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Alpha Strategy Fund

Summary

Summary

What is the Alpha Strategy Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in Lord Abbett Funds that invest in stocks of smaller and mid-sized U.S. and international companies.

Fund Basicsas of 07/29/2016

Total Net Assets
$1.18 B
Inception Date
03/18/1998
Dividend Frequency
Annually
Fund Gross Expense Ratio
1.66%
Fund Net Expense Ratio
1.38%
Number of Underlying Funds
6
CUSIP
543915763
Minimum Initial Investment
$1,500+

PORTFOLIO BREAKDOWN as of 07/29/2016

U.S. Small Cap
U.S. Micro Cap
U.S. Mid Cap
Intl Equity
Emerging Mkt Equity

Fund Expense Ratio :

Gross 1.66%

Net 1.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/18/1998
w/o sales charge 4.75% -3.59% 6.66% 9.03% 8.16% 7.00%
Lipper Category Avg. Small-Cap Core Funds 8.18% 0.55% 6.16% 9.59% 6.92% -
Blended Index 7.85% 0.36% 6.85% 9.76% 6.92% -
w/ sales charge -1.27% -9.13% 4.58% 7.75% 7.52% 6.66%

Fund Expense Ratio :

Gross 1.66%

Net 1.38%

Fund Expense Ratio :

Gross 1.66%

Net 1.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/18/1998
w/o sales charge -0.59% -8.62% 6.94% 7.29% 7.19% 6.73%
Lipper Category Avg. Small-Cap Core Funds 3.08% -5.49% 6.68% 7.78% 6.04% -
Blended Index 1.79% -6.25% 7.17% 7.80% 5.99% -
w/ sales charge -6.30% -13.87% 4.85% 6.03% 6.55% 6.39%

Fund Expense Ratio :

Gross 1.66%

Net 1.38%

HOLDINGS as of 07/29/2016View Portfolio

Holding Assets
Physicians Realty Trust 1.1%
Retail Opportunity Investments Corp. 1.0%
AECOM 1.0%
HealthSouth Corp. 0.9%
Alere, Inc. 0.9%
First Merchants Corp. 0.9%
Rice Energy, Inc. 0.8%
Orbotech Ltd. 0.8%
RenaissanceRe Holdings Ltd. 0.8%
Reliance Steel & Aluminum Co. 0.8%

SECTOR ALLOCATION as of 07/29/2016 View Portfolio

Allocation Assets
Information Technology
Financials
Industrials
Health Care
Consumer Discretionary
Materials
Consumer Staples
Utilities
Energy
Telecommunication Services
Unclassified

Investment Team

martini
Giulio Martini

Director of Strategic Asset Allocation

31 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

25 Years of Industry Experience

Supported By 8 Investment Professionals and 25 Years Avg. Industry Experience

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Performance

Performance

Fund Expense Ratio :

Gross 1.66%

Net 1.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/18/1998
w/o sales charge 4.75% -3.59% 6.66% 9.03% 8.16% 7.00%
Lipper Category Avg. Small-Cap Core Funds 8.18% 0.55% 6.16% 9.59% 6.92% -
Blended Index 7.85% 0.36% 6.85% 9.76% 6.92% -
w/ sales charge -1.27% -9.13% 4.58% 7.75% 7.52% 6.66%

Fund Expense Ratio :

Gross 1.66%

Net 1.38%

Fund Expense Ratio :

Gross 1.66%

Net 1.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/18/1998
w/o sales charge -0.59% -8.62% 6.94% 7.29% 7.19% 6.73%
Lipper Category Avg. Small-Cap Core Funds 3.08% -5.49% 6.68% 7.78% 6.04% -
Blended Index 1.79% -6.25% 7.17% 7.80% 5.99% -
w/ sales charge -6.30% -13.87% 4.85% 6.03% 6.55% 6.39%

Fund Expense Ratio :

Gross 1.66%

Net 1.38%

Best returns

Durations Fund Returns Blended Index
3-Mo 32.96 31.19
1-Yr 64.04 64.81

Worst returns

Durations Fund Returns Blended Index
3-Mo -36.47 -36.46
1-Yr -44.04 -39.87
Year Fund Returns Blended Index
2015 -1.06% -2.85%
2014 2.90% 3.69%
2013 42.33% 36.91%
2012 12.56% 16.75%
2011 -6.32% -5.75%
2010 26.87% 26.27%
2009 39.71% 29.90%
2008 -40.78% -35.93%
2007 14.07% -0.18%
2006 21.71% 19.99%
2005 17.20% -
2004 16.82% -
2003 41.77% -
2002 -20.86% -
2001 -11.54% -
2000 -5.67% -
1999 24.84% -
1998 -7.08% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2016 -2.69% 2.15% - - 5.74%
2015 5.64% 1.89% -10.04% 2.18% -1.06%
2014 2.62% 1.21% -6.75% 6.24% 2.90%
2013 12.73% 4.50% 11.23% 8.63% 42.33%
2012 13.05% -7.07% 5.87% 1.20% 12.56%
2011 6.76% 0.08% -22.34% 12.91% -6.32%
2010 7.68% -9.67% 13.35% 15.07% 26.87%
2009 -8.07% 25.22% 16.89% 3.83% 39.71%
2008 -13.04% 1.15% -10.11% -25.10% -40.78%
2007 4.13% 8.74% 2.40% -1.62% 14.07%
2006 14.29% -3.24% -0.79% 10.94% 21.71%
2005 -1.43% 2.90% 11.15% 3.95% 17.20%
2004 6.24% 2.06% -3.73% 11.92% 16.82%
2003 -3.86% 19.18% 8.87% 13.65% 41.77%
2002 1.25% -6.05% -19.47% 3.30% -20.86%
2001 -12.31% 7.48% -18.57% 15.26% -11.54%
2000 9.56% -8.78% 1.25% -6.78% -5.67%
1999 -2.84% 13.76% -4.45% 18.21% 24.84%
1998 - -1.15% -21.24% 17.97% -7.08%

Growth of $10,000 as of 07/31/2016

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 07/29/2016

U.S. Small Cap
U.S. Micro Cap
U.S. Mid Cap
Intl Equity
Emerging Mkt Equity

Portfolio Positioningas of 06/30/2016

  • The Alpha Strategy Fund underperformed its benchmark, the 85% Russell 2000® Index/15% S&P Developed Ex-U.S. SmallCap® Index, during the second quarter of 2016.  During the period, both the Fund’s strategic allocation and performance of underlying investment strategies detracted from relative performance.
  • The Fund’s weightings in both international and domestic small-cap growth stocks detracted from relative performance, as these categories underperformed the Fund’s benchmark.
  • The Fund’s allocation to domestic micro-cap growth stocks and small-cap value equities contributed to relative performance, as both strategies outperformed the Fund’s benchmark.
  • During the quarter, the Fund’s weightings in the consumer discretionary sector declined, while allocations to the health care sector increased. The information technology, financials, and industrials sectors are the largest weightings in the Fund.
Holding Assets
Physicians Realty Trust 1.1%
Retail Opportunity Investments Corp. 1.0%
AECOM 1.0%
HealthSouth Corp. 0.9%
Alere, Inc. 0.9%
First Merchants Corp. 0.9%
Rice Energy, Inc. 0.8%
Orbotech Ltd. 0.8%
RenaissanceRe Holdings Ltd. 0.8%
Reliance Steel & Aluminum Co. 0.8%
Holding Assets
Small Cap Value Fund 20.2%
Value Opportunities Fund 20.2%
Developing Growth Fund 19.9%
International Opportunities Fund 19.2%
Micro Cap Growth Fund 10.2%
Micro Cap Value Fund 10.2%

SECTOR ALLOCATION as of 07/29/2016

Allocation Assets
Information Technology
Financials
Industrials
Health Care
Consumer Discretionary
Materials
Consumer Staples
Utilities
Energy
Telecommunication Services
Unclassified

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 08/26/2016
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/21/2015 12/22/2015 12/22/2015 $0.18530 $25.20

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
12/20/2016 12/21/2016 12/21/2016

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/21/2015 12/22/2015 $3.8175 - $3.8175 $25.20

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
12/20/2016 12/21/2016

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 08/26/2016

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $28.36
$50,000 to $99,999 4.75% 4.00% $28.06
$100,000 to $249,999 3.95% 3.25% $27.83
$250,000 to $499,999 2.75% 2.25% $27.49
$500,000 to $999,999 1.95% 1.75% $27.26
$1,000,000 to $5,000,000 0.00% 1.00% $26.73

Expense Ratioas of 07/31/2016

Fund Gross Expense Ratio Fund Net Expense Ratio
1.66% 1.38%

Fund Review

Fund Review

Market Reviewas of 06/30/2016

The U.S. equity market (as represented by the S&P 500® Index1) withstood a bout of volatility in the final weeks of the second quarter, to finish positive for the period. The U.S. Federal Reserve (Fed) held its benchmark interest rate unchanged for the second consecutive quarter, citing diminishing gains in employment as a concern. While the unemployment rate fell to 4.7% in May, the U.S. economy added just 38,000 jobs against an expected increase of 162,000. A mixed corporate earnings season contributed to investor uncertainty during the quarter. According to research from FactSet, 72% of companies in the S&P 500 Index reported first quarter earnings above their mean estimates, more than the five-year historical average of 67%, but just 53% of companies in the S&P 500 Index reported first quarter sales above their mean estimates, less than the five-year historical average of 56%. According to the third estimate from the Bureau of Economic Analysis, U.S. real gross domestic product (GDP) in the first quarter expanded by 1.1%,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 between April and May 2016, U.S. economic activity, as a whole, continued to expand in most districts around the country. The majority of districts reported increased consumer spending and positive developments in their nonfinancial services sectors. Manufacturing activity during the period was described as “mixed,” due in large part to further weakness in the energy sector.3

International equities (as represented by the MSCI EAFE Index4) also experienced an uneven second quarter. The key market event of the quarter was the United Kingdom’s vote, on June 23, to leave the European Union (“Brexit”). This decision rattled global financial markets, which had largely expected a “remain” vote, and sent the British pound to a 30-year low. Central banks across the globe continued on monetary-easing paths during the period. In June, for example, the European Central Bank formally began its corporate sector-purchase program, which targets euro-denominated investment-grade bonds in the eurozone, while the Bank of Japan continued to increase its monetary base by ¥80 trillion annually, and maintained its negative interest rate on excess reserves.

The S&P 500 Index returned 2.46% during the second quarter. Of the 10 major sectors, the energy, consumer staples, health care, materials, and utilities sectors outperformed the broader market. Value stocks5 outperformed growth stocks,6 while large-cap stocks7 lagged small-cap stocks.8

Fund Review
as of 06/30/2016

The Fund* modestly underperformed its benchmark, a blend of 85% Russell 2000® Index8/15% S&P Developed Ex-U.S. SmallCap Index,9 for the quarter ended June 30, 2016.

The Fund seeks to outperform its benchmark over time by using two broad sources of performance variance.  First, the Fund’s strategic allocation is designed to enhance return opportunities, while using diversification to control risk. Second, the Fund’s actively managed underlying strategies can increase return opportunities by outperforming relative to their respective indexes. 

During the quarter, both the Fund’s strategic allocation and performance of underlying investment strategies detracted from relative performance.

The Fund’s weighting in domestic small-cap growth equities detracted from relative performance, as this category underperformed the Fund’s benchmark. The Fund’s allocation to domestic small-cap value stocks contributed to relative performance, as small-cap value equities outperformed the Fund’s benchmark.

Within the Fund’s domestic small-cap growth equity strategy, which underperformed its underlying benchmark, security selection in the information technology sector was the largest detractor from relative performance during the period. Within this sector, the Fund’s position in Cray, Inc., a service provider for the high-performance computing market, was among the largest detractors. Shares of Cray fell after a delay of a key component led investors to worry about the likelihood of Cray reaching its revenue guidance for fiscal year 2016. In addition, security selection in the materials sector also detracted from relative performance during the quarter. Within this sector, holdings of Scotts Miracle-Gro Co., a manufacturer of lawn and garden products, detracted most. Shares of Scotts faced some weather-related headwinds during the period, as unfavorable conditions in the Northeast and Texas led customer growth to just modestly expand.

Within the Fund’s domestic small-cap value strategy, which outperformed its underlying benchmark, security selection in the financials sector contributed most to relative performance during the period. Within this sector, the largest contributor was the Fund’s position in First Industrial Realty Trust, Inc., a real estate investment trust (REIT) focused on industrial real estate. First Industrial benefited during the period from a dampened interest-rate outlook, which increased demand for REITs in general due to their relatively attractive dividend yields. In addition, security selection in the energy sector also contributed to relative performance during the period. Within this sector, the holdings of Rice Energy, Inc., an independent natural gas and oil company, contributed most. General commodity price strength during the period benefited the energy sector as a whole, with shares of Rice Energy among the strongest performers due to the company’s favorable acreage and improving balance sheet.

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
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
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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

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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 Blended Index consists of the following components: 85% Russell 2000® Index and 15% S&P Developed Ex-U.S. Small Cap Index. Index is unmanaged, does not reflect the deduction of fees or expenses; and is not available for direct investment.

The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index.

The S&P Developed Ex-U.S. SmallCap® Index captures the bottom 15% of companies domiciled in the developed markets excluding the United States within the S&P Global BMI with a float-adjusted market capitalization of at least US$100 million and a value traded of at least US$50 million for the past 12-months at the time of the annual reconstitution. Stocks are excluded if their market capitalization falls below USD 75 million, or if the value traded is less than USD 35 million at the time of reconstitution.

Select funds to run a Morningstar Hypothetical Report.

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