Multi-Asset Balanced Opportunity Fund

LABFX

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Daily price w/o sales charge as of 09/18/2020

$12.08

$0.06

YTD Returns w/o sales charge as of 09/18/2020

4.50%

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Summary

What is the Multi-Asset Balanced Opportunity Fund?

The Fund seeks to deliver long-term growth of capital with current monthly income by investing primarily in Lord Abbett Funds that invest in a wide variety of U.S. stocks and bonds along with select international securities.

DIVERSE ASSETS

This Fund is designed with the flexibility to invest in bonds, stocks, and currencies from around the world.

TACTICALLY MANAGED

The investment team can rapidly shift allocations based on market opportunities and to hedge unwanted exposures.

STRONG GROWTH WITH INCOME

Led by a senior Investment Committee, the Fund has delivered competitive performance and attractive income.

Yield

12-Month Dividend Yield ¹ as of 09/18/2020

w/o sales charge	1.89%
w/ sales charge	1.85%

30-Day Standardized Yield ² as of 08/31/2020

1.38%

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

Fund Basicsas of 08/31/2020

Total Net Assets: $2.42 B
Inception Date: 12/27/1994
Dividend Frequency: Monthly
Fund Expense Ratio: 1.25%
Minimum Initial Investment: $1,500+

Fund Expense Ratio :

1.25%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/27/1994

w/o sales charge	6.66%	12.78%	7.05%	7.25%	7.99%	7.19%
Lipper Category Avg. Mixed-Asset Trgt Alloc Mod Fds	2.89%	8.37%	5.93%	6.63%	7.34%	-
Russell 1000® Index	10.43%	22.50%	14.58%	14.31%	15.19%	10.45%
w/ sales charge	4.24%	10.25%	6.25%	6.76%	7.74%	7.09%

Fund Expense Ratio :

1.25%

Fund Expense Ratio :

1.25%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/27/1994

w/o sales charge	-1.57%	3.50%	4.39%	4.43%	7.46%	6.90%
Lipper Category Avg. Mixed-Asset Trgt Alloc Mod Fds	-3.24%	2.04%	4.37%	4.61%	6.96%	-
Russell 1000® Index	-2.81%	7.48%	10.64%	10.47%	13.97%	9.97%
w/ sales charge	-3.80%	1.19%	3.60%	3.95%	7.22%	6.81%

Fund Expense Ratio :

1.25%

Returns with sales charges reflect a maximum sales charge of 2.25%.

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.

INVESTMENT TEAM

Giulio Martini

Partner, Director of Strategic Asset Allocation

35 Years of Industry Experience

Robert A. Lee

Partner & Co-Director of Taxable Fixed Income

29 Years of Industry Experience

Jeffrey O. Herzog, Ph.D.

Portfolio Manager

11 Years of Industry Experience

Supported By 7 Investment Professionals with 29 Years Avg. Industry Experience

Years experience refers to industry experience.

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Performance

12-Month Dividend Yield ¹ as of 09/18/2020

w/o sales charge	1.89%
w/ sales charge	1.85%

30-Day Standardized Yield ² as of 08/31/2020

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	1.38%	1.38%

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

Fund Expense Ratio :

1.25%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/27/1994

w/o sales charge	6.66%	12.78%	7.05%	7.25%	7.99%	7.19%
Lipper Category Avg. Mixed-Asset Trgt Alloc Mod Fds	2.89%	8.37%	5.93%	6.63%	7.34%	-
Russell 1000® Index	10.43%	22.50%	14.58%	14.31%	15.19%	10.45%
w/ sales charge	4.24%	10.25%	6.25%	6.76%	7.74%	7.09%

Fund Expense Ratio :

1.25%

Fund Expense Ratio :

1.25%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 12/27/1994

w/o sales charge	-1.57%	3.50%	4.39%	4.43%	7.46%	6.90%
Lipper Category Avg. Mixed-Asset Trgt Alloc Mod Fds	-3.24%	2.04%	4.37%	4.61%	6.96%	-
Russell 1000® Index	-2.81%	7.48%	10.64%	10.47%	13.97%	9.97%
w/ sales charge	-3.80%	1.19%	3.60%	3.95%	7.22%	6.81%

Fund Expense Ratio :

1.25%

Returns with sales charges reflect a maximum sales charge of 2.25%.

Year	Fund Returns	Russell 1000® Index

2019	20.16%	31.43%
2018	-8.76%	-4.78%
2017	10.49%	21.69%
2016	11.57%	12.05%
2015	-5.25%	0.92%
2014	5.85%	13.24%
2013	18.03%	33.11%
2012	14.70%	16.42%
2011	-3.40%	1.50%
2010	11.87%	16.10%
2009	31.96%	-
2008	-28.59%	-
2007	5.89%	-
2006	12.65%	-
2005	2.47%	-
2004	10.22%	-
2003	24.45%	-
2002	-10.93%	-
2001	-1.81%	-
2000	7.43%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2020	-16.88%	18.41%	-	-	4.50%
2019	11.08%	2.86%	-0.43%	5.62%	20.16%
2018	-0.85%	0.14%	4.11%	-11.74%	-8.76%
2017	3.21%	1.55%	2.25%	3.10%	10.49%
2016	0.49%	2.92%	4.57%	3.17%	11.57%
2015	2.09%	-0.61%	-7.78%	1.26%	-5.25%
2014	2.75%	3.92%	-2.57%	1.75%	5.85%
2013	6.73%	0.15%	4.66%	5.51%	18.03%
2012	9.37%	-3.67%	5.31%	3.38%	14.70%
2011	4.43%	-0.10%	-14.27%	8.01%	-3.40%
2010	3.94%	-8.59%	9.80%	7.23%	11.87%
2009	-5.13%	15.78%	15.27%	4.23%	31.96%
2008	-6.47%	-1.58%	-8.08%	-15.60%	-28.59%
2007	1.55%	3.29%	2.49%	-1.51%	5.89%
2006	3.79%	-0.59%	4.88%	4.10%	12.65%
2005	-2.02%	0.51%	2.59%	1.42%	2.47%
2004	2.23%	0.24%	0.06%	7.49%	10.22%
2003	-2.06%	13.18%	2.37%	9.67%	24.45%
2002	1.81%	-7.58%	-11.91%	7.46%	-10.93%
2001	-4.15%	3.18%	-8.28%	8.25%	-1.81%
2000	0.73%	-1.25%	4.96%	2.90%	7.43%
1999	2.36%	5.94%	-4.16%	6.82%	11.01%
1998	5.66%	0.39%	-8.57%	12.21%	8.82%
1997	1.25%	8.66%	5.01%	1.54%	17.32%
1996	1.77%	-0.12%	1.44%	5.75%	9.05%
1995	6.05%	5.86%	4.43%	4.72%	22.78%
1994	-	-	-	-	-0.21%

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

Growth of $10,000 as of 08/31/2020

The chart begins on the Fund's inception date of 12/27/1994.

Based on a hypothetical Class A share investment of $10,000 on 12/27/1994 without sales charge and includes the reinvestment of all distributions.

NAV Historical Prices

Date	Net Asset Value

Portfolio

Portfolio Positioning as of 06/30/2020

Within U.S. equities generally, we have created a barbell positioning between innovative growth and deep value strategies. We believe innovative companies will displace vulnerable, aging business models, while deep value stocks have historically outperformed during periods of recovery after a recession.
Credit spreads have fallen well off their peaks this quarter. However, we believe that there is room to tighten further, as spreads are still above long term averages. Thus, the risk/reward profile of risk assets such as convertibles, bank loans, and high yield bonds continues to be relatively attractive.
We are constructive on Emerging Markets and non-U.S. developed markets, primarily in Asia. As the first nation to begin to recover from the coronavirus pandemic, China’s economic reopening has looked convincing and the industrial economy has picked up robustly. There remains heightened uncertainty around the U.S.’s ability to eliminate the virus, as a second wave of infections has afflicted multiple states.

Holding	Assets
Growth Leaders Fund	15.2%
High Yield Fund	14.9%
Focused Large Cap Value Fund	12.4%
Fundamental Equity Fund	7.9%
Durable Growth Fund	7.2%
Convertible Fund	6.4%
International Equity Fund	5.5%
Growth Opportunities Fund	5.4%
International Value Fund	5.3%
Emerging Markets Bond Fund	5.0%
Mid Cap Stock Fund	4.2%
Intermediate Tax Free Fund	3.5%
Core Fixed Income Fund	3.0%
Inflation Focused Fund	2.7%

The Fund invests principally in the underlying funds. The percentages shown are based on individual securities owned in one or more of the underlying funds. The Fund may also invest directly in derivatives. The Fund’s portfolio is actively managed and therefore, its percentage allocations may change from time to time. Holdings are for informational purposes only and are not a recommendation to buy, sell, or hold any security.

Holding	Assets

MSCI EMGMKT SEP20	3.2%
Short EUR Put JPY Call 12/9/20	2.0%
Long EUR Put JPY Call 10/9/20	2.0%
Short EUR Put JPY Call 8/6/20	2.0%
Long EUR Put JPY Call 12/18/20	2.0%
Long EUR Put JPY Call 11/5/20	2.0%
Short EUR Put JPY Call 11/20/20	2.0%
Short EUR Put JPY Call 12/4/20	2.0%
Long EUR Put JPY Call 2/12/21	2.0%
Short EUR Put JPY Call 10/9/20	2.0%
Long EUR Put JPY Call 9/25/20	2.0%
Short EUR Put JPY Call 11/5/20	2.0%
Short EUR Put JPY Call 12/18/20	2.0%
Long EUR Put JPY Call 12/9/20	2.0%
Short EUR Put JPY Call 2/12/21	2.0%
Short EUR Put JPY Call 9/25/20	2.0%
Long EUR Put JPY Call 8/6/20	2.0%
Long EUR Put JPY Call 11/20/20	2.0%
MSCI EAFE SEP20	2.0%
Long EUR Put JPY Call 12/4/20	2.0%
FX EUR/JPY 11/20	0.3%
FX JPY/EUR 09/20	0.2%
FX EUR/JPY 09/20	0.2%
FX JPY/EUR 12/20	0.2%
FX JPY/EUR 11/20	0.2%
FX EUR/JPY 12/20	0.2%
Credit Index Swap	0.0%
E-MINI RUSS 2000 SEP20	-2.1%
S&P500 EMINI FUT SEP20	-9.2%

Equity Sector Allocation as of 08/31/2020

Sector	Assets
Information Technology
Consumer Discretionary
Health Care
Financials
Industrials
Telecommunication Services
Consumer Staples
Materials
Energy
Real Estate
Utilities
Unclassified

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 09/18/2020: $0.084
Dividend Frequency: Monthly

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
08/27/2020	08/28/2020	08/28/2020	$0.00490	$12.33
07/30/2020	07/31/2020	07/31/2020	$0.00750	$11.88
06/29/2020	06/30/2020	06/30/2020	$0.01620	$11.39
05/28/2020	05/29/2020	05/29/2020	$0.00890	$11.02
04/29/2020	04/30/2020	04/30/2020	$0.01060	$10.41
03/30/2020	03/31/2020	03/31/2020	$0.01500	$9.65
02/27/2020	02/28/2020	02/28/2020	$0.00970	$11.10
01/30/2020	01/31/2020	01/31/2020	$0.01200	$11.60

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
09/29/2020	09/30/2020	09/30/2020
10/29/2020	10/30/2020	10/30/2020
11/24/2020	11/25/2020	11/25/2020
12/29/2020	12/30/2020	12/30/2020

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
12/19/2019	12/20/2019	$0.1424	-	$0.1424	$11.67

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
12/21/2020	12/22/2020

Fees & Expenses

Sales Charge Schedule as of 09/18/2020

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$12.36
$100,000 to $249,999	1.75%	1.50%	$12.30
$250,000 to $499,999	1.25%	1.00%	$12.23
$500,000 to $999,999	0.00%	1.00%	$12.08
$1,000,000 to $5,000,000	0.00%	1.00%	$12.08

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 (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, R2, R3, R4, R5,and R6 share holdings may not be combined for these purposes.To the extent that your financial intermediary is able to do so, the value ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.
Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored 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 singlebank 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 08/31/2020

1.25%

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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^{* Barron’s “Top Fund Families of 2019,” #5 in the Mixed Asset category for the one-year performance ended December 31, 2019, among 55 qualifying firms. #14 Overall ranking among 55 qualifying fund families based on the net total return of the one-year period ending 12/31/2019. Five-year Overall ranking is #30 out of 52 fund families; 10-year Overall ranking is #33 out of 45 fund families.}

Source: Barron’s, “Barron’s Top Fund Families of 2019,” February 14, 2020. Barron’s rankings are based on asset weighted returns in funds in five categories: U.S. equity, world equity (including international and global portfolios), mixed asset (which invest in stocks, bonds and other securities), taxable bond, and tax-exempt (each a "Barron's ranking category"). Rankings also take into account an individual fund's performance within its Lipper peer universe. Lipper calculated each fund's net total return for the year ended December 31, 2019, minus the effects of 12b-1 fees and sales charges. Each fund in the survey was given a percentile ranking with 100 the highest and 1 the lowest in its category. That ranking measured how a fund compared with its peer "universe," as tracked by Lipper, not just the funds in the survey. Individual fund scores were then multiplied by the 2019 weighting of their Barron's ranking category as determined by the entire Lipper universe of funds. Those fund scores were then totaled, creating an overall score and ranking for each fund family in the survey in each Barron's ranking category. The process is repeated for the five- and ten-year rankings as well. Barron's Fund Family Rankings are awarded annually.

© Reuters 2020. All Rights Reserved. Lipper Analytical Services, Inc. is an independent mutual fund research and rating service. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

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 30-day Standardized Unsubsidized yield does not reflect fee waivers.

IMPORTANT INFORMATION

A Note about Risk: The Fund invests in underlying funds that may engage in a variety of investment strategies involving certain risks; the Fund is subject to the particular risks of an underlying fund in proportion to a respective investment. Performance of an underlying fund may be lower than the performance of the asset class it represents. The value of investments in equity securities will fluctuate in response to general economic conditions and to changes in the prospects of particular companies and/or sectors in the economy. Investments in small and/or mid-sized company stocks typically involve greater risk, particularly in the short term, than those in larger, more established companies. Investments in either growth or value stocks may shift in and out of favor for long periods of time, depending on market and economic conditions. The Fund is subject to the risks associated with fixed income securities that are generally subject to interest rate risk, credit risk, and liquidity risk. These risks are greater for high yield fixed income securities. Foreign securities may pose greater risks than domestic securities, including greater price fluctuation, less government regulation, and higher transaction costs. Foreign investments also may be affected by changes in currency rates or currency controls. Investing internationally involves risks not associated with investing solely in the United States, such as currency fluctuation, political risk, differences in accounting and the limited availability of information. In addition, the Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with investing directly in securities and other investments. These factors can affect Fund performance.

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.

The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

The Bloomberg Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment.

The BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

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 Index® measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

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.

Gross Expense Ratio includes Management fees, Distribution and Service (12b-1) fees, Acquired Fund Fees and Expenses, and Other Expenses.

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 Multi-Asset Balanced Opportunity Fund?

The Fund seeks to deliver long-term growth of capital with current monthly income by investing primarily in Lord Abbett Funds that invest in a wide variety of U.S. stocks and bonds along with select international securities.

DIVERSE ASSETS

TACTICALLY MANAGED

STRONG GROWTH WITH INCOME

Yield

12-Month Dividend Yield 1 as of 09/18/2020

30-Day Standardized Yield 2 as of 08/31/2020

Fund Basicsas of 08/31/2020

Fund Expense Ratio :

1.25%

Fund Expense Ratio :

1.25%

Fund Expense Ratio :

1.25%

Fund Expense Ratio :

1.25%

INVESTMENT TEAM

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Performance

Performance

12-Month Dividend Yield 1 as of 09/18/2020

30-Day Standardized Yield 2 as of 08/31/2020

Fund Expense Ratio :

1.25%

Fund Expense Ratio :

1.25%

Fund Expense Ratio :

1.25%

Fund Expense Ratio :

1.25%

Growth of $10,000 as of 08/31/2020

NAV Historical Prices

Portfolio

Portfolio

Portfolio Positioning as of 06/30/2020

Equity Sector Allocation as of 08/31/2020

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Upcoming Dividend Payment Dates

Capital Gains Distributions

Upcoming Capital Gain Distribution

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 09/18/2020

EXPENSE RATIOas of 08/31/2020

Fund Documents

12-Month Dividend Yield ¹ as of 09/18/2020

30-Day Standardized Yield ² as of 08/31/2020

12-Month Dividend Yield ¹ as of 09/18/2020

30-Day Standardized Yield ² as of 08/31/2020