1933 Act File No. 33-33225
1940 Act File No. 811-6033
SECURITIES & EXCHANGE COMMISSION
Washington, D. C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT [x]
OF 1940
Amendment No. 9
LORD ABBETT EQUITY FUND
(Formerly Lord Abbett Guaranteed Equity Fund)
Exact Name of Registrant as Specified in Declaration of Trust
767 Fifth Avenue, New York, N.Y. 10153
Address of Principal Executive Office
Registrant's Telephone Number (212) 848-1800
Kenneth B. Cutler, Vice President & Secretary
767 Fifth Avenue, New York, N.Y. 10153
(Name and Address of Agent for Service)
It is proposed that this filing will become effective (check
appropriate box)
X immediately on filing pursuant to paragraph (b) of Rule 485
on (date) pursuant to paragraph (b) of Rule 485
60 days after filing pursuant to paragraph (a)(1) of Rule 485
on (date) pursuant to paragraph (a)(1) of Rule 485
75 days after filing pursuant to paragraph (a)(2) of Rule 485
on (date) pursuant to paragraph (a)(2) of Rule 485
If appropriate, check the following box:
this post-effective amendment designates a new effective date for
a previously filed post-effective amendment
Registrant has registered an indefinite amount of securities under the
Securities Act of 1933 pursuant to Rule 24f-2(a)(1). Pursuant to Rule
24f-2(b)(2), Registrant need not file a Rule 24f-2 Notice as no securities were
sold during Registrant's most recent fiscal year.
<PAGE>
LORD ABBETT EQUITY FUND (1990 Series)
FORM N-1A
Cross Reference Sheet
Post-Effective Amendment No. 9
Pursuant to Rule 481(a)
Form N-1A Location In Prospectus or
Item No. Statement of Additional Information
1 N/A
2 N/A
3 N/A
4 (a) (i) Cover Page
4 (a) (ii) How the Fund Invests
4 (b) (c) How the Fund Invests
5 (a) Management
5 (b) Management; Back Cover Page
5 (c) Management*
6 (a) Cover Page
6 (b) (c) (d) N/A
6 (e) Cover Page
6 (f) (g) Dividends, Capital Gains
Distributions and Taxes;
Taxes*
7 (a) Back Cover Page
7 (b) (c) (d) Purchases
7 (e) Purchases*
7 (f) Purchases*
8 (a) (b) (d) Redemptions*
8 (c) N/A
9 N/A
10 Cover Page
11 Cover Page -- Table of
Contents
12 Cover Page
13 (a) (b) (c) Investment Objectives and
Policies*
13 (d) N/A
14 Trustees and Officers
15 (a) (b) N/A
15 (c) Trustees and Officers*
16 (a) (i) Investment Advisory and
Other
Services
16 (a) (ii) Trustees and Officers
16 (a) (iii) Investment Advisory and
Other
Services*
16 (b) Investment Advisory and
Other
Services
16 (c) (d) (e) (g) N/A
16 (f) (h) Investment Advisory and
Other
Services*
16 (i) N/A
17 (a) Portfolio Transactions*
17 (b) N/A
17 (c) Portfolio Transactions
17 (d) (e) N/A
<PAGE>
18 (a) Further Information about
the Fund
18 (b) N/A
Shareholder Services;*
Notes
19 (a) (b) to Financial Statements
19 (c) N/A
20 Taxes
21 (a) Purchases, Redemptions and
Shareholder Services
21 (b) (c) N/A
22 N/A
22 (b) Past Performance
23 Financial Statements*
* Including Supplement dated September 27, 1996.
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<PAGE>
LORD ABBETT EQUITY FUND - 1990 SERIES
SUPPLEMENT DATED SEPTEMBER 27, 1996
The following supplements and amends the disclosure contained in the
specified sections of Parts A and B of the Registration Statement pertaining to
the 1990 Series of shares of the Registrant filed April 9, 1990, as thereafter
supplemented.
PART A
(Prospectus dated April 9, 1990, as thereafter supplemented)
Management
For the fiscal year ended May 31, 1996, the actual management fee paid
by the Fund to Lord, Abbett & Co. ("Lord Abbett") amounted to .65 of 1% of the
Fund's average daily net assets, and the total expenses of the Fund were 1.50%
of its average net assets.
Mr. Robert P. Fetch, Executive Vice President of the Fund (with Lord
Abbett since 1995 - formerly Managing Director of Prudential Investment
Advisors), has served as Portfolio Manager since 1995. John J. Walsh, of Lord
Abbett served as portfolio manager of the Fund since 1990.
2
<PAGE>
PART B
(Statement of Additional Information dated April 9, 1990,
as thereafter supplemented)
Trustees and Officers
The following trustee is a partner of Lord Abbett, The General Motors
Building, 767 Fifth Avenue, New York, New York 10153-0203. He has been
associated with Lord Abbett for over five years and is also an officer and/or
director or trustee of the twelve other Lord Abbett- sponsored funds. He is an
"interested person" as defined in the Investment Company Act of 1940, as amended
(the "Act"), and as such, may be considered to have an indirect financial
interest in the Rule 12b-1 Plan described in the Prospectus.
Robert S. Dow, age 51, Chairman and President
The following outside trustees are also directors or trustees of the
twelve other Lord Abbett-sponsored funds referred to above.
E. Thayer Bigelow
Time Warner Cable
300 First Stamford Place
Stamford, Connecticut
President and Chief Executive Officer of Time Warner Cable Programming,
Inc. Formerly President and Chief Operating Officer of Home Box Office,
Inc. Age 54.
Stewart S. Dixon
Wildman, Harrold, Allen & Dixon
225 W. Wacker Drive (Suite 2800)
Chicago, Illinois
Partner in the law firm of Wildman, Harrold, Allen & Dixon. Age 65.
John C. Jansing
162 S. Beach Road
Hobe Sound, Florida
Retired. Former Chairman of Independent Election Corporation of America,
a proxy tabulating firm. Age 70.
C. Alan MacDonald
The Marketing Partnership, Inc.
27 Signal Road
Stamford, Connecticut
General Partner, The Marketing Partnership, Inc., a full service marketing
consulting firm that specializes in strategic planning and customer-specific
marketing. Formerly Acquisition Consultant, The Noel Group, a private consulting
firm (1994). Formerly Chairman and Chief Executive Officer of Lincoln Foods,
Inc., manufacturer of branded snack foods (1992-1994). Formerly President and
Chief Executive Officer of Nestle Foods Corporation, a subsidiary of Nestle S.A.
(Switzerland). Age 63.
Hansel B. Millican, Jr.
Rochester Button Company
1100 Noblin Avenue
3
<PAGE>
South Boston, Virginia
President and Chief Executive Officer of Rochester Button Company. Age
67.
Thomas J. Neff
Spencer Stuart & Associates
277 Park Avenue
New York, New York
President of Spencer Stuart & Associates, an executive search consulting firm.
Age 58.
The second column of the following table sets forth the compensation accrued for
the Fund's outside directors. The third and fourth columns set forth information
with respect to the retirement plan for outside directors maintained by the Lord
Abbett-sponsored funds. The fifth column sets forth the total compensation
payable by such funds to the outside directors. No director of the Fund
associated with Lord Abbett and no officer of the Fund received any compensation
from the Fund for acting as a director or officer.
<TABLE>
<CAPTION>
For the Fiscal Year Ended May 31, 1996
For Year Ended
Pension or Estimated Annual December 31, 1995
Retirement Benefits Benefits Upon Total Compensation
Accrued as Expenses Retirement Proposed Accrued by the
by the Fund and to be Paid by the Fund and
Aggregate Fifteen Other Lord Fund and Fifteen Fifteen Other Lord
Compensation Abbett-sponsored Other Lord Abbett- Abbett-sponsored
from the Fund1 Funds2 sponsored Funds2 Funds3
Name of Director
<S> <C> <C> <C> <C>
E. Thayer Bigelow4 $177 $9,772 $33,600 $41,700
Stewart S. Dixon $176 $22,472 $33,600 $42,000
John C. Jansing $179 $28,480 $33,600 $42,960
C. Alan MacDonald $180 $27,435 $33,600 $42,750
Hansel B. Millican, Jr. $180 $24,707 $33,600 $43,000
Thomas J. Neff $176 $16,126 $33,600 $42,000
<FN>
1. Outside directors' fees, including attendance fees for board and committee
meetings, are allocated among all Lord Abbett-sponsored funds based on the net
assets of each fund. Fees payable by the Fund to certain of its outside
directors are being deferred under a plan that deems the deferred amounts to be
invested in shares of the Fund for later distribution to the directors. The
amounts accrued by the Fund for the year ended May 31, 1996, are as set forth
after each outside Director's name above. The total amount accrued for each
outside Director since the beginning of his tenure with the Fund, together with
dividends reinvested and changes in net asset value applicable to such deemed
investments, were as follows as of May 31, 1996: Mr. Bigelow, $322; Mr.Creamer,
$3,076; Mr. Dixon,$3,490; Mr. Jansing, $3,756; Mr. MacDonald, $3,515; Mr.
Millican, $3,800 and Mr. Neff, $3,775.
2. Each Lord Abbett-sponsored fund has a retirement plan providing that outside
directors will receive annual retirement benefits for life equal to 80% of their
final annual retainers following retirement at or after age 72 with at least 10
years of service. Each plan also provides for a reduced benefit upon early
retirement under certain circumstances, a pre-retirement death benefit and
actuarially reduced joint-and-survivor spousal benefits. The amounts stated,
except in the case of Mr. Creamer, would be payable annually under such
4
<PAGE>
retirement plans if the director were to retire at age 72 and the annual
retainers payable by such funds were the same as they are today. The amounts
accrued in column 3 were accrued by the Lord Abbett-sponsored funds during the
fiscal year ended December 31,1995 with respect to the retirement benefits in
column 4.
3.This column shows aggregate compensation, including director's fees and
attendance fees for board and committee meetings, of a nature referred to in
footnote one, accrued by the Lord Abbett-sponsored funds during the year ended
December 31, 1995.
4.Mr. Bigelow was elected a director of the Fund on October 19, 1994.
</FN>
</TABLE>
Except where indicated, the following executive officers of the Fund have been
associated with Lord Abbett for over five years. Of the following, Messrs.
Allen, Carper, Cutler, Morris, Nordberg and Walsh are partners of Lord Abbett;
the others are employees: Robert P. Fetch, age 43, (with Lord Abbett since 1995
- - formerly Managing Director of Prudential Investment Advisors), Executive Vice
President; Kenneth B. Cutler, age 63, Vice President and Secretary; Stephen I.
Allen, age 43; Daniel E. Carper, age 44; Robert G. Morris, age 51; Wayne
Nordberg, age 59; John J. Gargana, Jr., age 64; Paul A. Hilstad, age 53 (with
Lord Abbett since 1995 - formerly Senior Vice President and General Counsel of
American Capital Management & Research, Inc.) Thomas F. Konop, age 54; Victor W.
Pizzolato, age 64; John J. Walsh, age 60, Vice Presidents; and Keith F.
O'Connor, age 41, Treasurer.
At September 1, 1996, the officers and trustees of the Fund, as a group, owned
less than 1% of the 1990 Series outstanding shares.
Investment Advisory and Other Services
For the fiscal years ended May 31, 1994, 1995 and 1996 the management fees paid
by the Fund to Lord Abbett under the Management Agreement were $273,224,
$331,949 and $369,870 respectively, which amounts reflected waivers of fees by
Lord Abbett of $88,233 and $7,318 respectively.
During the fiscal year ended May 31, 1996, the Fund paid through Lord Abbett to
dealers $148,474, under the Fund's Rule 12b-1 Plan.
Portfolio Transactions
For the fiscal years ended May 31, 1994, 1995 and 1996, the Fund paid $97,415,
$63,875 and $116,435 respectively, in brokerage commissions.
Taxes
Under current law, net long-term capital gains are subject to federal income tax
at the rates applicable to ordinary income, except that the maximum rate for net
long-term capital gains for individuals is 28%.
5
<PAGE>
Financial Statements
The financial statements for the fiscal year ended May 31, 1996 and the report
of Deloitte & Touche LLP, independent auditors for the Fund on such financial
statements contained in the 1996 Annual Report to Shareholders of Lord Abbett
Equity Fund are incorporated herein by reference to such financial statements
and report in reliance upon the authority of Deloitte & Touche LLP as experts in
auditing and accounting.
6
<PAGE>
PART C OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) Financial Statements - Statements of Net Assets at May 31, 1996; Statement
of Operations for Year ended May 31, 1996; Statement of Changes in Net Assets
for Years ended May 31, 1996 and 1995.
(b) Exhibits -
(1) Consent of Deloitte & Touche LLP with respect
to the financials of the Registrant.*
* Filed herewith.
Item 25. Persons Controlled by or Under Common Control with Registrant
None.
Item 26. Number of Record Holders of Securities
At September 3, 1996 - 4,707 (1990 Series).
Item 27. Indemnification
All trustees, officers, employees and agents of Registrant are to be
indemnified as set forth in Section 4.3 of Registrant's Amended and
Restated Declaration of Trust, which has been previously filed.
Insofar as indemnification for liability arising under the Securities Act
of 1933 may be permitted to trustees, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that
a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a trustee,
officer or controlling person of the Registrant in the successful defense
of any action, suit or proceeding) is asserted by such trustee, officer
or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has
been settled by controlling precedent, submit to a court of appropriate
1
<PAGE>
jurisdiction the question of whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
In addition, Registrant maintains a trustees' and officers' errors and
omissions liability insurance policy protecting trustees and officers
against liability for breach of duty, negligent act, error or omission
committed in their capacity as trustees or officers. The policy contains
certain exclusions, among which is exclusion from coverage for active or
deliberate dishonest or fraudulent acts and exclusion for fines or
penalties imposed by law or other matters deemed uninsurable.
Item 28. Business and Other Connections of Investment Adviser
Lord, Abbett & Co. acts as investment adviser for twelve other open-end
investment companies (of which it is principal underwriter for thirteen),
and as investment adviser to approximately 5,100 private accounts. Other
than acting as trustees, directors and/or officers of open-end investment
companies sponsored by Lord, Abbett & Co., none of Lord, Abbett & Co.'s
partners has, in the past two fiscal years, engaged in any other
business, profession, vocation or employment of a substantial nature for
his own account or in the capacity of director, officer, employee,
partner or trustee of any entity except as follows:
John J. Walsh
Trustee
The Brooklyn Hospital Center
100 Parkside Avenue
Brooklyn, New York
Item 29. Principal Underwriter
(a) Lord Abbett Affiliated Fund, Inc.
Lord Abbett Global Fund, Inc.
Lord Abbett Series Fund, Inc.
Lord Abbett Government Securities Money Market Fund, Inc.
Lord Abbett Bond-Debenture Fund, Inc.
Lord Abbett Mid-Cap Value Fund, Inc.
Lord Abbett Developing Growth, Inc.
Lord Abbett Tax-Free Income Fund, Inc.
Lord Abbett Securities Trust
Lord Abbett Research Fund, Inc.
Lord Abbett Investment Trust
Investment Advisor
American Skandia Trust (Lord Abbett Growth and Income Portfolio)
2
<PAGE>
(b) The partners of Lord, Abbett & Co. are:
Name and Principal Positions and Offices
Business Address (1) with Registrant
Robert S. Dow Chairman, President and Trustee
Stephen I. Allen Vice President
Kenneth B. Cutler Vice President and Secretary
Daniel E. Carper Vice President
Robert G. Morris Vice President
E. Wayne Nordberg Vice President
John J. Walsh Vice President
(1) Each of the above has a principal business address at
767 Fifth Avenue, New York, New York 10153
(c) Not applicable.
Item 30. Location of Accounts and Records
Registrant maintains the records required by Rules 31a-1(a) and (b), and
31a-2(a) at its main office.
Lord, Abbett & Co. maintains the records required by Rules 31a-(f)
and 31a-2(e) at its main office.
Certain records such as stock certificates and correspondence may be
physically maintained at the main office of the Registrant's Transfer
Agent, Custodian, or Shareholder Servicing Agent within the
requirements of Rule 31a-3.
Item 31. Management Services
None.
Item 32. Undertakings
(a) N/A
(b) N/A
(c) The Registrant hereby undertakes to furnish each person to whom
a prospectus is delivered with a copy of the Registrant's latest
annual report to shareholders, upon request and without charge.
(d) Registrant hereby undertakes, if requested to do so by the
holders of at least 10% of the Registrant's outstanding shares,
to call a meeting of shareholders for the purpose of voting
upon the qustion of removal of trustee or trustees and to assist
in communications with other shareholders as required by Section
16(c) of the Investment Act of 1940, as amended.
3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940 the Registrant certifies that it meets all the requirements
for effectiveness of this Registration Statement pursuant to Rule 485(b) under
the Securities Act of 1933 and has duly caused this Registration Statement
and/or any amendment thereto to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of New York and State of New York on the
27th day of September, 1996
LORD ABBETT EQUITY FUND
By /s/ Robert S. Dow
Robert S. Dow
Chairman of the Board
Pursuant to the requirements of the Securities Act of 1933, this Registration
Statement has been signed below by the following persons in the capacities and
on the dates indicated.
President, Chairman of the Board
/s/ Robert S. Dow and Trustee
Robert S. Dow (Title) 9/27/96
Vice President and
/s/ John J. Gargana, Jr. Chief Financial Officer
John J. Gargana, Jr. (Title) 9/27/96
/s/ E. Thayer Bigelow Trustee
E. Thayer Bigelow (Title) 9/27/96
/s/ Stewart S. Dixon Trustee
Stewart S. Dixon (Title) 9/27/96
/s/ John C. Jansing Trustee
John C. Jansing (Title) 9/27/96
/s/ C. Alan MacDonald Trustee
C. Alan MacDonald (Title) 9/27/96
/s/ Hansel B. Millican, Jr. Trustee
Hansel B. Millican, Jr. (Title) 9/27/96
/s/ Thomas J. Neff Trustee
Thomas J. Neff (Title) 9/27/96
<PAGE>
EXHIBIT 11
CONSENT OF INDEPENDENT AUDITORS
Lord Abbett Equity Fund:
We consent to the incorporation by reference in Post-Effective Amendment No. 9
to Registration Statement No. 811-6033 of our report dated June 21, 1996
appearing in the annual report to shareholders and to the reference to us under
the captions "Financial Statements" in the Statement of Additional Information,
which are part of such Registration Statement.
/s/ DELOITTE & TOUCHE LLP
New York, New York
September 25, 1996
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000859903
<NAME> LORD ABBETT EQUITY FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-START> JUN-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 48055866
<INVESTMENTS-AT-VALUE> 55294660
<RECEIVABLES> 133843
<ASSETS-OTHER> 174608
<OTHER-ITEMS-ASSETS> 2300000
<TOTAL-ASSETS> 57903111
<PAYABLE-FOR-SECURITIES> 368750
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 183479
<TOTAL-LIABILITIES> 552229
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44205977
<SHARES-COMMON-STOCK> 3011089
<SHARES-COMMON-PRIOR> 3336916
<ACCUMULATED-NII-CURRENT> 1231224
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4674837
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7238794
<NET-ASSETS> 57350882
<DIVIDEND-INCOME> 1052920
<INTEREST-INCOME> 1308041
<OTHER-INCOME> 0
<EXPENSES-NET> 854906
<NET-INVESTMENT-INCOME> 1506055
<REALIZED-GAINS-CURRENT> 7816528
<APPREC-INCREASE-CURRENT> (784689)
<NET-CHANGE-FROM-OPS> 8537894
<EQUALIZATION> (96646)
<DISTRIBUTIONS-OF-INCOME> 700109
<DISTRIBUTIONS-OF-GAINS> 5123521
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 325827
<SHARES-REINVESTED> 351669
<NET-CHANGE-IN-ASSETS> 2634040
<ACCUMULATED-NII-PRIOR> 521974
<ACCUMULATED-GAINS-PRIOR> 5240183
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 854906
<AVERAGE-NET-ASSETS> 57165808
<PER-SHARE-NAV-BEGIN> 18.23
<PER-SHARE-NII> .47
<PER-SHARE-GAIN-APPREC> 2.18
<PER-SHARE-DIVIDEND> .22
<PER-SHARE-DISTRIBUTIONS> 1.61
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
