont Mining Corp. and Barrick Gold Corp., both gold mining companies; and consumer discretionary holdings Electronic Arts Inc., a developer of interactive

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entertainment software worldwide for video game systems, personal computers, and the Internet, and Best Buy Co., Inc., a retailer of consumer electronics, personal computers, software, and appliances.

The healthcare sector was the strongest contributor to the Fund's performance relative to its benchmark for the six-month period, followed by the financial services sector (owing to an underweight position) and the technology sector.

Among the individual holdings that contributed to the Fund's performance were materials and processing holding Monsanto Co. (the Fund's number-one contributor), a provider of technology-based solutions and agricultural products for growers and downstream customers in the agricultural markets; healthcare holdings Medco Health Solutions, Inc., a pharmacy benefit manager, and CVS Caremark Corp., an operator of a chain of drugstores; utilities holding AT&T, Inc., a communications services provider; and consumer staples holding The Kroger Co., an operator of supermarkets and convenience stores.

The Fund's portfolio is actively managed and, therefore, its 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.

Lord Abbett Small Cap Value Fund

Q: How did the Small Cap Value Fund perform during the six-month period ended May 31, 2007?

A: The Fund returned 9.2%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to its benchmark, the Russell 2000® Value Index,⁵ which returned 7.2% over the same period.

Q: What were the most significant factors affecting performance?

A: The financial services sector was the greatest contributor (owing to an underweight position) to the Fund's performance relative to its benchmark for the six-month period, followed by the producer durables sector and the technology sector.

Among the individual holdings that contributed to the Fund's performance were technology holding Anixter International, Inc. (the Fund's number-one contributor), a distributor of communications and specialty wire and cable products; producer durables holding Curtiss-Wright Corp., a manufacturer of precision components and systems; and three materials and processing sector holdings: The Shaw Group Inc., a provider of engineering and construction services serving the energy and environmental infrastructure market; Quanex Corp., a

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maker of specialized metal products made from carbon and alloy steel and aluminum; and Hexcel Corp., a developer of reinforcement products, composite materials and engineered products.

The utilities sector was the worst detractor from the Fund's relative performance, followed by the consumer staples sector and the consumer discretionary sector (owing to an underweight position).

Among the individual holdings that detracted from the Fund's performance were materials and processing holding Rogers Corp. (the Fund's number-one detractor), a manufacturer of specialty materials and components for applications in the communications, computer, imaging, consumer, and transportation markets; utilities holdings Avista Corp., an energy company that distributes electric and natural gas, and IDACORP Inc., an electric utility and energy marketing company; technology holding Plexus Corp., a provider of a variety of product development and project realization services; and healthcare holding Kensey Nash Corp., a developer of a line of absorbable medical devices.

The Fund's portfolio is actively managed and, therefore, its 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.

A prospectus contains important information about a fund, including its investment objectives, risks, charges, and ongoing expenses, which an investor should carefully consider before investing. To obtain a prospectus on any Lord Abbett mutual fund, please contact your investment professional or Lord Abbett Distributor LLC at 888-522-2388 or visit our Website at www.lordabbett.com. Read the prospectus carefully before investing.

¹  The S&P Composite 1500® Index combines the S&P 500®, S&P 400® (an index of mid-cap companies), and S&P SmallCap 600® to create a broad market portfolio representing 90% of U.S. equities.

²  The Dow Jones Industrial Average (DJIA) is an unmanaged index of common stocks comprised of major industrial companies and assumes the reinvestment of dividends and capital gains.

³  The S&P 500® 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.

⁴  The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

⁵  The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

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 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 our Website at www.lordabbett.com.

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

The views of each Fund's management and the portfolio holdings described in this report are as of May 31, 2007; these views and portfolio holdings may have changed subsequent to this date, and they do not guarantee the future performance of the markets or each Fund. Information provided in this report should not be considered a recommendation to purchase or sell securities.

Note for Large Cap Core Fund: During certain periods shown, expense reimbursements were in place. Without such expense reimbursements, the Fund's returns would have been lower.

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 the Funds, 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.

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Expense Examples

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges 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 (December 1, 2006 through May 31, 2007).

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 entitled "Expenses Paid During the Period 12/1/06 – 5/31/07" 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.

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

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	12/1/06		5/31/07		12/1/06 – 5/31/07
Class A
Actual	$	1,000.00	$	1,101.40	$	6.76
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.50	$	6.49
Class B
Actual	$	1,000.00	$	1,097.40	$	10.14
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.25	$	9.75
Class C
Actual	$	1,000.00	$	1,097.70	$	10.15
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.26	$	9.75
Class P
Actual	$	1,000.00	$	1,100.70	$	7.28
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.00	$	6.99
Class Y
Actual	$	1,000.00	$	1,102.90	$	4.93
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.24	$	4.73

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (1.29% for Class A, 1.94% for Classes B and C, 1.39% for Class P and 0.94% for Class Y) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2007

Sector*	%**
Auto & Transportation		0.63	%
Consumer Discretionary		13.56	%
Consumer Staples		12.97	%
Financial Services		13.57	%
Healthcare		18.22	%
Integrated Oils		3.68	%
Materials & Processing		4.68	%
Other		2.80	%
Other Energy		2.32	%
Producer Durables		5.94	%
Technology		11.89	%
Utilities		9.03	%
Short-Term Investment		0.71	%
Total		100.00	%

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

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

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	12/1/06		5/31/07		12/1/06 – 5/31/07
Class A
Actual	$	1,000.00	$	1,092.10	$	6.36
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.82	$	6.14
Class B
Actual	$	1,000.00	$	1,088.60	$	10.05
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.32	$	9.70
Class C
Actual	$	1,000.00	$	1,088.40	$	10.05
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.32	$	9.70
Class P
Actual	$	1,000.00	$	1,091.40	$	7.20
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.07	$	6.94
Class Y
Actual	$	1,000.00	$	1,093.70	$	4.80
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.32	$	4.63

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (1.22% for Class A, 1.93% for Classes B and C, 1.38% for Class P and 0.92% for Class Y) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2007

Sector*	%**
Auto & Transportation		6.22	%
Consumer Discretionary		8.21	%
Consumer Staples		1.23	%
Financial Services		13.78	%
Healthcare		3.65	%
Materials & Processing		22.39	%
Other		2.85	%
Other Energy		6.02	%
Producer Durables		7.92	%
Technology		15.12	%
Utilities		9.61	%
Short-Term Investment		3.00	%
Total		100.00	%

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

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Schedule of Investments (unaudited)

LARGE CAP CORE FUND May 31, 2007

Investments	Shares		Value (000)
COMMON STOCKS 99.24%
Aerospace 3.24%
Boeing Co. (The)		144,900	$	14,576
Lockheed Martin Corp.		140,357		13,769
United Technologies Corp.		125,700		8,868
Total				37,213
Agriculture, Fishing & Ranching 2.19%
Monsanto Co.		407,662		25,112
Banks 6.15%
Bank of America Corp.		242,348		12,290
Bank of New York Co., Inc. (The)		413,100		16,755
JPMorgan Chase & Co.		202,528		10,497
Marshall & Ilsley Corp. (The)		19,800		950
PNC Financial Services Group, Inc. (The)		59,800		4,413
SunTrust Banks, Inc.		58,100		5,188
U.S. Bancorp		102,500		3,544
Wachovia Corp.		139,100		7,538
Wells Fargo & Co.		259,100		9,351
Total				70,526
Beverage: Brewers 0.37%
Anheuser-Busch Companies, Inc.		80,200		4,278
Beverage: Soft Drinks 2.36%
Coca-Cola Co. (The)		295,600		15,664
PepsiCo, Inc.		166,500		11,377
Total				27,041
Biotechnology Research & Production 3.93%
Baxter International, Inc.		194,987		11,083
Celgene Corp.*		177,800		10,889
Genentech, Inc.*		52,000		4,148
Genzyme Corp.*		129,700		8,368
ImClone Systems, Inc.*		255,278		10,548
Total				45,036

Investments	Shares		Value (000)
Chemicals 0.82%
Praxair, Inc.		137,800	$	9,383
Communications & Media 0.34%
Time Warner, Inc.		182,800		3,906
Communications Technology 4.21%
Cisco Systems, Inc.*		433,600		11,673
Corning, Inc.*		740,300		18,507
QUALCOMM Inc.		422,200		18,133
Total				48,313
Computer Services, Software & Systems 2.72%
Microsoft Corp.		525,100		16,105
Oracle Corp.*		590,300		11,440
Symantec Corp.*		183,500		3,668
Total				31,213
Computer Technology 1.91%
Hewlett-Packard Co.		197,313		9,019
International Business Machines Corp.		73,000		7,782
NVIDIA Corp.*		147,800		5,124
Total				21,925
Consumer Electronics 3.31%
Activision, Inc.*		1,078,452		21,343
Electronic Arts Inc.*		201,500		9,847
Yahoo! Inc.*		235,500		6,759
Total				37,949
Consumer Products 0.25%
Kimberly-Clark Corp.		39,800		2,824
Copper 0.14%
Freeport-McMoRan Copper & Gold, Inc.		19,765		1,556
Diversified Financial Services 3.38%
American Express Co.		57,000		3,704
Citigroup, Inc.		282,300		15,383

See Notes to Financial Statements.
9

Schedule of Investments (unaudited)(continued)

LARGE CAP CORE FUND May 31, 2007

Investments	Shares		Value (000)
Diversified Financial Services (continued)
MetLife, Inc.		82,500	$	5,610
Morgan Stanley		165,500		14,074
Total				38,771
Drug & Grocery Store Chains 1.80%
Kroger Co. (The)		606,700		18,395
Walgreen Co.		51,100		2,306
Total				20,701
Drugs & Pharmaceuticals 8.37%
Abbott Laboratories		287,000		16,173
Amylin Pharmaceuticals, Inc.*		66,900		3,094
Bristol-Myers Squibb Co.		203,500		6,168
Gilead Sciences, Inc.*		215,812		17,863
Johnson & Johnson		136,100		8,611
Merck & Co., Inc.		202,100		10,600
Novartis AG ADR		140,826		7,912
Pfizer Inc.		275,600		7,576
Wyeth		311,500		18,017
Total				96,014
Electrical Equipment & Components 1.02%
Emerson Electric Co.		241,134		11,683
Electronics: Medical Systems 1.26%
Medtronic, Inc.		272,800		14,505
Electronics: Semi-Conductors/Components 2.06%
Advanced Micro Devices, Inc.*		163,400		2,332
Intel Corp.		547,100		12,129
Texas Instruments, Inc.		260,400		9,208
Total				23,669
Electronics: Technology 1.82%
General Dynamics Corp.		140,454		11,270
Raytheon Co.		172,200		9,574
Total				20,844

Investments	Shares		Value (000)
Energy: Miscellaneous 0.41%
Valero Energy Corp.		62,800	$	4,686
Engineering & Contracting Services 0.21%
Fluor Corp.		23,064		2,401
Entertainment 1.07%
DreamWorks Animation SKG, Inc.*		189,900		5,674
Walt Disney Co. (The)		186,337		6,604
Total				12,278
Financial: Miscellaneous 1.19%
Fannie Mae		115,600		7,389
Freddie Mac		94,100		6,285
Total				13,674
Foods 3.18%
Campbell Soup Co.		221,895		8,809
Kellogg Co.		141,500		7,638
Kraft Foods, Inc. Class A		591,800		20,027
Total				36,474
Gold 1.32%
Barrick Gold Corp. (Canada)(a)		357,500		10,414
Newmont Mining Corp.		116,500		4,739
Total				15,153
Health & Personal Care 3.16%
CVS Caremark Corp.		459,848		17,722
Express Scripts, Inc.*		117,500		11,997
Medco Health Solutions, Inc.*		84,451		6,567
Total				36,286
Healthcare Facilities 0.36%
Quest Diagnostics, Inc.		85,156		4,174
Healthcare Management Services 0.53%
Sierra Health Services, Inc.*		146,000		6,085

See Notes to Financial Statements.
10

Schedule of Investments (unaudited)(continued)

LARGE CAP CORE FUND May 31, 2007

Investments	Shares		Value (000)
Identification Control & Filter Devices 0.55%
Agilent Technologies, Inc.*		164,100	$	6,264
Insurance: Multi-Line 2.34%
American International Group, Inc.		200,392		14,496
Hartford Financial Services Group, Inc. (The)		120,000		12,381
Total				26,877
Insurance: Property-Casualty 0.50%
XL Capital Ltd. Class A (Bermuda)(a)		70,500		5,750
Jewelry, Watches & Gemstones 0.50%
Tiffany & Co.		109,100		5,735
Machinery: Construction & Handling 0.30%
Caterpillar Inc.		43,600		3,426
Machinery: Oil Well Equipment & Services 1.74%
Baker Hughes, Inc.		77,543		6,396
Schlumberger Ltd. (Netherlands Antilles)(a)		174,600		13,596
Total				19,992
Medical & Dental Instruments & Supplies 0.59%
St. Jude Medical, Inc.*		158,500		6,766
Miscellaneous: Consumer Staples 1.04%
Diageo plc ADR		139,181		11,885
Multi-Sector Companies 2.80%
General Electric Co.		684,200		25,712
Honeywell International, Inc.		111,400		6,451
Total				32,163

Investments	Shares		Value (000)
Oil: Crude Producers 0.16%
XTO Energy, Inc.		32,600	$	1,891
Oil: Integrated Domestic 0.43%
ConocoPhillips		64,200		4,971
Oil: Integrated International 3.25%
Chevron Corp.		150,500		12,264
ExxonMobil Corp.		300,515		24,994
Total				37,258
Retail 6.24%
Best Buy Co., Inc.		163,700		7,905
Federated Department Stores, Inc.		143,700		5,738
GameStop Corp. Class A*		455,200		16,833
Home Depot, Inc. (The)		12,500		486
Kohl's Corp.*		155,100		11,682
Target Corp.		196,800		12,286
Wal-Mart Stores, Inc.		348,800		16,603
Total				71,533
Soaps & Household Chemicals 4.22%
Colgate-Palmolive Co.		271,900		18,206
Procter & Gamble Co. (The)		474,932		30,182
Total				48,388
Textiles Apparel Manufacturers 1.85%
Coach, Inc.*		297,644		15,287
Polo Ralph Lauren Corp.		60,500		5,901
Total				21,188
Transportation: Miscellaneous 0.63%
United Parcel Service, Inc. Class B		99,900		7,190
Utilities: Cable TV & Radio 1.64%
Comcast Corp. Class A*		693,760		18,856

See Notes to Financial Statements.
11

Schedule of Investments (unaudited)(concluded)

LARGE CAP CORE FUND May 31, 2007

Investments	Shares		Value (000)
Utilities: Electrical 4.50%
Dominion Resources, Inc.		122,600	$	10,861
FPL Group, Inc.		213,832		13,670
PG&E Corp.		240,217		11,833
Progress Energy, Inc.		136,700		6,848
Southern Co. (The)		233,600		8,412
Total				51,624
Utilities: Telecommunications 2.88%
AT&T Inc.		644,702		26,652
Sprint Nextel Corp.		94,890		2,168
Verizon Communications, Inc.		97,600		4,249
Total				33,069
Total Common Stocks (cost $934,195,341)				1,138,499

Investments	Principal Amount (000)		Value (000)
SHORT-TERM INVESTMENT 0.71%
Repurchase Agreement
Repurchase Agreement dated 5/31/2007, 4.70% due 6/1/2007 with State Street Bank & Trust Co. collateralized by $8,570,000 of Federal Home Loan Bank at 4.875% due 5/17/2017; value: $8,323,184; proceeds: $8,158,581 (cost $8,157,516)	$	8,158	$	8,158
Total Investments in Securities 99.95% (cost $942,352,857)				1,146,657
Other Assets in Excess of Liabilities 0.05%				589
Net Assets 100.00%			$	1,147,246

ADR  American Depositary Receipt.

  *  Non-income producing security.

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

See Notes to Financial Statements.
12

Schedule of Investments (unaudited)

SMALL CAP VALUE FUND May 31, 2007

Investments	Shares		Value (000)
COMMON STOCKS 96.55%
Aerospace 4.00%
Curtiss-Wright Corp.(b)		2,640,045	$	118,987
Moog Inc. Class A*		881,962		37,977
Teledyne Technologies, Inc.*		332,400		15,317
Total				172,281
Air Transportation 2.33%
AAR Corp.*		1,461,400		47,496
Bristow Group, Inc.*		1,071,060		52,760
Total				100,256
Aluminum 0.27%
Kaiser Aluminum Corp.*		150,412		11,469
Auto Parts: After Market 0.42%
Commercial Vehicle Group, Inc.*		940,600		18,238
Banks 4.32%
Alabama National BanCorp.		741,229		46,549
Cullen/Frost Bankers, Inc.		1,000,800		53,212
First Midwest Bancorp, Inc.		934,100		34,366
Provident Bankshares Corp.		496,800		16,618
Signature Bank*		491,800		16,352
United Community Banks, Inc.		330,000		10,029
West Coast Bancorp		276,800		8,545
Total				185,671
Biotechnology Research & Production 0.39%
Kensey Nash Corp.*(b)		723,240		16,873
Building: Heating & Plumbing 0.21%
Interline Brands, Inc.*		360,000		8,813

Investments	Shares		Value (000)
Building: Materials 1.95%
LSI Industries, Inc.(b)		1,174,229	$	17,919
NCI Building Systems, Inc.*(b)		1,285,029		66,063
Total				83,982
Building: Miscellaneous 0.34%
Comfort Systems USA, Inc.		1,057,348		14,803
Chemicals 0.76%
Arch Chemicals, Inc.		196,276		6,901
Cabot Microelectronics Corp.*		765,000		25,597
Total				32,498
Communications Technology 5.69%
Anaren, Inc.*(b)		1,929,446		33,688
Anixter International Inc.*(b)		2,420,005		178,742
Comtech Telecommunications Corp.*		717,777		32,135
Total				244,565
Computer Services, Software & Systems 1.92%
American Reprographics Co.*		728,900		22,450
Macrovision Corp.*		1,856,778		51,897
Mercury ComputerSystems, Inc.*		632,765		8,239
Total				82,586
Computer Technology 1.25%
Intermec, Inc.*		2,188,925		53,848
Consumer Products 0.00%
Matthews International Corp. Class A		2,100		93

See Notes to Financial Statements.
13

Schedule of Investments (unaudited)(continued)

SMALL CAP VALUE FUND May 31, 2007

Investments	Shares		Value (000)
Containers & Packaging: Metal & Glass 0.78%
AptarGroup, Inc.		896,000	$	33,654
Diversified Manufacturing 6.51%
Barnes Group Inc.		1,151,300		33,952
Brady Corp.		1,515,329		56,279
CLARCOR, Inc.		641,556		21,441
Hexcel Corp.*(b)		4,980,429		115,197
Koppers Holdings, Inc.		946,750		30,457
Olin Corp.		1,115,000		22,568
Total				279,894
Drug & Grocery Store Chains 1.22%
Casey's General Stores, Inc.		778,600		21,030
Ruddick Corp.		537,086		16,805
Susser Holdings Corp.*(b)		985,828		14,817
Total				52,652
Drugs & Pharmaceuticals 0.58%
Salix Pharmaceuticals, Ltd.*		1,884,200		25,041
Electrical & Electronics 0.90%
Plexus Corp.*		1,761,800		38,777
Electrical Equipment & Components 2.07%
AMETEK, Inc.		619,350		23,374
Baldor Electric Co.		1,065,900		49,436
Genlyte Group Inc. (The)*		187,669		16,350
Total				89,160
Electronics 1.48%
FLIR Systems, Inc.*		1,480,600		61,238
Methode Electronics, Inc.		167,375		2,524
Total				63,762
Electronics: Instruments, Gauges & Meters 0.07%
Keithley Instruments, Inc.		221,393		2,938

Investments	Shares		Value (000)
Electronics: Medical Systems 0.43%
Greatbatch, Inc.*		611,700	$	18,375
Electronics: Semi-Conductors/ Components 2.26%
ANADIGICS, Inc.*(b)		3,934,420		49,534
Microsemi Corp.*		2,070,914		47,735
Total				97,269
Electronics: Technology 1.55%
Coherent, Inc.*		521,275		16,170
EDO Corp.		160,800		5,398
ScanSource, Inc.*(b)		1,557,717		45,143
Total				66,711
Engineering & Contracting Services 1.26%
URS Corp.*		1,076,000		54,101
Financial Data Processing Services & Systems 0.91%
Jack Henry & Assoc., Inc.		1,040,000		27,508
Solera Holdings Inc.*		664,900		11,736
Total				39,244
Financial: Miscellaneous 1.53%
Financial Federal Corp.(b)		2,425,591		65,952
Forest Products 0.65%
Universal Forest Products, Inc.		578,874		27,832
Health & Personal Care 0.66%
Amedisys, Inc.*		446,682		16,661
Symbion, Inc.*		533,700		11,678
Total				28,339
Healthcare Management Services 0.47%
Sierra Health Services, Inc.*		480,000		20,006
Household Furnishings 0.17%
Ethan Allen Interiors, Inc.		200,075		7,265

See Notes to Financial Statements.
14

Schedule of Investments (unaudited)(continued)

SMALL CAP VALUE FUND May 31, 2007

Investments	Shares		Value (000)
Identification Control & Filter Devices 0.98%
IDEX Corp.		609,975	$	22,996
Mine SafetyAppliance Co.		442,457		19,026
Total				42,022
Insurance: Property-Casualty 2.40%
IPC Holdings, Ltd. (Bermuda)(a)		731,728		22,830
Max Capital Group Ltd. (Bermuda)(a)		830,000		23,580
Navigators Group, Inc. (The)*		495,535		24,534
RLI Corp.		370,025		21,258
Selective InsuranceGroup, Inc.		400,376		10,958
Total				103,160
Jewelry, Watches & Gemstones 0.58%
Fossil, Inc.*		803,482		25,077
Machinery: Industrial/Specialty 0.76%
Nordson Corp.		447,758		23,279
Woodward Governor Co.		173,329		9,575
Total				32,854
Machinery: Oil Well Equipment & Services 4.41%
CARBO Ceramics Inc.		920,698		40,879
Hanover Compressor Co.*		3,215,020		80,375
NATCO Group Inc. Class A*		134,822		5,799
Oil States International, Inc.*		1,045,000		40,682
Superior Energy Services, Inc.*		543,998		21,847
Total				189,582

Investments	Shares		Value (000)
Medical & Dental Instruments & Supplies 1.11%
Abaxis, Inc.*(b)		1,070,381	$	24,501
Arrow International, Inc.		467,822		17,964
CONMED Corp.*		162,151		5,077
Total				47,542
Metal Fabricating 6.72%
Kaydon Corp.		989,000		47,719
Quanex Corp.(b)		2,700,050		129,440
Shaw Group Inc. (The)*		2,766,600		111,937
Total				289,096
Metals & Minerals Miscellaneous 0.62%
A.M. Castle & Co.		141,337		5,229
AMCOL International, Corp.		868,798		21,607
Total				26,836
Miscellaneous: Materials & Processing 1.62%
Rogers Corp.*(b)		1,735,035		69,818
Multi-Sector Companies 2.84%
Carlisle Cos., Inc.		1,700,070		75,058
Kaman Corp.		449,613		13,210
Trinity Industries, Inc.		734,895		33,930
Total				122,198
Oil: Crude Producers 1.58%
Forest Oil Corp.*		745,000		30,240
Petrohawk Energy Corp.*		2,319,400		37,806
Total				68,046
Paper 0.20%
Albany International Corp. Class A		223,000		8,724
Publishing: Miscellaneous 0.11%
Courier Corp.		118,221		4,752

See Notes to Financial Statements.
15

Schedule of Investments (unaudited)(continued)

SMALL CAP VALUE FUND May 31, 2007

Investments	Shares		Value (000)
Railroad Equipment 0.17%
Wabtec Corp.		185,000	$	7,245
Railroads 0.61%
Genesee & Wyoming, Inc. Class A*		800,075		26,026
Real Estate Investment Trusts 1.19%
BioMed Realty Trust, Inc.		1,003,400		28,156
DiamondRock Hospitality Co.		1,094,800		22,925
Total				51,081
Rental & Leasing Services: Commercial 2.81%
GATX Financial Corp.		1,225,000		63,026
Williams Scotsman International, Inc.*(b)		2,523,484		57,939
Total				120,965
Restaurants 2.95%
Benihana, Inc. Class A*		326,201		10,546
Cheesecake Factory, Inc. (The)*		598,388		16,887
RARE Hospitality International, Inc.*		1,090,088		31,656
Ruby Tuesday, Inc.		2,465,500		67,974
Total				127,063
Retail 2.07%
Gaiam, Inc. Class A*		730,232		11,771
Pantry, Inc. (The)*		494,027		21,520
Rush Enterprises, Inc. Class A*(b)		1,206,231		29,565
Sonic Automotive, Inc. Class A		847,489		26,382
Total				89,238
Savings & Loan 0.56%
KNBT Bancorp, Inc.		507,970		7,706
Webster Financial Corp.		360,000		16,196
Total				23,902

Investments	Shares		Value (000)
Services: Commercial 1.42%
Rollins, Inc.		1,079,820	$	24,933
Waste Connections, Inc.*		1,170,518		36,075
Total				61,008
Shipping 1.43%
American Commercial Lines Inc.*		914,448		28,979
Kirby Corp.*		812,600		32,520
Total				61,499
Steel 0.40%
Carpenter Technology Corp.		129,940		17,226
Textiles Apparel Manufacturers 0.46%
Quiksilver, Inc.*		1,413,600		19,946
Truckers 1.24%
Heartland Express, Inc.		2,396,714		40,193
Knight Transportation, Inc.		700,000		13,111
Total				53,304
Utilities: Electrical 7.57%
Avista Corp.		2,023,500		47,390
Black Hills Corp.(b)		2,335,078		95,715
IDACORP, Inc.		1,499,600		49,802
MGE Energy, Inc.		361,890		12,275
PNM Resources, Inc.(b)		4,082,200		120,466
Total				325,648
Utilities: Gas Distributors 1.99%
New Jersey Resources Corp.		231,900		12,703
Nicor, Inc.		535,080		25,122
Piedmont Natural Gas Co., Inc.		1,805,500		47,918
Total				85,743

See Notes to Financial Statements.
16

Schedule of Investments (unaudited)(concluded)

SMALL CAP VALUE FUND May 31, 2007

Investments	Shares		Value (000)
Wholesale & International Trade 0.40%
Central European Distribution Corp.*		495,763	$	17,109
Total Common Stocks (cost $3,410,483,450)				4,153,658
	Principal Amount (000)
SHORT-TERM INVESTMENT 2.99%
Repurchase Agreement
Repurchase Agreement dated 5/31/2007, 4.70% due 6/1/2007 with State Street Bank &Trust Co. collateralized by $130,065,000 of Federal Home Loan Bank at 5.65% and 5.857% due 02/23/2017 and 3/2/2017; value: $131,232,044; proceeds: $128,672,230 (cost $128,655,433)	$	128,655		128,655
Total Investments in Securities 99.54% (cost $3,539,138,883)				4,282,313
Cash and Other Assets in Excess of Liabilities 0.46%				19,634
Net Assets 100.00%			$	4,301,947

*  Non-income producing security.

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

^(b)  Affiliated issuer (holding represents 5% or more of the underlying issuer's outstanding voting shares). (See Note 9).

See Notes to Financial Statements.
17

Statements of Assets and Liabilities (unaudited)

May 31, 2007

	Large Cap Core Fund		Small Cap Value Fund
ASSETS:
Investments in unaffiliated issuers, at cost	$	942,352,857	$	2,546,038,551
Investments in affiliated issuers, at cost		–		993,100,332
Investments in unaffiliated issuers, at value	$	1,146,656,997	$	3,031,954,237
Investments in affiliated issuers, at value		–		1,250,358,623
Cash		–		1,038,941
Receivables:
Interest and dividends		1,758,642		2,900,961
Investment securities sold		6,757,657		54,370,338
Capital shares sold		912,752		3,651,145
Prepaid expenses and other assets		61,099		147,651
Total assets		1,156,147,147		4,344,421,896
LIABILITIES:
Payables:
Investment securities purchased		5,732,114		29,400,219
Capital shares reacquired		1,706,605		7,807,473
Management fees		654,601		2,550,161
12b-1 distribution fees		351,630		952,873
Fund administration		37,726		140,928
Directors' fees		59,849		199,085
To affiliates (See Note 3)		45,325		27,170
Accrued expenses and other liabilities		313,452		1,396,558
Total liabilities		8,901,302		42,474,467
NET ASSETS	$	1,147,245,845	$	4,301,947,429
COMPOSITION OF NET ASSETS:
Paid-in capital	$	914,775,669	$	3,342,933,590
Undistributed net investment income		2,674,745		4,711,438
Accumulated net realized gain on investments		25,491,291		211,128,424
Net unrealized appreciation on investments		204,304,140		743,173,977
Net Assets	$	1,147,245,845	$	4,301,947,429
Net assets by class:
Class A Shares	$	710,268,415	$	2,503,658,593
Class B Shares	$	78,671,125	$	68,071,475
Class C Shares	$	93,624,448	$	92,804,833
Class P Shares	$	6,879,885	$	432,443,372
Class Y Shares	$	257,801,972	$	1,204,969,156
Outstanding shares by class:
Class A Shares (200 million shares of common stock authorized per Fund, $.001 par value)		21,929,241		76,236,807
Class B Shares (30 million shares of common stock authorized per Fund, $.001 par value)		2,534,926		2,296,069
Class C Shares (20 million shares of common stock authorized per Fund, $.001 par value)		3,005,129		3,124,875
Class P Shares (20 million shares of common stock authorized per Fund, $.001 par value)		211,676		13,264,599
Class Y Shares (30 million and 200 million shares of common stock authorized, respectively, $.001 par value)		7,940,947		35,005,481
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value	$	32.39	$	32.84
Class A Shares-Maximum offering price
(Net asset value plus sales charge of 5.75%)	$	34.37	$	34.84
Class B Shares-Net asset value	$	31.03	$	29.65
Class C Shares-Net asset value	$	31.15	$	29.70
Class P Shares-Net asset value	$	32.50	$	32.60
Class Y Shares-Net asset value	$	32.46	$	34.42

See Notes to Financial Statements.
18

Statements of Operations (unaudited)

For the Six Months Ended May 31, 2007

	Large Cap Core Fund			Small Cap Value Fund
Investment income:
Dividends from unaffiliated issuers (net of foreign withholding taxes of $52,445 and $23,029, respectively)	$	9,155,437		$	17,400,861
Dividends from affiliated issuers		–			6,662,463
Interest		885,929			4,857,305
Total investment income		10,041,366			28,920,629
Expenses:
Management fees		3,713,596			14,688,080
12b-1 distribution plan–Class A		1,172,164			3,553,559
12b-1 distribution plan–Class B		389,514			337,980
12b-1 distribution plan–Class C		445,128			443,035
12b-1 distribution plan–Class P		12,342			953,502
Shareholder servicing		706,299			2,665,813
Professional		23,958			33,327
Reports to shareholders		63,505			169,020
Fund administration		213,187			810,826
Custody		19,384			83,408
Directors' fees		13,654			52,449
Registration		47,343			99,720
Subsidy (See Note 3)		213,841			134,653
Other		9,002			40,432
Gross expenses		7,042,917			24,065,804
Expense reductions (See Note 7)		(9,317	)		(60,214	)
Expenses assumed by advisor (See Note 3)		(79	)		–
Net expenses		7,033,521			24,005,590
Net investment income		3,007,845			4,915,039
Net realized and unrealized gain:
Net realized gain on investments in unaffiliated issuers		26,736,024			200,138,905
Net realized gain on investments in affiliated issuers		–			12,790,592
Net change in unrealized appreciation on investments		75,014,064			151,078,256
Net realized and unrealized gain		101,750,088			364,007,753
Net Increase in Net Assets Resulting From Operations	$	104,757,933		$	368,922,792

See Notes to Financial Statements.
19

Statements of Changes in Net Assets

Large Cap Core Fund

INCREASE IN NET ASSETS	For the Six Months Ended May 31, 2007 (unaudited)			For the Year Ended November 30, 2006
Operations:
Net investment income	$	3,007,845		$	5,447,896
Net realized gain on investments and security sold short		26,736,024			35,935,864
Net change in unrealized appreciation on investments		75,014,064			59,277,969
Net increase in net assets resulting from operations		104,757,933			100,661,729
Distributions to shareholders from:
Net investment income
Class A		(3,660,218	)		(1,904,159	)
Class P		(9,228	)		(25,563	)
Class Y		(1,804,710	)		(866,794	)
Net realized gain
Class A		(22,816,837	)		(20,341,586	)
Class B		(2,873,223	)		(3,260,788	)
Class C		(3,173,323	)		(2,933,006	)
Class P		(164,621	)		(256,240	)
Class Y		(7,179,058	)		(5,264,871	)
Total distributions to shareholders		(41,681,218	)		(34,853,007	)
Capital share transactions (Net of share conversions) (See Note 12):
Net proceeds from sales of shares		103,956,527			237,403,633
Reinvestment of distributions		39,289,888			32,333,923
Cost of shares reacquired		(79,621,421	)		(135,450,811	)
Net increase in net assets resulting from capital share transactions		63,624,994			134,286,745
Net increase in net assets		126,701,709			200,095,467
NET ASSETS:
Beginning of period	$	1,020,544,136		$	820,448,669
End of period	$	1,147,245,845		$	1,020,544,136
Undistributed net investment income	$	2,674,745		$	5,141,056

See Notes to Financial Statements.
20

Statements of Changes in Net Assets (concluded)

Small Cap Value Fund

INCREASE IN NET ASSETS	For the Six Months Ended May 31, 2007 (unaudited)			For the Year Ended November 30, 2006
Operations:
Net investment income (loss)	$	4,915,039		$	(1,318,398	)
Net realized gain on investments and security sold short		212,929,497			523,335,736
Net change in unrealized appreciation on investments		151,078,256			127,440,592
Net increase in net assets resulting from operations		368,922,792			649,457,930
Distributions to shareholders from:
Net realized gain
Class A		(310,163,530	)		(157,729,495	)
Class B		(10,198,214	)		(11,076,435	)
Class C		(12,975,202	)		(8,869,827	)
Class P		(59,201,068	)		(30,469,694	)
Class Y		(131,798,008	)		(56,813,206	)
Total distributions to shareholders		(524,336,022	)		(264,958,657	)
Capital share transactions (Net of share conversions) (See Note 12):
Net proceeds from sales of shares		545,909,487			1,356,218,305
Reinvestment of distributions		468,851,157			231,815,304
Cost of shares reacquired		(581,245,930	)		(828,487,906	)
Net increase in net assets resulting from capital share transactions		433,514,714			759,545,703
Net increase in net assets		278,101,484			1,144,044,976
NET ASSETS:
Beginning of period	$	4,023,845,945		$	2,879,800,969
End of period	$	4,301,947,429		$	4,023,845,945
Undistributed (distributions in excess of) net investment income	$	4,711,438		$	(203,601	)

See Notes to Financial Statements.
21

Financial Highlights

LARGE CAP CORE FUND

	Class A Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	30.64		$	28.66		$	28.42		$	24.88		$	21.27		$	24.75
Investment operations:
Net investment income(a)		.09			.18			.15			.18			.08			.04
Net realized and unrealized gain (loss)		2.91			3.00			1.10			3.42			3.53			(3.37	)
Total from investment operations		3.00			3.18			1.25			3.60			3.61			(3.33	)
Distributions to shareholders from:
Net investment income		(.17	)		(.10	)		(.17	)		(.06	)		–			–
Net realized gain		(1.08	)		(1.10	)		(.84	)		–			–			(.15	)
Total distributions		(1.25	)		(1.20	)		(1.01	)		(.06	)		–			(.15	)
Net asset value, end of period	$	32.39		$	30.64		$	28.66		$	28.42		$	24.88		$	21.27
Total Return(b)		10.14	%(d)		11.50	%		4.49	%		14.48	%		16.97	%		(13.52	)%
Ratios to Average Net Assets:
Expenses, including expense reductions and expenses assumed		.64	%(d)		1.30	%		1.30	%		1.39	%		1.46	%		1.45	%
Expenses, excluding expense reductions and including expenses assumed		.64	%(d)		1.30	%		1.30	%		1.39	%		1.46	%		1.45	%
Expenses, excluding expense reductions and expenses assumed		.64	%(d)		1.33	%		1.32	%		1.41	%		1.46	%		1.45	%
Net investment income		.30	%(d)		.63	%		.53	%		.67	%		.36	%		.16	%
Supplemental Data:
Net assets, end of period (000)	$	710,268		$	645,539		$	523,322		$	324,690		$	261,231		$	201,315
Portfolio turnover rate		16.01	%(d)		39.51	%		44.86	%		47.14	%		34.98	%		74.76	%

See Notes to Financial Statements.
22

Financial Highlights (continued)

LARGE CAP CORE FUND

	Class B Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	29.34		$	27.56		$	27.38		$	24.07		$	20.70		$	24.25
Investment operations:
Net investment income (loss)(a)		(.01	)		(.01	)		(.03	)		–	(c)		(.06	)		(.10	)
Net realized and unrealized gain (loss)		2.78			2.89			1.05			3.31			3.43			(3.30	)
Total from investment operations		2.77			2.88			1.02			3.31			3.37			(3.40	)
Distributions to shareholders from:
Net investment income		–			–			–	(c)		–			–			–
Net realized gain		(1.08	)		(1.10	)		(.84	)		–			–			(.15	)
Total distributions		(1.08	)		(1.10	)		(.84	)		–			–			(.15	)
Net asset value, end of period	$	31.03		$	29.34		$	27.56		$	27.38		$	24.07		$	20.70
Total Return(b)		9.74	%(d)		10.80	%		3.78	%		13.75	%		16.28	%		(14.10	)%
Ratios to Average Net Assets:
Expenses, including expense reductions and expenses assumed		.97	%(d)		1.95	%		1.95	%		2.03	%		2.10	%		2.06	%
Expenses, excluding expense reductions and including expenses assumed		.97	%(d)		1.95	%		1.95	%		2.03	%		2.10	%		2.06	%
Expenses, excluding expense reductions and expenses assumed		.97	%(d)		1.98	%		1.97	%		2.05	%		2.10	%		2.06	%
Net investment income (loss)		(.03	)%(d)		(.02	)%		(.11	)%		.03	%		(.28	)%		(.45	)%
Supplemental Data:
Net assets, end of period (000)	$	78,671		$	78,277		$	81,373		$	82,876		$	80,542		$	70,636
Portfolio turnover rate		16.01	%(d)		39.51	%		44.86	%		47.14	%		34.98	%		74.76	%

See Notes to Financial Statements.
23

Financial Highlights (continued)

LARGE CAP CORE FUND

	Class C Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	29.44		$	27.66		$	27.47		$	24.15		$	20.77		$	24.27
Investment operations:
Net investment income (loss)(a)		(.01	)		–	(c)		(.03	)		–	(c)		(.06	)		(.06	)
Net realized and unrealized gain (loss)		2.80			2.88			1.06			3.32			3.44			(3.29	)
Total from investment operations		2.79			2.88			1.03			3.32			3.38			(3.35	)
Distributions to shareholders from:
Net investment income		–			–			–	(c)		–			–			–
Net realized gain		(1.08	)		(1.10	)		(.84	)		–			–			(.15	)
Total distributions		(1.08	)		(1.10	)		(.84	)		–			–			(.15	)
Net asset value, end of period	$	31.15		$	29.44		$	27.66		$	27.47		$	24.15		$	20.77
Total Return(b)		9.77	%(d)		10.76	%		3.81	%		13.75	%		16.27	%		(13.88	)%
Ratios to Average Net Assets:
Expenses, including expense reductions and expenses assumed		.97	%(d)		1.95	%		1.95	%		2.03	%		2.10	%		1.87	%
Expenses, excluding expense reductions and including expenses assumed		.97	%(d)		1.95	%		1.95	%		2.03	%		2.10	%		1.87	%
Expenses, excluding expense reductions and expenses assumed		.97	%(d)		1.98	%		1.97	%		2.05	%		2.10	%		1.87	%
Net investment income (loss)		(.03	)%(d)		(.02	)%		(.12	)%		.03	%		(.28	)%		(.26	)%
Supplemental Data:
Net assets, end of period (000)	$	93,624		$	86,535		$	73,328		$	39,625		$	36,778		$	32,109
Portfolio turnover rate		16.01	%(d)		39.51	%		44.86	%		47.14	%		34.98	%		74.76	%

See Notes to Financial Statements.
24

Financial Highlights (continued)

LARGE CAP CORE FUND

	Class P Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	30.65		$	28.70		$	28.50		$	25.01		$	21.37		$	24.87
Investment operations:
Net investment income(a)		.07			.15			.10			.17			.02			.02
Net realized and unrealized gain (loss)		2.92			3.01			1.12			3.42			3.62			(3.37	)
Total from investment operations		2.99			3.16			1.22			3.59			3.64			(3.35	)
Distributions to shareholders from:
Net investment income		(.06	)		(.11	)		(.18	)		(.10	)		–			–
Net realized gain		(1.08	)		(1.10	)		(.84	)		–			–			(.15	)
Total distributions		(1.14	)		(1.21	)		(1.02	)		(.10	)		–			(.15	)
Net asset value, end of period	$	32.50		$	30.65		$	28.70		$	28.50		$	25.01		$	21.37
Total Return(b)		10.07	%(d)		11.40	%		4.38	%		14.39	%		17.03	%		(13.54	)%
Ratios to Average Net Assets:
Expenses, including expense reductions and expenses assumed		.69	%(d)		1.40	%		1.40	%		1.48	%		1.55	%†		1.51	%
Expenses, excluding expense reductions and including expenses assumed		.69	%(d)		1.40	%		1.40	%		1.48	%		1.55	%†		1.51	%
Expenses, excluding expense reductions and expenses assumed		.69	%(d)		1.43	%		1.43	%		1.50	%		1.55	%†		1.51	%
Net investment income		.24	%(d)		.53	%		.37	%		.58	%		.27	%†		.10	%
Supplemental Data:
Net assets, end of period (000)	$	6,880		$	7,314		$	6,749		$	294		$	152		$	1
Portfolio turnover rate		16.01	%(d)		39.51	%		44.86	%		47.14	%		34.98	%		74.76	%

See Notes to Financial Statements.
25

Financial Highlights (concluded)

LARGE CAP CORE FUND

	Class Y Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	30.76		$	28.74		$	28.50		$	24.93		$	21.23		$	24.61
Investment operations:
Net investment income(a)		.14			.29			.24			.93			.16			.13
Net realized and unrealized gain (loss)		2.91			3.01			1.11			2.77			3.54			(3.36	)
Total from investment operations		3.05			3.30			1.35			3.70			3.70			(3.23	)
Distributions to shareholders from:
Net investment income		(.27	)		(.18	)		(.27	)		(.13	)		–			–
Net realized gain		(1.08	)		(1.10	)		(.84	)		–			–			(.15	)
Total distributions		(1.35	)		(1.28	)		(1.11	)		(.13	)		–			(.15	)
Net asset value, end of period	$	32.46		$	30.76		$	28.74		$	28.50		$	24.93		$	21.23
Total Return(b)		10.29	%(d)		11.92	%		4.83	%		14.89	%		17.43	%		(13.19	)%
Ratios to Average Net Assets:
Expenses, including expense reductions and expenses assumed		.47	%(d)		.95	%		.95	%		.93	%		1.10	%		1.06	%
Expenses, excluding expense reductions and including expenses assumed		.47	%(d)		.95	%		.95	%		.93	%		1.10	%		1.06	%
Expenses, excluding expense reductions and expenses assumed		.47	%(d)		.98	%		.98	%		1.07	%		1.10	%		1.06	%
Net investment income		.47	%(d)		.99	%		.84	%		3.35	%		.72	%		.55	%
Supplemental Data:
Net assets, end of period (000)	$	257,802		$	202,879		$	135,677		$	12,991		$	75		$	54
Portfolio turnover rate		16.01	%(d)		39.51	%		44.86	%		47.14	%		34.98	%		74.76	%

^† The ratios have been determined on a Fund basis.

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

^(b) Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.

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

^(d) Not annualized.

See Notes to Financial Statements.
26

Financial Highlights

SMALL CAP VALUE FUND

	Class A Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	34.60		$	31.40		$	29.54		$	25.66		$	20.29		$	22.02
Investment operations:
Net investment income (loss)(a)		.03			(.02	)		(.09	)		–	(c)		(.10	)		(.07	)
Net realized and unrealized gain (loss)		2.74			6.09			4.60			5.52			6.81			(.48	)
Total from investment operations		2.77			6.07			4.51			5.52			6.71			(.55	)
Distributions to shareholders from:
Net realized gain		(4.53	)		(2.87	)		(2.65	)		(1.64	)		(1.34	)		(1.18	)
Net asset value, end of period	$	32.84		$	34.60		$	31.40		$	29.54		$	25.66		$	20.29
Total Return(b)		9.21	%(d)		21.14	%		16.78	%		22.92	%		35.67	%		(2.72	)%
Ratios to Average Net Assets:
Expenses, including expense reductions		.61	%(d)		1.23	%		1.31	%		1.39	%		1.45	%		1.41	%
Expenses, excluding expense reductions		.61	%(d)		1.24	%		1.31	%		1.39	%		1.45	%		1.41	%
Net investment income (loss)		.10	%(d)		(.06	)%		(.31	)%		(.03	)%		(.50	)%		(.34	)%
Supplemental Data:
Net assets, end of period (000)	$	2,503,659		$	2,367,218		$	1,714,898		$	939,899		$	510,582		$	321,243
Portfolio turnover rate		29.05	%(d)		71.14	%		71.25	%		67.04	%		66.11	%		77.12	%

See Notes to Financial Statements.
27

Financial Highlights (continued)

SMALL CAP VALUE FUND

	Class B Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	31.77		$	29.25		$	27.87		$	24.44		$	19.50		$	21.33
Investment operations:
Net investment loss(a)		(.07	)		(.23	)		(.27	)		(.18	)		(.22	)		(.20	)
Net realized and unrealized gain (loss)		2.48			5.62			4.30			5.25			6.50			(.45	)
Total from investment operations		2.41			5.39			4.03			5.07			6.28			(.65	)
Distributions to shareholders from:
Net realized gain		(4.53	)		(2.87	)		(2.65	)		(1.64	)		(1.34	)		(1.18	)
Net asset value, end of period	$	29.65		$	31.77		$	29.25		$	27.87		$	24.44		$	19.50
Total Return(b)		8.86	%(d)		20.29	%		15.99	%		22.17	%		34.78	%		(3.25	)%
Ratios to Average Net Assets:
Expenses, including expense reductions		.96	%(d)		1.92	%		1.95	%		2.00	%		2.07	%		2.04	%
Expenses, excluding expense reductions		.96	%(d)		1.93	%		1.95	%		2.00	%		2.07	%		2.04	%
Net investment loss		(.25	)%(d)		(.77	)%		(1.03	)%		(.74	)%		(1.12	)%		(.97	)%
Supplemental Data:
Net assets, end of period (000)	$	68,071		$	71,741		$	113,208		$	192,098		$	182,437		$	153,101
Portfolio turnover rate		29.05	%(d)		71.14	%		71.25	%		67.04	%		66.11	%		77.12	%

See Notes to Financial Statements.
28

Financial Highlights (continued)

SMALL CAP VALUE FUND

	Class C Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	31.82		$	29.29		$	27.90		$	24.46		$	19.52		$	21.31
Investment operations:
Net investment loss(a)		(.07	)		(.22	)		(.26	)		(.18	)		(.22	)		(.17	)
Net realized and unrealized gain (loss)		2.48			5.62			4.30			5.26			6.50			(.44	)
Total from investment operations		2.41			5.40			4.04			5.08			6.28			(.61	)
Distributions to shareholders from:
Net realized gain		(4.53	)		(2.87	)		(2.65	)		(1.64	)		(1.34	)		(1.18	)
Net asset value, end of period	$	29.70		$	31.82		$	29.29		$	27.90		$	24.46		$	19.52
Total Return(b)		8.84	%(d)		20.30	%		16.01	%		22.19	%		34.74	%		(3.07	)%
Ratios to Average Net Assets:
Expenses, including expense reductions		.96	%(d)		1.93	%		1.95	%		2.00	%		2.07	%		1.90	%
Expenses, excluding expense reductions		.96	%(d)		1.93	%		1.96	%		2.00	%		2.07	%		1.90	%
Net investment loss		(.25	)%(d)		(.76	)%		(.99	)%		(.74	)%		(1.12	)%		(.83	)%
Supplemental Data:
Net assets, end of period (000)	$	92,805		$	91,715		$	91,195		$	89,408		$	81,967		$	69,121
Portfolio turnover rate		29.05	%(d)		71.14	%		71.25	%		67.04	%		66.11	%		77.12	%

See Notes to Financial Statements.
29

Financial Highlights (continued)

SMALL CAP VALUE FUND

	Class P Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	34.40		$	31.28		$	29.47		$	25.61		$	20.27		$	22.01
Investment operations:
Net investment income (loss)(a)		.01			(.06	)		(.11	)		.01			(.12	)		(.08	)
Net realized and unrealized gain (loss)		2.72			6.05			4.57			5.49			6.80			(.48	)
Total from investment operations		2.73			5.99			4.46			5.50			6.68			(.56	)
Distributions to shareholders from:
Net realized gain		(4.53	)		(2.87	)		(2.65	)		(1.64	)		(1.34	)		(1.18	)
Net asset value, end of period	$	32.60		$	34.40		$	31.28		$	29.47		$	25.61		$	20.27
Total Return(b)		9.14	%(d)		20.95	%		16.68	%		22.84	%		35.48	%		(2.72	)%
Ratios to Average Net Assets:
Expenses, including expense reductions		.68	%(d)		1.38	%		1.41	%		1.45	%		1.52	%		1.49	%
Expenses, excluding expense reductions		.68	%(d)		1.38	%		1.41	%		1.45	%		1.52	%		1.49	%
Net investment income (loss)		.02	%(d)		(.20	)%		(.39	)%		.03	%		(.57	)%		(.42	)%
Supplemental Data:
Net assets, end of period (000)	$	432,443		$	447,775		$	328,055		$	141,389		$	47,471		$	14,005
Portfolio turnover rate		29.05	%(d)		71.14	%		71.25	%		67.04	%		66.11	%		77.12	%

See Notes to Financial Statements.
30

Financial Highlights (concluded)

SMALL CAP VALUE FUND

	Class Y Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	36.00		$	32.46		$	30.36		$	26.23		$	20.64		$	22.30
Investment operations:
Net investment income (loss)(a)		.08			.08			.02			.10			(.02	)		.01
Net realized and unrealized gain (loss)		2.87			6.33			4.73			5.67			6.95			(.49	)
Total from investment operations		2.95			6.41			4.75			5.77			6.93			(.48	)
Distributions to shareholders from:
Net realized gain		(4.53	)		(2.87	)		(2.65	)		(1.64	)		(1.34	)		(1.18	)
Net asset value, end of period	$	34.42		$	36.00		$	32.46		$	30.36		$	26.23		$	20.64
Total Return(b)		9.37	%(d)		21.53	%		17.14	%		23.40	%		36.10	%		(2.31	)%
Ratios to Average Net Assets:
Expenses, including expense reductions		.46	%(d)		.93	%		.96	%		1.00	%		1.07	%		1.04	%
Expenses, excluding expense reductions		.46	%(d)		.93	%		.96	%		1.00	%		1.07	%		1.04	%
Net investment income (loss)		.25	%(d)		.25	%		.05	%		.38	%		(.12	)%		.03	%
Supplemental Data:
Net assets, end of period (000)	$	1,204,969		$	1,045,397		$	632,444		$	304,763		$	149,463		$	87,570
Portfolio turnover rate		29.05	%(d)		71.14	%		71.25	%		67.04	%		66.11	%		77.12	%

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

^(b) Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.

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

^(d) Not annualized.

See Notes to Financial Statements.
31

Notes to Financial Statements (unaudited)

1. ORGANIZATION

Lord Abbett Research Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 (the "Act") as a diversified open-end management investment company, incorporated under Maryland law on April 6, 1992. The Company currently consists of four separate funds. This report covers the following two funds and their respective classes: Lord Abbett Large-Cap Core Fund ("Large Cap Core Fund") and Lord Abbett Small-Cap Value Series ("Small Cap Value Fund") (collectively, the "Funds").

Large Cap Core Fund's investment objective is to seek growth of capital and growth of income consistent with reasonable risk. Small Cap Value Fund's investment objective is to seek long-term capital appreciation. Each Fund offers five classes of shares: Classes A, B, C, P and Y, 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 Classes B, C, P and Y shares, although there may be a contingent deferred sales charge ("CDSC") as follows: certain redemptions of Class A shares made within 12 months following certain purchases made without a sales charge; Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will convert to Class A shares on the eighth anniversary of the original purchase of Class B shares. Small Cap Value Fund is open to certain new investors on a limited basis.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

32

Notes to Financial Statements (unaudited)(continued)

(c)  Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Discounts are accreted and premiums are amortized using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of 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)  Federal 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 Federal income tax provision is required.

(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. 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. Classes A, B, C, and P shares bear their class-specific share of all expenses and fees relating to the Funds' 12b-1 Distribution Plan.

(f)  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 value of these securities has dec lined, the Funds may incur a loss upon disposition of the securities.

3. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fees

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

The management fees are based on average daily net assets at the following annual rates:

Large Cap Core Fund:
First $1 billion	.70	%
Next $1 billion	.65	%
Over $2 billion	.60	%

For the six months ended May 31, 2007, the effective management fee paid to Lord Abbett was at an annualized rate of .70% of the Fund's average daily net assets.

33

Notes to Financial Statements (unaudited)(continued)

Small Cap Value Fund:
First $2 billion	.75	%
Over $2 billion	.70	%

For the six months ended May 31, 2007, the effective management fee paid to Lord Abbett was at an annualized rate of .73% of the Fund's average daily net assets.

For the period December 1, 2006 through March 31, 2008 Abbett has contractually agreed to reimburse the Large Cap Core Fund to the extent necessary so that each class' total annual operating expenses do not exceed the following annual rates:

Class	% of Average Daily Net Assets
A		1.30	%
B		1.95	%
C		1.95	%
P		1.40	%
Y		0.95	%

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

Large Cap Core Fund, along with certain other funds managed by Lord Abbett (the "Underlying Funds"), has entered into a Servicing Arrangement with Lord Abbett Balanced Strategy Fund, Lord Abbett Diversified Equity Strategy Fund and Lord Abbett World Growth & Income Strategy Fund, each of Lord Abbett Investment Trust (each, a "Fund of Funds"), pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees and distribution and service fees) of the Fund of Funds in proportion to the average daily value of the Underlying Fund shares owned by the Fund of Funds. In addition, Small Cap Value Fund, along with certain other funds managed by Lord Abbett (the "Underlying Funds") has entered into a Servicing Arrangement with Lord Abbett Alpha Strategy Fund of Lord Abbett Sec urities Trust ("Alpha Strategy Fund"), pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees and distribution and service fees) of Alpha Strategy Fund in proportion to the average daily value of the Underlying Fund shares owned by Alpha Strategy Fund. Amounts paid pursuant to the Servicing Arrangement are included in Subsidy expense on the Funds' Statement of Operations and Payable to affiliates on the Funds' Statement of Assets and Liabilities.

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, B, C and P 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 ("Distributor"), an affiliate of Lord Abbett. The fees are accrued daily at annual rates based upon average daily net assets as follows:

Fee*	Class A			Class B			Class C			Class P
Service		.25	%		.25	%		.25	%		.20	%
Distribution		.10	%(1)		.75	%		.75	%		.25	%

*  The Fund may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating NASD sales charge limitations.

⁽¹⁾  Effective October 1, 2005 the Class A Distribution Fee for Small Cap Value Fund was reduced from .10% of average daily net assets to .05% of average daily net assets.

Class Y does not have a distribution plan.

34

Notes to Financial Statements (unaudited)(continued)

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended May 31, 2007:

	Distributor Commissions		Dealers' Concessions
Large Cap Core Fund	$	215,830	$	1,124,320
Small Cap Value Fund		25,848		136,772

Distributor received the following amount of CDSCs for the six months ended May 31, 2007:

	Class A		Class C
Large Cap Core Fund	$	5,003	$	7,240
Small Cap Value Fund		-		470

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

The tax character of distributions paid during the six months ended May 31, 2007 and the year ended November 30, 2006 were as follows:

	Large Cap Core Fund				Small Cap Value Fund
	Six Months Ended 5/31/2007 (unaudited)		Year Ended 11/30/2006		Six Months Ended 5/31/2007 (unaudited)		Year Ended 11/30/2006
Distributions paid from:
Ordinary income	$	7,002,236	$	3,349,904	$	171,281,162	$	69,665,823
Net long-term capital gains		34,678,982		31,503,103		353,054,860		195,292,834
Total distributions paid	$	41,681,218	$	34,853,007	$	524,336,022	$	264,958,657

35

Notes to Financial Statements (unaudited)(continued)

As of May 31, 2007, the aggregate unrealized security gains and losses based on cost for U.S. Federal income tax purposes are as follows:

	Large Cap Core Fund			Small Cap Value Fund
Tax cost	$	943,594,167		$	3,540,931,363
Gross unrealized gain		209,847,863			769,296,153
Gross unrealized loss		(6,785,033	)		(27,914,656	)
Net unrealized security gain	$	203,062,830		$	741,381,497

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

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended May 31, 2007 are as follows:

	Purchases		Sales
Large Cap Core Fund	$	231,883,011	$	165,522,459
Small Cap Value Fund		1,127,488,190		1,191,973,820

There were no purchases or sales of U.S. Government securities for the six months ended May 31, 2007.

6. DIRECTORS' REMUNERATION

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

7. EXPENSE REDUCTIONS

The Company has entered into arrangements with the Funds' 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.

8. LINE OF CREDIT

Each Fund, along with certain other funds managed by Lord Abbett, have available a $250,000,000 unsecured revolving credit facility ("Facility") from a consortium of banks, to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Any borrowings under this Facility will bear interest at current

36

Notes to Financial Statements (unaudited)(continued)

market rates as defined in the agreement. The fee for this Facility is at an annual rate of .08%. As of May 31, 2007 there were no loans outstanding pursuant to this Facility nor was the Facility utilized at any time during the six months ended May 31, 2007.

9. CUSTODIAN AND ACCOUNTING AGENT

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

10. TRANSACTIONS WITH AFFILIATED ISSUERS

An affiliated issuer is one in which a Fund had ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year. Small Cap Value Fund had the following transactions with affiliated issuers during the six months ended May 31, 2007:

Affiliated Issuer	Balance of Shares Held at 11/30/2006		Gross Additions		Gross Sales			Balance of Shares Held at 5/31/2007		Value at 5/31/2007		Net Realized Gain (Loss) 12/1/2006 to 5/31/2007(b)			Dividend Income 12/1/2006 to 5/31/2007(b)
Abaxis, Inc.		882,001		188,380		-			1,070,381	$	24,501,021	$	-		$	-
AMCOL International, Corp.(a)		1,584,348		-		(715,550	)		868,798		21,607,006		290,092			221,809
ANADIGICS, Inc.		3,060,000		874,420		-			3,934,420		49,534,348		-			-
Anaren, Inc.		1,369,777		695,169		(135,500	)		1,929,446		33,688,127		239,885			-
Anixter International, Inc.		2,546,005		63,800		(189,800	)		2,420,005		178,741,569		5,316,343			-
Avista Corp.(a)		3,014,000		-		(990,500	)		2,023,500		47,390,370		2,262,720			387,889
Benihana, Inc. Class A(a)		392,246		60,352		(126,397	)		326,201		10,546,078		82,608			-
Black Hills Corp.		2,093,978		241,100		-			2,335,078		95,714,847		-			1,522,947
Commercial Vehicle Group, Inc.(a)		1,143,900		-		(203,300	)		940,600		18,238,234		208,374			-
Comtech Telecommunications Corp.(a)		1,495,477		5,900		(783,600	)		717,777		32,134,876		3,814,563			-
Curtiss-Wright Corp.		2,509,545		148,200		(17,700	)		2,640,045		118,986,828		283,934			159,465
Financial Federal Corp.		2,300,039		125,552		-			2,425,591		65,951,819		-			690,012
Frontier Airlines Holdings(a)		2,409,400		-		(2,409,400	)		-		-		(1,571,741	)		-
Hexcel Corp.		4,725,129		255,300		-			4,980,429		115,197,323		-			-
Kensey Nash Corp.		730,400		16,340		(23,500	)		723,240		16,873,189		28,831			-
LSI Industries, Inc.		1,453,070		-		(278,841	)		1,174,229		17,918,735		1,117,133			318,580
NCI Building Systems, Inc.		696,729		588,300		-			1,285,029		66,063,341		-			-
Plexus Corp.(a)		2,951,500		649,000		(1,838,700	)		1,761,800		38,777,218		(2,820,889	)		-
PNM Resources, Inc.		4,055,600		62,200		(35,600	)		4,082,200		120,465,722		174,643			1,816,832
Quanex Corp.		2,686,050		79,000		(65,000	)		2,700,050		129,440,397		2,160,252			763,154
Rogers Corp.		1,260,080		474,955		-			1,735,035		69,817,808		-			-
Ruby Tuesday, Inc.(a)		3,127,100		-		(661,600	)		2,465,500		67,973,835		1,172,505			781,775
Rush Enterprises, Inc. Class A		1,206,231		-		-			1,206,231		29,564,722		-			-

37

Notes to Financial Statements (unaudited)(continued)

Affiliated Issuer	Balance of Shares Held at 11/30/2006		Gross Additions		Gross Sales			Balance of Shares Held at 5/31/2007		Value at 5/31/2007		Net Realized Gain (Loss) 12/1/2006 to 5/31/2007(b)		Dividend Income 12/1/2006 to 5/31/2007(b)
ScanSource, Inc.		1,371,817		185,900		-			1,557,717	$	45,142,639	$	-	$	-
Susser Holdings Corp.		338,779		647,049		-			985,828		14,816,995		-		-
Williams Scotsman International, Inc.		1,908,192		620,292		(5,000	)		2,523,484		57,939,193		31,339		-
Total										$	1,487,026,240	$	12,790,592	$	6,662,463

(a) No longer an affiliated issuer as of May 31, 2007.

(b) Represents realized gains (losses) and dividend income earned only when the issuer was an affiliate of the Fund.

11. INVESTMENT RISKS

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

Small Cap Value Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with value stocks. The value of an investment will fluctuate in response to movements in the stock market in general and to the changing prospects of individual companies in which the Fund invests. Large company value stocks and small company value stocks may perform differently than the market as a whole and other types of stocks such as growth stocks. The market may fail to recognize the intrinsic value of particular value stocks for a long time. In addition, small cap company stocks may be more volatile and less liquid than large cap company stocks. Also, if a Fund's assessment of a company's value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a rising market.

These factors can affect each Fund's performance.

38

Notes to Financial Statements (unaudited)(continued)

12. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest are as follows:

LARGE CAP CORE FUND

	Six Months Ended May 31, 2007 (unaudited)						Year Ended November 30, 2006
Class A Shares*	Shares			Amount			Shares			Amount
Shares sold		1,739,859		$	53,139,376			5,061,422		$	145,908,387
Converted from Class B**		135,275			4,183,850			341,593			9,746,724
Reinvestment of distributions		850,594			25,492,328			759,427			21,271,566
Shares reacquired		(1,865,257	)		(57,199,987	)		(3,351,998	)		(96,886,894	)
Increase		860,471		$	25,615,567			2,810,444		$	80,039,783
Class B Shares*
Shares sold		186,863		$	5,459,884			548,560		$	15,218,272
Reinvestment of distributions		83,313			2,399,404			98,899			2,668,307
Shares reacquired		(262,642	)		(7,738,376	)		(575,985	)		(16,045,182	)
Converted to Class A**		(140,989	)		(4,183,850	)		(355,309	)		(9,746,724	)
Decrease		(133,455	)	$	(4,062,938	)		(283,835	)	$	(7,905,327	)
Class C Shares
Shares sold		360,535		$	10,579,645			893,337		$	24,845,864
Reinvestment of distributions		77,501			2,240,544			73,138			1,980,587
Shares reacquired		(372,101	)		(10,992,776	)		(678,501	)		(18,902,772	)
Increase		65,935		$	1,827,413			287,974		$	7,923,679
Class P Shares
Shares sold		72,667		$	2,251,558			71,533		$	2,057,095
Reinvestment of distributions		5,780			173,847			10,050			281,801
Shares reacquired		(105,434	)		(3,223,420	)		(78,033	)		(2,273,526	)
Increase (decrease)		(26,987)		$	(798,015	)		3,550		$	65,370
Class Y Shares
Shares sold		1,059,842		$	32,526,064			1,704,558		$	49,374,015
Reinvestment of distributions		299,559			8,983,765			218,832			6,131,662
Shares reacquired		(15,058	)		(466,862	)		(46,822	)		(1,342,437	)
Increase		1,344,343		$	41,042,967			1,876,568		$	54,163,240

*  Amounts for the year ended November 30, 2006 have been reclassified to conform with current presentation.

**  Automatic conversion of Class B shares occurs approximately eight years after the initial purchase date.

39

Notes to Financial Statements (unaudited)(concluded)

SMALL CAP VALUE FUND
	Six Months Ended May 31, 2007 (unaudited)						Year Ended November 30, 2006
Class A Shares*	Shares			Amount			Shares			Amount
Shares sold		9,847,388		$	300,295,223			23,742,149		$	758,411,606
Converted from Class B**		129,386			3,963,157			2,021,729			62,671,066
Reinvestment of distributions		9,377,884			281,992,961			4,855,641			140,328,197
Shares reacquired		(11,535,068	)		(353,377,985	)		(16,816,750	)		(537,398,976	)
Increase		7,819,590		$	232,873,356			13,802,769		$	424,011,893
Class B Shares*
Shares sold		122,714		$	3,371,673			210,788		$	6,014,790
Reinvestment of distributions		291,747			7,944,282			318,320			8,505,507
Shares reacquired		(233,323	)		(6,485,915	)		(2,141,481	)		(62,290,310	)
Converted to Class A**		(143,091	)		(3,963,157	)		-			-
Increase (decrease)		38,047		$	866,883			(1,612,373	)	$	(47,770,013	)
Class C Shares
Shares sold		243,606		$	6,681,035			248,612		$	6,983,271
Reinvestment of distributions		264,024			7,202,813			182,474			4,881,170
Shares reacquired		(265,345	)		(7,410,253	)		(662,289	)		(19,648,459	)
Increase (decrease)		242,285		$	6,473,595			(231,203	)	$	(7,784,018	)
Class P Shares
Shares sold		2,246,694		$	67,966,273			6,281,520		$	199,391,705
Reinvestment of distributions		1,583,938			47,312,221			802,192			23,087,098
Shares reacquired		(3,581,342	)		(107,550,943	)		(4,556,483	)		(144,407,463	)
Increase		249,290		$	7,727,551			2,527,229		$	78,071,340
Class Y Shares
Shares sold		5,296,159		$	167,595,283			11,786,788		$	391,261,817
Reinvestment of distributions		3,951,680			124,398,880			1,835,001			55,013,332
Shares reacquired		(3,281,647	)		(106,420,834	)		(4,063,359	)		(133,258,648	)
Increase		5,966,192		$	185,573,329			9,558,430		$	313,016,501

*  Amounts for the year ended November 30, 2006 have been reclassified to conform with current presentation.

**  Automatic conversion of Class B shares occurs approximately eight years after the initial purchase date.

13. RECENT ACCOUNTING PRONOUNCEMENTS

In July 2006, the Financial Accounting Standards Board (FASB) issued Interpretation 48, Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement 109 (FIN 48). FIN 48 clarifies the accounting for income taxes by prescribing the minimum recognition threshold a tax position must meet before being recognized in the financial statements. The Funds will adopt FIN 48 no later than May 31, 2008 and the impact to each Fund's financial statements, if any, is currently being assessed.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on each Fund's financial statement disclosures.

40

Supplemental Proxy Information (unaudited)

A meeting of the Funds' shareholders was held on December 18, 2006. The meeting was held for the purpose of approving the election of the following nine (9) Directors:

•  E. Thayer Bigelow

•  William H.T. Bush

•  Robert B. Calhoun, Jr.

•  Robert S. Dow

•  Daria L. Foster

•  Julie A. Hill

•  Franklin W. Hobbs

•  Thomas J. Neff

•  James L.L. Tullis

The results of the proxy solicitation on the preceding matter were as follows:

Matter	Votes For		Votes Against		Votes Withheld		Abstentions
E. Thayer Bigelow		189,970,639.316		908,136.810		–		–
William H.T. Bush		189,961,212.113		917,564.013		–		–
Robert B. Calhoun, Jr.		190,020,505.602		858,270.524		–		–
Robert S. Dow		190,027,666.373		851,109.753		–		–
Daria L. Foster		190,032,141.997		846,634.129		–		–
Julie A. Hill		190,013,949.154		864,826.972		–		–
Franklin W. Hobbs		190,032,473.330		846,302.796		–		–
Thomas J. Neff		189,985,412.123		893,364.003		–		–
James L.L. Tullis		190,016,577.640		862,198.486		–		–

41

Approval of Advisory Contracts

At meetings on December 11 and 12, 2006, the Board, including all of the Directors who are not interested persons, considered whether to approve the continuation of the existing management agreement between each of the Funds and Lord Abbett. In addition to the materials the Board had reviewed throughout the course of the year, the Board received materials relating to the management agreement before the meeting and had the opportunity to ask questions and request further information in connection with its consideration. The Board also took into account its familiarity with Lord Abbett gained through its previous meetings and discussions, and the examination of the portfolio management teams conducted by members of the Contracts Committee during the year.

The materials received by the Board as to each Fund included, but were not limited to, (1) information provided by Lipper, Inc. regarding the investment performance of the Fund compared to the investment performance of one or more groups of funds with substantially similar investment objectives (the "performance universe") and to the investment performance of an appropriate securities index (if such an index existed), for various time periods each ending September 30, 2006, (2) information on the effective management fee rates and expense ratios for one or more groups of funds with similar objectives and similar size (the "peer expense group"), (3) sales and redemption information for the Fund, (4) information regarding Lord Abbett's financial condition, (5) an analysis of the relative profitability of the management agreement to Lord Abbett, (6) information regarding the distribution arrangements of the Fund, and (7) information regarding t he personnel and other resources devoted by Lord Abbett to managing the Fund.

The specific considerations for each Fund are set forth below.

Large Cap Core Fund

Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett's commitment to compliance with all relevant legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest resulting from being engaged in other lines of business. The Board noted that Lord Abbett did not use brokerage commissions to purchase third-party research. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.

Investment Performance and Compliance. The Board reviewed the Fund's investment performance versus that of the performance universe of funds, both in terms of total return and in terms of other statistical measures. The Board observed that the investment performance of the Class A shares of the Fund was in the second quintile of its performance universe for the nine-month and three-year periods, in the third quintile for the one-year period, and in the first quintile for the five-year and ten-year periods. The Board also observed that the Fund's investment performance was above that of the Lipper Large-Cap Core Index for the nine-month, three-year, five-year, and ten-year periods and below that that of the Index for the one-year period.

Lord Abbett's Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to the Fund, in light of its investment

42

objective and discipline. Among other things, they considered the size, experience, and turnover rates of Lord Abbett's investment management staff, Lord Abbett's investment methodology and philosophy, and Lord Abbett's approach to recruiting, training, and retaining investment management personnel. The Board determined that Lord Abbett had the expertise and resources to manage the Fund effectively.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and Lord Abbett Distributor and the nature and extent of Lord Abbett's supervision of third party service providers, including the Fund's transfer agent and custodian.

Expenses. The Board considered the expense ratio of the Fund and the expense ratios of the peer expense groups. It also considered the amount and nature of the fees paid by shareholders. The Board observed that Lord Abbett had agreed to an expense reimbursement agreement that limited the Fund's Class A total expense ratio to not more than 1.30%, the Class B and Class C total expense ratios to not more than 1.95%, the Class P total expense ratio to not more than 1.40%, and the Class Y total expense ratio to not more than 0.95%, and that the Board and Lord Abbett had agreed to a new expense reimbursement agreement with the same terms through March 31, 2008. The Board also observed that the contractual and actual management and administrative services fees were approximately two basis points above the median of the peer group. The Board observed that the total expens e ratio of Class A was approximately five basis points above the median of the peer group, the total expense ratios of Class B and Class C were approximately the same as the median of the peer group, the total expense ratio of Class P was approximately twenty-four basis points above the median of the peer group, and the total expense ratio of Class Y was approximately fourteen basis points above the median of the peer group.

Profitability. The Board considered the level of Lord Abbett's profits in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable basis and was appropriate. It considered the profits realized by Lord Abbett in connection with the operation of the Fund and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other businesses of Lord Abbett, which may benefit from or be related to the Fund's business. The Board considered Lord Abbett's profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett's ability to recruit and retain investment personn el. The Board recognized that Lord Abbett's profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to the Fund. The Board noted that Lord Abbett's profitability had increased in recent years, in part due to an increase in assets under management, but concluded that Lord Abbett's profitability overall and as to the Fund was not excessive.

Economies of Scale. The Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from any such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the existing advisory fee schedule, with its breakpoints in the level of the advisory fee, adequately addressed any economies of scale in managing the Fund.

Other Benefits to Lord Abbett. The Board considered the character and amount of fees paid by the Fund and the Fund's shareholders to Lord Abbett and Lord Abbett Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett's investment advisory business apart from its mutual fund business, and the

43

intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that Lord Abbett Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees from the Funds, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Funds.

Alternative Arrangements. The Board considered whether, instead of approving continuation of the management agreement, employing one or more alternative arrangements might be in the best interests of the Fund, such as continuing to employ Lord Abbett, but on different terms.

In considering whether to approve the continuation of the management agreement, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered. After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the management agreement.

Small Cap Value Fund

Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett's commitment to compliance with all relevant legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest resulting from being engaged in other lines of business. The Board noted that Lord Abbett did not use brokerage commissions to purchase third-party research. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.

Investment Performance and Compliance. The Board reviewed the Fund's investment performance in relation to two different performance universes, the first consisting of small-cap core funds and the second consisting of small-cap value funds, both in terms of total return and in terms of other statistical measures. The Board observed that the investment performance of the Class A shares of the Fund was in the first quintile of both the first and the second performance universes for each of those periods. The Board also observed that the Fund's investment performance was above that of each of the Lipper Small-Cap Core Index and the Lipper Small-Cap Value Index for the nine-month, one-year, three-year, five-year, and ten-year periods.

Lord Abbett's Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to the Fund, in light of its investment objective and discipline. Among other things, they considered the size, experience, and turnover rates of Lord Abbett's investment management staff, Lord Abbett's investment methodology and philosophy, and Lord Abbett's approach to recruiting, training, and retaining investment management personnel. The Board determined that Lord Abbett had the expertise and resources to manage the Fund effectively.

44

Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and Lord Abbett Distributor and the nature and extent of Lord Abbett's supervision of third party service providers, including the Fund's transfer agent and custodian.

Expenses. The Board considered the expense ratio of the Fund and the expense ratios of two peer expense groups, the first consisting of small-cap core funds and the second consisting of small-cap value funds. It also considered the amount and nature of the fees paid by shareholders. As to the first peer group for expenses, the Board observed that the actual and contractual management and administrative services fees were approximately one basis point above the median of that peer group. The Board observed that the total expense ratio of Class A was approximately two basis points below the median of the peer group, the total expense ratios of Class B and Class C were approximately two basis points below the median of the peer group, the total expense ratio of Class P was approximately four basis points above the median of the peer group, and the total expense ratio of Class Y was approximately two basis points above the median of the peer group. As to the second peer group for expenses, the Board observed that the actual and contractual management and administrative services fees were approximately two basis points above the median of that peer group. The Board observed that the total expense ratio of Class A was approximately four basis points below the median of the peer group, the total expense ratios of Class B and Class C were approximately eight basis points below the median of the peer group, the total expense ratio of Class P was approximately six basis points below the median of the peer group, and the total expense ratio of Class Y was approximately two basis points below the median of the peer group.

Profitability. The Board considered the level of Lord Abbett's profits in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable basis and was appropriate. It considered the profits realized by Lord Abbett in connection with the operation of the Fund and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other businesses of Lord Abbett, which may benefit from or be related to the Fund's business. The Board considered Lord Abbett's profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett's ability to recruit and retain investment personn el. The Board recognized that Lord Abbett's profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to the Fund. The Board noted that Lord Abbett's profitability had increased in recent years, in part due to an increase in assets under management, but concluded that Lord Abbett's profitability overall and as to the Fund was not excessive.

Economies of Scale. The Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from any such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the existing advisory fee schedule, with its breakpoints in the level of the advisory fee, adequately addressed any economies of scale in managing the Fund.

Other Benefits to Lord Abbett. The Board considered the character and amount of fees paid by the Fund and the Fund's shareholders to Lord Abbett and Lord Abbett Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett's investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board

45

observed that Lord Abbett Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees from the Funds, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Fund.

Alternative Arrangements. The Board considered whether, instead of approving continuation of the management agreement, employing one or more alternative arrangements might be in the best interests of the Fund, such as continuing to employ Lord Abbett, but on different terms.

In considering whether to approve the continuation of the management agreement, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered. After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the management agreement.

46

Householding

The Company has adopted a policy that allows it to send only one copy of the Funds' Prospectuses, proxy material, annual report and semiannual report to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 800-821-5129 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 Record

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 on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's website at www.sec.gov and may be available by calling Lord Abbett at 800-821-5129. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC's Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

47

LARF-3-0507

(07/07)

Lord Abbett Research Fund, Inc.

Lord Abbett Large-Cap Core Fund

Small-Cap Value Series

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

Lord Abbett Mutual Fund shares are distributed by

LORD ABBETT DISTRIBUTOR LLC.

2007

LORD ABBETT SEMIANNUAL REPORT

Lord Abbett

Growth Opportunities Fund

For the six-month period ended May 31, 2007

Lord Abbett Research Fund

Lord Abbett Growth Opportunities Fund

Semiannual Report

For the six-month period ended May 31, 2007

Dear Shareholders: We are pleased to provide you with this overview of the Lord Abbett Growth Opportunities Fund's performance for the fiscal year ended May 31, 2007. On this page and the following pages, we discuss the major factors that influenced performance. For detailed and more timely information about the Fund, please visit our Website at www.lordabbett.com, where you also can access the quarterly commentaries by the Fund's portfolio managers.

General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a newsletter accompanying your quarterly account statements. We also encourage you to call Lord Abbett at 888-522-2388 and speak to one of our professionals if you would like more information.

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

Best regards,

Robert S. Dow
Chairman

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

Q: What were the overall market conditions during the six-month period ended May 31, 2007?

A: Supported by improving macro fundamentals and a dwindling supply of equity shares outstanding, the equity markets surged during the six months ended May 31, 2007, returning more than 10% based on the S&P Composite 1500® Index¹ (on a total return basis). A brief, but sharp, sell-off in February erased about three months' worth of gains; however, the stock market sprang back, returning more than 9% based on the S&P C omposite 1500 Index (including the reinvestment of dividends) between March and May. Both the Dow Jones Industrial Average² and S&P 500® Index³ reached record levels. Providing

1

liquidity to the stock market was a bevy of mergers and acquisitions, private equity deals, and share buybacks, which cumulatively left investors with fewer shares of public companies to own. With demand up and supply down, share prices rallied.

The positive macro backdrop included stable to moderating inflation (excluding food and energy), near record levels (for the period) of disposable income (adjusted for inflation), resurgent orders for nondefense capital good orders, and broad improvement in the manufacturing sector of the economy. The yield on 10-year Treasury bonds climbed by approximately 40 basis points.

Though returns in the equity market were broad, companies with mid to small capitalizations outperformed those companies with large to mega capitalizations. In fact, shares of growth-oriented small and mid cap companies led all other styles of investing. In the large cap category, value continued its dominance over growth. At the sector level, the top three performers were telecommunications, materials, and utilities. The underachieving sectors were financials and consumer discretionary.

Q: How did the Growth Opportunities Fund perform during the fiscal year ended May 31, 2007?

A: The Fund returned 11.7%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared with its benchmark, the Russell Midcap® Growth Index,⁴ which returned 11.9% over the same period.

Q: What were the most significant factors affecting performance?

A: The healthcare sector was the most significant detractor from the Fund's relative performance, followed by the technology sector and the auto and transportation sector.

Among the individual holdings that detracted from the Fund's performance were auto and transportation holding UTI Worldwide, Inc. (the Fund's number-one detractor), a global supply chain management company that provides freight forwarding, customs brokerage, and warehousing; healthcare holding Mentor Corp., a manufacturer of products for the medical specialties of plastic, reconstructive, and general surgery, and urology; and technology holdings Network Appliance, Inc., a supplier of unified storage solutions for data-intensive enterprises, QLogic Corp., a designer of semiconductor and board-level input/output and enclosure management products, and Akamai Technologies, Inc., a provider of global delivery services for Internet content, streaming media, and applications and global Internet traffic management.

The consumer discretionary sector was the greatest contributor to the Fund's performance relative to its benchmark for the six-month period, followed by the financial services sector and the producer durables sector.

Among the individual holdings that contributed to the Fund's performance were

2

consumer discretionary holdings ITT Educational Services, Inc. (the Fund's number-one contributor), a provider of technology-oriented postsecondary degree programs, and aQuantive, Inc., a digital marketing services and technology company; producer durables holding BE Aerospace, Inc., a manufacturer of interior products for commercial and general aviation aircraft cabins; and two materials and processing holdings: Precision Castparts Corp., a worldwide manufacturer of complex metal components and products, and Monsanto Co., a provider of technology-based solutions and agricultural products for growers and downstream customers in the agricultural markets.

The Fund's portfolio is actively managed and, therefore, its 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.

A prospectus contains important information about a fund, including its investment objectives, risks, charges, and ongoing expenses, which an investor should carefully consider before investing. To obtain a prospectus on any Lord Abbett mutual fund, please contact your investment professional or Lord Abbett Distributor LLC at 888-522-2388 or visit our Website at www.lordabbett.com. Read the prospectus carefully before investing.

¹  The S&P Composite 1500® Index combines the S&P 500®, S&P 400® (an index of mid-cap companies), and S&P SmallCap 600® to create a broad market portfolio representing 90% of U.S. equities.

²  The Dow Jones Industrial Average (DJIA) is an unmanaged index of common stocks comprised of major industrial companies and assumes the reinvestment of dividends and capital gains.

³  The S&P 500® 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.

⁴  The Russell Midcap® Growth Index measures the performance of those Russell Midcap companies with higher price to book ratios and higher forecasted growth values. The stocks also are members of the Russell 1000® Growth Index.

Indexes are unmanaged, do not reflect the deductions of fees or expenses, and are not available for direct investment.

Important Performance and Other Information

Performance data quoted 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 Fund 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 our Website at 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. The Fund offers additional classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see the Fund's prospectus.

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

The views of the Fund's management and the portfolio holdings described in this report are as of May 31, 2007; these views and portfolio holdings may have changed subsequent to this date, and they do not guarantee the future performance of the markets or the Fund. Information provided in this report should not be considered a recommendation to purchase or sell securities.

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

3

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges 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 the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2006 through May 31, 2007).

Actual Expenses

For each class of the Fund, the first line of the applicable table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period 12/1/06 – 5/31/07" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

4

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

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	12/1/06		5/31/07		12/1/06 – 5/31/07
Class A
Actual	$	1,000.00	$	1,117.30	$	8.13
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.26	$	7.75
Class B
Actual	$	1,000.00	$	1,113.50	$	11.54
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,013.92	$	11.00
Class C
Actual	$	1,000.00	$	1,113.50	$	11.54
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,013.92	$	11.00
Class P
Actual	$	1,000.00	$	1,116.80	$	8.66
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.77	$	8.25
Class Y
Actual	$	1,000.00	$	1,119.10	$	6.29
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.91	$	5.99

†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (1.54% for Class A, 2.19% for Classes B and C, 1.64% for Class P and 1.19% for Class Y) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2007

Sector*	%**
Auto & Transportation		0.67	%
Consumer Discretionary		28.25	%
Consumer Staples		2.34	%
Financial Services		10.07	%
Healthcare		16.71	%
Materials & Processing		6.25	%
Other		0.88	%
Other Energy		9.03	%
Producer Durables		5.89	%
Technology		14.05	%
Utilities		2.55	%
Short-Term Investment		3.31	%
Total		100.00	%

*  A sector may comprise several industries.

**  Represents percent of total investments.

5

Schedule of Investments (unaudited)

May 31, 2007

Investments	Shares		Value (000)
COMMON STOCKS 96.95%
Advertising Agency 2.44%
aQuantive, Inc.*		36,950	$	2,357
Lamar Advertising Co. Class A		138,400		9,065
National CineMedia, Inc.*		323,100		9,225
Total				20,647
Aerospace 1.82%
Rockwell Collins, Inc.		217,800		15,392
Agriculture, Fishing & Ranching 2.45%
Monsanto Co.		337,000		20,759
Banks 2.83%
Lazard Ltd. Class A (Bermuda)(a)		255,700		13,777
Northern Trust Corp.		156,400		10,179
Total				23,956
Biotechnology Research & Production 2.65%
Alexion Pharmaceuticals, Inc.*		133,570		6,487
Celgene Corp.*		260,400		15,947
Total				22,434
Casinos & Gambling 2.68%
International Game Technology		190,900		7,672
Scientific Games Corp. Class A*		182,600		6,819
WMS Industries, Inc.*		192,800		8,167
Total				22,658
Chemicals 0.56%
Airgas, Inc.		111,000		4,733
Coal 0.83%
Arch Coal, Inc.		174,900		7,062
Commercial Information Services 0.13%
Arbitron Inc.		20,500		1,073

Investments	Shares		Value (000)
Communications Technology 3.77%
Atheros Communications, Inc.*		255,700	$	7,443
Ciena Corp.*		254,325		8,729
Harris Corp.		142,600		7,119
Juniper Networks, Inc.*		289,300		7,062
MetroPCS Communications, Inc.*		43,000		1,533
Total				31,886
Computer Services, Software & Systems 3.94%
Akamai Technologies, Inc.*		195,400		8,638
Cognizant Technology Solutions Corp. Class A*		88,200		6,929
Equinix, Inc.*		120,600		10,538
F5 Networks Inc.*		89,500		7,273
Total				33,378
Computer Technology 1.51%
Network Appliance, Inc.*		194,900		6,274
NVIDIA Corp.*		186,500		6,466
Total				12,740
Consumer Electronics 1.70%
Activision, Inc.*		439,800		8,703
SINA Corp. (China)*(a)		142,365		5,682
Total				14,385
Cosmetics 0.35%
Bare Escentuals, Inc.*		71,400		2,995
Diversified Production 0.70%
Danaher Corp.		80,800		5,939
Drug & Grocery Store Chains 0.81%
Safeway, Inc.		199,700		6,886
Drugs & Pharmaceuticals 4.08%
Allergan, Inc.		41,400		5,155
BioMarin Pharmaceutical Inc.*		343,106		6,121

See Notes to Financial Statements.
6

Schedule of Investments (unaudited)(continued)

May 31, 2007

Investments	Shares		Value (000)
Drugs & Pharmaceuticals (continued)
Medicis Pharmaceutical Corp.		185,700	$	6,128
Shire plc ADR		245,200		17,103
Total				34,507
Education Services 2.10%
ITT Educational Services, Inc.*		157,300		17,805
Electronics 0.81%
Amphenol Corp. Class A		190,400		6,813
Electronics: Medical Systems 1.70%
Hologic, Inc.*		188,100		10,174
Illumina, Inc.*		129,500		4,226
Total				14,400
Electronics: Semi-Conductors/ Components 4.07%
Analog Devices, Inc.		232,900		8,433
MEMC Electronic Materials, Inc.*		148,100		9,002
National Semiconductor Corp.		321,300		8,650
Silicon Laboratories Inc.*		119,500		4,137
Xilinx, Inc.		147,800		4,209
Total				34,431
Engineering & Contracting Services 0.52%
Jacobs Engineering Group Inc.*		76,600		4,439
Entertainment 0.81%
DreamWorks Animation SKG, Inc. Class A*		228,600		6,831
Finance Companies 0.59%
International Securities Exchange Holdings, Inc. Class A		77,100		5,015

Investments	Shares		Value (000)
Financial Data Processing Services & Systems 2.27%
Alliance Data Systems Corp.*		100,600	$	7,839
Fiserv, Inc.*		191,500		11,346
Total				19,185
Financial Information Services 1.47%
Factset Research Systems, Inc.		102,900		6,568
Interactive Brokers Group, Inc. Class A*		228,744		5,833
Total				12,401
Financial: Miscellaneous 0.36%
RSC Holdings, Inc.*		150,500		3,017
Health & Personal Care 0.51%
Express Scripts, Inc.*		42,600		4,349
Healthcare Facilities 1.43%
ICON plc ADR*		261,181		12,116
Hotel/Motel 2.64%
Hilton Hotels Corp.		297,500		10,576
Starwood Hotels &Resorts Worldwide, Inc.		162,800		11,733
Total				22,309
Investment Management Companies 1.19%
T. Rowe Price Group, Inc.		196,700		10,101
Jewelry Watches & Gemstones 1.22%
Tiffany & Co.		196,200		10,314
Leisure Time 1.76%
Life Time Fitness Inc.*		158,800		8,127
Penn National Gaming, Inc.*		125,900		6,727
Total				14,854

See Notes to Financial Statements.
7

Schedule of Investments (unaudited)(continued)

May 31, 2007

Investments	Shares		Value (000)
Machinery: Oil Well Equipment & Services 3.20%
Cameron International Corp.*		160,600	$	11,386
Dril-Quip, Inc.*		93,200		4,522
Smith International Inc.		201,400		11,180
Total				27,088
Medical & Dental Instruments & Supplies 6.37%
Beckman Coulter, Inc.		173,400		11,340
Edwards Lifesciences Corp.*		128,900		6,471
Henry Schein, Inc.*		110,700		5,926
St. Jude Medical, Inc.*		291,100		12,427
Thermo Fisher Scientific Inc.*		325,300		17,761
Total				53,925
Metal Fabricating 1.78%
Precision Castparts Corp.		126,300		15,100
Miscellaneous: Producer Durables 1.99%
BE Aerospace, Inc.*		439,600		16,832
Multi-Sector Companies 0.89%
Textron, Inc.		69,800		7,490
Oil: Crude Producers 5.01%
Cabot Oil & Gas Corp.		380,700		14,847
Range Resources Corp.		426,300		16,515
Southwestern Energy Co.*		232,500		11,067
Total				42,429
Radio & TV Broadcasters 1.64%
Rogers Communications, Inc. Class B (Canada)(a)		333,600		13,841
Restaurants 0.52%
P.F. Chang's China Bistro, Inc.*		112,700		4,372

Investments	Shares		Value (000)
Retail 4.70%
Amazon.com, Inc.*		96,600	$	6,679
GameStop Corp. Class A*		268,500		9,929
J.C. Penney Co., Inc.		81,500		6,559
Nordstrom, Inc.		144,400		7,499
O'Reilly Automotive, Inc.*		240,367		9,131
Total				39,797
Securities Brokerage & Services 1.40%
IntercontinentalExchange, Inc.*		38,200		5,537
KBW Inc.*		191,700		6,266
Total				11,803
Services: Commercial 2.72%
Corrections Corp. of America*		231,350		14,991
FTI Consulting, Inc.*		217,300		8,058
Total				23,049
Soaps & Household Chemicals 1.53%
Church & Dwight Co., Inc.		258,500		12,928
Steel 0.94%
Carpenter Technology Corp.		60,300		7,994
Telecommunications Equipment 1.40%
American Tower Corp. Class A*		273,600		11,814
Textiles Apparel Manufacturers 2.00%
Coach, Inc.*		204,000		10,477
Under Armour, Inc. Class A*		134,700		6,443
Total				16,920
Toys 0.93%
Marvel Entertainment, Inc.*		283,800		7,836

See Notes to Financial Statements.
8

Schedule of Investments (unaudited)(concluded)

May 31, 2007

Investments	Shares		Value (000)
Transportation: Miscellaneous 0.67%
Expeditors International of Washington Inc.		129,400	$	5,650
Utilities: Telecommunications 2.56%
NII Holdings, Inc.*		188,300		15,341
Time Warner Telecom, Inc. Class A*		325,200		6,296
Total				21,637
TotalCommon Stocks (cost $672,022,867)				820,315
	Principal Amount (000)
SHORT-TERM INVESTMENT 3.33%
Repurchase Agreement
Repurchase Agreement dated 5/31/2007, 4.70% due 6/1/2007 with State Street Bank & Trust Co. collateralized by $28,400,000 of Federal Home Loan Bank at 5.65% due 2/23/2017; value: $28,684,000; proceeds: $28,124,407 (cost $28,120,736)	$	28,121		28,121
Total Investments in Securities 100.28% (cost $700,143,603)				848,436
Liabilities in Excess of Other Assets (0.28%)				(2,331	)
Net Assets 100.00%			$	846,105

ADR  American Depositary Receipt.

  *  Non-income producing security.

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

See Notes to Financial Statements.
9

Statement of Assets and Liabilities (unaudited)

May 31, 2007

ASSETS:
Investments in securities, at value (cost $700,143,603)	$	848,436,159
Receivables:
Investment securities sold		4,573,506
Capital shares sold		542,111
Interest and dividends		270,791
From advisor (See Note 3)		1,658
Prepaid expenses and other assets		46,041
Total assets		853,870,266
LIABILITIES:
Payables:
Investment securities purchased		4,456,392
Capital shares reacquired		1,671,792
Management fee		567,194
12b-1 distribution fees		343,935
Directors' fees		53,373
Fund administration		28,475
To affiliates (See Note 3)		5,198
Accrued expenses and other liabilities		638,974
Total liabilities		7,765,333
NET ASSETS	$	846,104,933
COMPOSITION OF NET ASSETS:
Paid-in capital	$	646,826,188
Accumulated net investment loss		(4,580,225	)
Accumulated net realized gain on investments and foreign currency related transactions		55,566,414
Net unrealized appreciation on investments		148,292,556
Net Assets	$	846,104,933
Net assets by class:
Class A Shares	$	616,326,224
Class B Shares	$	103,271,822
Class C Shares	$	82,581,866
Class P Shares	$	16,406,166
Class Y Shares	$	27,518,855
Outstanding shares by class:
Class A Shares (50 million shares of common stock authorized, $.001 par value)		27,496,145
Class B Shares (30 million shares of common stock authorized, $.001 par value)		4,885,392
Class C Shares (20 million shares of common stock authorized, $.001 par value)		3,908,166
Class P Shares (20 million shares of common stock authorized, $.001 par value)		732,247
Class Y Shares (30 million shares of common stock authorized, $.001 par value)		1,194,077
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value	$	22.42
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)	$	23.79
Class B Shares-Net asset value	$	21.14
Class C Shares-Net asset value	$	21.13
Class P Shares-Net asset value	$	22.41
Class Y Shares-Net asset value	$	23.05

See Notes to Financial Statements.
10

Statement of Operations (unaudited)

For the Six Months Ended May 31, 2007

Investment income:
Dividends (net of foreign withholding taxes of $4,324)	$	2,101,255
Interest		850,952
Total investment income		2,952,207
Expenses:
Management fee		3,315,346
12b-1 distribution plan-Class A		1,066,294
12b-1 distribution plan-Class B		503,083
12b-1 distribution plan-Class C		399,272
12b-1 distribution plan-Class P		36,114
Shareholder servicing		1,210,649
Fund administration		165,767
Reports to shareholders		121,943
Registration		41,610
Professional		22,518
Subsidy (See Note 3)		21,266
Custody		21,225
Directors' fees		11,042
Other		8,018
Gross expenses		6,944,147
Expense reductions (See Note 7)		(16,083	)
Expenses assumed by advisor (See Note 3)		(6,622	)
Net expenses		6,921,442
Net investment loss		(3,969,235	)
Net realized and unrealized gain:
Net realized gain on investments and foreign currency related transactions		53,288,751
Net change in unrealized appreciation on investments		42,370,427
Net realized and unrealized gain		95,659,178
Net Increase in Net Assets Resulting From Operations	$	91,689,943

See Notes to Financial Statements.
11

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended May 31, 2007 (unaudited)			For the Year Ended November 30, 2006
Operations:
Net investment loss	$	(3,969,235	)	$	(7,163,820	)
Net realized gain on investments and foreign currency related transactions		53,288,751			71,897,230
Net change in unrealized appreciation (depreciation) on investments		42,370,427			(8,057,753	)
Net increase in net assets resulting from operations		91,689,943			56,675,657
Distributions to shareholders from:
Net realized gain
Class A		(55,264,165	)		(19,486,802	)
Class B		(9,546,016	)		(3,418,682	)
Class C		(7,490,614	)		(2,662,857	)
Class P		(1,438,838	)		(542,311	)
Class Y		(1,764,000	)		(275,140	)
Total distributions to shareholders		(75,503,633	)		(26,385,792	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		56,847,955			137,514,443
Reinvestment of distributions		71,256,449			24,709,953
Cost of shares reacquired		(128,331,824	)		(213,013,144	)
Net decrease in net assets resulting from capital share transactions		(227,420	)		(50,788,748	)
Net increase (decrease) in net assets		15,958,890			(20,498,883	)
NET ASSETS:
Beginning of period	$	830,146,043		$	850,644,926
End of period	$	846,104,933		$	830,146,043
Accumulated net investment loss	$	(4,580,225	)	$	(610,990	)

See Notes to Financial Statements.
12

Financial Highlights

	Class A Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	22.02		$	21.15		$	19.21		$	17.88		$	14.42		$	17.47
Investment operations:
Net investment loss(a)		(.09	)		(.15	)		(.19	)		(.23	)		(.24	)		(.23	)
Net realized and unrealized gain (loss)		2.48			1.67			2.13			1.56			3.70			(2.82	)
Total from investment operations		2.39			1.52			1.94			1.33			3.46			(3.05	)
Distributions to shareholders from:
Net realized gain		(1.99	)		(.65	)		–			–			–			–
Net asset value, end of period	$	22.42		$	22.02		$	21.15		$	19.21		$	17.88		$	14.42
Total Return(b)		11.73	%(c)		7.35	%		10.10	%		7.44	%		23.99	%		(17.46	)%
Ratios to Average Net Assets:
Expenses, including expense reductions and expenses assumed		.77	%(c)		1.54	%		1.55	%		1.73	%		1.85	%		1.80	%
Expenses, excluding expense reductions and including expenses assumed		.77	%(c)		1.54	%		1.55	%		1.73	%		1.85	%		1.80	%
Expenses, excluding expense reductions and expenses assumed		.77	%(c)		1.56	%		1.59	%		1.73	%		1.85	%		1.80	%
Net investment loss		(.41	)%(c)		(.70	)%		(.96	)%		(1.27	)%		(1.53	)%		(1.48	)%
Supplemental Data:
Net assets, end of period (000)	$	616,326		$	614,433		$	634,059		$	594,524		$	430,991		$	250,380
Portfolio turnover rate		50.80	%(c)		159.86	%		97.35	%		90.23	%		78.58	%		97.63	%

See Notes to Financial Statements.
13

Financial Highlights (continued)

	Class B Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	20.94		$	20.27		$	18.53		$	17.35		$	14.08		$	17.16
Investment operations:
Net investment loss(a)		(.15	)		(.27	)		(.31	)		(.33	)		(.32	)		(.32	)
Net realized and unrealized gain (loss)		2.34			1.59			2.05			1.51			3.59			(2.76	)
Total from investment operations		2.19			1.32			1.74			1.18			3.27			(3.08	)
Distributions to shareholders from:
Net realized gain		(1.99	)		(.65	)		–			–			–			–
Net asset value, end of period	$	21.14		$	20.94		$	20.27		$	18.53		$	17.35		$	14.08
Total Return(b)		11.35	%(c)		6.66	%		9.39	%		6.80	%		23.22	%		(17.95	)%
Ratios to Average Net Assets:
Expenses, including expense reductions and expenses assumed		1.10	%(c)		2.19	%		2.20	%		2.30	%		2.44	%		2.43	%
Expenses, excluding expense reductions and including expenses assumed		1.10	%(c)		2.19	%		2.20	%		2.30	%		2.44	%		2.43	%
Expenses, excluding expense reductions and expenses assumed		1.10	%(c)		2.21	%		2.23	%		2.30	%		2.44	%		2.43	%
Net investment loss		(.74	)%(c)		(1.35	)%		(1.61	)%		(1.84	)%		(2.12	)%		(2.10	)%
Supplemental Data:
Net assets, end of period (000)	$	103,272		$	100,741		$	106,809		$	104,282		$	94,561		$	66,623
Portfolio turnover rate		50.80	%(c)		159.86	%		97.35	%		90.23	%		78.58	%		97.63	%

See Notes to Financial Statements.
14

Financial Highlights (continued)

	Class C Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	20.93		$	20.26		$	18.53		$	17.34		$	14.08		$	17.15
Investment operations:
Net investment loss(a)		(.15	)		(.27	)		(.31	)		(.33	)		(.32	)		(.32	)
Net realized and unrealized gain (loss)		2.34			1.59			2.04			1.52			3.58			(2.75	)
Total from investment operations		2.19			1.32			1.73			1.19			3.26			(3.07	)
Distributions to shareholders from:
Net realized gain		(1.99	)		(.65	)		–			–			–			–
Net asset value, end of period	$	21.13		$	20.93		$	20.26		$	18.53		$	17.34		$	14.08
Total Return(b)		11.35	%(c)		6.66	%		9.34	%		6.86	%		23.15	%		(17.90	)%
Ratios to Average Net Assets:
Expenses, including expense reductions and expenses assumed		1.10	%(c)		2.19	%		2.20	%		2.30	%		2.44	%		2.42	%
Expenses, excluding expense reductions and including expenses assumed		1.10	%(c)		2.19	%		2.20	%		2.30	%		2.44	%		2.42	%
Expenses, excluding expense reductions and expenses assumed		1.10	%(c)		2.21	%		2.23	%		2.30	%		2.44	%		2.42	%
Net investment loss		(.74	)%(c)		(1.35	)%		(1.61	)%		(1.84	)%		(2.12	)%		(2.09	)%
Supplemental Data:
Net assets, end of period (000)	$	82,582		$	79,485		$	83,339		$	85,666		$	79,415		$	55,115
Portfolio turnover rate		50.80	%(c)		159.86	%		97.35	%		90.23	%		78.58	%		97.63	%

See Notes to Financial Statements.
15

Financial Highlights (continued)

	Class P Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	22.02		$	21.17		$	19.25		$	17.92		$	14.47		$	17.53
Investment operations:
Net investment loss(a)		(.10	)		(.17	)		(.21	)		(.24	)		(.25	)		(.24	)
Net realized and unrealized gain (loss)		2.48			1.67			2.13			1.57			3.70			(2.82	)
Total from investment operations		2.38			1.50			1.92			1.33			3.45			(3.06	)
Distributions to shareholders from:
Net realized gain		(1.99	)		(.65	)		–			–			–			–
Net asset value, end of period	$	22.41		$	22.02		$	21.17		$	19.25		$	17.92		$	14.47
Total Return(b)		11.68	%(c)		7.24	%		9.97	%		7.42	%		23.84	%		(17.46	)%
Ratios to Average Net Assets:
Expenses, including expense reductions and expenses assumed		.82	%(c)		1.64	%		1.65	%		1.77	%		1.89	%		1.88	%
Expenses, excluding expense reductions and including expenses assumed		.82	%(c)		1.64	%		1.65	%		1.77	%		1.89	%		1.88	%
Expenses, excluding expense reductions and expenses assumed		.82	%(c)		1.66	%		1.68	%		1.77	%		1.89	%		1.88	%
Net investment loss		(.46	)%(c)		(.79	)%		(1.05	)%		(1.31	)%		(1.57	)%		(1.55	)%
Supplemental Data:
Net assets, end of period (000)	$	16,406		$	15,856		$	17,536		$	12,094		$	6,310		$	1,620
Portfolio turnover rate		50.80	%(c)		159.86	%		97.35	%		90.23	%		78.58	%		97.63	%

See Notes to Financial Statements.
16

Financial Highlights (concluded)

	Class Y Shares
	Six Months Ended 5/31/2007			Year Ended 11/30
	(unaudited)			2006			2005			2004			2003			2002
Per Share Operating Performance
Net asset value, beginning of period	$	22.55		$	21.57		$	19.52		$	18.09		$	14.56		$	17.60
Investment operations:
Net investment loss(a)		(.05	)		(.07	)		(.12	)		(.15	)		(.20	)		(.19	)
Net realized and unrealized gain (loss)		2.54			1.70			2.17			1.58			3.73			(2.85	)
Total from investment operations		2.49			1.63			2.05			1.43			3.53			(3.04	)
Distributions to shareholders from:
Net realized gain		(1.99	)		(.65	)		–			–			–			–
Net asset value, end of period	$	23.05		$	22.55		$	21.57		$	19.52		$	18.09		$	14.56
Total Return(b)		11.91	%(c)		7.73	%		10.50	%		7.90	%		24.24	%		(17.27	)%
Ratios to Average Net Assets:
Expenses, including expense reductions and expenses assumed		.60	%(c)		1.19	%		1.20	%		1.37	%		1.44	%†		1.43	%
Expenses, excluding expense reductions and including expenses assumed		.60	%(c)		1.19	%		1.20	%		1.37	%		1.44	%†		1.43	%
Expenses, excluding expense reductions and expenses assumed		.60	%(c)		1.22	%		1.23	%		1.37	%		1.44	%†		1.43	%
Net investment loss		(.24	)%(c)		(.32	)%		(.60	)%		(.80	)%		(1.12	)%†		(1.10	)%
Supplemental Data:
Net assets, end of period (000)	$	27,519		$	19,631		$	8,901		$	6,312		$	2		$	2
Portfolio turnover rate		50.80	%(c)		159.86	%		97.35	%		90.23	%		78.58	%		97.63	%

^† The ratios have been determined on a Fund basis.

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

^(b) Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.

^(c) Not annualized.

See Notes to Financial Statements.
17

Notes to Financial Statements (unaudited)

1. ORGANIZATION

Lord Abbett Research Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 (the "Act") as a diversified open-end management investment company, incorporated under Maryland law on April 6, 1992. The Company currently consists of four separate funds. This report covers one of the funds and its respective classes – Lord Abbett Growth Opportunities Fund (the "Fund").

The Fund's investment objective is capital appreciation. The Fund offers five classes of shares: Classes A, B, C, P and Y, 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 the Classes B, C, P and Y shares, although there may be a contingent deferred sales charge ("CDSC") as follows: certain redemptions of Class A shares made within 12 months following certain purchases made without a sales charge; Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will convert to Class A shares on the eighth anniversary of the original purchase of Class B shares.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

(b)  Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. 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. Discounts are accreted and premiums are amortized using the effective interest method. Withholding taxes on foreign dividends have been provided

18

Notes to Financial Statements (unaudited)(continued)

for in accordance with the Fund's understanding of 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)  Federal Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no Federal income tax provision is required.

(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. 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. Class A, B, C, and P shares bear their class specific share of all expenses and fees relating to the Fund's 12b-1 Distribution Plan.

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

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

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

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

19

Notes to Financial Statements (unaudited)(continued)

For the six months ended May 31, 2007, the effective management fee paid to Lord Abbett was at an annualized rate of .80% of the Fund's average daily net assets.

For the period December 1, 2006 through March 31, 2008, Lord Abbett has contractually agreed to reimburse the Fund to the extent necessary so that each class' total annual operating expenses did not exceed the following annual rates:

Class	% of Average Daily Net Assets
A		1.55	%
B		2.20	%
C		2.20	%
P		1.65	%
Y		1.20	%

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

The Fund, along with certain other funds managed by Lord Abbett (the "Underlying Funds") has entered into a Servicing Arrangement with Lord Abbett Diversified Equity Strategy Fund and Lord Abbett World Growth & Income Strategy Fund of Lord Abbett Investment Trust (each, a "Fund of Funds"), pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees and distribution and service fees) of each Fund of Funds in proportion to the average daily value of the Underlying Fund shares owned by each Fund of Fund. Amounts paid pursuant to the Servicing Arrangement are included in Subsidy expense on the Fund's Statement of Operations and Payable to affiliates on the Fund's Statement of Assets and Liabilities.

12b-1 Distribution Plan

The Fund has adopted a distribution plan with respect to Class A, B, C and P 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 ("Distributor"), an affiliate of Lord Abbett. The fees are accrued daily at annual rates based upon average daily net assets as follows:

Fee*	Class A			Class B			Class C			Class P
Service		.25	%		.25	%		.25	%		.20	%
Distribution		.10	%		.75	%		.75	%		.25	%

* The Fund may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating NASD sales charge limitations.

Class Y does not have a distribution plan.

Commissions

Distributor received the following commissions on sales of shares of the Fund, after concessions were paid to authorized dealers, for the six months ended May 31, 2007:

Distributor Commissions		Dealers' Concessions
$	130,270	$	689,398

Distributor received CDSCs of $2,412 and $0 for Class A and Class C shares, respectively, for the six months ended May 31, 2007.

Two Directors and certain of the Fund's officers have an interest in Lord Abbett.

20

Notes to Financial Statements (unaudited)(continued)

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

The tax character of distributions paid during the six months ended May 31, 2007 and the year ended November 30, 2006 were as follows:

	Six Months Ended 5/31/2007 (unaudited)		Year Ended 11/30/2006
Distributions paid from:
Net long-term capital gains	$	75,503,633	$	26,385,792
Total distributions paid	$	75,503,633	$	26,385,792

As of May 31, 2007, the aggregate unrealized security gains and losses based on cost for U.S. Federal income tax purposes are as follows:

Tax cost	$	700,862,623
Gross unrealized gain		152,180,817
Gross unrealized loss		(4,607,281	)
Net unrealized security gain	$	147,573,536

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

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended May 31, 2007 are as follows:

Purchases		Sales
$	404,879,279	$	475,389,548

There were no purchases or sales of U.S. Government securities for the six months ended May 31, 2007.

21

Notes to Financial Statements (unaudited)(continued)

6. DIRECTORS' REMUNERATION

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

7. EXPENSE REDUCTIONS

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

8. LINE OF CREDIT

The Fund, along with certain other funds managed by Lord Abbett, has available a $250,000,000 unsecured revolving credit facility ("Facility") from a consortium of banks, to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Any borrowings under this Facility will bear interest at current market rates as defined in the agreement. The fee for this Facility is at an annual rate of .08%. As of May 31, 2007, there were no loans outstanding pursuant to this Facility nor was the Facility utilized at any time during the six months ended May 31, 2007.

9. CUSTODIAN AND ACCOUNTING AGENT

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

10. INVESTMENT RISKS

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

These factors can affect the Fund's performance.

22

Notes to Financial Statements (unaudited)(concluded)

11. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest are as follows:

	Six Months Ended May 31, 2007 (unaudited)						Year Ended November 30, 2006
Class A Shares*	Shares			Amount			Shares			Amount
Shares sold		1,647,635		$	34,630,570			4,249,486		$	90,602,443
Converted from Class B**		70,569			1,490,872			148,665			3,146,944
Reinvestment of distributions		2,593,972			52,994,857			891,243			18,635,909
Shares reacquired		(4,718,279	)		(99,602,729	)		(7,369,417	)		(155,343,256	)
Decrease		(406,103	)	$	(10,486,430	)		(2,080,023	)	$	(42,957,960	)
Class B Shares*
Shares sold		280,806		$	5,574,957			668,627		$	13,581,367
Reinvestment of distributions		450,202			8,702,401			152,001			3,041,533
Shares reacquired		(582,044	)		(11,593,276	)		(1,123,905	)		(22,704,670	)
Converted to Class A**		(74,729	)		(1,490,872	)		(155,675	)		(3,146,944	)
Increase (decrease)		74,235		$	1,193,210			(458,952	)	$	(9,228,714	)
Class C Shares
Shares sold		415,280		$	8,218,795			782,025		$	15,882,912
Reinvestment of distributions		334,033			6,453,521			110,755			2,215,064
Shares reacquired		(638,244	)		(12,747,108	)		(1,208,564	)		(24,411,850	)
Increase (decrease)		111,069		$	1,925,208			(315,784	)	$	(6,313,874	)
Class P Shares
Shares sold		82,756		$	1,738,475			259,079		$	5,609,405
Reinvestment of distributions		65,672			1,341,678			25,911			542,311
Shares reacquired		(136,167	)		(2,875,005	)		(393,332	)		(8,384,581	)
Increase (decrease)		12,261		$	205,148			(108,342	)	$	(2,232,865	)
Class Y Shares
Shares sold		308,918		$	6,685,158			545,463		$	11,838,316
Reinvestment of distributions		84,080			1,763,992			12,893			275,136
Shares reacquired		(69,516	)		(1,513,706	)		(100,519	)		(2,168,787	)
Increase		323,482		$	6,935,444			457,837		$	9,944,665

* Amounts for the year ended November 30, 2006 have been reclassified to conform with current presentation.

** Automatic conversion of Class B shares occurs approximately eight years after the initial purchase date.

12. RECENT ACCOUNTING PRONOUNCEMENTS

In July 2006, the Financial Accounting Standards Board (FASB) issued Interpretation 48, Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement 109 (FIN 48). FIN 48 clarifies the accounting for income taxes by prescribing the minimum recognition threshold a tax position must meet before being recognized in the financial statements. The Fund will adopt FIN 48 no later than May 31, 2008 and the impact to the Fund's financial statements, if any, is currently being assessed.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

23

Supplemental Proxy Information (unaudited)

A meeting of the Fund's shareholders was held on December 18, 2006. The meeting was held for the purpose of approving the election of the following nine (9) Directors:

•  E. Thayer Bigelow

•  William H.T. Bush

•  Robert B. Calhoun, Jr.

•  Robert S. Dow

•  Daria L. Foster

•  Julie A. Hill

•  Franklin W. Hobbs

•  Thomas J. Neff

•  James L.L. Tullis

The results of the proxy solicitation on the preceding matter were as follows:

Matter	Votes For		Votes Against		Votes Withheld		Abstentions
E. Thayer Bigelow		189,970,639.316		908,136.810		–		–
William H.T. Bush		189,961,212.113		917,564.013		–		–
Robert B. Calhoun, Jr.		190,020,505.602		858,270.524		–		–
Robert S. Dow		190,027,666.373		851,109.753		–		–
Daria L. Foster		190,032,141.997		846,634.129		–		–
Julie A. Hill		190,013,949.154		864,826.972		–		–
Franklin W. Hobbs		190,032,473.330		846,302.796		–		–
Thomas J. Neff		189,985,412.123		893,364.003		–		–
James L.L. Tullis		190,016,577.640		862,198.486		–		–

24

Approval of Advisory Contract

At meetings on December 11 and 12, 2006, the Board, including all of the Directors who are not interested persons, considered whether to approve the continuation of the existing management agreement between the Fund and Lord Abbett. In addition to the materials the Board had reviewed throughout the course of the year, the Board received materials relating to the management agreement before the meeting and had the opportunity to ask questions and request further information in connection with its consideration. The Board also took into account its familiarity with Lord Abbett gained through its previous meetings and discussions, and the examination of the portfolio management team conducted by members of the Contracts Committee during the year.

The materials received by the Board included, but were not limited to, (1) information provided by Lipper, Inc. regarding the investment performance of the Fund compared to the investment performance of one or more groups of funds with substantially similar investment objectives (the "performance universe") and to the investment performance of an appropriate securities index (if such an index existed), for various time periods each ending September 30, 2006, (2) information on the effective management fee rates and expense ratios for one or more groups of funds with similar objectives and similar size (the "peer expense group"), (3) sales and redemption information for the Fund, (4) information regarding Lord Abbett's financial condition, (5) an analysis of the relative profitability of the management agreement to Lord Abbett, (6) information regarding the distribution arrangements of the Fund, and (7) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett's commitment to compliance with all relevant legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest resulting from being engaged in other lines of business. The Board noted that Lord Abbett did not use brokerage commissions to purchase third-party research. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.

Investment Performance and Compliance. The Board reviewed the Fund's investment performance versus that of the performance universe of funds, both in terms of total return and in terms of other statistical measures. The Board observed that the investment performance of the Class A shares of the Fund was in the third quintile for the nine-month period, in the fourth quintile for the one-year, three-year, and five-year periods, and in the first quintile for the ten-year period. The Board also observed that the investment performance was below that of the Lipper Mid-Cap Growth Index for the nine-month, one-year, three-year, and five-year periods and above that of the Index for the ten-year period.

Lord Abbett's Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to the Fund, in light of its investment objective and discipline. Among other things, they considered the size, experience, and turnover rates of Lord Abbett's investment management staff, Lord Abbett's investment methodology and philosophy, and Lord Abbett's approach to recruiting, training, and retaining investment management personnel. The Board also observed that Lord Abbett had made significant changes

25

in recent years to the investment management personnel responsible for the Fund, in that in 2005 it had hired Bruce Bartlett as Director of Growth Equities, with supervisory responsibility over the growth investment disciplines at Lord Abbett, and in 2006 it had hired Rick Ruvkun to be a portfolio manager for the Fund. The Board determined that Lord Abbett had the expertise and resources to manage the Fund effectively.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and Lord Abbett Distributor and the nature and extent of Lord Abbett's supervision of third party service providers, including the Fund's transfer agent and custodian.

Expenses. The Board considered the expense ratio of the Fund and the expense ratios of the peer expense groups. It also considered the amount and nature of the fees paid by shareholders. The Board observed that Lord Abbett had agreed to an expense reimbursement agreement for the Fund that limited the total expense ratio of Class A to not more than 1.55%, the total expense ratios of Class B and Class C to not more than 2.20%, the total expense ratio of Class P to not more than 1.65%, and the total expense ratio of Class Y to not more than 1.20%, and that the Board and Lord Abbett had agreed to a new expense reimbursement agreement with the same terms. The Board observed that the contractual and actual management and administrative services fees were approximately ten basis points above the median of the peer group. The Board also observed that the total expense rat io of Class A was approximately twenty basis points above the median of the peer group, the total expense ratios of Class B and Class C were approximately eleven basis points above the median of the peer group, the total expense ratio of Class P was approximately eleven basis points above the median of the peer group, and the total expense ratio of Class Y was approximately seventy basis points above the median of the peer group. The Board also observed that the Fund had a relatively high level of transfer agent and shareholder servicing costs, due to its relatively small average account size.

Profitability. The Board considered the level of Lord Abbett's profits in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable basis and was appropriate. It considered the profits realized by Lord Abbett in connection with the operation of the Fund and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other businesses of Lord Abbett, which may benefit from or be related to the Fund's business. The Board considered Lord Abbett's profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett's ability to recruit and retain investment personn el. The Board recognized that Lord Abbett's profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to the Fund. The Board noted that Lord Abbett's profitability had increased in recent years, in part due to an increase in assets under management, but concluded that Lord Abbett's profitability overall and as to the Fund was not excessive.

Economies of Scale. The Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from any such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the existing advisory fee schedule, with its breakpoints in the level of the advisory fee, adequately addressed any economies of scale in managing the Fund.

26

Other Benefits to Lord Abbett. The Board considered the character and amount of fees paid by the Fund and the Fund's shareholders to Lord Abbett and Lord Abbett Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett's investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that Lord Abbett Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees from the Funds, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Fund, but that that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Fund.

Alternative Arrangements. The Board considered whether, instead of approving continuation of the management agreement, employing one or more alternative arrangements might be in the best interests of the Fund, such as continuing to employ Lord Abbett, but on different terms.

In considering whether to approve the continuation of the management agreement, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered. After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the management agreement.

27

Householding

The Company has adopted a policy that allows it to send only one copy of the Fund's Prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 800-821-5129 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 Record

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's website at www.sec.gov and may be available by calling Lord Abbett at 800-821-5129. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC's Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

28

LAGOF-3-0507
(7/07)

Lord Abbett Research Fund, Inc.

Lord Abbett Growth Opportunities Fund

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

Lord Abbett Mutual Fund shares are distributed by

LORD ABBETT DISTRIBUTOR LLC,

2007

LORD ABBETT SEMIANNUAL REPORT

Lord Abbett America's Value Fund

For the six-month period ended May 31, 2007

Lord Abbett Research Fund

Lord Abbett America's Value Fund

Semiannual Report

For the six-month period ended May 31, 2007

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

Dear Shareholders: We are pleased to provide you with this overview of the Lord Abbett America's Value Fund's performance for the six-month period ended May 31, 2007. On this page and the following pages, we discuss the major factors that influenced performance. For detailed and more timely information about the Fund, please visit our Website at www.lordabbett.com, where you also can access the quarterly commentaries by the Fund's portfolio managers.

General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a newsletter accompanying your quarterly account statements. We also encourage you to call Lord Abbett at 888-522-2388 and speak to one of our professionals if you would like more information.

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

Best regards,

Robert S. Dow
Chairman

Q: What were the overall market conditions during the six-month period ended May 31, 2007?

A: Supported by improving macro fundamentals and a dwindling supply of equity shares outstanding, the equity markets surged during the six months ended May 31, 2007, returning more than 10% based on the S&P Composite 1500® Index¹ (on a total return basis). A brief, but sharp, sell-off in February erased about three months' worth of gains; however, the stock market sprang back, returning more than 9% based on the S&P C omposite 1500 Index (including the reinvestment of dividends) between March and May. Both the Dow

1

Jones Industrial Average² and S&P 500® Index³ reached record levels. Providing liquidity to the stock market was a bevy of mergers and acquisitions, private equity deals, and share buybacks, which cumulatively left investors with fewer shares of public companies to own. With demand up and supply down, share prices rallied.

The positive macro backdrop included stable to moderating inflation (excluding food and energy), near record levels (for the period) of disposable income (adjusted for inflation), resurgent orders for nondefense capital good orders, and broad improvement in the manufacturing sector of the economy. The yield on 10-year Treasury bonds climbed by approximately 40 basis points.

Though returns in the equity market were broad, companies with mid to small capitalizations outperformed those companies with large to mega capitalizations. In fact, shares of growth-oriented small and mid cap companies led all other styles of investing. In the large cap category, value continued its dominance over growth. At the sector level, the top three performers were telecommunications, materials, and utilities. The underachieving sectors were financials and consumer discretionary.

Thus far in 2007, the main theme across the bond markets has been resilience in the face of exogenous shocks and tighter monetary policy on the part of several global central banks. The shocks came in February in the form of a 9% drop in Shanghai's stock market and a sharp increase in subprime mortgage defaults. Both events prompted a flight to quality, driving the yield on 10-year Treasury notes down to 4.49% on March 7, the lowest level during 2007. Within weeks, however, the jitters subsided and the 10-year Treasury yield began to climb steadily, ultimately ending the period at 4.91%.

Q: How did the America's Value Fund perform during the six-month period ended May 31, 2007?

A: The Fund returned 10.1%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to its benchmark, the S&P 500 Index, which returned 10.3% over the same period.

Note: The Lord Abbett America's Value Fund is not a balanced fund and has the capability to adjust equity and fixed income allocations, based on relative value in the market and the investment team's proprietary fundamental research.

Q: What were the most significant factors affecting performance?

Equity Portion

A: The worst detractor from the Fund's relative performance was the utilities sector, followed by the healthcare sector.

Among the individual holdings that detracted from performance were utilities holding NiSource Inc. (the Fund's number-one detractor), a natural gas and electricity company; healthcare holding Mylan Laboratories Inc., a developer of generic and branded pharmaceutical products;

2

materials holding Bowater Inc., a manufacturer of papers, pulp and lumber products; consumer discretionary holding OfficeMax Inc., which retails office products; and financial holding Bank of America Corp., a provider of banking and nonbanking financial services and products.

The information technology sector (owing to an underweight position) was the greatest contributor to the Fund's performance relative to its benchmark for the six-month period, followed by the financials sector and the consumer staples sector.

Among the individual holdings that contributed to the Fund's performance were telecommunications holding AT&T Inc. (the Fund's number-one contributor), a communications services provider; industrials holding R.R. Donnelley & Sons Co., a provider of commercial printing and information services; healthcare holding Bristol Myers Squibb Co., a diversified worldwide health and personal care company; materials holding Ball Corp., a manufacturer of metal and plastic packaging; and consumer discretionary holding Tupperware Brands Corp., a maker of consumer products for the home.

Bond Portion

A: The Fund's participation in the high-yield bond market made the greatest contribution to performance, followed by the convertible securities and high-grade investment bond markets.

Within the high-yield bond market, the top five individual holdings adding to performance included: auto parts holding Cooper-Standard Automotive, Inc., a manufacturer of sealing system products, fluid systems, vibration control applications and related products; media cable holding Charter Communications, Inc., a U.S. cable television systems operator; nonfood and drug retail holding Brookstone Co., Inc., a specialty retailer of functional consumer products; electric integrated holding Mirant Americas Generation LLC, an electrical power generator in the United States, the Philippines, and the Caribbean; and metals and mining (ex-steel) holding Novelis, Inc., a worldwide provider of flat-rolled aluminum products.

None of the Fund's high-yield bond holdings detracted from performance for the six-month period.

Within the convertible securities market, the top five individual holdings adding to performance were: telecommunications integrated services holding Qwest Communications International Inc., a provider of broadband Internet-based data, voice, and image communications; railroad holding CSX Corp., a freight transportation company; aerospace/defense holding EDO Corp., a designer of advanced electronic, information, and electro-mechanical systems; gas distribution holding El Paso Corp., a natural gas pipeline operator; and integrated energy holding Devon Energy Corp., an oil and gas property acquisition, exploration and production company.

Detracting from performance in the convertible securities market were health services holdings Five Star Quality Care,

3

Inc., an operator of senior living facilities, and Amgen Inc., a developer of human therapeutics based on cellular and molecular biology; metals and mining (ex-steel) holding Placer Dome, Inc., a supplier of gold, copper and silver; software/services holding Electronic Data Systems Corp., a provider of systems and technology services, business process management and related services; and agriculture holding Archer Daniels Midland Co., which provides agricultural commodities and products.

The portfolio's holdings in the investment-grade bond market were all profitable in the period and consisted primarily of Federal National Mortgage agency bonds.

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

A prospectus contains important information about a fund, including its investment objectives, risks, charges, and ongoing expenses, which an investor should carefully consider before investing. To obtain a prospectus on any Lord Abbett mutual fund, please contact your investment professional or Lord Abbett Distributor LLC at 888-522-2388 or visit our Website at www.lordabbett.com. Read the prospectus carefully before investing.

¹  The S&P Composite 1500® Index combines the S&P 500®, S&P 400® (an index of mid-cap companies), and S&P SmallCap 600® to create a broad market portfolio representing 90% of U.S. equities.

²  The Dow Jones Industrial Average (DJIA) is an unmanaged index of common stocks comprised of major industrial companies and assumes the reinvestment of dividends and capital gains.

³  The S&P 500® Index is widely regarded as the standard for measuring large-cap U.S. stock market performance. This popular index includes a representative sample of leading companies in leading industries.

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 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 Fund 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 our Website at 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. The Fund offers additional classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see the Fund's prospectus.

The views of the Fund's management and the portfolio holdings described in this report are as of May 31, 2007; these views and portfolio holdings may have changed subsequent to this date, and they do not guarantee the future performance of the markets or the Fund. Information provided in this report should not be considered a recommendation to purchase or sell securities.

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 the Fund, please see the 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.

4

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges 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 the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2006 through May 31, 2007).

Actual Expenses

For each class of the Fund, the first line of the applicable table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period 12/1/06 – 5/31/07" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

5

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

	Beginning Account Value		Ending Account Value		Expenses Paid During Period†
	12/1/06		5/31/07		12/1/06 – 5/31/07
Class A
Actual	$	1,000.00	$	1,100.80	$	6.70
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.53	$	6.44
Class B
Actual	$	1,000.00	$	1,097.30	$	10.09
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.29	$	9.70
Class C
Actual	$	1,000.00	$	1,097.10	$	10.09
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.29	$	9.70
Class P
Actual	$	1,000.00	$	1,100.10	$	7.23
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.04	$	6.94
Class Y
Actual	$	1,000.00	$	1,102.90	$	4.88
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.28	$	4.68

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (1.28% for Class A, 1.93% for Classes B and C, 1.38% for Class P and 0.93% for Class Y) multiplied by the average account value over the period, multiplied by 182/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

May 31, 2007

Sector*	%**
Consumer Discretionary		16.25	%
Consumer Staples		8.78	%
Energy		9.31	%
Financials		15.09	%
Healthcare		6.00	%
Industrials		7.42	%
Information Technology		3.40	%
Materials		13.67	%
Telecommunication Services		9.15	%
Utilities		8.13	%
Short-Term Investment		2.80	%
Total		100.00	%

*  A sector may comprise several industries.

**  Represents percent of total investments.

6

Schedule of Investments (unaudited)

May 31, 2007

Investments	Shares (000)		Value
LONG-TERM INVESTMENTS 97.26%
COMMON STOCKS 64.35%
Chemicals 4.81%
Chemtura Corp.		1,958	$	21,325,887
Eastman Chemical Co.		434		28,693,592
Monsanto Co.		383		23,580,480
Total				73,599,959
Commercial Banks 1.07%
Bank of America Corp.		322		16,328,620
Commercial Services & Supplies 2.76%
R.R. Donnelley & Sons Co.		791		33,870,620
Waste Management, Inc.		217		8,391,390
Total				42,262,010
Communications Equipment 1.15%
Avaya, Inc.*		1,096		17,538,240
Construction Materials 0.54%
KBR, Inc.*		299		8,235,159
Containers & Packaging 1.81%
Ball Corp.		500		27,657,856
Diversified Consumer Services 1.74%
ServiceMaster Co. (The)		1,725		26,699,734
Diversified Telecommunication Services 6.61%
AT&T, Inc.		1,102		45,540,144
Embarq Corp.		291		18,724,400
Verizon Communications, Inc.		264		11,500,626
Windstream Corp.		1,692		25,410,836
Total				101,176,006
Electric Utilities 4.07%
Ameren Corp.		589		31,284,765
Puget Energy, Inc.		1,232		31,063,762
Total				62,348,527
Electrical Equipment 1.14%
Hubbell, Inc. Class B		310		17,473,566

See Notes to Financial Statements.
7

Schedule of Investments (unaudited)(continued)

May 31, 2007

Investments	Shares (000)		Value
Energy Equipment & Services 3.40%
GlobalSantaFe Corp. (Cayman Islands)(b)		409	$	27,927,870
Halliburton Co.		672		24,141,180
Total				52,069,050
Food & Staples Retailing 0.25%
Ingles Markets, Inc.		109		3,887,105
Food Products 4.94%
H.J. Heinz Co.		591		28,105,506
Kellogg Co.		274		14,817,510
Kraft Foods, Inc. Class A		967		32,716,512
Total				75,639,528
Gas Utilities 1.99%
NiSource, Inc.		1,372		30,476,562
Hotels, Restaurants & Leisure 1.15%
McDonald's Corp.		348		17,581,290
Household Durables 3.48%
Newell Rubbermaid, Inc.		997		31,674,248
Snap-on, Inc.		399		21,579,337
Total				53,253,585
Insurance 5.78%
ACE Ltd. (Bermuda)(b)		452		27,829,640
PartnerRe Ltd. (Bermuda)(b)		277		21,250,560
Safeco Corp.		207		12,989,250
XL Capital Ltd. Class A (Bermuda)(b)		324		26,392,816
Total				88,462,266
Media 1.81%
Clear Channel Communications, Inc.		417		16,020,442
Interpublic Group of Cos., Inc. (The)*		993		11,669,089
Total				27,689,531
Multi-Line Retail 0.89%
Federated Department Stores, Inc.		339		13,558,471

See Notes to Financial Statements.
8

Schedule of Investments (unaudited)(continued)

May 31, 2007

Investments					Shares (000)		Value
Oil & Gas 3.52%
Chevron Corp.						365	$	29,743,850
EOG Resources, Inc.						314		24,169,670
Total								53,913,520
Paper & Forest Products 3.25%
Bowater, Inc.						1,282		26,650,701
MeadWestvaco Corp.						662		23,159,500
Total								49,810,201
Pharmaceuticals 3.85%
Bristol-Myers Squibb Co.						1,116		33,819,898
Mylan Laboratories, Inc.						1,266		25,038,705
Total								58,858,603
Semiconductor Equipment & Products 0.91%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR						1,276		13,918,978
Specialty Retail 1.82%
OfficeMax, Inc.						620		27,846,980
Trading Companies & Distributors 1.61%
Genuine Parts Co.						481		24,690,052
Total Common Stocks (cost $792,383,186)								984,975,399
	Interest Rate			Maturity Date	Principal Amount (000)
CONVERTIBLE BONDS 4.31%
Aerospace & Defense 0.52%
DRS Technologies, Inc.†		2.00	%	2/1/2026	$	1,500		1,545,000
EDO Corp.		4.00	%	11/15/2025		5,500		6,407,500
Total								7,952,500
Biotechnology 0.81%
Amgen, Inc.		0.125	%	2/1/2011		4,000		3,600,000
CV Therapeutics, Inc.		3.25	%	8/16/2013		5,000		4,118,750
Genzyme Corp.		1.25	%	12/1/2023		4,500		4,781,250
Total								12,500,000

See Notes to Financial Statements.
9

Schedule of Investments (unaudited)(continued)

May 31, 2007

Investments	Interest Rate			Maturity Date		Principal Amount (000)		Value
Diversified Telecommunication Services 0.18%
Qwest Communications International, Inc.		3.50	%	11/15/2025		$	1,500	$	2,776,875
Food Products 0.13%
Archer Daniels Midland Co.†		0.875	%	2/15/2014			2,000		1,962,500
Healthcare Providers & Services 0.24%
Five Star Quality Care, Inc.		3.75	%	10/15/2026			4,000		3,625,000
Hotels, Restaurants & Leisure 0.31%
Hilton Hotels Corp.		3.375	%	4/15/2023			3,000		4,811,250
Information Technology Services 0.34%
Electronic Data Systems Corp.		3.875	%	7/15/2023			5,000		5,162,500
Machinery 0.34%
Roper Industries, Inc.		1.481	%	1/15/2034			7,000		5,188,750
Media 0.25%
Sinclair Broadcast Group, Inc.		6.00	%	9/15/2012			4,000		3,870,000
Metals & Mining 0.17%
Placer Dome, Inc. (Canada)(b)		2.75	%	10/15/2023			2,000		2,570,000
Oil & Gas 0.40%
Devon Energy Corp.		4.90	%	8/15/2008			4,000		6,115,000
Pharmaceuticals 0.41%
MGI PHARMA, Inc.		1.682	%	3/2/2024			5,000		3,431,250
Wyeth		4.877	%#	1/15/2024			2,500		2,842,000
Total									6,273,250
Road & Rail 0.21%
CSX Corp.		Zero Coupon		10/30/2021			2,000		3,232,500
Total Convertible Bonds (cost $59,738,055)									66,040,125
					��	Shares (000)
CONVERTIBLE PREFERRED STOCK 2.07%
Commercial Banks 0.17%
Marshall & Ilsley Corp. (The)		6.50	%				100		2,655,000

See Notes to Financial Statements.
10

Schedule of Investments (unaudited)(continued)

May 31, 2007

Investments	Interest Rate			Shares (000)		Value
Electric Utilities 0.44%
CMS Energy Corp.		4.50	%		70	$	6,676,250
Energy Equipment & Services 0.76%
El Paso Corp.		4.99	%		8		11,576,000
Insurance 0.70%
Fortis Insurance N.V. (Netherlands)†(b)		7.75	%		283		4,235,316
XL Capital Ltd. (Cayman Islands)(b)		7.00	%		230		6,568,800
Total							10,804,116
Total Convertible Preferred Stocks (cost $24,084,776)							31,711,366
						U.S. $ Value
FOREIGN COMMON STOCKS 6.56%
Australia 1.18%
Coca-Cola Amatil Ltd.(a)					2,295		17,955,929
Canada 0.53%
CI Financial Income Fund Unit(a)					296		8,155,518
Germany 0.56%
Henkel KGaA(a)					61		8,580,506
Greece 0.85%
National Bank of Greece S.A.(a)					218		13,004,357
United Kingdom 3.44%
Cadbury Schweppes plc(a)					1,450		20,407,448
Kesa Electricals plc(a)					2,336		16,238,951
Royal Bank of Scotland Group plc (The)(a)					1,289		16,012,399
Total							52,658,798
Total Foreign Common Stocks (cost $80,287,490)							100,355,108
FOREIGN PREFERRED STOCK 0.25%
Brazil
Cia Energetica de Minas Gerais(a) (cost $3,573,108)					96,900		3,833,628

See Notes to Financial Statements.
11

Schedule of Investments (unaudited)(continued)

May 31, 2007

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
GOVERNMENT SPONSORED ENTERPRISES BOND 0.33%
Federal Home Loan Mortgage Corp. (cost $5,046,981)		5.75	%	4/15/2008	$	5,000	$	5,018,790
GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 3.30%
Federal National Mortgage Assoc.		6.00	%	11/1/2034-4/1/2036		25,687		25,707,767
Federal National Mortgage Assoc.		6.50	%	4/1/2035-9/1/2036		24,412		24,870,381
Total Government Sponsored Enterprises Pass-Throughs (cost $51,013,754)								50,578,148
HIGH YIELD CORPORATE BONDS 16.09%
Aerospace & Defense 0.21%
Hawker Beechcraft Corp.†		9.75	%	4/1/2017		3,000		3,217,500
Auto Components 0.31%
Cooper-Standard Automotive, Inc.		8.375	%	12/15/2014		3,500		3,307,500
Stanadyne Corp.		10.00	%	8/15/2014		1,375		1,474,687
Total								4,782,187
Automobiles 0.18%
Hertz Corp. (The)		8.875	%	1/1/2014		2,500		2,703,125
Chemicals 0.80%
Equistar Chemicals, L.P.		7.55	%	2/15/2026		3,000		2,835,000
Ineos Group Holdings plc (United Kingdom)†(b)		8.50	%	2/15/2016		6,500		6,573,125
Lyondell Chemical Co.		8.25	%	9/15/2016		2,575		2,800,312
Total								12,208,437
Commercial Services & Supplies 0.05%
FTI Consulting, Inc.		7.75	%	10/1/2016		800		840,000
Consumer Finance 0.20%
Ford Motor Credit Corp.		7.375	%	10/28/2009		3,000		3,012,069
Containers & Packaging 0.65%
Berry Plastics Group, Inc.		8.875	%	9/15/2014		5,000		5,150,000
Crown Cork & Seal, Inc.		7.375	%	12/15/2026		5,000		4,787,500
Total								9,937,500
Diversified Consumer Services 0.20%
Allied Waste North America, Inc.		7.25	%	3/15/2015		3,000		3,112,500

See Notes to Financial Statements.
12

Schedule of Investments (unaudited)(continued)

May 31, 2007

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Diversified Financials 1.12%
Ashtead Capital, Inc.†		9.00	%	8/15/2016	$	3,175	$	3,452,812
Ford Capital B.V. (Netherlands)(b)		9.50	%	6/1/2010		3,250		3,347,500
RBS Global & Rexnod Corp.		8.875	%	9/1/2016		3,000		3,142,500
RBS Global & Rexnod Corp.		9.50	%	8/1/2014		3,500		3,780,000
RBS Global & Rexnod Corp.		11.75	%	8/1/2016		3,000		3,397,500
Total								17,120,312
Diversified Telecommunication Services 2.15%
Cincinnati Bell, Inc.		7.00	%	2/15/2015		10,000		10,050,000
Hughes Network Systems LLC/ Hughes Network Systems Finance Co.		9.50	%	4/15/2014		3,500		3,718,750
Intelsat Bermuda Ltd. (Bermuda)(b)		6.50	%	11/1/2013		1,500		1,290,000
Intelsat Bermuda Ltd. (Bermuda)(b)		9.25	%	6/15/2016		2,325		2,586,563
Qwest Capital Funding, Inc.		7.90	%	8/15/2010		10,000		10,475,000
Syniverse Technologies		7.75	%	8/15/2013		5,000		4,875,000
Total								32,995,313
Electric Utilities 1.00%
Dynegy Holdings, Inc.		8.375	%	5/1/2016		5,000		5,218,750
Edison Mission Energy		7.75	%	6/15/2016		4,500		4,702,500
Reliant Energy, Inc.		9.50	%	7/15/2013		5,000		5,443,750
Total								15,365,000
Electrical Equipment 0.32%
Baldor Electric Co.		8.625	%	2/15/2017		4,500		4,860,000
Electronic Equipment & Instruments 0.40%
NXP B.V. (Netherlands)†(b)		9.50	%	10/15/2015		5,925		6,162,000
Energy Equipment & Services 0.16%
Hornbeck Offshore Services, Inc.		6.125	%	12/1/2014		2,500		2,409,375
Food & Staples Retailing 0.26%
Rite Aid Corp.†(c)		9.375	%	12/15/2015		4,000		4,040,000
Food Products 0.13%
Landry's Restaurants, Inc.		7.50	%	12/15/2014		2,075		2,075,000
Healthcare Providers & Services 0.47%
Tenet Healthcare Corp.		9.25	%	2/1/2015		3,500		3,508,750
United Surgical Partners, Inc. PIK†		9.25	%	5/1/2017		3,500		3,635,625
Total								7,144,375

See Notes to Financial Statements.
13

Schedule of Investments (unaudited)(continued)

May 31, 2007

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Hotels, Restaurants & Leisure 0.12%
River Rock Entertainment Authority		9.75	%	11/1/2011	$	1,700	$	1,806,250
Industrial Conglomerates 0.26%
Park-Ohio Industries, Inc.		8.375	%	11/15/2014		4,000		3,960,000
Information Technology Services 0.24%
SunGard Data Systems, Inc.		9.125	%	8/15/2013		3,500		3,736,250
Leisure Equipment & Products 0.06%
Turning Stone Resort Casino†		9.125	%	9/15/2014		875		896,875
Media 2.54%
Affinion Group, Inc.		11.50	%	10/15/2015		3,000		3,367,500
Barrington Broadcasting Group†		10.50	%	8/15/2014		5,000		5,325,000
CCH I Holdings LLC		11.75	%	5/15/2014		3,500		3,552,500
CCH I LLC		11.00	%	10/1/2015		3,000		3,277,500
Gaylord Entertainment Co.		8.00	%	11/15/2013		2,875		3,018,750
Idearc, Inc.†		8.00	%	11/15/2016		5,000		5,206,250
Mediacom Broadband LLC Corp.		8.50	%	10/15/2015		4,175		4,352,438
Mediacom Communications Corp.		9.50	%	1/15/2013		2,250		2,328,750
R.H. Donnelley Corp.		8.875	%	1/15/2016		3,000		3,247,500
Univision Communications, Inc. PIK†		9.75	%	3/15/2015		5,000		5,200,000
Total								38,876,188
Metals & Mining 0.92%
Aleris International, Inc.†		10.00	%	12/15/2016		2,500		2,640,625
Freeport-Mcmoran Copper & Gold		8.375	%	4/1/2017		5,000		5,475,000
Noranda Aluminum, Inc. PIK†		9.36	%#	5/15/2015		4,000		4,060,000
Novelis, Inc. (Canada)(b)		7.25	%	2/15/2015		1,775		1,881,500
Total								14,057,125
Multi-Utilities & Unregulated Power 0.38%
Mirant Americas Generation LLC		9.125	%	5/1/2031		5,000		5,762,500
Oil & Gas 1.08%
Chesapeake Energy Corp.		7.625	%	7/15/2013		3,500		3,731,875
Houston Exploration Co. (The)		7.00	%	6/15/2013		2,200		2,233,000
Pogo Producing Co.		6.625	%	3/15/2015		1,000		1,015,000
Verasun Energy Corp.†		9.375	%	6/1/2017		4,500		4,505,625
Williams Cos., Inc. (The)		7.875	%	9/1/2021		4,500		5,062,500
Total								16,548,000

See Notes to Financial Statements.
14

Schedule of Investments (unaudited)(concluded)

May 31, 2007

Investments	Interest Rate			Maturity Date	Principal Amount (000)		Value
Paper & Forest Products 0.74%
Abitibi-Consolidated, Inc. (Canada)(b)		8.55	%	8/1/2010	$	4,500	$	4,320,000
Bowater, Inc.		6.50	%	6/15/2013		2,000		1,800,000
Buckeye Technologies, Inc.		8.00	%	10/15/2010		1,500		1,511,250
Graphic Packaging International Corp.		9.50	%	8/15/2013		3,400		3,633,750
Total								11,265,000
Pharmaceuticals 0.23%
Warner Chilcott Corp.		8.75	%	2/1/2015		3,250		3,465,313
Semiconductors & Semiconductor Equipment 0.36%
Freescale Semiconductor, Inc.†		8.875	%	12/15/2014		5,500		5,534,375
Specialty Retail 0.14%
Brookstone Co., Inc.		12.00	%	10/15/2012		2,000		2,120,000
Textiles & Apparel 0.20%
Elizabeth Arden, Inc.		7.75	%	1/15/2014		3,000		3,097,500
Wireless Telecommunication Services 0.21%
Dobson Communications Corp.		8.875	%	10/1/2013		3,000		3,172,500
Total High Yield Corporate Bonds (cost $236,315,194)								246,282,569
Total Long-Term Investments (cost $1,252,442,544)								1,488,795,133
SHORT-TERM INVESTMENT 2.81%
Repurchase Agreement
Repurchase Agreement dated 5/31/2007, 4.70% due 6/1/2007 with State Street Bank & Trust Co. collateralized by $45,110,000 of Federal Home Loan Bank at 4.875% due 5/17/2017; value: $43,810,832; proceeds: $42,953,631 (cost $42,948,024)						42,948		42,948,024
Total Investments in Securities 100.07% (cost $1,295,390,568)								1,531,743,157
Liabilities in Excess of Cash and Other Assets (0.07%)								(997,537	)
Net Assets 100.00%							$	1,530,745,620

  ADR  American Depositary Receipt.

  PIK  Payment-in-kind.

  Unit  More than one class of securities traded together.

  *  Non-income producing security.

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

^#  Variable rate security. The interest rate represents the rate at May 31, 2007.

^(a)  Investments in non-U.S. dollar denominated securities.

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

^(c)  Security purchased on a when-issued basis (See Note 2(g)).

See Notes to Financial Statements.
15

Statement of Assets and Liabilities (unaudited)

May 31, 2007

ASSETS:
Investments in securities, at value (cost $1,295,390,568)	$	1,531,743,157
Cash		405,228
Receivables:
Interest and dividends		8,329,634
Capital shares sold		6,071,852
Investment securities sold		3,037,529
Prepaid expenses and other assets		66,802
Total assets		1,549,654,202
LIABILITIES:
Payables:
Investment securities purchased		15,487,688
Capital shares reacquired		1,496,227
Management fee		902,050
12b-1 distribution fees		503,168
Directors' fees		60,610
Fund administration		49,240
To affiliate (See Note 3)		3,558
Accrued expenses and other liabilities		406,041
Total liabilities		18,908,582
NET ASSETS	$	1,530,745,620
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,266,123,982
Undistributed net investment income		4,517,506
Accumulated net realized gain on investments and foreign currency related transactions		23,724,671
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		236,379,461
Net Assets	$	1,530,745,620
Net assets by class:
Class A Shares	$	1,340,959,226
Class B Shares	$	74,964,335
Class C Shares	$	93,894,227
Class P Shares	$	2,993,505
Class Y Shares	$	17,934,327
Outstanding shares by class:
Class A Shares (200 million shares of common stock authorized, $.001 par value)		93,864,859
Class B Shares (30 million shares of common stock authorized, $.001 par value)		5,287,182
Class C Shares (20 million shares of common stock authorized, $.001 par value)		6,612,993
Class P Shares (20 million shares of common stock authorized, $.001 par value)		209,038
Class Y Shares (30 million shares of common stock authorized, $.001 par value)		1,248,905
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value	$	14.29
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)	$	15.16
Class B Shares-Net asset value	$	14.18
Class C Shares-Net asset value	$	14.20
Class P Shares-Net asset value	$	14.32
Class Y Shares-Net asset value	$	14.36

See Notes to Financial Statements.
16

Statement of Operations (unaudited)

For the Six Months Ended May 31, 2007

Investment income:
Dividends (net of foreign withholding taxes of $59,088)	$	13,306,633
Interest		12,476,850
Total investment income		25,783,483
Expenses:
Management fee		5,019,801
12b-1 distribution plan-Class A		2,094,402
12b-1 distribution plan-Class B		339,398
12b-1 distribution plan-Class C		412,130
12b-1 distribution plan-Class P		5,912
Shareholder servicing		843,409
Fund administration		272,599
Reports to shareholders		110,309
Registration		54,131
Custody		24,216
Professional		23,102
Directors' fees		17,076
Subsidy (See Note 3)		16,864
Other		14,089
Gross expenses		9,247,438
Expense reductions (See Note 7)		(23,201	)
Net expenses		9,224,237
Net investment income		16,559,246
Net realized and unrealized gain:
Net realized gain on investments and foreign currency related transactions		24,986,770
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		90,920,908
Net realized and unrealized gain		115,907,678
Net Increase in Net Assets Resulting From Operations	$	132,466,924

See Notes to Financial Statements.
17

Statement of Changes in Net Assets

INCREASE IN NET ASSETS	For the Six Months Ended May 31, 2007 (unaudited)			For the Year Ended November 30, 2006
Operations:
Net investment income	$	16,559,246		$	29,014,609
Net realized gain on investments and foreign currency related transactions		24,986,770			39,801,673
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		90,920,908			78,641,959
Net increase in net assets resulting from operations		132,466,924			147,458,241
Distributions to shareholders from:
Net investment income
Class A		(14,785,318	)		(28,227,771	)
Class B		(637,431	)		(1,307,120	)
Class C		(769,694	)		(1,653,500	)
Class P		(31,313	)		(47,319	)
Class Y		(176,511	)		(195,659	)
Net realized gain
Class A		(34,340,479	)		(10,687,459	)
Class B		(1,990,323	)		(661,737	)
Class C		(2,396,690	)		(872,430	)
Class P		(73,205	)		(14,730	)
Class Y		(324,043	)		(36,181	)
Total distributions to shareholders		(55,525,007	)		(43,703,906	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		220,557,794			241,351,426
Reinvestment of distributions		53,779,904			42,084,119
Cost of shares reacquired		(85,930,136	)		(206,267,890	)
Net increase in net assets resulting from capital share transactions		188,407,562			77,167,655
Net increase in net assets		265,349,479			180,921,990
NET ASSETS:
Beginning of period	$	1,265,396,141		$	1,084,474,151
End of period	$	1,530,745,620		$	1,265,396,141
Undistributed net investment income	$	4,517,506		$	4,358,527

See Notes to Financial Statements.
18

Financial Highlights

	Class A Shares
	Six Months Ended 5/31/2007			Year Ended 11/30												12/19/01(a) to
	(unaudited)			2006			2005			2004			2003			11/30/02
Per Share Operating Performance
Net asset value, beginning of period	$	13.56		$	12.44		$	12.12		$	10.29		$	9.45		$	10.00
Unrealized appreciation on investments																	.01
Net asset value on SEC Effective Date																$	10.01
Investment operations:
Net investment income(b)		.17			.33			.31			.32			.31			.29
Net realized and unrealized gain (loss)		1.15			1.29			.43			1.74			.79			(.80	)
Total from investment operations		1.32			1.62			.74			2.06			1.10			(.51	)
Distributions to shareholders from:
Net investment income		(.17	)		(.36	)		(.35	)		(.23	)		(.26	)		(.05	)
Net realized gain		(.42	)		(.14	)		(.07	)		–			–			–
Total distributions		(.59	)		(.50	)		(.42	)		(.23	)		(.26	)		(.05	)
Net asset value, end of period	$	14.29		$	13.56		$	12.44		$	12.12		$	10.29		$	9.45
Total Return(c)																	.10	%(d)(e)
Total Return(c)		10.08	%(d)		13.42	%		6.27	%		20.29	%		11.97	%		(5.10	)%(d)(f)
Ratios to Average Net Assets:
Expenses, including expense reduction and expenses assumed		.64	%(d)		1.33	%		1.33	%		1.35	%		1.35	%		1.29	%(d)
Expenses, excluding expense reductions and including expenses assumed		.64	%(d)		1.33	%		1.33	%		1.35	%		1.35	%		1.29	%(d)
Expenses, excluding expense reductions and expenses assumed		.64	%(d)		1.33	%		1.34	%		1.35	%		1.46	%		2.25	%(d)
Net investment income		1.24	%(d)		2.60	%		2.51	%		2.84	%		3.24	%		2.99	%(d)
Supplemental Data:
Net assets, end of period (000)	$	1,340,959		$	1,111,167		$	944,488		$	439,703		$	128,030		$	21,467
Portfolio turnover rate		11.02	%(d)		43.85	%		31.65	%		21.81	%		28.71	%		33.71	%(d)

See Notes to Financial Statements.
19

Financial Highlights (continued)

	Class B Shares
	Six Months Ended 5/31/2007			Year Ended 11/30												12/19/01(a) to
	(unaudited)			2006			2005			2004			2003			11/30/02
Per Share Operating Performance
Net asset value, beginning of period	$	13.46		$	12.36		$	12.03		$	10.23		$	9.40		$	10.00
Unrealized appreciation on investments																	.01
Net asset value on SEC Effective Date																$	10.01
Investment operations:
Net investment income(b)		.12			.24			.23			.25			.25			.24
Net realized and unrealized gain (loss)		1.15			1.28			.43			1.72			.79			(.81	)
Total from investment operations		1.27			1.52			.66			1.97			1.04			(.57	)
Distributions to shareholders from:
Net investment income		(.13	)		(.28	)		(.26	)		(.17	)		(.21	)		(.04	)
Net realized gain		(.42	)		(.14	)		(.07	)		-			-			-
Total distributions		(.55	)		(.42	)		(.33	)		(.17	)		(.21	)		(.04	)
Net asset value, end of period	$	14.18		$	13.46		$	12.36		$	12.03		$	10.23		$	9.40
Total Return(c)																	.10	%(d)(e)
Total Return(c)		9.73	%(d)		12.62	%		5.66	%		19.50	%		11.35	%		(5.69	)%(d)(f)
Ratios to Average Net Assets:
Expenses, including expense reduction and expenses assumed		.96	%(d)		1.98	%		1.98	%		1.99	%		1.99	%		1.85	%(d)
Expenses, excluding expense reductions and including expenses assumed		.96	%(d)		1.98	%		1.98	%		1.99	%		1.99	%		1.85	%(d)
Expenses, excluding expense reductions and expenses assumed		.96	%(d)		1.98	%		1.98	%		1.99	%		2.10	%		2.81	%(d)
Net investment income		.92	%(d)		1.95	%		1.86	%		2.20	%		2.60	%		2.43	%(d)
Supplemental Data:
Net assets, end of period (000)	$	74,964		$	64,045		$	58,380		$	27,634		$	9,398		$	2,283
Portfolio turnover rate		11.02	%(d)		43.85	%		31.65	%		21.81	%		28.71	%		33.71	%(d)

See Notes to Financial Statements.
20

Financial Highlights (continued)

	Class C Shares
	Six Months Ended 5/31/2007			Year Ended 11/30												12/19/01(a) to
	(unaudited)			2006			2005			2004			2003			11/30/02
Per Share Operating Performance
Net asset value, beginning of period	$	13.48		$	12.37		$	12.05		$	10.25		$	9.41		$	10.00
Unrealized appreciation on investments																	.01
Net asset value on SEC Effective Date																$	10.01
Investment operations:
Net investment income(b)		.12			.24			.23			.25			.24			.24
Net realized and unrealized gain (loss)		1.15			1.28			.43			1.73			.80			(.79	)
Total from investment operations		1.27			1.52			.66			1.98			1.04			(.55	)
Distributions to shareholders from:
Net investment income		(.13	)		(.27	)		(.27	)		(.18	)		(.20	)		(.05	)
Net realized gain		(.42	)		(.14	)		(.07	)		-			-			-
Total distributions		(.55	)		(.41	)		(.34	)		(.18	)		(.20	)		(.05	)
Net asset value, end of period	$	14.20		$	13.48		$	12.37		$	12.05		$	10.25		$	9.41
Total Return(c)																	.10	%(d)(e)
Total Return(c)		9.71	%(d)		12.68	%		5.62	%		19.50	%		11.27	%		(5.54	)%(d)(f)
Ratios to Average Net Assets:
Expenses, including expense reduction and expenses assumed		.96	%(d)		1.98	%		1.98	%		1.99	%		1.99	%		1.85	%(d)
Expenses, excluding expense reductions and including expenses assumed		.96	%(d)		1.98	%		1.98	%		1.99	%		1.99	%		1.85	%(d)
Expenses, excluding expense reductions and expenses assumed		.96	%(d)		1.98	%		1.98	%		1.99	%		2.10	%		2.81	%(d)
Net investment income		.92	%(d)		1.95	%		1.86	%		2.20	%		2.60	%		2.43	%(d)
Supplemental Data:
Net assets, end of period (000)	$	93,894		$	77,477		$	77,374		$	28,696		$	5,902		$	2,538
Portfolio turnover rate		11.02	%(d)		43.85	%		31.65	%		21.81	%		28.71	%		33.71	%(d)

See Notes to Financial Statements.
21

Financial Highlights (continued)

	Class P Shares
	Six Months Ended 5/31/2007			Year Ended 11/30												12/19/01(a) to
	(unaudited)			2006			2005			2004			2003			11/30/02
Per Share Operating Performance
Net asset value, beginning of period	$	13.59		$	12.47		$	12.15		$	10.31		$	9.45		$	10.00
Unrealized appreciation on investments																	.01
Net asset value on SEC Effective Date																$	10.01
Investment operations:
Net investment income(b)		.16			.32			.30			.31			.31			.28
Net realized and unrealized gain (loss)		1.16			1.29			.43			1.75			.80			(.80	)
Total from investment operations		1.32			1.61			.73			2.06			1.11			(.52	)
Distributions to shareholders from:
Net investment income		(.17	)		(.35	)		(.34	)		(.22	)		(.25	)		(.04	)
Net realized gain		(.42	)		(.14	)		(.07	)		–			–			–
Total distributions		(.59	)		(.49	)		(.41	)		(.22	)		(.25	)		(.04	)
Net asset value, end of period	$	14.32		$	13.59		$	12.47		$	12.15		$	10.31		$	9.45
Total Return(c)																	.10	%(d)(e)
Total Return(c)		10.01	%(d)		13.31	%		6.17	%		20.21	%		12.03	%		(5.20	)%(d)(f)
Ratios to Average Net Assets:
Expenses, including expense reduction and expenses assumed		.69	%(d)		1.43	%		1.43	%		1.44	%		1.44	%		1.35	%(d)
Expenses, excluding expense reductions and including expenses assumed		.69	%(d)		1.43	%		1.43	%		1.44	%		1.44	%		1.35	%(d)
Expenses, excluding expense reductions and expenses assumed		.69	%(d)		1.43	%		1.44	%		1.44	%		1.55	%		2.31	%(d)
Net investment income		1.19	%(d)		2.50	%		2.42	%		2.75	%		3.15	%		2.93	%(d)
Supplemental Data:
Net assets, end of period (000)	$	2,994		$	2,365		$	1,337		$	286		$	1		$	1
Portfolio turnover rate		11.02	%(d)		43.85	%		31.65	%		21.81	%		28.71	%		33.71	%(d)

See Notes to Financial Statements.
22

Financial Highlights (concluded)

	Class Y Shares
	Six Months Ended 5/31/2007			Year Ended 11/30												12/19/01(a) to
	(unaudited)			2006			2005			2004			2003			11/30/02
Per Share Operating Performance
Net asset value, beginning of period	$	13.62		$	12.50		$	12.18		$	10.33		$	9.47		$	10.00
Unrealized appreciation on investments																	.01
Net asset value on SEC Effective Date																$	10.01
Investment operations:
Net investment income(b)		.19			.37			.35			.45			.34			.32
Net realized and unrealized gain (loss)		1.17			1.29			.44			1.66			.80			(.80	)
Total from investment operations		1.36			1.66			.79			2.11			1.14			(.48	)
Distributions to shareholders from:
Net investment income		(.20	)		(.40	)		(.40	)		(.26	)		(.28	)		(.06	)
Net realized gain		(.42	)		(.14	)		(.07	)		–			–			–
Total distributions		(.62	)		(.54	)		(.47	)		(.26	)		(.28	)		(.06	)
Net asset value, end of period	$	14.36		$	13.62		$	12.50		$	12.18		$	10.33		$	9.47
Total Return(c)																	.10	%(d)(e)
Total Return(c)		10.29	%(d)		13.75	%		6.64	%		20.72	%		12.47	%		(4.83	)%(d)(f)
Ratios to Average Net Assets:
Expenses, including expense reduction and expenses assumed		.47	%(d)		.98	%		.99	%		1.09	%		.99	%†		.93	%(d)
Expenses, excluding expense reductions and including expenses assumed		.47	%(d)		.98	%		.99	%		1.09	%		.99	%†		.93	%(d)
Expenses, excluding expense reductions and expenses assumed		.47	%(d)		.98	%		.99	%		1.09	%		1.10	%†		1.89	%(d)
Net investment income		1.41	%(d)		2.95	%		2.89	%		3.74	%		3.60	%†		3.35	%(d)
Supplemental Data:
Net assets, end of period (000)	$	17,934		$	10,342		$	2,897		$	640		$	1		$	1
Portfolio turnover rate		11.02	%(d)		43.85	%		31.65	%		21.81	%		28.71	%		33.71	%(d)

^†  The ratios have been determined on a Fund basis.

^(a)  Commencement of investment operations was 12/19/2001; SEC effective date and date shares first became available to the public was 12/27/2001.

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

^(c)  Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.

^(d)  Not annualized.

^(e)  Total return for the period 12/19/2001 through 12/26/2001.

^(f)  Total return for the period 12/27/2001 through 11/30/2002.

See Notes to Financial Statements.
23

Notes to Financial Statements (unaudited)

1. ORGANIZATION

Lord Abbett Research Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 (the "Act") as a diversified open-end management investment company, incorporated under Maryland law on April 6, 1992. The Company currently consists of four separate funds. This report covers one of the funds and its respective classes—Lord Abbett America's Value Fund (the "Fund").

The Fund's investment objective is to seek current income and capital appreciation. The Fund offers five classes of shares: Classes A, B, C, P, and Y, 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 the Classes B, C, P, and Y shares, although there may be a contingent deferred sales charge ("CDSC") as follows: certain redemptions of Class A shares made within 12 months following certain purchases made without a sales charge; Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will convert to Class A shares on the eighth anniversary of the original purchase of Class B shares.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

24

Notes to Financial Statements (unaudited)(continued)

(c)  Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Discounts are accreted and premiums are amortized using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of 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)  Federal Taxes–It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no Federal income tax provision is required.

(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. 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. Class A, B, C, and P shares bear their class-specific share of all expenses and fees relating to the Fund's 12b-1 Distribution Plan.

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

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

(h)  When-Issued Transactions–The Fund may purchase portfolio securities on a when-issued or forward basis. When-issued or forward transactions involve a commitment by the Fund to purchase securities, with payment and delivery ("settlement") to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction.

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

25

Notes to Financial Statements (unaudited)(continued)

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

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

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

For the six months ended May 31, 2007, the effective management fee paid to Lord Abbett was at an annualized rate of .74% of the Fund's average daily net assets.

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

The Fund, along with certain other funds managed by Lord Abbett (the "Underlying Funds") has entered into a Servicing Arrangement with Lord Abbett Income Strategy Fund of Lord Abbett Investment Trust (the "Income Strategy Fund"), pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees and distribution and service fees) of Income Strategy Fund in proportion to the average daily value of the Underlying Fund shares owned by Income Strategy Fund. Amounts paid pursuant to the Servicing Arrangement are included in Subsidy expense on the Fund's Statement of Operations and Payable to affiliates on the Fund's Statement of Assets and Liabilities.

12b-1 Distribution Plan

The Fund has adopted a distribution plan with respect to Class A, B, C, and P 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 ("Distributor"), an affiliate of Lord Abbett. The fees are accrued daily at annual rates based upon average daily net assets as follows:

Fee*	Class A			Class B			Class C			Class P
Service		.25	%		.25	%		.25	%		.20	%
Distribution		.10	%		.75	%		.75	%		.25	%

*The Fund may designate a portion of the aggregate fee as attributable to service activities for purpose of calculating NASD sales charge limitations.

Class Y does not have a distribution plan.

Commissions

Distributor received the following commissions on sales of shares of the Fund, after concessions were paid to authorized dealers, for the six months ended May 31, 2007:

Distributor Commissions		Dealers' Concessions
$	913,068	$	4,755,094

Distributor received CDSCs of $831 and $2,398 for Class A and Class C shares, respectively, for the six months ended May 31, 2007.

Two Directors and certain of the Fund's officers have an interest in Lord Abbett.

26

Notes to Financial Statements (unaudited)(continued)

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

The tax character of distributions paid during the six months ended May 31, 2007 and the year ended November 30, 2006 were as follows:

	Six Months Ended 5/31/2007 (unaudited)		Year Ended 11/30/2006
Distributions paid from: Ordinary income	$	24,148,017	$	36,915,035
Net long-term capital gains		31,376,990		6,788,871
Total distributions paid	$	55,525,007	$	43,703,906

As of May 31, 2007, the aggregate unrealized security gains and losses based on cost for U.S. Federal income tax purposes are as follows:

Tax cost	$	1,297,077,605
Gross unrealized gain		243,681,650
Gross unrealized loss		(9,016,098	)
Net unrealized security gain	$	234,665,552

The difference between book-basis and tax-basis unrealized gains (losses) is primarily attributable to the tax treatment of amortization and other temporary tax adjustments.

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended May 31, 2007 are as follows:

Purchases		Sales
$	275,356,402	$	147,090,446

There were no purchases or sales of U.S. Government securities for the six months ended May 31, 2007.

6. DIRECTORS' REMUNERATION

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

27

Notes to Financial Statements (unaudited)(continued)

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

7. EXPENSE REDUCTIONS

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

8. LINE OF CREDIT

The Fund, along with certain other funds managed by Lord Abbett, has available a $250,000,000 unsecured revolving credit facility ("Facility") from a consortium of banks, to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. Any borrowings under this Facility will bear interest at current market rates as defined in the agreement. The fee for this Facility is at an annual rate of .08%. As of May 31, 2007, there were no loans outstanding pursuant to this Facility nor was the Facility utilized at any time during the six months ended May 31, 2007.

9. CUSTODIAN AND ACCOUNTING AGENT

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

10. INVESTMENT RISKS

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

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

28

Notes to Financial Statements (unaudited)(continued)

The values of the Fund's fixed income holdings, and consequently, the value of an investment in the Fund will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of these holdings are likely to decline. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal or interest to the Fund, a risk that is greater with high yield bonds (sometimes called "junk bonds") in which the Fund may invest. Some issuers, particularly of high yield bonds, may default as to principal and/or interest payments after the Fund purchases their securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Fund. High yield bonds are subject to greater price fluctuations, as well as additional risks.

The Fund may invest up to 20% of its assets in foreign securities, which present increased market, liquidity, currency, political and other risks.

These factors can affect the Fund's performance.

11. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest are as follows:

	Six Months Ended May 31, 2007 (unaudited)						Year Ended November 30, 2006
Class A Shares*	Shares			Amount			Shares			Amount
Shares sold		13,743,747		$	188,395,766			16,836,905		$	211,128,210
Converted from Class B**		49,258			676,935			80,774			1,006,035
Reinvestment of distributions		3,627,846			48,305,357			3,071,032			38,091,509
Shares reacquired		(5,516,787	)		(75,143,318	)		(13,933,108	)		(174,694,925	)
Increase		11,904,064		$	162,234,740			6,055,603		$	75,530,829
Class B Shares*
Shares sold		685,645		$	9,337,621			855,487		$	10,654,098
Reinvestment of distributions		185,863			2,457,592			146,558			1,806,383
Shares reacquired		(292,745	)		(3,952,706	)		(886,412	)		(11,000,105	)
Converted to Class A**		(49,612	)		(676,935	)		(81,340	)		(1,006,035	)
Increase		529,151		$	7,165,572			34,293		$	454,341
Class C Shares
Shares sold		1,161,079		$	15,894,410			961,084		$	11,982,082
Reinvestment of distributions		182,115			2,411,889			153,465			1,892,955
Shares reacquired		(478,612	)		(6,497,837	)		(1,620,075	)		(20,168,558	)
Increase (decrease)		864,582		$	11,808,462			(505,526	)	$	(6,293,521	)
Class P Shares
Shares sold		44,175		$	604,111			78,789		$	987,312
Reinvestment of distributions		7,825			104,515			4,983			62,047
Shares reacquired		(16,974	)		(233,094	)		(16,918	)		(212,223	)
Increase		35,026		$	475,532			66,854		$	837,136
Class Y Shares
Shares sold		459,871		$	6,325,886			524,128		$	6,599,724
Reinvestment of distributions		37,380			500,551			18,514			231,225
Shares reacquired		(7,491	)		(103,181	)		(15,210	)		(192,079	)
Increase		489,760		$	6,723,256			527,432		$	6,638,870

  *  Amounts for the year ended November 30, 2006 have been reclassified to conform with current presentation.

  **  Automatic conversion of Class B shares occurs approximately eight years after the initial purchase date.

29

Notes to Financial Statements (unaudited)(concluded)

12. RECENT ACCOUNTING PRONOUNCEMENTS

In July 2006, the Financial Accounting Standards Board (FASB) issued Interpretation 48, Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement 109 (FIN 48). FIN 48 clarifies the accounting for income taxes by prescribing the minimum recognition threshold a tax position must meet before being recognized in the financial statements. The Fund will adopt FIN 48 no later than May 31, 2008 and the impact to the Fund's financial statements, if any, is currently being assessed.

In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.

30

Supplemental Proxy Information (unaudited)

A meeting of the Fund shareholders was held on December 18, 2006. The meeting was held for the purpose of approving the election of the following nine (9) Directors:

•  E. Thayer Bigelow

•  William H.T. Bush

•  Robert B. Calhoun, Jr.

•  Robert S. Dow

•  Daria L. Foster

•  Julie A. Hill

•  Franklin W. Hobbs

•  Thomas J. Neff

•  James L.L. Tullis

The results of the proxy solicitation on the preceding matter were as follows:

Matter	Votes For		Votes Against		Votes Withheld		Abstentions
E. Thayer Bigelow		189,970,639.316		908,136.810		–		–
William H.T. Bush		189,961,212.113		917,564.013		–		–
Robert B. Calhoun, Jr.		190,020,505.602		858,270.524		–		–
Robert S. Dow		190,027,666.373		851,109.753		–		–
Daria L. Foster		190,032,141.997		846,634.129		–		–
Julie A. Hill		190,013,949.154		864,826.972		–		–
Franklin W. Hobbs		190,032,473.330		846,302.796		–		–
Thomas J. Neff		189,985,412.123		893,364.003		–		–
James L.L. Tullis		190,016,577.640		862,198.486		–		–

31

Approval of Advisory Contract

At meetings on December 11 and 12, 2006, the Board, including all of the Directors who are not interested persons, considered whether to approve the continuation of the existing management agreement between the Fund and Lord Abbett. In addition to the materials the Board had reviewed throughout the course of the year, the Board received materials relating to the management agreement before the meeting and had the opportunity to ask questions and request further information in connection with its consideration. The Board also took into account its familiarity with Lord Abbett gained through its previous meetings and discussions, and the examination of the portfolio management team conducted by members of the Contracts Committee during the year.

The materials received by the Board included, but were not limited to, (1) information provided by Lipper, Inc. regarding the investment performance of the Fund compared to the investment performance of one or more groups of funds with substantially similar investment objectives (the "performance universe") and to the investment performance of an appropriate securities index (if such an index existed), for various time periods each ending September 30, 2006, (2) information on the effective management fee rates and expense ratios for one or more groups of funds with similar objectives and similar size (the "peer expense group"), (3) sales and redemption information for the Fund, (4) information regarding Lord Abbett's financial condition, (5) an analysis of the relative profitability of the management agreement to Lord Abbett, (6) information regarding the distribution arrangements of the Fund, and (7) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett's commitment to compliance with all relevant legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest resulting from being engaged in other lines of business. The Board noted that Lord Abbett did not use brokerage commissions to purchase third-party research. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.

Investment Performance and Compliance. The Board reviewed the Fund's investment performance versus that of the performance universe of funds, both in terms of total return and in terms of other statistical measures. The Board noted that there were relatively few registered investment companies with the same investment approach as the Fund, so that it was not possible to draw conclusions about the Fund's relative investment performance. The Board observed that the investment performance of the Class A shares of the Fund was in the fifth quintile of a performance universe consisting of equity income funds for the nine-month and one-year periods and in the fourth quintile for the three-year period. The Board also observed that the investment performance was below that of the Lipper Equity Income Index for each of those periods. The Board also noted that because the F und did not have five or more years of investment operations, it was difficult to draw definitive conclusions regarding its investment performance. The Board further noted that the equity component of the portfolio of the America's Value Fund was managed by the members of Lord Abbett's mid-cap value team in a manner consistent with the investment style of the Mid-Cap Value Fund and that the longer-term performance record of the Mid-Cap Value Fund was stronger than the shorter-term

32

performance, ranking in approximately the eighteenth percentile for the most recent seven years and approximately the twelfth percentile for the ten-year period.

Lord Abbett's Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to the Fund, in light of its investment objective and discipline. Among other things, they considered the size, experience, and turnover rates of Lord Abbett's investment management staff, Lord Abbett's investment methodology and philosophy, and Lord Abbett's approach to recruiting, training, and retaining investment management personnel. The Board determined that Lord Abbett had the expertise and resources to manage the Fund effectively.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and Lord Abbett Distributor and the nature and extent of Lord Abbett's supervision of third party service providers, including the Fund's transfer agent and custodian.

Expenses. The Board considered the expense ratio of the Fund and the expense ratios of the peer expense groups. It also considered the amount and nature of the fees paid by shareholders. The Board noted that there were relatively few registered investment companies with the same investment approach as the Fund, so that it was not possible to draw conclusions about the Fund's relative level of expenses. The Board observed that the contractual and actual management and administrative services fees were approximately eight basis points above the median of the peer group. The Board also observed that the total expense ratio of Class A was approximately sixteen basis points above the median of the peer group, that the total expense ratios of Class B and Class C were approximately six basis points above the median of the peer group, that the total expense ratio of Class P was approximately seventeen basis points above the median of the peer group, and the total expense ratio of Class Y was approximately six basis points above the median of the peer group.

Profitability. The Board considered the level of Lord Abbett's profits in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable basis and was appropriate. It considered the profits realized by Lord Abbett in connection with the operation of the Fund and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other businesses of Lord Abbett, which may benefit from or be related to the Fund's business. The Board considered Lord Abbett's profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett's ability to recruit and retain investment personn el. The Board recognized that Lord Abbett's profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to the Fund. The Board noted that Lord Abbett's profitability had increased in recent years, in part due to an increase in assets under management, but concluded that Lord Abbett's profitability overall and as to the Fund was not excessive.

Economies of Scale. The Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from any such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that the existing advisory fee schedule, with its breakpoints in the level of the advisory fee, adequately addressed any economies of scale in managing the Fund.

33

Other Benefits to Lord Abbett. The Board considered the character and amount of fees paid by the Fund and the Fund's shareholders to Lord Abbett and Lord Abbett Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett's investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that Lord Abbett Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees from the Funds, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Fund, but that that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Fund.

Alternative Arrangements. The Board considered whether, instead of approving continuation of the management agreement, employing one or more alternative arrangements might be in the best interests of the Fund, such as continuing to employ Lord Abbett, but on different terms.

In considering whether to approve the continuation of the management agreement, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered. After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the management agreement.

34

Householding

The Company has adopted a policy that allows it to send only one copy of the Fund's Prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 800-821-5129 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 Record

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's website at www.sec.gov and may be available by calling Lord Abbett at 800-821-5129. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and duplicating fee to the SEC's Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

35

LAAMF-3-0507
(07/07)

Lord Abbett Research Fund, Inc.

Lord Abbett America's Value Fund

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

Lord Abbett Mutual Fund shares are distributed by

LORD ABBETT DISTRIBUTOR LLC.

Item 2:Code of Ethics.

Not applicable.

Item 3:Audit Committee Financial Expert.

Not applicable.

Item 4:Principal Accountant Fees and Services.

Not applicable.

Item 5:Audit Committee of Listed Registrants.

Not applicable.

Item 6: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.

(a)Based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities.

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

Item 12:Exhibits.

(a)(1)Amendments to Code of Ethics – Not applicable.

(a)(2)Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as a part of EX-99.CERT.

(a)(3)Not applicable.

(b)Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto as a part of EX-99.906CERT.

SIGNATURES

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

LORD ABBETT RESEARCH FUND, INC.

/s/ Robert S. Dow

Robert S. Dow

Chief Executive Officer and Chairman

/s/ Joan A. Binstock

Joan A. Binstock

Chief Financial Officer and Vice President

Date: July 25, 2007

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.

LORD ABBETT RESEARCH FUND, INC.

/s/ Robert S. Dow

Robert S. Dow

Chief Executive Officer and Chairman

/s/ Joan A. Binstock

Joan A. Binstock

Chief Financial Officer and Vice President

Date: July 25, 2007