Lord Abbett has added two new fund-of-funds to its asset allocation suite, and renamed two existing funds.

The new funds are the Lord Abbett Income Strategy Fund and the Lord Abbett World Growth & Income Strategy Fund.

The Income Strategy Fund will target a 25 percent equity to 75 percent fixed-income mix investing in a total of five other Lord Abbett mutual funds.

The World Growth & Income Strategy fund will target a 75 percent equity to 25 percent fixed-income allocation, investing in as many as six equity funds and two fixed-income funds.

The two funds build out the Lord Abbett suite of asset allocation fund-of-funds, including a middle-of-the-road offering and an all-equity fund. The moderate offering, the Lord Abbett Balanced Fund was renamed to the Lord Abbett Balanced Strategy Fund. That fund targets an allocation of 60 percent equity to 40 percent fixed-income and is currently invested in four Lord Abbett funds.

All equity-fund Lord Abbett Alpha Fund has been renamed Lord Abbett Alpha Strategy Fund.

"We believe the Lord Abbett Strategic Allocation Funds will be popular in defined contribution plans because of their simplicity and investors' desire for simple, well-diversified investment solutions available in a single product," said Paul McNamara, partner and director of Institutional Mutual Funds, in a statement.  

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