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Calibrated Mid Cap Value Fund

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

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 07/29/2016

Total Net Assets
$919.88 M
Inception Date
12/29/2011
Dividend Frequency
Annually
Number of Holdings
131
CUSIP
54400M823
Minimum Initial Investment
$1,500+

Expense Ratioas of 07/31/2016

Yield

12-Month Dividend Yield 1 as of 08/26/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.37% 1.15%
w/ sales charge 1.29% 1.08%

30-Day Standardized Yield 2 as of 07/31/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.39% 1.13%

Fund Expense Ratio :

Gross 1.07%

Net 0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/29/2011
w/o sales charge 10.31% 1.50% 8.87% - - 14.61%
Lipper Category Avg. Mid-Cap Value Funds 9.15% 2.14% 7.33% - - -
Russell Midcap® Value Index 13.48% 7.77% 10.61% - - 15.70%
w/ sales charge 3.96% -4.32% 6.74% - - 13.14%

Fund Expense Ratio :

Gross 1.07%

Net 0.85%

Fund Expense Ratio :

Gross 1.07%

Net 0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/29/2011
w/o sales charge 5.56% -2.42% 9.00% - - 13.79%
Lipper Category Avg. Mid-Cap Value Funds 5.02% -2.42% 7.93% - - -
Russell Midcap® Value Index 8.87% 3.25% 11.00% - - 14.96%
w/ sales charge -0.51% -8.04% 6.86% - - 12.30%

Fund Expense Ratio :

Gross 1.07%

Net 0.85%

RELATED CONTENT

Stocks in the Middle for You
November 23, 2015

Mid-cap stocks historically have posted better risk-adjusted returns than small and large caps. So, why don’t more investors own them?

Principles of Portfolio Construction: The Lord Abbett Calibrated Equity Approach
November 5, 2015

The Calibrated strategies employ a distinctive approach to delivering performance and mandate consistency.

TEN LARGEST HOLDINGS as of 07/29/2016View Portfolio

Holding Assets
Fifth Third Bank 2.0%
Whirlpool Corp. 2.0%
M&T Bank Corp. 1.9%
Invesco Ltd. 1.8%
XL Group Ltd. 1.8%
Citizens Financial Group, Inc. 1.7%
Stanley Black & Decker, Inc. 1.7%
Edison International 1.7%
General Growth Properties, Inc. 1.6%
ON Semiconductor Corp. 1.5%
% of Total Assets 17.6%

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 17 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 08/26/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.37% 1.15%
w/ sales charge 1.29% 1.08%

30-Day Standardized Yield 2 as of 07/31/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.39% 1.13%

Fund Expense Ratio :

Gross 1.07%

Net 0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/29/2011
w/o sales charge 10.31% 1.50% 8.87% - - 14.61%
Lipper Category Avg. Mid-Cap Value Funds 9.15% 2.14% 7.33% - - -
Russell Midcap® Value Index 13.48% 7.77% 10.61% - - 15.70%
w/ sales charge 3.96% -4.32% 6.74% - - 13.14%

Fund Expense Ratio :

Gross 1.07%

Net 0.85%

Fund Expense Ratio :

Gross 1.07%

Net 0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/29/2011
w/o sales charge 5.56% -2.42% 9.00% - - 13.79%
Lipper Category Avg. Mid-Cap Value Funds 5.02% -2.42% 7.93% - - -
Russell Midcap® Value Index 8.87% 3.25% 11.00% - - 14.96%
w/ sales charge -0.51% -8.04% 6.86% - - 12.30%

Fund Expense Ratio :

Gross 1.07%

Net 0.85%

Best returns

Durations Fund Returns Blended Index
3-Mo 15.1 14.21
1-Yr 33.9 33.46

Worst returns

Durations Fund Returns Blended Index
3-Mo -5.8 -4.56
1-Yr 14.41 11.7
Year Fund Returns Russell Midcap® Value Index
2015 -6.74% -4.78%
2014 15.71% 14.75%
2013 33.90% 33.46%
2012 17.52% 18.51%
Year Q1 Q2 Q3 Q4 Yearly Returns
2016 2.13% 3.37% - - 9.71%
2015 3.13% -2.17% -9.81% 2.50% -6.74%
2014 4.30% 4.40% -2.26% 8.72% 15.71%
2013 15.10% 2.34% 4.67% 8.61% 33.90%
2012 12.94% -4.82% 6.17% 2.97% 17.52%

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

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 06/30/2016

  • XL Group plc, a global property and casualty insurer and reinsurer, is the Fund's largest overweight position, relative to its benchmark, the Russell Midcap® Value Index, as of June 30, 2016. We believe that the stock is attractively valued in light of management's ability to cut expenses while maintaining revenue.
  • Fifth Third Bancorp, a financial services company, is another overweight position, relative to the Fund’s benchmark. We expect the company to improve its return on assets over the next few years, as it continues to invest in and grow capital-light fee businesses such as payments, corporate banking, and investment advisory.
  • The Fund also has an overweight position, relative to its benchmark, in M&T Bank Corp., a provider of commercial and retail banking services. We believe the company exhibits many of the key attributes of a high-performing banking franchise over time, including above-peer growth in low cost deposits, prudent loan growth with superb credit quality, above-peer fee income growth, positive operating leverage over long periods of time, and excellent capital allocation.

PORTFOLIO DETAILS as of 07/29/2016

Weighted Average Market Cap.
12.7 B
P/E Ratio
17.7x
P/B Ratio
1.8x
Portfolio Turnover Ratio as of 07/31/2015
78.9%
Number of Holdings
131
Total Net Assets
$919.88 M

Contributors & Detractors as of  06/30/2016

Contributors

Holding Contribution
NVIDIA Corp. 0.4%
Fidelity National Information Services, Inc. 0.3%
Continental Resources, Inc. 0.3%
Ingredion, Inc. 0.2%
Duke Realty Corp. 0.2%

Detractors

Holding Contribution
Invesco Ltd. -0.3%
JetBlue Airways Corp. -0.2%
XL Capital Ltd. -0.2%
Air Lease Corp. -0.2%
Whirlpool Corp. -0.1%

Attribution Analysis 

Calibrated Mid Cap Value 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 of 08/26/2016
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
11/23/2015 11/24/2015 11/24/2015 $0.27520 $18.93

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/23/2015 11/24/2015 $0.6661 $0.7483 $1.4144 $18.93

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 08/26/2016

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $21.34
$50,000 to $99,999 4.75% 4.00% $21.11
$100,000 to $249,999 3.95% 3.25% $20.94
$250,000 to $499,999 2.75% 2.25% $20.68
$500,000 to $999,999 1.95% 1.75% $20.51
$1,000,000 to $99,999,999 0.00% 1.00% $20.11

EXPENSE RATIOas of 07/31/2016

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* underperformed its benchmark, the Russell Midcap® Value Index,9 during the second quarter.

Consistent with our Calibrated investment approach, which seeks to achieve excess returns through a focus on security selection, individual stock positions drove relative performance during the quarter.

Specifically, the Fund’s overweight position in Invesco Ltd., detracted from relative performance.  Invesco’s net inflows have held up well, but the company’s footprint in the United Kingdom and Europe contributed to material stock price weakness in the wake of the United Kingdom’s vote to leave the European Union.  Also detracting from relative performance was an underweight position in Newmont Mining Corp., a mining company.  Rising gold and commodity prices contributed to a strong rally in the Newmont’s shares over the quarter.  Another detractor from relative performance was the Fund’s overweight position in JetBlue Airways, an airliner. Rising fuel prices and weaker than expected passenger unit revenue have contributed to stock price weakness, similar to other airline stocks.       

The Fund’s overweight position in Continental Resources Inc., an energy exploration and production company, contributed to relative performance during the period. Shares of Continental rallied strongly in response to stabilizing commodity prices and excellent well results in Blaine County, Oklahoma.  An overweight to Fidelity National Information Services, a financial services technology company, also contributed to relative performance during the period.  The company reported excellent first quarter results and issued strong long-term growth guidance at its analyst day.  Finally, the Fund’s overweight position in NVIDIA Corp., a maker of microchip processors, contributed to relative performance. NVDIA’s processors used in cloud computing and other quickly growing applications drove strong quarterly results, and prompted a re-rating by analysts of the company’s earnings potential.

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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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 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.

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