Lord Abbett
Equity
Fund
1998 ANNUAL REPORT
[GRAPHIC OMITTED]
An insured investment designed to help you
capture capital growth over the long term
[LOGO(R)]
<PAGE>
Report to Shareholders
For the Fiscal Year Ended May 31, 1998
[PHOTO]
/s/ Robert S. Dow
- ------------------------
ROBERT S. DOW
CHAIRMAN
JUNE 24, 1998
"...we believe the pace of growth in the U.S. economy will gradually slow, and
that inflation will remain at moderate levels."
Lord Abbett Equity Fund completed its fiscal year on May 31, 1998. The Fund's
net asset value was $26.66 per share versus $22.54 per share one year ago. For
the past year, the Fund produced a total return of 18.6%. (Total return is the
percent change in net asset value, including the reinvestment of all
distributions.) At the close of 1997, your Board of Trustees declared and paid
dividends totaling $.50 per share and capital gains totaling $2.78 per share.
The Fund will declare and pay a dividend from its net investment income in
December 1998. A distribution of net capital gains realized from the sale of
portfolio securities during the year, if any, will also be declared and paid at
that time. As described in the prospectus, all such distributions are reinvested
in additional shares of the Fund (unless otherwise instructed) until a "reverse
split" is effected, thus retaining the same number of shares outstanding and the
same total value of the shares that existed prior to the distributions. This
enables shareholders to view the Fund's performance on a per-share basis. If you
do not want to reinvest your dividends, notify DST Systems, Inc. at P.O. Box
419100 Kansas City, MO 64141 by November 30, 1998. The Fund encourages
shareholders to reinvest all distributions because it maintains the amount of
insurance on your original investment.
About Your Fund's Performance
We are pleased that Lord Abbett Equity Fund provided strong overall returns for
the fiscal year ended May 31, 1998. In an environment of steady economic growth
and low inflation, financial stocks, the Fund's largest sector weighting,
continued to perform well throughout the period. Within that sector, our
increased weighting in insurance stocks proved especially rewarding for the
portfolio. On the other hand, the ongoing crisis in the Asian economies has
restricted domestic exports, which has had a slowing effect on industrial
stocks, particularly within the technology sector. However, we used this
weakness as an opportunity to add to our technology holdings.
Over the remainder of 1998, we believe the pace of growth in the U.S. economy
will gradually slow, and that inflation will remain at moderate levels. In such
an environment, we plan to opportunistically seek holdings within the area of
selected cyclicals because these stocks tend to suffer during economic
slowdowns. With the outlook of a slowing domestic economy, this area should
begin to offer bargain-priced individual stocks that we believe can deliver
substantial price appreciation potential within a reasonable time frame. We also
expect our financial holdings to continue to add significantly to the Fund's
overall return in the coming months, as this area benefits from low interest
rates and continuing industry consolidations.
Thank you for your continued confidence in Lord Abbett Equity Fund. We look
forward to helping you achieve your financial goals in the years to come.
<PAGE>
Fund Facts
A Reminder of Your Guarantee:
Participate in the stock market's potential rewards without risking the loss of
your original investment in the initial offering, if held until May 31, 2000
with all dividends and distributions reinvested
Lord Abbett Equity Fund: The Insured Investment That Does Not Sacrifice Capital
Growth Potential(1) While investments in both Lord Abbett Equity Fund and a
Certificate of Deposit ("CD") are insured, Fund shareholders participate in the
growth potential of equities. During the period shown below, Lord Abbett Equity
Fund provided impressive total returns relative to the CD.
Comparison Of Change In Value Of A $10,000 Investment In Lord Abbett Equity
Fund(2) And Six-Month CDs(3)
Fund CD's
5/31/90 9450 10000
1991 10620 10762
1992 11610 11304
1993 13260 11692
1994 14040 12122
1995 16400 12859
1996 19050 13590
1997 22540 14375
1998 26732 15213
It is important to remember that the interest rate on a CD, unlike the Fund, is
fixed and this rate and the principal, if held until maturity, are guaranteed.
The Federal Deposit Insurance Corporation (FDIC) insures CDs up to $100,000. The
guarantee applicable to shares of the Fund is issued by Financial Security
Assurance Inc., a private company, rated Aaa by Moody's and AAA by Standard &
Poor's.
SEC-Required Average Annual Rates of Total Return at the Maximum Sales Charge of
5.5% for the Periods Ended 6/30/98 Were:
Life of Fund (inception: 6/1/90) 1 Year 5 Years
- --------------------------------------------------------------------------------
+13.01% +8.40% +13.67%
The Fund Offers The Growth Potential Of Stocks With The Security Of Insurance
Unless otherwise stated, the results quoted above represent past performance
based on the maximum sales charge of 5.5% and reflect appropriate Rule 12b-1
Plan expenses. Tax consequences are not reflected. The investment return and
principal value of a Fund investment will fluctuate so that shares, on any given
day or when redeemed on a day other than May 31, 2000, may be worth more or less
than their original cost.
At 5/31/98, Lord Abbett Equity Fund was invested in a diversified portfolio of
66 equity securities.
The Fund is well positioned to benefit from a slowing economic environment
Lord Abbett Equity Fund's Top Five Equity Holdings Percent of
Net Assets
- --------------------------------------------------------------------------------
Mobil Corp. 2.9%
- --------------------------------------------------------------------------------
Emerson Electric Co.. 2.3%
- --------------------------------------------------------------------------------
The Coastal Corporation 2.1%
- --------------------------------------------------------------------------------
International Business Machines Corp. 2.1%
- --------------------------------------------------------------------------------
Conseco Inc. 2.1%
- --------------------------------------------------------------------------------
Total 11.5%
- --------------------------------------------------------------------------------
Data as of 5/31/98
(1) The Fund's insurance policy guarantees unconditionally and irrevocably
that the net asset value of each initially purchased share will not be
less than $10 on May 31, 2000, provided all dividends and distributions
attributable to that share are reinvested.
(2) Data reflects the deduction of the maximum sales charge of 5.5%.
(3) CDs start at 5-31-90. Source: Lipper Analytical Services, Inc.
1
<PAGE>
Statement of Net Assets
May 31, 1998
<TABLE>
<CAPTION>
Investments Shares Market Value
====================================================================================================
<S> <C> <C> <C>
Investments in Securities 96.87%
====================================================================================================
Common Stocks 82.01%
====================================================================================================
Agricultural Equipment 1.64% Deere & Co. 21,000 $ 1,089,375
- ----------------------------------------------------------------------------------------------------
Agricultural Products 1.35% Archer-Daniels-Midland Co. 47,500 896,562
- -----------------------------------------------------------------------------------------===========
Apparel 1.44% VF Corp. 18,000 957,375
- -----------------------------------------------------------------------------------------===========
Auto Parts .53% Snap-on, Inc. 8,000 351,000
- -----------------------------------------------------------------------------------------===========
Automobiles .86% General Motors Corp. 8,000 575,500
- -----------------------------------------------------------------------------------------===========
Banks: Money Center Chase Manhattan Corp. 7,000 951,562
3.00% First Chicago NBD 12,000 1,049,250
Total 2,000,812
- -----------------------------------------------------------------------------------------===========
Banks: Banc One Corp. 11,000 606,375
Regional 7.31% BankAmerica Corp. 10,000 826,875
First Union Corp. 18,000 995,625
KeyCorp 20,000 758,750
Mellon Bank Corp. 10,000 674,375
Norwest Corp. 26,000 1,010,750
Total 4,872,750
- -----------------------------------------------------------------------------------------===========
Brokers 1.06% Morgan Stanley,
Dean Witter, Discover & Co. 9,000 702,563
- -----------------------------------------------------------------------------------------===========
Chemical: Specialty 1.14% Morton International Inc. 25,000 760,938
- -----------------------------------------------------------------------------------------===========
Chemicals 3.22% Air Products &
Chemicals Inc. 14,000 1,218,000
DuPont DeNemours,
E.I. & Co. 12,000 924,000
Total 2,142,000
- -----------------------------------------------------------------------------------------===========
Computer: Digital Equipment Corp. 13,500 740,813
Hardware 5.70% Hewlett-Packard Co. 12,000 745,500
International Business
Machines Corp. 12,000 1,408,500
Sun Microsystems Inc. 22,500 901,406
Total 3,796,219
- -----------------------------------------------------------------------------------------===========
Containers 3.48% Crown Cork & Seal Inc. 22,500 1,167,187
Sonoco Products Co. 33,000 1,152,937
Total 2,320,124
- -----------------------------------------------------------------------------------------===========
Drugs/Health Care American Home
Products 2.19% Products Corp. 8,000 386,500
Bristol-Myers Squibb
Company 10,000 1,075,000
Total 1,461,500
- -----------------------------------------------------------------------------------------===========
Electric Power 4.76% Baltimore Gas & Electric Co. 20,000 608,750
Carolina Power & Light Co. 14,000 574,000
CINergy Corp. 24,000 775,500
Pacificorp 15,000 345,938
SCANA Corp. 30,000 864,375
Total 3,168,563
- -----------------------------------------------------------------------------------------===========
Electrical Equipment
2.28% Emerson Electric Co. 25,000 1,518,750
- -----------------------------------------------------------------------------------------===========
Financial:
Miscellaneous 1.35% Fannie Mae 15,000 898,125
- -----------------------------------------------------------------------------------------===========
Food 3.87% Best Foods 24,000 1,354,500
Heinz H.J. Co. 23,000 1,220,437
Total 2,574,937
- -----------------------------------------------------------------------------------------===========
Health Care Baxter International Inc. 15,000 857,813
Products 2.23% St. Jude Medical, Inc. 17,500 625,625
Total 1,483,438
- -----------------------------------------------------------------------------------------===========
Health Care Humana Inc. 28,000 869,750
Services 2.12% United Healthcare Corp. 8,500 544,000
Total 1,413,750
- -----------------------------------------------------------------------------------------===========
Household Fort James Corp. 18,000 860,625
Products 2.93% Kimberly Clark Corp. 22,000 1,090,375
Total 1,951,000
- -----------------------------------------------------------------------------------------===========
Insurance: Life 1.44% American General
Corporation 10,000 671,250
Jefferson-Pilot Corp. 5,000 286,250
Total 957,500
- -----------------------------------------------------------------------------------------===========
Insurance: Property Allstate Corp. 14,000 1,317,750
and Casualty 6.47% Chubb Corp. 16,500 1,312,781
Conseco Inc. 30,000 1,398,750
The Progressive Corporation 2,000 275,750
Total 4,305,031
- -----------------------------------------------------------------------------------------===========
Leisure Time .70% Time-Warner Inc. 6,000 466,875
- -----------------------------------------------------------------------------------------===========
Miscellaneous 2.65% First Data Corp. 30,000 997,500
Fortune Brands Inc. 20,000 768,750
Total 1,766,250
- -----------------------------------------------------------------------------------------===========
Natural Gas: Columbia Energy Group 12,000 1,012,500
Distribution 2.91% Nicor Inc. 24,000 927,000
Total 1,939,500
- -----------------------------------------------------------------------------------------===========
Natural Gas:
Diversified 2.12% The Coastal Corporation 20,000 1,410,000
- -----------------------------------------------------------------------------------------===========
Oil: International
Integrated 2.93% Mobil Corp. 25,000 1,950,000
- -----------------------------------------------------------------------------------------===========
</TABLE>
2
<PAGE>
Statement of Net Assets
May 31, 1998
<TABLE>
<CAPTION>
Investments Shares Market Value
====================================================================================================
<S> <C> <C> <C>
Paper and Forest
Products .84% Bowater Inc. 11,000 $ 556,875
- -----------------------------------------------------------------------------------------===========
Photographic 1.08% Xerox Corp. 7,000 719,250
- -----------------------------------------------------------------------------------------===========
Retail: Dept &
Merchandise .86% Penney, J.C. Co., Inc. 8,000 574,500
- -----------------------------------------------------------------------------------------===========
Retail: Specialty .40% Toys R Us Inc. 10,000 265,000
- -----------------------------------------------------------------------------------------===========
Telephone: AT&T Corp. 15,000 913,125
Long Distance 2.74% Worldcom Inc Ga 20,000 910,000
Total 1,823,125
- -----------------------------------------------------------------------------------------===========
Telephone: Bell Atlantic Corp. 5,000 458,125
Regional 2.15% SBC Communication Inc. 25,000 971,875
Total 1,430,000
- -----------------------------------------------------------------------------------------===========
Tobacco 1.23% Philip Morris Inc. 22,000 822,250
- -----------------------------------------------------------------------------------------===========
Waste Management
1.03% U.S.A. Waste Services Inc. 14,500 684,219
- -----------------------------------------------------------------------------------------===========
Total Investments in Common Stocks
(Cost $42,520,510) $54,605,656
- -----------------------------------------------------------------------------------------===========
<CAPTION>
Principal
Investments Amount Market Valu
====================================================================================================
<S> <C> <C> <C>
U.S. Government Obligations 14.86%
====================================================================================================
U.S. Treasury Bonds
Strips due 5/15/2000
(Cost $9,893,125) $11,000M $ 9,893,125
====================================================================================================
Total Investments in
Securities
(Cost $52,413,635) 64,498,781
====================================================================================================
Other Assets, Less Liabilities 3.13%
====================================================================================================
Short-term Federal Home Loan
Investments Mortgage Corp.
5.55% due 6/1/1998 1,790M 1,789,172
====================================================================================================
Cash and Receivables,
Net of Liabilities 296,205
- -----------------------------------------------------------------------------------------===========
Total Other Assets,
Less Liabilities 2,085,377
====================================================================================================
Net Assets 100.00% (equivalent to $26.66 a share
on 2,497,951 shares of
beneficial interest outstanding) $66,584,158
====================================================================================================
See Notes to Financial Statements.
</TABLE>
Statement of Operations
<TABLE>
<CAPTION>
Investment Income For the Year Ended May 31, 1998
===============================================================================================================
<S> <C> <C> <C>
Income Dividends $ 1,080,576
Interest 924,703
Total income $ 2,005,279
---------------------------------------------------------------------------------------------
Expenses Management fee 426,436
12b-1 distribution plan 162,658
Insurance 130,624
Shareholder servicing 96,157
Professional 34,669
Reports to shareholders 21,894
Other 14,069
Total expenses 886,507
---------------------------------------------------------------------------------------------
Net investment income 1,118,772
---------------------------------------------------------------------------------------------
Realized and Unrealized Gain on Investments
===============================================================================================================
Realized gain from investment transactions
Proceeds from sales 32,044,011
Cost of investments sold 23,653,698
Net realized gain 8,390,313
---------------------------------------------------------------------------------------------
Unrealized appreciation of investments 1,336,041
- ---------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain on investment 9,726,354
- ---------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting from Operations $10,845,126
===============================================================================================================
See Notes to Financial Statements.
</TABLE>
3
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended May 31,
=================================
Increase (Decrease) in Net Assets 1998 1997
===============================================================================================================================
<S> <C> <C> <C>
Operations Net investment income $ 1,118,772 $ 1,530,565
Net realized gain from securities transactions 8,390,313 4,793,670
Net unrealized appreciation of investments 1,336,041 3,510,311
Net increase in net assets from operations 10,845,126 9,834,546
-------------------------------------------------------------------------------------------------------------
Undistributed net investment income included in price of share transactions (88,224) (131,347)
- -------------------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from:
Net investment income (1,300,651) (1,342,238)
Net realized gain from investment transactions (7,216,887) (6,225,701)
Total distributions (8,517,538) (7,567,939)
- -------------------------------------------------------------------------------------------------------------------------------
Share transactions:
Net asset value of 400,701 and 418,118 shares issued to
shareholders in reinvestment of net investment income
and realized gain from investment transactions, respectively 8,517,538 7,567,939
Cost of 219,434 and 293,704 shares reacquired, respectively (5,426,624) (5,800,201)
Reverse share split of 400,701 and 418,118 shares, respectively - -
Increase (decrease) in net assets derived from capital share
transactions (net decrease of 219,434 and
293,704, respectively) 3,090,914 1,767,738
-------------------------------------------------------------------------------------------------------------
Increase in net assets 5,330,278 3,902,998
- -------------------------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of year 61,253,880 57,350,882
-------------------------------------------------------------------------------------------------------------
End of year (including undistributed net investment income of
$1,018,151 and $1,288,254, respectively) $66,584,158 $61,253,880
=============================================================================================================
See Notes to Financial Statements.
</TABLE>
Financial Highlights
<TABLE>
<CAPTION>
Year Ended May 31,
-------------------------------------------------------------
Per Share Operating Performance: 1998 1997 1996 1995 1994
===========================================================================================================================
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ 22.54 $ 19.05 $ 16.40 $ 14.04 $ 13.26
--------------------------------------------------------------------------------------------------------------------
Income from investment operations
Net investment income .43 .54 .47 .36 .31
Net realized and unrealized gain on investments 3.69 2.95 2.18 2.00 .47
Total from investment operations 4.12 3.49 2.65 2.36 .78
--------------------------------------------------------------------------------------------------------------------
Distributions
Dividends from net investment income (.50) (.47) (.22) (.34) (.28)
Distributions from capital gains (2.78) (2.18) (1.61) (1.25) (1.18)
Total distributions (3.28) (2.65) (1.83) (1.59) (1.46)
Reverse share split 3.28 2.65 1.83 1.59 1.46
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of year $ 26.66 $ 22.54 $ 19.05 $ 16.40 $ 14.04
- ----------------------------------------------------------------------------------------------------------------------------
Total Return(a) 18.59% 18.32% 16.16% 16.81% 5.88%
===========================================================================================================================
Ratios/Supplemental Data:
Net assets, end of year (000) $66,584 $61,254 $57,351 $54,717 $53,014
--------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses, including waiver 1.36% 1.45% 1.50% 1.80% 1.80%
Expenses, excluding waiver 1.36% 1.45% 1.50% 1.81% 1.96%
Net investment income 1.71% 2.66% 2.63% 2.48% 2.19%
Portfolio turnover rate 43.10% 51.68% 66.48% 35.12% 50.77%
=====================================================================================================================
</TABLE>
(a) Total return does not consider the effects of sales loads.
See Notes to Financial Statements.
4
<PAGE>
Notes to Financial Statements
1. Significant Accounting Policies
Lord Abbett Equity Fund (the "Company") was organized as a Massachusetts
business trust on January 19, 1990 and is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The financial statements have been prepared in conformity with generally
accepted accounting principles which require management to make certain
estimates and assumptions at the date of the financial statements. The following
is a summary of significant accounting policies of the Company: (a) Market value
is determined as follows: Securities listed or admitted to trad ing privileges
on any national securities exchange are valued at the last sales price on the
principal securities exchange on which such securities are traded, or, if there
is no sale, at the mean between the last bid and asked prices on such exchange.
Securities traded in the over-the-counter market are valued at the mean between
the last bid and asked prices in such market, except that securities admitted to
trading on the NASDAQ National Market System are valued at the last sales price
if it is determined that such price more accurately reflects the value of such
securi ties. Short-term securities are valued at amortized cost which
approximates market value. Securities for which market quotations are not
available are valued at fair value under procedures approved by the Board of
Trustees. (b) It is the policy of the Company to meet the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income. Therefore, no federal income tax provision
is required. (c) Investment transactions are accounted for on the date that the
investments are purchased or sold (trade date). Realized gains and losses from
investment transactions are calculated on the identified cost basis. Dividend
income and distributions to shareholders are recorded on the ex-dividend date.
(d) A portion of the cost of repurchases of shares of beneficial interest,
equivalent to the amount of distributable net investment income on the date of
the transaction, is credited or charged to undistributed income. Undistributed
net investment income per share thus is unaffected by repurchases of shares. (e)
It is the policy of the Company to accrue discounts on U.S. Treasury Bond Strips
to maturity. The constant yield method is used. (f) Reverse Share Splits: The
Trustees may authorize reverse share splits immediately after, and of a size so
as to exactly offset, the payment of dividends and distributions. After taking
into account the reverse share split, a shareholder reinvesting dividends and
distributions will hold exactly the same number of shares as owned prior to the
distribution and reverse share split. A shareholder electing to receive
dividends and distributions in cash will have fewer shares than previously
owned.
2. Management Fee and Other Transactions with Affiliates
The Company has a management agreement with Lord, Abbett & Co. ("Lord Abbett")
pursuant to which Lord Abbett supplies the Company with investment management,
research, statistical and advisory services and pays officers' remuneration and
certain other expenses of the Company. The management fee paid is based on
average daily net assets at the rate of .65% per annum. Certain of the Company's
officers and trustees have an interest in Lord Abbett. The Company adopted a
Rule 12b-1 Plan which provides for the payment of .25% of the average daily net
asset value of shares of the Company.
3. Paid In Capital
At May 31, 1998, paid in capital aggregated $49,064,630.
4. Purchases and Sales of Securities
Purchases and sales of investment securities (other than U.S. Government
obligations and short-term securities) aggregated $27,232,766 and $32,044,011,
respectively. As of May 31, 1998, net unrealized appreciation for federal income
tax purposes aggregated $12,085,146 of which $12,639,530 related to appreciated
securities and $554,384 related to depre ciated securities. The cost of
investments for federal income tax purposes is substantially the same as that
used for financial reporting purposes.
5. Distributions
Distributions from net investment income and net realized gains from investment
transactions are declared annually. Accumulated undistributed net realized gain
at May 31, 1998 for financial reporting purposes, aggregated $4,416,231. Income
and capital gains distributions are determined in accordance with income tax
regulations which may differ from methods used to determine the corresponding
income and capital gains amounts in ac cordance with generally accepted
accounting principles.
The Trustees of the Company declared the following reverse share splits:
Declaration
Date Rate
- --------------------------------------------------------------------------------
12/28/93 .896600567
12/28/94 .889583333
12/27/95 .900489396
12/27/96 .872289157
12/23/97 .866286180
- --------------------------------------------------------------------------------
6. Insurance
The Company has entered into an agreement with Financial Security Assurance Inc.
("Financial Security"), pursuant to which Financial Security has guaranteed
unconditionally and irrevocably to the Company that the net asset value of each
initially purchased share will not be less than $10 on May 31, 2000, provided
that all dividends and distributions attributable to that share are reinvested.
Insurance expense includes an annual pre mium equal to .50% of the total amount
guaranteed.
7. Trustees' Remuneration
The Trustees of the Trust associated with Lord Abbett and all officers of the
Trust receive no compensation from the Trust for acting as such. Outside
Trustees' fees and retirement costs are allocated among all funds in the Lord
Abbett group based on net assets of each fund. Trustees' fees payable at May 31,
1998, under a deferred compensation plan, were $29,569.
<PAGE>
Independent Auditors' Report
The Board of Trustees and Shareholders,
Lord Abbett Equity Fund:
We have audited the accompanying statement of net assets of Lord Abbett Equity
Fund as of May 31, 1998, the related statements of operations for the year then
ended and of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period
then ended. These financial statements and financial highlights are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements and the financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at May 31,
1998 by correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Lord Abbett Equity
Fund at May 31, 1998, the results of its operations, the changes in its net
assets and the financial highlights for the above-stated periods in conformity
with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
New York, New York
June 26, 1998
Numbers to Keep Handy
For Shareholder Account
or Statement Inquiries: 800-821-5129
For Literature: 800-874-3733
For More Information: 800-426-1130
Visit Our Web Site:
http://www.lordabbett.com
Copyright (C) 1998 by Lord Abbett Equity Fund, 767 Fifth Avenue, New York, NY
10153-0203
This publication is intended for the general information of shareholders of Lord
Abbett Equity Fund only. There is no guarantee that the forecasts contained
within this publication will come to pass. All rights reserved. Printed in the
U.S.A.
[LOGO(R)] LORD, ABBETT & CO.
Investment Managment
A Tradition of Performance Through Disciplined Investing
LORD ABBETT DISTRIBUTOR LLC
- ------------------------------------------------------------ LAEF-2-598
The GM Building o 767 Fifth Avenue o New York, NY 10153-0203 (7/98)
