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International Opportunities Fund

Summary

Summary

What is the International Opportunities Fund?

The Fund seeks to deliver a high level of total return by investing primarily in stocks of small to mid-sized international companies.

Fund Basicsas of 01/31/2017

Total Net Assets
$539.79 M
Inception Date
12/13/1996
Dividend Frequency
Annually
Number of Holdings
113
CUSIP
543915854
Minimum Initial Investment
$1,500+

Expense Ratioas of 01/31/2017

Fund Expense Ratio :

1.27%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/13/1996
w/o sales charge 4.28% 8.92% 2.48% 8.77% 2.35% 4.81%
Lipper Category Avg. International Small/Mid-Cap Growth 3.80% 9.77% 1.96% 8.10% 3.32% -
S&P Developed Ex-U.S. SmallCap Index 3.45% 15.85% 3.71% 8.76% 3.27% -
w/ sales charge -1.74% 2.67% 0.47% 7.49% 1.75% 4.50%

Fund Expense Ratio :

1.27%

Fund Expense Ratio :

1.27%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/13/1996
w/o sales charge -3.41% -3.41% -0.11% 9.46% 2.04% 4.61%
Lipper Category Avg. International Small/Mid-Cap Growth 0.86% 0.86% -0.43% 8.77% 2.34% -
S&P Developed Ex-U.S. SmallCap Index 3.78% 3.78% 2.01% 9.67% 3.03% -
w/ sales charge -8.98% -8.98% -2.06% 8.17% 1.44% 4.30%

Fund Expense Ratio :

1.27%

RELATED CONTENT

Countryas of 01/31/2017View Portfolio

Country Assets
Japan 23.9%
United Kingdom 12.9%
Canada 7.4%
Germany 6.0%
France 5.2%
Ireland 4.5%
Italy 4.2%
Netherlands 4.2%
India 3.7%
Sweden 3.7%
United States 3.2%
Finland 2.9%
Philippines 2.3%
Australia 2.2%
China 1.6%
Hong Kong 1.5%
Switzerland 1.4%
Indonesia 1.3%
Israel 1.0%
Spain 1.0%
Bermuda 0.8%
Portugal 0.8%
Taiwan 0.8%
Guernsey 0.6%
Brazil 0.5%
Republic of Korea 0.5%
Austria 0.4%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown0.4%
Japan arrowDown1.7%
Asia/Pacific arrowUp1.6%
United Kingdom arrowUp0.3%
Americas arrowUp0.5%
Cash arrowDown0.1%

Investment Team

Todd D. Jacobson
Todd D. Jacobson, CFA

Partner & Associate Director

29 Years of Industry Experience

A. Edward Allinson
A. Edward Allinson, CFA

Portfolio Manager

32 Years of Industry Experience

Vincent J. McBride
Vincent J. McBride

Partner & Director

30 Years of Industry Experience

Supported By 36 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 :

1.27%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/13/1996
w/o sales charge 4.28% 8.92% 2.48% 8.77% 2.35% 4.81%
Lipper Category Avg. International Small/Mid-Cap Growth 3.80% 9.77% 1.96% 8.10% 3.32% -
S&P Developed Ex-U.S. SmallCap Index 3.45% 15.85% 3.71% 8.76% 3.27% -
w/ sales charge -1.74% 2.67% 0.47% 7.49% 1.75% 4.50%

Fund Expense Ratio :

1.27%

Fund Expense Ratio :

1.27%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/13/1996
w/o sales charge -3.41% -3.41% -0.11% 9.46% 2.04% 4.61%
Lipper Category Avg. International Small/Mid-Cap Growth 0.86% 0.86% -0.43% 8.77% 2.34% -
S&P Developed Ex-U.S. SmallCap Index 3.78% 3.78% 2.01% 9.67% 3.03% -
w/ sales charge -8.98% -8.98% -2.06% 8.17% 1.44% 4.30%

Fund Expense Ratio :

1.27%

Best returns

Durations Fund Returns Blended Index
3-Mo 43.29 40.21
1-Yr 75.11 69.54

Worst returns

Durations Fund Returns Blended Index
3-Mo -39.95 -40.89
1-Yr -57.81 -53.76
Year Fund Returns S&P Developed Ex-U.S. SmallCap Index
2016 -3.41% 3.78%
2015 9.86% 5.92%
2014 -6.06% -3.42%
2013 30.99% 26.06%
2012 20.35% 18.55%
2011 -15.23% -14.49%
2010 21.27% 21.96%
2009 49.08% 45.07%
2008 -51.20% -47.67%
2007 4.17% 7.34%
2006 28.67% -
2005 25.40% -
2004 20.62% -
2003 42.54% -
2002 -21.64% -
2001 -31.32% -
2000 -23.55% -
1999 27.26% -
1998 15.50% -
1997 19.71% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2017 - - - - 6.83%
2016 -1.22% -4.28% 7.31% -4.81% -3.41%
2015 6.70% 5.55% -7.09% 4.99% 9.86%
2014 1.04% 2.35% -7.80% -1.49% -6.06%
2013 9.23% -0.34% 11.78% 7.65% 30.99%
2012 15.23% -9.22% 10.25% 4.36% 20.35%
2011 1.27% 2.35% -20.99% 3.51% -15.23%
2010 4.32% -11.73% 19.65% 10.08% 21.27%
2009 -11.19% 36.73% 22.70% 0.05% 49.08%
2008 -12.51% -4.94% -24.96% -21.80% -51.20%
2007 4.86% 7.15% -1.88% -5.52% 4.17%
2006 12.95% -2.93% 3.43% 13.46% 28.67%
2005 1.51% 1.58% 13.46% 7.18% 25.40%
2004 9.23% 2.19% -4.08% 12.66% 20.62%
2003 -5.90% 18.47% 11.73% 14.43% 42.54%
2002 -3.84% -1.03% -20.18% 3.16% -21.64%
2001 -19.66% -0.95% -19.68% 7.46% -31.32%
2000 15.71% -13.41% -0.52% -23.30% -23.55%
1999 -0.15% 8.58% -2.42% 20.29% 27.26%
1998 23.70% 4.93% -19.01% 9.86% 15.50%
1997 6.23% 5.17% 2.93% 4.10% 19.71%
1996 - - - - 0.42%

Growth of $10,000 as of 01/31/2017

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Countryas of 01/31/2017

Country Assets
Japan 23.9%
United Kingdom 12.9%
Canada 7.4%
Germany 6.0%
France 5.2%
Ireland 4.5%
Italy 4.2%
Netherlands 4.2%
India 3.7%
Sweden 3.7%
United States 3.2%
Finland 2.9%
Philippines 2.3%
Australia 2.2%
China 1.6%
Hong Kong 1.5%
Switzerland 1.4%
Indonesia 1.3%
Israel 1.0%
Spain 1.0%
Bermuda 0.8%
Portugal 0.8%
Taiwan 0.8%
Guernsey 0.6%
Brazil 0.5%
Republic of Korea 0.5%
Austria 0.4%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown0.4%
Japan arrowDown1.7%
Asia/Pacific arrowUp1.6%
United Kingdom arrowUp0.3%
Americas arrowUp0.5%
Cash arrowDown0.1%

Portfolio Positioning as of 12/31/2016

  • During the fourth quarter, we increased the portfolio’s consumer discretionary allocation, moving from an underweight to an overweight position, relative to the portfolio’s benchmark, the S&P Developed Ex-U.S. Small Cap Index. We also increased the portfolio’s exposure to the energy sector, moving from an equal weight to an overweight position in the sector, relative to the portfolio’s benchmark. We increased the portfolio’s allocation to the materials and industrials sectors, decreasing the underweight positions in both sectors, relative to the portfolio’s benchmark. We also increased the portfolio’s financials allocation, moving to an overweight position relative to the portfolio’s benchmark.
  • We reduced the portfolio’s allocation to real estate, moving from an overweight to an underweight position, relative to the portfolio’s benchmark. We also decreased the portfolio’s allocation to information technology, but remain overweight relative to the benchmark. We also decreased the portfolio’s allocation to consumer staples, and now we are equal weight relative to the portfolio’s benchmark.
  • We decreased the portfolio’s allocation to Western Europe, moving from a slight overweight to an underweight in the region. We increased the portfolio’s position in the United Kingdom, from an underweight to an overweight in the region, relative to the benchmark. The portfolio’s position in North America was increased, from an underweight to an overweight, relative to the benchmark. The portfolio remains overweight, relative to the benchmark, in Japan and underweight to Asia-Pacific ex-Japan.
  • The portfolio’s allocation to emerging markets stood at 9.0% at quarter-end.

Portfolio Details as of 01/31/2017

Weighted Average Market Cap.
2.3 B
P/E Ratio
17.7x
P/B Ratio
2.1x
Portfolio Turnover Ratio as of 10/31/2016
81.7%
Number of Holdings
113
Total Net Assets
$539.79 M

Attribution Analysis 

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

Contributors & Detractors as of  12/30/2016

Contributors

Holding Contribution
SUMCO Corp. 0.8%
Hudbay Minerals Inc 0.3%
Cairn Homes plc 0.3%
RBL Bank Ltd. 0.2%
Africa Oil Corp 0.2%

Detractors

Holding Contribution
Vaneck Vectors Etf Tr J -0.6%
Dewan Housing Finance Corp. Ltd. -0.2%
Davide Campari-Milano S.p.A. -0.2%
OBIC Co., Ltd. -0.2%
en-japan Inc. -0.2%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 02/23/2017
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/15/2016 12/16/2016 12/16/2016 $0.11160 $15.50

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
12/14/2017 12/15/2017 12/15/2017

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2015 12/18/2015 $0.4449 $0.1621 $0.6070 $16.13

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
12/14/2017 12/15/2017

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 02/23/2017

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $17.76
$50,000 to $99,999 4.75% 4.00% $17.57
$100,000 to $249,999 3.95% 3.25% $17.43
$250,000 to $499,999 2.75% 2.25% $17.21
$500,000 to $999,999 1.95% 1.75% $17.07
$1,000,000 to $5,000,000 0.00% 1.00% $16.74

Expense Ratioas of 01/31/2017

Fund Review

Fund Review

Market Reviewas of 12/31/2016

Non-U.S. equity markets (as represented by the MSCI EAFE Index1) declined by 0.71% (in U.S. dollar terms) during the fourth quarter of 2016. Moreover, emerging-markets equities (as represented by the MSCI Emerging Markets Index2) trailed developed-markets equities, declining by 4.56% (in U.S. dollar terms).

Within developed markets, a strong U.S. dollar limited or eliminated positive returns across Japan, Europe and the U.K. With regard to sector performance, financials, energy, consumer discretionary, and materials all finished positive during the quarter, while consumer staples, health care, real estate, telecom and utilities fell.  This sector performance is consistent with a period of rising interest rates and inflation expectations; global cyclical shares outperformed stable growth shares.

The key themes during the quarter were the U.S. election, the Italian constitutional referendum, the U.S. Federal Reserve’s (Fed) December rate hike, and the strong U.S. dollar vs. most other currencies. The surprise Trump victory, combined with Republican control of both the House and the Senate, contributed to a strong rally to finish 2016, fueled by expectations for increased infrastructure and defense spending and broad tax reform.

The Trump election drove the Japanese yen sharply lower, resulting in a double-digit rally in Japan’s Nikkei, to close out the year. The Mexican peso also has suffered significantly since the election, as Trump repeatedly threatened to build a border wall with Mexico and took aim at multinational exporters and free-trade agreements. In Italy, a referendum on constitutional reforms to make laws easier to pass was voted down, causing Prime Minister Matteo Renzi to submit his resignation. The Italian government also approved a €20 billion facility in December to provide stability to its banking sector after capital levels were criticized by the ECB. 

Increased U.S inflation expectations drove bond yields higher after the election, and at its December meeting, the Fed raised the fed funds rate (for the second time in a decade), from a range of 0.25–0.50% to a range of 0.50–0.75%, and indicated that it was targeting three rate hikes in 2017. Most commodity prices, including crude oil, copper and iron ore, experienced 10%+ increases during the quarter. Oil prices benefitted during the quarter, as the Organization of Petroleum Exporting Countries reached a deal to reduce oil production for the first time since 2008.

Fund Review as of 12/31/2016

The Fund* underperformed its benchmark, the S&P Developed Ex-U.S. SmallCap® Index,3 during the fourth quarter.

Stock selection in the financials sector was a relative detractor from performance during the period. Shares of Dewan Housing Finance Corporation Ltd., an Indian consumer finance provider, declined during the quarter due to Prime Minister Narendra Modi’s demonetization initiative which is expected to hurt real estate volumes and prices. The Fund was overweight in Bank Tabungan Negara (persero) Tbk PT, an Indonesian bank, which underperformed due to a broader slowdown in the Indonesian banking sector.

Stock selection in the industrials sector was another area of relative underperformance for the Fund. En-Japan Inc., an online job information business, underperformed due to market concerns regarding supply-demand factors and the market shift to export and financial sectors. Nabtesco Corp., a Japanese machinery manufacturer, also underperformed due to the company’s limited weak yen benefit and potential downside risks to future earnings.

Stock selection in the information technology sector contributed positively to the Fund’s relative performance. Within the sector, SUMCO Corp., a Japanese silicon manufacturer, contributed to performance, as the stock advanced. The stock benefited from the yen’s weakening and the higher value of the company’s exports. Shares of overweight position VTech Holdings Ltd., a consumer electronic products company, rose due to Chinese currency weakness, and an improved outlook for 2017 earnings and dividends.

A sector underweight to the health care sector also contributed positively to the Fund’s relative performance as the sector underperformed during the quarter due to the shift to more cyclical sectors.

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 investment outlook in early 2017 is markedly different from just one year ago.  Investor sentiment and business confidence improved into late 2016, along with inflation expectations and government bond yields.  The outlook for global economic growth has improved, with the OECD projecting that world real GDP growth will accelerate, to 3.3% in 2017, versus 2.9% in 2016.  Both the developed and emerging worlds are forecast to improve in 2017.  The United States, Canada, and Japan are expected to grow more quickly, while the uncertainty surrounding “Brexit” is expected to moderate growth in the United Kingdom.  Within the emerging world, Brazil and Russia are expected to return to positive growth following two years of recession, as commodity prices have recovered.  China, while still robust, is forecast to grow at a slower pace in 2017.

The U.S. dollar was surprisingly strong versus most other currencies during the fourth quarter of 2016, as investors adjusted their expectations of future inflation and the likely direction of U.S. interest rates. While a strong U.S. dollar reduces overseas investor returns, a weak euro, Japanese yen, and British pound all contribute to increased corporate earnings in all three regions.  The current divergence in global monetary policy is likely to continue, with U.S. interest rates moving higher, and both the European Central Bank and Bank of Japan continuing with their respective quantitative easing programs.

We continue to monitor a number of potential risks over the coming months, including Brexit and its policy impact on the U.K. economy, the anti-establishment surge and its impact on important elections in France, Germany, and the Netherlands, and the potential slowdown in China if fiscal and monetary stimulus is curtailed.

As the market undergoes changes from the new macro environment, we believe that investment opportunities remain abundant. Global growth expectations have improved and valuations are still reasonable. We continue to emphasize undervalued, high-quality companies, cash-flow generation, dividends, and earnings growth as good investment opportunities that should benefit as uncertainty surrounding various macroeconomic issues subside.

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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).

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The S&P Developed Ex-U.S. SmallCap® Index captures the bottom 15% of companies domiciled in the developed markets excluding the United States within the S&P Global BMI with a float-adjusted market capitalization of at least US$100 million and a value traded of at least US$50 million for the past 12-months at the time of the annual reconstitution. Stocks are excluded if their market capitalization falls below USD 75 million, or if the value traded is less than USD 35 million at the time of reconstitution.

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