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Diversified Equity Strategy Fund

Summary

Summary

What is the Diversified Equity Strategy Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in Lord Abbett Funds that invest in stocks across all market capitalizations of U.S. and select international companies.

Fund Basicsas of 10/31/2016

Total Net Assets
$247.45 M
Inception Date
06/30/2006
Dividend Frequency
Annually
Number of Holdings
8
CUSIP
543916555
Minimum Initial Investment
$1,500+

Expense Ratioas of 11/30/2016

PORTFOLIO BREAKDOWN as of 10/31/2016

U.S. Large Cap
U.S. Small/Mid Cap
Intl Small/Mid Cap
Intl Large Cap
Emerging Mkt Equity

Fund Expense Ratio :

Gross 1.38%

Net 1.04%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2006
w/o sales charge 6.03% 3.94% 4.66% 11.08% 5.79% 6.50%
Lipper Category Avg. Multi-Cap Core Funds 8.50% 5.82% 6.42% 12.64% 5.84% -
Blended Index 8.67% 6.55% 7.08% 13.17% 6.15% 6.95%
w/ sales charge -0.06% -2.04% 2.61% 9.77% 5.17% 5.90%

Fund Expense Ratio :

Gross 1.38%

Net 1.04%

Fund Expense Ratio :

Gross 1.38%

Net 1.04%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2006
w/o sales charge 5.32% 9.67% 6.33% 13.47% 6.26% 6.54%
Lipper Category Avg. Multi-Cap Core Funds 6.67% 11.28% 8.03% 14.54% 6.23% -
Blended Index 7.29% 13.77% 8.99% 15.09% 6.64% 6.94%
w/ sales charge -0.72% 3.36% 4.26% 12.13% 5.63% 5.93%

Fund Expense Ratio :

Gross 1.38%

Net 1.04%

TEN LARGEST HOLDINGS as of 10/31/2016View Portfolio

Holding Assets
JPMorgan Chase & Co. 1.3%
Pfizer, Inc. 1.2%
Microsoft Corp. 1.0%
Intel Corp. 0.9%
Johnson & Johnson, Inc. 0.9%
QUALCOMM, Inc. 0.9%
Alphabet, Inc. 0.9%
Citizens Financial Group, Inc. 0.8%
Amazon.com, Inc. 0.8%
Facebook, Inc. 0.8%

SECTOR ALLOCATION as of 10/31/2016 View Portfolio

Allocation Assets
Information Technology
Financials
Consumer Discretionary
Industrials
Health Care
Consumer Staples
Energy
Materials
Real Estate
Utilities
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

Your Representative

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Performance

Performance

Fund Expense Ratio :

Gross 1.38%

Net 1.04%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2006
w/o sales charge 6.03% 3.94% 4.66% 11.08% 5.79% 6.50%
Lipper Category Avg. Multi-Cap Core Funds 8.50% 5.82% 6.42% 12.64% 5.84% -
Blended Index 8.67% 6.55% 7.08% 13.17% 6.15% 6.95%
w/ sales charge -0.06% -2.04% 2.61% 9.77% 5.17% 5.90%

Fund Expense Ratio :

Gross 1.38%

Net 1.04%

Fund Expense Ratio :

Gross 1.38%

Net 1.04%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2006
w/o sales charge 5.32% 9.67% 6.33% 13.47% 6.26% 6.54%
Lipper Category Avg. Multi-Cap Core Funds 6.67% 11.28% 8.03% 14.54% 6.23% -
Blended Index 7.29% 13.77% 8.99% 15.09% 6.64% 6.94%
w/ sales charge -0.72% 3.36% 4.26% 12.13% 5.63% 5.93%

Fund Expense Ratio :

Gross 1.38%

Net 1.04%

Best returns

Durations Fund Returns Blended Index
3-Mo 29.93 27.83
1-Yr 56.11 55.95

Worst returns

Durations Fund Returns Blended Index
3-Mo -29.64 -31.95
1-Yr -41.01 -44.49
Year Fund Returns Blended Index
2015 -0.18% 0.37%
2014 5.26% 9.86%
2013 35.00% 32.02%
2012 13.98% 16.69%
2011 -8.11% -0.96%
2010 17.64% 15.66%
2009 32.50% 29.01%
2008 -36.38% -38.15%
2007 10.97% 6.12%
2006 11.23% 17.35%
Year Q1 Q2 Q3 Q4 Yearly Returns
2016 -1.11% 1.48% 4.96% - 8.84%
2015 3.61% 0.71% -8.11% 4.12% -0.18%
2014 1.39% 3.21% -2.65% 3.33% 5.26%
2013 10.26% 3.19% 9.22% 8.64% 35.00%
2012 13.31% -6.14% 6.04% 1.06% 13.98%
2011 5.08% -0.58% -20.38% 10.47% -8.11%
2010 5.69% -12.71% 12.94% 12.90% 17.64%
2009 -8.47% 18.91% 17.03% 4.03% 32.50%
2008 -10.02% -1.22% -10.75% -19.81% -36.38%
2007 2.32% 6.56% 3.64% -1.78% 10.97%
2006 - - 4.33% 6.62% 11.23%

Growth of $10,000 as of 11/30/2016

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Holding Assets
JPMorgan Chase & Co. 1.3%
Pfizer, Inc. 1.2%
Microsoft Corp. 1.0%
Intel Corp. 0.9%
Johnson & Johnson, Inc. 0.9%
QUALCOMM, Inc. 0.9%
Alphabet, Inc. 0.9%
Citizens Financial Group, Inc. 0.8%
Amazon.com, Inc. 0.8%
Facebook, Inc. 0.8%
Holding Assets
Affiliated Fund 20.1%
Fundamental Equity Fund 15.1%
Growth Opportunities Fund 14.9%
Growth Leaders Fund 14.8%
International Core Equity Fund 12.1%
Value Opportunities Fund 10.0%
International Opportunities Fund 8.0%
Developing Growth Fund 4.9%

SECTOR ALLOCATION as of 10/31/2016

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

Portfolio Positioningas of 09/30/2016

  • The Diversified Equity Strategy Fund outperformed its benchmark, a blend of 85% Russell 3000® Index/15% MSCI EAFE Index with Gross Dividends, during the third quarter of 2016. During the period, the Fund’s strategic allocation contributed to performance, while performance of the underlying investment strategies was a detractor.
  • The Fund’s allocation to international large-cap equities and domestic small-cap growth stocks contributed to relative performance, as these strategies outperformed the Fund’s benchmark.
  • The Fund’s weightings in domestic large-cap value and mid-cap growth stocks detracted from relative performance, as these categories underperformed the Fund’s benchmark.
  • During the quarter, the Fund’s weightings in the financials sector declined, while allocations to the information technology sector increased. The information technology and health care sectors are the largest weightings in the Fund.

PORTFOLIO BREAKDOWN as of 10/31/2016

Equity Assets
U.S. Large Cap
U.S. Small/Mid Cap
Intl Small/Mid Cap
Intl Large Cap
Emerging Mkt Equity

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/09/2016
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/21/2015 12/22/2015 12/22/2015 $0.42200 $17.03

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 $1.5873 - $1.5873 $17.03

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 12/09/2016

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $19.73
$50,000 to $99,999 4.75% 4.00% $19.53
$100,000 to $249,999 3.95% 3.25% $19.36
$250,000 to $499,999 2.75% 2.25% $19.13
$500,000 to $999,999 1.95% 1.75% $18.97
$1,000,000 to $5,000,000 0.00% 1.00% $18.60

EXPENSE RATIOas of 11/30/2016

Fund Review

Fund Review

Market Reviewas of 09/30/2016

The U.S. equity market (as represented by the S&P 500® Index1) finished positive for the period. The U.S. Federal Reserve (Fed) held its benchmark interest rate unchanged for the third consecutive quarter, stating its desire to wait for further evidence of continued progress toward its objectives. While the unemployment rate remained unchanged, at 4.9% in August, the U.S. economy added 151,000 jobs, against an expected increase of 180,000. A mixed corporate earnings season, and continued Fed uncertainty, contributed to investor uncertainty during the quarter. 70% of companies in the S&P 500 reported second quarter earnings above their mean estimates, more than the five-year historical average of 67%, but just 53% of companies in the index reported second quarter sales above their mean estimates, less than the five-year historical average of 55%2. According to the third estimate from the Bureau of Economic Analysis,  U.S. real gross domestic product in the second quarter expanded by 1.4%,3 an upward revision from previous estimates, with a rise in nonresidential fixed investment as the primary contributor. The Fed noted that between July and August 2016, U.S. economic activity, as a whole, continued to expand in most districts around the country. The majority of districts reported little change in consumer spending and positive momentum in their nonfinancial services sectors. Manufacturing activity rose slightly, and activity in residential real estate markets “grew at a moderate pace,” even though there were constraints from shortages in available homes.4

International equities (as represented by the MSCI EAFE Index5) also rose during the third quarter. The key themes during the quarter were the market’s rapid recovery from the shock following the United Kingdom’s vote, on June 23, to leave the European Union (“Brexit”), as well as the continued emphasis on central bank action around the world. The United Kingdom’s FTSE 100 recovered more than 15% from post-Brexit lows, although the British pound has remained at near 30-year lows. Central banks across the globe continued on monetary-easing paths during the period. In September, the European Central Bank left interest rates unchanged at record lows, including the deposit rate at -0.4%. The Bank of Japan, at its September meeting, introduced “yield curve control” to regulate both short- and long-term rates, and committed itself to expand the monetary base until the Consumer Price Index exceeds 2%.

The S&P 500 returned 3.85% during the third quarter. Of the 10 major sectors, the information technology, industrials, materials, and financials sectors outperformed the broader market. Growth stocks6 outperformed value stocks7, while large-cap stocks8 lagged small-cap stocks.9

 

Fund Reviewas of 09/30/2016

The Fund* modestly outperformed its benchmark, a blend of 85% Russell 3000® Index10/15% MSCI EAFE Index with Gross Dividends,11 for the quarter ended September 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 period, the Fund’s strategic allocation contributed to performance, while performance of the underlying investment strategies was a detractor. The Fund’s weighting in domestic small-cap growth stocks contributed to performance, as small-cap growth equities outperformed the Fund’s benchmark. The Fund’s allocation to U.S. large-cap value equities detracted from relative performance, as U.S. value stocks underperformed the Fund’s benchmark.

Within the Fund’s domestic small-cap growth strategy, which outperformed its underlying benchmark, security selection in the health care sector was the largest contributor to relative performance during the period. Within this sector, the holdings in Exelixis, Inc., a biopharmaceutical company focused on small molecule therapies for the treatment of cancer, contributed most. Shares of Exelixis rose after the company reported strong sales from a newly approved therapy. In addition, security selection in the information technology sector also contributed to relative performance during the period. Within this sector, the holdings of Acacia Communications, Inc., a developer of trans-receivers for optical networking application, contributed most. Shares of Acacia soared after the firm substantially beat consensus earnings and revenue estimates during its first quarter as a public company, with revenues notably up 100% year over year.

Within the Fund’s U.S. large-cap value equity strategy, which underperformed the benchmark during the period, security selection in the pharmaceutical sector detracted most. Shares of Bristol Myers Squibb Co., a pharmaceutical company, declined after its lung cancer drug failed to show efficacy in a late-stage trial. In addition, security selection in personal-care sector also detracted from relative performance during the period. Within this sector, the holdings of Kimberly-Clark, a personal care products company, detracted from performance after the company encountered increased competition and an anticipated decrease in the cost of wood pulp, a key production ingredient, failed to materialize, leading to downward revisions in estimates.

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
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Statutory Prospectus
Publish Date:11/03/2015
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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.

Blended Index consists of the following components: 85% Russell 3000®  Index/15% MSCI EAFE Index with Gross Dividends. Index is unmanaged, does not reflect the deduction of fees or expenses; and is not available for direct investment.  

The Russell 3000® Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The MSCI EAFE Index with Gross Dividends approximates the maximum possible dividend reinvestment. The amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.

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