<Page>
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 811-09597
LORD ABBETT LARGE-CAP GROWTH FUND, INC.
---------------------------------------
(Exact name of Registrant as specified in charter)
90 Hudson Street, Jersey City, NJ 07302
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(Address of principal executive offices) (zip code)
Christina T. Simmons, Vice President & Assistant Secretary
90 Hudson Street, Jersey City, NJ 07302
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(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 201-6984
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Date of fiscal year end: 7/31
----
Date of reporting period: 1/31/2005
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ITEM 1: REPORT TO SHAREHOLDERS.
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[LORD ABBETT LOGO]
2005
SEMI-
ANNUAL
REPORT
LORD ABBETT
LARGE-CAP GROWTH FUND
FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2005
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LORD ABBETT LARGE-CAP GROWTH FUND
SEMI-ANNUAL REPORT
FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2005
DEAR SHAREHOLDERS: We are pleased to provide you with this overview of the Lord
Abbett Large-Cap Growth Fund's (the Fund) strategies and performance for the
six-month period ended January 31, 2005. On this and the following pages, we
discuss the major factors that influenced performance.
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,
/s/ Robert S. Dow
ROBERT S. DOW
CHAIRMAN
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Q: WHAT WERE THE OVERALL MARKET CONDITIONS OF THE REPORTING PERIOD?
A: The U.S. economy showed mixed signs during the six-month period from
July 31, 2004 through January 31, 2005. After slowing during a summer "soft
patch," the economy regained some traction in the third quarter of 2004. Despite
indicators of renewed economic strength, however, stocks finished the third
quarter down slightly. One of the key drivers of stocks during most of the
summer seemed to be the direction of oil prices, with stocks falling as oil
prices rose. This negative correlation lasted until mid-August when crude oil
broke through the $45 per barrel price level. From mid-August through
mid-September, stocks benefited from declining gasoline prices at the pump, a
favorable turn of events for consumers. Equities gathered momentum until a
string of hurricanes on the Gulf Coast forced production disruptions at one of
the nation's largest oil-refining facilities, causing oil prices to rise again
as the quarter ended.
The combination of declining gasoline prices during much of the third
quarter and the addition of 300,000-400,000 jobs, while lower than expected,
contributed to a pick up in consumer spending in the third-quarter.
Third-quarter unemployment declined to 5.4%. On August 10, 2004, the Federal
Reserve Board (the Fed) raised the fed funds rate from 1.25% to 1.50%. (The fed
funds rate is the rate charged by the Fed to banks needing overnight loans to
meet reserve requirements.) This was followed by another increase to 1.75% on
September 21. Two additional increases in November and December brought the fed
funds rate to 2.25% by year-end.
In the final quarter of the year, employment increased. The Consumer Price
Index (CPI) increased 0.5% in October and 0.1% in November followed by a
decrease of 0.4% in December. The CPI is a commonly used measure of inflation,
which reflects changes in the prices paid by urban consumers for a
representative basket of goods and services. In addition, the S&P 500 Index(1)
gained 1.5% in October,
1
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4.0% in November and 3.4% in December. For 2004 as a whole, the S&P 500 Index(1)
reported a gain of 10.9%.
In January 2005, the Consumer Confidence Index rose 0.7%. Based on a
representative sample of 5,000 households, the Index measures consumer
confidence about current business, employment and economic conditions as well as
their expectations for the same six months hence. Employment increased by
146,000 in January and the unemployment rate decreased to 5.2%, while the S&P
500 Index(1) declined 2.4%.
Q: HOW DID THE FUND PERFORM OVER THE SIX-MONTH PERIOD ENDED JANUARY 31, 2005?
A: For the six-month period ended January 31, 2005, the Fund returned 4.8%,
reflecting performance at the Net Asset Value (NAV) of Class A shares with all
distributions reinvested, compared with its benchmark, the Russell 1000(R)
Growth Index,(2) which returned 6.0% over the same period. Standardized Average
Annual Total Returns, which reflect performance at the maximum 5.75% sales
charge applicable to Class A share investments and include the reinvestment of
all distributions are 1 Year: -7.81%, 5 Year: -15.02%, and Since Inception
(12/30/99): -15.50%. Class A shares purchased subject to a front-end sales
charge have no contingent deferred sales charge (CDSC). However, certain
purchases of Class A shares made without a front-end sales charge may be subject
to a CDSC of 1.0% if the shares are redeemed within 12 months of the purchase.
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 800-821-5129 OR REFERRING
TO OUR WEBSITE AT www.LordAbbett.com.
Q: WHAT WERE THE MOST SIGNIFICANT FACTORS AFFECTING PERFORMANCE?
A: The largest detractor to Fund performance for the six-month period ended
January 31, 2005 was stock selection within the technology sector. Overall,
investor concern about a possible peak in the semi-conductor cycle put pressure
on the technology sector. In the Fund's portfolio, a build up of product
inventory in two semi-conductor companies hurt performance. In addition, stock
selection within the consumer discretionary sector also detracted from
performance. The consumer discretionary sector includes companies that produce
or sell goods typically consumed on an irregular or one-time basis. These
include automobiles and components, consumer durables, apparel, hotels,
restaurants, leisure, media and retailing. Stock selection within the producer
durables sector also hurt performance. Producer durables include industrials and
capital goods used in the
2
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production of other goods such as industrial buildings, machinery and equipment.
Consumer concerns about rising interest rates dampened the performance of the
Fund's homebuilder holdings.
An overweight position and strong stock selection within the financial
services sector were the greatest positive contributors to performance for the
six-month period ended January 31, 2005. Brokerage firm holdings performed well
as investors reacted positively to a generally improving equity market and
economy. Another bank holding also helped performance as their earlier
acquisitions contributed to performance. Furthermore, the Fund benefited from
the portfolio's overweight position and good stock selection within the sector
called "other," which consists of companies that are diversified conglomerates.
The largest holding within this sector was a strong performer as management made
good on past objectives including meeting its earnings numbers.
THE FUND'S PORTFOLIO IS ACTIVELY MANAGED AND, THEREFORE, ITS HOLDINGS AND
WEIGHTINGS OF A PARTICULAR ISSUER OR PARTICULAR SECTOR AS A PERCENTAGE OF
PORTFOLIO ASSETS ARE SUBJECT TO CHANGE. SECTORS MAY INCLUDE MANY INDUSTRIES.
THE PROSPECTUS CONTAINS IMPORTANT INFORMATION ABOUT THE FUND, INCLUDING THE
FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND ONGOING EXPENSES, THAT YOU
SHOULD CAREFULLY CONSIDER BEFORE INVESTING. TO OBTAIN A PROSPECTUS ON THIS FUND
OR ANY LORD ABBETT MUTUAL FUND, PLEASE CONTACT YOUR INVESTMENT PROFESSIONAL OR
LORD ABBETT DISTRIBUTOR LLC AT 800-874-3733 OR VISIT www.LordAbbett.com. READ
THE PROSPECTUS CAREFULLY BEFORE INVESTING.
(1) 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. The index is unmanaged, does not reflect the
deduction of fees or expenses and is not available for direct investment.
(2) The Russell 1000(R) Growth Index measures the performance of those Russell
1000(R) companies with higher price-to-book ratios and higher forecasted growth
values. The index is unmanaged, does not reflect the deduction of fees or
expenses and is not available for direct investment.
IMPORTANT PERFORMANCE AND OTHER INFORMATION
The views of the Fund's management and the portfolio holdings described in this
report are as of January 31, 2005; 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.
PERFORMANCE: BECAUSE OF ONGOING MARKET VOLATILITY, FUND PERFORMANCE MAY BE
SUBJECT TO SUBSTANTIAL FLUCTUATION. 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.
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
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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 (August 1, 2004 through January 31,
2005).
ACTUAL EXPENSES
For each class of the Fund, the first line of the table on the following
page provides information about actual account values and actual expenses. You
may use the information in this line, together with the amount you invested, to
estimate the expenses that you paid over the period. Simply divide your account
value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6),
then multiply the result by the number in the first line under the heading
entitled "Expenses Paid During the Period 8/1/04 - 1/31/05" 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 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
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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.
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE PERIOD+
----------- ----------- -----------
8/14/04 -
8/1/04 1/31/05 1/31/05
----------- ----------- -----------
CLASS A
Actual $ 1,000.00 $ 1,047.60 $ 9.34
Hypothetical (5% Return Before Expenses) $ 1,000.00 $ 1,016.08 $ 9.20
CLASS B
Actual $ 1,000.00 $ 1,044.60 $ 12.68
Hypothetical (5% Return Before Expenses) $ 1,000.00 $ 1,012.80 $ 12.48
CLASS C
Actual $ 1,000.00 $ 1,044.60 $ 12.68
Hypothetical (5% Return Before Expenses) $ 1,000.00 $ 1,012.80 $ 12.48
CLASS P
Actual $ 1,000.00 $ 1,047.30 $ 8.41
Hypothetical (5% Return Before Expenses) $ 1,000.00 $ 1,016.99 $ 8.29
CLASS Y
Actual $ 1,000.00 $ 1,047.90 $ 7.59
Hypothetical (5% Return Before Expenses) $ 1,000.00 $ 1,017.80 $ 7.48
</Table>
+ For each class of the Fund, expenses are equal to the annualized expense ratio
for such class (1.81% for Class A, 2.46% for Classes B and C, 1.63% for Class
P and 1.47% for Class Y) multiplied by the average account value over the
period, multiplied by 184/365 (to reflect one-half year period).
- --------------------------------------------------------------------------------
PORTFOLIO HOLDINGS PRESENTED BY SECTOR
JANUARY 31, 2005
<Table>
<Caption>
SECTOR %*
Auto & Transportation .46%
Consumer Discretionary 21.18%
Consumer Staples 8.01%
Financial Services 12.58%
Healthcare 21.91%
Integrated Oils .59%
Other 5.41%
Other Energy 1.46%
Producer Durables 2.01%
Short-Term Investment 1.06%
Technology 23.91%
Utilities 1.42%
Total 100.00%
</Table>
* Represents percent of total investments.
5
<Page>
SCHEDULE OF INVESTMENTS (UNAUDITED)
JANUARY 31, 2005
<Table>
<Caption>
VALUE
INVESTMENTS SHARES (000)
- --------------------------------------------------------------------------------
COMMON STOCKS 98.55%
ADVERTISING AGENCY 0.41%
Omnicom Group, Inc. 6,000 $ 509
------------
BANKS: NEW YORK CITY 0.56%
JPMorgan Chase & Co. 18,500 691
------------
BANKS: OUTSIDE NEW YORK CITY 0.86%
North Fork Bancorp., Inc. 4,400 126
Wachovia Corp. 17,100 938
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TOTAL 1,064
------------
BEVERAGE: BREWERS 0.47%
Anheuser-Busch Cos., Inc. 12,000 590
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BEVERAGE: SOFT DRINKS 2.62%
Coca-Cola Co. (The) 25,500 1,058
PepsiCo, Inc. 41,100 2,207
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TOTAL 3,265
------------
BIOTECHNOLOGY RESEARCH &
PRODUCTION 4.29%
Amgen, Inc.* 39,183 2,439
Biogen Idec, Inc.* 12,800 831
Genentech, Inc.* 22,200 1,059
Genzyme Corp.* 17,300 1,007
------------
TOTAL 5,336
------------
CABLE TELEVISION SERVICES 0.11%
EchoStar Communications
Corp. Class A 4,500 137
------------
COMMUNICATIONS & MEDIA 0.88%
Time Warner, Inc.* 61,000 1,098
------------
COMMUNICATIONS TECHNOLOGY 5.93%
Avaya, Inc.* 35,000 502
Cisco Systems, Inc.* 154,776 2,792
Juniper Networks, Inc.* 34,000 855
Motorola, Inc. 44,700 704
Nortel Networks Corp.*(a) 66,500 216
QUALCOMM, Inc. 62,200 $ 2,316
------------
TOTAL 7,385
------------
COMPUTER SERVICES SOFTWARE &
SYSTEMS 6.46%
Adobe Systems, Inc. 7,500 427
Autodesk, Inc. 10,000 294
Microsoft Corp. 168,900 4,439
Oracle Corp.* 104,539 1,439
Symantec Corp.* 25,000 584
VERITAS Software Corp.* 33,100 851
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TOTAL 8,034
------------
COMPUTER TECHNOLOGY 5.33%
Dell, Inc.* 72,767 3,039
EMC Corp.* 105,400 1,381
International Business
Machines Corp. 20,255 1,892
Network Appliance, Inc.* 10,000 318
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TOTAL 6,630
------------
CONSUMER ELECTRONICS 2.28%
Electronic Arts, Inc.* 17,470 1,124
Google, Inc. Class A* 1,500 293
Yahoo!, Inc.* 40,400 1,423
------------
TOTAL 2,840
------------
CONSUMER PRODUCTS 1.15%
Gillette Co. 28,300 1,435
------------
COSMETICS 0.60%
Avon Products, Inc. 5,000 211
Estee Lauder Cos.,
Inc. (The) 11,900 537
------------
TOTAL 748
------------
DIVERSIFIED FINANCIAL SERVICES 4.68%
American Express Co. 40,200 2,145
Citigroup, Inc. 53,600 2,629
Morgan Stanley 18,798 1,052
------------
TOTAL 5,826
------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
6
<Page>
SCHEDULE OF INVESTMENTS (UNAUDITED)(CONTINUED)
JANUARY 31, 2005
<Table>
<Caption>
VALUE
INVESTMENTS SHARES (000)
- --------------------------------------------------------------------------------
DRUG & GROCERY STORE CHAINS 1.57%
Walgreen Co. 28,500 $ 1,215
Whole Foods Market, Inc. 8,200 733
------------
TOTAL 1,948
------------
DRUGS & PHARMACEUTICALS 11.64%
Abbott Laboratories 11,000 495
Allergan, Inc. 9,000 684
Cardinal Health, Inc. 11,200 631
Eli Lilly & Co. 26,200 1,421
Forest Laboratories, Inc.* 23,700 984
Gilead Sciences, Inc.* 13,200 437
Johnson & Johnson 56,092 3,629
Pfizer, Inc. 155,792 3,764
Teva Pharmaceutical
Industries Ltd. ADR 28,200 810
Wyeth 41,020 1,626
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TOTAL 14,481
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EDUCATION SERVICES 0.30%
Apollo Group, Inc. Class A* 4,800 375
------------
ELECTRONICS: MEDICAL SYSTEMS 0.84%
Medtronic, Inc. 19,850 1,042
------------
ELECTRONICS: SEMI-CONDUCTORS /
COMPONENTS 6.09%
Analog Devices, Inc. 12,200 438
Broadcom Corp. Class A* 26,700 850
Intel Corp. 174,849 3,925
Linear Technology Corp. 12,000 453
Marvell Technology
Group Ltd.*(a) 12,600 421
Texas Instruments, Inc. 64,500 1,497
------------
TOTAL 7,584
------------
ENTERTAINMENT 1.51%
Viacom, Inc. Class B 31,550 1,178
Walt Disney Co. (The) 24,700 707
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TOTAL 1,885
------------
FINANCIAL DATA PROCESSING SERVICES &
SYSTEMS 0.99%
Automatic Data Processing,
Inc. 10,100 $ 439
First Data Corp. 19,469 793
------------
TOTAL 1,232
------------
FINANCIAL MISCELLANEOUS 2.20%
Federal National Mortgage
Assoc. 21,552 1,392
MBNA Corp. 50,600 1,345
------------
TOTAL 2,737
------------
HEALTHCARE MANAGEMENT SERVICES 2.24%
UnitedHealth Group, Inc. 31,320 2,784
------------
HOMEBUILDING 0.51%
Pulte Homes, Inc. 5,500 364
Toll Brothers, Inc.* 3,500 273
------------
TOTAL 637
------------
HOTEL/MOTEL 0.47%
Carnival Corp. 10,200 588
------------
INSURANCE: MULTI-LINE 2.50%
American Int'l. Group, Inc. 46,970 3,114
------------
JEWELRY WATCHES & GEMSTONES 0.38%
Tiffany & Co. 15,200 478
------------
MACHINERY: OIL WELL EQUIPMENT &
SERVICES 1.45%
Schlumberger Ltd.(a) 26,600 1,810
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MEDICAL & DENTAL INSTRUMENTS &
SUPPLIES 2.83%
Biomet, Inc. 14,600 620
Boston Scientific Corp.* 26,364 872
Guidant Corp. 9,300 674
St. Jude Medical, Inc.* 16,800 660
Zimmer Holdings, Inc.* 8,800 694
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TOTAL 3,520
------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
7
<Page>
SCHEDULE OF INVESTMENTS (UNAUDITED)(CONTINUED)
JANUARY 31, 2005
<Table>
<Caption>
VALUE
INVESTMENTS SHARES (000)
- --------------------------------------------------------------------------------
MISC BUSINESS & CONSUMER
DISCRETIONARY 0.46%
Scripps Co. 12,400 $ 575
------------
MULTI-SECTOR COMPANIES 5.39%
3M Co. 21,600 1,822
General Electric Co. 135,318 4,889
------------
TOTAL 6,711
------------
OFFICE FURNITURE & BUSINESS
EQUIPMENT 0.14%
Lexmark Int'l., Inc.* 2,100 175
------------
OIL: INTEGRATED INTERNATIONAL 0.58%
Exxon Mobil Corp. 14,000 722
------------
PRODUCTION TECHNOLOGY EQUIPMENT 0.93%
Applied Materials, Inc.* 54,048 859
KLA-Tencor Corp.* 6,300 292
------------
TOTAL 1,151
------------
RECREATIONAL VEHICLES & BOATS 0.45%
Harley-Davidson, Inc. 9,400 565
------------
RESTAURANTS 1.00%
Starbucks Corp.* 23,000 1,242
------------
RETAIL 8.18%
Amazon.com, Inc.* 11,000 475
Best Buy Co., Inc. 12,352 664
Gap, Inc. (The) 14,000 308
Home Depot, Inc. (The) 34,475 1,423
Lowe's Cos., Inc. 23,200 1,322
Nordstrom, Inc. 7,000 338
PETsMART Inc. 7,300 221
Target Corp. 44,300 2,249
TJX Cos., Inc. (The) 3,900 98
Wal-Mart Stores, Inc. 58,804 3,081
------------
TOTAL 10,179
------------
SECURITIES BROKERAGE & SERVICES 0.75%
Lehman Brothers
Holdings, Inc. 10,184 $ 929
------------
SERVICES: COMMERCIAL 1.85%
eBay, Inc.* 28,188 2,297
------------
SHOES 0.75%
NIKE, Inc. Class B 10,700 927
------------
SOAPS & HOUSEHOLD CHEMICALS 3.32%
Colgate-Palmolive Co. 23,100 1,214
Procter & Gamble Co.
(The) 54,800 2,917
------------
TOTAL 4,131
------------
TELECOMMUNICATIONS EQUIPMENT 0.42%
Nokia Oyj ADR 34,300 524
------------
TEXTILES APPAREL MANUFACTURERS 0.76%
Coach, Inc.* 16,800 942
------------
UTILITIES: CABLE TV & RADIO 0.62%
Comcast Corp.* 24,100 776
------------
UTILITIES: TELECOMMUNICATIONS 0.80%
Nextel Communications,
Inc.* 34,500 990
------------
TOTAL COMMON STOCKS
(Cost $119,620,327) 122,639
============
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
8
<Page>
SCHEDULE OF INVESTMENTS (UNAUDITED)(CONCLUDED)
JANUARY 31, 2005
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
INVESTMENTS (000) (000)
- --------------------------------------------------------------------------------
SHORT-TERM INVESTMENT 1.05%
REPURCHASE AGREEMENT 1.05%
Repurchase Agreement
dated 1/31/2005,
1.80% due 2/1/2005
with State Street
Bank & Trust Co.
collateralized by
$1,350,000 of Federal
Farm Credit Bank at
3.375% due 7/15/2008;
value: $1,336,500;
proceeds: $1,309,051
(Cost $1,308,986) $ 1,309 $ 1,309
------------
TOTAL INVESTMENTS IN
SECURITIES 99.60%
(Cost $120,929,313) 123,948
============
OTHER ASSETS IN EXCESS OF
LIABILITIES 0.40% 504
------------
NET ASSETS 100.00% $ 124,452
============
</Table>
* Non=income producing security.
(a) Foreign security traded in U.S. dollars.
ADR American Depository Receipt.
SEE NOTES TO FINANCIAL STATEMENTS.
9
<Page>
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JANUARY 31, 2005
<Table>
ASSETS:
Investment in securities, at value (Cost $120,929,313) $ 123,948,181
Receivables:
Interest and dividends 40,944
Investment securities sold 559,528
Capital shares sold 336,944
Prepaid expenses and other assets 41,590
- ----------------------------------------------------------------------------------------
TOTAL ASSETS 124,927,187
- ----------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Capital shares reacquired 122,699
Management fee 83,724
12b-1 distribution fees 84,987
Fund administration 9,194
Trustees' fees 8,606
Accrued expenses and other liabilities 166,371
- ----------------------------------------------------------------------------------------
TOTAL LIABILITIES 475,581
========================================================================================
NET ASSETS $ 124,451,606
========================================================================================
COMPOSITION OF NET ASSETS:
Paid-in capital $ 189,759,213
Accumulated net investment loss (180,044)
Accumulated net realized loss on investments (68,146,431)
Net unrealized appreciation on investments 3,018,868
- ----------------------------------------------------------------------------------------
NET ASSETS $ 124,451,606
========================================================================================
NET ASSETS BY CLASS:
Class A Shares $ 81,741,709
Class B Shares $ 22,264,918
Class C Shares $ 19,434,700
Class P Shares $ 545
Class Y Shares $ 1,009,734
OUTSTANDING SHARES BY CLASS
(UNLIMITED NUMBER OF AUTHORIZED SHARES OF BENEFICIAL INTEREST):
Class A Shares 16,904,219
Class B Shares 4,757,513
Class C Shares 4,155,832
Class P Shares 112
Class Y Shares 209,830
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
(NET ASSETS DIVIDED BY OUTSTANDING SHARES):
Class A Shares-Net asset value $ 4.84
Class A Shares-Maximum offering price
(Net asset value plus sales charge of 5.75%) $ 5.14
Class B Shares-Net asset value $ 4.68
Class C Shares-Net asset value $ 4.68
Class P Shares-Net asset value $ 4.87
Class Y Shares-Net asset value $ 4.81
========================================================================================
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
10
<Page>
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JANUARY 31, 2005
<Table>
INVESTMENT INCOME:
Dividends $ 1,056,195
Interest 8,854
Securities lending-net 605
Foreign withholding tax (929)
- ----------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 1,064,725
- ----------------------------------------------------------------------------------------
EXPENSES:
Management fee 459,502
12b-1 distribution plan-Class A 145,277
12b-1 distribution plan-Class B 108,943
12b-1 distribution plan-Class C 91,665
12b-1 distribution plan-Class P 2
Shareholder servicing 326,671
Professional 28,139
Reports to shareholders 29,238
Fund administration 24,507
Custody 10,085
Trustees' fees 1,064
Registration 8,109
Other 3,556
- ----------------------------------------------------------------------------------------
Gross expenses 1,236,758
Expense reductions (588)
- ----------------------------------------------------------------------------------------
NET EXPENSES 1,236,170
- ----------------------------------------------------------------------------------------
NET INVESTMENT LOSS (171,445)
========================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments 819,302
Net change in unrealized appreciation (depreciation) on investments 4,820,501
========================================================================================
NET REALIZED AND UNREALIZED GAIN 5,639,803
========================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 5,468,358
========================================================================================
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
11
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED JANUARY 31, 2005 FOR THE YEAR ENDED
INCREASE IN NET ASSETS (UNAUDITED) JULY 31, 2004
OPERATIONS:
Net investment income (loss) $ (171,445) $ (1,290,667)
Net realized gain (loss) on investments 819,302 2,602,957
Net change in unrealized appreciation (depreciation) on investments 4,820,501 2,006,834
- -----------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 5,468,358 3,319,124
=======================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sales of shares 18,610,170 47,030,203
Cost of shares reacquired (16,122,320) (25,034,632)
- -----------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS 2,487,850 21,995,571
=======================================================================================================================
NET INCREASE IN NET ASSETS 7,956,208 25,314,695
=======================================================================================================================
NET ASSETS:
Beginning of period 116,495,398 91,180,703
- -----------------------------------------------------------------------------------------------------------------------
END OF PERIOD $ 124,451,606 $ 116,495,398
=======================================================================================================================
ACCUMULATED NET INVESTMENT LOSS $ (180,044) $ (8,599)
=======================================================================================================================
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
12
<Page>
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31 12/15/1999(d)
1/31/2005 ---------------------------------------------------- TO
(UNAUDITED) 2004 2003 2002 2001 7/31/2000
PER SHARE OPERATING PERFORMANCE
(CLASS A SHARES)
NET ASSET VALUE,
BEGINNING OF PERIOD $ 4.62 $ 4.41 $ 4.02 $ 6.33 $ 10.57 $ 10.00
============= ========== ========== ========== ========== =============
Investment operations:
Net investment loss(a) -(f) (.05) (.04) (.07) (.08) (.05)
Net realized and
unrealized gain (loss) .22 .26 .43 (2.24) (4.14) .62
------------- ---------- ---------- ---------- ---------- -------------
Total from investment
operations .22 .21 .39 (2.31) (4.22) .57
------------- ---------- ---------- ---------- ---------- -------------
Distributions to shareholders from:
Net realized gain - - - - (.02) -
------------- ---------- ---------- ---------- ---------- -------------
NET ASSET VALUE, END OF PERIOD $ 4.84 $ 4.62 $ 4.41 $ 4.02 $ 6.33 $ 10.57
============= ========== ========== ========== ========== =============
Total Return(b) 4.76%(c) 4.76% 9.70% (36.49)% (39.96)% 5.70%(c)
RATIOS TO AVERAGE NET ASSETS:
Expenses, including waiver and
expense reductions .91%(c) 1.90% 2.06% 2.02% 1.68% .82%(c)
Expenses, excluding waiver and
expense reductions .91%(c) 1.90% 2.06% 2.02% 1.69% 1.12%(c)
Net investment loss (.04)%(c) (.98)% (1.06)% (1.29)% (1.01)% (.44)%(c)
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31 12/15/1999(d)
1/31/2005 ---------------------------------------------------- TO
SUPPLEMENTAL DATA: (UNAUDITED) 2004 2003 2002 2001 7/31/2000
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $ 81,742 $ 79,114 $ 65,178 $ 56,665 $ 78,064 $ 83,703
Portfolio turnover rate 10.42% 28.15% 47.02% 42.08% 36.53% 14.66%
==============================================================================================================================
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
13
<Page>
FINANCIAL HIGHLIGHTS (CONTINUED)
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31 12/15/1999(d)
1/31/2005 ---------------------------------------------------- TO
(UNAUDITED) 2004 2003 2002 2001 7/31/2000
PER SHARE OPERATING PERFORMANCE
(CLASS B SHARES)
NET ASSET VALUE,
BEGINNING OF PERIOD $ 4.48 $ 4.31 $ 3.95 $ 6.26 $ 10.51 $ 10.00
============= ========== ========== ========== ========== =============
Investment operations:
Net investment loss(a) (.02) (.07) (.07) (.10) (.13) (.07)
Net realized and
unrealized gain (loss) .22 .24 .43 (2.21) (4.10) .58
------------- ---------- ---------- ---------- ---------- -------------
Total from investment
operations .20 .17 .36 (2.31) (4.23) .51
------------- ---------- ---------- ---------- ---------- -------------
Distributions to shareholders from:
Net realized gain - - - - (.02) -
------------- ---------- ---------- ---------- ---------- -------------
NET ASSET VALUE, END OF PERIOD $ 4.68 $ 4.48 $ 4.31 $ 3.95 $ 6.26 $ 10.51
============= ========== ========== ========== ========== =============
Total Return(b) 4.46%(c) 3.94% 9.11% (36.90)% (40.34)% 5.20%(c)
RATIOS TO AVERAGE NET ASSETS:
Expenses, including waiver and
expense reductions 1.24%(c) 2.52% 2.67% 2.63% 2.29% 1.07%(c)
Expenses, excluding waiver and
expense reductions 1.24%(c) 2.52% 2.67% 2.63% 2.30% 1.53%(c)
Net investment loss (.36)%(c) (1.60)% (1.67)% (1.92)% (1.64)% (.68)%(c)
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31 12/15/1999(d)
1/31/2005 ---------------------------------------------------- TO
SUPPLEMENTAL DATA: (UNAUDITED) 2004 2003 2002 2001 7/31/2000
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $ 22,265 $ 20,731 $ 15,452 $ 10,041 $ 11,522 $ 8,046
Portfolio turnover rate 10.42% 28.15% 47.02% 42.08% 36.53% 14.66%
==============================================================================================================================
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
14
<Page>
FINANCIAL HIGHLIGHTS (CONTINUED)
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31 12/15/1999(d)
1/31/2005 ---------------------------------------------------- TO
(UNAUDITED) 2004 2003 2002 2001 7/31/2000
PER SHARE OPERATING PERFORMANCE
(CLASS C SHARES)
NET ASSET VALUE,
BEGINNING OF PERIOD $ 4.48 $ 4.31 $ 3.95 $ 6.25 $ 10.51 $ 10.00
============= ========== ========== ========== ========== =============
Investment operations:
Net investment loss(a) (.02) (.08) (.07) (.10) (.13) (.07)
Net realized and
unrealized gain (loss) .22 .25 .43 (2.20) (4.11) .58
------------- ---------- ---------- ---------- ---------- -------------
Total from investment
operations .20 .17 .36 (2.30) (4.24) .51
------------- ---------- ---------- ---------- ---------- -------------
Distributions to shareholders from:
Net realized gain - - - - (.02) -
------------- ---------- ---------- ---------- ---------- -------------
NET ASSET VALUE, END OF PERIOD $ 4.68 $ 4.48 $ 4.31 $ 3.95 $ 6.25 $ 10.51
============= ========== ========== ========== ========== =============
Total Return(b) 4.46%(c) 3.94% 9.11% (36.80)% (40.44)% 5.20%(c)
RATIOS TO AVERAGE NET ASSETS:
Expenses, including waiver and
expense reductions 1.24%(c) 2.52% 2.67% 2.63% 2.34% 1.01%(c)
Expenses, excluding waiver and
expense reductions 1.24%(c) 2.52% 2.67% 2.63% 2.35% 1.53%(c)
Net investment loss (.36)%(c) (1.60)% (1.67)% (1.91)% (1.69)% (.61)%(c)
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31 12/15/1999(d)
1/31/2005 ---------------------------------------------------- TO
SUPPLEMENTAL DATA: (UNAUDITED) 2004 2003 2002 2001 7/31/2000
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $ 19,434 $ 16,648 $ 10,550 $ 5,731 $ 4,598 $ 2,066
Portfolio turnover rate 10.42% 28.15% 47.02% 42.08% 36.53% 14.66%
==============================================================================================================================
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
15
<Page>
FINANCIAL HIGHLIGHTS (CONTINUED)
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31 12/15/1999(d)
1/31/2005 ---------------------------------------------------- TO
(UNAUDITED) 2004 2003 2002 2001 7/31/2000
PER SHARE OPERATING PERFORMANCE
(CLASS P SHARES)
NET ASSET VALUE,
BEGINNING OF PERIOD $ 4.65 $ 4.43 $ 4.03 $ 6.32 $ 10.53 $ 10.00
============= ========== ========== ========== ========== =============
Investment operations:
Net investment income -(f) (.04) (.03) (.05) (.07) (.05)
(loss)(a)
Net realized and
unrealized gain (loss) .22 .26 .43 (2.24) (4.12) .58
------------- ---------- ---------- ---------- ---------- -------------
Total from investment
operations .22 .22 .40 (2.29) (4.19) .53
------------- ---------- ---------- ---------- ---------- -------------
Distributions to shareholders from:
Net realized gain - - - - (.02) -
------------- ---------- ---------- ---------- ---------- -------------
NET ASSET VALUE, END OF PERIOD $ 4.87 $ 4.65 $ 4.43 $ 4.03 $ 6.32 $ 10.53
============= ========== ========== ========== ========== =============
Total Return(b) 4.73%(c) 4.97% 9.93% (36.23)% (39.83)% 5.30%(c)
RATIOS TO AVERAGE NET ASSETS:
Expenses, including waiver and
expense reductions .82%(c) 1.97%+ 2.12%+ 2.08% 1.74% .87%(c)
Expenses, excluding waiver and
expense reductions .82%(c) 1.97%+ 2.12%+ 2.08% 1.75% 1.19%(c)
Net investment income (loss) .05%(c) (1.05)%+ (1.12)%+ (1.35)% (1.08)% (.43)%(c)
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31 12/15/1999(d)
1/31/2005 ---------------------------------------------------- TO
SUPPLEMENTAL DATA: (UNAUDITED) 2004 2003 2002 2001 7/31/2000
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $ 1 $ 1 $ 1 $ -(e) $ 1 $ 1
Portfolio turnover rate 10.42% 28.15% 47.02% 42.08% 36.53% 14.66%
==============================================================================================================================
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
16
<Page>
FINANCIAL HIGHLIGHTS (CONCLUDED)
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31 12/15/1999(d)
1/31/2005 ---------------------------------------------------- TO
(UNAUDITED) 2004 2003 2002 2001 7/31/2000
PER SHARE OPERATING PERFORMANCE
(CLASS Y SHARES)
NET ASSET VALUE,
BEGINNING OF PERIOD $ 4.59 $ 4.35 $ 4.00 $ 6.31 $ 10.54 $ 10.00
============= ========== ========== ========== ========== =============
Investment operations:
Net investment income (loss)(a) .02 (.01) (.07) (.08) (.08) (.01)
Net realized and
unrealized gain (loss) .20 .25 .42 (2.23) (4.13) .55
------------- ---------- ---------- ---------- ---------- -------------
Total from investment
operations .22 .24 .35 (2.31) (4.21) .54
------------- ---------- ---------- ---------- ---------- -------------
Distributions to shareholders from:
Net realized gain - - - - (.02) -
------------- ---------- ---------- ---------- ---------- -------------
NET ASSET VALUE, END OF PERIOD $ 4.81 $ 4.59 $ 4.35 $ 4.00 $ 6.31 $ 10.54
============= ========== ========== ========== ========== =============
Total Return(b) 4.79%(c) 5.52% 8.75% (36.61)% (39.98)% 5.40%(c)
RATIOS TO AVERAGE NET ASSETS:
Expenses, including waiver and
expense reductions .74%(c) 1.52%+ 1.67%+ 1.63% 1.29% .59%(c)
Expenses, excluding waiver and
expense reductions .74%(c) 1.52%+ 1.67%+ 1.63% 1.30% .90%(c)
Net investment income (loss) .38%(c) (.60)%+ (.67)%+ (.87)% (.58)% (.11)%(c)
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31 12/15/1999(d)
1/31/2005 ---------------------------------------------------- TO
SUPPLEMENTAL DATA: (UNAUDITED) 2004 2003 2002 2001 7/31/2000
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $ 1,010 $ 1 $ -(e) $ -(e) $ 1 $ 1
Portfolio turnover rate 10.42% 28.15% 47.02% 42.08% 36.53% 14.66%
==============================================================================================================================
</Table>
+ 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.
(d) Commencement of investment operations on December 15, 1999; SEC effective
date and date shares first became available to the public is December 30,
1999.
(e) Amount represents less than $1,000.
(f) Amount is less than $.01.
SEE NOTES TO FINANCIAL STATEMENTS.
17
<Page>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION
Lord Abbett Large-Cap Growth Fund (the "Fund") is registered under the
Investment Company Act of 1940 (the "Act") as a diversified, open-end management
investment company. The Fund was organized as a Delaware Business Trust on
September 29, 1999. The Fund commenced operations on December 15, 1999, and the
Securities and Exchange Commission declared the Fund effective and each class of
shares became available to the public on December 30, 1999.
The Fund's investment objective is to seek long-term capital growth. 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 24 months (12 months if shares were purchased on or after November
1, 2004) 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. Unlisted equity securities are valued at the last quoted sale price
or, if no sale price is available, at the mean between the most recently
quoted bid and asked prices. Securities for which market quotations are not
readily available are valued at fair value as determined by management and
approved in good faith by the Board of Trustees. 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. 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.
18
<Page>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
(e) EXPENSES-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 all expenses and
fees relating to their respective 12b-1 Distribution Plans.
(f) SECURITIES LENDING-The Fund may lend its securities to member banks of the
Federal Reserve System and to registered broker/dealers approved by the
Fund. The loans are collateralized at all times by cash and/or U.S.
Government securities in an amount at least equal to 102% of the market
value of the securities loaned (105% in the case of foreign securities
loaned) as determined at the close of business on the preceding business
day. The dividend and interest income earned on the securities loaned is
accounted for in the same manner as other dividend and interest income.
Lending portfolio securities could result in a loss or delay in recovering
the Fund's securities if the borrower defaults.
(g) REPURCHASE AGREEMENTS-The Fund may enter into repurchase agreements with
respect to securities. A repurchase agreement is a transaction in which the
Fund acquires a security and simultaneously commits to resell that security
to the seller (a bank or securities dealer) at an agreed-upon price on an
agreed-upon date. The Fund requires at all times that the repurchase
agreement be collateralized by cash, or by securities of the U.S.
Government, its agencies, its instrumentalities, or U.S. Government
sponsored enterprises having a value equal to, or in excess of, the value
of the repurchase agreement (including accrued interest). If the seller of
the agreement defaults on its obligation to repurchase the underlying
securities at a time when the value of these securities has declined, the
Fund may incur a loss upon disposition of the securities.
3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEE
The Fund 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
an annual rate of .75%.
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.
12b-1 DISTRIBUTION PLANS
The Fund has adopted a distribution plan with respect to one or more classes of
shares pursuant to Rule 12b-1 of 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:
<Table>
<Caption>
FEE CLASS A CLASS B CLASS C CLASS P
- --------------------------------------------------------------------------------
Service .25% .25% .25% .20%
Distribution .10% .75% .75% .25%
</Table>
Class Y does not have a distribution plan.
19
<Page>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
COMMISSIONS
Distributor received the following commissions on sales of Class A shares of the
Fund, after concessions were paid to authorized dealers, for the six months
ended January 31, 2005:
<Table>
<Caption>
DISTRIBUTOR DEALERS'
COMMISSIONS CONCESSIONS
- ------------------------------
$ 44,741 $ 243,567
</Table>
One Trustee and certain of the Fund's officers have an interest in Lord Abbett.
4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARD
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 differences do not require reclassification. Dividends and
distributions which exceed earnings and profits for tax purposes are reported as
a tax return of capital.
As of July 31, 2004, the capital loss carryforwards, along with the related
expiration dates, are as follows:
<Table>
<Caption>
2010 2011 2012 TOTAL
- -----------------------------------------------------------------------
$ 13,538,523 $ 47,696,550 $ 3,496,442 $ 64,731,515
</Table>
As of January 31, 2005, the Fund's aggregate unrealized security gains and
losses based on cost for U.S. Federal income tax purposes are as follows:
<Table>
Tax cost $ 125,163,531
- ----------------------------------------------------
Gross unrealized gain 10,099,957
Gross unrealized loss (11,315,307)
- ----------------------------------------------------
Net unrealized security loss $ (1,215,350)
====================================================
</Table>
The difference between book-basis and tax-basis unrealized gains (losses) is
primarily 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 January 31, 2005 were as follows:
<Table>
<Caption>
PURCHASES SALES
- ---------------------------------
$ 14,483,586 $ 12,521,944
</Table>
There were no purchases or sales of U.S. Government securities for the six
months ended January 31, 2005.
20
<Page>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONCLUDED)
As of January 31, 2005 there were no securities on loan. In connection with the
securities lending program, State Street Bank & Trust Company ("SSB") received
fees of $259 for the six months ended January 31, 2005, which are netted against
Securities Lending Income on the Statement of Operations.
At their October 21, 2004 meeting, the Board of Directors voted to discontinue,
as soon as practicable, the Fund's participation in the SSB securities lending
program.
6. TRUSTEES' REMUNERATION
The Fund's officers and the one Trustee who are associated with Lord Abbett do
not receive any compensation from the Fund for serving in such capacities.
Outside Trustees' 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 Trustees under which outside Trustees must defer receipt of a portion
of, and may elect to defer receipt of an additional portion of Trustees' 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 Trustees' Fees on the Statement of Operations and in Trustees'
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 Fund has entered into arrangements with its transfer agent and custodian
whereby credits realized as a result of uninvested cash balances are used to
reduce a portion of the Fund's expenses.
8. LINE OF CREDIT
The Fund, along with certain other funds managed by Lord Abbett, has available a
$200,000,000 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.
For the period August 1, 2004 through December 9, 2004, the fee for this
Facility was at an annual rate of .09%. Effective December 10, 2004, the
Facility was renewed at an annural rate of .08%. At January 31, 2005, there were
no loans outstanding pursuant to this Facility nor was the Facility utilized at
any time during the six months ended January 31, 2005.
9. CUSTODIAN AND ACCOUNTING AGENT
SSB is the Fund's custodian and accounting agent. SSB performs custodian,
accounting and recordkeeping functions, relating to portfolio transactions and
calculating the Fund's NAV.
10. INVESTMENT RISKS
The Fund is subject to the general risks and considerations associated with
equity investing as well as the particular risks associated with growth stocks.
The value of an investment will fluctuate in response to movements in the stock
market in general, and to the changing
21
<Page>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONCLUDED)
prospects of individual companies in which the Fund invests. Different types of
stocks shift in and out of favor depending on market and economic conditions.
Growth stocks tend to be more volatile than other stocks. In addition, if the
Fund's assessment of a company's potential for growth or market conditions is
wrong, it could suffer losses or produce poor performance relative to other
funds, even in a rising market.
These factors can affect the Fund's performance.
11. SUMMARY OF CAPITAL TRANSACTIONS
Transactions in shares of benefical interest are as follows:
<Table>
<Caption>
SIX MONTHS ENDED
JANUARY 31, 2005 YEAR ENDED
(UNAUDITED) JULY 31, 2004
- -------------------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------------------------------------------------------------------------
CLASS A SHARES
Shares sold 2,089,552 $ 9,943,798 6,061,108 $ 28,902,236
Shares reacquired (2,314,548) (11,041,069) (3,704,968) (17,598,096)
- -------------------------------------------------------------------------------------------------------------------
Increase (decrease) (224,996) $ (1,097,271) 2,356,140 $ 11,304,140
- -------------------------------------------------------------------------------------------------------------------
CLASS B SHARES
Shares sold 670,642 $ 3,095,238 1,919,654 $ 8,924,524
Shares reacquired (536,605) (2,477,509) (880,643) (4,112,074)
- -------------------------------------------------------------------------------------------------------------------
Increase 134,037 $ 617,729 1,039,011 $ 4,812,450
- -------------------------------------------------------------------------------------------------------------------
CLASS C SHARES
Shares sold 987,218 $ 4,540,814 1,981,210 $ 9,203,443
Shares reacquired (546,804) (2,533,615) (714,804) (3,324,462)
- -------------------------------------------------------------------------------------------------------------------
Increase 440,414 $ 2,007,199 1,266,406 $ 5,878,981
- -------------------------------------------------------------------------------------------------------------------
CLASS P SHARES
Shares reacquired (1) $ (6) - $ -
- -------------------------------------------------------------------------------------------------------------------
Decrease (1) $ (6) - $ -
- -------------------------------------------------------------------------------------------------------------------
CLASS Y SHARES
Shares sold 224,059 $ 1,030,320 - $ -
Shares reacquired (14,342) (70,121) - -
- -------------------------------------------------------------------------------------------------------------------
Increase 209,717 $ 960,199 - $ -
- -------------------------------------------------------------------------------------------------------------------
</Table>
12. SUBSEQUENT EVENT
Effective February 1, 2005, Lord Abbett has contractually agreed to reimburse
the Fund to the extent necessary so that each class' total annual operating
expenses do not exceed the following annualized rates:
<Table>
<Caption>
CLASS % OF AVERAGE DAILY NET ASSETS
- ------------------------------------------
A 1.50%
B 2.15%
C 2.15%
P 1.60%
Y 1.15%
</Table>
22
<Page>
HOUSEHOLDING
The Fund has adopted a policy that allows it to send only one copy of the Fund's
Prospectus, proxy material, annual report and semi-annual 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 RECORDS
A description of the policies and procedures that Lord Abbett uses to vote
proxies related to the Fund's portfolio securities, and information on as to how
Lord Abbett voted the Fund's proxies during the 12-month period ended June 30,
2004, 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 for fiscal quarters
ending on or after July 9, 2004. Once filed, the Form N-Q will be 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 a duplicating fee to the
SEC's Public Reference Room, Washington, DC 20549-0102; or (iii) sending your
request electronically to publicinfo@sec.gov.
23
<Page>
[LORD ABBETT(R) LOGO]
<Table>
This report when not used for the general
information of shareholders of the Fund is to be Lord Abbett Large-Cap Growth Fund
distributed only if preceded or accompanied by a
current Fund Prospectus.
Lord Abbett Mutual Fund shares are distributed by LALCG-3-105
LORD ABBETT DISTRIBUTOR LLC (3/05)
</Table>
<Page>
ITEM 2: CODE OF ETHICS.
Not applicable.
ITEM 3: AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4-8: PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5: AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6: SCHEDULE OF INVESTMENTS.
NOT APPLICABLE.
<Page>
ITEM 7: DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8: PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 9: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not Applicable
ITEM 10: 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 Registrant's
second fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the Registrant's internal control over
financial reporting.
ITEM 11: 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) 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.
<Page>
SIGNATURES
Pursuant to the requirements of the Securities and 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 LARGE-CAP GROWTH FUND, INC.
/s/ Robert S. Dow
---------------------------------
Robert S. Dow
Chief Executive Officer,
Chairman and President
/s/ Joan A. Binstock
---------------------------------
Joan A. Binstock
Chief Financial Officer and Vice President
Date: March 22, 2005
<Page>
Pursuant to the requirements of the Securities and 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 LARGE-CAP GROWTH FUND, INC.
/s/ Robert S. Dow
---------------------------------
Robert S. Dow
Chief Executive Officer,
Chairman and President
/s/ Joan A. Binstock
---------------------------------
Joan A. Binstock
Chief Financial Officer and Vice President
Date: March 22, 2005