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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 10/31/2016

Total Net Assets
$566.06 M
Inception Date
12/13/1996
Dividend Frequency
Annually
Number of Holdings
114
CUSIP
543915854
Minimum Initial Investment
$1,500+

Expense Ratioas of 11/30/2016

Fund Expense Ratio :

1.33%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/13/1996
w/o sales charge -4.71% -5.04% 0.22% 8.63% 2.35% 4.56%
Lipper Category Avg. International Small/Mid-Cap Growth -2.44% -2.59% -0.10% 7.82% 3.41% -
S&P Developed Ex-U.S. SmallCap Index 1.01% 1.12% 1.90% 8.65% 3.11% -
w/ sales charge -10.21% -10.48% -1.74% 7.35% 1.75% 4.25%

Fund Expense Ratio :

1.33%

Fund Expense Ratio :

1.33%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/13/1996
w/o sales charge 1.47% 6.53% 4.07% 11.31% 3.85% 4.93%
Lipper Category Avg. International Small/Mid-Cap Growth 4.76% 8.93% 2.91% 10.35% 5.04% -
S&P Developed Ex-U.S. SmallCap Index 7.11% 12.70% 5.04% 10.63% 4.60% -
w/ sales charge -4.38% 0.42% 2.04% 10.00% 3.24% 4.62%

Fund Expense Ratio :

1.33%

RELATED CONTENT

International Small Caps: A Stimulating Opportunity
International Small Caps: A Stimulating Opportunity
October 26, 2015

Additional bond-buying moves by the European Central Bank could extend the rally in the asset class.

Countryas of 10/31/2016View Portfolio

Country Assets
Japan 23.3%
United Kingdom 9.5%
Canada 6.3%
France 5.3%
Germany 5.2%
Italy 5.1%
Ireland 4.7%
Sweden 4.7%
India 4.1%
Australia 3.3%
Netherlands 3.3%
United States 2.7%
Indonesia 2.5%
Spain 2.4%
Finland 2.3%
Switzerland 2.2%
Philippines 1.8%
Israel 1.5%
Taiwan 1.3%
Hong Kong 1.1%
China 1%
Portugal 0.8%
Bermuda 0.7%
Austria 0.3%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown1.7%
Japan arrowDown1.0%
Asia/Pacific arrowDown0.8%
Americas arrowUp0.6%
United Kingdom arrowUp1.5%
Cash arrowUp1.0%

Investment Team

Todd D. Jacobson
Todd D. Jacobson, CFA

Partner & Associate Director

28 Years of Industry Experience

A. Edward Allinson
A. Edward Allinson, CFA

Portfolio Manager

31 Years of Industry Experience

Vincent J. McBride
Vincent J. McBride

Partner & Director

29 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 :

1.33%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/13/1996
w/o sales charge -4.71% -5.04% 0.22% 8.63% 2.35% 4.56%
Lipper Category Avg. International Small/Mid-Cap Growth -2.44% -2.59% -0.10% 7.82% 3.41% -
S&P Developed Ex-U.S. SmallCap Index 1.01% 1.12% 1.90% 8.65% 3.11% -
w/ sales charge -10.21% -10.48% -1.74% 7.35% 1.75% 4.25%

Fund Expense Ratio :

1.33%

Fund Expense Ratio :

1.33%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/13/1996
w/o sales charge 1.47% 6.53% 4.07% 11.31% 3.85% 4.93%
Lipper Category Avg. International Small/Mid-Cap Growth 4.76% 8.93% 2.91% 10.35% 5.04% -
S&P Developed Ex-U.S. SmallCap Index 7.11% 12.70% 5.04% 10.63% 4.60% -
w/ sales charge -4.38% 0.42% 2.04% 10.00% 3.24% 4.62%

Fund Expense Ratio :

1.33%

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
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% 29.42%
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% -
1996 0.42% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2016 -1.22% -4.28% 7.31% - -3.00%
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 11/30/2016

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Countryas of 10/31/2016

Country Assets
Japan 23.3%
United Kingdom 9.5%
Canada 6.3%
France 5.3%
Germany 5.2%
Italy 5.1%
Ireland 4.7%
Sweden 4.7%
India 4.1%
Australia 3.3%
Netherlands 3.3%
United States 2.7%
Indonesia 2.5%
Spain 2.4%
Finland 2.3%
Switzerland 2.2%
Philippines 1.8%
Israel 1.5%
Taiwan 1.3%
Hong Kong 1.1%
China 1%
Portugal 0.8%
Bermuda 0.7%
Austria 0.3%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown1.7%
Japan arrowDown1.0%
Asia/Pacific arrowDown0.8%
Americas arrowUp0.6%
United Kingdom arrowUp1.5%
Cash arrowUp1.0%

Portfolio Positioning as of 09/30/2016

  • During the third quarter, we reduced the portfolio’s consumer discretionary allocation, moving from an overweight to an underweight, relative to the portfolio’s benchmark, the S&P Developed Ex-U.S. Small Cap Index. The most notable sales in the sector were those of a Hong Kong power tools manufacturer and a Japanese operator of restaurants and cafes. We also increased the portfolio’s exposure to the information technology sector, further increasing the overweight in the sector, relative to the portfolio’s benchmark. The most notable purchase in the sector was that of a Japanese electronic systems manufacturer. We reduced the portfolio’s allocation to the financials sector, and remain slightly underweight, relative to the portfolio’s benchmark. The benchmark’s financials exposure decreased during the period as a new real estate sector was created by carving out those stocks from the financials sector.
  • We reduced the portfolio’s allocation to financials, consumer discretionary, consumer staples, materials, and utilities. We increased the portfolio’s allocation to information technology, industrials, and telecom services, and added real estate as a separate sector consistent with the portfolio’s benchmark.
  • The portfolio is overweight relative to its benchmark in information technology, real estate, consumer staples, and utilities. The portfolio is underweight in health care, materials, industrials, and consumer discretionary, and broadly neutral in financials, telecom services, and energy.
  • We increased the portfolio’s allocation to Western Europe, moving from an underweight to a slight overweight on the region. We also increased the portfolio’s position in Japan, to a further overweight, relative to the benchmark. The portfolio’s position in North America was decreased, from an overweight to an underweight, relative to the benchmark. The portfolio remains underweight, relative to the benchmark, in the United Kingdom and Asia Developed.
  • The portfolio’s allocation to emerging markets stood at 10.3% at quarter-end.

Portfolio Details as of 10/31/2016

Weighted Average Market Cap.
2.4 B
P/E Ratio
17.6x
P/B Ratio
1.9x
Portfolio Turnover Ratio as of 10/30/2015
81.5%
Number of Holdings
114
Total Net Assets
$566.06 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  09/30/2016

Contributors

Holding Contribution
Hitachi High-Tech Corp. 0.6%
CKD Corp. 0.6%
Arrow Global Group Plc 0.5%
Dewan Housing Finance 0.5%
Loomis AB 0.4%

Detractors

Holding Contribution
H.I.S. Co Ltd -0.2%
Housing Dev & Infra Ltd -0.2%
Sundrug Co Ltd -0.2%
Hudbay Minerals Inc -0.1%
Filinvest Land -0.1%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 12/09/2016
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/17/2015 12/18/2015 12/18/2015 $0.10490 $16.13

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
12/15/2016 12/16/2016 12/16/2016

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
12/15/2016 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% $16.82
$50,000 to $99,999 4.75% 4.00% $16.64
$100,000 to $249,999 3.95% 3.25% $16.50
$250,000 to $499,999 2.75% 2.25% $16.30
$500,000 to $999,999 1.95% 1.75% $16.17
$1,000,000 to $5,000,000 0.00% 1.00% $15.85

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

Stock selection in the consumer discretionary sector was a relative detractor from performance. H.I.S. Co Ltd., a Japanese travel company, underperformed due to a decline in tourism stemming from the Kumamoto earthquake in April 2016. The Fund was overweight St. Marc Holdings Co., a Japanese operator of restaurants and cafes, which underperformed due to a decline in same-store sales and customers’ preference for lower-cost dining options.

The real estate sector was another area of relative underperformance for the Fund. Indian Housing Development & Infrastructure Ltd. underperformed due to a decrease in earnings after a one-time write-off stemming from a transition of accounting methodology. Philippine real estate developer Filinvest land Inc. underperformed, as the company reported weak revenue in its residential and malls segments. In addition, delays in certain projects in the office and malls segments also pressured the stock.

Stock selection in the industrials sector contributed positively to the Fund’s relative performance. Shares of CKD Corp., a Japanese industrial machinery manufacturer, advanced throughout the quarter. The company benefited from higher machinery orders and strong semiconductor equipment performance, which helped the company beat earnings forecasts. Loomis AB, a Swedish cash-handling solutions provider, also positively contributed to performance, as its stock advanced. The company reported strong organic earnings growth, and a margin beat, and continues to maintain a strong balance sheet.

The Fund also had strong performance in the financial sector. Arrow Global Group PLC, a U.K. debt purchase and management business, outperformed throughout the quarter, as the company was able to successfully complete a debt refinancing. In addition, the company benefited from the bounce back of the U.K. market during the quarter following the shock caused by the Brexit vote. Shares of Dewan Housing Finance Corporation Ltd., an Indian consumer finance provider, advanced during the quarter, as the company benefited from strong asset growth, while also managing to reduce costs.

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 United Kingdom 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. 

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. 

Investors currently face a low interest-rate world with modest global growth rates. Global growth expectations continue to come down as the “lower for longer” notion on interest rates continues to get reinforced. Despite all the global uncertainty we believe that investment opportunities are still abundant. Market valuations remain reasonable, and corporations’ balance sheets and ability to grow earnings look respectable. In the current low-growth market environment, we continue to emphasize undervalued high-quality companies, cash-flow generation, dividends, and earnings growth, as solid indicators of 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)
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SAI
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Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
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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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