Lord Abbett Growth Opportunities Fund
SEMI-ANNUAL REPORT FOR THE SIX MONTHS ENDED MAY 31, 1999
A portfolio of midsized
growth companies
<PAGE>
Report to Shareholders
For the Six Months Ended May 31, 1999
[PHOTO]
ROBERT S. DOW
CHAIRMAN
JULY 10, 1999
"We feel very comfortable with the current investment environment for mid-cap
stocks, as we have recently seen money flowing into this end of the market."
Lord Abbett Growth Opportunities Fund completed the first half of its fiscal
year on May 31, 1999 with a net asset value of $14.73 per Class A share versus
$12.58 on November 30, 1998. The Fund's total return over the same six-month
period was 17.0%.*
Formerly known as Lord Abbett Research Fund - Mid-Cap Series, Lord Abbett Growth
Opportunities Fund became available for investment to the general public on
October 15, 1998. On September 15, 1998, the Fund's shareholders voted to amend
the Fund's investment objective to enable the Fund to pursue an investment
strategy that seeks capital appreciation and focuses on mid-cap growth-oriented
equity securities. The Fund primarily invests in mid-sized, U. S.-based
companies and, to a lesser extent in non-U. S. domiciled mid-cap companies, from
which Lord Abbett expects above-average growth.
A Bumpy Ride for Equities
After the economic and political uncertainties of late 1998 had settled, the U.
S. stock market once again resumed its upward surge, aided, in part, by the
Federal Reserve Board's series of autumn rate cuts. During the first quarter of
1999, many sectors of the equity market participated in the upswing, but it was
again a relatively narrow group of large-cap growth stocks that led the way.
During the second quarter, we saw the stock market begin to broaden out away
from its focus on large-cap growth stocks. Mid-cap stocks, which were all but
forgotten by investors who were scrambling to invest in the big name large-cap
growth stocks, began to get some much-deserved attention. Some of the neglected
sectors such as entertainment and commodity-driven industries saw promising
improvement, and many small-cap stocks began to participate in the overall
performance of the market.
The Fund has performed well since it was reorganized to account for a new
mid-cap growth investment strategy. We have increased our overall number of
holdings, and increased our allocations to the technology and consumer
non-cyclicals sectors which has helped the Fund. We saw a tremendous run-up and
subsequent sharp correction in many internet stocks, a sector in which we had
cautiously participated, but had previously reduced. Information technology
("IT") services stocks, which were negatively impacted as demand for their
services was temporarily disrupted by customers' needs to address Y2K issues,
have shown strong signs of rebounding. We believe that IT services companies can
generate strong growth potential, and we have used their short-term price
downdraft as an opportunity to add to our positions in this area.
The Road Ahead
We feel very comfortable with the current investment environment for mid-cap
stocks, as we have recently seen money flowing into this end of the market.
Although inflationary fears remain and a possible Fed Funds increase looms in
the distance, our investments are focused on longterm growth opportunities, not
on interest rate predictions. Furthermore, we expect that an improving global
economic situation, particularly in Japan and Southeast Asia, will positively
impact mid-cap companies with global operations and create an opportunity for
mid-cap stocks to participate more fully in market advances.
Our goal of identifying mid-sized companies with a history of earnings and
revenue growth, experienced management teams and proprietary products or
services, should help the Fund to uncover strong investment opportunities.
We are pleased that you have chosen Lord Abbett Growth Opportunities Fund as an
investment vehicle in your diversified portfolio. We appreciate the confidence
you have placed in Lord Abbett, and seek to reward your trust with a commitment
to performance.
* Total return, which is not annualized, is the percent change in net asset
value assuming the reinvestment of all distributions.
<PAGE>
Fund Performance
Comparison of the change in value of a $10,000 investment, 8/1/95 -5/31/99, (1)
in Lord Abbett Growth Opportunities Fund and the unmanaged Lipper Mid-Cap Funds
Average. (2)
[GRAPHIC OMMITTED]
Growth
Opportunities $20,742
Fund (3)
Lipper
Mid-Cap Funds $17,853
Average
(1) The Fund (Class A shares) commenced operations 8/1/95.
(2) Source: Lipper, Inc. The Lipper Mid-Cap Funds Average represents funds
that, by prospectus or portfolio practice, invest primarily in companies
with market capitalizations less than $300 million at the time of purchase.
(3) Reflects the reinvestment of all distributions at net asset value.
SEC-Required Information
Average annual compounded returns for periods ended 6/30/99, at the Class A
maximum sales charge of 5.75%, with all distributions reinvested:
[GRAPHIC OMMITTED]
1 Year 5.20%
Life of Fund 19.27%
(8/1/95 Inception)
Past performance is no indication of future results. The investment return and
principal value of an investment in the Fund will fluctuate so that shares, on
any given day or when redeemed, may be worth more or less than their original
cost.
1
<PAGE>
A Note About Year 2000 Matters
As you may know, there has been extensive media coverage about possible problems
that may arise as a result of uncertainties about the ability of computers to
"understand" dates using the year 2000. Potentially, these problems could
disrupt the services and systems that the Trust relies on in its daily
operations.
As a general matter, we believe the financial industry has taken a leadership
role addressing year 2000 (Y2K) issues and this should help to inspire
confidence among concerned investors. More specifically, Lord Abbett, Lord
Abbett Distributor LLC and the Trust's transfer agent, custodian and other
providers of services critical to the Fund have been actively working on
reviewing and replacing or updating computer systems and computer-to-computer
interfaces, as needed. Each has completed or is in the process of testing new or
revised systems and interfaces and generally expects that their systems, as well
as those of their key external service providers, will be ready to handle Y2K
without significant problems. Furthermore, the Trust has been routinely taking
companies' Y2K preparations into account when considering or reviewing
investments.
In summary, while the Y2K problem is unprecedented and we cannot eliminate
altogether the possibility that the Trust could be affected in some way, we are
confident that all parties involved are taking appropriate steps to resolve Y2K
concerns.
Statement of Net Assets
May 31, 1999
Value
Security Shares (Note 1a)
Investments in Common Stocks
98.93%
- -----------------------------------------------------------------------
Aerospace 2.06% *Orbital Sciences Corp. 13,800 $ 312,225
------------
Airlines 1.12% COMAIR Holdings Inc. 9,000 170,438
------------
Apparel 2.99% *Tommy Hilfiger Corp. 3,300 247,706
Warnaco Group Inc. Class A 7,000 206,500
Total 454,206
------------
Banks: National Commerce
Regional 1.55% Bancorporation 10,000 234,375
------------
Brokers 1.52% *DLJ Direct 5,350 230,050
------------
Business *Axiom Corp. 4,300 116,100
Services 7.11% *Interim Services Inc. 8,700 189,769
*Metzler Group, Inc. 7,000 229,250
*Quintiles Transnational Corp. 8,000 325,000
*Sykes Enterprises Inc. 7,000 217,875
Total 1,077,994
------------
Communications *Plantronics, Inc. 5,500 336,875
Equipment 4.79% *QUALCOMM Inc. 4,000 389,000
Total 725,875
------------
Computer: *BEA Systems Inc. 20,000 407,500
Software 12.27% *Legato Systems Inc. 10,000 547,500
*Lernout & Hauspie
Speech Products NV 12,000 421,500
*Peoplesoft Inc. 13,700 221,769
*Visio Corp. 8,000 263,000
Total 1,861,269
------------
Consumer Stewart Enterprises, Inc.
Services 1.46% Class A 12,000 221,250
------------
Data Processing *Cambridge Technology
8.07% Partners Inc. 18,000 306,000
*CIBER Inc. 9,000 192,937
*International Network
Services 2,000 74,750
*Mastech Corp. 18,000 345,375
*USWeb Corp. 12,000 304,500
Total 1,223,562
------------
Drugs/Health Care *Elan Corp. plc ADR 3,000 162,187
Products 8.16% *ICOS Corp. 13,000 569,563
*Nu Skin Asia Pacific Inc.
Class A 12,000 216,000
*Rexall Sundown Inc. 17,000 290,062
Total 1,237,812
------------
Electric Power 1.95% Montana Power Co. 4,000 $ 295,500
------------
Electronics: *American Power
Components 2.57% Conversion Co. 10,000 389,375
------------
Electronics: Dallas Semiconductor Corp. 6,000 261,000
Semiconductors *LSI Logic Corp. 15,000 555,938
5.39%
Total 816,938
------------
Food 1.00% *Smithfield Foods Inc. 5,700 152,119
------------
Health-Care
Products .58% *Safeskin Corp. 7,100 88,750
------------
Health-Care *Health Management
Services 5.05% Associates Inc. Class A 27,000 351,000
*Healthsouth Corp. 31,000 414,625
Total 765,625
------------
Health-Care
Information Shared Medical
Systems 2.17% Systems Corp. 5,000 328,750
------------
Home Building *Catellus Development Corp. 19,000 292,125
5.82% Lennar Corp. 12,000 271,500
*Royal Group
Technologies Ltd. 11,000 319,687
Total 883,312
------------
Household
Products 2.12% *Blyth Industries, Inc. 11,500 322,000
------------
Instrumentation
2.01% *National Instruments Corp. 8,000 304,500
------------
Media 1.94% *Nielsen Media Research Inc. 11,000 294,250
------------
Miscellaneous 2.82% Diebold Inc. 5,000 140,625
*Stillwater Mining Co. 9,000 287,438
Total 428,063
------------
New Media 4.90% *Lycos Inc. 3,000 301,500
*Safeguard Scientifics Inc. 3,000 219,375
*VeriSign Inc. 1,000 118,500
*Ziff Davis Inc. 5,000 104,375
Total 743,750
------------
Printing and Hollinger International
Publishing 3.75% Inc. Class A 41,000 568,875
------------
Real Estate .79% Prison Realty Corp. 9,462 119,458
------------
Restaurants .60% *Papa Johns International Inc. 2,300 90,850
------------
Retail 3.12% *eToys Inc. 5,000 303,437
*Ticketmaster Online-City
Search, Inc. 6,000 169,500
Total 472,937
------------
2
<PAGE>
Statement of Net Assets
May 31, 1999
Value
Security Shares (Note 1a)
- ----------------------------------------------------------------------------
Retail: Sotheby's Holdings Inc.
Specialty 1.25% Class A 5,000 $ 189,687
=============
Total Investments in
Common Stocks
(Cost $13,536,454) 15,003,795
=============
Cash and Receivables, Net of Liabilities 1.07% 163,012
=============
Net Assets 100.00% $15,166,807
=============
Class A Shares-Net asset value ($12,153,770/825,227 shares outstanding) $14.73
Maximum offering price (net asset value plus sales charge of 5.75%
of the offering price) $15.63
Class B Shares-Net asset value ($1,665,214/113,368 shares outstanding) $14.69
Class C Shares-Net asset value ($1,345,511/91,646 shares outstanding) $14.68
Class Y Shares-Net asset value ($2,312.32/156.971 shares outstanding) $14.73
*Non-income producing security.
See Notes to Financial Statements.
Statement of Operations
<TABLE>
<CAPTION>
Investment Income Six Months Ended May 31, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Income Dividends $ 12,812
-----------
Interest 14,225
Total income $ 27,037
----------
Expenses Management fee 41,396
Management fee waived (41,396)
12b-1 distribution plan- Class A 8,301
12b-1 distribution plan- Class B 3,354
12b-1 distribution plan- Class C 2,777
Shareholder servicing 9,105
Reports to shareholders 647
Registration 16,985
Professional 5,102
Other 643
-----------
Total expenses before reimbursements 46,914
Expenses assumed by Lord Abbett (32,482)
Net expenses 14,432
----------
Net investment income 12,605
----------
Realized and Unrealized Gain on Investments
----------
Net realized gain from investment transactions 555,859
Net change in unrealized appreciation of investments 1,017,193
----------
Net realized and unrealized gain on investments 1,573,052
----------
Net Increase in Net Assets Resulting from Operations $1,585,657
==========
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Statements of Changes in Net Assets Six Months Ended Year Ended
May 31, November 30,
Increase in Net Assets 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Operations Net investment income $ 12,605 $ 24,409
Net realized gain from investment transactions 555,859 233,346
Net change in unrealized appreciation of investments 1,017,193 64,603
Net increase in net assets from operations 1,585,657 322,358
----------- ----------
Undistributed net investment income included in price of share transactions - 1,127
----------- ----------
Dividends and distribution to shareholders from:
Net investment income - (43,200)
Net realized gain from investment transactions - (405,260)
Total - (448,460)
=====================================================================================================================
Capital share transactions:
Net proceeds from sales of shares 9,599,821 3,761,157
Net asset value of shares issued in reinvestment of dividends and distributions - 439,363
Total 9,599,821 4,200,520
=====================================================================================================================
Cost of shares reacquired (741,781) (1,024,926)
Increase in net assets derived from capital share transactions 8,858,040 3,175,594
----------- ----------
Increase (decrease) in net assets 10,443,697 3,050,619
----------- ----------
Net Assets:
Beginning of period 4,723,110 1,672,491
----------- ----------
End of period (including net investment income of $12,842 and $237, respectively) $15,166,807 $4,723,110
- ------------------------------------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
</TABLE>
3
<PAGE>
Financial Highlights
<TABLE>
<CAPTION>
Class A Shares
--------------
August 1, 1995
(Commencement
Year Ended of Operations) to
Six Months Ended November 30, November 30,
Per Share Operating Performance: May 31, 1999 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.58 $16.18 $12.84 $10.18 $10.00
- ------------------------------------------------------------------------------------------------------------------------------------
Income from investment operations
Net investment income .02 (e) .15 .23 .30 .10
Net realized and unrealized gain on investments 2.13 .09 3.39 2.50 .08
Total from investment operations 2.15 .24 3.62 2.80 .18
-------------------------------------------------------------------------------------------------------------------------------
Distributions from:
Net investment income - (.37) (.28) (.12) -
Net realized gain on investments - (3.47) - (.02) -
Total distributions - (3.84) (.28) (.14) -
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $14.73 $12.58 $16.18 $12.84 $10.18
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return (b) 17.00% (d) 5.71% 28.90% 27.81% 1.80%(d)
====================================================================================================================================
Ratios to Average Net Assets:
Expenses, including waiver and reimbursements .14%(d) .02% .00% .00% .00%(d)
Expenses, excluding waiver and reimbursements .94%(d) 1.60% 1.58% 2.39% 1.20%(d)
Net investment income .15%(d) 1.14% 1.69% 2.67% 1.04%(d)
- ------------------------------------------------------------------------------------------------------------------------------------
Class B Shares Class C Shares Class Y Shares
Six Months October 16, Six Months October 19, December 9, 1998(c)
Ended 1998(c) to Ended 1998 (c) to to
May 31, November 30, May 31, November 30, May 31,
Per Share Operating Performance: 1999 1998 1999 1998 1999
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $12.57 $10.41 $12.59 $10.70 $12.76
- ------------------------------------------------------------------------------------------------------------------------------------
Income from investment operations
Net investment income (loss) (.01)(e) -(a) (.01)(e) - (a) .04(e)
Net realized and unrealized gain on investment 2.13 2.16 2.10 1.89 1.93
Total from investment operations 2.12 2.16 2.09 1.89 1.97
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $14.69 $12.57 $14.68 $12.59 $14.73
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return (b)(d) 16.87% 20.75% 16.60% 17.66% 15.44%
====================================================================================================================================
Ratios to Average Net Assets (d) :
Expenses, including waiver and reimbursements .42% .13% .42% .13% .00%
Expenses, excluding waiver and reimbursements 1.22% .34% 1.22% .34% .78%
Net investment income (loss) (.09)% (.08)% (.12)% (.10)% .29%
- ------------------------------------------------------------------------------------------------------------------------------------
August 1, 1995
(Commencement
Year Ended of Operations) to
Six Months Ended November 30, November 30,
Supplemental Data For All Classes: May 31, 1999 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $15,167 $4,723 $1,672 $1,462 $968
Portfolio turnover rate 51.84% 136.81% 52.86% 30.78% 1.55%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(a) Amount less than $. 01.
(b) Total return does not consider the effects of sales loads and assumes the
reinvestment of all distributions.
(c) Commencement of operations of respective class shares.
(d) Not annualized.
(e) Calculated using average shares outstanding during the period.
See Notes to Financial Statements.
4
<PAGE>
Notes to Financial Statements
1. Significant Accounting Policies
Lord Abbett Research Fund, Inc. (the "Company") is an open-end management
investment company incorporated under Maryland law on April 26, 1992. The
Company consists of three separate portfolios. This report covers one of the
portfolios- Lord Abbett Growth Opportunities Fund (" Series") (formerly Mid-Cap
Series). The Series is diversified as defined under the Investment Company Act
of 1940. The financial statements have been prepared in conformity with
generally accepted accounting principles which require management to make
certain estimates and assumptions at the date of the financial statements. The
following summarizes the significant accounting policies of the Series.
(a) Security valuation is determined as follows: Portfolio securities listed or
admitted to trading privileges on any national securities exchange are valued at
the last sales price on the principal securities exchange on which such
securities are traded, or, if there is no sale, at the mean between the last bid
and ask prices on such exchange, or, in the case of bonds, in the
over-the-counter market if, in the judgment of the Company's officers, that
market more accurately reflects the market value of the bonds. Securities traded
only in the over-the-counter market are valued at the mean between the last bid
and ask prices, except that securities admitted to trading on the NASDAQ
National Market System are valued at the last sales price if it is determined
that such price more accurately reflects the value of such securities.
Short-term securities maturing in 60 days or less are valued at amortized cost
which approximates market value. Securities for which market quotations are not
available are valued at fair value under procedures approved by the Board of
Directors.
(b) It is the policy of the Series to meet the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute all
of its taxable income. Therefore, no federal income tax provision is required.
(c) Investment transactions are accounted for on the date that the securities
are purchased or sold (trade date). Realized gains and losses from investment
transactions are calculated on the identified cost basis. Dividend income and
distributions to shareholders are recorded on the ex-dividend date. Net
investment income (other than distribution and service fees) and realized and
unrealized gains or losses are allocated to each class of shares based upon the
relative proportion of net assets at the beginning of the day.
(d) Prior to December 1, 1998, the Series followed the accounting practice of
equalization whereby a portion of the proceeds from the sales and costs of
repurchases of capital shares was allocated to undistributed net investment
income. Effective December 1, 1998, the Series discontinued the use of
equalization. Discontinuing the use of equalization will result in a simpler and
more meaningful financial statement presentation.
(e) The organization expenses of the Series are amortized evenly over a period
of five years.
2. Management Fee and Other Transactions with Affiliates The Series has a
management agreement with Lord, Abbett & Co. (" Lord Abbett") pursuant to which
Lord Abbett supplies the Series with investment management services and
executive and other personnel, pays the remuneration of officers, provides
office space and pays for ordinary and necessary office and clerical expenses
relating to research, statistical work and the supervision of the Series'
investment portfolio. The management fee paid is based on average daily net
assets for each month at the annual rate of 0.75% of 1% for the period December
1, 1997 to September 14, 1998. Effective September 15, 1998, the management fee
increased to an annual rate of 0.90% of 1%. Lord Abbett waived its management
fee for the six months ended May 31, 1999.
The Series has rule 12b-1 plans and agreements (the "Class A, Class B and Class
C Plans") with Lord Abbett Distributor LLC (" Distributor"), an affiliate of
Lord Abbett. The Series makes payments to Distributor which uses or passes on
such payments to authorized institutions. Pursuant to the Class A Plan, the
Series pays Distributor (1) an annual service fee of 0.25% of the average daily
net assets of Class A shares, (2) a one-time distribution fee of up to 1% on
certain qualifying purchases and (3) an annual distribution fee of 0.10% of the
average daily net asset value of Class A shares. Pursuant to the Class B and
Class C Plans, the Series pays Distributor an annual service and distribution
fee of 0.25% and 0.75%, respectively, of the average daily net asset value of
the shares outstanding. Class Y does not have a Rule 12b-1 plan.
Distributor received $29,676, representing payment of commissions on sales of
Class A shares after deducting $166,588 allowed to authorized distributors as
concessions.
Certain of the Series' officers and directors have an interest in Lord Abbett.
3. Capital
The Company has authorized 150 million shares of $.001 par value capital stock
designated as follows: Class A- 50 million, Class B- 30 million, Class C- 20
million, Class P- 20 million, Class Y- 30 million. Paid in capital amounted to
$13,089,347 at May 31, 1999. Prior to October 1, 1998, all outstanding shares of
the Series were held by directors and officers of the Company and by partners
and employees of Lord Abbett.
Transactions in capital stock were as follows:
Six Months Ended Year Ended
May 31, 1999 November 30, 1998
------------------------- ----------------------------------
Class A Shares Amount Shares Amount
- --------------------------------------------------------------------------------
Sales of shares 535,900 $7,241,697 282,010 $3,261,131
Shares issued to
shareholders in
reinvestment of
dividends and
distributions - - 38,922 439,363
Total 535,900 7,241,697 320,932 3,700,494
- --------------------------------------------------------------------------------
Shares reacquired (43,840) (579,428) (91,140) (1,024,908)
Increase 492,060 $6,662,269 229,792 $2,675,586
- --------------------------------------------------------------------------------
Six Months Ended October 16, 1998* to
May 31, 1999 November 30, 1998
------------------------- ----------------------------------
Class B Shares Amount Shares Amount
- --------------------------------------------------------------------------------
Sales of shares 103,195 $1,395,302 18,197 $211,217
Shares reacquired (8,022) (109,543) (2) (18)
- --------------------------------------------------------------------------------
Increase 95,173 $1,285,759 18,195 $211,199
- --------------------------------------------------------------------------------
Six Months Ended October 19, 1998* to
May 31, 1999 November 30, 1998
------------------------- ----------------------------------
Class C Shares Amount Shares Amount
- --------------------------------------------------------------------------------
Sales of shares 71,508 $960,696 24,003 $288,809
Sales reacquired (3,865) (52,810) - -
- --------------------------------------------------------------------------------
Total Increase 67,643 $907,886 24,003 $288,809
- --------------------------------------------------------------------------------
5
<PAGE>
Notes to Financial Statements
December 9, 1998* to
May 31, 1999
------------------------------
Class Y Shares Amount
- --------------------------------------------------------------------------------
Sales of shares 157 $2,126
Total Increase 157 $2,126
- --------------------------------------------------------------------------------
*Commencement of operations of respective class shares.
NOTE: There was no capital stock activity for Class P shares during the period.
4. Distributions
Distributions from net investment income and net realized gain from investment
transactions, if any, are distributed to shareholders annually. At May 31, 1999,
accumulated net realized gain for the Series was $597,277.
Income and capital gain distributions are determined in accordance with income
tax regulations which may differ from methods used to determine the
corresponding income and capital gain amounts in accordance with generally
accepted accounting principles.
5. Purchases and Sales of Securities
Purchases and sales of investment securities (other than short-term investments)
for the six months ended May 31, 1999 aggregated $13,473,645 and $4,389,939,
respectively.
As of May 31, 1999, net unrealized appreciation for federal income tax purposes
aggregated $1,467,341 of which $2,053,653 related to appreciated securities and
$586,312 related to depreciated securities.
The cost of investments for federal income tax purposes is substantially the
same as that used for financial reporting purposes.
6. Directors' Remuneration
The Directors of the Company associated with Lord Abbett and all officers of the
Company receive no compensation from the Company for acting as such. Outside
Directors' fees and retirement costs are allocated among all funds in the Lord
Abbett group based on the net assets of each fund.
7. Line of Credit
Each Series, along with certain other funds managed by Lord Abbett, has
available a $200,000,000 unsecured revolving credit facility (" Facility"), from
a consortium of banks, to be used for temporary or emergency purposes as an
additional source of liquidity to fund redemptions of investor shares. Any
borrowings under this Facility will bear interest at current market rates as
defined in the agreement. The fee for this Facility is 0.06% per annum. There
were no loans outstanding pursuant to this Facility at May 31, 1999, nor was the
Facility utilized at any time during the period.
Copyright (C) 1999 by Lord Abbett Growth Opportunities Inc. 767 Fifth Avenue,
New York, NY 10153-0203
This publication, when not used for the general information of shareholders of
Lord Abbett Growth Opportunities is to be distributed only if preceded or
accompanied by a current prospectus which includes information concerning the
Series' Investment objective and policies, sales charges and other matters.
There is no guarantee that the forecasts contained in this publication will come
to pass. All rights reserved. Printed in the U. S. A.
LAGOPF-3-599
(7/99)
6
