STATEMENT OF ADDITIONAL INFORMATION
MARCH 1, 2023
LORD ABBETT SECURITIES TRUST
Lord Abbett Alpha Strategy Fund |
Lord Abbett Focused Large Cap Value Fund | |||||||
CLASS |
TICKER |
CLASS |
TICKER |
CLASS |
TICKER |
CLASS |
TICKER | |
A |
ALFAX |
R2 |
ALFQX |
A |
LAFLX |
R2 |
N/A | |
C |
ALFCX |
R3 |
ALFRX |
C |
LCFLX |
R3 |
LQFLX | |
F |
ALFFX |
R4 |
ALFKX |
F |
LFFLX |
R4 |
LSFLX | |
F3 |
ALFOX |
R5 |
ALFTX |
F3 |
LOFLX |
R5 |
LFLTX | |
I |
ALFYX |
R6 |
ALFVX |
I |
LIFLX |
R6 |
LVFLX | |
P |
N/A |
|||||||
Lord Abbett Focused Growth Fund |
Lord Abbett Focused Small Cap Value Fund | |||||||
CLASS |
TICKER |
CLASS |
TICKER |
CLASS |
TICKER |
CLASS |
TICKER | |
A |
LFGAX |
R2 |
N/A |
A |
LFVAX |
R2 |
N/A | |
C |
LFGCX |
R3 |
LFGQX |
C |
LFVCX |
R3 |
N/A | |
F |
LFGFX |
R4 |
LFGSX |
F |
LFSFX |
R4 |
N/A | |
F3 |
LFGOX |
R5 |
LFGTX |
F3 |
LMVOX |
R5 |
LMVVX | |
I |
LFGIX |
R6 |
LFGVX |
I |
LMVYX |
R6 |
LMVWX | |
Lord Abbett Fundamental Equity Fund |
Lord Abbett Global Equity Fund | |||||||
CLASS |
TICKER |
CLASS |
TICKER |
CLASS |
TICKER |
CLASS |
TICKER | |
A |
LDFVX |
R2 |
LAVQX |
A |
LGCAX |
R2 |
N/A | |
C |
GILAX |
R3 |
LAVRX |
C |
LGCCX |
R3 |
LGCRX | |
F |
LAVFX |
R4 |
LAVSX |
F |
LGCFX |
R4 |
LGCSX | |
F3 |
LDFOX |
R5 |
LAVTX |
F3 |
LGCOX |
R5 |
LGCVX | |
I |
LAVYX |
R6 |
LAVVX |
I |
LGCYX |
R6 |
LGCWX | |
P |
LAVPX |
Lord Abbett Growth Leaders Fund |
Lord Abbett International Value Fund | |||||||||
CLASS |
TICKER |
CLASS |
TICKER |
CLASS |
TICKER |
CLASS |
TICKER | |||
A |
LGLAX |
R2 |
LGLQX |
A |
LIDAX |
R2 |
LIDRX | |||
C |
LGLCX |
R3 |
LGLRX |
C |
LIDCX |
R3 |
LIRRX | |||
F |
LGLFX |
R4 |
LGLSX |
F |
LIDFX |
R4 |
LIRSX | |||
F3 |
LGLOX |
R5 |
LGLUX |
F3 |
LIDOX |
R5 |
LIRTX | |||
I |
LGLIX |
R6 |
LGLVX |
I |
LAIDX |
R6 |
LIRVX | |||
Lord Abbett Health Care Fund |
Lord Abbett Micro Cap Growth Fund | |||||||||
CLASS |
TICKER |
CLASS |
TICKER |
CLASS |
TICKER |
CLASS |
TICKER | |||
A |
LHCAX |
R2 |
N/A |
A |
LAMGX |
R2 |
N/A | |||
C |
LHCCX |
R3 |
LHCQX |
C |
LCMGX |
R3 |
N/A | |||
F |
LHCFX |
R4 |
LHCSX |
F |
LFMGX |
R4 |
N/A | |||
F3 |
LHCOX |
R5 |
LHCTX |
F3 |
N/A |
R5 |
N/A | |||
I |
LHCIX |
R6 |
LHCVX |
I |
LMIYX |
R6 |
N/A | |||
Lord Abbett International Equity Fund |
Lord Abbett Value Opportunities Fund | |||||||||
CLASS |
TICKER |
CLASS |
TICKER |
CLASS |
TICKER |
CLASS |
TICKER | |||
A |
LICAX |
R2 |
LICQX |
A |
LVOAX |
R2 |
LVOQX | |||
C |
LICCX |
R3 |
LICRX |
C |
LVOCX |
R3 |
LVORX | |||
F |
LICFX |
R4 |
LICSX |
F |
LVOFX |
R4 |
LVOSX | |||
F3 |
LICOX |
R5 |
LICTX |
F3 |
LVOOX |
R5 |
LVOTX | |||
I |
LICYX |
R6 |
LICVX |
I |
LVOYX |
R6 |
LVOVX | |||
P |
LICPX |
P |
LVOPX |
|||||||
Lord Abbett International Opportunities Fund |
||||||||||
CLASS |
TICKER |
CLASS |
TICKER |
|||||||
A |
LAIEX |
R2 |
LINQX |
|||||||
C |
LINCX |
R3 |
LINRX |
|||||||
F |
LINFX |
R4 |
LINSX |
|||||||
F3 |
LOIEX |
R5 |
LINTX |
|||||||
I |
LINYX |
R6 |
LINVX |
|||||||
P |
LINPX |
This SAI is not a prospectus. A prospectus may be obtained from your financial intermediary or from the Distributor at 90 Hudson Street, Jersey City, NJ 07302-3973. This SAI is divided into two Parts - Part I and Part II. Part I contains information that is particular to the Funds offered in this SAI, and should be read in conjunction with the prospectus for Lord Abbett Securities Trust, dated March 1, 2023, as supplemented from time to time. Part I includes information about the Funds, including investment policies, management fees paid by the Funds, and information about other fees applicable to and services provided to the Funds. Part II contains additional information that more generally applies to the Lord Abbett Funds.
Each Fund’s audited financial statements are incorporated into this SAI by reference to the Funds’ most recent annual report. The Funds’ annual and semiannual reports to shareholders are available without charge, upon request by calling 888-522-2388. In addition, you can make inquiries through your financial intermediary.
PART
I
TABLE
OF CONTENTS
PAGE
1. |
1-1 | |
2. |
2-1 | |
3. |
3-1 | |
4. |
4-1 | |
5. |
5-1 | |
6. |
6-1 | |
7. |
7-1 | |
8. |
8-1 | |
9. |
9-1 | |
10. |
10-1 |
1.
GLOSSARY
Lord Abbett Securities Trust is comprised of the following Funds:
Lord Abbett Alpha Strategy Fund: Alpha Strategy Fund
Lord Abbett Focused Growth Fund: Focused Growth Fund
Lord Abbett Focused Large Cap Fund: Focused Large Cap Fund
Lord Abbett Focused Small Cap Value Fund: Focused Small Cap Value Fund
Lord Abbett Fundamental Equity Fund: Fundamental Equity Fund
Lord Abbett Global Equity Fund: Global Equity Fund
Lord Abbett Growth Leaders Fund: Growth Leaders Fund
Lord Abbett Health Care Fund: Health Care Fund
Lord Abbett International Equity Fund: International Equity Fund
Lord Abbett International Opportunities Fund: International Opportunities Fund
Lord Abbett International Value Fund: International Value Fund
Lord Abbett Micro Cap Growth Fund: Micro Cap Growth Fund
Lord Abbett Value Opportunities Fund: Value Opportunities Fund
Lord Abbett Funds are comprised of the following management investment companies:
Lord Abbett Affiliated Fund, Inc.: Affiliated Fund
Lord Abbett Bond Debenture Fund, Inc.: Bond Debenture Fund
Lord Abbett Credit Opportunities Fund: Credit Opportunities Fund
Lord Abbett Developing Growth Fund, Inc.: Developing Growth Fund
Lord Abbett Floating Rate High Income Fund: Floating Rate High Income Fund
Lord Abbett Global Fund, Inc.: Global Fund
Lord Abbett Investment Trust: Investment Trust
Lord Abbett Mid Cap Stock Fund, Inc.: Mid Cap Stock Fund
Lord Abbett Municipal Income Fund, Inc.: Municipal Income Fund
Lord Abbett Research Fund, Inc.: Research Fund
Lord Abbett Securities Trust: Securities Trust
Lord Abbett Series Fund, Inc.: Series Fund
Lord Abbett Special Situations Income Fund: Special Situations Income Fund
Part I
1-1
Lord Abbett Trust I: Trust I
Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc.: Money Market Fund
Part I
1-2
1933 Act |
Securities Act of 1933, as amended |
1940 Act |
Investment Company Act of 1940, as amended |
Board |
Board of Trustees |
Board Member(s) |
Trustee(s) of the Board |
CDSC |
Contingent deferred sales charge |
CEA |
Commodity Exchange Act, as amended |
CPO |
Commodity pool operator |
Distributor |
Lord Abbett Distributor LLC |
Fund(s) |
Each separate investment portfolio of Securities Trust |
Independent Board Member(s) |
Trustee(s) of the Board who are not “interested persons,” as defined in the 1940 Act, of each Fund |
Interested Board Member(s) |
Trustee(s) of the Board who are not Independent Board Members |
Lord Abbett |
Lord, Abbett & Co. LLC |
Moody’s |
Moody’s Investors Service, Inc. |
NYSE |
New York Stock Exchange |
Registrant |
Securities Trust |
Rule 12b-1 Plan |
Distribution and/or Shareholder Service Plan adopted under Rule 12b-1 (under the 1940 Act) |
S&P |
S&P Global Ratings |
SAI |
Statement of Additional Information |
SEC |
United States Securities and Exchange Commission |
Underlying Funds |
Affiliated mutual funds managed by Lord Abbett |
The Registrant is an open-end management investment company registered under the 1940 Act. All Funds are diversified except Lord Abbett Focused Growth Fund and Lord Abbett Focused Large Cap Value Fund which are non-diversified within the meaning of the 1940 Act. The tables below set forth information about the Registrant’s organization and certain Funds’ name changes.
Registrant Organization
Registrant |
Form of Organization |
Date of Organization |
Number of Funds |
Shares Available for Issuance | |
Lord Abbett Securities Trust |
Delaware statutory trust |
February 26, 1993 |
13 |
Unlimited | |
Fund Name Changes | |||||
Funds |
Former Names |
Effective Dates of Name Change | |||
Lord Abbett Global Equity Fund |
Lord Abbett Global Equity Research Fund |
November 1, 2021 | |||
Lord Abbett Focused Small Cap Value Fund |
Lord Abbett Micro Cap Value Fund |
July 1, 2019 | |||
Lord Abbett International Value Fund |
Lord Abbett International Dividend Income Fund |
September 30, 2018 | |||
Lord Abbett Global Equity Research Fund |
Lord Abbett Global Core Equity Fund |
May 15, 2018 | |||
Lord Abbett International Equity Fund |
Lord Abbett International Core Equity Fund |
October 31, 2017 |
Information about the Availability of the Micro Cap Growth Fund. Lord Abbett Micro Cap Growth Fund is not available for purchase by new investors, except as described in the prospectus.
Investors should note that the Fund reserves the right to refuse any purchase order that Lord Abbett believes might disrupt the efficient management of the Fund and reserves the right to further limit the availability of the Fund.
Part I
2-1
Fundamental Investment Restrictions. Each Fund’s investment objective cannot be changed without the approval of a “majority of the Fund’s outstanding shares,”1 except for the investment objective of Focused Growth Fund, Focused Large Cap Value Fund, and Health Care Fund, which may be changed by the Board without shareholder approval. Each Fund also is subject to the following fundamental investment restrictions that cannot be changed without the approval of a majority of each Fund’s outstanding shares.
Each Fund may not:
1. borrow money, except that (i) it may borrow from banks (as defined in the 1940 Act)2 in amounts up to 33 1/3% of its total assets (including the amount borrowed), (ii) it may borrow up to an additional 5% of its total assets for temporary purposes, (iii) it may obtain such short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities, (iv) it may purchase securities on margin to the extent permitted by applicable law,3 and (v) it may borrow money from other Lord Abbett Funds to the extent permitted by applicable law and any exemptive relief obtained by the Fund;
2. pledge its assets (other than to secure borrowings, or to the extent permitted by each Fund’s investment policies as permitted by applicable law);4
3. engage in the underwriting of securities, except pursuant to a merger or acquisition or to the extent that, in connection with the disposition of its portfolio securities, it may be deemed to be an underwriter under federal securities laws;
4. make loans to other persons, except that (i) the acquisition of bonds, debentures or other corporate debt securities and investments in government obligations, commercial paper, pass-through instruments, certificates of deposit, bankers’ acceptances, repurchase agreements or any similar instruments shall not be subject to this limitation, (ii) the Fund may lend its portfolio securities, provided that the lending of portfolio securities may be made only in accordance with applicable law, and (iii) the Fund may lend money to other Lord Abbett Funds to the extent permitted by applicable law and any exemptive relief obtained by the Fund;
5. buy or sell real estate (except that each Fund may invest in securities directly or indirectly secured by real estate or interests therein or issued by companies which invest in real estate or interests therein), or commodities or commodity contracts (except to the extent each Fund may do so in accordance with applicable law and without registering as a CPO under the CEA as, for example, with futures contracts);
6. with respect to Alpha Strategy Fund, Focused Small Cap Value Fund, Fundamental Equity Fund, Global Equity Fund, Growth Leaders Fund, International Equity Fund, International Opportunities Fund, International Value Fund, Micro Cap Growth Fund, and Value Opportunities Fund, with respect to 75% of its gross assets, buy securities of one issuer representing more than (i) 5% of its gross assets, or (ii) 10% of the voting securities of such issuer; except, in either case, securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities (and, for Alpha Strategy Fund, securities of other investment companies);
1 A “majority of the Fund’s outstanding shares” means the vote of the lesser of (1) 67% or more of the voting securities present at a shareholder meeting, provided that more than 50% of the outstanding voting securities of the Fund are present at the meeting or represented by proxy, or (2) more than 50% of the outstanding voting securities of the Fund regardless of whether such shareholders are present at the meeting (or represented by proxy). 2 The term “bank” is defined in Section 2(a)(5) of the 1940 Act. 3 SEC staff guidance currently prohibits a Fund from purchasing any security on margin, except such short-term credits as are necessary for the clearance of transactions. 4 For the purpose of this restriction the deposit of assets in a segregated account with a Fund’s custodian in connection with any of the Fund’s investment transactions is not considered to be a pledge of the Fund’s assets. |
Part I
3-1
7. with respect to Alpha Strategy Fund, Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Fundamental Equity Fund, Global Equity Fund, Growth Leaders Fund, International Equity Fund, International Opportunities Fund, International Value Fund, Micro Cap Growth Fund, and Value Opportunities Fund, invest more than 25% of its assets, taken at market value, in the securities of issuers in any particular industry (excluding securities of the U.S. Government, its agencies and instrumentalities); or
8. issue senior securities to the extent such issuance would violate applicable law.5
In addition:
9. Health Care Fund will concentrate more than 25% of its assets, taken at market value, in the securities of issuers in the health care industry.
Compliance with these fundamental investment restrictions will be determined at the time of the purchase or sale of the security, except in the case of the first fundamental investment restriction, with which each Fund must comply on a continuous basis.
Non-Fundamental Investment Restriction. Each Fund also is subject to the following non-fundamental investment restriction that may be changed by the Registrant’s Board without shareholder approval.
Each Fund may not invest in securities issued by other investment companies as defined in the 1940 Act, except to the extent permitted by applicable law. A Fund may not, however, rely on Sections 12(d)(1)(F) and 12(d)(1)(G) of the 1940 Act.
5 Current federal securities laws prohibit a Fund from issuing senior securities (which generally are defined as securities representing indebtedness), except that a Fund may borrow money from banks in amounts of up to 33⅓% of its total assets (including the amount borrowed). |
Part I
3-2
The following table identifies the investment types and techniques that Lord Abbett may use in managing the Funds. A more detailed description of these investment types and techniques, along with the risks associated with each, is contained in the “Additional Information on Portfolio Investments, Risks, and Techniques” section of Part II. A Fund may use any or all of these investment types and techniques indicated below at any one time, and the fact that a Fund may use a particular investment type or technique does not mean that it will be used. A Fund’s transactions in a particular investment type or use of a particular technique is subject to the limitations imposed by the Fund’s investment objective, policies, and restrictions described in the Funds’ prospectus and in this SAI, as well as the federal securities laws. A Fund may receive instruments or investments not contemplated herein through the conversion or exchange of a permissible investment or as a result of the reorganization or bankruptcy of the issuer of an otherwise permissible investment, and the Fund may hold or dispose of these instruments or investments at its discretion.
Please refer to the applicable Fund's prospectus and the fundamental and non-fundamental investment restrictions in the “Investment Policies” section of Part I for more information on any applicable limitations.
Investment Type |
||||
Alpha Strategy Fund |
Focused Growth Fund |
Focused Large Cap Value Fund |
Focused Small Cap Value Fund | |
Bank Loans |
X* |
|||
Cash/Short-Term Instruments and Money Market Investments |
X |
X |
X |
X |
Convertible Securities |
X |
X |
X |
X |
Synthetic
Convertible |
X |
X | ||
Debt Securities |
X |
X |
X |
X |
High-Yield Debt Securities |
X |
X |
X | |
Municipal Bonds |
X** |
|||
Non-U.S.
Gov’t and |
X |
|||
U.S. Government Securities |
X |
X |
X |
X |
Zero Coupon Bonds |
X |
|||
Depositary Receipts |
X |
X |
X |
X |
Derivatives |
X |
X |
X |
X |
Commodity-Related
|
X |
|||
Credit
Default Swaps and |
X |
X |
X |
X |
Forward Contracts |
X |
X |
X |
X |
Futures Contracts |
X |
X |
X |
X |
Options Contracts |
X |
X |
X |
X |
Swap Agreements |
X |
X |
X |
X |
Equity Securities |
X |
X |
X |
X |
Common Stocks |
X |
X |
X |
X |
IPOs |
X |
X |
X |
X |
Preferred Stocks |
X |
X |
X |
X |
Part I
4-1
Investment Type |
||||
Alpha Strategy Fund |
Focused Growth Fund |
Focused Large Cap Value Fund |
Focused Small Cap Value Fund | |
Warrants and Rights |
X |
X |
X |
X |
Foreign Currency Transactions |
X |
X |
X |
X |
Foreign Securities |
X |
X |
X |
X |
Emerging Market Securities |
X |
X |
X |
X |
Illiquid Securities |
X |
X |
X |
X |
Mortgage-Related and Asset-Backed Securities and Other Collateralized Obligations |
X |
|||
Other Investment Companies |
X |
X |
X |
X |
REITs |
X |
X |
X |
X |
Short Sales |
X |
X |
X |
X |
Structured Notes and Other Hybrid Instruments |
X |
X |
X |
X |
Investment Type | ||||
Fundamental Equity Fund |
Global Equity Fund |
Growth Leaders Fund |
Health Care Fund | |
Bank Loans |
||||
Cash/Short-Term Instruments and Money Market Investments |
X |
X |
X |
X |
Convertible Securities |
X |
X |
X |
X |
Synthetic Convertible Securities |
X |
X |
X | |
Debt Securities |
X |
X |
X |
X |
High-Yield Debt Securities |
X |
X |
X | |
Municipal Bonds |
X | |||
Non-U.S.
Gov’t and |
X |
X | ||
U.S. Government Securities |
X |
X |
X |
X |
Zero Coupon Bonds |
||||
Depositary Receipts |
X |
X |
X |
X |
Derivatives |
X |
X |
X |
X |
Commodity-Related
|
||||
Credit
Default Swaps and |
X |
X |
X |
X |
Forward Contracts |
X |
X |
X |
X |
Futures Contracts |
X |
X |
X |
X |
Options Contracts |
X |
X |
X |
X |
Swap Agreements |
X |
X |
X |
X |
Equity Securities |
X |
X |
X |
X |
Common Stocks |
X |
X |
X |
X |
IPOs |
X |
X |
X |
X |
Preferred Stocks |
X |
X |
X |
X |
Warrants and Rights |
X |
X |
X |
X |
Foreign Currency Transactions |
X |
X |
X |
X |
Foreign Securities |
X |
X |
X |
X |
Part I
4-2
Investment Type | ||||
Fundamental Equity Fund |
Global Equity Fund |
Growth Leaders Fund |
Health Care Fund | |
Emerging Market Securities |
X |
X |
X |
X |
Illiquid Securities |
X |
X |
X |
X |
Mortgage-Related and Asset-Backed Securities and Other Collateralized Obligations |
||||
Other Investment Companies |
X |
X |
X |
X |
REITs |
X |
X |
X |
X |
Short Sales |
X |
X |
X |
X |
Structured Notes and Other Hybrid Instruments |
X |
X |
X |
X |
Investment Type | ||||
Int’l Equity Fund |
Int’l Opp. Fund |
Int’l Value Fund |
Micro Cap Growth Fund | |
Bank Loans |
||||
Cash/Short-Term Instruments and Money Market Investments |
X |
X |
X |
X |
Convertible Securities |
X |
X |
X |
X |
Synthetic
Convertible |
X |
X |
X |
|
Debt Securities |
X |
X |
X |
X |
High-Yield Debt Securities |
X |
X |
X |
|
Municipal Bonds |
||||
Non-U.S.
Gov’t and |
X |
X |
X |
|
U.S. Government Securities |
X |
X |
X |
X |
Zero Coupon Bonds |
||||
Depositary Receipts |
X |
X |
X |
X |
Derivatives |
X |
X |
X |
X |
Commodity-Related
|
||||
Credit
Default Swaps and |
X |
X |
X |
X |
Forward Contracts |
X |
X |
X |
X |
Futures Contracts |
X |
X |
X |
X |
Options Contracts |
X |
X |
X |
X |
Swap Agreements |
X |
X |
X |
X |
Equity Securities |
X |
X |
X |
X |
Common Stocks |
X |
X |
X |
X |
IPOs |
X |
X |
X |
X |
Preferred Stocks |
X |
X |
X |
X |
Warrants and Rights |
X |
X |
X |
X |
Foreign Currency Transactions |
X |
X |
X |
X |
Foreign Securities |
X |
X |
X |
X |
Emerging Market Securities |
X |
X |
X |
X |
Illiquid Securities |
X |
X |
X |
X |
Mortgage-Related and Asset-Backed Securities and Other Collateralized Obligations |
||||
Other Investment Companies |
X |
X |
X |
X |
Part I
4-3
Investment Type | ||||
Int’l Equity Fund |
Int’l Opp. Fund |
Int’l Value Fund |
Micro Cap Growth Fund | |
REITs |
X |
X |
X |
X |
Short Sales |
X |
X |
X |
X |
Structured Notes and Other Hybrid Instruments |
X |
X |
X |
X |
Investment Type |
||
Value Opportunities Fund |
||
Bank Loans |
||
Cash/Short-Term Instruments and Money Market Investments |
X |
|
Convertible Securities |
X |
|
Synthetic
Convertible |
X |
|
Debt Securities |
X |
|
High-Yield Debt Securities |
X |
|
Municipal Bonds |
||
Non-U.S.
Gov’t and |
||
U.S. Government Securities |
X |
|
Zero Coupon Bonds |
||
Depositary Receipts |
X |
|
Derivatives |
X |
|
Commodity-Related
|
||
Credit
Default Swaps and |
X |
|
Forward Contracts |
X |
|
Futures Contracts |
X |
|
Options Contracts |
X |
|
Swap Agreements |
X |
|
Equity Securities |
X |
|
Common Stocks |
X |
|
IPOs |
X |
|
Preferred Stocks |
X |
|
Warrants and Rights |
X |
|
Foreign Currency Transactions |
X |
|
Foreign Securities |
X |
|
Emerging Market Securities |
X |
|
Illiquid Securities |
X |
|
Mortgage-Related and Asset-Backed Securities and Other Collateralized Obligations |
||
Other Investment Companies |
X |
|
REITs |
X |
|
Short Sales |
X |
|
Structured Notes and Other Hybrid Instruments |
X |
* To the extent Alpha Strategy Fund invests in participations with respect to senior loans, the Fund intends to acquire participations only if the group of loan investors selling the participation, and any other persons interpositioned between the Fund and the group of loan investors, at the time of investment, has outstanding debt or deposit obligations rated investment grade (BBB or A-3 or
Part I
4-4
higher
by S&P or Baa or P-3 or higher by Moody’s) or comparably rated by another
independent rating agency or determined by Lord Abbett to be of comparable
quality. Similarly, the Fund will purchase an assignment or participation or act
as a loan investor with respect to a syndicated senior loan only where the
agent, typically a U.S. or foreign commercial bank, insurance company, finance
company, or other financial institution, that is originating, negotiating, and
structuring the senior loan for a group of loan investors, at the time of
investment, has outstanding debt or deposit obligations rated investment grade
by an independent rating agency or determined by Lord Abbett to be of comparable
quality. For more information, please see “Additional Information on Portfolio
Investments, Risks, and Techniques – Senior Loans” section of Part
II.
** Alpha Strategy Fund may invest up to 5% of its net assets in municipal bonds that, at the time of purchase, are rated investment grade or below investment grade by a rating agency or are unrated but determined by Lord Abbett to be of comparable quality. In addition, Alpha Strategy Fund may gain exposure to municipal bonds of any quality through investments in certain underlying funds.
Related Additional Investment Restrictions
In addition to the principal investment strategies (and related restrictions) discussed in the Funds’ prospectus, the Fund may use other investment techniques in seeking to achieve its investment objective, as set forth in the table above. The applicable investment restrictions associated with such other investment techniques are set forth below. Please see ‘‘Additional Information on Portfolio Investments, Risks, and Techniques’’ in Part II of the SAI for more information on these and the other investment techniques that may be used by the Funds.
Borrowing Money. Each Fund may borrow money to the extent permitted by its investment policies and restrictions and applicable law. When a Fund borrows money or otherwise leverages its portfolio, the value of an investment in the Fund may be more volatile and other investment risks will tend to be compounded.
Each Fund may engage in other transactions that may have the effect of creating leverage in the Fund’s portfolio, including, by way of example, derivatives transactions and reverse repurchase agreements. A Fund will generally not treat such transactions as borrowings of money.
Illiquid Securities. Each Fund may invest up to 15% of its net assets in illiquid securities. An illiquid security is a security that a Fund reasonably expects cannot be sold or disposed of in then-current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. In determining the liquidity of an investment, a Fund may consider, among other things, the relevant market, trading and investment specific considerations of the security, including anticipated trading sizes.
Part I
4-5
The Board Members of the Registrant are also Board Members of each of the Lord Abbett Funds, which collectively consist of 63 funds. For more information on the Board Members, please see the “Management of the Funds” section of Part II.
Compensation
The following table sets forth the compensation accrued by the Registrant for the Independent Board Members and the total compensation paid by all Lord Abbett Funds to the Independent Board Members, including amounts payable but deferred at the option of each Independent Board Member. No Interested Board Member or officer of the Lord Abbett Funds received any compensation from the Funds for acting as a Board Member or officer. The Lord Abbett Funds currently do not offer a bonus, pension, profit-sharing, or retirement plan.
Board Members |
For the Fiscal Year Ended October 31, 2022 Aggregate Compensation Accrued by the Registrant1 |
Total Compensation Paid by the Lord Abbett Funds2 |
Evelyn E. Guernsey |
$35,837 |
$443,481 |
Julie A. Hill |
36,120 |
466,361 |
Kathleen M. Lutito |
35,002 |
457,348 |
James M. McTaggart |
34,980 |
446,849 |
Charles O. Prince |
35,198 |
457,348 |
Karla M. Rabusch |
35,597 |
465,113 |
Lorin Patrick Taylor Radtke |
33,152 |
421,849 |
Leah Song Richardson |
33,315 |
424,014 |
Mark A. Schmid |
35,036 |
455,183 |
James L.L. Tullis |
47,658 |
608,014 |
1 Independent Board Members’ fees, including attendance fees for Board and committee meetings, are allocated among all Lord Abbett Funds based on the net assets of each Fund. A portion of the fees payable by each Fund to its Independent Board Members may be deferred at the option of a Board Member under an equity-based plan (the “equity-based plan”) that deems the deferred amounts to be invested in shares of a Fund for later distribution to the Board Members. The total deferred amounts for Ms. Guernsey, Ms. Hill, Ms. Lutito, Mr. McTaggart, Mr. Prince, Ms. Rabusch, Mr. Radtke, Ms. Richardson, Mr. Schmid, and Mr. Tullis are $363, $7,308, $35,002, $14,291, $23,536, $5,832, $19,488, $1,990, $363, and $4,473, respectively.
2 The second column shows total compensation, including the types of compensation described in the “For the Fiscal Year Ended October 31, 2022 Aggregate Compensation Accrued by the Registrant” column, accrued by all Lord Abbett Funds for the calendar year ended December 31, 2022, including fees of Independent Board Members that have been deferred.
Fund Ownership
The following table sets forth certain information about the dollar range of equity securities beneficially owned by each Board Member in the Registrant and all other Lord Abbett Funds as of December 31, 2022. The amounts shown include deferred compensation (including any earnings) to the Board Members deemed invested in Fund shares. The amounts ultimately received by the Board Members under the deferred compensation plan will be directly linked to the investment performance of the Lord Abbett Funds.
Part I
5-1
Board Members |
Alpha
|
Focused |
Focused
Large |
Focused
Small |
Independent Trustees | ||||
Evelyn E. Guernsey |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Julie A. Hill |
$10,001 - $50,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Kathleen M. Lutito |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
James M. McTaggart |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Charles O. Prince |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Karla M. Rabusch |
$1 - $10,000 |
Over $100,000 |
$1 - $10,000 |
$1 - $10,000 |
Lorin Patrick Taylor Radtke |
None |
None |
None |
None |
Leah Song Richardson |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Mark A. Schmid |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
James L.L. Tullis |
None |
None |
Over $100,000 |
None |
Interested Trustee | ||||
Douglas B. Sieg |
Over $100,000 |
$10,001 - $50,000 |
$10,001 - $50,000 |
$10,001 - $50,000 |
Board Members |
Fundamental Equity Fund |
Global
Equity |
Growth
|
Health Care Fund |
Independent Trustees | ||||
Evelyn E. Guernsey |
$10,001 - $50,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Julie A. Hill |
$50,001 - $100,000 |
$1 - $10,000 |
$50,001 - $100,000 |
$1 - $10,000 |
Kathleen M. Lutito |
$1 - $10,000 |
$1 - $10,000 |
Over $100,000 |
$1 - $10,000 |
James M. McTaggart |
Over $100,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Charles O. Prince |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Over $100,000 |
Karla M. Rabusch |
Over $100,000 |
$1 - $10,000 |
Over $100,000 |
$1 - $10,000 |
Lorin Patrick Taylor Radtke |
None |
None |
None |
None |
Leah Song Richardson |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Mark A. Schmid |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
James L.L. Tullis |
$1 - $10,000 |
None |
None |
Over $100,000 |
Interested Trustee | ||||
Douglas B. Sieg |
Over $100,000 |
Over $100,000 |
Over $100,000 |
Over $100,000 |
Board Members |
International Equity Fund |
International Opportunities Fund |
International
|
Micro
Cap |
Independent Trustees |
||||
Evelyn E. Guernsey |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Julie A. Hill |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Kathleen M. Lutito |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
James M. McTaggart |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Over $100,000 |
Charles O. Prince |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Over $100,000 |
Karla M. Rabusch |
Over $100,000 |
Over $100,000 |
$1 - $10,000 |
$1 - $10,000 |
Lorin Patrick Taylor Radtke |
None |
None |
None |
None |
Leah Song Richardson |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
Mark A. Schmid |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
$1 - $10,000 |
James L.L. Tullis |
None |
None |
None |
Over $100,000 |
Part I
5-2
Board Members |
International Equity Fund |
International Opportunities Fund |
International
|
Micro
Cap |
Interested Trustee |
||||
Douglas B. Sieg |
Over $100,000 |
$10,001 - $50,000 |
Over $100,000 |
Over $100,000 |
Board Members |
Value |
Aggregate Dollar Range of Equity Securities in Lord Abbett Funds |
|
Interested Trustees |
|||
Evelyn E. Guernsey |
$10,001 - $50,000 |
Over $100,000 |
|
Julie A. Hill |
$10,001 - $50,000 |
Over $100,000 |
|
Kathleen M. Lutito |
$1 - $10,000 |
Over $100,000 |
|
James M. McTaggart |
$1 - $10,000 |
Over $100,000 |
|
Charles O. Prince |
$1 - $10,000 |
Over $100,000 |
|
Karla M. Rabusch |
Over $100,000 |
Over $100,000 |
|
Lorin Patrick Taylor Radtke |
None |
$10,001 - $50,000 |
|
Leah Song Richardson |
$1 - $10,000 |
Over $100,000 |
|
Mark A. Schmid |
$1 - $10,000 |
Over $100,000 |
|
James L.L. Tullis |
$1 - $10,000 |
Over $100,000 |
|
Interested Trustee |
|||
Douglas B. Sieg |
$50,001 - $100,000 |
Over $100,000 |
|
Committee Meetings
The following table sets forth the number of times each committee of the Board met during the most recent fiscal year:
Fiscal Year Ended |
Audit Committee |
ESG and Proxy Committee1 |
Governance Committee2 |
Contract Committee3 |
Compensation Committee4 |
Investment Committee5 |
October 31, 2022 |
4 |
4 |
4 |
3 |
1 |
3 |
1 Effective March 31, 2022, the Proxy Committee was renamed the ESG and Proxy Committee.
2 Effective March 31, 2022, the Nominating and Governance Committee was renamed the Governance Committee.
3 Effective March 31, 2022, the Contract Committee was eliminated, with its responsibilities assumed by the Independent Board Members, acting as a whole.
4 Effective March 31, 2022, the Compensation Committee was eliminated, with its responsibilities assumed by the Governance Committee.
5 The Investment Committee was organized on March 31, 2022.
Part I
5-3
6.
INVESTMENT ADVISORY AND OTHER SERVICES, FEES, AND
EXPENSES
For more information on Lord Abbett, please see the “Investment Adviser” section of Part II.
Lord Abbett is each Fund’s investment adviser. Lord Abbett is a privately held investment adviser. Lord Abbett’s address is 90 Hudson Street, Jersey City, NJ 07302-3973.
Under the Management Agreements between Lord Abbett and Securities Trust, on behalf of each Fund, Lord Abbett is entitled to an annual management fee based on each Fund’s average daily net assets. The management fee is allocated to each class of shares based upon the relative proportion of each Fund’s net assets represented by that class.
For certain Funds, Lord Abbett has contractually agreed to waive a portion of its fees and reimburse certain expenses. These agreements may be terminated only by the Funds’ Board.
Each Fund pays all expenses attributable to its operations not expressly assumed by Lord Abbett, including, without limitation, Rule 12b-1 Plan expenses, Independent Board Members’ fees and expenses, association membership dues, legal and auditing fees, taxes, transfer and dividend disbursing agent fees, shareholder servicing costs, expenses relating to shareholder meetings, expenses of registering its shares under federal and state securities laws, expenses of preparing, printing and mailing prospectuses and shareholder reports to existing shareholders, insurance premiums, and other expenses connected with executing portfolio transactions.
Management Fee Rates
The management fee is accrued daily, payable monthly, and calculated at the following annual rates:
Alpha Strategy Fund |
0.10% |
Focused Growth Fund |
|
First $1 billion |
0.65% |
Next $1 billion |
0.63% |
Next $5 billion |
0.60% |
Over $7 billion |
0.59% |
Focused Large Cap Value Fund |
|
First $1 billion |
0.59% |
Over $1 billion |
0.53% |
Focused Small Cap Value Fund |
0.80% |
Fundamental Equity Fund |
|
First $200 million |
0.75% |
Next $300 million |
0.65% |
Over $500 million |
0.50% |
Global Equity Fund |
|
First $1 billion |
0.45% |
Next $2 billion |
0.43% |
Over $3 billion |
0.41% |
Growth Leaders Fund |
|
First $2 billion |
0.55% |
Over $2 billion |
0.50% |
Health Care Fund |
|
First $1 billion |
0.62% |
Over $1 billion |
0.51% |
International Equity Fund | |
First $1 billion |
0.45% |
Over $1 billion |
0.40% |
Part I
6-1
International Opportunities Fund |
|
First $1 billion |
0.75% |
Next $1 billion |
0.70% |
Over $2 billion |
0.65% |
International Value Fund |
|
First $1 billion |
0.50% |
Over $1 billion |
0.48% |
Micro Cap Growth Fund |
0.90% |
Value Opportunities Fund |
|
First $1 billion |
0.75% |
Next $1 billion |
0.70% |
Next $3 billion |
0.65% |
Over $5 billion |
0.58% |
Management Fees Paid to Lord Abbett
The following tables set forth the management fees each Fund paid to Lord Abbett (taking into account any management fee waivers) for the last three fiscal years ended October 31st:
2020
Gross Management Fees |
Management Fees Waived |
Net Management Fees | ||
Alpha Strategy Fund1 |
$773,732 |
$(773,732) |
$0 | |
Focused Growth Fund |
104,997 |
(104,997) |
0 | |
Focused Large Cap Value Fund |
1,367,992 |
(91,630) |
1,276,362 | |
Focused Small Cap Value Fund |
760,931 |
(124,669) |
636,262 | |
Fundamental Equity Fund |
10,989,075 |
0 |
10,989,075 | |
Global Equity Fund |
32,081 |
(32,081) |
0 | |
Growth Leaders Fund |
26,057,094 |
(1,926,050) |
24,131,044 | |
Health Care Fund |
21,577 |
(21,577) |
0 | |
International Equity Fund2 |
2,751,062 |
(191,970) |
2,559,092 | |
International Opportunities Fund |
3,359,301 |
(5) |
3,359,296 | |
International Value Fund3 |
3,471,840 |
(304,047) |
3,167,793 | |
Micro Cap Growth Fund4 |
1,583,375 |
(1,088) |
1,582,287 | |
Value Opportunities Fund |
11,290,350 |
0 |
11,290,350 |
2021
Gross Management Fees |
Management Fees Waived |
Net Management Fees | ||
Alpha Strategy Fund1 |
$861,739 |
$(861,739) |
$0 | |
Focused Growth Fund |
289,857 |
(193,814) |
96,043 | |
Focused Large Cap Value Fund |
4,106,467 |
(195) |
4,106,272 | |
Focused Small Cap Value Fund |
1,677,148 |
(389) |
1,676,759 | |
Fundamental Equity Fund |
10,354,373 |
0 |
10,354,373 | |
Global Equity Fund |
43,575 |
(43,575) |
0 | |
Growth Leaders Fund |
45,810,108 |
(0) |
45,810,108 | |
Health Care Fund |
41,271 |
(41,271) |
0 | |
International Equity Fund2 |
2,854,506 |
(99,953) |
2,754,553 | |
International Opportunities Fund |
3,480,549 |
0 |
3,480,549 | |
International Value Fund3 |
4,237,369 |
(146,090) |
4,091,279 | |
Micro Cap Growth Fund4 |
3,196,352 |
0 |
3,196,352 | |
Value Opportunities Fund |
12,604,448 |
0 |
12,604,448 |
Part I
6-2
2022
Gross Management Fees |
Management Fees Waived |
Net Management Fees | ||
Alpha Strategy Fund1 |
$738,784 |
$(738,784) |
$0 | |
Focused Growth Fund |
270,866 |
(190,942) |
79,924 | |
Focused Large Cap Value Fund |
3,154,540 |
(12,956) |
3,141,584 | |
Focused Small Cap Value Fund |
1,402,249 |
(687) |
1,401,562 | |
Fundamental Equity Fund |
10,219,959 |
0 |
10,219,959 | |
Global Equity Fund |
46,356 |
(46,356) |
0 | |
Growth Leaders Fund |
37,806,132 |
0 |
37,806,132 | |
Health Care Fund |
41,698 |
(41,698) |
0 | |
International Equity Fund2 |
2,408,065 |
(199,271) |
2,208,794 | |
International Opportunities Fund |
2,862,512 |
0 |
2,862,512 | |
International Value Fund3 |
3,785,917 |
(326,773) |
3,459,144 | |
Micro Cap Growth Fund4 |
2,470,470 |
0 |
2,470,470 | |
Value Opportunities Fund |
11,391,731 |
0 |
11,391,731 | |
1 Lord Abbett is presently waiving the Alpha Strategy Fund’s entire management fee on a voluntary basis. The voluntary management fee waiver may be discontinued at any time without notice.
2 Prior to December 9, 2022, the management fees for International Equity Fund were calculated at the following annual rates:
0.70% on the first $1 billion of average daily net assets;
0.65% on the first $1 billion of average daily net assets; and
0.60% on the Fund’s average daily net assets over $2 billion.
3 Prior to December 9, 2022, the management fees for International Value Fund were calculated at the following annual rates:
0.70% on the first $1 billion of average daily net assets;
0.65% on the next $1 billion of average daily net assets; and
0.60% on the Fund’s average daily net assets over $2 billion.
4 Prior to June 1, 2020, the management fee for the Micro Cap Growth Fund was calculated at 1.50% of the Fund’s average daily net assets.
Contractual Fee Waivers and Expense Limitations
Lord Abbett has contractually agreed to waive its fees and/or reimburse Fund expenses to the extent necessary to limit each Fund’s total net annual operating expenses (excluding certain expenses such as fees under a Rule 12b-1 Plan and acquired fund fees and expenses) to the annual rates set forth in the following table. This agreement may be terminated only by the Fund’s Board.
Contract Period |
Class F3 and R6 |
All Other Share Classes | |
Focused Growth Fund |
March 1, 2023 – February 29, 2024 |
0.67% |
0.80% |
Focused Large Cap Value |
March 1, 2023 – February 29, 2024 |
0.71% |
0.71% |
Focused Small Cap Value Fund |
March 1, 2023 – February 29, 2024 |
0.97% |
1.03% |
Global Equity Fund |
March 1, 2022 – February 29, 2024 |
0.58% |
0.65% |
Health Care Fund |
March 1, 2023 – February 29, 2024 |
0.61% |
0.78% |
As
to Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value
Fund, Growth Leaders Fund, Health Care Fund, and Micro Cap Growth Fund for the
period from March 1, 2023 through February 29, 2024, the Distributor has
contractually agreed to waive each Fund’s 0.10% Rule 12b-1 fee for Class F
shares.
Administrative
Services Fees Paid to Lord Abbett
Pursuant
to an Administrative Services Agreement with the Funds, Lord Abbett provides
certain administrative services not involving the provision of investment advice
to the Funds. The following table sets forth the administrative services fees
each Fund paid to Lord Abbett for the last three fiscal years ended October
31st:
Part I
6-3
2020 | |||
Gross Administrative Fees |
Administrative Fees Voluntarily Waived |
Net Administrative Fees | |
Alpha Strategy Fund |
$309,493 |
$(18,003) |
$291,490 |
Focused Growth Fund |
6,461 |
(2,588) |
3,873 |
Focused Large Cap Value Fund |
92,745 |
(8,402) |
84,343 |
Focused Small Cap Value Fund |
38,047 |
(13,912) |
24,135 |
Fundamental Equity Fund |
803,126 |
(53,270) |
749,856 |
Global Equity Fund |
2,852 |
(2,852) |
0 |
Growth Leaders Fund |
2,004,567 |
(35,117) |
1,969,450 |
Health Care Fund |
1,392 |
(1,392) |
0 |
International Equity Fund |
157,204 |
(56,792) |
100,412 |
International Opportunities Fund |
179,163 |
(89,213) |
89,950 |
International Value Fund |
198,391 |
(75,616) |
122,775 |
Micro Cap Growth Fund |
49,812 |
(10,742) |
39,070 |
Value Opportunities Fund |
616,591 |
(98,396) |
518,195 |
2021 | |||
Gross Administrative Fees |
Administrative Fees Voluntarily Waived |
Net Administrative Fees | |
Alpha Strategy Fund |
$344,696 |
$(11,229) |
$333,467 |
Focused Growth Fund |
17,837 |
(2,515) |
15,322 |
Focused Large Cap Value Fund |
278,405 |
(19,156) |
259,249 |
Focused Small Cap Value Fund |
83,857 |
(9,693) |
74,164 |
Fundamental Equity Fund |
752,350 |
(46,860) |
705,490 |
Global Equity Fund |
3,873 |
(3,873) |
0 |
Growth Leaders Fund |
3,584,809 |
(99,941) |
3,484,868 |
Health Care Fund |
2,663 |
(2,663) |
0 |
International Equity Fund |
163,115 |
(112,893) |
50,222 |
International Opportunities Fund |
185,629 |
(85,961) |
99,668 |
International Value Fund |
242,135 |
(166,324) |
75,811 |
Micro Cap Growth Fund |
142,060 |
(26,256) |
115,804 |
Value Opportunities Fund |
691,683 |
(36,967) |
654,716 |
2022 | |||
Gross Administrative Fees |
Administrative Fees Voluntarily Waived |
Net Administrative Fees | |
Alpha Strategy Fund |
$295,514 |
$(12,862) |
$282,652 |
Focused Growth Fund |
16,669 |
(7,230) |
9,439 |
Focused Large Cap Value Fund |
213,867 |
(10,384) |
203,483 |
Focused Small Cap Value Fund |
70,112 |
(2,271) |
67,841 |
Fundamental Equity Fund |
741,597 |
(43,504) |
698,093 |
Global Equity Fund |
4,121 |
(4,121) |
0 |
Growth Leaders Fund |
2,944,491 |
(110,628) |
2,833,863 |
Health Care Fund |
2,690 |
(2,690) |
0 |
International Equity Fund |
137,604 |
(69,777) |
67,827 |
International Opportunities Fund |
152,667 |
(141,546) |
11,121 |
International Value Fund |
216,338 |
(75,372) |
140,966 |
Micro Cap Growth Fund |
109,799 |
(18,107) |
91,692 |
Value Opportunities Fund |
622,392 |
0 |
622,392 |
Part I
6-4
Distributor
For additional information on the Distributor, please see the “Investment Advisory and Other Services, Fees, and Expenses – Distributor” section of Part II. The Distributor received no other compensation (including compensation on redemption and repurchase and brokerage commissions in connections with Fund transactions) apart from that reflected below.
The following table sets forth the net sales charge received (after allowance of a portion of the sales charge to independent dealers) by the Distributor, as the Registrant’s principal underwriter, for the last three fiscal years ended October 31st:
2020 |
2021 |
2022 | |
Gross sales charge |
$6,722,496 |
$10,116,910 |
$5,334,709 |
Amount allowed to dealers |
5,697,766 |
8,568,629 |
4,515,253 |
Net commissions received by the Distributor |
1,024,730 |
1,548,281 |
819,456 |
The following table sets forth the CDSC received by the Distributor for the last three fiscal years ended October 31st:
2020 |
2021 |
2022 | |
CDSC received by the Distributor |
$176,730 |
$160,817 |
$142,075 |
Rule 12b-1 Plan
For additional information, please see the “Investment Advisory and Other Services, Fees, and Expenses – Rule 12b-1 Plan” section of Part II.
The following table sets forth the amounts paid by each applicable class of the Funds to the Distributor pursuant to the Rule 12b-1 Plan for the fiscal year ended October 31, 2022:
Class A |
Class C |
Class F |
Class P | |
Alpha Strategy Fund |
$1,164,175 |
$409,356 |
$81,274 |
N/A |
Focused Growth Fund1 |
39,906 |
25,776 |
12,666 |
N/A |
Focused Large Cap Value Fund1 |
26,813 |
49,056 |
1,740 |
N/A |
Focused Small Cap Value Fund1 |
46,632 |
43,455 |
44,837 |
N/A |
Fundamental Equity Fund |
3,177,103 |
455,929 |
108,666 |
19,836 |
Global Equity Fund |
11,357 |
6,511 |
1,700 |
N/A |
Growth Leaders Fund1 |
4,991,373 |
7,697,636 |
2,334,252 |
N/A |
Health Care Fund1 |
8,047 |
6,580 |
493 |
N/A |
International Equity Fund |
401,180 |
59,933 |
14,148 |
49 |
International Opportunities Fund |
268,092 |
105,580 |
33,831 |
573 |
International Value Fund |
545,515 |
80,272 |
19,011 |
N/A |
Micro Cap Growth Fund1 |
105,089 |
89,150 |
89,793 |
N/A |
Value Opportunities Fund |
1,828,141 |
585,100 |
130,910 |
65,956 |
Class R2 |
Class R3 |
Class R4 |
||
Alpha Strategy Fund |
$6,218 |
$102,626 |
$10,264 |
|
Focused Growth Fund1 |
N/A |
84 |
40 |
|
Focused Large Cap Value Fund1 |
N/A |
275 |
25 |
|
Focused Small Cap Value Fund1 |
N/A |
N/A |
N/A |
|
Fundamental Equity Fund |
14,119 |
361,900 |
7,203 |
|
Global Equity Fund |
N/A |
3,136 |
769 |
|
Growth Leaders Fund1 |
16,069 |
87,182 |
34,006 |
|
Health Care Fund1 |
N/A |
58 |
29 |
|
International Equity Fund |
963 |
25,348 |
3,686 |
|
International Opportunities Fund |
13,569 |
26,652 |
5,794 |
|
International Value Fund |
230 |
34,432 |
364 |
Part I
6-5
Micro Cap Growth Fund1 |
N/A |
N/A |
N/A |
|
Value Opportunities Fund |
30,834 |
180,466 |
86,678 |
|
1 The Distributor has contractually agreed to waive each Fund’s 0.10% Rule 12b-1 fee for Class F shares through February 29, 2024. |
Brokerage Commissions
The Funds’ policy with respect to portfolio transactions and brokerage is set forth under the “Brokerage Allocation and Other Practices” section of Part II.
Brokerage Commissions Paid to Independent Broker-Dealer Firms.
The following table sets forth the total brokerage commissions on transactions of securities each Fund paid to independent broker-dealer firms for the last three fiscal years ended October 31st:
2020 |
2021 |
2022 | |
Alpha Strategy Fund |
$0 |
$0 |
$0 |
Focused Growth Fund |
9,325 |
17,373 |
17,240 |
Focused Large Cap Value Fund |
408,025 |
401,382 |
327,676 |
Focused Small Cap Value Fund |
200,518 |
436,929 |
260,149 |
Fundamental Equity Fund |
1,199,225 |
841,153 |
376,875 |
Global Equity Fund |
13,214 |
14,206 |
5,482 |
Growth Leaders Fund |
2,277,664 |
3,278,735 |
3,069,001 |
Health Care Fund |
3,173 |
4,955 |
2,655 |
International Equity Fund |
1,019,140 |
945,671 |
618,468 |
International Opportunities Fund |
1,200,846 |
1,437,850 |
758,598 |
International Value Fund |
1,263,511 |
1,562,115 |
797,309 |
Micro Cap Growth Fund |
272,773 |
619,319 |
564,239 |
Value Opportunities Fund |
596,598 |
688,730 |
560,524 |
The amount of brokerage commissions paid by a Fund may change from year to year because of changing asset levels, shareholder activity, and portfolio turnover, among other factors.
In addition to the purchase of research services through “commission sharing arrangements,” Lord Abbett purchased third party research services with its own resources during the past three fiscal years ended October 31st.
The following table sets forth the amount of portfolio transactions directed by each Fund to broker-dealers that provided research services for the fiscal year ended October 31, 2022, for which the Fund paid the brokerage commissions indicated:
Transactions |
Commissions | |
Alpha Strategy Fund |
$0 |
$0 |
Focused Growth Fund |
102,683,382 |
11,940 |
Focused Large Cap Value Fund |
552,844,540 |
148,500 |
Focused Small Cap Value Fund |
167,405,710 |
154,144 |
Fundamental Equity Fund |
1,062,557,556 |
233,798 |
Global Equity Fund |
8,751,552 |
2,364 |
Growth Leaders Fund |
15,824,278,978 |
1,978,198 |
Health Care Fund |
4,740,480 |
1,488 |
International Equity Fund |
209,529,458 |
160,655 |
International Opportunities Fund |
154,647,243 |
246,205 |
International Value Fund |
299,400,969 |
219,215 |
Micro Cap Growth Fund |
387,075,420 |
355,668 |
Value Opportunities Fund |
860,080,533 |
287,011 |
Part I
6-6
Regular Broker-Dealers
During the fiscal year ended October 31, 2022, each Fund acquired securities of its “regular brokers or dealers,” as that term is defined in Rule 10b-1 under the 1940 Act, that derived, or have a parent that derived, more than 15% of its gross revenues from the business of a broker, a dealer, an underwriter, or an investment adviser, as follows:
Regular Broker or Dealers |
Value of the Fund’s Aggregate Holdings of the Regular Broker’s or Dealer’s or Parent’s Securities | |
Alpha Strategy Fund |
None |
None |
Focused Growth Fund |
None |
None |
Focused Large Cap Value Fund |
JP Morgan Securities LLC |
$571,495.20 |
Wells Fargo Securities LLC |
664,095.60 | |
Focused Small Cap Value Fund |
None |
None |
Fundamental Equity Fund |
JP Morgan Securities LLC |
49,137,258.00 |
Morgan Stanley & Co. LLC |
30,706,929.02 | |
Wells Fargo Advisors PCG |
40,678,155.00 | |
Global Equity Fund |
JP Morgan Securities LLC |
122,229.48 |
Growth Leaders Fund |
None |
None |
Health Care Fund |
None |
None |
International Equity Fund |
UBS Securities LLC |
2,353,230.70 |
Nikko |
1,950,459.08 | |
International Opportunities Fund |
None |
None |
International Value Fund |
UBS Securities LLC |
5,904,729.41 |
Nikko |
6,797,139.42 | |
Micro Cap Growth Fund |
None |
None |
Value Opportunities Fund |
None |
None |
Part I
6-7
7.
PORTFOLIO MANAGER INFORMATION
Other Accounts Managed
The following table sets forth information about the other accounts managed by the Funds’ portfolio managers as of the Funds’ fiscal year ended October 31, 2022 (or another date, if indicated). For more information, please see the “Portfolio Management Information” section of Part II. The data shown below are approximate.
Included in the Registered Investment Companies category are those U.S.-registered funds managed or sub-advised by Lord Abbett, including funds underlying variable annuity contracts and variable life insurance policies offered through insurance companies. The Other Pooled Investment Vehicles category includes collective investment funds, offshore funds and similar non-registered investment vehicles. Lord Abbett does not manage any hedge funds. The Other Accounts category encompasses retirement and benefit plans (including both defined contribution and defined benefit plans) sponsored by various corporations and other entities, individually managed institutional accounts of various corporations, other entities and individuals, and separately managed accounts in so-called wrap fee programs sponsored by financial intermediaries unaffiliated with Lord Abbett.
Number of Registered Investment Companies |
Total Assets ($MM) |
Number of Other Pooled Investment Vehicles |
Total Assets ($MM) |
Number of Other Accounts |
Total Assets ($MM) | |
Alpha Strategy Fund |
||||||
Giulio Martini |
2 |
3,010.77 |
0 |
0 |
0 |
0 |
Matthew R. DeCicco |
7 |
11,778.62 |
1 |
172.76 |
0 |
0 |
Jeffrey O. Herzog |
2 |
3,010.77 |
0 |
0 |
0 |
0 |
Focused Growth Fund |
||||||
F. Thomas O’Halloran |
4 |
8,544.59 |
1 |
172.76 |
15 |
586.18 |
Vernon T. Bice |
5 |
8,544.59 |
1 |
172.76 |
0 |
0 |
Matthew R. DeCicco |
7 |
12,400.98 |
1 |
172.76 |
0 |
0 |
Focused Large Cap Value Fund |
||||||
John C. Hardy |
8 |
5,774.78 |
1 |
111.64 |
629 |
878.58 |
Jeff D. Diamond |
5 |
3,935.92 |
0 |
0 |
620 |
237.13 |
Darnell Azeez |
6 |
11,524.72 |
0 |
0 |
0 | |
Focused Small Cap Value Fund |
||||||
John C. Hardy |
8 |
5,659.61 |
1 |
111.64 |
629 |
878.58 |
Qie Zhang |
1 |
396.89 |
0 |
0 |
0 |
0 |
Fundamental Equity Fund |
||||||
John C. Hardy |
8 |
3,838.16 |
1 |
111.64 |
629 |
878.58 |
Jeff D. Diamond |
5 |
1,999.30 |
0 |
0 |
620 |
237.13 |
Darnell Azeez |
6 |
9,588.10 |
0 |
0 |
0 |
0 |
Global Equity Fund |
||||||
Ryan C. Howard |
2 |
5,900.81 |
1 |
3.39 |
1 |
13.37 |
Servesh Tiwari |
3 |
8,904.43 |
1 |
3.39 |
0 |
0 |
Growth Leaders Fund |
||||||
F. Thomas O’Halloran |
4 |
3,009.26 |
1 |
172.76 |
15 |
586.18 |
Vernon T. Bice |
5 |
3,009.26 |
1 |
172.76 |
0 |
0 |
Part I
7-1
Number of Registered Investment Companies |
Total Assets ($MM) |
Number of Other Pooled Investment Vehicles |
Total Assets ($MM) |
Number of Other Accounts |
Total Assets ($MM) | ||
Matthew R. DeCicco |
7 |
6,865.65 |
1 |
172.76 |
0 |
0 | |
Benjamin Ebel |
2 |
2,741.62 |
0 |
0 |
0 |
0 | |
Steven H. Wortman |
2 |
233.92 |
0 |
0 |
0 |
0 | |
Health Care Fund |
|||||||
Devesh Karandikar |
0 |
0 |
0 |
0 |
0 |
0 | |
Matthew R. DeCicco |
7 |
12,428.27 |
1 |
172.76 |
0 |
0 | |
Heidi A. Lawrence |
2 |
517.71 |
0 |
0 |
0 |
0 | |
Samantha E. Shevins |
0 |
0 |
0 |
0 |
0 |
0 | |
International Equity Fund |
|||||||
Matthias A. Knerr |
1 |
1.79 |
0 |
0 |
0 |
0 | |
Sue Kim |
2 |
5.81 |
0 |
0 |
0 |
0 | |
Todd D. Jacobson |
2 |
655.10 |
1 |
118.85 |
0 |
0 | |
International Opportunities Fund |
|||||||
Todd D. Jacobson |
2 |
623.92 |
1 |
118.85 |
0 |
0 | |
Vincent J. McBride |
1 |
344.39 |
1 |
118.85 |
0 |
0 | |
International Value Fund |
|||||||
Vincent J. McBride |
1 |
310.71 |
1 |
118.85 |
0 |
0 | |
Todd D. Jacobson |
2 |
590.25 |
1 |
118.85 |
0 |
0 | |
Ryan C. Howard |
2 |
5,565.38 |
1 |
3.39 |
1 |
13.37 | |
Micro Cap Growth Fund |
|||||||
F. Thomas O’Halloran |
4 |
8,344.40 |
1 |
172.76 |
15 |
586.18 | |
Matthew R. DeCicco |
7 |
12,200.79 |
1 |
172.76 |
0 |
0 | |
Vernon T. Bice |
5 |
8,344.40 |
1 |
172.76 |
0 |
0 | |
Steven H. Wortman |
2 |
5569.05 |
0 |
0 |
0 |
0 | |
Value Opportunities Fund |
|||||||
John C. Hardy |
8 |
4,486.32 |
1 |
111.64 |
629 |
878.58 |
Holdings of Portfolio Managers
The following table indicates the dollar range of securities beneficially owned by each portfolio manager in the Funds he or she manages, as of October 31, 2022 (or another date, if indicated). This table includes the value of securities beneficially owned by the portfolio managers through 401(k) plans and certain other plans or accounts, if any.
Ownership of Securities1 |
Aggregate Dollar Range of Securities |
Alpha Strategy Fund |
|
Giulio Martini |
$0 |
Matthew R. DeCicco |
$0 |
Jeffrey O. Herzog |
$0 |
Focused Growth Fund |
|
F. Thomas O’Halloran |
$500,001-$1,000,000 |
Vernon T. Bice |
$100,001-$500,000 |
Part I
7-2
Ownership of Securities1 |
Aggregate Dollar Range of Securities |
Matthew R. DeCicco |
$100,001-$500,000 |
Focused Large Cap Value Fund |
|
John C. Hardy |
$10,001-$50,000 |
Jeff D. Diamond |
$10,001-$50,000 |
Darnell C. Azeez |
$10,001-$50,000 |
Focused Small Cap Value Fund |
|
John C. Hardy |
$100,001-$500,000 |
Qie Zhang2 |
$100,001-$500,000 |
Fundamental Equity Fund |
|
John C. Hardy |
$50,001-$100,000 |
Jeff D. Diamond |
$100,001-$500,000 |
Darnell C. Azeez2 |
$100,001-$500,000 |
Global Equity Fund |
|
Ryan C. Howard |
$50,001-$100,000 |
Servesh Tiwari |
$50,001-$100,000 |
Growth Leaders Fund |
|
F. Thomas O’Halloran |
Over $1,000,000 |
Vernon T. Bice |
Over $1,000,000 |
Matthew R. DeCicco |
$100,001-$500,000 |
Benjamin Ebel |
$1-$10,000 |
Steven H. Wortman2 |
$100,001-$500,000 |
Health Care Fund |
|
Devesh Karandikar |
$500,001-$1,000,000 |
Matthew R. DeCicco |
$100,001-$500,000 |
Heidi A. Lawrence |
$10,001-$50,000 |
Samantha E. Shevins2 |
$50,001-$100,000 |
International Equity Fund |
|
Matthias A. Knerr |
$10,001-$50,000 |
Sue Kim2 |
$50,001-$100,000 |
Todd D. Jacobson |
$100,001-$500,000 |
International Opportunities Fund |
|
Todd D. Jacobson |
$100,001-$500,000 |
Vincent J. McBride |
$500,001-$1,000,000 |
International Value Fund |
|
Vincent J. McBride |
Over $1,000,000 |
Todd D. Jacobson |
$100,001-$500,000 |
Ryan C. Howard |
$10,001-$50,000 |
Part I
7-3
Ownership of Securities1 |
Aggregate Dollar Range of Securities |
Micro Cap Growth Fund |
|
F. Thomas O’Halloran |
$500,001-$1,000,000 |
Matthew R. DeCicco |
$100,001-$500,000 |
Vernon T. Bice |
$100,001-$500,000 |
Steven H. Wortman2 |
$100,001-$500,000 |
Value Opportunities Fund |
|
John C. Hardy |
$100,001-$500,000 |
1
As of December 31, 2022.
2
As of February 24, 2023.
Part I
7-4
The following table provides the dollar amounts of income and fees and/or compensation related to each Fund's securities lending activities during the most recent fiscal year:
Focused Large Cap Value Fund | |
Gross income from securities lending activities |
$2,050 |
Fees and/or compensation for securities lending activities and related services: | |
Fees paid to securities lending agent from a revenue split |
$129 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split |
|
Administrative fees not included in revenue split |
|
Indemnification fee not included in revenue split |
|
Rebate (paid to borrower) |
$398 |
Other fees not included in revenue split (specify) |
|
Aggregate fees/compensation for securities lending activities |
$527 |
Net income from securities lending activities |
$1,523 |
Focused Small Cap Value Fund | |
Gross income from securities lending activities |
$33,672 |
Fees and/or compensation for securities lending activities and related services: | |
Fees paid to securities lending agent from a revenue split |
$3,357 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split |
|
Administrative fees not included in revenue split |
|
Indemnification fee not included in revenue split |
|
Rebate (paid to borrower) |
$157 |
Other fees not included in revenue split (specify) |
|
Aggregate fees/compensation for securities lending activities |
$3,514 |
Net income from securities lending activities |
$30,158 |
Fundamental Equity Fund | |
Gross income from securities lending activities |
$283 |
Fees and/or compensation for securities lending activities and related services: | |
Fees paid to securities lending agent from a revenue split |
$28 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split |
|
Administrative fees not included in revenue split |
|
Indemnification fee not included in revenue split |
|
Rebate (paid to borrower) |
|
Other fees not included in revenue split (specify) |
|
Aggregate fees/compensation for securities lending activities |
$28 |
Net income from securities lending activities |
$255 |
Part 1
8-1
Growth Leaders Fund | |
Gross income from securities lending activities |
$2,035 |
Fees and/or compensation for securities lending activities and related services: | |
Fees paid to securities lending agent from a revenue split |
$201 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split |
|
Administrative fees not included in revenue split |
|
Indemnification fee not included in revenue split |
|
Rebate (paid to borrower) |
$30 |
Other fees not included in revenue split (specify) |
|
Aggregate fees/compensation for securities lending activities |
$231 |
Net income from securities lending activities |
$1,804 |
Health Care Fund | |
Gross income from securities lending activities |
$943 |
Fees and/or compensation for securities lending activities and related services: | |
Fees paid to securities lending agent from a revenue split |
$76 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split |
|
Administrative fees not included in revenue split |
|
Indemnification fee not included in revenue split |
|
Rebate (paid to borrower) |
$154 |
Other fees not included in revenue split (specify) |
|
Aggregate fees/compensation for securities lending activities |
$230 |
Net income from securities lending activities |
$713 |
International Equity Fund | |
Gross income from securities lending activities |
$101,238 |
Fees and/or compensation for securities lending activities and related services: | |
Fees paid to securities lending agent from a revenue split |
$8,446 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split |
|
Administrative fees not included in revenue split |
|
Indemnification fee not included in revenue split |
|
Rebate (paid to borrower) |
$20,930 |
Other fees not included in revenue split (specify) |
|
Aggregate fees/compensation for securities lending activities |
$29,376 |
Net income from securities lending activities |
$71,862 |
International Opportunities Fund | |
Gross income from securities lending activities |
$46,702 |
Fees and/or compensation for securities lending activities and related services: | |
Fees paid to securities lending agent from a revenue split |
$2,438 |
Fees paid for any cash collateral management service (including |
Part 1
8-2
fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split |
|
Administrative fees not included in revenue split |
|
Indemnification fee not included in revenue split |
|
Rebate (paid to borrower) |
$21,768 |
Other fees not included in revenue split (specify) |
|
Aggregate fees/compensation for securities lending activities |
$24,206 |
Net income from securities lending activities |
$22,496 |
International Value Fund | |
Gross income from securities lending activities |
$303,511 |
Fees and/or compensation for securities lending activities and related services: | |
Fees paid to securities lending agent from a revenue split |
$24,332 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split |
|
Administrative fees not included in revenue split |
|
Indemnification fee not included in revenue split |
|
Rebate (paid to borrower) |
$64,532 |
Other fees not included in revenue split (specify) |
|
Aggregate fees/compensation for securities lending activities |
$88,864 |
Net income from securities lending activities |
$214,647 |
Micro Cap Growth Fund | |
Gross income from securities lending activities |
$546,555 |
Fees and/or compensation for securities lending activities and related services: | |
Fees paid to securities lending agent from a revenue split |
$48,846 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split |
|
Administrative fees not included in revenue split |
|
Indemnification fee not included in revenue split |
|
Rebate (paid to borrower) |
$58,247 |
Other fees not included in revenue split (specify) |
|
Aggregate fees/compensation for securities lending activities |
$107,093 |
Net income from securities lending activities |
$439,462 |
Value Opportunities Fund | |
Gross income from securities lending activities |
$15,861 |
Fees and/or compensation for securities lending activities and related services: | |
Fees paid to securities lending agent from a revenue split |
$1,187 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split |
|
Administrative fees not included in revenue split |
|
Indemnification fee not included in revenue split |
|
Rebate (paid to borrower) |
$4,139 |
Other fees not included in revenue split (specify) |
Part 1
8-3
Aggregate fees/compensation for securities lending activities |
$5,326 |
Net income from securities lending activities |
$10,535 |
Alpha Strategy Fund, Focused Growth Fund, and Global Equity Fund did not engage in securities lending during the Fund’s most recent fiscal year.
Citibank, N.A. (“Citibank”) acts as the securities lending agent for the Lord Abbett funds. As securities lending agent, during the last fiscal year, Citibank located borrowers for fund securities, monitored daily the value of the loaned securities and collateral, required additional collateral as necessary, negotiated loan terms, provided certain recordkeeping and account servicing, and arranged for return of loaned securities to the fund at loan termination, and, as applicable, in connection with proxy votes.
Part 1
8-4
9.
CONTROL PERSONS AND PRINCIPAL
SHAREHOLDERS
Shareholders beneficially owning more than 25% of outstanding shares may be in control and may be able to affect the outcome of certain matters presented for a shareholder vote. As of January 31, 2023, to the best of the Funds’ knowledge, the following persons or entities owned of record or were known by the Funds to beneficially own more than 25% of a Fund’s outstanding shares:
Alpha Strategy Fund
Edward D. Jones & Co. 26.85%
For the Benefit of Customers
1255 Manchester Road
Saint Louis, MO 63131-3729
Focused Growth Fund
Pershing LLC 27.98%
1 Pershing Plaza
Jersey City, NJ 07399-0002
Focused Large Cap Growth Fund
Pershing LLC 34.93%
1 Pershing Plaza
Jersey City, NJ 07399-0002
Focused Small Cap Value Fund
Lord Abbett Alpha Strategy Fund 49.11%
90 Hudson Street
Jersey City, NJ 07302-3900
Fundamental Equity Fund
Edward D. Jones & Co. 27.54%
For the Benefit of Customers
1255 Manchester Road
Saint Louis, MO 63131-3729
Health Care Fund
MLPF&S 32.76%
For the Sole Benefit of its Customers
4800 Deer Lake Drive, E FL3
Jacksonville, FL 32246-6484
International Equity Fund
Edward D. Jones & Co. 30.87%
For the Benefit of Customers
1255 Manchester Road
Saint Louis, MO 63131-3729
International Equity Fund
Lord Abbett Multi-Asset Balanced Opportunity Fund 27.76%
90 Hudson Street
Jersey City, NJ 07302-3900
Part I
9-1
International Opportunities Fund
Lord Abbett Alpha Strategy Fund 38.08%
90 Hudson Street
Jersey City, NJ 07302-3900
International Value Fund
Edward D. Jones & Co. 45.88%
For the Benefit of Customers
1255 Manchester Road
Saint Louis, MO 63131-3729
Micro Cap Growth Fund
Lord Abbett Alpha Strategy Fund 27.66%
90 Hudson Street
Jersey City, NJ 07302-3900
Value Opportunities Fund
Edward D. Jones & Co. 36.43%
For the Benefit of Customers
1255 Manchester Road
Saint Louis, MO 63131-3729
As of January 31, 2023, to the best of the Funds’ knowledge, the following persons or entities owned of record or were known by the Funds to beneficially own 5% or of the specified class of the Fund’s outstanding shares.
ALPHA
STRATEGY FUND |
EDWARD
D JONES & CO |
30.01% |
MLPF&S
FOR THE SOLE BENEFIT |
9.56% | |
ALPHA
STRATEGY FUND |
MLPF&S
FOR THE SOLE BENEFIT |
5.66% |
PERSHING
LLC |
5.48% | |
LPL
FINANCIAL |
7.87% |
Part I
9-2
WELLS
FARGO CLEARING SERVICES LLC |
7.37% | |
RAYMOND
JAMES |
8.23% | |
ALPHA
STRATEGY FUND |
NATIONAL
FINANCIAL SERVICES LLC |
10.68% |
PERSHING
LLC |
14.30% | |
LPL
FINANCIAL |
8.70% | |
STIFEL
NICOLAUS & CO INC |
8.48% | |
UBS
WM USA |
25.24% | |
RBC
CAPITAL MARKETS LLC |
5.37% | |
ALPHA
STRATEGY FUND |
EDWARD
D JONES & CO |
98.84% |
ALPHA
STRATEGY FUND |
MLPF&S
FOR THE SOLE BENEFIT |
30.49% |
Part I
9-3
THE
DOW FOUNDATION |
27.89% | |
MORGAN
STANLEY SMITH BARNEY LLC |
6.82% | |
RAYMOND
JAMES |
14.95% | |
ALPHA
STRATEGY FUND |
MID
ATLANTIC TRUST COMPANY FBO |
25.10% |
MID
ATLANTIC TRUST CO FBO |
8.39% | |
MID
ATLANTIC TRUST COMPANY FBO |
12.71% | |
K
MEASEL R MEASEL S MEASEL TTEE FBO |
27.11% | |
MID
ATLANTIC TRUST COMPANY FBO |
8.05% | |
ALPHA
STRATEGY FUND |
TALCOTT
RESOLUTION LIFE INSURANCE COMPANY |
18.19% |
Part I
9-4
STATE
STREET BANK AND TRUST AS |
11.30% | |
ALPHA
STRATEGY FUND |
MLPF&S
FOR THE SOLE BENEFIT |
6.30% |
MATRIX
TRUST COMPANY AS AGENT FOR ADVISOR TRUST, INC |
9.33% | |
MATRIX
TRUST COMPANY AS AGENT FOR ADVISOR TRUST, INC |
5.79% | |
MATRIX
TRUST COMPANY AS AGENT FOR ADVISOR TRUST, INC |
13.54% | |
ALPHA
STRATEGY FUND |
STATE
STREET BANK AND TRUST AS |
9.66% |
MID
ATLANTIC TRUST COMPANY FBO |
10.82% | |
ASCENSUS
TRUST COMPANY FBO |
10.03% | |
ASCENSUS
TRUST COMPANY FBO |
67.38% |
Part I
9-5
ALPHA
STRATEGY FUND |
MLPF&S
FOR THE SOLE BENEFIT |
50.67% |
MATRIX
TRUST COMPANY TRUSTEE FBO |
11.18% | |
MATRIX
TRUST COMPANY TRUSTEE FBO |
6.52% | |
MID
ATLANTIC TRUST COMPANY FBO |
9.94% | |
MID
ATLANTIC TRUST COMPANY FBO |
8.24% | |
FOCUSED
GROWTH FUND |
NATIONAL
FINANCIAL SERVICES LLC |
14.81% |
PERSHING
LLC |
18.05% | |
KARLA
M RABUSCH TR |
6.78% | |
LPL
FINANCIAL |
5.30% |
Part I
9-6
CETERA
INVESTMENT SVCS (FBO) |
10.22% | |
FOCUSED
GROWTH FUND |
MARK
J THOMAS & |
5.63% |
PERSHING
LLC |
37.43% | |
LPL
FINANCIAL |
18.21% | |
FOCUSED
GROWTH FUND |
PERSHING
LLC |
88.58% |
FOCUSED
GROWTH FUND |
LORD
ABBETT & CO LLC |
100.00% |
FOCUSED
GROWTH FUND |
PERSHING
LLC |
30.75% |
TD
AMERITRADE INC FBO |
24.55% | |
LPL
FINANCIAL |
40.02% | |
FOCUSED
GROWTH FUND |
MATRIX
TRUST COMPANY AS AGENT FOR ADVISOR TRUST INC |
8.37% |
LORD
ABBETT & CO LLC |
91.63% |
Part I
9-7
FOCUSED
GROWTH FUND |
LORD
ABBETT & CO LLC |
100.00% | ||
FOCUSED
GROWTH FUND |
LORD
ABBETT & CO LLC |
100.00% | ||
FOCUSED
GROWTH FUND |
MLPF&S
FOR THE SOLE BENEFIT |
98.74% | ||
FOCUSED LARGE CAP VALUE FUND CLASS A |
PERSHING
LLC |
42.30% |
||
LPL
FINANCIAL |
22.12% |
|||
STIFEL
NICOLAUS & CO INC |
8.42% |
|||
FOCUSED LARGE CAP VALUE FUND CLASS C |
PERSHING
LLC |
27.94% |
||
STIFEL
NICOLAUS & CO INC |
7.35% |
|||
FOCUSED LARGE CAP VALUE FUND CLASS F |
PERSHING
LLC |
77.98% |
||
LPL
FINANCIAL |
17.14% |
|||
FOCUSED LARGE CAP VALUE FUND CLASS F3 |
LORD
ABBETT & CO LLC |
100.00% |
Part I
9-8
FOCUSED LARGE CAP VALUE FUND CLASS I |
EQUITY
TRUST CO CUSTODIAN FBO |
6.16% |
PERSHING
LLC |
11.46% | |
FOCUSED LARGE CAP VALUE FUND CLASS R3 |
LORD
ABBETT & CO LLC |
7.81% |
PAI
TRUST COMPANY INC |
90.05% | |
FOCUSED LARGE CAP VALUE FUND CLASS R4 |
LORD
ABBETT & CO LLC |
100.00% |
FOCUSED LARGE CAP VALUE FUND CLASS R5 |
LORD
ABBETT & CO LLC |
100.00% |
FOCUSED LARGE CAP VALUE FUND CLASS R6 |
MLPF&S
FOR THE SOLE BENEFIT |
100.00% |
FOCUSED SMALL CAP VALUE FUND CLASS A |
NATIONAL
FINANCIAL SERVICES LLC |
13.76% |
PERSHING
LLC |
25.54% | |
LPL
FINANCIAL |
8.40% | |
RBC
CAPITAL MARKETS LLC |
6.62% |
Part I
9-9
FOCUSED SMALL CAP VALUE FUND CLASS C |
NATIONAL
FINANCIAL SERVICES LLC |
5.60% |
PERSHING
LLC |
21.35% | |
RBC
CAPITAL MARKETS LLC |
35.12% | |
STIFEL
NICOLAUS & CO INC |
16.52% | |
LPL
FINANCIAL |
7.02% | |
FOCUSED SMALL CAP VALUE FUND CLASS F |
NATIONAL
FINANCIAL SERVICES LLC |
13.66% |
PERSHING
LLC |
34.93% | |
RBC
CAPITAL MARKETS LLC |
10.01% | |
LPL
FINANCIAL |
29.31% | |
STIFEL
NICOLAUS & CO INC |
11.64% |
Part I
9-10
FOCUSED SMALL CAP VALUE FUND CLASS F3 |
LORD
ABBETT & CO LLC |
100.00% | |
FOCUSED SMALL CAP VALUE FUND CLASS I |
LORD
ABBETT ALPHA SERIES |
77.76% | |
LPL
FINANCIAL |
5.79% | ||
PERSHING
LLC |