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Affiliated Fund

Summary

Summary

What is the Affiliated Fund?

The Fund seeks to deliver long-term growth of capital and current income by investing primarily in dividend-paying stocks of large U.S. companies.


Fund Basicsas of 04/29/2016

Total Net Assets
$6.19 B
Inception Date
05/14/1934*
Dividend Frequency
Quarterly
Number of Holdings
135
CUSIP
544001100
Minimum Initial Investment
$1,000+

Expense Ratioas of 04/30/2016

Yield

12-Month Dividend Yield 1 as of 05/27/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge - 2.50%
w/ sales charge - 2.35%

30-Day Standardized Yield 2 as of 04/30/2016  

2.26%

Fund Expense Ratio :

0.74%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/01/1950
w/o sales charge 3.59% -1.83% 9.14% 7.91% 4.24% 10.84%
Lipper Category Avg. Equity Income Funds 3.89% -1.47% 7.42% 8.22% 5.95% -
Russell 1000® Value Index 3.77% -0.40% 9.59% 10.13% 5.67% -
w/ sales charge -2.36% -7.49% 7.00% 6.63% 3.62% 10.74%

Fund Expense Ratio :

0.74%

Fund Expense Ratio :

0.74%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/01/1950
w/o sales charge 2.52% -2.13% 9.47% 8.02% 4.38% 10.84%
Lipper Category Avg. Equity Income Funds 2.87% -1.48% 7.82% 8.63% 6.03% -
Russell 1000® Value Index 1.64% -1.54% 9.38% 10.25% 5.72% -
w/ sales charge -3.37% -7.75% 7.33% 6.75% 3.76% 10.74%

Fund Expense Ratio :

0.74%

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TEN LARGEST HOLDINGS as of 04/29/2016View Portfolio

Holding Assets
Chevron Corp. 3.9%
Pfizer, Inc. 3.3%
JPMorgan Chase & Co. 3.3%
General Electric Co. 2.9%
Intel Corp. 2.3%
QUALCOMM, Inc. 1.8%
Ford Motor Co. 1.8%
Boeing Co. 1.8%
International Business Machines Corp. 1.8%
AT&T, Inc. 1.7%
% of Total Assets 24.7%

Investment Team

Walter H. Prahl
Walter H. Prahl, Ph.D.

Partner & Director

31 Years of Industry Experience

pavese
Marc Pavese, Ph.D.

Partner & Portfolio Manager

16 Years of Industry Experience

Supported By 33 Investment Professionals and 16 Years Avg. Industry Experience

Your Representative

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

Performance

Performance

12-Month Dividend Yield 1 as of 05/27/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge - 2.50%
w/ sales charge - 2.35%

30-Day Standardized Yield 2 as of 04/30/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.26% -

Fund Expense Ratio :

0.74%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/01/1950
w/o sales charge 3.59% -1.83% 9.14% 7.91% 4.24% 10.84%
Lipper Category Avg. Equity Income Funds 3.89% -1.47% 7.42% 8.22% 5.95% -
Russell 1000® Value Index 3.77% -0.40% 9.59% 10.13% 5.67% -
w/ sales charge -2.36% -7.49% 7.00% 6.63% 3.62% 10.74%

Fund Expense Ratio :

0.74%

Fund Expense Ratio :

0.74%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/01/1950
w/o sales charge 2.52% -2.13% 9.47% 8.02% 4.38% 10.84%
Lipper Category Avg. Equity Income Funds 2.87% -1.48% 7.82% 8.63% 6.03% -
Russell 1000® Value Index 1.64% -1.54% 9.38% 10.25% 5.72% -
w/ sales charge -3.37% -7.75% 7.33% 6.75% 3.76% 10.74%

Fund Expense Ratio :

0.74%

Best returns

Durations Fund Returns Blended Index
3-Mo 31.61 27.62
1-Yr 58.32 56.49

Worst returns

Durations Fund Returns Blended Index
3-Mo -27.02 -28.88
1-Yr -47.71 -47.35
Year Fund Returns Russell 1000® Value Index
2015 -4.20% -3.83%
2014 12.07% 13.45%
2013 32.15% 32.53%
2012 15.90% 17.51%
2011 -7.84% 0.39%
2010 14.30% 15.51%
2009 19.39% 19.69%
2008 -37.13% -36.85%
2007 3.66% -0.17%
2006 17.61% 22.25%
2005 3.33% -
2004 12.60% -
2003 30.89% -
2002 -18.79% -
2001 -7.94% -
2000 15.24% -
1999 16.88% -
1998 14.42% -
1997 25.16% -
1996 20.05% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2016 2.52% - - - 5.09%
2015 0.35% -1.23% -7.57% 4.57% -4.20%
2014 2.29% 3.99% -0.12% 5.48% 12.07%
2013 10.88% 3.84% 4.49% 9.84% 32.15%
2012 12.61% -4.77% 6.68% 1.30% 15.90%
2011 5.67% -2.77% -20.73% 13.17% -7.84%
2010 6.69% -14.37% 10.35% 13.36% 14.30%
2009 -16.43% 18.76% 16.22% 3.51% 19.39%
2008 -9.69% -6.07% -6.72% -20.56% -37.13%
2007 0.36% 5.10% 1.90% -3.56% 3.66%
2006 5.88% -0.47% 5.85% 5.44% 17.61%
2005 -2.61% -0.49% 4.22% 2.30% 3.33%
2004 2.47% 1.10% -1.93% 10.82% 12.60%
2003 -5.46% 18.25% 2.90% 13.78% 30.89%
2002 3.15% -10.96% -19.74% 10.16% -18.79%
2001 -9.47% 5.32% -13.97% 12.22% -7.94%
2000 1.59% -3.13% 8.61% 7.82% 15.24%
1999 2.72% 10.79% -6.67% 10.04% 16.88%
1998 10.75% -0.26% -11.55% 17.10% 14.42%
1997 3.05% 13.38% 7.12% 0.01% 25.16%
1996 5.48% 0.87% 3.91% 8.59% 20.05%
1995 8.27% 7.30% 6.95% 6.00% 31.70%
1994 -3.48% 1.45% 6.09% 0.18% 4.06%
1993 5.46% 0.93% 4.26% 2.01% 13.21%
1992 -0.50% 4.48% 2.81% 5.16% 12.39%
1991 9.50% -0.41% 6.25% 5.29% 22.00%
1990 -1.70% 1.65% -12.52% 8.41% -5.23%
1989 3.79% 6.94% 7.96% 3.09% 23.53%
1988 3.23% 8.29% -1.48% 2.42% 12.81%
1987 16.69% 4.94% 5.68% -20.26% 3.19%
1986 16.15% 3.65% -3.96% 6.33% 22.95%
1985 6.25% 8.55% -4.81% 15.57% 26.87%
1984 -3.91% -3.92% 10.21% 5.00% 6.83%
1983 9.35% 7.44% 3.82% 2.91% 25.53%
1982 -4.66% -0.45% 9.76% 18.99% 23.97%
1981 6.42% -1.17% -9.99% 5.99% 0.33%
1980 -5.50% 13.53% 8.08% 7.35% 24.47%
1979 11.53% 3.31% 10.26% 1.83% 29.37%
1978 -4.28% 6.83% 8.64% -6.63% 3.72%
1977 -3.89% 3.00% -6.81% 1.18% -6.66%
1976 18.64% 6.11% 1.12% 5.79% 34.66%
1975 23.87% 17.67% -7.35% 5.02% 41.83%
1974 1.24% -9.11% -16.45% 9.29% -15.97%
1973 -6.88% -7.04% 15.23% -5.49% -5.73%
1972 5.04% -3.65% 3.51% 7.49% 12.60%
1971 9.60% 0.10% -2.99% 2.40% 8.98%
1970 -1.66% -16.57% 14.95% 8.95% 2.76%
1969 -1.74% -6.16% -6.47% -1.19% -14.78%
1968 -5.70% 12.37% 6.90% 4.73% 18.63%
1967 12.00% 2.18% 7.49% 0.65% 23.82%
1966 -1.24% -3.16% -8.07% 6.79% -6.11%
1965 3.16% -3.69% 8.46% 4.33% 12.44%
1964 6.16% 4.43% 4.96% 0.26% 16.66%
1963 7.53% 3.71% 3.50% 3.17% 19.08%
1962 -2.79% -17.81% 2.65% 12.18% -8.01%
1961 13.99% 0.36% 4.14% 5.48% 25.66%
1960 -4.30% 4.10% -3.30% 9.86% 5.84%
1959 4.20% 4.46% -2.25% 6.11% 12.90%
1958 10.53% 8.61% 9.14% 9.76% 43.80%
1957 0.87% 3.46% -3.62% -0.81% -0.23%
1956 4.58% 0.32% -2.98% 3.34% 5.19%
1955 3.31% 4.21% -0.01% 4.48% 12.47%
1954 6.85% 5.12% 6.62% 10.29% 32.09%
1953 0.59% -4.04% -0.66% 6.28% 1.91%
1952 3.99% 1.68% -2.27% 10.16% 13.84%
1951 4.51% -0.89% 2.11% 10.89% 17.29%
1950 - 1.64% 4.32% 13.65% 22.81%

Growth of $10,000 as of 04/30/2016

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 03/31/2016

  • Chevron Corp., an energy company, is the portfolio’s largest overweight position, relative to its benchmark, the Russell 1000® Value Index, as of March 31, 2016. We believe that Chevron’s focus on responsible capital spending, shareholder-friendly payout policies, and low-cost assets will likely result in a higher valuation going forward.
  • The Boeing Company, a commercial aircraft company, is another overweight position.  We believe investors are overly negative on earnings prospects for Boeing and the stock is attractively valued relative to peers.
  • The portfolio is overweight, relative to its benchmark, in tobacco company Reynolds American Inc. We believe Reynolds American is currently undervalued based on improving capital return prospects and strong pricing power. 

PORTFOLIO DETAILS as of 04/29/2016

Weighted Average Market Cap.
98.5 B
P/E Ratio
16.6x
P/B Ratio
2.2x
Portfolio Turnover Ratio as of 10/30/2015
66.4%
Number of Holdings
135
Total Net Assets
$6.19 B

Contributors & Detractors as of  03/31/2016

Contributors

Holding Contribution
AT&T, Inc. 0.3%
Chevron Corp. 0.3%
Whirlpool Corp. 0.2%
Verizon Communications, Inc. 0.2%
Target Corp. 0.2%

Detractors

Holding Contribution
JPMorgan Chase & Co. -0.3%
Pfizer, Inc. -0.2%
Eli Lilly & Co. -0.2%
Fifth Third Bank -0.2%
Intel Corp. -0.2%

Attribution Analysis 

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

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of05/27/2016
$0.096
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
03/30/2016 03/31/2016 03/31/2016 $0.09600 $14.37

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
06/29/2016 06/30/2016 06/30/2016
09/29/2016 09/30/2016 09/30/2016
12/29/2016 12/30/2016 12/30/2016

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/23/2015 11/24/2015 $0.9223 $0.2241 $1.1464 $14.53

Upcoming Capital Gain Distribution

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
11/21/2016 11/22/2016

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 05/27/2016

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $15.63
$50,000 to $99,999 4.75% 4.00% $15.46
$100,000 to $249,999 3.95% 3.25% $15.34
$250,000 to $499,999 2.75% 2.25% $15.15
$500,000 to $999,999 1.95% 1.75% $15.02
$1,000,000 to $5,000,000 0.00% 1.00% $14.73

EXPENSE RATIOas of 04/30/2016

Fund Review

Fund Review

Market Review as of 03/31/2016

The U.S. equity market (as represented by the S&P 500® Index1) rebounded from its worst start to any year to finish modestly higher during the first quarter of 2016. After the Federal Reserve (the Fed) raised interest rates for the first time since 2006, in December 2015, it decided to hold its benchmark interest rate unchanged during the first quarter, citing global financial market weakness as a concern. A disappointing corporate earnings season contributed to investor uncertainty during the quarter. According to research from FactSet, fourth quarter 2015 earnings suffered a slight year-over-year decline, and less than 70% of companies in the S&P 500 Index reported earnings above their mean estimates. Reasonably constructive economic data during the period helped offset some of this sluggishness. According to the third estimate from the Bureau of Economic Analysis,  U.S. real gross domestic product (GDP) in the fourth quarter expanded by 1.4%,2 an upward revision from previous estimates, with a rise in personal consumption expenditures and residential fixed investment among the primary contributors. 

The Fed noted that U.S. economic activity, as a whole, continued to expand in most districts around the country between December 2015 and February 2016. The majority of districts reported increased consumer spending and positive developments in their residential estate markets. Conversely, manufacturing activity struggled in a number of regions due in large part to further weakness in the energy sector.3

International equities4 also experienced an uneven first quarter, led by notable volatility in China’s capital markets at the beginning of the quarter. Chinese equities suffered sharp losses to start 2016, triggering trading halts, and concerning investors who were already skeptical of the market’s growth prospects. In January, the Bank of Japan introduced negative rates on excess reserves in an effort to stimulate economic growth and support Japanese markets during this tumultuous period. In Europe, markets were bolstered by the European Central Bank’s announcement in March that it would add to its existing monetary easing program.

The S&P 500 returned 1.35% during the first quarter. Of the 10 major sectors, only the health care and financials sectors underperformed the broader market. Value stocks5 outperformed growth stocks,6 while large cap stocks7 outperformed small cap stocks.8

 

Fund Review as of 03/31/2016

The Fund returned 2.52%, reflecting the performance at the net asset value (NAV) of Class A shares, with all distributions reinvested for the period ended March 31, 2016, compared to its benchmark, the Russell 1000® Value Index,9 which returned 1.64%.  Average annual total returns, which reflect performance at the maximum 5.75% sales charge applicable to Class A share investments and include the reinvestment of all distributions, as of March 31, 2016, are: one year: -7.75%; five years: 6.75%; and 10 years: 3.76%. Expense ratio: 0.74%.

Performance data quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data 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 month-end, call Lord Abbett at 888-522-2388 or visit us at www.lordabbett.com.

Consistent with our Calibrated investment approach that seeks to achieve excess returns through a focus on security selection, individual stock positions drove relative performance during the quarter. The Fund outperformed its benchmark, the Russell 1000® Value Index, during the three-month period.

A main contributor to relative performance was the Fund’s overweight position in Whirlpool Corp., a home appliances company. During the period, management successfully overcame recent execution challenges in the United States, while continuing to integrate recent acquisitions in Europe and Asia. The Fund’s overweight position in communication services company Verizon Communications was another contributor to relative performance. Shares of Verizon increased after reporting that fourth-quarter revenue rose 3.2% year over year, driven by growth in Wireless and FiOS consumer broadband. Long a leader in wireless communication, Verizon is increasing market share within the cable industry. Last, the Fund’s overweight position in Cummins, Inc., a diesel engine manufacturing company, contributed to relative performance during the period. Sentiment toward trucking has been decidedly negative for some time; however, that trend showed signs of reversing during the period. Shares of Cummins advanced after the company reported earnings that assuaged investor concerns.    

Conversely, the Fund’s underweight position in Cisco Systems, Inc., a communication networks company, detracted from relative performance. With heightened volatility at the beginning of the year, customers delayed spending, causing investors to lower their expectations for the company. Despite these macro pressures, Cisco reported revenue and gross margins that topped expectations. Also detracting from relative performance was the Fund’s overweight position in pharmaceutical company Eli Lilly & Co. Although Eli Lilly beat expectations, price increases for mature franchises and recent product launches performing below expectations were viewed negatively by investors. Finally, the Fund’s underweight position in Exxon Mobil Corp., a diversified energy company, detracted from relative performance. Shares of Exxon advanced as oil prices rallied and management restated its commitment to value creation and financial discipline.

Please refer to www.lordabbett.com under the “Portfolio” tab for a complete list of holdings of the Fund, including the securities discussed above.

Fund Documents

Fund Documents

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Summary Prospectus
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SAI
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Annual Report
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Semi-Annual Report
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Fact Sheet
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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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