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Multi-Asset Growth Fund

Summary

Summary

What is the Multi-Asset Growth Fund?

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

DIVERSE ASSETS

The Fund is designed with the flexibility to invest in stocks, bonds, 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 TOTAL RETURN

Led by a senior Investment Committee, the Fund has delivered competitive performance relative to a broad universe of multi-asset class strategies.

Yield

12-Month Dividend Yield 1 as of 12/08/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.05% 2.88%
w/ sales charge 2.98% 2.82%

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

  Subsidized5 Un-Subsidized6
w/o sales charge 2.65% 2.50%

Expense Ratioas of 11/30/2016

Fund Basicsas of 10/31/2016

Total Net Assets
$1.07 B
Inception Date
06/30/2005
Dividend Frequency
Quarterly
CUSIP
543916613
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 1.23%

Net 1.06%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2005
w/o sales charge 10.48% 7.80% 4.66% 9.41% 5.44% 6.28%
Lipper Category Avg. Mixed-Asset Target Alloc Growth Funds 5.67% 3.71% 3.96% 8.40% 4.58% -
Blended Index 7.28% 5.66% 5.68% 10.15% 5.90% 6.80%
w/ sales charge 8.02% 5.36% 3.86% 8.91% 5.20% 6.07%

Fund Expense Ratio :

Gross 1.23%

Net 1.06%

Fund Expense Ratio :

Gross 1.23%

Net 1.06%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2005
w/o sales charge 8.23% 10.12% 5.50% 10.87% 5.68% 6.18%
Lipper Category Avg. Mixed-Asset Target Alloc Growth Funds 5.86% 9.23% 5.65% 9.97% 5.06% -
Blended Index 7.45% 11.70% 7.48% 11.69% 6.41% 6.92%
w/ sales charge 5.83% 7.65% 4.70% 10.37% 5.44% 5.97%

Fund Expense Ratio :

Gross 1.23%

Net 1.06%

Ten Largest Equity Holdings as of 10/31/2016

Ten Largest Equity Holdings Assets
Citizens Financial Group, Inc. 1.0%
Edison International 0.9%
XL Group Ltd. 0.8%
Whirlpool Corp. 0.8%
Invesco Ltd. 0.7%
Tyco International Ltd. 0.6%
Sempra Energy 0.6%
Cimarex Energy Co. 0.6%
M&T Bank Corp. 0.6%
PPL Corp. 0.6%

Ten Largest Fixed Income Holdings as of 10/31/2016

Ten Largest Fixed Income Holdings Assets
CSC Holdings LLC 0.3%
Banco Popular Espanol SA 0.3%
Navient Corp. 0.2%
ArcelorMittal 0.2%
T-Mobile USA, Inc. 0.2%
Equinix, Inc. 0.1%
MGM Resorts International 0.1%
Teck Resources Ltd. 0.1%
DISH DBS Corp. 0.1%
AMC Networks, Inc. 0.1%

Investment Team

martini
Giulio Martini

Director of Strategic Asset Allocation

31 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

25 Years of Industry Experience

Supported By 8 Investment Professionals and 25 Years Avg. Industry Experience

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Performance

Performance

12-Month Dividend Yield 1 as of 12/08/2016  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.05% 2.88%
w/ sales charge 2.98% 2.82%

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

  Subsidized5 Un-Subsidized6
w/o sales charge 2.65% 2.50%

Fund Expense Ratio :

Gross 1.23%

Net 1.06%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2005
w/o sales charge 10.48% 7.80% 4.66% 9.41% 5.44% 6.28%
Lipper Category Avg. Mixed-Asset Target Alloc Growth Funds 5.67% 3.71% 3.96% 8.40% 4.58% -
Blended Index 7.28% 5.66% 5.68% 10.15% 5.90% 6.80%
w/ sales charge 8.02% 5.36% 3.86% 8.91% 5.20% 6.07%

Fund Expense Ratio :

Gross 1.23%

Net 1.06%

Fund Expense Ratio :

Gross 1.23%

Net 1.06%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2005
w/o sales charge 8.23% 10.12% 5.50% 10.87% 5.68% 6.18%
Lipper Category Avg. Mixed-Asset Target Alloc Growth Funds 5.86% 9.23% 5.65% 9.97% 5.06% -
Blended Index 7.45% 11.70% 7.48% 11.69% 6.41% 6.92%
w/ sales charge 5.83% 7.65% 4.70% 10.37% 5.44% 5.97%

Fund Expense Ratio :

Gross 1.23%

Net 1.06%

Best returns

Durations Fund Returns Blended Index
3-Mo 25.92 22.23
1-Yr 51.59 45.39

Worst returns

Durations Fund Returns Blended Index
3-Mo -28.14 -25.97
1-Yr -36.21 -35.08
Year Fund Returns Blended Index
2015 -5.02% 0.27%
2014 7.43% 7.95%
2013 20.61% 21.32%
2012 15.47% 14.21%
2011 -4.73% 1.17%
2010 14.23% 13.32%
2009 34.86% 27.39%
2008 -33.05% -30.03%
2007 8.92% 6.66%
2006 11.89% 14.35%
2005 6.57% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2016 0.63% 2.86% 4.57% - 13.25%
2015 2.41% -0.73% -8.17% 1.74% -5.02%
2014 2.80% 4.29% -2.59% 2.87% 7.43%
2013 7.65% 0.42% 4.93% 6.33% 20.61%
2012 10.51% -4.59% 5.59% 3.72% 15.47%
2011 4.41% -0.04% -16.18% 8.90% -4.73%
2010 4.58% -9.86% 11.12% 9.06% 14.23%
2009 -6.27% 18.83% 16.63% 3.82% 34.86%
2008 -7.84% -1.03% -10.55% -17.93% -33.05%
2007 2.21% 4.73% 3.76% -1.93% 8.92%
2006 4.61% -2.41% 3.86% 5.52% 11.89%
2005 - - 3.42% 3.05% 6.57%

Growth of $10,000 as of 11/30/2016

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 09/30/2016

  • While our overall view on equities remains positive, the combination of a number of short-term risks caused us to reduce the portfolio’s exposure, to slightly below benchmark weightings, toward the end of the third quarter.  Potential risk events included elections in the United States, signs of mounting dislocations in interbank funding markets, and indications that a broad swath of institutional investors were acting to reduce their risk exposure across a broad set of markets.
  • With respect to high yield, we reduced our exposure from a significant overweight to underweight, as spreads continued to tighten during the third quarter. While spreads may continue to compress if the economic environment remains favorable, further tightening is likely to be more gradual, and rising risk-free rates could reduce overall returns.
  • We have increased our exposure to inflation-protected and shorter-duration fixed income holdings, as we expect the Fed to continue removing stimulus gradually as inflation grinds slowly higher and the U.S. economy remains close to full employment.
  • We maintained a long U.S. dollar position against developed market currencies, such as the yen, euro, British pound, and the Australian dollar, during the quarter. We believe that the U.S. Federal Reserve ultimately will be the first major central bank to tighten monetary policy significantly, a policy stance that should strengthen the dollar. 
Ten Largest Equity Holdings Assets
Citizens Financial Group, Inc. 1.0%
Edison International 0.9%
XL Group Ltd. 0.8%
Whirlpool Corp. 0.8%
Invesco Ltd. 0.7%
Tyco International Ltd. 0.6%
Sempra Energy 0.6%
Cimarex Energy Co. 0.6%
M&T Bank Corp. 0.6%
PPL Corp. 0.6%
Ten Largest Fixed Income Issues Assets
CSC Holdings LLC 0.3%
Banco Popular Espanol SA 0.3%
Navient Corp. 0.2%
ArcelorMittal 0.2%
T-Mobile USA, Inc. 0.2%
Equinix, Inc. 0.1%
MGM Resorts International 0.1%
Teck Resources Ltd. 0.1%
DISH DBS Corp. 0.1%
AMC Networks, Inc. 0.1%
Holding Assets
High Yield Fund 23.1%
International Dividend Income Fund 17.8%
Calibrated Mid Cap Value Fund 17.6%
Mid Cap Stock Fund 17.6%
Calibrated Large Cap Value Fund 10.2%
Affiliated Fund 5.0%
Short Duration Income Fund 2.3%
International Core Equity Fund 2.3%
Inflation Focused Fund 2.0%
Emerging Markets Currency Fund 1.5%

Equity Sector Allocation as of 10/31/2016

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

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/08/2016
$0.226
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
09/29/2016 09/30/2016 09/30/2016 $0.04890 $16.41
06/29/2016 06/30/2016 06/30/2016 $0.10010 $15.74
03/30/2016 03/31/2016 03/31/2016 $0.07710 $15.40

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
12/21/2015 12/22/2015 $0.6830 $0.0634 $0.7464 $15.45

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
12/20/2016 12/21/2016

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/08/2016

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $17.57
$100,000 to $249,999 1.75% 1.50% $17.48
$250,000 to $499,999 1.25% 1.00% $17.39
$500,000 to $999,999 0.00% 1.00% $17.17
$1,000,000 to $5,000,000 0.00% 1.00% $17.17

Expense Ratioas of 11/30/2016

Fund Review

Fund Review

Fund Review as of 09/30/2016

The Fund* outperformed its benchmark, a blend of 55% Russell 1000® Index1/ 20% Barclays U.S. Aggregate Bond Index2/15% MSCI EAFE Index with Gross Dividends3/10% BofA Merrill Lynch U.S. High Yield Constrained Index,4 for the quarter ended September 30, 2016.

The allocation to high yield bonds contributed to performance, as this category outperformed the Fund’s benchmark. High-yield bonds continued outperforming amid easing global macro concerns and accommodative polices by major central banks. In addition, exposure to international equities helped relative performance. International markets recovered from the initial shock following the United Kingdom’s decision, on June 23, to leave the European Union (“Brexit”) and posted strong gains for the period.

At the asset allocation level, the Fund’s exposure to short duration fixed income detracted from relative performance, as the asset class underperformed the Fund’s benchmark. This asset class lagged during the quarter, as credit-sensitive areas of the market continued to rally.

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

As both headline and core inflation grind gradually higher in the United States and the economy remains close to full employment, we expect the Federal Reserve (Fed) to continue removing stimulus gradually. This should reduce the returns of longer duration fixed income holdings and, eventually, induce a reversal of narrowing spreads in high yield. Thus, on balance, we expect short duration and inflation-protected securities to perform well, as the U.S. business expansion matures and the peak eventually comes into view. In our judgment, we currently are in only the early stages of this process.

While our overall view on equities remains positive, a number of potential short-term risks such as elections in the United States, signs of mounting dislocations in interbank funding markets, and indications that a broad swath of institutional investors are acting to reduce their risk exposure across a broad set of markets warrant a measure of caution, in our opinion. As such, we are monitoring the underlying fundamentals and liquidity conditions in the markets very closely, and we will adjust portfolio weightings as the underlying risks we have identified change.

Last, we believe that the Fed will ultimately be the first major central bank to tighten monetary policy significantly, a policy stance that should strengthen the dollar, especially if it is accompanied by a fiscal expansion under the next administration. Moreover, while the U.S. dollar now shares global safe haven status, along with the Japanese yen and, to a lesser extent, the Chinese renminbi, we would expect the dollar to provide some cushion on the downside if global markets are hit by an unexpected negative shock. Thus, in the current global low interest rate environment, we hope it represents a form of cheap “insurance.”

The Fund invests principally in the underlying funds. The percentages are based on individual securities owned in one or more of the underlying funds. The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets may change significantly over time. Sectors may include many industries. The mention of specific portfolio holdings 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.

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Publish Date:11/03/2015
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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
Commentary
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.

Blended Index consists of the following components: 55% Russell 1000®  Index, 20% Barclays U.S. Aggregate Bond Index, 15% MSCI EAFE Index with Gross Dividends and 10% BofA Merrill Lynch U.S. High Yield Master II Constrained Index. Index is unmanaged, does not reflect the deduction of fees or expenses; and is not available for direct investment.  

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 Barclays U.S. Aggregate Bond Index is an unmanaged index composed of securities from the Barclays Government/Corporate Bond Index, Mortgage-Backed Securities Index and the Asset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization.

The BofA Merrill Lynch U.S. High Yield Master II Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment–in-kind securities.  Issues included in the index have maturities of one year or more and have a credit rating lower than BB-/Baa3, but are not in default.  The index limits any individual issuer to a maximum of 2% benchmark exposure. 

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 prorate basis.

 

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada.

The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The MSCI EAFE 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 EAFE 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 rate.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

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