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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 05/31/2016

Total Net Assets
$1.59 B
Inception Date
06/30/2008
Dividend Frequency
Quarterly
Number of Holdings
78
CUSIP
543915391
Minimum Initial Investment
$1,500+

Expense Ratioas of 05/31/2016

Yield

12-Month Dividend Yield 1 as of 06/29/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.61% 3.52%
w/ sales charge 3.40% 3.31%

30-Day Standardized Yield 2 as of 05/31/2016  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.55% 3.48%

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 -2.06% -13.61% -1.13% -1.01% - -0.37%
Lipper Category Avg. International Equity Income Funds - - - - - -
MSCI All Country World ex-U.S. Value Index - Net Dividends - - - - - -
w/ sales charge -7.65% -18.58% -3.08% -2.17% - -1.10%

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 -2.06% -13.61% -1.13% -1.01% - -0.37%
Lipper Category Avg. International Equity Income Funds - - - - - -
MSCI All Country World ex-U.S. Value Index - Net Dividends - - - - - -
w/ sales charge -7.65% -18.58% -3.08% -2.17% - -1.10%

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 05/31/2016View Portfolio

Country Assets
United Kingdom 26.3%
Canada 10.8%
France 7.9%
Australia 7.0%
Japan 5.1%
Spain 4.7%
New Zealand 3.6%
Hong Kong 3.4%
Germany 3.3%
Belgium 2.5%
China 2.3%
Italy 2.3%
Switzerland 2.3%
Singapore 2.0%
Bermuda 1.5%
Taiwan 1.5%
Russian Federation 1.4%
Sweden 1.2%
Israel 1.1%
Brazil 0.9%
India 0.9%
Indonesia 0.7%
Netherlands 0.7%
Republic of Korea 0.7%
Turkey 0.7%
South Africa 0.5%
Region Weighting Fund Change from Previous Quarter
United Kingdom arrowDown1.8%
Americas arrowUp2.0%
EMEA arrowUp0.7%
Asia/Pacific arrowDown0.6%
Europe ex-U.K. arrowDown1.5%
Japan arrowDown0.7%
Cash arrowUp1.8%

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 33 Investment Professionals and 18 Years Avg. Industry Experience

Contact a Representative

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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 -2.06% -13.61% -1.13% -1.01% - -0.37%
Lipper Category Avg. International Equity Income Funds - - - - - -
MSCI All Country World ex-U.S. Value Index - Net Dividends - - - - - -
w/ sales charge -7.65% -18.58% -3.08% -2.17% - -1.10%

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 -2.06% -13.61% -1.13% -1.01% - -0.37%
Lipper Category Avg. International Equity Income Funds - - - - - -
MSCI All Country World ex-U.S. Value Index - Net Dividends - - - - - -
w/ sales charge -7.65% -18.58% -3.08% -2.17% - -1.10%

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 All Country World ex-U.S. Value Index - Net Dividends
2015 -11.75% -10.07%
2014 -3.09% -5.10%
2013 14.42% 15.04%
2012 15.61% 16.96%
2011 -9.00% -13.19%
2010 4.10% 7.83%
2009 40.62% 44.29%
2008 -34.23% -45.47%
Year Q1 Q2 Q3 Q4 Yearly Returns
2016 0.32% - - - -2.06%
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%

Growth of $10,000 as of 04/30/2016

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Countryas of 05/31/2016

Country Assets
United Kingdom 26.3%
Canada 10.8%
France 7.9%
Australia 7.0%
Japan 5.1%
Spain 4.7%
New Zealand 3.6%
Hong Kong 3.4%
Germany 3.3%
Belgium 2.5%
China 2.3%
Italy 2.3%
Switzerland 2.3%
Singapore 2.0%
Bermuda 1.5%
Taiwan 1.5%
Russian Federation 1.4%
Sweden 1.2%
Israel 1.1%
Brazil 0.9%
India 0.9%
Indonesia 0.7%
Netherlands 0.7%
Republic of Korea 0.7%
Turkey 0.7%
South Africa 0.5%
Region Weighting Fund Change from Previous Quarter
United Kingdom arrowDown1.8%
Americas arrowUp2.0%
EMEA arrowUp0.7%
Asia/Pacific arrowDown0.6%
Europe ex-U.K. arrowDown1.5%
Japan arrowDown0.7%
Cash arrowUp1.8%

Portfolio Positioning as of 03/31/2016

  • In the first quarter, we increased the portfolio’s exposure to energy stocks, moving from an underweight to an overweight position relative to its benchmark, the MSCI ACWI Ex-U.S. Value Index. We established new positions in a Russian oil company listed in the United Kingdom, and a Canadian energy infrastructure firm. Although the portfolio remains considerably underweight in the materials sector, we added to the portfolio’s allocation through the purchase of a New Zealand-based building materials manufacturer.
  • We moved to a more significantly underweight position in the industrials sector, following the sales of a Spanish construction firm and an Australian rail freight company. During the quarter, we trimmed the portfolio’s overweight to the telecommunications sector by selling shares in a Danish telephone company and reducing the portfolio’s position in a Finnish telecommunications business.
  • The portfolio is overweight in consumer discretionary, consumer staples, energy, telecommunications, and utilities relative to its benchmark. The portfolio’s underweight positions are in the financials, health care, industrials, information technology, and materials sectors.
  • Geographically, we reduced the portfolio’s exposure to the United Kingdom, although we remain overweight the country. We moved to an underweight position in Europe ex-United Kingdom, and remain underweight in Asia Pacific ex-Japan. We also reduced the portfolio’s allocation to Japan, which remains an underweight position. The portfolio now is slightly overweight in the Americas.
  • The portfolio’s allocation to emerging markets stood at approximately 9.7% at quarter-end.

Portfolio Details as of 05/31/2016

Weighted Average Market Cap.
45.3 B
P/E Ratio
14.8x
P/B Ratio
1.7x
Portfolio Turnover Ratio as of 10/30/2015
77.4%
Number of Holdings
78
Total Net Assets
$1.59 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  03/31/2016

Contributors

Holding Contribution
Snam S.p.A. 0.5%
Crescent Point Energy Trust 0.4%
Sands China Ltd 0.4%
Telecom Corp. of New Ze 0.3%
RioCan Real Estate Investment Trust 0.3%

Detractors

Holding Contribution
Barclays plc -0.4%
Hsbc Holdings plc -0.4%
ITV plc -0.3%
Berkeley Grp Hldgs plc -0.3%
Prudential plc -0.3%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of06/29/2016
$0.061
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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
06/29/2016 06/30/2016 06/30/2016
09/29/2016 09/30/2016 09/30/2016
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 06/29/2016

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $6.97
$50,000 to $99,999 4.75% 4.00% $6.90
$100,000 to $249,999 3.95% 3.25% $6.84
$250,000 to $499,999 2.75% 2.25% $6.76
$500,000 to $999,999 1.95% 1.75% $6.70
$1,000,000 to $5,000,000 0.00% 1.00% $6.57

Expense Ratioas of 05/31/2016

Fund Review

Fund Review

Market Review as of 03/31/2016

Global equity market performance was mixed in the first quarter of 2016. The MSCI EAFE Index1fell by 3.01% (in U.S. dollar terms). Emerging markets stocks (as represented by the MSCI Emerging Markets Index2) performed positively during the quarter, rising by 5.71% (in U.S. dollar terms), thereby outperforming developed markets over the course of the first quarter.

Within developed markets, the United Kingdom and France were outperformers, while Japan and Germany underperformed. With regards to sector performance, energy and consumer staples outperformed, while financials and health care stocks lagged the broader index. After a difficult start to the year, global equity markets recovered some of the losses in the second half of the quarter as investors were encouraged by stabilizing oil prices, slowing, but positive, economic growth, and accommodative central bank policies.

U.S. dollar weakness was one of the key themes of the quarter; the currency fell by nearly 5% against the euro and by almost 7% against the Japanese yen, marginally reversing the moves seen over the past five years. After the U.S. Federal Reserve raised interest rates in December 2015, it decided to hold its benchmark interest rate unchanged during the first quarter, citing softer global economic growth. The weaker U.S. dollar supported crude oil prices, which rallied in the first quarter, moving closer to $40 per barrel, having fallen throughout 2015, while prices were supported by a drawdown in U.S. crude inventories. Copper and iron ore prices also rose over the period.

Following weak performance in the first two months of the year, European equity markets steadied in March after the European Central Bank announced that it would increase its existing monetary easing program from €60 billion to €80 billion per month. From the time of that announcement to the end of the quarter, the euro rallied against the U.S. dollar.

In January, the Bank of Japan introduced negative rates on excess reserves in an effort to stimulate economic growth. However, despite the action initially supporting the Japanese equity market, expectations of further quantitative easing were not enough to keep returns in positive territory during the quarter.

Fund Review as of 03/31/2016

The Fund returned 0.32%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, for the quarter ended March 31, 2016, compared to its benchmark, the MSCI All Country World Ex-U.S. Value Index with Gross Dividends,3 which returned -0.29%, and the MSCI All Country World Ex-U.S. Value Index with Net Dividends,3 which returned -0.41%.  Average annual total returns, which reflect performance at the maximum 5.75% sales charge applicable to Class A share investments and include the reinvestment of all distributions, as of March 31, 2016, are: one year: -16.60%; five years: -1.64%; and since inception (June 30, 2008): -0.83%. Expense ratio, gross: 1.15%, and net: 1.12%.

Performance data quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data 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 month-end, call Lord Abbett at 888-522-2388 or visit us at www.lordabbett.com.

The largest contributors to the Fund’s relative performance over the first quarter of 2016 were stock selection in the utilities and consumer discretionary sectors, and a significant underweight to the financials sector, as financials stocks underperformed the broader index over the period. The Fund was invested in better-performing real estate investment trusts in Canada, France and Australia, which were bolstered by generally supportive real estate markets and low interest rates globally.

Within the consumer discretionary sector, the Fund was supported by Macau integrated resort developer Sands China Ltd., which rose after reporting better than expected earnings results, committing to a dividend, and stating that it saw signs of stabilization for its properties. In addition, Tofaş, a Turkish automaker, saw its share price rise on the back of stronger than forecast net profit in the fourth quarter of 2015, and solid growth in net income for the full year.

Security selection in the utilities sector also supported returns. During the quarter, Italian natural gas infrastructure company Snam S.p.A. benefited from better than expected net profit for 2015, as well as the announcement of a potential de-merger of its gas distribution business Italgas. Furthermore, an overweight to the telecommunications sector was also supportive.

Conversely, stock selection within the energy sector detracted from the Fund’s relative performance. Within the sector, shares of Canadian oil and natural gas producer Whitecap Resources Inc. declined, weighed down by general equity market weakness and dividend cuts by several Canadian energy firms. The sharp fall in the price of oil over the last year prompted the company to reduce its dividend and capital expenditure program. In addition, French multinational oil and gas company Total S.A. underperformed the broader sector, due to concerns in the marketplace that low oil prices may force the firm to sell assets to fund its dividend.

Finally, stock selection in and an underweight to the materials sector hurt the Fund on a relative basis. Shares of Rio Tinto, a British-Australian multinational metals and mining corporation, underperformed, as analysts reduced their iron ore price forecasts. Separately, companies which had fallen significantly last year outperformed from a low base. The broader sector outperformed the index; therefore, our underweight was a detractor from relative returns.

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

Global equity markets recovered during the first quarter, as economic news from the United States and China, the world’s two largest economies, was better than expected. Looking forward, the International Monetary Fund continues to see a prolonged period of slow global growth. At the margin, higher commodity prices, if maintained near current levels, will give the developing world a better growth outlook.

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 (GDP) is represented by countries with negative central bank interest rates. These negative rates across parts of Europe and Japan have put significant pressure on commercial banks’ profits in these countries. As a result, the Fund is underweight financials, and also Japanese stocks in aggregate, which generally have lower dividend yields than other countries.

We continue to be attracted to stable growth companies with reasonable valuations and stable to improving fundamentals.  The Fund is overweight in the consumer discretionary, consumer staples, energy, telecommunications, and utilities sectors, and has underweight positions in financials, health care, industrials, information technology, and materials

As always, there are certain risk events that we are tracking closely.  The referendum on June 23, 2016, on whether the United Kingdom will stay in the European Union is an important event for the United Kingdom, Europe, and the West.  A “leave” vote would cause growth to slow within the United Kingdom, as investment and trade would likely slow. In the past quarter, we reduced the Fund’s exposure to the United Kingdom, although retain an overweight position, given the global construct of many United Kingdom-listed companies.

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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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.


The MSCI All Country World ex-U.S. Value Index is a subset of the MSCI ACWI Index. The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization weighted 
index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI Ex-U.S. 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. The MSCI ACWI Ex-U.S. Index with Net Dividends approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. Index is unmanaged, does not reflect the deduction of fees or expenses and is not available for direct investment.  

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