Focused Large Cap Value Fund

LAFLX

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Daily price w/o sales charge as of 01/23/2020

$15.65

$0.02

YTD Returns w/o sales charge as of 01/23/2020

-0.19%

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

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Summary

What is the Focused Large Cap Value Fund?

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

Fund Basicsas of 12/31/2019

Total Net Assets: $43.66 M
Inception Date: 08/01/2019
Dividend Frequency: Annually
Number of Holdings: 36
Minimum Initial Investment: $1,500+

Expense Ratioas of 12/31/2019

Expense ratio details, Click here.

The net expense ratio is based on estimates for the current fiscal year and takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 02/28/2021. 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 Expense Ratio :

Gross 4.40%

Net 0.96%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/31/2019

w/o sales charge	-	-	-	-	-	5.08%
Lipper Category Avg. Large-Cap Value Funds	-	-	-	-	-	-
Russell 1000® Value Index	-	-	-	-	-	7.97%
w/ sales charge	-	-	-	-	-	-0.99%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/31/2019

w/o sales charge	-	-	-	-	-	5.08%
Lipper Category Avg. Large-Cap Value Funds	-	-	-	-	-	-
Russell 1000® Value Index	-	-	-	-	-	7.97%
w/ sales charge	-	-	-	-	-	-0.99%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

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.

TEN LARGEST HOLDINGS as of 12/31/2019

Holding	Assets
Citigroup, Inc.	3.8%
Wells Fargo & Co.	3.7%
Spectrum Brands Holdings Inc	3.7%
Dow Inc	3.5%
CVS Caremark Corp.	3.5%
Intel Corp.	3.5%
Nucor Corp.	3.5%
Wabtec Corp.	3.3%
AXA S.A.	3.3%
General Dynamics Corp.	3.2%

Sector Allocationas of 12/31/2019

Sector	Weighting	Fund Change from Previous Quarter

Sector	Weighting	Fund Change from Previous Quarter
Communication Services		0.1%
Real Estate		0.1%
Utilities		0.9%
Bonds		0.4%
Consumer Discretionary		2.5%
Consumer Staples		3.2%
Energy		0.7%
Financials		0.1%
Health Care		0.2%
Industrials		2.3%
Information Technology		3.2%
Materials		0.1%

INVESTMENT TEAM

Eli Rabinowich

Portfolio Manager

15 Years of Industry Experience

Jeff Diamond, CFA

Portfolio Manager

32 Years of Industry Experience

Supported By 36 Investment Professionals with 18 Years Avg. Industry Experience

Your Representative

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

Performance

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/31/2019

w/o sales charge	-	-	-	-	-	5.08%
Lipper Category Avg. Large-Cap Value Funds	-	-	-	-	-	-
Russell 1000® Value Index	-	-	-	-	-	7.97%
w/ sales charge	-	-	-	-	-	-0.99%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/31/2019

w/o sales charge	-	-	-	-	-	5.08%
Lipper Category Avg. Large-Cap Value Funds	-	-	-	-	-	-
Russell 1000® Value Index	-	-	-	-	-	7.97%
w/ sales charge	-	-	-	-	-	-0.99%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

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

The Fund changed its investment strategy on 07/31/2019. Performance is calculated from this date.

NAV HISTORICAL PRICES

Date	Net Asset Value

Portfolio

Holding	Sector	Assets

Citigroup, Inc.	Financial Services	3.8%
Wells Fargo & Co.	Financial Services	3.7%
Spectrum Brands Holdings Inc	Consumer Discretionary	3.7%
Dow Inc	Materials and Processing	3.5%
CVS Caremark Corp.	Health Care	3.5%
Intel Corp.	Capital Goods	3.5%
Nucor Corp.	Materials and Processing	3.5%
Wabtec Corp.	Producer Durables	3.3%
AXA S.A.	Financial Services	3.3%
General Dynamics Corp.	Technology	3.2%

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.

Holding	Sector	Assets

Wells Fargo & Co.	Financial Services	4.1%
Citigroup, Inc.	Financial Services	3.9%
E*TRADE Financial Corp.	Financial Services	3.9%
Dow Inc	Materials and Processing	3.7%
Spectrum Brands Holdings Inc	Consumer Discretionary	3.7%
Nucor Corp.	Materials and Processing	3.7%
CVS Caremark Corp.	Health Care	3.6%
Cummins, Inc.	Producer Durables	3.5%
Intel Corp.	Capital Goods	3.5%
Wabtec Corp.	Producer Durables	3.4%
Ameriprise Financial, Inc.	Financial Services	3.3%
AXA S.A.	Financial Services	3.2%
American International Group, Inc.	Financial Services	3.2%
Verizon Communications, Inc.	Telecommunications	3.2%
Acuity Brands, Inc.	Consumer Discretionary	3.1%
McKesson Corp.	Health Care	3.1%
Laboratory Corp. of America Holdings	Health Care	3.1%
Suncor Energy, Inc.	Energy	3.0%
Total S.A.	Energy	3.0%
Axis Capital Holdings Ltd.	Financial Services	2.9%
Universal Health Services, Inc.	Health Care	2.9%
Avnet, Inc.	Technology	2.8%
National Oilwell Varco, Inc.	Integrated Oils	2.5%
Altria Group, Inc.	Producer Durables	2.4%
Urban Outfitters, Inc.	Consumer Cyclicals	2.4%
KKR & Co Inc	Financial Services	2.4%
Foot Locker, Inc.	Consumer Cyclicals	2.3%
Lear Corp.	Auto	2.2%
Coach, Inc.	Consumer Cyclicals	2.1%
General Electric Co.	Producer Durables	1.9%
General Electric Co.	Producer Durables	1.6%
Omnicom Group, Inc.	Consumer Discretionary	1.5%
CBS Corp.	Consumer Services	1.4%
Pacific Gas & Electric Co.	Utilities	1.3%
Outfront Media Inc	Financial Services	1.1%
Pacific Gas & Electric Co.	Utilities	0.2%

Sector Allocationas of 12/31/2019

Sector	Weighting	Fund Change from Previous Quarter

Sector	Weighting	Fund Change from Previous Quarter
Communication Services		0.1%
Real Estate		0.1%
Utilities		0.9%
Bonds		0.4%
Consumer Discretionary		2.5%
Consumer Staples		3.2%
Energy		0.7%
Financials		0.1%
Health Care		0.2%
Industrials		2.3%
Information Technology		3.2%
Materials		0.1%

Portfolio Positioningas of 12/31/2019

The portfolio employs a fundamental, bottom-up individual stock selection strategy that focuses on quality companies with compelling valuation over a long term horizon.
We initiated a position in shares of Ally Financial, Inc., a U.S. automotive finance company. We believe management can be successful in its effort to improve Ally’s margin structure while making progress towards diversifying its loan portfolio to mitigate cyclicality.
We also initiated a position in shares of Delta Air Lines, Inc., a U.S.-based airline. We believe the market underappreciates Delta’s compelling operational acumen, structural cost advantage and the value creation potential of its relationship with American Express for its credit card loyalty program.
We sold the portfolio’s position in shares of Tapestry, Inc., a luxury brands provider. We believe the company’s acquisition of Kate Spade has led to disappointing operating and earnings performance relative to our original expectations. We no longer have conviction in our original thesis and have exited the position.
We sold the portfolio’s position in shares of HP, Inc., a personal computing provider. HP, Inc. announced a significant change in strategy in an effort to stem continued market share losses in its critical ink and toner aftermarket business. The continuing market share losses run contrary to our original expectation of stable share and modestly growing cash flow from this business.

PORTFOLIO DETAILS as of 12/31/2019

Total Net Assets: $43.66 M
Number of Holdings: 36
Weighted Average Market Cap.: 62.2 B
P/B Ratio: 1.7x
P/E Ratio: 14.5x

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 12/31/2019

Contributors

Holding	Contribution
Spectrum Brands Hldgs I	0.8%
Citigroup, Inc.	0.6%
CVS Caremark Corp.	0.6%
Dow Inc	0.6%
Intel Corp.	0.5%

Detractors

Holding	Contribution
Axis Capital Holdings Ltd.	-0.4%
Hewlett-Packard Co.	-0.3%
American International Group, Inc.	-0.3%
Foot Locker, Inc.	-0.2%
Pacific Gas & Electric Co.	-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

Focused Large 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 Affiliated 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.

Source: Wilshire Attribution Software. GICS sector classification; non-GICS securities classified by Lord Abbett. Sectors may include many industries.

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.

Fees & Expenses

Sales Charge Schedule as of 01/23/2020

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $50,000	5.75%	5.00%	$16.60
$50,000 to $99,999	4.75%	4.00%	$16.43
$100,000 to $249,999	3.95%	3.25%	$16.29
$250,000 to $499,999	2.75%	2.25%	$16.09
$500,000 to $999,999	1.95%	1.75%	$15.96
$1,000,000 to $5,000,000	0.00%	1.00%	$15.65

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers Click here.

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

Rights of Accumulation - A purchaser may combine the value of Class A, B, C, F, and P shares of any eligible fund currently owned with a new purchase of Class A shares of any eligible fund in order to reduce the sales charge on the new purchase. Class I, R2, and R3 share holdings may not be combined for these purposes.

To the extent that your financial intermediary is able to do so, the value of Class A, B, C, F, and P shares of eligible funds determined for the purpose of reducing the sales charge of a new purchase under the Rights of Accumulation will be calculated at the higher of: 1) the aggregate current maximum offering price of your existing Class A, B, C, F, and P shares of eligible funds or 2) the aggregate amount you invested in such shares (including dividend reinvestments but excluding capital appreciation) less any withdrawals. You should retain any information and account records necessary to substantiate the historical amounts you and any related purchasers have invested in eligible funds. You must inform a fund and/or your financial intermediary at the time of purchase if you believe your purchase qualifies for a reduced sales charge; you may be requested to provide documentation of your holdings in order to verify your eligibility. If you do not do so, you may not receive all sales charge reductions for which you are eligible.
Letter of Intention — In order to reduce your Class A front-end sales charge, a purchaser may combine purchases of Class A, B, C, F, and P shares of any eligible fund the purchaser intends to make over the next 13 months in determining the applicable sales charge. The 13-month Letter of Intention period commences on the day that the Letter of Intention is received by a fund, and the purchaser must tell a fund that later purchases are subject to the Letter of Intention. Purchases submitted prior to the date the Letter of Intention is received by a fund are not counted toward the sales charge reduction. Current holdings under Rights of Accumulation may be included in a Letter of Intention in order to reduce the sales charge for purchases during the 13-month period covered by the Letter of Intention. Shares purchased through reinvestment of dividends or distributions are not included. Class I, R2, and R3 share holdings may not be combined for these purposes. Class A shares valued at 5% of the amount of intended purchases are escrowed and may be redeemed to cover the additional sales charges payable if the intended purchases under the Letter of Intention is not completed. The Letter of Intention is neither a binding obligation on you to buy nor on a fund to sell any or all of an intended purchase amount.

Purchaser — A purchaser includes: 1) an individual; 2) an individual, his or her spouse, and children under the age of 21; 3) retirement and benefit plans, including a 401(k) plan, profit-sharing plan, money purchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, nonprofit organization, school district, or church to which employer contributions are made, as well as SIMPLE IRA plans and SEP-IRA plans; or 4) a trustee or other fiduciary purchasing shares for a single trust, estate, or single fiduciary account. An individual may include under item (1) his or her holdings in eligible funds as described above in IRAs, as a sole participant of a retirement and benefit plan sponsored by the individual's business, and as a participant in a 403(b) plan to which only pretax salary deferrals are made. An individual and his or her spouse may include under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit plans sponsored by a business owned by either or both of them. A retirement and benefit plan under item (3) includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries, and all qualified retirement and benefit plans of multiple employers registered in the name of a single bank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

purchases of $1 million or more (may be subject to a CDSC);
purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

Expense Ratioas of 12/31/2019

Expense ratio details, Click here.

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
	Fact Sheet Publish Date:11/03/2015

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Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.

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. As compared to smaller successful companies, larger, more established companies may be less able to respond quickly to certain market developments and may have slower rates of growth. Investments in value companies can continue to be undervalued for long periods of time and be more volatile than the stock market in general. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. To the extent that the Fund invests its assets in the securities of a small number of issuers, the Fund will be subject to greater volatility with respect to its investments than a fund that invests in the securities of a larger number of issuers. These factors can adversely affect Fund performance. The fund performance history at this time is very limited; therefore, performance achieved during its initial period of investment operation may not be replicated over longer periods and may not be indicative of how the Fund will perform in the future.

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.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

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.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and 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 1.50% if the shares are repurchased 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.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

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

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.

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

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 Focused Large Cap Value Fund?

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

Fund Basicsas of 12/31/2019

Expense Ratioas of 12/31/2019

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

TEN LARGEST HOLDINGS as of 12/31/2019

Sector Allocationas of 12/31/2019

INVESTMENT TEAM

Your Representative

Performance

Performance

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

Fund Expense Ratio :

Gross 4.40%

Net 0.96%

NAV HISTORICAL PRICES

Portfolio

Portfolio

Sector Allocationas of 12/31/2019

Portfolio Positioningas of 12/31/2019

PORTFOLIO DETAILS as of 12/31/2019

Contributors & Detractors as of 12/31/2019

Contributors

Detractors

Attribution Analysis

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 01/23/2020

Expense Ratioas of 12/31/2019

Fund Documents