Fund Review as of 12/31/2015

The Multi-Asset Growth Fund returned 1.74%, reflecting the performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, for the three-month period ended December 31, 2015, compared to its benchmark, the 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 which returned 3.96%. The Fund’s average annual total returns, which reflect performance at the maximum 2.25% sales charge applicable to Class A share investments and include the reinvestment of all distributions, as of December 31, 2015, are: one year: -7.14%; five years: 5.77%; and 10 years: 5.22%.  Expense ratio, gross: 1.18%, and net: 1.01%.

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.

At the asset-allocation level, the Fund’s holdings in high-yield bonds and emerging market currencies detracted from relative performance, as both categories underperformed the Fund’s benchmark. After a brief rally in the beginning of the quarter, the high-yield sector came under renewed pressure, as rising defaults fueled concerns about excessive leverage in highly cyclical industries. Emerging market currencies briefly recovered from the effects of the Chinese currency devaluation, but were unable to maintain momentum due to heightened country-specific risks and persistent weakness in commodity prices.

The Fund’s underweight exposure to high quality U.S. bonds contributed to relative performance, as the long-expected interest-rate hike by the U.S. Federal Reserve negatively affected interest rate-sensitive fixed-income securities. In addition, an underweight exposure to developed market currencies, the euro in particular, helped the performance, as monetary policy divergence theme between the United States and other developed economies continued in the fourth quarter.

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 fourth quarter marked an important turning point as the U.S. Federal Reserve (Fed) raised interest rates for the first time since 2006. In contrast, central banks in other large economies, including the Eurozone, Japan, and China, reaffirmed their commitments to extraordinarily accommodative monetary policies.  In addition, policymakers outside the United States underscored the potential for additional easing, should deflationary pressures persist.

Fiscal policy also turned broadly supportive for future global growth, as the United States, the Eurozone, and China all unveiled mildly expansionary budgets.  Meanwhile, Japan continued to delay a scheduled increase in consumption taxes, against a backdrop of tepid growth and inflation.

Looking ahead, rising interest rates could go hand in hand with rising volatility in financial markets.  The Fed’s zero interest-rate policy and explicit use of forward guidance contributed to unusually low levels of volatility in recent years.  As monetary policy normalizes, so too should the variability of equity returns.  At the same time, potential “tail risk” remains elevated.  New banking regulations led many financial institutions to shrink their balance sheets and curtail market-making activities.  Consequently, the capital markets will be adjusting to rising interest rates in an environment of reduced liquidity.

Effective November 29, 2013, the Lord Abbett Growth & Income Strategy Fund changed its name to Lord Abbett Multi-Asset Growth Fund.

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.

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