Fundamental Equity Fund

LDFVX

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Daily price w/o sales charge as of 07/06/2020

$10.37

$0.12

YTD Returns w/o sales charge as of 07/06/2020

-13.37%

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

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Summary

What is the Fundamental Equity Fund?

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

Fund Basicsas of 05/29/2020

Total Net Assets: $1.80 B
Inception Date: 07/15/1996
Dividend Frequency: Annually
Number of Holdings: 79
Minimum Initial Investment: $1,500+

Expense Ratioas of 05/31/2020

Yield

12-Month Dividend Yield ¹ as of 07/06/2020

w/o sales charge	1.83%
w/ sales charge	1.73%

30-Day Standardized Yield ² as of 05/31/2020

1.85%

Fund Expense Ratio :

0.99%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996

w/o sales charge	-14.79%	-7.67%	1.39%	3.86%	8.99%	8.75%
Lipper Category Avg. Large-Cap Value Funds	-	-	-	-	-	-
Russell 1000® Value Index	-16.26%	-8.84%	1.82%	4.64%	10.41%	8.12%
w/ sales charge	-19.69%	-12.99%	-0.59%	2.64%	8.34%	8.48%

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

Fund Expense Ratio :

0.99%

Fund Expense Ratio :

0.99%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996

w/o sales charge	-14.79%	-7.67%	1.39%	3.86%	8.99%	8.75%
Lipper Category Avg. Large-Cap Value Funds	-	-	-	-	-	-
Russell 1000® Value Index	-16.26%	-8.84%	1.82%	4.64%	10.41%	8.12%
w/ sales charge	-19.69%	-12.99%	-0.59%	2.64%	8.34%	8.48%

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

Fund Expense Ratio :

0.99%

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 for future results.

TEN LARGEST HOLDINGS as of 05/29/2020View Portfolio

Holding	Assets
JPMorgan Chase & Co.	3.0%
Verizon Communications, Inc.	2.5%
Intel Corp.	2.0%
Citigroup, Inc.	1.9%
American Express Co.	1.8%
NextEra Energy, Inc.	1.8%
Cummins, Inc.	1.7%
E*TRADE Financial Corp.	1.6%
Ameriprise Financial, Inc.	1.6%
Alcon Inc	1.6%

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 05/29/2020View Portfolio

Sector	Weighting

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

INVESTMENT TEAM

Eli Rabinowich

Portfolio Manager

16 Years of Industry Experience

Jeff Diamond, CFA

Portfolio Manager

33 Years of Industry Experience

Supported By 35 Investment Professionals with 18 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 07/06/2020

w/o sales charge	1.83%
w/ sales charge	1.73%

30-Day Standardized Yield ² as of 05/31/2020

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	1.85%	1.85%

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

Fund Expense Ratio :

0.99%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996

w/o sales charge	-14.79%	-7.67%	1.39%	3.86%	8.99%	8.75%
Lipper Category Avg. Large-Cap Value Funds	-	-	-	-	-	-
Russell 1000® Value Index	-16.26%	-8.84%	1.82%	4.64%	10.41%	8.12%
w/ sales charge	-19.69%	-12.99%	-0.59%	2.64%	8.34%	8.48%

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

Fund Expense Ratio :

0.99%

Fund Expense Ratio :

0.99%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 07/15/1996

w/o sales charge	-14.79%	-7.67%	1.39%	3.86%	8.99%	8.75%
Lipper Category Avg. Large-Cap Value Funds	-	-	-	-	-	-
Russell 1000® Value Index	-16.26%	-8.84%	1.82%	4.64%	10.41%	8.12%
w/ sales charge	-19.69%	-12.99%	-0.59%	2.64%	8.34%	8.48%

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

Fund Expense Ratio :

0.99%

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

Year	Fund Returns	Russell 1000® Value Index

2019	22.76%	26.54%
2018	-8.45%	-8.27%
2017	12.97%	13.66%
2016	15.74%	17.34%
2015	-3.14%	-3.83%
2014	6.93%	13.45%
2013	36.63%	32.53%
2012	10.74%	17.51%
2011	-3.92%	0.39%
2010	19.21%	15.51%
2009	25.86%	-
2008	-28.75%	-
2007	7.48%	-
2006	13.64%	-
2005	5.48%	-
2004	15.61%	-
2003	31.93%	-
2002	-14.41%	-
2001	-4.20%	-
2000	9.27%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2020	-26.90%	16.57%	-	-	-13.37%
2019	10.90%	2.16%	1.96%	6.27%	22.76%
2018	-2.47%	-0.55%	6.29%	-11.19%	-8.45%
2017	1.55%	2.21%	3.13%	5.54%	12.97%
2016	-0.42%	4.69%	3.83%	6.93%	15.74%
2015	-0.45%	0.82%	-8.73%	5.73%	-3.14%
2014	0.20%	2.87%	0.00%	3.74%	6.93%
2013	13.37%	3.49%	6.15%	9.70%	36.63%
2012	11.31%	-6.90%	5.18%	1.59%	10.74%
2011	6.50%	-0.94%	-19.59%	13.26%	-3.92%
2010	6.44%	-10.72%	10.55%	13.47%	19.21%
2009	-8.56%	12.91%	16.14%	4.96%	25.86%
2008	-7.52%	1.24%	-8.38%	-16.94%	-28.75%
2007	2.19%	5.79%	2.10%	-2.62%	7.48%
2006	7.63%	-0.24%	1.18%	4.59%	13.64%
2005	-2.00%	-0.17%	5.87%	1.84%	5.48%
2004	3.22%	1.38%	-0.36%	10.88%	15.61%
2003	-3.21%	15.84%	2.98%	14.27%	31.93%
2002	3.62%	-8.89%	-14.47%	6.00%	-14.41%
2001	-7.84%	5.38%	-8.91%	8.29%	-4.20%
2000	-1.63%	-2.39%	6.22%	7.14%	9.27%
1999	3.62%	10.89%	-6.04%	11.41%	20.29%
1998	10.30%	-0.68%	-11.22%	18.71%	15.47%
1997	1.97%	14.32%	6.43%	2.93%	27.70%
1996	-	-	-	8.70%	18.60%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

NAV HISTORICAL PRICES

Date	Net Asset Value

Portfolio

Holding	Sector	Assets

JPMorgan Chase & Co.	Financials	3.0%
Verizon Communications, Inc.	Communication Services	2.5%
Intel Corp.	Information Technology	2.0%
Citigroup, Inc.	Financials	1.9%
American Express Co.	Financials	1.8%
NextEra Energy, Inc.	Utilities	1.8%
Cummins, Inc.	Industrials	1.7%
E*TRADE Financial Corp.	Financials	1.6%
Ameriprise Financial, Inc.	Financials	1.6%
Alcon Inc	Health Care	1.6%

Holding	Sector	Assets

JPMorgan Chase & Co.	Financials	3.0%
Verizon Communications, Inc.	Communication Services	2.5%
Intel Corp.	Information Technology	2.0%
Citigroup, Inc.	Financials	1.9%
American Express Co.	Financials	1.8%
NextEra Energy, Inc.	Utilities	1.8%
Cummins, Inc.	Industrials	1.7%
E*TRADE Financial Corp.	Financials	1.6%
Ameriprise Financial, Inc.	Financials	1.6%
Alcon Inc	Health Care	1.6%
CVS Caremark Corp.	Health Care	1.6%
Bristol-Myers Squibb Co.	Health Care	1.6%
General Dynamics Corp.	Industrials	1.6%
Medtronic, Inc.	Health Care	1.6%
Lowe's Cos, Inc.	Consumer Discretionary	1.6%
Masco Corp.	Industrials	1.5%
Procter & Gamble Co.	Consumer Staples	1.5%
PepsiCo, Inc.	Consumer Staples	1.5%
Wells Fargo & Co.	Financials	1.5%
Apple, Inc.	Information Technology	1.5%
Chevron Corp.	Energy	1.5%
TJX Cos., Inc.	Consumer Discretionary	1.5%
United Technologies Corp.	Industrials	1.4%
PPG Industries, Inc.	Materials	1.4%
Philip Morris International, Inc.	Consumer Staples	1.4%
Duke Energy Corp.	Utilities	1.4%
Alphabet, Inc.	Communication Services	1.4%
Hubbell, Inc.	Industrials	1.4%
American International Group, Inc.	Financials	1.4%
Microsoft Corp.	Information Technology	1.4%
Edison International	Utilities	1.4%
Wabtec Corp.	Industrials	1.3%
Oracle Corp.	Information Technology	1.3%
eBay, Inc.	Consumer Discretionary	1.3%
ProLogis, Inc.	Real Estate	1.3%
Marathon Petroleum Corp.	Energy	1.3%
East West Bancorp, Inc.	Financials	1.3%
Merck & Co., Inc.	Health Care	1.3%
BlackRock, Inc.	Financials	1.3%
U.S. Bancorp	Financials	1.3%
Corteva Inc	Materials	1.2%
Alexandria Real Estate Equities, Inc.	Real Estate	1.2%
Anthem, Inc.	Health Care	1.2%
Nestle S.A.	Consumer Staples	1.2%
Johnson & Johnson, Inc.	Health Care	1.2%
Unilever plc	Consumer Staples	1.2%
American Electric Power Co., Inc.	Utilities	1.2%
General Mills, Inc.	Consumer Staples	1.2%
Sanofi	Health Care	1.2%
Facebook, Inc.	Communication Services	1.2%
Novartis AG Registered Shares	Health Care	1.2%
Hartford Financial Services Group, Inc.	Financials	1.1%
CMS Energy Corp.	Utilities	1.1%
Lear Corp.	Consumer Discretionary	1.0%
Fox Corp	Communication Services	1.0%
Mastercard, Inc.	Information Technology	1.0%
Everest Re Group Ltd.	Financials	1.0%
McKesson Corp.	Health Care	1.0%
Dow Inc	Materials	1.0%
Universal Health Services, Inc.	Health Care	0.9%
Avnet, Inc.	Information Technology	0.9%
Honeywell International, Inc.	Industrials	0.9%
Comcast Corp.	Communication Services	0.9%
Noble Energy, Inc.	Energy	0.9%
Total S.A.	Energy	0.9%
Axis Capital Holdings Ltd.	Financials	0.8%
Amgen, Inc.	Health Care	0.7%
Nexstar Broadcasting Group, Inc.	Communication Services	0.6%
National Oilwell Varco, Inc.	Energy	0.6%
Torchmark Corp.	Financials	0.5%
ONEOK, Inc.	Energy	0.5%
Nucor Corp.	Materials	0.5%
Suncor Energy, Inc.	Energy	0.5%
Texas Instruments, Inc.	Information Technology	0.5%
Danone	Consumer Staples	0.4%
Gilead Sciences, Inc.	Health Care	0.4%
Walt Disney Co/The	Communication Services	0.4%
Priceline.com, Inc.	Consumer Discretionary	0.2%
Highwoods Properties, Inc.	Real Estate	0.1%

Sector Allocationas of 05/29/2020

Sector	Weighting	Fund Change from Previous Quarter

Sector	Weighting	Fund Change from Previous Quarter
Communication Services		0.4%
Real Estate		0.1%
Utilities		0.7%
Consumer Discretionary		0.2%
Consumer Staples		0.6%
Energy		0.0%
Financials		0.2%
Health Care		0.3%
Industrials		0.3%
Information Technology		0.1%
Materials		0.2%

Portfolio Positioning as of 03/31/2020

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 Honeywell International, Inc., an industrial manufacturer. We believe Honeywell has unique capital allocation opportunities relative to peers, which is largely a byproduct of the company’s differentiated and under-levered balance sheet. Additionally, management has augmented the company’s exposure to structurally growing end markets.
We initiated a position in shares of Lowe’s Companies, Inc., a home improvement retailer in the U.S. We believe the industry is likely to continue to benefit from the supply demand imbalance of the U.S. housing market and the continued aging of the U.S. housing stock. We also appreciated new management and their outlined plan for margin expansion.
We sold the portfolio’s position in shares of Exxon Mobile Corp., an oil and gas exploration and production company. In our view, the company’s 2019 earnings release showed the refining and chemicals businesses were not performing up to guidance and our market expectations due to operational and macroeconomic factors.
We sold the portfolio’s position in shares of Foot Locker, Inc., an athletic shoes and apparel retailer. We believe that the company’s high mall exposure and increasing supplier direct-to-consumer competition will offset the favorable trends within the fashion sneaker category.

PORTFOLIO DETAILS as of 05/29/2020

Total Net Assets: $1.80 B
Number of Holdings: 79
Weighted Average Market Cap.: 156.3 B
P/B Ratio: 1.9x
P/E Ratio: 15.7x

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

Market Capitalization Breakdown - Morningstar separates stock portfolio holdings into five market-capitalization groups: Giant, Large, Mid, Small, and Micro. Of the 5000 largest domestic stocks in their equities database, the top 1% are categorized as Giant, the next 4% are Large, the next 15% are Mid, the next 30% are Small, and the remaining 50% are Micro. Stocks outside of the largest 5000 are also classified as Micro.

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 03/31/2020

Contributors

Holding	Contribution
BlackRock, Inc.	0.1%
Gilead Sciences, Inc.	0.1%
Signature Bank	0.1%
Pacific Gas & Electric	0.1%
Fox Corp	0.0%

Detractors

Holding	Contribution
Citigroup, Inc.	-1.3%
Wells Fargo & Co.	-1.2%
Noble Energy, Inc.	-1.2%
JPMorgan Chase & Co.	-1.2%
American International Group, Inc.	-0.9%

% 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

Fundamental Equity 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 Fundamental Equity 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 07/06/2020: $0
Dividend Frequency: Annually

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
11/20/2019	11/21/2019	11/21/2019	$0.19010	$11.58

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
11/23/2020	11/24/2020	11/24/2020

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
11/20/2019	11/21/2019	$1.0915	-	$1.0915	$11.58

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

Record Date	Ex-Dividend Date
11/23/2020	11/24/2020

Fees & Expenses

Sales Charge Schedule as of 07/06/2020

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $50,000	5.75%	5.00%	$11.00
$50,000 to $99,999	4.75%	4.00%	$10.89
$100,000 to $249,999	3.95%	3.25%	$10.80
$250,000 to $499,999	2.75%	2.25%	$10.66
$500,000 to $999,999	1.95%	1.75%	$10.58
$1,000,000 to $5,000,000	0.00%	1.00%	$10.37

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

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 05/31/2020

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

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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.

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

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.

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. Although the Fund invests a significant portion in large cap company stocks, it also invests in mid cap and small cap company stocks, which tend to be more volatile and may be less liquid than large cap company stocks. Mid and small cap companies typically experience higher risk of failure than large cap companies. However, larger companies may have slower rates of growth than smaller successful 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. The Fund's portfolio is actively managed and is subject to change.

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.

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

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.

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.

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

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 Fundamental Equity Fund?

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

Fund Basicsas of 05/29/2020

Expense Ratioas of 05/31/2020

Yield

12-Month Dividend Yield 1 as of 07/06/2020

30-Day Standardized Yield 2 as of 05/31/2020

Fund Expense Ratio :

0.99%

Fund Expense Ratio :

0.99%

Fund Expense Ratio :

0.99%

Fund Expense Ratio :

0.99%

TEN LARGEST HOLDINGS as of 05/29/2020View Portfolio

Sector Allocationas of 05/29/2020View Portfolio

INVESTMENT TEAM

Your Representative

Performance

Performance

12-Month Dividend Yield 1 as of 07/06/2020

30-Day Standardized Yield 2 as of 05/31/2020

Fund Expense Ratio :

0.99%

Fund Expense Ratio :

0.99%

Fund Expense Ratio :

0.99%

Fund Expense Ratio :

0.99%

NAV HISTORICAL PRICES

Portfolio

Portfolio

Sector Allocationas of 05/29/2020

Portfolio Positioning as of 03/31/2020

PORTFOLIO DETAILS as of 05/29/2020

Contributors & Detractors as of 03/31/2020

Contributors

Detractors

Attribution Analysis

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Upcoming Dividend Payment Dates

Capital Gains Distributions

Upcoming Capital Gain Distribution

Fees & Expenses

12-Month Dividend Yield ¹ as of 07/06/2020

30-Day Standardized Yield ² as of 05/31/2020

12-Month Dividend Yield ¹ as of 07/06/2020

30-Day Standardized Yield ² as of 05/31/2020