New York-based Lord, Abbett & Co. recently launched a fund that invests in three of its existing small-cap mutual funds.

Many so-called funds of funds invest with different investment firms, and most buy shares of mutual funds with different strategies. The Lord Abbett Alpha Series Fund differs in that it focuses on a small-cap strategy.

The Alpha Series Fund will cover different subsets of the strategy by buying shares in proprietary domestic growth and small-cap portfolios and in international small-cap mutual funds. The existing portfolios are the Lord Abbett Developing Growth Fund, Lord Abbett Research Fund-Small Cap Series, and Lord Abbett Investment Trust-International Series.

The Alpha Series, which opened March 16, is issued in three share classes, with a maximum sales charge of 5.75%. The minimum initial investment is $1,000, or $250 for individual retirement accounts.

Another new fund focusing on investing in small companies is the Fidelity Small Stock Fund.

The fund, which also opened March 16, is actively managed by Paul Antico, who has been with the Boston-based firm since 1991.

Another Fidelity fund, Small Cap Selector, is quantitatively managed by Bradford F. Lewis. Small Cap Selector, which opened in June 1993, has $845 million of assets under management.

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