<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
---------------------------------
(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: 7/31
Date of reporting period: 1/31/06
<Page>
ITEM 1: REPORT TO SHAREHOLDERS.
<Page>
[LORD ABBETT LOGO]
2006
SEMIANNUAL REPORT
LORD ABBETT
LARGE-CAP GROWTH FUND
FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2006
<Page>
================================================================================
LORD ABBETT LARGE-CAP GROWTH FUND
SEMIANNUAL REPORT
FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2006
DEAR SHAREHOLDERS: We are pleased to provide you with this overview of Lord
Abbett Large-Cap Growth Fund's strategies and performance for the six-month
period ended January 31, 2006. 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
- --------------------------------------------------------------------------------
Q: WHAT WERE THE OVERALL MARKET CONDITIONS OF THE SIX-MONTH PERIOD ENDED JANUARY
31, 2006?
A: During the period, a few major trends dominated the equity markets. Perhaps
most influential was the building strength of equities, especially during the
latter half of the period, as the U.S. economy proved resilient.
Across the indexes tracked by Standard & Poor's, equities with a value bias
outperformed growth stocks. However, strip away the dominance of
large-capitalization stocks in market-weighted aggregate indexes - and the
picture changes. In style-box fashion, mid-capitalization growth stocks led
small growth equities, which in turn outperformed large value stocks. Although
large value equities outperformed their growth-oriented peers in the period,
large-cap growth gained substantial momentum in the broad rally experienced in
November 2005 and January 2006.
In the broad S&P Super Composite 1500(R) Index,(1) the top performing sectors
during the period included energy, materials, and financials, while the
underperforming sectors were consumer discretionary, telecommunications, and
consumer staples.
Q: HOW DID THE FUND PERFORM OVER THE SIX-MONTH PERIOD ENDED JANUARY 31, 2006?
A: The fund returned 9.8 percent, 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 3.9 percent over
the same period. STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS, WHICH REFLECT
PERFORMANCE AT THE MAXIMUM 5.75 PERCENT SALES CHARGE APPLICABLE TO CLASS A SHARE
INVESTMENTS AND INCLUDE THE REINVESTMENT OF ALL DISTRIBUTIONS, AS OF JANUARY 31,
2006, ARE: 1 YEAR: 10.89 PERCENT, 5 YEARS: -9.29 PERCENT, AND SINCE INCEPTION
(DECEMBER 30, 1999): -10.76 PERCENT. DURING CERTAIN PERIODS SHOWN, EXPENSE
REIMBURSEMENTS WERE IN PLACE. WITHOUT SUCH EXPENSE REIMBURSEMENTS, THE FUND'S
RETURNS WOULD HAVE BEEN LOWER. Class A shares purchased with a front-end sales
charge have no contingent deferred sales charge
1
<Page>
================================================================================
(CDSC). However, certain purchases of Class A shares made without a front-end
sales charge may be subject to a CDSC. Please see section "Your Investment -
Purchases" in the prospectus for more information on redemptions that may be
subject to a CDSC.
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 OVER THE
SIX-MONTH PERIOD ENDED JANUARY 31, 2006?
CONTRIBUTING TO FUND PERFORMANCE
A: The technology sector was the strongest contributor to performance, relative
to the fund's benchmark, followed by the healthcare and other energy sectors.
The holding that contributed the most to performance was Broadcom Corp. Broadcom
provides integrated silicon solutions that enable broadband digital data
transmission. Other technology companies that proved beneficial to fund
performance included Marvell Technology Group Ltd., a provider of the interface
between analog signals and the digital information used in computing and
communications systems, and Advanced Micro Devices, Inc., a supplier of
integrated circuits for the personal and networked computer and communications
markets. In addition, Corning, Inc., the fund's third largest holding, posted
strong performance in the period. Corning conducts operations in the
telecommunications, advanced materials, and information display industries.
Autodesk, Inc., a supplier of PC software and multimedia tools, also contributed
to performance.
Healthcare companies that added to the fund's performance included Gilead
Sciences, Inc. Gilead is a biopharmaceutical company that provides therapeutics
to advance the care of patients suffering from life-threatening diseases.
Another strong healthcare performer was Celgene Corp., a global
biopharmaceutical company.
The strongest contributor in the other energy sector was oil services company
Schlumberger Ltd., the fund's eighth largest holding.
Other holdings that contributed to fund performance during the period were
consumer discretionary company Google Inc., which provides a Web-based search
engine, and financial services company Lehman Brothers Holdings Inc., an
investment bank.
2
<Page>
================================================================================
DETRACTING FROM FUND PERFORMANCE
The fund's worst performing sector during the period ended January 31, 2006,
relative to its benchmark, was producer durables. The auto and transportation
sector and the materials and processing sector also took away from performance
due to the fund's lack of exposure to these sectors during a time when they
exhibited strong relative performance.
Detracting from relative performance was technology company Intel Corp., a
provider of computer components and related products. Another technology
holding, Dell Inc., a provider of personal computers, servers, storage systems,
and other technology products and services, also disappointed. Consumer
discretionary holdings that took away from performance included global Internet
media company Yahoo! Inc., retailers Urban Outfitters, Inc., Abercrombie & Fitch
Co., and Target Corp., as well as restaurant operators Darden Restaurants, Inc.
and The Cheesecake Factory Inc. ImClone Systems Inc., a biopharmaceutical
company, also detracted from performance, as did Walgreen Co., an operator of
retail drugstores.
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.
A PROSPECTUS CONTAINS IMPORTANT INFORMATION ABOUT A FUND, INCLUDING ITS
INVESTMENT OBJECTIVES, RISKS, CHARGES, AND ONGOING EXPENSES, WHICH YOU 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 800-874-3733 OR VISIT OUR WEBSITE AT www.LordAbbett.com. READ
THE PROSPECTUS CAREFULLY BEFORE INVESTING.
(1) The S&P Super Composite 1500(R) Index combines the S&P 500(R), S&P MidCap
400(R), and S&P SmallCap 600(R) indexes and is an efficient way to create a
broad market portfolio representing 90 percent of U.S. equities.
(2) The Russell 1000(R) Growth Index measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted growth
values.
The indexes are unmanaged, do not reflect the deduction of fees or expenses, and
are 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, 2006; 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
<Page>
================================================================================
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, 2005 through January 31,
2006).
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 8/1/05 - 1/31/06" 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
<Page>
================================================================================
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+
----------- ----------- -----------
8/1/05 -
8/1/05 1/31/06 1/31/06
----------- ----------- -----------
CLASS A
Actual $ 1,000.00 $ 1,098.30 $ 7.88
Hypothetical (5% Return Before Expenses) $ 1,000.00 $ 1,017.69 $ 7.58
CLASS B
Actual $ 1,000.00 $ 1,093.80 $ 11.29
Hypothetical (5% Return Before Expenses) $ 1,000.00 $ 1,014.42 $ 10.86
CLASS C
Actual $ 1,000.00 $ 1,094.00 $ 11.30
Hypothetical (5% Return Before Expenses) $ 1,000.00 $ 1,014.42 $ 10.86
CLASS P
Actual $ 1,000.00 $ 1,097.50 $ 7.77
Hypothetical (5% Return Before Expenses) $ 1,000.00 $ 1,017.80 $ 7.48
CLASS Y
Actual $ 1,000.00 $ 1,100.40 $ 5.98
Hypothetical (5% Return Before Expenses) $ 1,000.00 $ 1,019.51 $ 5.75
</Table>
+ For each class of the Fund, expenses are equal to the annualized expense
ratio for such class (1.49% for Class A, 2.14% for Classes B and C, 1.47%
for Class P, and 1.13 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, 2006
<Table>
<Caption>
SECTOR* %**
Consumer Discretionary 18.21%
Consumer Staples 5.52%
Financial Services 8.48%
Healthcare 20.03%
Other 1.72%
Other Energy 6.12%
Producer Durables 1.51%
Technology 28.96%
Short-Term Investment 9.45%
Total 100.00%
</Table>
* A sector may comprise several industries.
** Represents percent of total investments.
5
<Page>
SCHEDULE OF INVESTMENTS (UNAUDITED)
JANUARY 31, 2006
<Table>
<Caption>
VALUE
INVESTMENTS SHARES (000)
- --------------------------------------------------------------------------------
COMMON STOCKS 92.37%
BANKS: OUTSIDE NEW YORK CITY 0.97%
Wachovia Corp. 35,000 $ 1,919
------------
BEVERAGE: SOFT DRINKS 1.70%
PepsiCo, Inc. 58,600 3,351
------------
BIOTECHNOLOGY RESEARCH & PRODUCTION 5.79%
Amgen, Inc.* 17,000 1,239
Celgene Corp.* 65,000 4,625
Genentech, Inc.* 15,936 1,369
Genzyme Corp.* 59,000 4,185
------------
TOTAL 11,418
------------
COMMUNICATIONS TECHNOLOGY 12.26%
Corning, Inc.* 247,000 6,015
Telefonaktiebolaget
LM Ericssom ADR 65,000 2,371
Motorola, Inc. 318,000 7,222
QUALCOMM, Inc. 121,000 5,803
Scientific-Atlanta, Inc. 65,000 2,779
------------
TOTAL 24,190
------------
COMPUTER SERVICES, SOFTWARE & SYSTEMS 2.20%
Adobe Systems, Inc. 15,000 596
Autodesk, Inc. 92,400 3,750
------------
TOTAL 4,346
------------
COMPUTER TECHNOLOGY 5.87%
Apple Computer, Inc.* 85,000 6,418
Network Appliance, Inc.* 74,000 2,309
NVIDIA Corp.* 63,700 2,864
------------
TOTAL 11,591
------------
CONSUMER ELECTRONICS 4.47%
Google Inc. Class A* 13,850 6,000
Yahoo! Inc.* 82,000 2,816
------------
TOTAL 8,816
------------
DIVERSIFIED FINANCIAL SERVICES 5.71%
American Express Co. 87,626 $ 4,596
Citigroup Inc. 76,600 3,568
Goldman Sachs Group, Inc. (The) 22,000 3,108
------------
TOTAL 11,272
------------
DRUG & GROCERY STORE CHAINS 1.66%
Walgreen Co. 75,500 3,268
------------
DRUGS & PHARMACEUTICALS 3.44%
Amylin Pharmaceuticals, Inc.* 20,000 848
Gilead Sciences, Inc.* 77,000 4,687
Roche Holdings Ltd. ADR 16,000 1,261
------------
TOTAL 6,796
------------
ELECTRICAL EQUIPMENT & COMPONENTS 1.54%
Emerson Electric Co. 39,138 3,031
------------
ELECTRONICS: MEDICAL SYSTEMS 2.07%
Medtronic, Inc. 72,350 4,086
------------
ELECTRONICS: SEMI-CONDUCTORS/COMPONENTS 9.21%
Advanced Micro Devices, Inc.* 74,066 3,100
Broadcom Corp. Class A* 81,700 5,572
Intel Corp. 42,479 904
Marvell Technology Group Ltd.*(a) 56,400 3,859
Microchip Technology Inc. 35,000 1,313
Texas Instruments Inc. 117,500 3,434
------------
TOTAL 18,182
------------
ENERGY MISCELLANEOUS 0.99%
GlobalSantaFe Corp.(a) 32,000 1,954
------------
HEALTH & PERSONAL CARE 1.69%
WellPoint, Inc.* 43,500 3,341
------------
HEALTHCARE MANAGEMENT SERVICES 2.22%
UnitedHealth Group, Inc. 73,640 4,376
------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
6
<Page>
SCHEDULE OF INVESTMENTS (UNAUDITED)(CONCLUDED)
JANUARY 31, 2006
<Table>
<Caption>
VALUE
INVESTMENTS SHARES (000)
- --------------------------------------------------------------------------------
HOTEL/MOTEL 3.60%
Hilton Hotels Corp. 178,000 $ 4,438
Starwood Hotels & Resorts Worldwide, Inc. 43,700 2,657
------------
TOTAL 7,095
------------
MACHINERY: OIL WELL EQUIPMENT & SERVICES 3.12%
Schlumberger Ltd.(a) 39,600 5,047
Weatherford Int'l. Ltd.* 25,000 1,120
------------
TOTAL 6,167
------------
MEDICAL & DENTAL INSTRUMENTS & SUPPLIES 5.22%
Alcon, Inc.(a) 37,500 4,797
St. Jude Medical, Inc.* 112,100 5,507
------------
TOTAL 10,304
------------
MULTI-SECTOR COMPANIES 1.76%
General Electric Co. 105,818 3,465
------------
OFFSHORE DRILLING 0.49%
Transocean Inc.* 12,000 974
------------
OIL: CRUDE PRODUCERS 1.63%
Ultra Petroleum Corp.* 19,000 1,307
XTO Energy Inc. 39,000 1,914
------------
TOTAL 3,221
------------
RESTAURANTS 2.22%
Cheesecake Factory Inc. (The)* 119,000 4,385
------------
RETAIL 6.17%
Best Buy Co., Inc. 78,000 3,952
Chico's FAS, Inc.* 48,000 2,091
Nordstrom, Inc. 36,000 1,502
Target Corp. 43,800 2,398
Urban Outfitters, Inc.* 82,000 2,239
------------
TOTAL 12,182
------------
SECURITIES BROKERAGE & SERVICES 1.97%
Lehman Brothers Holdings Inc. 27,684 $ 3,888
------------
SOAPS & HOUSEHOLD CHEMICALS 2.28%
Procter & Gamble Co. (The) 75,908 4,496
------------
TEXTILES APPAREL MANUFACTURERS 2.12%
Coach, Inc.* 116,600 4,192
------------
TOTAL COMMON STOCKS
(cost $162,426,422) 182,306
============
<Caption>
PRINCIPAL
AMOUNT
(000)
------------
SHORT-TERM INVESTMENT 9.64%
REPURCHASE AGREEMENT 9.64%
Repurchase Agreement dated 1/31/2006, 3.65% due
2/1/2006 with State Street Bank & Trust Co.
collateralized by $19,405,000 of Federal National
Mortgage Assoc. at 4.72% due 3/15/2010; value:
$19,405,000; proceeds: $19,021,608
(cost $19,019,680) $ 19,020 19,020
============
TOTAL INVESTMENTS IN SECURITIES 102.01%
(cost $181,446,102) 201,326
============
LIABILITIES IN EXCESS OF OTHER ASSETS (2.01%) (3,964)
------------
NET ASSETS 100.00% $ 197,362
============
</Table>
* Non-income producing security.
(a) Foreign security traded in U.S. dollars.
ADR American Depositary Receipt.
SEE NOTES TO FINANCIAL STATEMENTS.
7
<Page>
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
JANUARY 31, 2006
<Table>
ASSETS:
Investments in securities, at value (cost $181,446,102) $ 201,325,931
Receivables:
Interest and dividends 38,823
Investment securities sold 1,406,871
Capital shares sold 1,487,533
From advisor 23,098
Prepaid expenses and other assets 60,386
- --------------------------------------------------------------------------------------------------
TOTAL ASSETS 204,342,642
- --------------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities purchased 6,203,944
Capital shares reacquired 314,413
Management fee 120,610
12b-1 distribution fees 113,349
Fund administration 11,162
Trustees' fees 18,155
To affiliate 1,810
Accrued expenses and other liabilities 196,726
- --------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 6,980,169
==================================================================================================
NET ASSETS $ 197,362,473
==================================================================================================
COMPOSITION OF NET ASSETS:
Paid-in capital $ 237,818,514
Accumulated net investment loss (766,219)
Accumulated net realized loss on investments (59,569,651)
Net unrealized appreciation on investments 19,879,829
- --------------------------------------------------------------------------------------------------
NET ASSETS $ 197,362,473
==================================================================================================
NET ASSETS BY CLASS:
Class A Shares $ 117,130,129
Class B Shares $ 33,048,929
Class C Shares $ 32,369,485
Class P Shares $ 8,785
Class Y Shares $ 14,805,145
OUTSTANDING SHARES BY CLASS (UNLIMITED NUMBER OF AUTHORIZED
SHARES OF BENEFICIAL INTEREST):
Class A Shares 20,566,826
Class B Shares 6,033,702
Class C Shares 5,915,500
Class P Shares 1,531.60
Class Y Shares 2,599,629
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
(NET ASSETS DIVIDED BY OUTSTANDING SHARES):
Class A Shares-Net asset value $ 5.70
Class A Shares-Maximum offering price
(Net asset value plus sales charge of 5.75%) $ 6.05
Class B Shares-Net asset value $ 5.48
Class C Shares-Net asset value $ 5.47
Class P Shares-Net asset value $ 5.74
Class Y Shares-Net asset value $ 5.70
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
8
<Page>
STATEMENT OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED JANUARY 31, 2006
<Table>
INVESTMENT INCOME:
Dividends $ 435,366
Interest 149,240
Foreign withholding tax (131)
- --------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME 584,475
- --------------------------------------------------------------------------------------------------
EXPENSES:
Management fee 585,801
12b-1 distribution plan-Class A 168,406
12b-1 distribution plan-Class B 139,490
12b-1 distribution plan-Class C 131,102
12b-1 distribution plan-Class P 4
Shareholder servicing 331,375
Professional 33,165
Reports to shareholders 37,297
Fund administration 31,243
Custody 8,882
Trustees' fees 5,382
Registration 43,754
Subsidy (See Note 3) 16,015
Other 2,216
- --------------------------------------------------------------------------------------------------
Gross expenses 1,534,132
Expense reductions (See Note 7) (2,216)
Expenses assumed by advisor (See Note 3) (195,128)
- --------------------------------------------------------------------------------------------------
NET EXPENSES 1,336,788
- --------------------------------------------------------------------------------------------------
NET INVESTMENT LOSS (752,313)
==================================================================================================
NET REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments 11,143,330
Net change in unrealized appreciation (depreciation) on investments 4,602,122
==================================================================================================
NET REALIZED AND UNREALIZED GAIN 15,745,452
==================================================================================================
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 14,993,139
==================================================================================================
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
9
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
JANUARY 31, 2006 FOR THE YEAR ENDED
INCREASE IN NET ASSETS (UNAUDITED) JULY 31, 2005
OPERATIONS:
Net investment loss $ (752,313) $ (580,467)
Net realized gain (loss) on investments 11,143,330 (1,747,248)
Net change in unrealized appreciation (depreciation) on investments 4,602,122 17,079,340
- ----------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 14,993,139 14,751,625
======================================================================================================================
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sales of shares 60,337,476 40,463,746
Cost of shares reacquired (17,317,786) (32,361,125)
- ----------------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS 43,019,690 8,102,621
======================================================================================================================
NET INCREASE IN NET ASSETS 58,012,829 22,854,246
======================================================================================================================
NET ASSETS:
Beginning of period 139,349,644 116,495,398
- ----------------------------------------------------------------------------------------------------------------------
END OF PERIOD $ 197,362,473 $ 139,349,644
======================================================================================================================
ACCUMULATED NET INVESTMENT LOSS $ (766,219) $ (13,906)
======================================================================================================================
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
10
<Page>
FINANCIAL HIGHLIGHTS
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31
1/31/2006 -------------------------------------------------------------
(UNAUDITED) 2005 2004 2003 2002 2001
PER SHARE OPERATING PERFORMANCE
(CLASS A SHARES)
NET ASSET VALUE, BEGINNING OF PERIOD $ 5.19 $ 4.62 $ 4.41 $ 4.02 $ 6.33 $ 10.57
=========== ========= ========= ========= ========= =========
Investment operations:
Net investment loss(a) (.02) (.01) (.05) (.04) (.07) (.08)
Net realized and unrealized
gain (loss) .53 .58 .26 .43 (2.24) (4.14)
----------- --------- --------- --------- --------- ---------
Total from investment operations .51 .57 .21 .39 (2.31) (4.22)
----------- --------- --------- --------- --------- ---------
Distributions to shareholders from:
Net realized gain - - - - - (.02)
----------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 5.70 $ 5.19 $ 4.62 $ 4.41 $ 4.02 $ 6.33
=========== ========= ========= ========= ========= =========
Total Return(b) 9.83%(d) 12.34% 4.76% 9.70% (36.49)% (39.96)%
RATIOS TO AVERAGE NET ASSETS:
Expenses, including expense
reductions and expenses assumed .75%(d) 1.65% 1.90% 2.06% 2.02% 1.68%
Expenses, excluding expense reductions
and expenses assumed .88%(d) 1.85% 1.90% 2.06% 2.02% 1.69%
Net investment loss (.38)%(d) (.25)% (.98)% (1.06)% (1.29)% (1.01)%
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31
1/31/2006 -------------------------------------------------------------
SUPPLEMENTAL DATA: (UNAUDITED) 2005 2004 2003 2002 2001
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $ 117,130 $ 88,882 $ 79,114 $ 65,178 $ 56,665 $ 78,064
Portfolio turnover rate 87.38% 103.08% 28.15% 47.02% 42.08% 36.53%
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
11
<Page>
FINANCIAL HIGHLIGHTS (CONTINUED)
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31
1/31/2006 -------------------------------------------------------------
(UNAUDITED) 2005 2004 2003 2002 2001
PER SHARE OPERATING PERFORMANCE
(CLASS B SHARES)
NET ASSET VALUE, BEGINNING OF PERIOD $ 5.01 $ 4.48 $ 4.31 $ 3.95 $ 6.26 $ 10.51
=========== ========= ========= ========= ========= =========
Investment operations:
Net investment loss(a) (.04) (.04) (.07) (.07) (.10) (.13)
Net realized and unrealized gain (loss) .51 .57 .24 .43 (2.21) (4.10)
----------- --------- --------- --------- --------- ---------
Total from investment operations .47 .53 .17 .36 (2.31) (4.23)
----------- --------- --------- --------- --------- ---------
Distributions to shareholders from:
Net realized gain - - - - - (.02)
----------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 5.48 $ 5.01 $ 4.48 $ 4.31 $ 3.95 $ 6.26
=========== ========= ========= ========= ========= =========
Total Return(b) 9.38%(d) 11.83% 3.94% 9.11% (36.90)% (40.34)%
RATIOS TO AVERAGE NET ASSETS:
Expenses, including expense reductions
and expenses assumed 1.08%(d) 2.29% 2.52% 2.67% 2.63% 2.29%
Expenses, excluding expense reductions
and expenses assumed 1.21%(d) 2.49% 2.52% 2.67% 2.63% 2.30%
Net investment loss (.71)%(d) (.90)% (1.60)% (1.67)% (1.92)% (1.64)%
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31
1/31/2006 -------------------------------------------------------------
SUPPLEMENTAL DATA: (UNAUDITED) 2005 2004 2003 2002 2001
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $ 33,049 $ 25,924 $ 20,731 $ 15,452 $ 10,041 $ 11,522
Portfolio turnover rate 87.38% 103.08% 28.15% 47.02% 42.08% 36.53%
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
12
<Page>
FINANCIAL HIGHLIGHTS (CONTINUED)
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31
1/31/2006 -------------------------------------------------------------
(UNAUDITED) 2005 2004 2003 2002 2001
PER SHARE OPERATING PERFORMANCE
(CLASS C SHARES)
NET ASSET VALUE, BEGINNING OF PERIOD $ 5.00 $ 4.48 $ 4.31 $ 3.95 $ 6.25 $ 10.51
=========== ========= ========= ========= ========= =========
Investment operations:
Net investment loss(a) (.04) (.04) (.08) (.07) (.10) (.13)
Net realized and unrealized gain (loss) .51 .56 .25 .43 (2.20) (4.11)
----------- --------- --------- --------- --------- ---------
Total from investment operations .47 .52 .17 .36 (2.30) (4.24)
----------- --------- --------- --------- --------- ---------
Distributions to shareholders from:
Net realized gain - - - - - (.02)
----------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 5.47 $ 5.00 $ 4.48 $ 4.31 $ 3.95 $ 6.25
=========== ========= ========= ========= ========= =========
Total Return(b) 9.40%(d) 11.61% 3.94% 9.11% (36.80)% (40.44)%
RATIOS TO AVERAGE NET ASSETS:
Expenses, including expense reductions
and expenses assumed 1.08%(d) 2.29% 2.52% 2.67% 2.63% 2.34%
Expenses, excluding expense reductions
and expenses assumed 1.21%(d) 2.49% 2.52% 2.67% 2.63% 2.35%
Net investment loss (.70)%(d) (.90)% (1.60)% (1.67)% (1.91)% (1.69)%
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31
1/31/2006 -------------------------------------------------------------
SUPPLEMENTAL DATA: (UNAUDITED) 2005 2004 2003 2002 2001
- ----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $ 32,369 $ 22,867 $ 16,648 $ 10,550 $ 5,731 $ 4,598
Portfolio turnover rate 87.38% 103.08% 28.15% 47.02% 42.08% 36.53%
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
13
<Page>
FINANCIAL HIGHLIGHTS (CONTINUED)
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31
1/31/2006 ---------------------------------------------------------------
(UNAUDITED) 2005 2004 2003 2002 2001
PER SHARE OPERATING PERFORMANCE
(CLASS P SHARES)
NET ASSET VALUE, BEGINNING OF PERIOD $ 5.23 $ 4.65 $ 4.43 $ 4.03 $ 6.32 $ 10.53
=========== ========= ========= ========= ========= =========
Investment operations:
Net investment loss(a) (.02) (.01) (.04) (.03) (.05) (.07)
Net realized and unrealized gain (loss) .53 .59 .26 .43 (2.24) (4.12)
----------- --------- --------- --------- --------- ---------
Total from investment operations .51 .58 .22 .40 (2.29) (4.19)
----------- --------- --------- --------- --------- ---------
Distributions to shareholders from:
Net realized gain - - - - - (.02)
----------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 5.74 $ 5.23 $ 4.65 $ 4.43 $ 4.03 $ 6.32
=========== ========= ========= ========= ========= =========
Total Return(b) 9.75%(d) 12.47% 4.97% 9.93% (36.23)% (39.83)%
RATIOS TO AVERAGE NET ASSETS:
Expenses, including expense reductions
and expenses assumed .75%(d) 1.53% 1.97%+ 2.12%+ 2.08% 1.74%
Expenses, excluding expense reductions
and expenses assumed .83%(d) 1.64% 1.97%+ 2.12%+ 2.08% 1.75%
Net investment loss (.36)%(d) (.17)% (1.05)%+ (1.12)%+ (1.35)% (1.08)%
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31
1/31/2006 ---------------------------------------------------------------
SUPPLEMENTAL DATA: (UNAUDITED) 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $ 9 $ 1 $ 1 $ 1 $ -(c) $ 1
Portfolio turnover rate 87.38% 103.08% 28.15% 47.02% 42.08% 36.53%
</Table>
SEE NOTES TO FINANCIAL STATEMENTS.
14
<Page>
FINANCIAL HIGHLIGHTS (CONCLUDED)
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31
1/31/2006 --------------------------------------------------------------
(UNAUDITED) 2005 2004 2003 2002 2001
PER SHARE OPERATING PERFORMANCE
(CLASS Y SHARES)
NET ASSET VALUE, BEGINNING OF PERIOD $ 5.18 $ 4.59 $ 4.35 $ 4.00 $ 6.31 $ 10.54
=========== ========= ========= ========= ========= =========
Investment operations:
Net investment income (loss)(a) (.01) .01 (.01) (.07) (.08) (.08)
Net realized and unrealized gain (loss) .53 .58 .25 .42 (2.23) (4.13)
----------- --------- --------- --------- --------- ---------
Total from investment operations .52 .59 .24 .35 (2.31) (4.21)
----------- --------- --------- --------- --------- ---------
Distributions to shareholders from:
Net realized gain - - - - - (.02)
----------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 5.70 $ 5.18 $ 4.59 $ 4.35 $ 4.00 $ 6.31
=========== ========= ========= ========= ========= =========
Total Return(b) 10.04%(d) 12.85% 5.52% 8.75% (36.61)% (39.98)%
RATIOS TO AVERAGE NET ASSETS:
Expenses, including expense reductions
and expenses assumed .57%(d) 1.26% 1.52%+ 1.67%+ 1.63% 1.29%
Expenses, excluding expense reductions
and expenses assumed .69%(d) 1.52% 1.52%+ 1.67%+ 1.63% 1.30%
Net investment income (loss) (.16)%(d) .23% (.60)%+ (.67)%+ (.87)% (.58)%
<Caption>
SIX MONTHS
ENDED YEAR ENDED 7/31
1/31/2006 --------------------------------------------------------------
SUPPLEMENTAL DATA: (UNAUDITED) 2005 2004 2003 2002 2001
- -----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $ 14,805 $ 1,676 $ 1 $ -(c) $ -(c) $ 1
Portfolio turnover rate 87.38% 103.08% 28.15% 47.02% 42.08% 36.53%
</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) Amount represents less than $1,000.
(d) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
15
<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.
16
<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) 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 those 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 the following annual rates:
.75% of the first $1 billion of average daily net assets;
.70% of the next $1 billion;
.65% over $2 billion.
Lord Abbett provides certain administrative services to the Fund pursuant to an
Administrative Services Agreement at an annual rate of .04% of the Fund's
average daily net assets.
For the fiscal year ending July 31, 2006, Lord Abbett has contractually agreed
to reimburse the Fund to the extent necessary so that each class' net operating
expenses do not exceed the following annual 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>
The Fund, along with certain other funds managed by Lord Abbett (together the
"Underlying Funds"), has entered into a Servicing Arrangement with Lord Abbett
World Growth & Income Strategy Fund of Lord Abbett Investment Trust ("World
Growth & Income Strategy Fund"), pursuant to which each Underlying Fund pays a
portion of the expenses (excluding management fees and distribution and service
fees) of World Growth & Income Strategy Fund in proportion to the average daily
value of the Underlying Fund shares owned by World Growth & Income
17
<Page>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
Strategy Fund. Amounts paid pursuant to the Servicing Arrangement are included
in Subsidy Expense on the Statement of Operations.
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%(1) .75% .75% .25%
</Table>
(1) The amount of CDSC collected by the Fund for the six months ended January
31, 2006 was $1,705.
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
January 31, 2006:
<Table>
<Caption>
DISTRIBUTOR DEALERS'
COMMISSIONS CONCESSIONS
- --------------------------------
$ 72,762 $ 391,994
</Table>
Distributor received CDSCs of $404 and $66 for Class A and Class C shares,
respectively, for the six months ended January 31, 2006.
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, 2005, the capital loss carryforwards, along with the related
expiration dates, are as follows:
<Table>
<Caption>
2010 2011 2012 TOTAL
- -------------------------------------------------------
$ 13,487,668 $ 47,696,550 $ 3,496,442 $ 64,680,660
</Table>
18
<Page>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
As of January 31, 2006, the Fund's aggregate unrealized security gains (losses)
based on cost for U.S. Federal income tax purposes are as follows:
<Table>
Tax cost $ 182,806,26
- --------------------------------------------------------
Gross unrealized gain 20,272,395
Gross unrealized loss (1,752,726)
- --------------------------------------------------------
Net unrealized security gain $ 18,519,669
========================================================
</Table>
The difference between book-basis and tax-basis unrealized gains (losses) is
attributable to wash sales.
5. PORTFOLIO SECURITIES TRANSACTIONS
Purchases and sales of investment securities (excluding short-term investments)
for the six months ended January 31, 2006 are as follows:
<Table>
<Caption>
PURCHASES SALES
- ---------------------------------
$ 159,402,510 $ 131,376,490
</Table>
There were no purchases or sales of U.S. Government securities for the six
months ended January 31, 2006.
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
$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. Effective December 9, 2005,
the amount available to the funds under the Facility was increased from
$200,000,000 to $250,000,000. 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 January 31, 2006, there were no
loans outstanding pursuant to this Facility nor was the Facility utilized at any
time during the six months ended January 31, 2006.
19
<Page>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONCLUDED)
9. CUSTODIAN AND ACCOUNTING AGENT
State Street Bank & Trust Company ("SSB") is the Fund's custodian and accounting
agent. SSB performs custodial, accounting and recordkeeping functions, relating
to portfolio transactions and calculating the Fund's NAV.
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 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, 2006 YEAR ENDED
(UNAUDITED) JULY 31, 2005
- --------------------------------------------------------------------------------------------
CLASS A SHARES SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------
Shares sold 5,696,766 $ 31,092,538 4,493,344 $ 21,595,702
Shares reacquired (2,260,853) (12,037,782) (4,491,646) (21,579,426)
- --------------------------------------------------------------------------------------------
Increase 3,435,913 $ 19,054,756 1,698 $ 16,276
- --------------------------------------------------------------------------------------------
CLASS B SHARES
- --------------------------------------------------------------------------------------------
Shares sold 1,384,471 $ 7,280,018 1,576,502 $ 7,317,201
Shares reacquired (528,457) (2,717,622) (1,022,290) (4,753,582)
- --------------------------------------------------------------------------------------------
Increase 856,014 $ 4,562,396 554,212 $ 2,563,619
- --------------------------------------------------------------------------------------------
CLASS C SHARES
- --------------------------------------------------------------------------------------------
Shares sold 1,763,084 $ 9,195,393 2,093,393 $ 9,720,231
Shares reacquired (418,241) (2,164,677) (1,238,154) (5,757,603)
- --------------------------------------------------------------------------------------------
Increase 1,344,843 $ 7,030,716 855,239 $ 3,962,628
- --------------------------------------------------------------------------------------------
CLASS P SHARES
- --------------------------------------------------------------------------------------------
Shares sold 1,420 $ 8,076 - $ -
Shares reacquired - - (1) (6)
- --------------------------------------------------------------------------------------------
Increase (decrease) 1,420 $ 8,076 (1) $ (6)
- --------------------------------------------------------------------------------------------
CLASS Y SHARES
- --------------------------------------------------------------------------------------------
Shares sold 2,353,833 $ 12,761,451 380,623 $ 1,830,612
Shares reacquired (77,989) (397,705) (56,951) (270,508)
- --------------------------------------------------------------------------------------------
Increase 2,275,844 $ 12,363,746 323,672 $ 1,560,104
- --------------------------------------------------------------------------------------------
</Table>
20
<Page>
APPROVAL OF ADVISORY CONTRACTS
At meetings on December 7 and 8, 2005, the Board, including all Trustees 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 Contract Committee during the year.
The materials received by the Board included, but were not limited to, (1)
information provided by Lipper Analytical Services, Inc. regarding the
investment performance of the Fund compared to the investment performance of a
group 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, 2005, (2) information on the effective management fee rates
and expense ratios for funds with similar objectives and similar size (the "peer
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, (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 also
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 as well as the performance of the performance universe of funds,
both in terms of total return and in terms of other statistical measures. The
Board observed that the Fund's performance of the Class A shares of the Fund
ranked in the second quintile of its performance universe for the nine-month and
one-year periods, in the third quintile for the three-year period, and in the
fifth quintile for the five-year period. The Board also observed that
performance was below that of the Lipper Large-Cap Growth Index in each 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 noted that Lord Abbett had made a significant change in its
investment personnel in the growth area in 2005 with the hiring of Bruce
Bartlett as Director of Growth Equities and as portfolio manager for the Fund.
The Board determined that Lord Abbett had the expertise and resources to manage
the Fund effectively.
21
<Page>
NATURE AND QUALITY OF OTHER SERVICES. The Board considered the nature, quality,
costs, and extent of administrative and other services performed by Lord Abbett
and Lord Abbett Distributor and the nature and extent of Lord Abbett 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 peer groups. It also considered the amount and nature of the fees paid
by shareholders. The Board observed that the contractual management and
administrative services fees were approximately the same as the median of the
peer group, and the actual management and administrative services fees were
approximately one basis point above the median of the peer group. The Board
noted that Lord Abbett had implemented an expense cap for the Fund that limited
the total expense ratio of Class A to not more than 1.50%, the total expense
ratios of Classes B and C to 2.15%, the total expense ratio of Class P to not
more than 1.60%, and the total expense ratio of Class Y to not more than 1.15%.
The Board observed that the total expense ratio of Class A was approximately ten
basis points below the median of the peer group, the total expense ratios of
Classes B and C were approximately eleven basis points below the median of the
peer group, the total expense ratio of Class P was approximately thirty-eight
basis points above the median of the peer group, and the total expense ratio of
Class Y was approximately the same as 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 the relatively small average account size of
the Fund.
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 personnel. 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 part due to an increase in
assets under management, but concluded that Lord Abbett's profitability overall
and with respect 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 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
observed that Lord Abbett Distributor receives 12b-1 fees from the Fund 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 Fund, and receives a portion of the sales
charges on sales and redemptions of some
22
<Page>
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 Fund. 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.
23
<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 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, 2005,
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 a
duplicating fee to the SEC's Public Reference Room, Washington, DC 20549-0102;
or (iii) sending your request electronically to publicinfo@sec.gov.
24
<Page>
[LORD ABBET(R) LOGO]
<Table>
This report, when not used for the general
information of shareholders of the fund is to
be distributed only if preceded or accompanied Lord Abbett Large-Cap Growth Fund
by a current fund prospectus.
Lord Abbett mutual fund shares are distributed by LALCG-3-106
LORD ABBETT DISTRIBUTOR LLC. (3/06)
</Table>
<Page>
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
<Page>
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.
<Page>
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 LARGE-CAP GROWTH FUND
/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 27, 2006
<Page>
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 LARGE-CAP GROWTH FUND
/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 27, 2006