Calibrated Mid Cap Value Fund

LVMQX

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Daily price w/o sales charge as of 05/18/2018

$21.62

$0.08

YTD Returns w/o sales charge as of 05/18/2018

-0.41%

Please click here for performance current to the most recent quarter-end and month-end.

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Summary

What is the Calibrated Mid Cap Value Fund?

The Fund seeks to deliver total return by investing primarily in stocks of mid-sized U.S. companies.

RESEARCH DRIVEN

Experienced portfolio managers and research analysts develop proprietary fundamental insights and collaborate to identify undervalued stocks.

STYLE PURE

Our portfolio is constructed to provide investors with a high degree of style consistency and predictability.

BUILT TO PERFORM

We seek to deliver competitive performance through strong stock selection while minimizing the impact of sector and other factor risks.

Fund Basicsas of 04/30/2018

Total Net Assets: $790.93 M
Inception Date: 12/29/2011
Dividend Frequency: Annually
Fund Gross Expense Ratio: 1.33%
Fund Net Expense Ratio: 1.30%
Number of Holdings: 142
CUSIP: 54400M773

Yield

12-Month Dividend Yield ¹ as of 05/18/2018

	Subsidized³	Un-Subsidized⁴
w/o sales charge	0.86%	0.83%

30-Day Standardized Yield ² as of 04/30/2018

	Subsidized³	Un-Subsidized⁴
w/o sales charge	0.67%	0.63%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/29/2011

w/o sales charge	-1.38%	5.45%	5.39%	9.33%	-	12.78%
Lipper Category Avg. Mid-Cap Value Funds	-1.64%	7.36%	6.59%	9.96%	-	-
Russell Midcap® Value Index	-2.02%	6.83%	7.81%	10.97%	-	13.99%

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/29/2011

w/o sales charge	-1.52%	5.68%	4.67%	9.65%	-	12.93%
Lipper Category Avg. Mid-Cap Value Funds	-2.18%	6.79%	6.25%	9.92%	-	-
Russell Midcap® Value Index	-2.50%	6.50%	7.23%	11.11%	-	14.10%

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

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 of future results.

TEN LARGEST HOLDINGS as of 04/30/2018View Portfolio

Holding	Assets
Invesco Ltd.	1.6%
KeyCorp.	1.5%
Marathon Petroleum Corp.	1.5%
Comerica, Inc.	1.4%
M&T Bank Corp.	1.4%
Sempra Energy	1.4%
PVH Corp.	1.3%
Synchrony Financial	1.3%
Dover Corp.	1.3%
Mylan, Inc.	1.3%

% of Total Assets		13.9%

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 04/30/2018View Portfolio

Sector	Weighting

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

INVESTMENT TEAM

Walter H. Prahl, Ph.D.

Partner & Director

33 Years of Industry Experience

Marc Pavese, Ph.D.

Partner & Portfolio Manager

18 Years of Industry Experience

Supported By 35 Investment Professionals with 19 Years Avg. Industry Experience

Your Representative

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

Performance

12-Month Dividend Yield ¹ as of 05/18/2018

	Subsidized³	Un-Subsidized⁴
w/o sales charge	0.86%	0.83%

30-Day Standardized Yield ² as of 04/30/2018

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	0.67%	0.63%

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/29/2011

w/o sales charge	-1.38%	5.45%	5.39%	9.33%	-	12.78%
Lipper Category Avg. Mid-Cap Value Funds	-1.64%	7.36%	6.59%	9.96%	-	-
Russell Midcap® Value Index	-2.02%	6.83%	7.81%	10.97%	-	13.99%

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/29/2011

w/o sales charge	-1.52%	5.68%	4.67%	9.65%	-	12.93%
Lipper Category Avg. Mid-Cap Value Funds	-2.18%	6.79%	6.25%	9.92%	-	-
Russell Midcap® Value Index	-2.50%	6.50%	7.23%	11.11%	-	14.10%

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

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

Year	Fund Returns	Russell Midcap® Value Index

2017	10.45%	13.34%
2016	16.87%	20.00%
2015	-7.03%	-4.78%
2014	15.22%	14.75%
2013	34.08%	33.46%
2012	17.42%	18.51%

Year	Q1	Q2	Q3	Q4	Yearly Returns

2018	-1.52%	-	-	-	-0.41%
2017	2.92%	1.24%	1.27%	4.68%	10.45%
2016	2.01%	3.30%	4.85%	5.77%	16.87%
2015	3.06%	-2.25%	-9.91%	2.44%	-7.03%
2014	4.17%	4.33%	-2.38%	8.61%	15.22%
2013	15.18%	2.38%	4.75%	8.54%	34.08%
2012	12.81%	-4.82%	6.12%	3.06%	17.42%

NAV HISTORICAL PRICES

Date	Net Asset Value

Portfolio

Holding	Sector	Assets

Invesco Ltd.	Financials	1.6%
KeyCorp.	Financials	1.5%
Marathon Petroleum Corp.	Energy	1.5%
Comerica, Inc.	Financials	1.4%
M&T Bank Corp.	Financials	1.4%
Sempra Energy	Utilities	1.4%
PVH Corp.	Consumer Discretionary	1.3%
Synchrony Financial	Financials	1.3%
Dover Corp.	Industrials	1.3%
Mylan, Inc.	Health Care	1.3%

% of Total Assets		13.9%

Holding	Sector	Assets

Invesco Ltd.	Financials	1.7%
Sempra Energy	Utilities	1.5%
KeyCorp.	Financials	1.5%
Marathon Petroleum Corp.	Energy	1.4%
M&T Bank Corp.	Financials	1.4%
Comerica, Inc.	Financials	1.4%
Dover Corp.	Industrials	1.3%
Synchrony Financial	Financials	1.3%
Mylan, Inc.	Health Care	1.3%
PVH Corp.	Consumer Discretionary	1.3%
Lennar Corp.	Consumer Discretionary	1.3%
Duke Realty Corp.	Real Estate	1.3%
Hartford Financial Services Group, Inc.	Financials	1.2%
SAIC, Inc.	Information Technology	1.2%
Tyson Foods, Inc.	Consumer Staples	1.2%
UDR, Inc.	Real Estate	1.1%
SL Green Realty Corp.	Real Estate	1.1%
Stanley Black & Decker, Inc.	Industrials	1.1%
Boston Properties, Inc.	Real Estate	1.1%
Dollar General Corp.	Consumer Discretionary	1.1%
Pentair, Inc.	Industrials	1.0%
RenaissanceRe Holdings Ltd.	Financials	1.0%
Ventas, Inc.	Real Estate	1.0%
ProLogis, Inc.	Real Estate	1.0%
E*TRADE Financial Corp.	Financials	1.0%
Celanese Corp.	Materials	1.0%
Great Plains Energy, Inc.	Utilities	1.0%
Manpower, Inc.	Industrials	1.0%
Citizens Financial Group, Inc.	Financials	1.0%
AES Corp.	Utilities	1.0%
Edison International	Utilities	1.0%
Fidelity National Information Services, Inc.	Information Technology	1.0%
Public Service Enterprise Group, Inc.	Utilities	1.0%
NetApp, Inc.	Information Technology	0.9%
Cardinal Health, Inc.	Health Care	0.9%
Western Alliance Bancorp	Financials	0.9%
Vornado Realty Trust	Real Estate	0.9%
Qorvo, Inc.	Information Technology	0.9%
Arthur J. Gallagher & Co.	Financials	0.9%
Textron, Inc.	Industrials	0.9%
Hess Corp.	Energy	0.9%
CIT Group, Inc.	Financials	0.9%
ARAMARK Holdings Corp.	Consumer Discretionary	0.9%
Marathon Oil Corp.	Energy	0.8%
Graphic Packaging Holding Co.	Materials	0.8%
Cimarex Energy Co.	Energy	0.8%
AvalonBay Communities, Inc.	Real Estate	0.8%
Xcel Energy, Inc.	Utilities	0.8%
Hubbell, Inc.	Industrials	0.8%
Arch Capital Group Ltd.	Financials	0.8%
American Airlines Group, Inc.	Industrials	0.8%
Air Lease Corp.	Industrials	0.8%
Bunge Ltd.	Consumer Staples	0.8%
Zimmer Biomet Holdings, Inc.	Health Care	0.8%
Molson Coors Brewing Co.	Consumer Staples	0.8%
PerkinElmer, Inc.	Health Care	0.8%
General Growth Properties, Inc.	Real Estate	0.7%
Steel Dynamics, Inc.	Materials	0.7%
Alliant Energy Corp.	Utilities	0.7%
US Foods Holding Corp	Consumer Staples	0.7%
Newell Rubbermaid, Inc.	Consumer Discretionary	0.7%
Crown Holdings Inc	Materials	0.7%
First Horizon National Corp.	Financials	0.7%
Harris Corp.	Industrials	0.7%
MGM Resorts International	Consumer Discretionary	0.7%
National Oilwell Varco, Inc.	Energy	0.7%
Fidelity National Financial Group	Financials	0.7%
Kimco Realty Corp.	Real Estate	0.7%
Rowan Cos., Inc.	Energy	0.7%
Ryder System, Inc.	Industrials	0.7%
Laboratory Corp. of America Holdings	Health Care	0.7%
Domtar Corp.	Materials	0.7%
Envision Healthcare Corp.	Health Care	0.7%
KAR Auction Services, Inc.	Industrials	0.6%
Marvell Technology Group Ltd.	Information Technology	0.6%
Continental Resources, Inc.	Energy	0.6%
Ameren Corp.	Utilities	0.6%
Juniper Networks, Inc.	Information Technology	0.6%
Mid-America Apartment Communities, Inc.	Real Estate	0.6%
Paccar, Inc.	Industrials	0.6%
Apartment Investment & Management Co.	Real Estate	0.6%
Consolidated Edison, Inc.	Utilities	0.6%
Hologic, Inc.	Health Care	0.6%
Starwood Property Trust, Inc.	Real Estate	0.6%
Western Digital Corp.	Information Technology	0.6%
UAL Corp.	Industrials	0.6%
Avery Dennison Corp.	Materials	0.6%
Torchmark Corp.	Financials	0.6%
Jones Lang LaSalle, Inc.	Real Estate	0.6%
Penske Automotive Group, Inc.	Consumer Discretionary	0.5%
Viacom, Inc.	Consumer Discretionary	0.5%
Regency Centers Corp.	Real Estate	0.5%
Royal Caribbean Cruises Ltd.	Consumer Discretionary	0.5%
Kohl's Corp.	Consumer Discretionary	0.5%
Pioneer Natural Resources Co.	Energy	0.5%
Santander Consumer USA Holdings, Inc.	Financials	0.5%
J.M. Smucker Co.	Consumer Staples	0.5%
Pinnacle West Capital Corp.	Utilities	0.5%
Reinsurance Group of America, Inc.	Financials	0.5%
East West Bancorp, Inc.	Financials	0.5%
Burlington Stores, Inc.	Consumer Discretionary	0.5%
T. Rowe Price Group, Inc.	Financials	0.5%
Digital Realty Trust, Inc.	Real Estate	0.5%
Cummins, Inc.	Industrials	0.4%
Eversource Energy	Utilities	0.4%
Pinnacle Foods Group LLC	Consumer Staples	0.4%
Huntsman Corp.	Materials	0.4%
News Corp. class A	Consumer Discretionary	0.4%
FirstEnergy Corp.	Utilities	0.4%
EQT Corp.	Energy	0.4%
Affiliated Managers Group, Inc.	Financials	0.4%
Hanover Insurance Group, Inc.	Financials	0.4%
New STERIS Ltd.	Health Care	0.4%
American Homes 4 Rent	Real Estate	0.4%
Discovery Communications, Inc.	Consumer Discretionary	0.4%
Jabil, Inc.	Information Technology	0.4%
Macy's, Inc.	Consumer Discretionary	0.4%
Williams Cos., Inc.	Energy	0.4%
Hasbro, Inc.	Consumer Discretionary	0.4%
Lam Research Corp.	Information Technology	0.4%
Lincoln National Corp.	Financials	0.4%
Quest Diagnostics, Inc.	Health Care	0.3%
Centene Corp.	Health Care	0.3%
Advance Auto Parts, Inc.	Consumer Discretionary	0.3%
AMETEK, Inc.	Industrials	0.3%
Unum Group	Financials	0.3%
Spirit Aerosystems Hldgs, Inc.	Industrials	0.3%
Superior Energy Services, Inc.	Energy	0.3%
Argo Group International Holdings Ltd.	Financials	0.3%
Michaels Cos, Inc.	Consumer Discretionary	0.3%
SunTrust Banks, Inc.	Financials	0.3%
Norwegian Cruise Line Holding Ltd.	Consumer Discretionary	0.3%
Sally Beauty Holdings, Inc.	Consumer Discretionary	0.3%
Arrow Electronics, Inc.	Information Technology	0.3%
Aqua America, Inc.	Utilities	0.3%
Bemis Co., Inc.	Materials	0.3%
Xerox Corp.	Information Technology	0.3%
Leggett & Platt, Inc.	Consumer Discretionary	0.3%
Alaska Air Group, Inc.	Industrials	0.2%
Albemarle Corp.	Materials	0.2%
Call Money Futures	Undefined	0.0%
S&P 500 E-Mini Futures Jun 2018	Undefined	0.0%

SECTOR ALLOCATIONas of 04/30/2018

Sector	Weighting	Fund Change from Previous Quarter

Sector	Weighting	Fund Change from Previous Quarter
Consumer Discretionary		0.3%
Telecommunication Services		0.0%
Utilities		0.3%
Consumer Staples		0.0%
Energy		0.8%
Financials		0.2%
Health Care		0.2%
Industrials		0.4%
Information Technology		0.3%
Materials		0.2%
Real Estate		0.3%

Portfolio Positioning as of 03/31/2018

Invesco Ltd., an independent global investment management firm, is the Fund’s largest overweight position, relative to its benchmark, the Russell Midcap® Value Index, as of March 31, 2018. We believe the market underappreciates Invesco’s ability to generate above-peer-average organic growth, strong revenue, and expense initiatives that are driven partly by consolidation in the industry.
PVH Corp., an apparel design and manufacturing company, is another overweight position relative to the Fund’s benchmark. We believe that the stock is a strong investment given the improved global outlook for PVH’s brand – especially due to Tommy Hilfiger’s and Calvin Klein’s continued growth and momentum in the North America business.
The Fund also has an overweight position, relative to its benchmark, in Duke Realty Corp., a real estate development company. We believe that the company will benefit from strong macro tailwinds, in part due to tax reform as well as healthy consumption trends. Additionally, favorable industrial company demand should support accelerating rent growth.

PORTFOLIO DETAILS as of 04/30/2018

Total Net Assets: $790.93 M
Number of Holdings: 142
Weighted Average Market Cap.: 14.8 B
P/B Ratio: 1.9x
Portfolio Turnover Ratio as of 07/31/2017: 92.5%
P/E Ratio: 18.4x

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

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 03/29/2018

Contributors

Holding	Contribution
XL Group Ltd.	0.9%
Validus Holdings Ltd.	0.2%
Marathon Petroleum Corp.	0.1%
Comerica, Inc.	0.1%
PVH Corp.	0.1%

Detractors

Holding	Contribution
Cimarex Energy Co.	-0.2%
Rowan Cos., Inc.	-0.2%
Invesco Ltd.	-0.2%
Ventas, Inc.	-0.2%
Synchrony Financial	-0.2%

% 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

Calibrated Mid Cap Value 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 Lord Abbett Large Cap Value Fund Performance Results for the Fund's 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

Dividend Payments

For

YTD Dividends Paidas of 05/18/2018: $0
Dividend Frequency: Annually

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
11/20/2017	11/21/2017	11/21/2017	$0.18540	$21.21

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
11/20/2017	11/21/2017	$0.6907	$0.8013	$1.4920	$21.21

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor.

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
11/19/2018	11/20/2018

Fees & Expenses

EXPENSE RATIOas of 04/30/2018

Fund Gross Expense Ratio	Fund Net Expense Ratio
1.33%	1.30%

Expense ratio details, Click here.

The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 11/30/2018. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower.

Fund Documents

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	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

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12-Month Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to its value with maximum sales charges and without sales charges. The fund’s dividend yield is calculated by dividing the fund’s income distributions over the previous year by the fund’s current value with maximum sales charges and without sales charges.

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

The Fund’s Dividend Yield, 12-Month Dividend Yield and 7 Day Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

The 30-day Standardized Subsidized yield reflects fee waivers in effect. Without such fee waivers, yields would be reduced.

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

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 cap company stocks tend to be more volatile and less liquid than large cap company stocks. Mid cap companies typically experience a higher risk of failure than large cap companies. Investments in value companies can continue to be undervalued for long periods of time and be more volatile than the stock market in general. 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.

Class R2 - The performance quotations for Class R2 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R2, a restated figure is used based on the Fund's Class A performance, excluding the effect of Class A's maximum sales charge (which does not apply to Class R2) adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R2, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R2, actual Class R2 performance is used reflecting all charges and fees applicable to Class R2 shares. Hypothetical performance data for Class R2, as measured from since inception of the Fund using the methodology described above, is not available if the Class A inception date is equal or greater than ten years old. Please refer to the Class R2 performance information for the inception date for Class R2. Please refer to the Class A performance information for the inception date for Class A.

Class R2 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.

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

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.

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 Calibrated Mid Cap Value Fund?

The Fund seeks to deliver total return by investing primarily in stocks of mid-sized U.S. companies.

RESEARCH DRIVEN

STYLE PURE

BUILT TO PERFORM

Fund Basicsas of 04/30/2018

Yield

12-Month Dividend Yield 1 as of 05/18/2018

30-Day Standardized Yield 2 as of 04/30/2018

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

RELATED CONTENT

TEN LARGEST HOLDINGS as of 04/30/2018View Portfolio

Sector Allocationas of 04/30/2018View Portfolio

INVESTMENT TEAM

Your Representative

Performance

Performance

12-Month Dividend Yield 1 as of 05/18/2018

30-Day Standardized Yield 2 as of 04/30/2018

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

Fund Expense Ratio :

Gross 1.33%

Net 1.30%

Fund Expense Ratio :

Gross 1.33%

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Using Your Email Address.

12-Month Dividend Yield ¹ as of 05/18/2018

30-Day Standardized Yield ² as of 04/30/2018

12-Month Dividend Yield ¹ as of 05/18/2018

30-Day Standardized Yield ² as of 04/30/2018