N-CSR 1 c102697_ncsr.htm CERTIFIED ANNUAL SHAREHOLDER REPORT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-06650

Lord abbett research fund, inc.

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

John T. Fitzgerald, Esq., 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: (888) 522-2388

Date of fiscal year end: 11/30

Date of reporting period: 11/30/2021

Item 1:

Report(s) to Shareholders.

LORD ABBETT
ANNUAL REPORT

Lord Abbett

Dividend Growth Fund

Growth Opportunities Fund

Small Cap Value Fund

For the fiscal year ended November 30, 2021

Table of Contents

1		A Letter to Shareholders

11		Investment Comparisons

15		Information About Your Fund’s Expenses and Holdings Presented by Sector

		Schedules of Investments:

22		Dividend Growth Fund

25		Growth Opportunities Fund

28		Small Cap Value Fund

32		Statements of Assets and Liabilities

34		Statements of Operations

36		Statements of Changes in Net Assets

38		Financial Highlights

50		Notes to Financial Statements

67		Report of Independent Registered Public Accounting Firm

68		Supplemental Information to Shareholders

Lord Abbett Research Fund

Lord Abbett Dividend Growth Fund,

Lord Abbett Growth Opportunities Fund and
Lord Abbett Small Cap Value Fund
Annual Report

For the fiscal year ended November 30, 2021

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of the Funds for the fiscal year ended November 30, 2021. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and timely information about the Funds, please visit our website at www.lordabbett. com, where you can also access the quarterly commentaries that provide updates on each Fund’s performance and other portfolio related updates.

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

Best regards,

Douglas B. Sieg

Director, President and Chief Executive Officer

Lord Abbett Dividend Growth Fund

For the fiscal year ended November 30, 2021, the Fund returned 22.95%, reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the S&P 500^® Index¹, which returned 27.92% over the same period.

The twelve-month period ending November 30, 2021 was primarily a story of

the dramatic economic and market recovery that occurred within the U.S., despite the persistent presence of COVID-19. The S&P 500^® Index¹and the tech-heavy Nasdaq Composite Index²returned 27.92% and 28.20%, respectively. Large cap stocks³outperformed small cap stocks⁴(26.67% vs. 22.03%), while growth⁵outperformed value⁶(29.39% vs. 22.92%).

Following volatility throughout the fall of 2020, markets rallied in the month of

December, with the S&P 500^® Index gaining 3.84%. The Dow Jones Industrial Average also continued its push through the 30,000 level. The strong performance was mainly attributed to vaccine approvals and a bipartisan compromise on a fifth pandemic relief package. Additionally, the U.S. Federal Reserve (the “Fed”) cleared banks to resume share buybacks in the first quarter of 2021, subject to a limit, after the industry fared well in the second round of stress tests. This was a notable development considering the industry had mostly struggled throughout 2020.

To start the new year, various factors impacted markets, although the longstanding bullish narrative surrounding stimulus and vaccine optimism remained largely intact. Momentum continued behind the pro-cyclical and pro-value rotation on the back of the Democrats’ surprise victory in the Georgia U.S. Senate runoff elections. As such, value outperformed growth during the first quarter by the largest margin in two decades. Overall, the S&P 500^® Index reported growth in earnings of 52% during the first quarter of 2021.

value during the quarter. Second quarter reported earnings were even stronger than the first quarter, with the blended growth rate for the S&P 500^® Index at 88%, which was the highest year-over-year growth since the fourth quarter of 2009. In aggregate, companies were reporting earnings 17.1% ahead of consensus in the second quarter, the fourth highest on record, and revenues 4.9% ahead of consensus, the highest on record.

The bullish narrative continued into the start of the third quarter. For most of July and August, investor focus was largely centered around themes, such as a central bank liquidity tailwind, continued vaccine progress, upside in corporate earnings surprises, and reopening momentum. However, U.S. markets were met with increasing headwinds toward the latter half of the quarter, which included the increased spread of the Delta variant and rising concerns over supply chain and input price pressures on corporate earnings. This was reflected by consumer prices rising 5.4% year-over-year, in both June and July (the fastest pace since August 2008). Inflation maintained its record pace in August as consumer prices rose 5.3% year-over-year, albeit below economist expectations for the month. Uncertainty around the Fed tapering presented additional headwinds to the market. Toward the end of the third quarter, the Fed indicated that a reduction in its $120 billion per month asset-purchase plan might soon be warranted.

U.S. markets were also affected by negative headlines overseas, most notably China’s regulatory crackdown of the private education and technology sectors and broad worries about a default by Chinese real estate developer Evergrande. These headwinds culminated in a volatile September, with all major U.S. indices finishing in negative territory. Specifically, the S&P 500^® Index snapped a streak of seven consecutive months of positive returns and had its worst performing month since March 2020.

The U.S. equity market continued to be strong during the fourth quarter as all U.S. major indices exhibited positive performance. The S&P 500^® Index and the Nasdaq Composite Index returned 6.26% and 7.65%, respectively, through November. Strong consumer demand, underpinned by robust corporate and consumer balance sheets, has helped keep operating leverage and margins elevated for corporations, despite increased supply chain and input price pressures. The Friday following Thanksgiving in the U.S. saw a big market selloff with all the major indices down over 2% on concerns that the emergence of the new Omicron variant could derail the last bout of economic normalization traction. This added to continued concerns around the shift in the transient versus persistent inflation debate.

Over the 12-month period ending November 30, 2021, security selection within communication services and industrials detracted most from the Fund’s

relative performance. Within the communication services sector, Walt Disney Corporation, an American multinational entertainment and media conglomerate, detracted most from relative performance. In the fall, shares of Disney fell after operating income was well below consensus forecasts, driven primarily by higher than expected direct to consumer (DTC) losses. The company also announced that DTC costs are projected to surpass the previous guide and it now expects that peak losses will be next year compared to the original forecast of this year. Additionally, the Fund’s allocation to Verizon Communications Inc., an American wireless network operator, detracted from relative performance. Shares lagged over the second half of the year as the company aggressively increased promotions. While these promotions helped increase subscribers, they also negatively impacted margins. Within the industrials sector, FedEx Corp., a transportation company, detracted most from relative performance. The company experienced a significant increase in costs during the second half of 2021. This was largely attributed to labor market disruptions, including a shortage of workers and higher labor costs.

Conversely, stock selection within health care and information technology contributed to the Fund’s relative performance during the period. Within the health care sector, the Fund’s allocation to West Pharmaceutical Services, Inc., a designer and manufacturer of injectable

pharmaceutical packaging, contributed most to relative performance. Shares rose after the second quarter earnings report revealed that the company was able to successfully expand margins more than estimated. While the company does continue to benefit from COVID-19 related demand, the other core business segments continued to grow, including the Biologics and Pharma segments in which sales grew by double-digits. Within the information technology sector, the Fund’s allocation to Nvidia Corp., a manufacturer of computer graphics processors, chipset and related multimedia software, contributed to relative performance. Shares rose throughout the period but specifically rallied in early November due to the launch of the company’s Omniverse Enterprise platform, an easily extensible, open platform built for virtual collaboration and real-time physically accurate simulation. Lastly, the Fund’s holding of Microsoft Corp., a technology corporation that produces computer software, consumer electronics, personal computers, and related services, contributed to relative performance. Shares rose after the company announced that it had agreed to acquire Nuance Communications, a computer software company. The acquisition was viewed positively as we believe it should position Microsoft well within the cloud space and specifically within its healthcare cloud initiatives.

Additionally, shares rallied after the company’s fiscal third quarter earnings

beat expectations and revenue guidance was $1 billion above consensus.

Lord Abbett Growth Opportunities Fund

For the fiscal year ended November 30, 2021, the Fund returned 12.09%, reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the Russell Midcap^® Growth Index,⁷which returned 17.72% over the same period.

The twelve-month period ending November 30, 2021 was primarily a story of the dramatic economic and market recovery that occurred within the U.S., despite the persistent presence of COVID-19. The S&P 500^® Index¹and the tech heavy Nasdaq Composite Index²returned 27.92% and 28.20%, respectively. Large cap stocks³outperformed small cap stocks⁴(26.67% vs. 22.03%), while growth⁵outperformed value⁶(29.39% vs. 22.92%).

Following volatility throughout the fall of 2020, markets rallied in the month of December, with the S&P 500^® Index gaining 3.84%. The Dow Jones Industrial Average also continued its push through the 30,000 level. The strong performance was mainly attributed to vaccine approvals and a bipartisan compromise on a fifth pandemic relief package. Additionally, the U.S. Federal Reserve (the “Fed”) cleared banks to resume share buybacks in the first quarter of 2021, subject to a limit, after the industry fared well in the second round of stress tests. This was a notable

development considering the industry had mostly struggled throughout 2020.

Inflation fears and renewed concerns over variants of the coronavirus did little to slow the market down during the second quarter of 2021, as the S&P 500^® Index and Nasdaq Composite Index returned 8.55% and 9.68%, respectively, with both indices breaching all-time highs. After lagging meaningfully since the announcement of the vaccine news, growth outperformed value during the quarter. Second quarter reported earnings were even stronger than the first quarter, with the blended growth rate for the S&P 500^® Index at 88%, which was the highest year-over-year growth since the fourth quarter of 2009. In aggregate, companies were reporting earnings 17.1% ahead of consensus in the second quarter, the fourth highest on record, and revenues 4.9% ahead of consensus, the highest on record.

The bullish narrative continued into the start of the third quarter. For most of July and August, investor focus was largely centered around themes, such as a central bank liquidity tailwind, continued vaccine progress, upside in corporate earnings surprises, and reopening momentum. However, U.S. markets were met with increasing headwinds toward the latter half of the quarter, which included the increased spread of the Delta variant, rising concerns over supply chain and input price pressures on corporate earnings. This was reflected by consumer prices rising 5.4% year-over-year, in both June and July (the fastest pace since August 2008). Inflation maintained its record pace in August as consumer prices rose 5.3% year-over-year, albeit below economist expectations for the month. Uncertainty around the Fed tapering presented additional headwinds to the market. Toward the end of the third quarter, the Fed indicated that a reduction in its $120 billion per month asset-purchase plan might soon be warranted. U.S. markets were also affected by negative headlines overseas, most notably China’s regulatory crackdown of the private education and technology sectors and broad worries about a default by Chinese real estate developer Evergrande. These headwinds culminated in a volatile September, with all major U.S. indices finishing in negative territory. Specifically, the S&P 500^® Index snapped a streak of seven consecutive months of positive

returns and had its worst performing month since March 2020.

The U.S. equity market continued to be strong during the fourth quarter as all major U.S. indices exhibited positive performance. The S&P 500^® Index and the Nasdaq Composite Index returned 6.26% and 7.65%, respectively, through November. Strong consumer demand, underpinned by robust corporate and consumer balance sheets, has helped keep operating leverage and margins elevated for corporations, despite increased supply chain and input price pressures. The Friday following Thanksgiving in the U.S. saw a big market selloff with all the major indices down over 2% on concerns that the emergence of the new Omicron variant could derail the last bout of economic normalization traction. This added to continued concerns around the shift in the transient versus persistent inflation debate.

From an industry standpoint, security selection within software and information technology services were the largest detractors from the Fund’s performance over the period. Specifically, the portfolio’s position in Splunk, Inc., a leading provider of software for searching, monitoring, and analyzing machine-generated data, was the largest individual detractor from relative performance. Shares of the company fell in December after it reported quarterly earnings and revenue targets that fell way short of consensus expectations. Revenue and annual recurring revenue (ARR) growth figures fell

short of expectations largely as a result of customer hesitation regarding authorizing large deals.

The Fund’s position in RingCentral, Inc., a provider of cloud-based communications and collaboration solutions for businesses, was also a notable detractor over the period. Although the company benefited greatly from the massive shift to remote work throughout the initial pandemic-related lockdowns, the stock largely struggled throughout the period as investors became increasingly focused on valuations as the economy began to reopen. Shares of RingCentral also fell following the initial announcement that Zoom had come to an agreement to acquire Five9, a leading cloud contact center software.

Although the Fund’s software allocation was a primary drag on performance, its position in HubSpot, Inc., a developer of software products for inbound marketing, sales, and customer service, was the largest individual contributor to relative performance over the period. After growing 30% in 2020, the company continued to experience strong growth acceleration throughout 2021, as businesses continued to digitize their go-to-market motion. In the fourth quarter of 2020, the company hit two important milestones: crossing the $1 billion ARR mark and eclipsing 100,000 customers.

The Fund’s position in Dexcom, Inc., a medical device manufacturing company that focuses on glucose monitoring

systems for ambulatory use by people with diabetes, was also a notable contributor to relative performance. Shares of the stock rallied throughout the period as more people were able to get elective procedures compared to 2020.

Lord Abbett Small Cap Value Fund

For the fiscal year ended November 30, 2021, the Fund returned 27.48% reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the Russell 2000 Value^® Index,⁸which returned 33.01% over the same period.

The twelve-month period ending November 30, 2021 was primarily a story of the dramatic economic and market recovery that occurred within the U.S., despite the persistent presence of COVID-19. The S&P 500^® Index¹and the tech-heavy Nasdaq Composite Index²returned 27.92% and 28.20%, respectively. Large cap stocks³outperformed small cap stocks⁴(26.67% vs. 22.03%), while growth⁵outperformed value⁶(29.39% vs. 22.92%).

quarter of 2021, subject to a limit, after the industry fared well in the second round of stress tests. This was a notable development considering the industry had mostly struggled throughout 2020.

fourth highest on record, and revenues 4.9% ahead of consensus, the highest on record.

finishing in negative territory. Specifically, the S&P 500^® Index snapped a streak of seven consecutive months of positive returns and had its worst performing month since March 2020.

During the 12-month period ending November 30, 2021, the Fund’s holding of Purple Innovation Inc, a mattress company, detracted from relative performance. Shares of Purple fell significantly in March after the company missed earnings estimates due to a deceleration of demand in December for both the direct-to consumer and wholesale businesses. The company faced further headwinds when a product accident in May caused production to be shut down and sales

expectations to be lowered. The Fund’s position in Bally’s Corporation also detracted from relative performance. Shares of the global casino-entertainment company lagged since May as the company announced a series of acquisitions. Additionally, uncertainty around the launch of a full-scale U.S. online gaming system created a headwind for the stock. The Fund’s allocation to Diebold Nixdorf, Inc., an American multinational financial and retail technology company, also detracted from relative performance.

Shares of the company lagged over the period but fell significantly after reporting third quarter earnings. The company missed consensus estimates and lowered guidance as a result of supply chain challenges and increasing inflationary pressures.

Conversely, the Fund’s position in Bancorp, Inc., a financial holding company, was the largest contributor to relative performance. Shares rose steadily throughout the period as banks benefitted from an improving economy, rising interest rates and easing of restrictions on capital return

to shareholders. Additionally, the stock benefitted from the announcement that the company would replace R1 RCM, a healthcare manager, in the S&P SmallCap 600. The Fund’s position in R.R. Donnelley & Sons Co., a communication solutions company, also contributed to relative performance. Shares rose after it was announced that Chatham Asset Management, a private investment firm, had offered to acquire the company at $7.50 per share, a 62.1% premium to the previous day’s closing price. The Fund’s position in Customers Bancorp, Inc., a bank holding company, also contributed to relative performance. The firm reported a strong third quarter, which included core loan growth, a successful launch of its new blockchain payments initiative and higher Paycheck Protection Program revenue.

The Funds’ portfolios are actively managed and, therefore, holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

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.

² The Nasdaq Composite Index is the market capitalization-weighted index of over 2,500 common equities listed on the Nasdaq stock exchange.

³ As represented by the Russell 1000^® Index as of 11/30/2021.

⁴ As represented by the Russell 2000^® Index as of 11/30/2021.

⁵ As represented by the Russell 3000^® Growth Index as of 11/30/2021.

⁶ As represented by the Russell 3000^® Value Index as of 11/30/2021.

⁷ The Russell Midcap^® Growth Index measures the performance of those Russell Midcap^® companies with higher price-to-book ratios and higher forecasted growth values.

⁸ The Russell 2000 Value^® Index measures the performance of those stocks of the Russell 2000^® Index with lower price-to-book ratios and lower relative forecasted growth rates. Indices are unmanaged, do not reflect the deduction of fees or expenses, and an investor cannot invest directly in an index.

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

Important Performance and Other Information

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

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

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

The annual commentary above discusses the views of the Funds’ management and various portfolio holdings of the Funds as of November 30, 2021. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds’ portfolios are actively managed and may change significantly, the Funds may no longer own the securities described above or may have otherwise changed their positions in the securities. For more recent information about the Funds’ portfolio holdings, please visit www.lordabbett. com.

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

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

Dividend Growth Fund

Investment Comparison

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

Average Annual Total Returns at Maximum Applicable Sales Charge for the Periods Ended November 30, 2021
	1 Year	5 Years	10 Years	Life of Class
Class A³	15.86%	13.63%	13.08%	–
Class C⁴	21.07%	14.13%	12.92%	–
Class F⁵	23.29%	15.27%	13.98%	–
Class F3⁶	23.34%	–	–	15.18%
Class I⁵	23.27%	15.28%	14.04%	–
Class P⁵	22.72%	14.74%	13.52%	–
Class R2⁵	22.56%	14.59%	13.36%	–
Class R3⁵	22.66%	14.70%	13.49%	–
Class R4⁷	22.96%	15.00%	–	13.73%
Class R5⁷	23.28%	15.29%	–	14.02%
Class R6⁷	23.34%	15.37%	–	14.11%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

² Performance for the unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

³ Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended November 30, 2021, is calculated using the SEC-required uniform method to compute such return.

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

⁵ Performance is at net asset value.

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

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

Growth Opportunities Fund

Investment Comparison

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

Average Annual Total Returns at Maximum Applicable Sales Charge for the Periods Ended November 30, 2021
	1 Year	5 Years	10 Years	Life of Class
Class A³	5.63%	17.73%	14.19%	–
Class C⁴	10.34%	18.24%	14.04%	–
Class F⁵	12.22%	19.31%	15.06%	–
Class F3⁶	12.44%	–	–	19.88%
Class I⁵	12.35%	19.43%	15.18%	–
Class P⁵	11.86%	18.90%	14.66%	–
Class R2⁵	11.68%	18.71%	14.49%	–
Class R3⁵	11.79%	18.83%	14.61%	–
Class R4⁷	12.08%	19.13%	–	14.03%
Class R5⁷	12.34%	19.43%	–	14.32%
Class R6⁷	12.44%	19.52%	–	14.43%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

² Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

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

⁵ Performance is at net asset value.

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

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

Small Cap Value Fund

Investment Comparison

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

Average Annual Total Returns at Maximum Applicable Sales Charge for the Periods Ended November 30, 2021
	1 Year	5 Years	10 Years	Life of Class
Class A³	20.17%	5.01%	8.56%	–
Class C⁴	25.62%	5.47%	8.41%	–
Class F⁵	27.63%	6.41%	9.38%	–
Class F3⁶	27.89%	–	–	6.81%
Class I⁵	27.81%	6.53%	9.49%	–
Class P⁵	27.22%	6.04%	9.00%	–
Class R2⁵	27.00%	5.88%	8.83%	–
Class R3⁵	27.18%	6.01%	8.96%	–
Class R4⁷	27.51%	6.26%	–	6.74%
Class R5⁷	27.83%	6.53%	–	7.01%
Class R6⁷	27.91%	6.61%	–	7.09%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

² Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

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

⁵ Performance is at net asset value.

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

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

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2021 through November 30, 2021).

Actual Expenses

For each class of each Fund, the first line of the applicable table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 6/1/21 – 11/30/21” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Dividend Growth Fund

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

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	6/1/21	11/30/21	6/1/21 – 11/30/21
Class A
Actual	$1,000.00	$1,076.50	$4.74
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.51	$4.61
Class C
Actual	$1,000.00	$1,072.70	$8.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.75	$8.39
Class F
Actual	$1,000.00	$1,078.00	$3.44
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.76	$3.35
Class F3
Actual	$1,000.00	$1,078.60	$3.07
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.11	$2.99
Class I
Actual	$1,000.00	$1,078.50	$3.44
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.76	$3.35
Class P
Actual	$1,000.00	$1,075.30	$5.77
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.50	$5.62
Class R2
Actual	$1,000.00	$1,074.80	$6.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.75	$6.38
Class R3
Actual	$1,000.00	$1,075.60	$6.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.25	$5.87
Class R4
Actual	$1,000.00	$1,076.60	$4.74
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.51	$4.61
Class R5
Actual	$1,000.00	$1,078.00	$3.44
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.76	$3.35
Class R6
Actual	$1,000.00	$1,078.60	$3.07
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.11	$2.99

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.91% for Class A, 1.66% for Class C, 0.66% for Class F, 0.59% for Class F3, 0.66% for Class I, 1.11% for Class P, 1.26% for Class R2, 1.16% for Class R3, 0.91% for Class R4, 0.66% for Class R5 and 0.59% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

November 30, 2021

Sector*	%**
Communication Services		2.46	%
Consumer Discretionary		12.42	%
Consumer Staples		6.72	%
Energy		3.09	%
Financials		16.98	%
Health Care		12.60	%
Industrials		12.16	%
Information Technology		22.69	%
Materials		4.74	%
Real Estate		2.04	%
Utilities		2.97	%
Repurchase Agreements		1.13	%
Total		100.00	%

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

Growth Opportunities Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	6/1/21	11/30/21	6/1/21 – 11/30/21
Class A
Actual	$1,000.00	$1,067.90	$5.49
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.75	$5.37
Class C
Actual	$1,000.00	$1,063.70	$9.36
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.99	$9.15
Class F
Actual	$1,000.00	$1,068.40	$4.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.51	$4.61
Class F3
Actual	$1,000.00	$1,069.60	$3.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.41	$3.70
Class I
Actual	$1,000.00	$1,069.10	$4.20
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.01	$4.10
Class P
Actual	$1,000.00	$1,066.70	$6.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.75	$6.38
Class R2
Actual	$1,000.00	$1,065.90	$7.30
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.00	$7.13
Class R3
Actual	$1,000.00	$1,066.50	$6.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.50	$6.63
Class R4
Actual	$1,000.00	$1,067.90	$5.49
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.75	$5.37
Class R5
Actual	$1,000.00	$1,069.00	$4.20
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.01	$4.10
Class R6
Actual	$1,000.00	$1,069.70	$3.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.41	$3.70

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.06% for Class A, 1.81% for Class C, 0.91% for Class F, 0.73% for Class F3, 0.81% for Class I, 1.26% for Class P, 1.41% for Class R2, 1.31% for Class R3, 1.06% for Class R4, 0.81% for Class R5 and 0.73% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

November 30, 2021

Sector*	%**
Communication Services		3.82	%
Consumer Discretionary		13.30	%
Consumer Staples		3.70	%
Financials		4.51	%
Health Care		19.91	%
Industrials		12.24	%
Information Technology		34.58	%
Materials		3.91	%
Real Estate		1.71	%
Repurchase Agreements		2.32	%
Total		100.00	%

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

Small Cap Value Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	6/1/21	11/30/21	6/1/21 – 11/30/21
Class A
Actual	$1,000.00	$ 962.80	$5.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.15	$5.97
Class C
Actual	$1,000.00	$ 959.00	$9.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.39	$9.75
Class F
Actual	$1,000.00	$ 963.30	$5.07
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.90	$5.22
Class F3
Actual	$1,000.00	$ 964.30	$4.14
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.86	$4.26
Class I
Actual	$1,000.00	$ 964.00	$4.58
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.41	$4.71
Class P
Actual	$1,000.00	$ 961.60	$6.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.15	$6.98
Class R2
Actual	$1,000.00	$ 960.90	$7.52
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.40	$7.74
Class R3
Actual	$1,000.00	$ 961.80	$7.03
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.90	$7.23
Class R4
Actual	$1,000.00	$ 962.90	$5.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.15	$5.97
Class R5
Actual	$1,000.00	$ 964.00	$4.58
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.41	$4.71
Class R6
Actual	$1,000.00	$ 964.20	$4.14
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.86	$4.26

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.18% for Class A, 1.93% for Class C, 1.03% for Class F, 0.84% for Class F3, 0.93% for Class I, 1.38% for Class P, 1.53% for Class R2, 1.43% for Class R3, 1.18% for Class R4, 0.93% for Class R5 and 0.84% for Class R6) multiplied by the average account value over the period, multiplied by 183/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

November 30, 2021

Sector*	%**
Communication Services		5.07	%
Consumer Discretionary		7.60	%
Consumer Staples		4.13	%
Energy		6.88	%
Financials		26.99	%
Health Care		6.16	%
Industrials		15.47	%
Information Technology		10.24	%
Materials		6.66	%
Real Estate		6.88	%
Utilities		1.63	%
Repurchase Agreements		1.55	%
Money Market Funds^(a)		0.67	%
Time Deposits^(a)		0.07	%
Total		100.00	%

*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Securities were purchased with the cash collateral from loaned securities.

Schedule of Investments

DIVIDEND GROWTH FUND November 30, 2021

			Fair
			Value
Investments	Shares		(000)
LONG-TERM INVESTMENTS 98.71%

COMMON STOCKS 98.71%

Aerospace & Defense 3.47%
Northrop Grumman Corp.		172,300	$	60,098
Raytheon Technologies Corp.		738,041		59,722
Total				119,820

Banks 3.21%
JPMorgan Chase & Co.		698,300		110,911

Beverages 2.16%
Coca-Cola Co. (The)		1,422,779		74,625

Biotechnology 1.47%
AbbVie, Inc.		441,507		50,897

Capital Markets 9.59%
Ameriprise Financial, Inc.		265,100		76,773
BlackRock, Inc.		72,700		65,765
Moody’s Corp.		105,700		41,291
Morgan Stanley		847,300		80,341
S&P Global, Inc.		147,500		67,220
Total				331,390

Chemicals 1.91%
Air Products & Chemicals, Inc.		229,100		65,852

Construction Materials 1.07%
Vulcan Materials Co.		193,305		37,045

Consumer Finance 0.88%
American Express Co.		198,673		30,258

Containers & Packaging 1.23%
Avery Dennison Corp.		206,952		42,440

Distributors 1.54%
Pool Corp.		95,800		53,085

Diversified Telecommunication Services 0.71%
Verizon Communications, Inc.		488,500		24,557

			Fair
			Value
Investments	Shares		(000)
Electric: Utilities 2.27%
NextEra Energy, Inc.		905,400	$	78,571

Equity Real Estate Investment Trusts 2.03%
American Tower Corp.		267,600		70,240

Food & Staples Retailing 2.69%
Sysco Corp.		586,900		41,107
Walmart, Inc.		368,770		51,860
Total				92,967

Health Care Equipment & Supplies 1.89%
Abbott Laboratories		518,300		65,187

Health Care Providers & Services 2.41%
UnitedHealth Group, Inc.		187,100		83,113

Hotels, Restaurants & Leisure 2.10%
McDonald’s Corp.		196,026		47,948
Starbucks Corp.		223,946		24,553
Total				72,501

Industrial Conglomerates 1.97%
Honeywell International, Inc.		336,100		67,973

Information Technology Services 2.41%
Accenture plc Class A (Ireland)^(a)		173,100		61,866
Jack Henry & Associates, Inc.		140,500		21,304
Total				83,170

Insurance 3.28%
American Financial Group, Inc./OH		420,000		56,116
Arthur J Gallagher & Co.		185,753		30,259
Chubb Ltd. (Switzerland)^(a)		150,300		26,975
Total				113,350

Life Sciences Tools & Services 4.22%
Agilent Technologies, Inc.		258,600		39,023
Danaher Corp.		176,400		56,737
West Pharmaceutical Services, Inc.		113,400		50,198
Total				145,958

See Notes to Financial Statements.

Schedule of Investments (continued)

DIVIDEND GROWTH FUND November 30, 2021

			Fair
			Value
Investments	Shares		(000)
Machinery 4.50%
Dover Corp.		361,900	$	59,297
Illinois Tool Works, Inc.		170,300		39,535
Parker-Hannifin Corp.		96,991		29,297
Stanley Black & Decker, Inc.		155,800		27,228
Total				155,357

Media 1.74%
Comcast Corp. Class A		1,203,800		60,166

Metals & Mining 0.53%
Reliance Steel & Aluminum Co.		123,200		18,311

Multi-Line Retail 1.33%
Dollar General Corp.		208,300		46,097

Multi-Utilities 0.69%
CMS Energy Corp.		406,700		23,934

Oil, Gas & Consumable Fuels 3.08%
Marathon Petroleum Corp.		905,000		55,069
TotalEnergies SE ADR		1,119,500		51,486
Total				106,555

Personal Products 1.85%
Estee Lauder Cos., Inc. (The) Class A		192,900		64,056

Pharmaceuticals 2.60%
Roche Holding AG^(b)	CHF	100,332		39,170
Zoetis, Inc.		227,300		50,470
Total				89,640

Road & Rail 2.21%
Union Pacific Corp.		324,300		76,418

Semiconductors & Semiconductor Equipment 9.95%
Analog Devices, Inc.		372,900		67,215
KLA Corp.		87,300		35,630
Microchip Technology, Inc.		712,534		59,447
NVIDIA Corp.		301,700		98,583
Texas Instruments, Inc.		431,300		82,969
Total				343,844

			Fair
			Value
Investments	Shares		(000)
Software 10.29%
Intuit, Inc.		104,300	$	68,035
Microsoft Corp.		870,000		287,613
Total				355,648

Specialty Retail 5.19%
Home Depot, Inc. (The)		138,400		55,444
Lowe’s Cos., Inc.		320,375		78,361
TJX Cos., Inc. (The)		655,300		45,478
Total				179,283

Textiles, Apparel & Luxury Goods 2.24%
NIKE, Inc. Class B		457,700		77,461
Total Common Stocks (cost $2,412,330,414)				3,410,680

	Principal
	Amount
	(000)

SHORT-TERM INVESTMENTS 1.12%

Repurchase Agreements 1.12%
Repurchase Agreement dated 11/30/2021, 0.00% due 12/1/2021 with Fixed Income Clearing Corp. collateralized by $38,228,100 of U.S. Treasury Note at 2.75% due 4/30/2023 value: $39,612,875; proceeds: $38,836,135 (cost $38,836,135)		$38,836		38,836
Total Investments in Securities 99.83% (cost $2,451,166,549)				3,449,516
Other Assets and Liabilities – Net^(c)0.17%				5,843
Net Assets 100.00%			$	3,455,359


ADR		American Depositary Receipt.
CHF		Swiss Franc.
^(a)		Foreign security traded in U.S. dollars.
^(b)		Investment in non-U.S. dollar denominated securities.
^(c)		Other Assets and Liabilities – Net include net unrealized depreciation on futures contracts as follows:

See Notes to Financial Statements.

Schedule of Investments (concluded)

DIVIDEND GROWTH FUND November 30, 2021

Open Futures Contracts at November 30, 2021:

Type

Expiration

Contracts

Position

Notional
Amount

Notional
Value

Unrealized
Depreciation

E-Mini S&P 500 Index

December 2021

170

Long

$39,637,838

$38,813,125

$(824,713

)

The following is a summary of the inputs used as of November 30, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)			Level 2 (000)		Level 3 (000)		Total (000)
Long-Term Investments
Common Stocks	$	3,410,680		$	–	$	–	$	3,410,680
Short-Term Investments
Repurchase Agreements		–			38,836		–		38,836
Total	$	3,410,680		$	38,836	$	–	$	3,449,516

Other Financial Instruments
Futures Contracts
Assets	$	–		$	–	$	–	$	–
Liabilities		(825	)		–		–		(825	)
Total	$	(825	)	$	–	$	–	$	(825	)


⁽¹⁾		Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

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

See Notes to Financial Statements.

Schedule of Investments

GROWTH OPPORTUNITIES FUND November 30, 2021

			Fair
			Value
Investments	Shares		(000)
LONG-TERM INVESTMENTS 98.13%

COMMON STOCKS 98.13%

Aerospace & Defense 2.72%
CAE, Inc. (Canada)*^(a)		420,288	$	10,116
TransDigm Group, Inc.*		25,783		14,904
Total				25,020

Air Freight & Logistics 1.21%
GXO Logistics, Inc.*		116,141		11,155

Banks 2.00%
First Republic Bank		47,732		10,007
Western Alliance Bancorp		76,313		8,378
Total				18,385

Beverages 0.92%
Brown-Forman Corp. Class B		120,656		8,489

Biotechnology 4.04%
Arena Pharmaceuticals, Inc.*		40,050		2,182
Argenx SE ADR*		19,345		5,401
Genmab A/S ADR*		174,501		6,722
Mirati Therapeutics, Inc.*		32,578		4,456
Natera, Inc.*		86,391		7,901
Seagen, Inc.*		65,335		10,454
Total				37,116

Capital Markets 1.70%
Moody’s Corp.		13,203		5,158
MSCI, Inc.		16,639		10,473
Total				15,631

Communications Equipment 0.67%
Arista Networks, Inc.*		49,774		6,175

Construction Materials 1.59%
Vulcan Materials Co.		76,038		14,572

Containers & Packaging 2.34%
Avery Dennison Corp.		41,910		8,594
Ball Corp.		137,678		12,866
Total				21,460

			Fair
			Value
Investments	Shares		(000)
Electrical Equipment 0.98%
AMETEK, Inc.		65,687	$	8,966

Electronic Equipment, Instruments & Components 2.88%
Amphenol Corp. Class A		218,745		17,627
Trimble, Inc.*		102,880		8,834
Total				26,461

Entertainment 2.03%
Roku, Inc.*		46,195		10,515
Warner Music Group Corp. Class A		187,678		8,132
Total				18,647

Equity Real Estate Investment Trusts 1.72%
SBA Communications Corp.		45,939		15,794

Food & Staples Retailing 1.08%
Sysco Corp.		141,050		9,879

Food Products 0.55%
McCormick & Co., Inc.		59,178		5,079

Health Care Equipment & Supplies 5.47%
Align Technology, Inc.*		14,972		9,156
DexCom, Inc.*		35,500		19,972
IDEXX Laboratories, Inc.*		14,909		9,066
Insulet Corp.*		41,743		12,040
Total				50,234

Health Care Technology 2.39%
Inspire Medical Systems, Inc.*		28,639		6,394
Veeva Systems, Inc. Class A*		54,994		15,540
Total				21,934

Hotels, Restaurants & Leisure 4.84%
Chipotle Mexican Grill, Inc.*		10,553		17,343
Churchill Downs, Inc.		35,767		8,020
Hilton Worldwide Holdings, Inc.*		94,603		12,778
Wingstop, Inc.		39,159		6,289
Total				44,430

See Notes to Financial Statements.

Schedule of Investments (continued)

GROWTH OPPORTUNITIES FUND November 30, 2021

			Fair
			Value
Investments	Shares		(000)
Household Products 0.70%
Church & Dwight Co., Inc.		71,453	$	6,386

Industrial Conglomerates 1.06%
Roper Technologies, Inc.		21,046		9,768

Information Technology Services 3.64%
Cloudflare, Inc. Class A*		16,808		3,164
EPAM Systems, Inc.*		8,885		5,407
Genpact Ltd.		216,154		10,434
Jack Henry & Associates, Inc.		49,013		7,432
Twilio, Inc. Class A*		24,425		6,989
Total				33,426

Insurance 0.83%
Goosehead Insurance, Inc. Class A		58,170		7,639

Interactive Media & Services 1.80%
Bumble, Inc. Class A*		145,885		4,998
Match Group, Inc.*		89,028		11,573
Total				16,571

Internet & Direct Marketing Retail 2.49%
DoorDash, Inc. Class A*		20,503		3,665
Etsy, Inc.*		69,934		19,203
Total				22,868

Life Sciences Tools & Services 6.23%
10X Genomics, Inc. Class A*		66,516		10,164
Agilent Technologies, Inc.		90,537		13,662
Bio-Rad Laboratories, Inc. Class A*		8,917		6,716
Quanterix Corp.*		58,909		2,355
Repligen Corp.*		43,937		12,588
West Pharmaceutical Services, Inc.		26,467		11,716
Total				57,201

Machinery 3.20%
Fortive Corp.		136,012		10,047
Parker-Hannifin Corp.		41,211		12,448
Stanley Black & Decker, Inc.		39,446		6,894
Total				29,389

			Fair
			Value
Investments	Shares		(000)
Personal Products 0.47%
Shiseido Co., Ltd.^(b)	JPY	75,205	$	4,311

Pharmaceuticals 1.88%
Catalent, Inc.*		65,298		8,401
Zoetis, Inc.		39,943		8,869
Total				17,270

Road & Rail 3.12%
Lyft, Inc. Class A*		72,393		2,940
Old Dominion Freight Line, Inc.		58,675		20,840
XPO Logistics, Inc.*		67,521		4,891
Total				28,671

Semiconductors & Semiconductor Equipment 8.61%
Analog Devices, Inc.		75,093		13,536
Brooks Automation, Inc.		78,539		8,883
Enphase Energy, Inc.*		67,934		16,983
Lam Research Corp.		8,491		5,773
Microchip Technology, Inc.		196,133		16,363
NXP Semiconductors NV (Netherlands)^(a)		49,189		10,987
Xilinx, Inc.		28,834		6,587
Total				79,112

Software 18.94%
AppLovin Corp. Class A*		42,333		3,857
Bill.com Holdings, Inc.*		26,549		7,456
Cadence Design Systems, Inc.*		137,795		24,453
Crowdstrike Holdings, Inc. Class A*		58,106		12,617
Datadog, Inc. Class A*		99,691		17,774
DocuSign, Inc.*		60,738		14,963
Dynatrace, Inc.*		141,237		8,877
Everbridge, Inc.*		60,116		6,818
HubSpot, Inc.*		21,836		17,620
Palantir Technologies, Inc. Class A*		253,777		5,241
Palo Alto Networks, Inc.*		39,213		21,447
Paycom Software, Inc.*		33,948		14,852
RingCentral, Inc. Class A*		43,064		9,301
Trade Desk, Inc. (The) Class A*		84,159		8,704
Total				173,980

26	See Notes to Financial Statements.

Schedule of Investments (concluded)

GROWTH OPPORTUNITIES FUND November 30, 2021

			Fair
			Value
Investments	Shares		(000)
Specialty Retail 4.53%
Burlington Stores, Inc.*		48,562	$	14,235
Carvana Co.*		16,335		4,581
Five Below, Inc.*		46,000		9,358
Tractor Supply Co.		59,625		13,435
Total				41,609

Textiles, Apparel & Luxury Goods 1.50%
Canada Goose Holdings, Inc. (Canada)*^(a)		82,764		3,691
Lululemon Athletica, Inc. (Canada)*^(a)		21,954		9,976
On Holding AG Class A (Switzerland)*^(a)		2,798		112
Total				13,779
Total Common Stocks (cost $635,531,219)				901,407

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENTS 2.34%

Repurchase Agreements 2.34%
Repurchase Agreement dated 11/30/2021, 0.00% due 12/1/2021 with Fixed Income Clearing Corp. collateralized by $21,109,400 of U.S. Treasury Note at 2.75% due 04/30/2023; value: $21,874,067; proceeds: $21,445,133 (cost $21,445,133)		$21,445	$	21,445
Total Investments in Securities 100.47% (cost $656,976,352)				922,852
Other Assets and Liabilities – Net (0.47)%				(4,278	)
Net Assets 100.00%			$	918,574


ADR		American Depositary Receipt.
JPY		Japanese Yen.
*		Non-income producing security.
^(a)		Foreign security traded in U.S. dollars.
^(b)		Investment in non-U.S. dollar denominated securities.

The following is a summary of the inputs used as of November 30, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾	(000)		(000)		(000)		(000)
Long-Term Investments
Common Stocks	$	901,407	$	–	$	–	$	901,407
Short-Term Investments
Repurchase Agreements		–		21,445		–		21,445
Total	$	901,407	$	21,445	$	–	$	922,852


⁽¹⁾		Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

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

See Notes to Financial Statements.

Schedule of Investments

SMALL CAP VALUE FUND November 30, 2021

			Fair
			Value
Investments	Shares		(000)
LONG-TERM INVESTMENTS 98.30%

COMMON STOCKS 98.30%

Airlines 0.95%
Hawaiian Holdings, Inc.*		359,714	$	6,576

Auto Components 1.42%
American Axle & Manufacturing Holdings, Inc.*		1,109,512		9,830

Automobiles 1.27%
Harley-Davidson, Inc.		240,772		8,819

Banks 14.40%
Bancorp, Inc. (The)*		584,179		16,515
Camden National Corp.		189,601		8,687
Customers Bancorp, Inc.*		357,711		20,618
First BanCorp		659,544		8,765
Metropolitan Bank Holding Corp.*		75,836		7,199
Pacific Premier Bancorp, Inc.		23,653		917
PacWest Bancorp		329,349		14,735
Triumph Bancorp, Inc.*		174,438		22,215
Total				99,651

Biotechnology 1.41%
Arena Pharmaceuticals, Inc.*		101,569		5,534
SpringWorks Therapeutics, Inc.*		58,381		4,195
Total				9,729

Building Products 1.56%
Masonite International Corp.*		101,003		10,807

Capital Markets 5.77%
CI Financial Corp.^(a)	CAD	516,200		11,379
Evercore, Inc. Class A		60,618		8,408
Moelis & Co. Class A		110,650		6,784
Victory Capital Holdings, Inc. Class A		381,135		13,362
Total				39,933

			Fair
			Value
Investments	Shares		(000)
Chemicals 4.31%
Avient Corp.		272,484	$	14,989
Valvoline, Inc.		434,800		14,814
Total				29,803

Commercial Services & Supplies 2.44%
RR Donnelley & Sons Co.*		939,873		9,925
SP Plus Corp.*		257,775		6,988
Total				16,913

Construction Materials 1.49%
Eagle Materials, Inc.		67,077		10,345

Consumer Finance 0.45%
Atlanticus Holdings Corp.*		52,596		3,126

Containers & Packaging 0.90%
Pactiv Evergreen, Inc.		499,490		6,199

Diversified Financial Services 1.24%
Compass Diversified Holdings		296,687		8,548

Electric: Utilities 1.64%
IDACORP, Inc.		108,264		11,327

Electrical Equipment 1.54%
GrafTech International Ltd.		914,386		10,653

Energy Equipment & Services 1.38%
Cactus, Inc. Class A		260,700		9,516

Entertainment 1.56%
Marcus Corp. (The)*^(b)		618,542		10,806

Equity Real Estate Investment Trusts 5.93%
Innovative Industrial Properties, Inc.		27,533		7,071
National Storage Affiliates Trust		178,033		10,928
STAG Industrial, Inc.		310,700		13,540
Sunstone Hotel Investors, Inc.*		872,746		9,487
Total				41,026

28	See Notes to Financial Statements.

Schedule of Investments (continued)

SMALL CAP VALUE FUND November 30, 2021

			Fair
			Value
Investments	Shares		(000)
Health Care Providers & Services 3.03%
AMN Healthcare Services, Inc.*		93,538	$	10,664
Tenet Healthcare Corp.*		141,200		10,289
Total				20,953

Hotels, Restaurants & Leisure 0.95%
Bally’s Corp.*		171,741		6,585

Household Durables 1.15%
Helen of Troy Ltd.*		33,198		7,984

Household Products 1.57%
Spectrum Brands Holdings, Inc.		108,713		10,882

Information Technology Services 2.88%
Alliance Data Systems Corp.		101,708		6,932
International Money Express, Inc.*		860,783		13,007
Total				19,939

Insurance 3.31%
American Equity Investment Life Holding Co.		305,435		10,272
Stewart Information Services Corp.		177,370		12,632
Total				22,904

Interactive Media & Services 1.82%
Cars.com, Inc.*		756,311		12,615

Machinery 5.84%
Alamo Group, Inc.		60,390		8,589
Columbus McKinnon Corp.		242,274		10,762
Crane Co.		135,990		13,128
Miller Industries, Inc.		242,484		7,932
Total				40,411

Media 1.72%
Criteo SA ADR*		285,232		10,713
Loyalty Ventures, Inc.*		40,683		1,168
Total				11,881

			Fair
			Value
Investments	Shares		(000)
Oil, Gas & Consumable Fuels 5.54%
Centennial Resource Development, Inc. Class A*		1,024,935	$	6,385
Chesapeake Energy Corp.		163,703		9,747
MEG Energy Corp.*^(a)	CAD	1,757,200		14,306
Par Pacific Holdings, Inc.*		586,039		7,935
Total				38,373

Personal Products 1.15%
BellRing Brands, Inc. Class A*		370,105		7,965

Pharmaceuticals 1.77%
NGM Biopharmaceuticals, Inc.*		180,326		3,249
Organon & Co.		307,722		8,995
Total				12,244

Professional Services 1.60%
TrueBlue, Inc.*		426,193		11,089

Real Estate Management & Development 1.00%
Marcus & Millichap, Inc.*		160,758		6,888

Semiconductors & Semiconductor Equipment 3.74%
Brooks Automation, Inc.		68,809		7,782
Ichor Holdings Ltd.*		125,310		6,001
Silicon Motion Technology Corp. ADR		175,279		12,100
Total				25,883

Software 1.94%
CommVault Systems, Inc.*		108,148		6,801
Rimini Street, Inc.*		1,004,876		6,642
Total				13,443

Specialty Retail 2.85%
JOANN, Inc.^(b)		723,648		6,614
Sally Beauty Holdings, Inc.*		668,903		13,104
Total				19,718

See Notes to Financial Statements.

Schedule of Investments (continued)

SMALL CAP VALUE FUND November 30, 2021

			Fair
			Value
Investments	Shares		(000)
Technology Hardware, Storage & Peripherals 1.73%
Diebold Nixdorf, Inc.*		795,911	$	6,455
Immersion Corp.*^(b)		922,539		5,544
Total				11,999

Thrifts & Mortgage Finance 1.99%
Axos Financial, Inc.*		242,790		13,744

Tobacco 1.43%
Turning Point Brands, Inc.		261,272		9,928

Trading Companies & Distributors 1.63%
Applied Industrial Technologies, Inc.		118,770		11,288
Total Common Stocks (cost $599,767,723)				680,323

	Principal
	Amount
	(000)

SHORT-TERM INVESTMENTS 2.30%

Repurchase Agreements 1.55%
Repurchase Agreement dated 11/30/2021, 0.00% due 12/1/2021 with Fixed Income Clearing Corp. collateralized by $7,745,700 of U.S. Treasury Note at 0.125% due 04/30/2023; $3,134,300 of U.S. Treasury Note at 2.75% due 04/30/2023; value: $10,970,134; proceeds: $10,755,020 (cost $10,755,020)		$10,755		10,755

			Fair
			Value
Investments	Shares		(000)
Money Market Funds 0.67%
Fidelity Government Portfolio^(c) (cost $4,653,950)		4,653,950	$	4,654

Time Deposits 0.08%
CitiBank N.A.^(c) (cost $517,106)		517,106		517
Total Short-Term Investments (cost $15,926,076)				15,926
Total Investments in Securities 100.60% (cost $615,693,799)				696,249
Other Assets and Liabilities – Net (0.60)%				(4,164	)
Net Assets 100.00%			$	692,085


ADR		American Depositary Receipt.
CAD		Canadian Dollar.
*		Non-income producing security.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(c)		Security was purchased with the cash collateral from loaned securities.

30	See Notes to Financial Statements.

Schedule of Investments (concluded)

SMALL CAP VALUE FUND November 30, 2021

The following is a summary of the inputs used as of November 30, 2021 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾	(000)		(000)		(000)		(000)
Long-Term Investments
Common Stocks	$	680,323	$	–	$	–	$	680,323
Short-Term Investments
Repurchase Agreements		–		10,755		–		10,755
Money Market Funds		4,654		–		–		4,654
Time Deposits		–		517		–		517
Total	$	684,977	$	11,272	$	–	$	696,249


⁽¹⁾		Refer to Note 2(i) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

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

See Notes to Financial Statements.

Statements of Assets and Liabilities

November 30, 2021

	Dividend Growth Fund		Growth Opportunities Fund		Small Cap Value Fund
ASSETS:
Investments in securities, at cost	$	2,451,166,549	$	656,976,352	$	615,693,799
Investments in securities, at fair value including $0, $0 and $4,963,164, respectively, of securities loaned	$	3,449,516,060	$	922,851,789	$	696,249,492
Cash		2,343,202		–		–
Deposits with brokers for futures collateral		1,955,000		–		–
Receivables:
Interfund lending receivable		7,068,604		–		–
Dividends		5,018,015		388,578		664,759
Capital shares sold		3,285,751		446,284		328,275
From advisor (See Note 3)		39,309		81,875		–
Interfund lending interest receivable		106		–		–
Investment securities sold		–		4,821,079		1,437,322
Securities lending income receivable		–		135		1,459
Prepaid expenses and other assets		59,948		57,029		52,857
Total assets		3,469,285,995		928,646,769		698,734,164
LIABILITIES:
Payables:
Investment securities purchased		7,188,872		6,333,554		–
Capital shares reacquired		2,915,874		713,791		419,030
Management fee		1,525,308		596,902		454,561
12b-1 distribution plan		676,217		154,503		87,821
Directors’ fees		389,993		119,785		273,977
Fund administration		116,464		31,835		24,243
Variation margin for futures contracts		720,447		–		–
To bank		–		1,936,197		–
Payable for collateral due to broker for securities lending		–		–		5,171,056
Accrued expenses		393,869		185,998		218,476
Total liabilities		13,927,044		10,072,565		6,649,164
Commitments and contingent liabilities
NET ASSETS	$	3,455,358,951	$	918,574,204	$	692,085,000
COMPOSITION OF NET ASSETS:
Paid-in capital	$	2,211,959,587	$	516,260,713	$	519,971,407
Total distributable earnings (loss)		1,243,399,364		402,313,491		172,113,593
Net Assets	$	3,455,358,951	$	918,574,204	$	692,085,000

32	See Notes to Financial Statements.

Statements of Assets and Liabilities (concluded)

November 30, 2021

	Dividend Growth Fund		Growth Opportunities Fund		Small Cap Value Fund
Net assets by class:
Class A Shares	$	2,368,031,271	$	531,844,662	$	235,844,741
Class C Shares	$	193,493,281	$	25,235,274	$	7,245,996
Class F Shares	$	467,767,699	$	48,942,845	$	15,604,318
Class F3 Shares	$	314,606,574	$	59,660,178	$	30,481,567
Class I Shares	$	70,953,147	$	217,471,601	$	372,877,519
Class P Shares	$	1,073,915	$	3,657,285	$	14,393,406
Class R2 Shares	$	1,427,373	$	1,256,620	$	607,368
Class R3 Shares	$	13,953,127	$	15,075,245	$	4,828,942
Class R4 Shares	$	4,440,879	$	2,643,035	$	1,563,940
Class R5 Shares	$	619,769	$	194,404	$	325,707
Class R6 Shares	$	18,991,916	$	12,593,055	$	8,311,496
Outstanding shares by class:
Class A Shares (538.125, 198 and 378 million shares of common stock authorized, $.001 par value)		111,539,758		17,074,179		13,384,991
Class C Shares (40, 40 and 30 million shares of common stock authorized, $.001 par value)		9,258,543		1,248,805		1,147,332
Class F Shares (144.375, 66 and 63 million shares of common stock authorized, $.001 par value)		21,945,269		1,485,274		875,160
Class F3 Shares (88.125, 66 and 63 million shares of common stock authorized, $.001 par value)		14,564,771		1,598,821		1,345,234
Class I Shares (144.375, 66 and 315 million shares of common stock authorized, $.001 par value)		3,303,966		5,877,800		16,595,323
Class P Shares (20, 20 and 50 million shares of common stock authorized, $.001 par value)		50,249		122,334		883,973
Class R2 Shares (30, 30 and 30 million shares of common stock authorized, $.001 par value)		66,459		43,650		38,008
Class R3 Shares (30, 43.5 and 82.75 million shares of common stock authorized, $.001 par value)		661,064		507,935		295,029
Class R4 Shares (30, 43.5 and 82.75 million shares of common stock authorized, $.001 par value)		209,393		84,848		88,567
Class R5 Shares (30, 43.5 and 82.75 million shares of common stock authorized, $.001 par value)		28,871		5,249		14,474
Class R6 Shares (30, 43.5 and 82.75 million shares of common stock authorized, $.001 par value)		879,465		337,551		366,913
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$21.23		$31.15		$17.62
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$22.53		$33.05		$18.69
Class C Shares-Net asset value		$20.90		$20.21		$6.32
Class F Shares-Net asset value		$21.32		$32.95		$17.83
Class F3 Shares-Net asset value		$21.60		$37.32		$22.66
Class I Shares-Net asset value		$21.48		$37.00		$22.47
Class P Shares-Net asset value		$21.37		$29.90		$16.28
Class R2 Shares-Net asset value		$21.48		$28.79		$15.98
Class R3 Shares-Net asset value		$21.11		$29.68		$16.37
Class R4 Shares-Net asset value		$21.21		$31.15		$17.66
Class R5 Shares-Net asset value*		$21.47		$37.03		$22.50
Class R6 Shares-Net asset value		$21.59		$37.31		$22.65

*	Net asset value may not recalculate due to rounding of fractional shares.

See Notes to Financial Statements.

Statements of Operations

For the Year Ended November 30, 2021

	Dividend Growth Fund			Growth Opportunities Fund			Small Cap Value Fund
Investment income:
Dividends (net of foreign withholding taxes of $481,942, $18,156 and $14,435, respectively)	$	54,646,561		$	2,931,831		$	10,235,563
Securities lending net income		183			7,832			6,430
Interest and other		–			52,787			–
Interest earned from Interfund Lending (See Note 11)		106			–			–
Total investment income		54,646,850			2,992,450			10,241,993
Expenses:
Management fee		16,615,277			6,523,958			5,331,770
12b-1 distribution plan-Class A		5,416,843			1,317,881			597,395
12b-1 distribution plan-Class C		1,885,374			269,688			71,690
12b-1 distribution plan-Class F		411,334			47,122			18,137
12b-1 distribution plan-Class P		5,034			17,005			73,193
12b-1 distribution plan-Class R2		6,944			7,346			3,100
12b-1 distribution plan-Class R3		71,674			82,850			26,010
12b-1 distribution plan-Class R4		11,573			6,689			3,738
Shareholder servicing		2,231,242			711,056			577,293
Fund administration		1,258,390			347,945			284,361
Registration		205,763			142,264			131,763
Directors’ fees		120,503			33,110			27,236
Reports to shareholders		102,260			44,738			15,666
Professional		73,640			53,997			44,300
Custody		20,193			10,986			14,287
Other		114,794			85,655			90,996
Gross expenses		28,550,838			9,702,290			7,310,935
Expense reductions (See Note 9)		(2,562	)		(574	)		(446	)
Fees waived and expenses reimbursed (See Note 3)		(431,527	)		(950,958	)		(14,287	)
Net expenses		28,116,749			8,750,758			7,296,202
Net investment income (loss)		26,530,101			(5,758,308	)		2,945,791
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		252,708,654			158,736,235			135,345,880
Net realized gain (loss) on futures contracts		10,552,166			–			–
Net realized gain (loss) on foreign currency related transactions		962,147			(467	)		(2,890	)
Net change in unrealized appreciation/depreciation on investments		350,117,926			(59,478,237	)		24,002,366
Net change in unrealized appreciation/depreciation on futures contracts		(1,425,726	)		–			–
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		–			(54	)		–
Net realized and unrealized gain (loss)		612,915,167			99,257,477			159,345,356
Net Increase in Net Assets Resulting From Operations	$	639,445,268		$	93,499,169		$	162,291,147

34	See Notes to Financial Statements.

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Statements of Changes in Net Assets

	Dividend Growth Fund
INCREASE (DECREASE) IN NET ASSETS	For the Year Ended November 30, 2021			For the Year Ended November 30, 2020
Operations:
Net investment income (loss)	$	26,530,101		$	27,251,246
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions		264,222,967			69,012,942
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		348,692,200			248,678,106
Net increase (decrease) in net assets resulting from operations		639,445,268			344,942,294
Distributions to shareholders:
Class A		(62,184,970	)		(95,729,930	)
Class C		(4,393,123	)		(10,436,946	)
Class F		(11,594,433	)		(16,793,617	)
Class F3		(8,434,571	)		(11,838,066	)
Class I		(1,611,206	)		(2,392,268	)
Class P		(32,305	)		(59,181	)
Class R2		(27,292	)		(52,203	)
Class R3		(407,344	)		(843,829	)
Class R4		(133,545	)		(299,153	)
Class R5		(13,459	)		(16,041	)
Class R6		(589,053	)		(761,857	)
Total distributions to shareholders		(89,421,301	)		(139,223,091	)
Capital share transactions (Net of share conversions) (See Note 15):
Net proceeds from sales of shares		534,740,311			474,532,293
Reinvestment of distributions		84,578,057			130,713,695
Cost of shares reacquired		(469,209,381	)		(586,444,304	)
Net increase (decrease) in net assets resulting from capital share transactions		150,108,987			18,801,684
Net increase (decrease) in net assets		700,132,954			224,520,887
NET ASSETS:

Beginning of year	$	2,755,225,997		$	2,530,705,110
End of year	$	3,455,358,951		$	2,755,225,997

36	See Notes to Financial Statements.

Growth Opportunities Fund						Small Cap Value Fund
For the Year Ended November 30, 2021			For the Year Ended November 30, 2020			For the Year Ended November 30, 2021			For the Year Ended November 30, 2020

$	(5,758,308	)	$	(2,316,331	)	$	2,945,791		$	5,942,322

	158,735,768			129,443,449			135,342,990			(41,524,623	)

	(59,478,291	)		90,234,665			24,002,366			(13,548,099	)

	93,499,169			217,361,783			162,291,147			(49,130,400	)

	(69,456,146	)		(20,723,284	)		(2,209,466	)		(43,991,109	)
	(5,338,174	)		(2,005,599	)		(138,140	)		(3,175,002	)
	(5,797,936	)		(1,220,792	)		(116,358	)		(1,745,862	)
	(3,409,214	)		(373,366	)		(273,146	)		(4,068,923	)
	(23,573,196	)		(17,636,627	)		(3,521,033	)		(57,227,526	)
	(513,944	)		(183,757	)		(145,738	)		(3,489,331	)
	(163,328	)		(41,760	)		(3,908	)		(108,411	)
	(2,478,074	)		(883,104	)		(40,717	)		(990,977	)
	(278,864	)		(54,769	)		(13,387	)		(233,999	)
	(11,783	)		(4,172	)		(275	)		(7,774	)
	(1,374,852	)		(336,618	)		(83,256	)		(1,115,468	)
	(112,395,511	)		(43,463,848	)		(6,545,424	)		(116,154,382	)

	194,671,173			117,862,472			97,448,899			89,272,606
	108,512,857			42,343,046			6,312,296			110,743,176
	(183,210,072	)		(363,359,557	)		(169,372,531	)		(199,678,996	)

	119,973,958			(203,154,039	)		(65,611,336	)		336,786
	101,077,616			(29,256,104	)		90,134,387			(164,947,996	)

$	817,496,588		$	846,752,692		$	601,950,613		$	766,898,609
$	918,574,204		$	817,496,588		$	692,085,000		$	601,950,613

See Notes to Financial Statements.

Financial Highlights

DIVIDEND GROWTH FUND

			Per Share Operating Performance:
									Distributions to
			Investment Operations:						shareholders from:
							Total
					Net		from
	Net asset		Net		realized		invest-
	value,		invest-		and		ment		Net			Net			Total
	beginning		ment		unrealized		opera-		investment			realized			distri-
	of period		income^(a)		gain		tions		income			gain			butions
Class A
11/30/2021	$	17.82	$	0.16	$	3.83	$	3.99	$	(0.15	)	$	(0.43	)	$	(0.58	)
11/30/2020		16.38		0.17		2.17		2.34		(0.20	)		(0.70	)		(0.90	)
11/30/2019		15.75		0.25		1.64		1.89		(0.23	)		(1.03	)		(1.26	)
11/30/2018		16.26		0.24		0.48		0.72		(0.24	)		(0.99	)		(1.23	)
11/30/2017		14.82		0.25		2.43		2.68		(0.27	)		(0.97	)		(1.24	)
Class C
11/30/2021		17.55		0.01		3.78		3.79		(0.01	)		(0.43	)		(0.44	)
11/30/2020		16.14		0.06		2.13		2.19		(0.08	)		(0.70	)		(0.78	)
11/30/2019		15.54		0.13		1.62		1.75		(0.12	)		(1.03	)		(1.15	)
11/30/2018		16.06		0.12		0.47		0.59		(0.12	)		(0.99	)		(1.11	)
11/30/2017		14.64		0.14		2.41		2.55		(0.16	)		(0.97	)		(1.13	)
Class F
11/30/2021		17.87		0.21		3.84		4.05		(0.17	)		(0.43	)		(0.60	)
11/30/2020		16.41		0.21		2.18		2.39		(0.23	)		(0.70	)		(0.93	)
11/30/2019		15.77		0.29		1.63		1.92		(0.25	)		(1.03	)		(1.28	)
11/30/2018		16.26		0.28		0.49		0.77		(0.27	)		(0.99	)		(1.26	)
11/30/2017		14.80		0.28		2.44		2.72		(0.29	)		(0.97	)		(1.26	)
Class F3
11/30/2021		18.11		0.23		3.89		4.12		(0.20	)		(0.43	)		(0.63	)
11/30/2020		16.62		0.23		2.20		2.43		(0.24	)		(0.70	)		(0.94	)
11/30/2019		15.96		0.30		1.66		1.96		(0.27	)		(1.03	)		(1.30	)
11/30/2018		16.45		0.30		0.48		0.78		(0.28	)		(0.99	)		(1.27	)
4/4/2017 to 11/30/2017^(c)		14.66		0.24		1.70		1.94		(0.15	)		–			(0.15	)
Class I
11/30/2021		18.02		0.22		3.86		4.08		(0.19	)		(0.43	)		(0.62	)
11/30/2020		16.55		0.21		2.20		2.41		(0.24	)		(0.70	)		(0.94	)
11/30/2019		15.91		0.29		1.65		1.94		(0.27	)		(1.03	)		(1.30	)
11/30/2018		16.41		0.29		0.48		0.77		(0.28	)		(0.99	)		(1.27	)
11/30/2017		14.93		0.33		2.42		2.75		(0.30	)		(0.97	)		(1.27	)
Class P
11/30/2021		17.93		0.12		3.86		3.98		(0.11	)		(0.43	)		(0.54	)
11/30/2020		16.48		0.14		2.18		2.32		(0.17	)		(0.70	)		(0.87	)
11/30/2019		15.83		0.22		1.65		1.87		(0.19	)		(1.03	)		(1.22	)
11/30/2018		16.34		0.21		0.48		0.69		(0.21	)		(0.99	)		(1.20	)
11/30/2017		14.88		0.22		2.44		2.66		(0.23	)		(0.97	)		(1.20	)

38	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

					Total
					expenses
Net					after						Net			Net
asset					waivers						invest-			assets,		Portfolio
value,		Total			and/or			Total			ment			end of		turnover
end of		return^(b)			reimbursements			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	21.23		22.95			0.91			0.91			0.82		$	2,368,031		39
	17.82		15.10			0.95			0.95			1.10			1,925,498		59
	16.38		13.59			0.95			0.95			1.62			1,731,882		51
	15.75		4.72			0.94			0.97			1.57			1,627,633		51
	16.26		19.35			0.92			1.04			1.70			1,671,580		58

	20.90		22.07			1.66			1.66			0.07			193,493		39
	17.55		14.21			1.70			1.70			0.37			176,775		59
	16.14		12.72			1.70			1.70			0.87			216,647		51
	15.54		3.90			1.70			1.73			0.81			230,385		51
	16.06		18.57			1.66			1.79			0.96			295,025		58

	21.32		23.29			0.66			0.76			1.07			467,768		39
	17.87		15.38			0.70			0.80			1.35			330,470		59
	16.41		13.81			0.70			0.80			1.87			296,993		51
	15.77		5.00			0.70			0.82			1.82			241,282		51
	16.26		19.71			0.70			0.89			1.92			245,916		58

	21.60		23.34			0.60			0.60			1.14			314,607		39
	18.11		15.50			0.62			0.62			1.43			240,767		59
	16.62		13.90			0.63			0.63			1.95			205,183		51
	15.96		5.07			0.62			0.65			1.91			188,484		51
	16.45		13.31	^(d)		0.59	^(e)		0.70	^(e)		2.34	^(e)		176,087		58

	21.48		23.27			0.66			0.66			1.08			70,953		39
	18.02		15.42			0.70			0.70			1.35			44,354		59
	16.55		13.87			0.70			0.70			1.87			42,809		51
	15.91		4.93			0.69			0.72			1.82			42,698		51
	16.41		19.77			0.66			0.79			2.17			43,186		58

	21.37		22.72			1.12			1.12			0.61			1,074		39
	17.93		14.83			1.15			1.15			0.90			1,092		59
	16.48		13.36			1.15			1.15			1.42			1,137		51
	15.83		4.48			1.15			1.17			1.36			1,663		51
	16.34		19.16			1.12			1.24			1.50			1,794		58

See Notes to Financial Statements.

Financial Highlights (concluded)

DIVIDEND GROWTH FUND

			Per Share Operating Performance:
									Distributions to
			Investment Operations:						shareholders from:
							Total
					Net		from
	Net asset		Net		realized		invest-
	value,		invest-		and		ment		Net			Net			Total
	beginning		ment		unrealized		opera-		investment			realized			distri-
	of period		income^(a)		gain		tions		income			gain			butions
Class R2
11/30/2021	$	18.02	$	0.10	$	3.87	$	3.97	$	(0.08	)	$	(0.43	)	$	(0.51	)
11/30/2020		16.55		0.12		2.19		2.31		(0.14	)		(0.70	)		(0.84	)
11/30/2019		15.90		0.19		1.67		1.86		(0.18	)		(1.03	)		(1.21	)
11/30/2018		16.40		0.19		0.49		0.68		(0.19	)		(0.99	)		(1.18	)
11/30/2017		14.93		0.20		2.46		2.66		(0.22	)		(0.97	)		(1.19	)
Class R3
11/30/2021		17.72		0.11		3.81		3.92		(0.10	)		(0.43	)		(0.53	)
11/30/2020		16.29		0.13		2.16		2.29		(0.16	)		(0.70	)		(0.86	)
11/30/2019		15.67		0.21		1.63		1.84		(0.19	)		(1.03	)		(1.22	)
11/30/2018		16.19		0.20		0.47		0.67		(0.20	)		(0.99	)		(1.19	)
11/30/2017		14.75		0.22		2.42		2.64		(0.23	)		(0.97	)		(1.20	)
Class R4
11/30/2021		17.80		0.16		3.82		3.98		(0.14	)		(0.43	)		(0.57	)
11/30/2020		16.36		0.18		2.16		2.34		(0.20	)		(0.70	)		(0.90	)
11/30/2019		15.74		0.25		1.63		1.88		(0.23	)		(1.03	)		(1.26	)
11/30/2018		16.25		0.25		0.48		0.73		(0.25	)		(0.99	)		(1.24	)
11/30/2017		14.81		0.26		2.42		2.68		(0.27	)		(0.97	)		(1.24	)
Class R5
11/30/2021		18.01		0.22		3.86		4.08		(0.19	)		(0.43	)		(0.62	)
11/30/2020		16.55		0.21		2.19		2.40		(0.24	)		(0.70	)		(0.94	)
11/30/2019		15.90		0.29		1.66		1.95		(0.27	)		(1.03	)		(1.30	)
11/30/2018		16.40		0.29		0.48		0.77		(0.28	)		(0.99	)		(1.27	)
11/30/2017		14.93		0.28		2.46		2.74		(0.30	)		(0.97	)		(1.27	)
Class R6
11/30/2021		18.11		0.22		3.89		4.11		(0.20	)		(0.43	)		(0.63	)
11/30/2020		16.62		0.23		2.20		2.43		(0.24	)		(0.70	)		(0.94	)
11/30/2019		15.96		0.30		1.66		1.96		(0.27	)		(1.03	)		(1.30	)
11/30/2018		16.44		0.30		0.49		0.79		(0.28	)		(0.99	)		(1.27	)
11/30/2017		14.95		0.31		2.45		2.76		(0.30	)		(0.97	)		(1.27	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Commenced on April 4, 2017.
^(d)	Not annualized.
^(e)	Annualized.

40	See Notes to Financial Statements.

				Ratios to Average Net Assets:						Supplemental Data:

				Total
				expenses
Net				after				Net		Net
asset				waivers				invest-		assets,		Portfolio
value,		Total		and/or		Total		ment		end of		turnover
end of		return^(b)		reimbursements		expenses		income		period		rate
period		(%)		(%)		(%)		(%)		(000)		(%)

$	21.48		22.56		1.26		1.26		0.49	$	1,427		39
	18.02		14.67		1.30		1.30		0.76		951		59
	16.55		13.16		1.30		1.30		1.26		1,045		51
	15.90		4.38		1.30		1.32		1.22		1,267		51
	16.40		19.01		1.27		1.39		1.37		1,335		58

	21.11		22.66		1.16		1.16		0.56		13,953		39
	17.72		14.81		1.20		1.20		0.86		13,802		59
	16.29		13.31		1.20		1.20		1.37		16,221		51
	15.67		4.48		1.19		1.22		1.31		17,079		51
	16.19		19.10		1.14		1.27		1.47		21,399		58

	21.21		22.96		0.91		0.91		0.80		4,441		39
	17.80		15.10		0.95		0.95		1.12		4,144		59
	16.36		13.54		0.95		0.95		1.62		5,504		51
	15.74		4.75		0.94		0.97		1.61		4,331		51
	16.25		19.42		0.93		1.04		1.71		2,171		58

	21.47		23.28		0.66		0.66		1.09		620		39
	18.01		15.36		0.70		0.70		1.34		395		59
	16.55		13.87		0.70		0.70		1.89		272		51
	15.90		5.00		0.69		0.72		1.84		248		51
	16.40		19.71		0.66		0.79		1.88		201		58

	21.59		23.34		0.60		0.60		1.13		18,992		39
	18.11		15.50		0.62		0.62		1.43		16,977		59
	16.62		13.97		0.63		0.63		1.95		13,012		51
	15.96		5.06		0.62		0.65		1.89		11,344		51
	16.44		19.84		0.62		0.73		2.05		13,163		58

See Notes to Financial Statements.

Financial Highlights

GROWTH OPPORTUNITIES FUND

			Per Share Operating Performance:
										Distributions to
										shareholders
			Investment Operations:							from:
	Net asset		Net			Net							Net asset
	value,		investment			realized and		Total from		Net			value,
	beginning		income			unrealized		investment		realized			end of
	of period		(loss)^(a)			gain		operations		gain			period
Class A
11/30/2021	$	32.07	$	(0.22	)	$	3.82	$	3.60	$	(4.52	)	$	31.15
11/30/2020		24.97		(0.11	)		8.56		8.45		(1.35	)		32.07
11/30/2019		21.46		(0.09	)		4.74		4.65		(1.14	)		24.97
11/30/2018		22.21		(0.11	)		1.20		1.09		(1.84	)		21.46
11/30/2017		18.91		(0.09	)		3.97		3.88		(0.58	)		22.21
Class C
11/30/2021		22.45		(0.30	)		2.58		2.28		(4.52	)		20.21
11/30/2020		18.01		(0.20	)		5.99		5.79		(1.35	)		22.45
11/30/2019		15.93		(0.19	)		3.41		3.22		(1.14	)		18.01
11/30/2018		17.08		(0.20	)		0.89		0.69		(1.84	)		15.93
11/30/2017		14.78		(0.18	)		3.06		2.88		(0.58	)		17.08
Class F
11/30/2021		33.64		(0.18	)		4.01		3.83		(4.52	)		32.95
11/30/2020		26.09		(0.08	)		8.98		8.90		(1.35	)		33.64
11/30/2019		22.33		(0.06	)		4.96		4.90		(1.14	)		26.09
11/30/2018		23.00		(0.08	)		1.25		1.17		(1.84	)		22.33
11/30/2017		19.54		(0.06	)		4.10		4.04		(0.58	)		23.00
Class F3
11/30/2021		37.47		(0.14	)		4.51		4.37		(4.52	)		37.32
11/30/2020		28.86		(0.05	)		10.01		9.96		(1.35	)		37.47
11/30/2019		24.53		(0.02	)		5.49		5.47		(1.14	)		28.86
11/30/2018		25.05		(0.04	)		1.36		1.32		(1.84	)		24.53
4/4/2017 to 11/30/2017^(c)		21.60		–			3.45		3.45		–			25.05
Class I
11/30/2021		37.21		(0.17	)		4.48		4.31		(4.52	)		37.00
11/30/2020		28.69		(0.02	)		9.89		9.87		(1.35	)		37.21
11/30/2019		24.41		(0.04	)		5.46		5.42		(1.14	)		28.69
11/30/2018		24.95		(0.05	)		1.35		1.30		(1.84	)		24.41
11/30/2017		21.12		(0.06	)		4.47		4.41		(0.58	)		24.95
Class P
11/30/2021		31.01		(0.27	)		3.68		3.41		(4.52	)		29.90
11/30/2020		24.24		(0.15	)		8.27		8.12		(1.35	)		31.01
11/30/2019		20.90		(0.13	)		4.61		4.48		(1.14	)		24.24
11/30/2018		21.72		(0.15	)		1.17		1.02		(1.84	)		20.90
11/30/2017		18.54		(0.12	)		3.88		3.76		(0.58	)		21.72

42	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

			Total expenses after						Net			Net assets,		Portfolio
Total			waivers and/or			Total			investment			end of		turnover
return^(b)			reimbursements			expenses			income (loss)			period		rate
(%)			(%)			(%)			(%)			(000)		(%)

	12.09			1.06			1.17			(0.71	)		$531,845		68
	35.75			1.10			1.19			(0.42	)		492,772		50
	23.48			1.16			1.16			(0.39	)		385,588		27
	5.41			1.18			1.18			(0.51	)		333,638		55
	21.17			1.26			1.26			(0.43	)		348,028		73

	11.24			1.81			1.92			(1.47	)		25,235		68
	34.73			1.85			1.94			(1.15	)		26,782		50
	22.58			1.91			1.91			(1.14	)		26,860		27
	4.61			1.93			1.93			(1.27	)		26,130		55
	20.28			2.00			2.00			(1.17	)		42,858		73

	12.22			0.91			1.02			(0.57	)		48,943		68
	35.95			0.94			1.04			(0.28	)		42,530		50
	23.69			1.01			1.01			(0.24	)		23,271		27
	5.53			1.03			1.03			(0.36	)		20,840		55
	21.36			1.11			1.11			(0.29	)		21,021		73

	12.44			0.73			0.84			(0.39	)		59,660		68
	36.18			0.77			0.86			(0.15	)		26,711		50
	23.90			0.86			0.86			(0.08	)		7,986		27
	5.73			0.85			0.85			(0.18	)		6,804		55
	15.97	^(d)		0.87	^(e)		0.87	^(e)		0.01	^(e)		6,105		73

	12.35			0.81			0.92			(0.48	)		217,472		68
	36.08			0.86			0.94			(0.05	)		193,878		50
	23.81			0.91			0.91			(0.15	)		374,814		27
	5.67			0.91			0.91			(0.20	)		373,708		55
	21.47			1.03			1.03			(0.30	)		5,258		73

	11.86			1.26			1.37			(0.92	)		3,657		68
	35.51			1.30			1.39			(0.60	)		3,432		50
	23.23			1.36			1.36			(0.58	)		3,286		27
	5.19			1.38			1.38			(0.71	)		2,789		55
	20.94			1.46			1.46			(0.62	)		2,642		73

See Notes to Financial Statements.

Financial Highlights (concluded)

GROWTH OPPORTUNITIES FUND

			Per Share Operating Performance:
										Distributions to
										shareholders
			Investment Operations:							from:
	Net asset		Net			Net							Net asset
	value,		investment			realized and		Total from		Net			value,
	beginning		income			unrealized		investment		realized			end of
	of period		(loss)^(a)			gain		operations		gain			period
Class R2
11/30/2021	$	30.06	$	(0.31	)	$	3.56	$	3.25	$	(4.52	)	$	28.79
11/30/2020		23.57		(0.18	)		8.02		7.84		(1.35	)		30.06
11/30/2019		20.39		(0.16	)		4.48		4.32		(1.14	)		23.57
11/30/2018		21.26		(0.18	)		1.15		0.97		(1.84	)		20.39
11/30/2017		18.19		(0.15	)		3.80		3.65		(0.58	)		21.26
Class R3
11/30/2021		30.83		(0.28	)		3.65		3.37		(4.52	)		29.68
11/30/2020		24.11		(0.16	)		8.23		8.07		(1.35	)		30.83
11/30/2019		20.81		(0.14	)		4.58		4.44		(1.14	)		24.11
11/30/2018		21.64		(0.16	)		1.17		1.01		(1.84	)		20.81
11/30/2017		18.49		(0.13	)		3.86		3.73		(0.58	)		21.64
Class R4
11/30/2021		32.07		(0.22	)		3.82		3.60		(4.52	)		31.15
11/30/2020		24.97		(0.11	)		8.56		8.45		(1.35	)		32.07
11/30/2019		21.46		(0.09	)		4.74		4.65		(1.14	)		24.97
11/30/2018		22.21		(0.11	)		1.20		1.09		(1.84	)		21.46
11/30/2017		18.91		(0.08	)		3.96		3.88		(0.58	)		22.21
Class R5
11/30/2021		37.24		(0.17	)		4.48		4.31		(4.52	)		37.03
11/30/2020		28.71		(0.05	)		9.93		9.88		(1.35	)		37.24
11/30/2019		24.43		(0.04	)		5.46		5.42		(1.14	)		28.71
11/30/2018		24.97		(0.06	)		1.36		1.30		(1.84	)		24.43
11/30/2017		21.13		(0.04	)		4.46		4.42		(0.58	)		24.97
Class R6
11/30/2021		37.46		(0.15	)		4.52		4.37		(4.52	)		37.31
11/30/2020		28.86		(0.03	)		9.98		9.95		(1.35	)		37.46
11/30/2019		24.53		(0.03	)		5.50		5.47		(1.14	)		28.86
11/30/2018		25.05		(0.07	)		1.39		1.32		(1.84	)		24.53
11/30/2017		21.18		–			4.45		4.45		(0.58	)		25.05

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Commenced on April 4, 2017.
^(d)	Not annualized.
^(e)	Annualized.

44	See Notes to Financial Statements.

		Ratios to Average Net Assets:							Supplemental Data:

		Total expenses after				Net			Net assets,		Portfolio
Total		waivers and/or		Total		investment			end of		turnover
return^(b)		reimbursements		expenses		income (loss)			period		rate
(%)		(%)		(%)		(%)			(000)		(%)

	11.68		1.41		1.52		(1.07	)	$	1,257		68
	35.26		1.45		1.54		(0.76	)		987		50
	23.13		1.51		1.51		(0.75	)		748		27
	5.00		1.53		1.53		(0.87	)		865		55
	20.73		1.60		1.60		(0.78	)		1,415		73

	11.79		1.31		1.42		(0.97	)		15,075		68
	35.43		1.35		1.44		(0.65	)		16,868		50
	23.18		1.41		1.41		(0.64	)		15,908		27
	5.15		1.43		1.43		(0.76	)		17,397		55
	20.83		1.49		1.49		(0.67	)		20,300		73

	12.08		1.06		1.17		(0.72	)		2,643		68
	35.75		1.09		1.19		(0.45	)		1,948		50
	23.48		1.16		1.16		(0.40	)		1,022		27
	5.41		1.18		1.18		(0.51	)		896		55
	21.17		1.23		1.23		(0.40	)		1,036		73

	12.34		0.81		0.92		(0.46	)		194		68
	36.09		0.85		0.94		(0.16	)		100		50
	23.79		0.91		0.91		(0.14	)		89		27
	5.67		0.93		0.93		(0.26	)		71		55
	21.51		0.99		0.99		(0.17	)		67		73

	12.44		0.74		0.84		(0.40	)		12,593		68
	36.20		0.78		0.86		(0.11	)		11,488		50
	23.86		0.86		0.86		(0.11	)		7,181		27
	5.73		0.86		0.86		(0.30	)		9,218		55
	21.60		0.87		0.87		(0.01	)		66,144		73

See Notes to Financial Statements.

Financial Highlights

SMALL CAP VALUE FUND

			Per Share Operating Performance:
												Distributions to
			Investment Operations:									shareholders from:
									Total
			Net			Net			from
	Net asset		invest-			realized			invest-
	value,		ment			and			ment			Net			Net			Total
	beginning		income			unrealized			opera-			investment			realized			distri-
	of period		(loss)^(a)			gain (loss)			tions			income			gain			butions
Class A
11/30/2021	$	13.97	$	0.05		$	3.76		$	3.81		$	(0.16	)	$	–		$	(0.16	)
11/30/2020		17.48		0.11			(0.68	)		(0.57	)		(0.05	)		(2.89	)		(2.94	)
11/30/2019		20.46		0.04			0.04			0.08			–			(3.06	)		(3.06	)
11/30/2018		23.63		(0.07	)		(0.17	)		(0.24	)		–			(2.93	)		(2.93	)
11/30/2017		24.64		(0.01	)		2.11			2.10			–			(3.11	)		(3.11	)
Class C
11/30/2021		5.12		(0.03	)		1.37			1.34			(0.14	)		–			(0.14	)
11/30/2020		8.23		0.01			(0.22	)		(0.21	)		(0.01	)		(2.89	)		(2.90	)
11/30/2019		11.50		(0.04	)		(0.17	)		(0.21	)		–			(3.06	)		(3.06	)
11/30/2018		14.67		(0.13	)		(0.11	)		(0.24	)		–			(2.93	)		(2.93	)
11/30/2017		16.55		(0.11	)		1.34			1.23			–			(3.11	)		(3.11	)
Class F
11/30/2021		14.14		0.05			3.82			3.87			(0.18	)		–			(0.18	)
11/30/2020		17.66		0.13			(0.68	)		(0.55	)		(0.08	)		(2.89	)		(2.97	)
11/30/2019		20.61		0.06			0.05			0.11			–			(3.06	)		(3.06	)
11/30/2018		23.75		(0.04	)		(0.17	)		(0.21	)		–			(2.93	)		(2.93	)
11/30/2017		24.72		0.02			2.12			2.14			–			(3.11	)		(3.11	)
Class F3
11/30/2021		17.90		0.13			4.82			4.95			(0.19	)		–			(0.19	)
11/30/2020		21.58		0.19			(0.88	)		(0.69	)		(0.10	)		(2.89	)		(2.99	)
11/30/2019		24.39		0.12			0.13			0.25			–			(3.06	)		(3.06	)
11/30/2018		27.54		–	^(c)		(0.19	)		(0.19	)		(0.03	)		(2.93	)		(2.96	)
4/4/2017 to 11/30/2017^(e)		25.41		0.05			2.08			2.13			–			–			–
Class I
11/30/2021		17.76		0.12			4.78			4.90			(0.19	)		–			(0.19	)
11/30/2020		21.45		0.18			(0.88	)		(0.70	)		(0.10	)		(2.89	)		(2.99	)
11/30/2019		24.28		0.10			0.13			0.23			–			(3.06	)		(3.06	)
11/30/2018		27.44		(0.02	)		(0.19	)		(0.21	)		(0.02	)		(2.93	)		(2.95	)
11/30/2017		28.06		0.05			2.44			2.49			–			(3.11	)		(3.11	)
Class P
11/30/2021		12.92		0.01			3.48			3.49			(0.13	)		–			(0.13	)
11/30/2020		16.38		0.08			(0.63	)		(0.55	)		(0.02	)		(2.89	)		(2.91	)
11/30/2019		19.42		0.01			0.01			0.02			–			(3.06	)		(3.06	)
11/30/2018		22.61		(0.11	)		(0.15	)		(0.26	)		–			(2.93	)		(2.93	)
11/30/2017		23.75		(0.05	)		2.02			1.97			–			(3.11	)		(3.11	)
Class R2
11/30/2021		12.69		(0.01	)		3.41			3.40			(0.11	)		–			(0.11	)
11/30/2020		16.14		0.06			(0.62	)		(0.56	)		–			(2.89	)		(2.89	)
11/30/2019		19.21		(0.01	)		–	^(c)		(0.01	)		–			(3.06	)		(3.06	)
11/30/2018		22.43		(0.14	)		(0.15	)		(0.29	)		–			(2.93	)		(2.93	)
11/30/2017		23.62		(0.09	)		2.01			1.92			–			(3.11	)		(3.11	)

46	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:

Net					Total expenses									Net
asset					after waivers						Net			assets,		Portfolio
value,		Total			and/or			Total			investment			end of		turnover
end of		return^(b)			reimbursements			expenses			income (loss)			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	17.62		27.48			1.17			1.17			0.27		$	235,845		78
	13.97		(4.40	)		1.19			1.19			0.87			200,419		72
	17.48		2.56			1.20			1.20			0.25			267,864		95
	20.46		(0.97	)		1.18			1.18			(0.33	)		327,333		42
	23.63		9.43			1.18			1.18			(0.05	)		385,542		56

	6.32		26.62			1.92			1.92			(0.54	)		7,246		78
	5.12		(5.22	)		1.94			1.94			0.13			5,484		72
	8.23		1.81			1.95			1.95			(0.50	)		9,231		95
	11.50		(1.70	)		1.93			1.93			(1.08	)		11,331		42
	14.67		8.64			1.93			1.93			(0.76	)		25,985		56

	17.83		27.63			1.02			1.02			0.31			15,604		78
	14.14		(4.24	)		1.04			1.04			1.03			9,219		72
	17.66		2.70			1.05			1.05			0.35			10,522		95
	20.61		(0.81	)		1.03			1.03			(0.18	)		21,981		42
	23.75		9.58			1.03			1.03			0.09			23,759		56

	22.66		27.89			0.84			0.84			0.60			30,482		78
	17.90		(4.09	)		0.86			0.86			1.18			25,733		72
	21.58		2.88			0.86			0.86			0.59			29,679		95
	24.39		(0.62	)		0.84			0.84			–	^(d)		33,319		42
	27.54		8.38	^(f)		0.84	^(g)		0.84	^(g)		0.30	^(g)		32,548		56

	22.47		27.81			0.92			0.92			0.53			372,878		78
	17.76		(4.18	)		0.94			0.94			1.12			332,301		72
	21.45		2.85			0.95			0.95			0.50			411,532		95
	24.28		(0.72	)		0.92			0.92			(0.08	)		466,928		42
	27.44		9.70			0.93			0.93			0.19			621,900		56

	16.28		27.22			1.37			1.37			0.09			14,393		78
	12.92		(4.63	)		1.39			1.39			0.67			14,958		72
	16.38		2.41			1.40			1.40			0.05			20,819		95
	19.42		(1.17	)		1.38			1.38			(0.54	)		25,895		42
	22.61		9.21			1.38			1.38			(0.26	)		35,174		56

	15.98		27.00			1.52			1.52			(0.08	)		607		78
	12.69		(4.74	)		1.54			1.54			0.52			441		72
	16.14		2.25			1.55			1.55			(0.09	)		603		95
	19.21		(1.33	)		1.53			1.53			(0.68	)		656		42
	22.43		9.03			1.53			1.53			(0.41	)		682		56

See Notes to Financial Statements.

Financial Highlights (concluded)

SMALL CAP VALUE FUND

			Per Share Operating Performance:
												Distributions to
			Investment Operations:									shareholders from:
									Total
			Net			Net			from
	Net asset		invest-			realized			invest-
	value,		ment			and			ment			Net			Net			Total
	beginning		income			unrealized			opera-			investment			realized			distri-
	of period		(loss)^(a)			gain (loss)			tions			income			gain			butions
Class R3
11/30/2021	$	12.99	$	–	^(c)	$	3.50		$	3.50		$	(0.12	)	$	–		$	(0.12	)
11/30/2020		16.46		0.07			(0.63	)		(0.56	)		(0.02	)		(2.89	)		(2.91	)
11/30/2019		19.50		–	^(c)		0.02			0.02			–			(3.06	)		(3.06	)
11/30/2018		22.70		(0.11	)		(0.16	)		(0.27	)		–			(2.93	)		(2.93	)
11/30/2017		23.84		(0.06	)		2.03			1.97			–			(3.11	)		(3.11	)
Class R4
11/30/2021		14.00		0.05			3.77			3.82			(0.16	)		–			(0.16	)
11/30/2020		17.49		0.11			(0.69	)		(0.58	)		(0.02	)		(2.89	)		(2.91	)
11/30/2019		20.47		0.05			0.03			0.08			–			(3.06	)		(3.06	)
11/30/2018		23.64		(0.07	)		(0.17	)		(0.24	)		–			(2.93	)		(2.93	)
11/30/2017		24.65		(0.02	)		2.12			2.10			–			(3.11	)		(3.11	)
Class R5
11/30/2021		17.78		0.07			4.84			4.91			(0.19	)		–			(0.19	)
11/30/2020		21.47		0.18			(0.88	)		(0.70	)		(0.10	)		(2.89	)		(2.99	)
11/30/2019		24.31		0.13			0.09			0.22			–			(3.06	)		(3.06	)
11/30/2018		27.47		(0.03	)		(0.17	)		(0.20	)		(0.03	)		(2.93	)		(2.96	)
11/30/2017		28.08		0.03			2.47			2.50			–			(3.11	)		(3.11	)
Class R6
11/30/2021		17.89		0.13			4.82			4.95			(0.19	)		–			(0.19	)
11/30/2020		21.57		0.18			(0.87	)		(0.69	)		(0.10	)		(2.89	)		(2.99	)
11/30/2019		24.38		0.11			0.14			0.25			–			(3.06	)		(3.06	)
11/30/2018		27.53		–	^(c)		(0.19	)		(0.19	)		(0.03	)		(2.93	)		(2.96	)
11/30/2017		28.12		0.07			2.45			2.52			–			(3.11	)		(3.11	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Amount less than $0.01.
^(d)	Amount is less than 0.01%.
^(e)	Commenced on April 4, 2017.
^(f)	Not annualized.
^(g)	Annualized.

48	See Notes to Financial Statements.

					Ratios to Average Net Assets:							Supplemental Data:

Net					Total expenses							Net
asset					after waivers				Net			assets,		Portfolio
value,		Total			and/or		Total		investment			end of		turnover
end of		return^(b)			reimbursements		expenses		income (loss)			period		rate
period		(%)			(%)		(%)		(%)			(000)		(%)

$	16.37		27.18			1.42		1.42		0.02		$	4,829		78
	12.99		(4.67	)		1.44		1.44		0.62			4,354		72
	16.46		2.33			1.45		1.45		0.01			5,713		95
	19.50		(1.16	)		1.43		1.43		(0.54	)		6,080		42
	22.70		9.17			1.42		1.42		(0.29	)		7,728		56

	17.66		27.51			1.17		1.17		0.27			1,564		78
	14.00		(4.43	)		1.19		1.19		0.84			1,218		72
	17.49		2.55			1.20		1.20		0.28			2,750		95
	20.47		(0.96	)		1.18		1.18		(0.33	)		1,851		42
	23.64		9.43			1.18		1.18		(0.08	)		3,448		56

	22.50		27.83			0.92		0.92		0.33			326		78
	17.78		(4.17	)		0.94		0.94		1.15			26		72
	21.47		2.85			0.93		0.93		0.64			55		95
	24.31		(0.74	)		0.92		0.92		(0.10	)		13		42
	27.47		9.73			0.92		0.92		0.12			345		56

	22.65		27.91			0.84		0.84		0.60			8,311		78
	17.89		(4.10	)		0.86		0.86		1.18			7,798		72
	21.57		2.89			0.86		0.86		0.54			8,129		95
	24.38		(0.62	)		0.84		0.84		–	^(d)		20,220		42
	27.53		9.79			0.84		0.84		0.28			23,145		56

See Notes to Financial Statements.

Notes to Financial Statements

1.	ORGANIZATION

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

Dividend Growth Fund’s investment objective is to seek current income and capital appreciation. Growth Opportunities Fund’s investment objective is capital appreciation. Small Cap Value Fund’s investment objective is long-term capital appreciation. Each Fund has eleven active share classes at November 30, 2021: Class A, C, F, F3, I, P, R2, R3, R4, R5 and R6, each with different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the C shares have been held at least eight years. The Funds’ Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Funds’ prospectus.

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

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Funds’ Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Funds’ investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When

Notes to Financial Statements (continued)

	valuing foreign equity securities that meet certain criteria, the Board has approved the use of an independent fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used.

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other on the Statements of Operations. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(d)	Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

	Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s filed U.S. federal tax returns remains open for the fiscal years ended November 30, 2018 through November 30, 2021. The statutes of limitations on the Company’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

(e)	Expenses–Expenses incurred by the Company that do not specifically relate to an individual fund are generally allocated to the Funds within the Company on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class

Notes to Financial Statements (continued)

	F3 and R6 bear only their class-specific shareholder servicing expenses. Class A, C, F, P, R2, R3 and R4 shares bear their class- specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.

(f)	Foreign Transactions–The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in each Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included, if applicable, in Net realized gain (loss) on foreign currency related transactions in each Fund’s Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

	The Funds use forward foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g)	Futures Contracts–Each Fund may purchase and sell index futures contracts to manage cash, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. The Funds will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

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

(i)	Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or

Notes to Financial Statements (continued)

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

•	Level 1 –	unadjusted quoted prices in active markets for identical investments;
•	Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
•	Level 3 –	significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

	A summary of inputs used in valuing each Fund’s investments and other financial instruments as of November 30, 2021 and, if applicable, Level 3 rollforwards for the fiscal year then ended is included in each Fund’s Schedule of Investments.

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

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

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

Dividend Growth Fund
First $2 billion	.55	%
Over $2 billion	.49	%

Growth Opportunities Fund
First $1 billion	.75	%
Next $1 billion	.65	%
Next $1 billion	.60	%
Over $3 billion	.58	%

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

For the fiscal year ended November 30, 2021, the effective management fee, net of waivers, was based on each Fund’s average daily net assets at the following annualized rates:

			Net Effective Management Fee
Dividend Growth Fund			.53%
Growth Opportunities Fund			.64%
Small Cap Value Fund			.75%

Notes to Financial Statements (continued)

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund’s average daily net assets. Lord Abbett voluntarily waived the following fund administration fees during the fiscal year ended November 30, 2021:

Fund			Fund Administration Fee
Dividend Growth Fund			$20,193
Growth Opportunities Fund			10,986
Small Cap Value Fund			14,287

For the fiscal year ended November 30, 2021 and continuing through March 31, 2022, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees, to the following annual rates:

	Effective April 1, 2021 Classes		Prior to April 1, 2021 Classes
Fund	A, C, F, I, P, R2, R3, R4 and R5	F3 and R6	A, C, F, I, P, R2, R3, R4 and R5	F3 and R6
Growth Opportunities Fund	.81%	.73%	.81%	.75%

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

12b–1 Distribution Plan

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

Fees*	Class A	Class C	Class F⁽¹⁾⁽²⁾	Class P	Class R2	Class R3	Class R4
Service	.25%	.25%	–	.25%	.25%	.25%	.25%
Distribution	–	.75%	.10%	.20%	.35%	.25%	–

*	The Funds may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. (“FINRA”) sales charge limitations.
⁽¹⁾	The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus.
⁽²⁾	For the fiscal year ended November 30, 2021, and continuing through March 31, 2022, the Distributor has contractually agreed to waive Dividend Growth Fund’s 0.10% Rule 12b-1 fee for Class F shares. This agreement may be terminated only by the Board.

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

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the fiscal year ended November 30, 2021:

	Distributor Commissions		Dealers’ Concessions
Dividend Growth Fund		$421,756		$2,249,519
Growth Opportunities Fund		92,659		489,584
Small Cap Value Fund		30,609		165,593

Notes to Financial Statements (continued)

Distributor received the following amount of CDSCs for the fiscal year ended November 30, 2021:

	Class A		Class C
Dividend Growth Fund		$16,797		$12,116
Growth Opportunities Fund[		350		1,927
Small Cap Value Fund		914		724

Other Related Parties

As of November 30, 2021, the percentages of Growth Opportunities Fund’s and Small Cap Value Fund’s outstanding shares owned by each Fund that invests principally in affiliated mutual funds managed by Lord Abbett (“Fund of Funds”) were as follows:

Fund of Funds	Growth Opportunities Fund	Small Cap Value Fund
Alpha Strategy Fund	–	21.98%
Multi-Asset Balanced Opportunity Fund	15.08%	–
Multi-Asset Income Fund	4.69%	–

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

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

The tax character of distributions paid during the fiscal year ended November 30, 2021 and fiscal year ended November 30, 2020 was as follows:

	Dividend Growth Fund				Growth Opportunities Fund				Small Cap Value Fund
	Year Ended 11/30/2021		Year Ended 11/30/2020		Year Ended 11/30/2021		Year Ended 11/30/2020		Year Ended 11/30/2021		Year Ended 11/30/2020
Distributions paid from:
Ordinary income	$	23,478,258	$	33,087,102	$	19,403,219	$	–	$	6,545,424	$	2,988,700
Net long-term capital gains		65,943,043		106,135,989		92,992,292		43,463,848		–		113,165,682
Total distributions paid	$	89,421,301	$	139,223,091	$	112,395,511	$	43,463,848	$	6,545,424	$	116,154,382

Notes to Financial Statements (continued)

As of November 30, 2021, the components of accumulated gains on a tax-basis were as follows:

	Dividend Growth Fund			Growth Opportunities Fund			Small Cap Value Fund
Undistributed ordinary income - net	$	21,507,755		$	12,931,506		$	14,527,969
Undistributed long-term capital gains		227,060,460			126,273,882			79,805,560
Total undistributed earnings		248,568,215			139,205,388			94,333,529
Capital loss carryforwards*		–			–			–
Temporary differences		(389,993	)		(119,785	)		(273,977	)
Unrealized gains (losses) - net		995,221,142			263,227,888			78,054,041
Total accumulated gains - net	$	1,243,399,364		$	402,313,491		$	172,113,593

*	The capital losses will carry forward indefinitely.

As of November 30, 2021, the aggregate unrealized security gains and losses on investments and other financial instruments based on cost for U.S. federal income tax purposes were as follows:

	Dividend Growth Fund			Growth Opportunities Fund			Small Cap Value Fund
Tax cost	$	2,453,470,205		$	659,623,868		$	618,195,451
Gross unrealized gain		1,026,744,833			280,544,825			126,184,437
Gross unrealized loss		(31,523,691	)		(17,316,904	)		(48,130,396	)
Net unrealized security gain (loss)	$	995,221,142		$	263,227,921		$	78,054,041

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

Permanent items identified during the fiscal year ended November 30, 2021 have been reclassified among the components of net assets based on their tax basis treatment as follows:

	Total Distributable Earnings (Loss		)	Paid-in Capital
Dividend Growth Fund	$	(19,279,270	)	$	19,279,270
Growth Opportunities Fund		(13,442,921	)		13,442,921
Small Cap Value Fund		(4,168,873	)		4,168,873

The permanent differences are attributable to the tax treatment of certain distributions.

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended November 30, 2021 were as follows:

	Purchases		Sales
Dividend Growth Fund	$	1,278,564,779	$	1,202,999,072
Growth Opportunities Fund		577,665,876		586,508,288
Small Cap Value Fund		543,205,528		621,538,557

There were no purchases or sales of U.S. Government securities for the fiscal year ended November 30, 2021.

Each Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended November 30, 2021, the following Funds engaged in cross-trades:

Notes to Financial Statements (continued)

Fund	Purchases		Sales		Gain (Loss)
Dividend Growth Fund	$	10,146,111	$	1,038,343		$(12,844	)
Growth Opportunities Fund		24,069,154		123,294		116,014
Small Cap Value Fund		–		164,104		(811	)

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Dividend Growth Fund entered into E-Mini S&P 500 Index futures contracts for the fiscal year ended November 30, 2021 (as described in Note 2(g)) to manage cash. The Fund bears the risk that the underlying index will move unexpectedly, in which case the Fund may realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of November 30, 2021, the Fund had futures contracts with unrealized depreciation of $(824,713). Amounts of $10,552,166 and $(1,425,726) are included in the Statements of Operations related to futures contracts under the captions Net realized gain (loss) on futures contracts and Net change in unrealized appreciation/depreciation on futures contracts, respectively. The average number of futures contracts throughout the year was 191.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

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

Dividend Growth Fund

Description

Gross Amounts of
Recognized Assets

Gross Amounts
Offset in the
Statement of Assets
and Liabilities

Net Amounts of
Assets Presented
in the Statement of
Assets and Liabilities

Repurchase Agreements

$38,836,135

$ –

$38,836,135

Total

$38,836,135

$ –

$38,836,135

Net Amount of

Amounts Not Offset in the
Statement of Assets and Liabilities

Counterparty

Assets Presented
in the Statement of
Assets and Liabilities

Financial
Instruments

Cash
Collateral
Received^(a)

Securities
Collateral
Received^(a)

Net
Amount^(b)

Fixed Income Clearing Corp.

$38,836,135

$ –

$(38,836,135

)

$ –

Total

$38,836,135

$ –

$(38,836,135

)

$ –

Notes to Financial Statements (continued)

Growth Opportunities Fund

Description

Gross Amounts of
Recognized Assets

Gross Amounts
Offset in the
Statement of Assets
and Liabilities

Net Amounts of
Assets Presented
in the Statement of
Assets and Liabilities

Repurchase Agreements

$21,445,133

$ –

$21,445,133

Total

$21,445,133

$ –

$21,445,133

Net Amount of

Amounts Not Offset in the
Statement of Assets and Liabilities

Counterparty

Assets Presented
in the Statement of
Assets and Liabilities

Financial
Instruments

Cash
Collateral
Received^(a)

Securities
Collateral
Received^(a)

Net
Amount^(b)

Fixed Income Clearing Corp.

$21,445,133

$ –

$(21,445,133

)

$ –

Total

$21,445,133

$ –

$(21,445,133

)

$ –

Small Cap Value Fund

Description

Gross Amounts of
Recognized Assets

Gross Amounts
Offset in the
Statement of Assets
and Liabilities

Net Amounts of
Assets Presented
in the Statement of
Assets and Liabilities

Repurchase Agreements

$10,755,020

$ –

$10,755,020

Total

$10,755,020

$ –

$10,755,020

Net Amount of

Amounts Not Offset in the
Statement of Assets and Liabilities

Counterparty

Assets Presented
in the Statement of
Assets and Liabilities

Financial
Instruments

Cash
Collateral
Received^(a)

Securities
Collateral
Received^(a)

Net
Amount^(b)

Fixed Income Clearing Corp.

$10,755,020

$ –

$(10,755,020

)

$ –

Total

$10,755,020

$ –

$(10,755,020

)

$ –

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of November 30, 2021.

8.	DIRECTORS’ REMUNERATION

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

9.	EXPENSE REDUCTIONS

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

Notes to Financial Statements (continued)

10.

LINE OF CREDIT

For the period ended August 4, 2021, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $1.17 billion (the “Syndicated Facility”) whereas State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of one-third of Funds net assets (if Fund net assets are less than $750 million), $250 million, $300 million, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 5, 2021, the Participating Funds entered into a Syndicated Facility with various lenders for $1.275 billion whereas SSB participates as a lender and as agent for the lenders. The Participating Funds are subject to graduated borrowing limits of one-third of Fund net assets (if Fund net assets are less than $750 million), $250 million, $300 million, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

For the fiscal year ended November 30, 2021, the Participating Funds were party to an additional line of credit facility with SSB for $330 million (the “Bilateral Facility”), $250 million committed and $80 million uncommitted. Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of Funds net assets (if net assets are less than $750 million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.

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

For the fiscal year ended November 30, 2021, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

11.

INTERFUND LENDING PROGRAM

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

During the fiscal year ended November 30, 2021, the Dividend Growth Fund participated as a lender in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, interest rate and interest income were as follows:

	Average	Average	Interest
Fund	Amount Loaned	Interest Rate	Income
Dividend Growth Fund	$7,068,604	0.55%	$106

12.

CUSTODIAN AND ACCOUNTING AGENT

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

13.

SECURITIES LENDING AGREEMENT

The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the

Notes to Financial Statements (continued)

market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds’ securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income on the Statements of Operations.

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

As of November 30, 2021, the market value of securities loaned and collateral received for the Funds were as follows:

	Market Value of		Collateral
Fund	Securities Loaned		Received⁽¹⁾
Small Cap Value Fund		$4,963,164		$5,171,056

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

14.

INVESTMENT RISKS

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

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

Notes to Financial Statements (continued)

known and less widely held and trade less frequently and in more limited volume than the securities of large cap company stocks. Mid-sized companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or underperform.

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

Small Cap Value Fund has particular risks associated with small company value stocks. Small company value stocks may perform differently than the market as a whole and other types of stocks, such as large company stocks or growth stocks. The market may fail to recognize the intrinsic value of particular value stocks for a long time. In addition, small cap company stocks may be more volatile and less liquid than large cap company stocks, especially over the short term. The securities of small companies may be less well-known and less widely held and trade less frequently and in more limited volume than the securities of large cap company stocks. Small companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or underperform. Also, if the Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market.

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

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

Notes to Financial Statements (continued)

The COVID-19 pandemic and its effects may last for an extended period of time, and in either case could result in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund’s investments, and negatively impact each Fund’s performance and your investment in each Fund.

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

15.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

Dividend Growth Fund	Year Ended November 30, 2021						Year Ended November 30, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		12,079,403		$	235,165,585			15,145,035		$	227,111,365
Converted from Class C*		1,226,401			24,216,367			2,476,262			39,387,781
Reinvestment of distributions		3,348,777			60,334,025			5,936,420			93,169,383
Shares reacquired		(13,166,610	)		(255,398,425	)		(21,222,926	)		(322,725,974	)
Increase		3,487,971		$	64,317,552			2,334,791		$	36,942,555
Class C Shares
Shares sold		2,018,151		$	38,607,545			2,165,435		$	32,608,780
Reinvestment of distributions		238,095			4,145,247			616,096			9,596,875
Shares reacquired		(1,822,106	)		(34,628,081	)		(3,619,249	)		(54,312,420	)
Converted to Class A*		(1,245,572	)		(24,216,367	)		(2,512,889	)		(39,387,781	)
Decrease		(811,432	)	$	(16,091,656	)		(3,350,607	)	$	(51,494,546	)
Class F Shares
Shares sold		8,062,148		$	155,033,507			8,763,581		$	137,257,281
Reinvestment of distributions		511,716			9,288,812			787,615			12,370,097
Shares reacquired		(5,120,027	)		(99,471,917	)		(9,155,551	)		(128,284,123	)
Increase		3,453,837		$	64,850,402			395,645		$	21,343,255
Class F3 Shares
Shares sold		3,848,588		$	75,862,863			3,578,079		$	56,446,055
Reinvestment of distributions		457,727			8,432,672			744,700			11,838,038
Shares reacquired		(3,036,228	)		(60,161,024	)		(3,370,069	)		(52,762,355	)
Increase		1,270,087		$	24,134,511			952,710		$	15,521,738
Class I Shares
Shares sold		1,158,530		$	23,029,811			855,554		$	13,227,207
Reinvestment of distributions		87,658			1,609,821			147,676			2,345,522
Shares reacquired		(403,924	)		(7,899,385	)		(1,127,569	)		(16,507,536	)
Increase (decrease)		842,264		$	16,740,247			(124,339	)	$	(934,807	)

Notes to Financial Statements (continued)

Dividend Growth Fund	Year Ended November 30, 2021						Year Ended November 30, 2020
Class P Shares	Shares			Amount			Shares			Amount
Shares sold		5,989		$	117,482			9,480		$	146,313
Reinvestment of distributions		1,793			32,305			3,732			59,181
Shares reacquired		(18,448	)		(369,820	)		(21,263	)		(310,941	)
Decrease		(10,666	)	$	(220,033	)		(8,051	)	$	(105,447	)
Class R2 Shares
Shares sold		20,136		$	409,279			5,328		$	85,878
Reinvestment of distributions		1,463			26,517			3,110			49,655
Shares reacquired		(7,893	)		(157,992	)		(18,800	)		(257,934	)
Increase (decrease)		13,706		$	277,804			(10,362	)	$	(122,401	)
Class R3 Shares
Shares sold		149,793		$	2,889,075			147,315		$	2,264,273
Reinvestment of distributions		22,889			407,344			53,902			843,829
Shares reacquired		(290,523	)		(5,628,683	)		(418,039	)		(6,437,495	)
Decrease		(117,841	)	$	(2,332,264	)		(216,822	)	$	(3,329,393	)
Class R4 Shares
Shares sold		50,161		$	968,293			84,229		$	1,283,532
Reinvestment of distributions		4,634			83,310			10,454			164,060
Shares reacquired		(78,191	)		(1,594,205	)		(198,230	)		(3,166,984	)
Decrease		(23,396	)	$	(542,602	)		(103,547	)	$	(1,719,392	)
Class R5 Shares
Shares sold		13,387		$	279,562			10,651		$	166,940
Reinvestment of distributions		736			13,459			1,014			16,041
Shares reacquired		(7,173	)		(139,620	)		(6,190	)		(102,791	)
Increase		6,950		$	153,401			5,475		$	80,190
Class R6 Shares
Shares sold		123,359		$	2,377,309			244,715		$	3,934,669
Reinvestment of distributions		11,134			204,545			16,389			261,014
Shares reacquired		(192,710	)		(3,760,229	)		(106,305	)		(1,575,751	)
Increase (decrease)		(58,217	)	$	(1,178,375	)		154,799		$	2,619,932

Growth Opportunities Fund		Year Ended November 30, 2021						Year Ended November 30, 2020
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,717,640		$	52,427,535			2,419,267		$	58,861,892
Converted from Class C*		69,100			2,113,900			181,357			4,754,330
Reinvestment of distributions		2,267,685			66,601,903			839,801			19,894,886
Shares reacquired		(2,345,889	)		(71,301,966	)		(3,515,115	)		(86,534,033	)
Increase (decrease)		1,708,536		$	49,841,372			(74,690	)	$	(3,022,925	)

Notes to Financial Statements (continued)

Growth Opportunities Fund	Year Ended November 30, 2021						Year Ended November 30, 2020
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		167,836		$	3,363,755			267,056		$	4,435,421
Reinvestment of distributions		277,273			5,320,876			117,418			1,960,881
Shares reacquired		(283,334	)		(5,687,596	)		(424,391	)		(7,285,535	)
Converted to Class A*		(106,115	)		(2,113,900	)		(258,332	)		(4,754,330	)
Increase (decrease)		55,660		$	883,135			(298,249	)	$	(5,643,563	)
Class F Shares
Shares sold		315,868		$	10,141,816			883,151		$	23,241,611
Reinvestment of distributions		184,679			5,730,582			48,456			1,202,679
Shares reacquired		(279,663	)		(8,969,782	)		(559,202	)		(13,671,043	)
Increase		220,884		$	6,902,616			372,405		$	10,773,247
Class F3 Shares
Shares sold		1,027,823		$	37,309,887			555,999		$	17,103,658
Reinvestment of distributions		97,184			3,409,214			13,528			373,366
Shares reacquired		(239,152	)		(8,724,274	)		(133,255	)		(3,977,835	)
Increase		885,855		$	31,994,827			436,272		$	13,499,189
Class I Shares
Shares sold		2,172,847		$	84,024,578			201,314		$	5,551,157
Reinvestment of distributions		677,010			23,566,711			643,132			17,634,691
Shares reacquired		(2,182,730	)		(78,550,233	)		(8,698,299	)		(240,612,850	)
Increase (decrease)		667,127		$	29,041,056			(7,853,853	)	$	(217,427,002	)
Class P Shares
Shares sold		14,084		$	428,561			20,677		$	495,316
Reinvestment of distributions		18,193			513,944			8,007			183,757
Shares reacquired		(20,618	)		(608,152	)		(53,578	)		(1,248,744	)
Increase (decrease)		11,659		$	334,353			(24,894	)	$	(569,671	)
Class R2 Shares
Shares sold		22,269		$	623,994			28,129		$	643,847
Reinvestment of distributions		3,969			108,120			1,042			23,214
Shares reacquired		(15,414	)		(444,982	)		(28,095	)		(630,859	)
Increase		10,824		$	287,132			1,076		$	36,202
Class R3 Shares
Shares sold		77,403		$	2,265,852			124,685		$	2,936,480
Reinvestment of distributions		88,313			2,478,074			38,682			883,104
Shares reacquired		(204,954	)		(5,957,085	)		(275,893	)		(6,761,848	)
Decrease		(39,238	)	$	(1,213,159	)		(112,526	)	$	(2,942,264	)
Class R4 Shares
Shares sold		44,793		$	1,337,302			33,488		$	837,689
Reinvestment of distributions		9,492			278,864			2,311			54,769
Shares reacquired		(30,188	)		(955,362	)		(15,965	)		(413,128	)
Increase		24,097		$	660,804			19,834		$	479,330

Notes to Financial Statements (continued)

Growth Opportunities Fund	Year Ended November 30, 2021						Year Ended November 30, 2020
Class R5 Shares	Shares			Amount			Shares			Amount
Shares sold		2,728		$	98,755			3,460		$	92,243
Reinvestment of distributions		338			11,783			152			4,172
Shares reacquired		(491	)		(17,255	)		(4,027	)		(109,496	)
Increase (decrease)		2,575		$	93,283			(415	)	$	(13,081	)
Class R6 Shares
Shares sold		72,344		$	2,649,138			124,983		$	3,663,158
Reinvestment of distributions		14,047			492,786			4,622			127,527
Shares reacquired		(55,540	)		(1,993,385	)		(71,782	)		(2,114,186	)
Increase		30,851		$	1,148,539			57,823		$	1,676,499

Small Cap Value Fund		Year Ended November 30, 2021						Year Ended November 30, 2020
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,462,005		$	25,422,600			1,506,049		$	19,124,760
Converted from Class C*		15,593			269,722			34,596			416,456
Reinvestment of distributions		141,315			2,051,899			2,656,952			39,907,424
Shares reacquired		(2,579,487	)		(43,907,920	)		(5,173,744	)		(65,731,630	)
Decrease		(960,574	)	$	(16,163,699	)		(976,147	)	$	(6,282,990	)
Class C Shares
Shares sold		573,149		$	3,659,774			215,913		$	1,010,520
Reinvestment of distributions		26,210			137,344			548,828			3,045,992
Shares reacquired		(479,301	)		(2,943,519	)		(721,631	)		(3,529,274	)
Converted to Class A*		(43,367	)		(269,722	)		(93,981	)		(416,456	)
Increase (decrease)		76,691		$	583,877			(50,871	)	$	110,782
Class F Shares
Shares sold		1,809,298		$	32,386,066			302,144		$	3,894,088
Reinvestment of distributions		7,306			107,176			103,776			1,575,324
Shares reacquired		(1,593,571	)		(28,347,493	)		(349,586	)		(4,492,718	)
Increase		223,033		$	4,145,749			56,334		$	976,694
Class F3 Shares
Shares sold		290,546		$	6,468,803			444,470		$	6,568,129
Reinvestment of distributions		14,669			273,146			212,091			4,067,898
Shares reacquired		(397,573	)		(8,696,251	)		(594,213	)		(9,382,671	)
Increase (decrease)		(92,358	)	$	(1,954,302	)		62,348		$	1,253,356
Class I Shares
Shares sold		1,088,620		$	23,675,828			3,427,861		$	51,656,306
Reinvestment of distributions		190,368			3,516,095			2,998,650			57,124,282
Shares reacquired		(3,391,818	)		(73,470,048	)		(6,905,247	)		(103,075,268	)
Increase (decrease)		(2,112,830	)	$	(46,278,125	)		(478,736	)	$	5,705,320
Class P Shares
Shares sold		149,070		$	2,434,946			191,966		$	2,072,047
Reinvestment of distributions		10,843			145,736			250,552			3,487,685
Shares reacquired		(433,468	)		(6,907,347	)		(556,339	)		(6,607,420	)
Decrease		(273,555	)	$	(4,326,665	)		(113,821	)	$	(1,047,688	)

Notes to Financial Statements (concluded)

Small Cap Value Fund	Year Ended November 30, 2021						Year Ended November 30, 2020
Class R2 Shares	Shares			Amount			Shares			Amount
Shares sold		10,970		$	171,154			13,226		$	152,765
Reinvestment of distributions		296			3,908			6,806			93,108
Shares reacquired		(8,016	)		(121,070	)		(22,620	)		(226,173	)
Increase (decrease)		3,250		$	53,992			(2,588	)	$	19,700
Class R3 Shares
Shares sold		78,230		$	1,233,247			52,799		$	586,493
Reinvestment of distributions		3,011			40,717			70,784			990,977
Shares reacquired		(121,335	)		(1,940,314	)		(135,603	)		(1,569,798	)
Increase (decrease)		(40,094	)	$	(666,350	)		(12,020	)	$	7,672
Class R4 Shares
Shares sold		24,882		$	415,711			38,393		$	492,208
Reinvestment of distributions		216			3,141			5,169			77,794
Shares reacquired		(23,505	)		(390,937	)		(113,833	)		(1,792,612	)
Increase (decrease)		1,593		$	27,915			(70,271	)	$	(1,222,610	)
Class R5 Shares
Shares sold		14,746		$	334,971			3,116		$	57,825
Reinvestment of distributions		15			275			408			7,774
Shares reacquired		(1,748	)		(37,424	)		(4,638	)		(67,829	)
Increase (decrease)		13,013		$	297,822			(1,114	)	$	(2,230	)
Class R6 Shares
Shares sold		56,686		$	1,245,799			247,708		$	3,657,465
Reinvestment of distributions		1,766			32,859			19,026			364,918
Shares reacquired		(127,306	)		(2,610,208	)		(207,764	)		(3,203,603	)
Increase (decrease)		(68,854	)	$	(1,331,550	)		58,970		$	818,780

Automatic conversion of Class C shares occurs on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted. Prior to June 30, 2020, conversion occurred following the tenth anniversary of the day on which the purchase was accepted.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Lord Abbett Research Fund, Inc. (the “Company”) comprising the Lord Abbett Dividend Growth Fund, Lord Abbett Growth Opportunities Fund, and Lord Abbett Small-Cap Value Series, including the schedules of investments as of November 30, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Lord Abbett Research Fund, Inc. as of November 30, 2021, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP
New York, New York
January 28, 2022

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

Basic Information About Management

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

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

Independent Board Members

The following Independent Board Members also are board members of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011	Principal Occupation: None. Other Directorships: None.

Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as director of Anthem, Inc., a health benefits company (since 1994).

Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.

James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Independent management advisor and consultant (since 2012). Other Directorships: Blyth, Inc., a home products company (2004–2015).

Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chairman and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Currently serves as director of Johnson & Johnson (2006–Present). Previously served as director of Xerox Corporation (2008–2018).

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.

Lorin Patrick Taylor Radtke Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1968)	Board member since 2021	Principal Occupation: Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly partner, Goldman Sachs. Other Directorships: Currently serves as director of Assured Guaranty (2021–Present).

Leah Song Richardson Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1966)	Board member since 2021	Principal Occupation: President of Colorado College (since 2021) and was formerly Dean at University of California, Irvine-School of Law (2017–2021) and formerly Professor of Law at University of California, Irvine (2014–2017). Other Directorships: None.

Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: None. Other Directorships: None.

James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2006; Chairman since 2017	Principal Occupation: Chairman of Tullis Health Investors – FL LLC (since 2018); CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as director of Crane Co. (since 1998), Alphatec Spine (since 2018), electroCore, Inc. (since 2018), and Exagen Inc. (since 2019).

Interested Board Members

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 14 investment companies in the Lord Abbett Family of Funds, which consist of 63 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

Name, Address and
Year of Birth

Current Position and
Length of Service
with the Fund

Principal Occupation and Other Directorships
During the Past Five Years

Douglas B. Sieg
Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1969)

Board member since 2016;
President and Chief Executive Officer since 2018

Principal Occupation: Managing Partner (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

Other Directorships: None.

Basic Information About Management (continued)

Officers

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

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018) and was formerly Head of Client Services, joined Lord Abbett in 1994.

Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.

Pamela P. Chen (1978)	Vice President, Assistant Secretary and Privacy Officer	Elected as Vice President and Assistant Secretary in 2018 and Privacy Officer in 2019	Associate General Counsel, joined Lord Abbett in 2017 and was formerly Special Counsel at Schulte, Roth & Zabel LLP (2005–2017).

John T. Fitzgerald (1975)	Vice President and Assistant Secretary	Elected in 2018	Deputy General Counsel, joined Lord Abbett in 2018 and was formerly Deputy Head of U.S. Funds Legal, Executive Director and Assistant General Counsel at JPMorgan Chase (2005–2018).

Vito A. Fronda (1969)	Vice President and Assistant Treasurer	Elected as Vice President and Assistant Treasurer in 2021	Partner and Director of U.S. Fund Treasury & Global Taxation, joined Lord Abbett in 2003.

Michael J. Hebert (1976)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer and Treasurer in 2021	Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014–2021) and Calvert Research & Management (CRM) (2016–2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years.

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Linda Y. Kim (1980)	Vice President and Assistant Secretary	Elected in 2016	Counsel, joined Lord Abbett in 2015.

Joseph M. McGill (1962)	Chief Compliance Officer	Elected in 2014	Partner and Chief Compliance Officer, joined Lord Abbett in 2014.

Amanda S. Ryan (1978)	Vice President and Assistant Secretary	Elected in 2018	Counsel, joined Lord Abbett in 2016

Lawrence B. Stoller (1963)	Vice President, Secretary and Chief Legal Officer	Elected as Vice President and Secretary in 2007 and Chief Legal Officer in 2019	Partner and General Counsel, joined Lord Abbett in 2007.

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

Approval of Advisory Contract

The Board, including all of the Directors who are not “interested persons” of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Directors”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of an appropriate benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management. The Independent Directors also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Broadridge Financial Solutions (“Broadridge”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of one or more appropriate benchmarks; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability of the Agreement to Lord Abbett; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett’s other advisory clients maintaining accounts with a similar investment strategy as the Fund (in the case of Small Cap Value Fund); and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to each Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable 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 that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and one or more appropriate benchmarks as of various periods ended June 30, 2021. As to Dividend Growth Fund, the Board observed that the Fund’s investment

Approval of Advisory Contract (continued)

performance was above the median of the performance peer group for the one- and three year periods, but below the median of the performance peer group for the five- and ten-year periods. As to Growth Opportunities Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, five- and ten-year periods, but above the median of the performance peer group for the three-year period. With respect to Dividend Growth Fund and Growth Opportunities Fund, the Board also took into account changes to each Fund’s portfolio management team. As to Small Cap Value Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, five-, and ten-year periods. With respect to each Fund, the Board took into account actions taken by Lord Abbett to attempt to improve fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that each Fund’s Agreement should be continued.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.

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

Expenses. The Board considered the expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each Fund, the Board observed that the net total expense ratio of the Fund was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by, and expense level of, each Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement on behalf of each Fund.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett’s profit margins excluding Lord Abbett’s marketing and distribution expenses. The Board also considered Lord Abbett’s profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett’s ability to recruit and retain personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to each Fund was not excessive.

Approval of Advisory Contract (concluded)

Economies of Scale. As to each Fund, the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered each Fund’s existing management fee schedule, with one or more contractual breakpoints in the level of management fee, and, with respect to Growth Opportunities Fund, the Fund’s expense limitation agreement. Based on these considerations, the Board concluded that economies of scale were adequately addressed in respect of each Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. 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 each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Directors may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, each Fund has adopted a Liquidity Risk Management Program and Policy (“Program”). The Program is designed to assess, manage and periodically review each Fund’s liquidity risk. Liquidity risk is defined under Rule 22e-4 as the risk that each Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board has appointed Lord Abbett as the administrator for each Fund’s Program. At the June 2-3, 2021 meeting, Lord Abbett provided the Board with a report addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the period March 1, 2020 through March 1, 2021. Lord Abbett reported that the Program operated effectively during the period. In particular, Lord Abbett reported that: each Fund did not breach its 15% limit on illiquid investments at any point during the period and all regulatory reporting related to Rule 22e-4 was completed on time and without issue during the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds’ prospectus for more information regarding each Fund’s exposure to liquidity risk and other principal risks to which an investment in each Fund may be subject.

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

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

Tax Information (unaudited)

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

Fund Name	DRD	QDI
Dividend Growth Fund	100%	100%
Small Cap Value Fund	100%	100%

The Small Cap Value Fund designates 4.13% of the dividends distributed during the fiscal year ended November 30, 2021 as a section 199A dividend.

Additionally, of the distributions paid to the shareholders during the fiscal year ended November 30, 2021, the following amounts represent short-term and long-term capital gains:

Fund Name	Short-Term Capital Gains	Long-Term Capital Gains
Dividend Growth Fund	$ –	$65,943,043
Growth Opportunities Fund	19,403,219	92,992,292

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

Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC.

Lord Abbett Research Fund, Inc.

Lord Abbett Dividend Growth Fund

Lord Abbett Growth Opportunities Fund

Lord Abbett Small-Cap Value Series

LARF-2 (01/22)

Item 2:

Code of Ethics.

(a)

In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”). The Code of Ethics was in effect during the fiscal year ended November 30, 2021 (the “Period”).

(b)

Not applicable.

(c)

The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.

(d)

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

(e)

Not applicable.

(f)

See Item 12(a)(1) concerning the filing of the Code of Ethics.

Item 3:

Audit Committee Financial Expert.

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

Item 4:

Principal Accountant Fees and Services.

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended November 30, 2021 and 2020 by the Registrant’s principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, “Deloitte”) were as follows:

	Fiscal year ended:
	2021	2020
Audit Fees {a}	$126,000	$126,000
Audit-Related Fees	- 0 -	- 0 -
Total audit and audit-related fees	126,000	126,000

Tax Fees {b}	16,682	16,461
All Other Fees	- 0 -	- 0 -

Total Fees	$142,682	$142,461

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

{b} Fees for the fiscal year ended November 30, 2021 and 2020 consist of fees for preparing the U.S. Income Tax Return for Regulated Investment Companies, New Jersey Corporation Business Tax Return, New Jersey Annual Report Form, U.S. Return of Excise Tax on Undistributed Income of Investment Companies, IRS Forms 1099-MISC and 1096 Annual Summary and Transmittal of U.S. Information Returns.

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

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

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

(e) (2) The Registrant’s Audit Committee has approved 100% of the services described in this Item 4 (b) through (d).

(f) Not applicable.

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

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant’s investment adviser, Lord, Abbett & Co. LLC (“Lord Abbett”), for the fiscal years ended November 30, 2021 and 2020 were:

	Fiscal year ended:
	2021	2020
All Other Fees {a}	$220,000	$214,142

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

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended November 30, 2021 and 2020 were:

	Fiscal year ended:
	2021	2020
All Other Fees	$ - 0 -	$ - 0-

(h) The Registrant’s Audit Committee has considered the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte’s independence.

Item 5:

Audit Committee of Listed Registrants.

Not applicable.

Item 6:

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)

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

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of

1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12:

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13:

Exhibits.

(a)(1)

The Lord Abbett Family of Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of EX-99.CODEETH.

(a)(2)

Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

(b)

Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906.CERT.

SIGNATURES

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

		LORD ABBETT RESEARCH FUND, INC.

	By:	/s/Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: January 28, 2022

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

	By:	/s/Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: January 28, 2022

	By:	/s/Michael J. Hebert
		Michael J. Hebert
		Chief Financial Officer and Treasurer

Date: January 28, 2022