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International Dividend Income Fund

Summary

Summary

What is the International Dividend Income Fund?

The Fund seeks to deliver long-term growth of capital and current income by investing primarily in stocks of dividend-paying international companies.


VETERAN INTERNATIONAL MANAGERS

The management team are pioneers in exploring international equities, investing abroad since the 1980’s in what were once uncharted and unknown markets to the average U.S. investor.

DIVIDEND INCOME
WITH VALUATION FOCUS

The strategy has a narrow focus on stocks that have consistently offered the highest dividend yields, only selecting those with attractive valuations, strong fundamentals, and sound management teams.


DIVERSIFICATION AND INCOME

The resulting portfolio has consistently delivered high income relative to its peers through investing in high dividend value stocks and taking advantage of the power of reinvested dividends.

Fund Basicsas of 10/31/2016

Total Net Assets
$1.34 B
Inception Date
06/30/2008
Dividend Frequency
Quarterly
Number of Holdings
79
CUSIP
543915391
Minimum Initial Investment
$1,500+

Expense Ratioas of 11/30/2016

Yield

12-Month Dividend Yield 1 as of 12/09/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.38% 3.29%
w/ sales charge 3.19% 3.11%

30-Day Standardized Yield 2 as of 11/30/2016  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.05% 2.97%

Fund Expense Ratio :

Gross 1.21%

Net 1.12%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2008
w/o sales charge 0.35% -1.74% -4.66% 2.08% - -0.06%
Lipper Category Avg. International Equity Income Funds 0.49% -1.46% -2.95% 3.44% - -
MSCI ACWI ex US High Dividend Yield Net USD 4.46% 0.89% -3.89% 3.75% - 1.11%
w/ sales charge -5.38% -7.34% -6.52% 0.88% - -0.76%

Fund Expense Ratio :

Gross 1.21%

Net 1.12%

Fund Expense Ratio :

Gross 1.21%

Net 1.12%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2008
w/o sales charge 4.61% 6.73% -2.27% 4.27% - 0.44%
Lipper Category Avg. International Equity Income Funds 4.91% 7.43% -0.38% 5.45% - -
MSCI ACWI ex US High Dividend Yield Net USD 7.39% 7.42% -1.68% 5.19% - 1.47%
w/ sales charge -1.37% 0.55% -4.17% 3.04% - -0.28%

Fund Expense Ratio :

Gross 1.21%

Net 1.12%

RELATED CONTENT

Dynamic Duo: Reinvested International Dividends and Capital Appreciation
May 4, 2015

High dividend yields overseas and a rigorous valuation approach can increase the potential for strong total returns.

International Equities: Taking a Cue from QE
March 23, 2015

With bond-buying by the European Central Bank depressing investment yields, where can income investors turn now?

Discover the Total Dividend Approach: Income and Growth from U.S. and International Dividend-Paying Stocks
February 17, 2015

Searching for yield and return in a low-rate environment? Three types of dividend payers can provide a more balanced foundation.

Countryas of 10/31/2016View Portfolio

Country Assets
United Kingdom 21.1%
Canada 6.8%
France 6.8%
Spain 6.1%
Germany 6%
Australia 5.8%
Hong Kong 5%
China 4.2%
Japan 4.1%
New Zealand 3.4%
Switzerland 3%
Republic of Korea 2.9%
Netherlands 2.6%
Belgium 2.3%
South Africa 2%
Bermuda 1.9%
Russian Federation 1.8%
Taiwan 1.8%
India 1.5%
Brazil 1.4%
Portugal 1.2%
Denmark 1.1%
Israel 1%
Sweden 0.9%
Indonesia 0.8%
Italy 0.8%
Turkey 0.8%
Singapore 0.6%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowUp3.6%
Japan arrowUp0.2%
Asia/Pacific arrowDown0.3%
EMEA arrowUp1.0%
Americas arrowDown0.1%
United Kingdom arrowDown3.3%
Cash arrowDown1.0%

Investment Team

Vincent J. McBride
Vincent J. McBride

Partner & Director

29 Years of Industry Experience

Todd D. Jacobson
Todd D. Jacobson, CFA

Partner & Associate Director

28 Years of Industry Experience

Supported By 37 Investment Professionals and 18 Years Avg. Industry Experience

Contact a Representative

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

Performance

Performance

Fund Expense Ratio :

Gross 1.21%

Net 1.12%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2008
w/o sales charge 0.35% -1.74% -4.66% 2.08% - -0.06%
Lipper Category Avg. International Equity Income Funds 0.49% -1.46% -2.95% 3.44% - -
MSCI ACWI ex US High Dividend Yield Net USD 4.46% 0.89% -3.89% 3.75% - 1.11%
w/ sales charge -5.38% -7.34% -6.52% 0.88% - -0.76%

Fund Expense Ratio :

Gross 1.21%

Net 1.12%

Fund Expense Ratio :

Gross 1.21%

Net 1.12%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2008
w/o sales charge 4.61% 6.73% -2.27% 4.27% - 0.44%
Lipper Category Avg. International Equity Income Funds 4.91% 7.43% -0.38% 5.45% - -
MSCI ACWI ex US High Dividend Yield Net USD 7.39% 7.42% -1.68% 5.19% - 1.47%
w/ sales charge -1.37% 0.55% -4.17% 3.04% - -0.28%

Fund Expense Ratio :

Gross 1.21%

Net 1.12%

Best returns

Durations Fund Returns Blended Index
3-Mo 38.24 44.87
1-Yr 65.1 69.31

Worst returns

Durations Fund Returns Blended Index
3-Mo -35.42 -36.42
1-Yr -26.91 -27.98
Year Fund Returns MSCI ACWI ex US High Dividend Yield Net USD
2015 -11.75% -12.38%
2014 -3.09% -3.87%
2013 14.42% 16.27%
2012 15.61% 16.84%
2011 -9.00% -6.20%
2010 4.10% 3.71%
2009 40.62% 48.91%
2008 -34.23% -45.87%
Year Q1 Q2 Q3 Q4 Yearly Returns
2016 0.32% -0.58% 4.88% - 3.24%
2015 0.04% -0.06% -13.49% 2.03% -11.75%
2014 2.21% 5.84% -6.80% -3.89% -3.09%
2013 3.12% -3.84% 10.59% 4.34% 14.42%
2012 10.76% -8.22% 5.87% 7.43% 15.61%
2011 5.73% 2.05% -19.00% 4.14% -9.00%
2010 0.03% -13.98% 16.00% 4.31% 4.10%
2009 -13.87% 29.03% 23.18% 2.72% 40.62%
2008 - - -16.59% -21.15% -34.23%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Countryas of 10/31/2016

Country Assets
United Kingdom 21.1%
Canada 6.8%
France 6.8%
Spain 6.1%
Germany 6%
Australia 5.8%
Hong Kong 5%
China 4.2%
Japan 4.1%
New Zealand 3.4%
Switzerland 3%
Republic of Korea 2.9%
Netherlands 2.6%
Belgium 2.3%
South Africa 2%
Bermuda 1.9%
Russian Federation 1.8%
Taiwan 1.8%
India 1.5%
Brazil 1.4%
Portugal 1.2%
Denmark 1.1%
Israel 1%
Sweden 0.9%
Indonesia 0.8%
Italy 0.8%
Turkey 0.8%
Singapore 0.6%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowUp3.6%
Japan arrowUp0.2%
Asia/Pacific arrowDown0.3%
EMEA arrowUp1.0%
Americas arrowDown0.1%
United Kingdom arrowDown3.3%
Cash arrowDown1.0%

Portfolio Positioning as of 09/30/2016

  • In the third quarter, we decreased the portfolio’s exposure to energy stocks, moving to a smaller overweight position relative to its benchmark, the MSCI ACWI Ex-U.S. High Dividend Yield Index, by selling shares in a Canadian oil producer. Although the portfolio remains underweight in the materials sector, we added to the portfolio’s allocation through the purchase of an Australian mining, metals, and petroleum producer.
  • We decreased the portfolio’s exposure to the utilities sector, following the sale of shares of an Italian natural gas infrastructure company, but remain overweight, relative to the benchmark. We added to the portfolio’s information technology allocation, with the purchase of a South Korean electronics manufacturer, but remain underweight relative to the benchmark.
  • The portfolio is overweight in utilities, industrials, energy, real estate, and telecom services, relative to its benchmark. The portfolio’s underweight positions are in the health care, financials, information technology, consumer staples, consumer discretionary, and materials sectors.
  • Geographically, we increased the portfolio’s exposure to Europe ex-United Kingdom, and now are overweight in the region, relative to the benchmark. We reduced the portfolio’s exposure to the United Kingdom, and are underweight relative to the benchmark.  We remain overweight in Asia Pacific ex-Japan, as the allocation to the region was increased during the quarter.
  • The portfolio’s allocation to emerging markets stood at approximately 13.7% at quarter-end.

Portfolio Details as of 10/31/2016

Weighted Average Market Cap.
50.5 B
P/E Ratio
13.8x
P/B Ratio
1.6x
Portfolio Turnover Ratio as of 10/30/2015
77.4%
Number of Holdings
79
Total Net Assets
$1.34 B

Attribution Analysis 

International Dividend Income Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Contributors & Detractors as of  09/30/2016

Contributors

Holding Contribution
Sands China Ltd 0.5%
Fletcher Building Ltd. 0.4%
Hsbc Holdings plc 0.3%
Oil Company Lukoil Pjsc 0.3%
Taiwan Semiconductor Ma 0.3%

Detractors

Holding Contribution
Crescent Pt Energy Tr -0.3%
Royal Dutch Shell plc -0.2%
Asaleo Care Limited -0.2%
Snam S.p.A. -0.1%
Roche Holding Ltd. AG -0.1%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 12/09/2016
$0.194
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
09/29/2016 09/30/2016 09/30/2016 $0.03150 $6.88
06/29/2016 06/30/2016 06/30/2016 $0.10100 $6.59
03/30/2016 03/31/2016 03/31/2016 $0.06190 $6.73

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
12/29/2016 12/30/2016 12/30/2016

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/18/2014 12/19/2014 $0.4903 - $0.4903 $7.99

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
12/15/2016 12/16/2016

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% $7.20
$50,000 to $99,999 4.75% 4.00% $7.13
$100,000 to $249,999 3.95% 3.25% $7.07
$250,000 to $499,999 2.75% 2.25% $6.98
$500,000 to $999,999 1.95% 1.75% $6.93
$1,000,000 to $5,000,000 0.00% 1.00% $6.79

Expense Ratioas of 11/30/2016

Fund Review

Fund Review

Market Reviewas of 09/30/2016

Non-U.S. equity markets, as represented by the MSCI EAFE Index1, rose by 6.50% (in U.S. dollar terms) during the third quarter of 2016, rising. Moreover, emerging market equities, as represented by the MSCI Emerging Markets Index2, outpaced developed market equities, rising by 9.03% (in U.S. dollar terms). .

Within developed markets, Japanese and German equities performed best, while U.K. stocks lagged. With regard to sector performance, consumer discretionary, financials, information technology, industrials, and materials finished positive during the quarter, while energy, health care, utilities, and telecommunication services fell and lagged the broader index.

The key themes during the quarter were the market’s rapid recovery from the shock following the U.K.’s decision, on June 23, to leave the European Union (“Brexit”), as well as the market’s continued focus on central bank action around the world. The U.K.’s FTSE 100 recovered more than 15% from post-Brexit lows, although the British pound remains near 30-year lows. Many central banks across the globe maintained their historically dovish stances towards interest rate policy during the period. For example, in September, the European Central Bank left interest rates unchanged at record lows, including its deposit rate at -0.4%. Additionally, 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 inflation – as measured by the Consumer Price Index - exceeds 2%.

Fund Review as of 09/30/2016

The Fund* underperformed its benchmark, the combined MSCI ACWI (All Country World Index) Ex-U.S. Value Index,3 and MSCI ACWI (All Country World Index) Ex-U.S. High Dividend Yield Index,4 during the third quarter. (The MSCI ACWI Ex-U.S. High Dividend Yield Index replaced the MSCI ACWI Ex-U.S. Value Index as the Fund’s primary benchmark index effective July 29, 2016.) For this quarter, the Fund’s benchmark was the MSCI ACWI Ex-U.S. Value Index until July 29, 2016, and the MSCI ACWI Ex-U.S. High Dividend Yield Index from July 29 to the end of the quarter.

Stock selection in the financials sector adversely affected relative performance during the third quarter. An underweight position in HSBC Holdings plc detracted from relative performance, as the stock advanced throughout the quarter. The company reported earnings, with revenue beating estimates and costs below estimates, and initiated a new buyback program. The Fund also held an overweight position in the U.K. bank Lloyds TSB Group, whose stock declined in the third quarter. The company lowered its guidance as a result of the Brexit vote, which is expected to result in slower growth in the United Kingdom.

Stock selection in the consumer staples sector also adversely affected relative performance in the quarter. An overweight position in personal care and hygiene company Asaleo Care Limited suffered, as the company reported poor earnings results and indicated an uncertain operating environment. In addition, an overweight position in Imperial Brands, a tobacco producer, detracted from performance, as the company suffered from an uncertain environment in the United Kingdom.

Stock selection in the health care sector positively contributed to the Fund’s relative performance. An underweight position in French therapeutic company Sanofi added to the Fund’s relative performance, as the company’s stock declined during the quarter. The company was hurt by disappointing earnings results, reduced future growth expectations, and an exclusion of the company’s diabetes drug from CVS’s formulary. An underweight position in GlaxoSmithKline plc also added to relative performance as the company gave up some gains from earlier in the year.

The information technology sector was another area of relative outperformance for the Fund. Taiwan Semiconductor Manufacturing Co. outperformed during the quarter, as the company benefited from strong demand for smartphones, and expansion into new areas such as automotive and high-performance computing. An overweight position in communications equipment manufacturer VTech Holdings Ltd also helped contribute to the Fund’s relative performance, as the company’s stock advanced on the back of the completion of the LeapFrog acquisition, which is expected to drive future growth.

Please refer to www.lordabbett.com under the “Portfolio” tab for a complete list of holdings of the Fund, including the securities discussed above.

Outlook

The post-Brexit recovery in global equity markets during the third quarter was driven by a number of perceived positive factors.  Economic data out of the U.K. has remained respectable, and economic growth out of the world’s two biggest economies, the United States and China, has remained buoyant and in line with market expectations.  Emerging-market equities and currencies have continued their recovery, year to date, driven by positive political outcomes in Brazil, higher commodity prices, and an increasingly positive view of Chinese growth prospects.  We have added to our holdings in emerging markets across the energy, financial, and industrials sectors.

Modest global growth has encouraged a number of central banks around the world to enact unconventional monetary policies; almost 25% of global gross domestic product is represented by countries with negative central bank interest rates. These negative rates across parts of Europe and Japan have put significant pressure on the profits of commercial banks in these countries.  Many investors believe that the U.S. Federal Reserve will increase interest rates during the fourth quarter of 2016.  While we remain underweight financials, we have been adding to a number of holdings in this sector.  We also have been reducing our holdings across the real estate and utilities sectors, both of which have benefited over the past few years from very low interest rates.

We continue to be attracted to stable-growth companies with reasonable valuations and stable to improving fundamentals.  The Fund is overweight in the consumer staples, energy, industrials, and utilities sectors.  The Fund remains underweight across the financials and materials sectors.

Investors currently face a low interest-rate world with modest global growth rates. We believe that our focus on companies with above-average dividend yields and below-average valuations should result in attractive total-return opportunities.

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
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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

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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.

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