Growth Leaders Fund

LGLSX

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Daily price w/o sales charge as of 01/16/2020

$30.08

$0.26

YTD Returns w/o sales charge as of 01/16/2020

5.58%

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Summary

What is the Growth Leaders Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of U.S. companies.

Fund Basicsas of 12/31/2019

Total Net Assets: $3.97 B
Inception Date: 06/30/2015
Dividend Frequency: Annually
Fund Expense Ratio: 0.93%
Number of Holdings: 70

Fund Expense Ratio :

0.93%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 06/30/2011

w/o sales charge	34.73%	34.73%	20.54%	13.44%	-	14.09%
Lipper Category Avg. Multi-Cap Growth Funds	31.41%	31.41%	17.68%	11.38%	-	-
Russell 1000® Growth Index	36.39%	36.39%	20.49%	14.63%	-	-

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 06/30/2011

w/o sales charge	34.73%	34.73%	20.54%	13.44%	-	14.09%
Lipper Category Avg. Multi-Cap Growth Funds	31.41%	31.41%	17.68%	11.38%	-	-
Russell 1000® Growth Index	36.39%	36.39%	20.49%	14.63%	-	-

Fund Expense Ratio :

0.93%

Returns with sales charges reflect a maximum sales charge of 5.75%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

TEN LARGEST HOLDINGS as of 12/31/2019View Portfolio

Holding	Assets
Microsoft Corp.	6.3%
Apple, Inc.	5.9%
Alphabet, Inc.	3.6%
Mastercard, Inc.	3.1%
Amazon.com, Inc.	2.9%
NVIDIA Corp.	2.3%
Alibaba Group Holding Ltd.	2.3%
NIKE, Inc.	2.2%
Visa, Inc.	2.2%
Facebook, Inc.	2.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Sector Allocationas of 12/31/2019View Portfolio

Sector	Weighting

Sector	Weighting
Communication Services
Real Estate
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials

INVESTMENT TEAM

F. Thomas O'Halloran, J.D., CFA

Partner & Portfolio Manager

33 Years of Industry Experience

Vernon Bice, CMT

Portfolio Manager

19 Years of Industry Experience

Matthew R. DeCicco, CFA

Managing Director & Portfolio Manager

21 Years of Industry Experience

Supported By 41 Investment Professionals with 18 Years Avg. Industry Experience

Your Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Fund Expense Ratio :

0.93%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 06/30/2011

w/o sales charge	34.73%	34.73%	20.54%	13.44%	-	14.09%
Lipper Category Avg. Multi-Cap Growth Funds	31.41%	31.41%	17.68%	11.38%	-	-
Russell 1000® Growth Index	36.39%	36.39%	20.49%	14.63%	-	-

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 06/30/2011

w/o sales charge	34.73%	34.73%	20.54%	13.44%	-	14.09%
Lipper Category Avg. Multi-Cap Growth Funds	31.41%	31.41%	17.68%	11.38%	-	-
Russell 1000® Growth Index	36.39%	36.39%	20.49%	14.63%	-	-

Fund Expense Ratio :

0.93%

Returns with sales charges reflect a maximum sales charge of 5.75%.

Year	Fund Returns	Russell 1000® Growth Index

2019	34.73%	36.39%
2018	-0.95%	-1.51%
2017	31.24%	30.21%
2016	0.58%	7.08%
2015	6.64%	5.67%
2014	10.14%	13.05%
2013	46.86%	33.48%
2012	10.14%	15.26%
2011	-	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2020	-	-	-	-	5.58%
2019	20.73%	6.31%	-5.94%	11.60%	34.73%
2018	4.56%	6.93%	11.01%	-20.20%	-0.95%
2017	8.00%	6.14%	6.52%	7.48%	31.24%
2016	-3.91%	0.69%	6.02%	-1.95%	0.58%
2015	4.70%	1.18%	-6.15%	7.26%	6.64%
2014	2.09%	3.56%	0.01%	4.16%	10.14%
2013	11.45%	7.25%	13.13%	8.61%	46.86%
2012	15.48%	-5.84%	3.85%	-2.47%	10.14%
2011	-	-	-15.03%	7.86%	-

NAV HISTORICAL PRICES

Date	Net Asset Value

Portfolio

Holding	Sector	Assets

Microsoft Corp.	Information Technology	6.3%
Apple, Inc.	Information Technology	5.9%
Alphabet, Inc.	Communication Services	3.6%
Mastercard, Inc.	Information Technology	3.1%
Amazon.com, Inc.	Consumer Discretionary	2.9%
NVIDIA Corp.	Information Technology	2.3%
Alibaba Group Holding Ltd.	Consumer Discretionary	2.3%
NIKE, Inc.	Consumer Discretionary	2.2%
Visa, Inc.	Information Technology	2.2%
Facebook, Inc.	Communication Services	2.0%

Holding	Sector	Assets

Microsoft Corp.	Information Technology	6.0%
Apple, Inc.	Information Technology	5.5%
Alphabet, Inc.	Communication Services	3.3%
Mastercard, Inc.	Information Technology	3.1%
Amazon.com, Inc.	Consumer Discretionary	2.8%
NVIDIA Corp.	Information Technology	2.2%
Visa, Inc.	Information Technology	2.2%
Vertex Pharmaceuticals, Inc.	Health Care	2.0%
Intuitive Surgical, Inc.	Health Care	1.9%
NIKE, Inc.	Consumer Discretionary	1.9%
Walt Disney Co/The	Communication Services	1.9%
Alibaba Group Holding Ltd.	Consumer Discretionary	1.9%
Keysight Technologies, Inc.	Information Technology	1.7%
Target Corp.	Consumer Discretionary	1.6%
QUALCOMM, Inc.	Information Technology	1.6%
TransUnion	Industrials	1.5%
AMETEK, Inc.	Industrials	1.5%
Insulet Corp.	Health Care	1.5%
Generac Holdings, Inc.	Industrials	1.5%
DexCom, Inc.	Health Care	1.5%
Zoetis, Inc.	Health Care	1.5%
MarketAxess Holdings, Inc.	Financials	1.5%
Tesla Motors, Inc.	Consumer Discretionary	1.4%
Lululemon Athletica, Inc.	Consumer Discretionary	1.4%
DocuSign Inc	Information Technology	1.3%
RingCentral, Inc.	Information Technology	1.3%
Facebook, Inc.	Communication Services	1.3%
Applied Materials, Inc.	Information Technology	1.3%
Roku Inc	Communication Services	1.3%
Teledyne Technologies, Inc.	Industrials	1.3%
JPMorgan Chase & Co.	Financials	1.3%
Harris Corp.	Industrials	1.3%
MSCI, Inc.	Financials	1.3%
New Oriental Education & Technology Group, Inc.	Consumer Discretionary	1.2%
YETI Holdings Inc	Consumer Discretionary	1.2%
EPAM Systems, Inc.	Information Technology	1.2%
Shopify, Inc.	Information Technology	1.2%
Advanced Micro Devices, Inc.	Information Technology	1.2%
Five9, Inc.	Information Technology	1.2%
Paycom Software, Inc.	Information Technology	1.2%
Live Nation Entertainment, Inc.	Communication Services	1.1%
Akamai Technologies, Inc.	Information Technology	1.0%
Snap Inc	Communication Services	1.0%
Chipotle Mexican Grill, Inc.	Consumer Discretionary	1.0%
Carvana Co	Consumer Discretionary	1.0%
Trade Desk, Inc./The	Information Technology	1.0%
Fiserv, Inc.	Information Technology	1.0%
Intuit, Inc.	Information Technology	1.0%
Dollar General Corp.	Consumer Discretionary	1.0%
Match Group, Inc.	Communication Services	1.0%
Thermo Fisher Scientific, Inc.	Health Care	1.0%
Lennar Corp.	Consumer Discretionary	0.9%
Seattle Genetics, Inc.	Health Care	0.8%
Danaher Corp.	Health Care	0.8%
Alteryx Inc	Information Technology	0.8%
Comcast Corp.	Communication Services	0.8%
Roper Industries, Inc.	Industrials	0.8%
Amarin Corp. plc	Health Care	0.7%
Kansas City Southern	Industrials	0.7%
Bright Horizons Family Solutions, Inc.	Consumer Discretionary	0.7%
HEICO Corp.	Industrials	0.7%
Universal Display Corp.	Information Technology	0.7%
TransDigm Group, Inc.	Industrials	0.7%
Mirati Therapeutics, Inc.	Health Care	0.6%
10X Genomics Inc	Health Care	0.6%
Penumbra, Inc.	Health Care	0.6%
Mercadolibre, Inc.	Consumer Discretionary	0.6%
Atlassian Corp. plc	Information Technology	0.5%
Sage Therapeutics, Inc.	Health Care	0.5%
Elastic NV	Information Technology	0.5%
Blueprint Medicines Corp.	Health Care	0.5%
First Republic Bank/San Francisco CA	Financials	0.5%
Paylocity Holding Corp.	Information Technology	0.1%

Sector Allocationas of 12/31/2019

Sector	Weighting	Fund Change from Previous Quarter

Sector	Weighting	Fund Change from Previous Quarter
Communication Services		3.0%
Real Estate		1.6%
Consumer Discretionary		2.1%
Consumer Staples		0.0%
Energy		0.0%
Financials		1.7%
Health Care		1.5%
Industrials		2.2%
Information Technology		5.7%
Materials		0.0%

Portfolio Positioning as of 12/31/2019

We have increased the portfolio’s position in the information technology sector, specifically within semiconductor manufacturers and software providers. We anticipate continued innovation in e-commerce and cloud computing companies, and shares have begun to rebound after a deep correction in September. The portfolio continues to have a modest underweight in particular FAANG stocks.
Within the health care sector, we remain focused on smaller capitalization biotechnology companies, as they have tended to be more innovative than their large cap peers, which have large amounts of cash but inferior product pipelines. The portfolio maintains exposure to innovative minimally-invasive medical device companies.
The portfolio remains underweight in certain bond proxy sectors, such as consumer staples and real estate, as we continue to believe these sectors are overvalued and lacking in growth potential and certain fundamental characteristics that we favor.
During the fourth quarter, the equity market continued to wrestle with trade war concerns. These worries appear to be lessening as we begin 2020. Furthermore, we believe that improving fundamentals and moderate inflation levels will continue to support higher equity prices for select innovative growth stocks.

PORTFOLIO DETAILS as of 12/31/2019

Total Net Assets: $3.97 B
Number of Holdings: 70
Weighted Average Market Cap.: 300.3 B
P/B Ratio: 8.5x
Portfolio Turnover Ratio as of 10/31/2019: 142.6%
P/E Ratio: 34.7x

To view definitions for the above Portfolio Details, Click here.

Market Capitalization Breakdown - Morningstar separates stock portfolio holdings into five market-capitalization groups: Giant, Large, Mid, Small, and Micro. Of the 5000 largest domestic stocks in their equities database, the top 1% are categorized as Giant, the next 4% are Large, the next 15% are Mid, the next 30% are Small, and the remaining 50% are Micro. Stocks outside of the largest 5000 are also classified as Micro.

Weighted Average Market Cap - The average market capitalization of all companies held in the portfolio with each company weighted according to its percent held in the portfolio. The result is based upon a weighted average of the securities held in the fund.

P/B Ratio - A ratio that helps determine whether a stock is undervalued or overvalued. It is calculated by dividing a stock's price per share by its book value per share. The result is based upon a weighted average of the securities held in the fund.

P/E Ratio - Is the weighted average of each holding's P/E ratio (price of a stock divided by its earnings per share). The result is based upon a weighted average of the securities held in the fund.

Portfolio Turnover - This is a measure of the Fund’s trading activity which is computed by taking the lesser of purchases or sales divided by average monthly market value, excluding short-term investments. The resulting percentage represents the percentage of the portfolio’s holdings that have changed over the past year.

Contributors & Detractors as of 12/31/2019

Contributors

Holding	Contribution
Apple, Inc.	1.6%
Microsoft Corp.	0.8%
NVIDIA Corp.	0.6%
Tesla Motors, Inc.	0.6%
Advanced Micro Devices, Inc.	0.5%

Detractors

Holding	Contribution
Twitter, Inc.	-0.3%
Sage Therapeutics, Inc.	-0.3%
Elastic N V	-0.2%
Crowdstrike Hldgs Inc	-0.1%
Lennar Corp.	-0.1%

% Contribution reflects the effect of the individual stock's performance on the Fund's overall performance for the period. Individual holdings and their effect on Fund performance may change significantly over time. Investors should consider the overall performance of the Fund before making a decision on whether or not to invest in the Fund.

Attribution Analysis

for

Growth Leaders Fund			Benchmark		Variance
Sector	Avg. Weight	Base Return	Avg. Weight	Base Return	Stock Selection	Group Weight	Total

The total base return displayed for the Fund does not capture daily cash flow and trading activity and therefore is subject to reasonable variance from the Fund's actual return. Please refer to the Fund's performance results for longer-term returns. The Fund is actively managed and portfolio characteristics, such as individual holdings and sector weightings, may change significantly over time.

Please see "About Wilshire Attribution" of the performance attribution displayed above by Click here.

About Wilshire Attribution

The Wilshire Atlas Variance Analysis tool provides a methodology for explaining the difference in performance between a portfolio and its benchmark, based on the decomposition of returns. The user specifies the portfolio, index, link frequency, sector and weighting. The weighting can be shown as beginning, average or end weights and is used for display purposes only.

Average Weight (Portfolio): This is the average weight of each group in the portfolio. Alternatively, the weight at the end of the reporting period, or on average across the reporting period, may be selected.

Base Return (Portfolio): This is the weighted average holding period return for the securities in each group. This weighted average is calculated for each link period using beginning weights and then the resulting values are linked together to calculate the displayed value.

Average Weight (Benchmark): This is the average weight of each group in the benchmark. Alternatively, the weight at the end of the reporting period, or on average across the reporting period, may be selected.

Base Return (Benchmark): This is the weighted average holding period return for the benchmark securities in each group. This weighted average is calculated for each link period using beginning weights, then the resulting values are linked together to calculate the displayed value.

Stock Selection Variance: This is the success of selection decisions within each group versus the benchmark. It is calculated for each link period using the following equation: Stock Selection Variance = WP,G * (RP,G - RB,G), where WP,G = Weight of the group in the portfolio, RP,G = Return of the group in the portfolio, RB,G = Return of the group in the benchmark.

Group Weighting Variance: This is the result of weighting decisions in each group versus the benchmark. It is calculated for each link period using the following equation: Group Weighting Variance = (WP,G – WB,G) * (RB,G – RB,T), where WP,G = Weight of the group in the portfolio, WB,G = Weight of the group in the benchmark, RB,G = Return of the group in the benchmark, RB,T = Overall return of the benchmark.

Total Variance: This is the sum of group weighting and stock selection variances. This represents the amount of total variance that is explained by the selection and allocation decisions for each group.

Wilshire generated returns are calculated gross of fees based on end of day prices and do not capture intraday cash flow, price changes or trading activity, and therefore are subject to some variance from Lord Abbett returns. In addition, Wilshire and Lord Abbett may use different pricing sources and methodologies.

Not Classified securities represent those securities which have not been assigned an official GICS Direct classification. GICS Direct, a joint product of Standard & Poor’s and MSCI, provides industry classifications for more than 40,000 companies and over 45,000 securities. Not Classified securities may include, but are not limited to: Exchange-Traded Funds (ETFs), pink sheet-listed issues, pre-IPO placements, private placements, secondary issues, open-end funds, closed-end funds, and non-operating establishments.

Under certain circumstances, Lord Abbett may elect to have Wilshire map an ETF holding to the relevant characteristics represented by that ETF’s underlying index in order to reflect the exposure and performance contributed by the ETF to the overall portfolio. When this option is selected, Wilshire will remove the ETF from the Not Classified category and instead allocate the ETF’s exposures across the relevant attributes based on the composition of the ETF’s underlying index.

Source: Wilshire Attribution Software. GICS sector classification; non-GICS securities classified by Lord Abbett. Sectors may include many industries.

Dividends & Cap Gains

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date	Ex-Dividend Date	Reinvest & Payable Date
11/23/2020	11/24/2020	11/24/2020

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
11/20/2019	11/21/2019	$1.9547	$0.3895	$2.3442	$27.32

Upcoming Capital Gain Distribution

Record Date	Ex-Dividend Date
11/23/2020	11/24/2020

Fees & Expenses

EXPENSE RATIOas of 12/31/2019

0.93%

Fund Documents

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	0Documents selected				Order
	Summary Prospectus Publish Date:11/03/2015
n/a	Statutory Prospectus Publish Date:11/03/2015
n/a	Prospectus (XBRL) Publish Date:11/03/2015
	SAI Publish Date:11/03/2015
	Annual Report Publish Date:11/03/2015
	Semi-Annual Report Publish Date:11/03/2015
	Fact Sheet Publish Date:11/03/2015
	Commentary Publish Date:11/03/2015
	Flyer Publish Date:11/03/2015
	Flyer Publish Date:11/03/2015
	Capital Markets Presentation Publish Date:11/03/2015

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IMPORTANT INFORMATION

A Note about Risk: The value of investments in equity securities will fluctuate in response to general economic conditions and to changes in the prospects of particular companies, including market, liquidity, currency, and political risks. Mid and small cap company stocks tend to be more volatile and may be less liquid than large cap company stocks. Mid and small cap companies also may have more limited product lines, markets, or financial resources and typically experience a higher risk of failure than large companies. However, larger companies may have slower rates of growth than smaller successful companies. Investments in growth companies can be more sensitive to the company's earnings and more volatile than the stock market in general. The Fund engages in active and frequent trading of its securities, which may result in increased transaction fees, reduced investment performance, and higher taxes. These factors can adversely affect Fund performance.

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

Class R4 - The inception date for Class R4 shares is June 30, 2015. The performance quotations for Class R4 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R4 shares; and (b) for periods after June 30, 2015, actual Class R4 performance is used, which reflects all charges and fees applicable to Class R4 shares.

Class R4 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

Returns shown at less than a year reflect aggregate total returns.

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.

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

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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Summary

Summary

What is the Growth Leaders Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of U.S. companies.

Fund Basicsas of 12/31/2019

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

RELATED CONTENT

TEN LARGEST HOLDINGS as of 12/31/2019View Portfolio

Sector Allocationas of 12/31/2019View Portfolio

INVESTMENT TEAM

Your Representative

Performance

Performance

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

NAV HISTORICAL PRICES

Portfolio

Portfolio

Sector Allocationas of 12/31/2019

Portfolio Positioning as of 12/31/2019

PORTFOLIO DETAILS as of 12/31/2019

Contributors & Detractors as of 12/31/2019

Contributors

Detractors

Attribution Analysis

Dividends & Cap Gains

Dividends & Cap Gains

Upcoming Dividend Payment Dates

Capital Gains Distributions

Upcoming Capital Gain Distribution

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 12/31/2019

Fund Documents

Fund Documents

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