SUMMARY PROSPECTUS
Lord Abbett Value Opportunities Fund
MARCH 1, 2025
CLASS/TICKER
CLASS A ............
LVOAX
CLASS I...........
LVOYX
CLASS R4 .......
LVOSX
CLASS C............
LVOCX
CLASS P .........
LVOPX
CLASS R5 .......
LVOTX
CLASS F ............
LVOFX
CLASS R2 .......
LVOQX
CLASS R6 .......
LVOVX
CLASS F3 ..........
LVOOX
CLASS R3 .......
LVORX
Before you invest, you may want to review the Fund’s prospectus and statement of additional
information, which contain more information about the Fund and its risks. You can find the
Fund’s prospectus, statement of additional information and other information about the Fund at
www.lordabbett.com/documentsandliterature. You can also get this information at no cost by
calling 888-522-2388 (Option #2) or by sending an email request to literature@lordabbett.com.
The current prospectus and statement of additional information dated March 1, 2025 as may be
supplemented from time to time, are incorporated by reference into this summary prospectus.
SUMMARY – Value Opportunities Fund
2
INVESTMENT OBJECTIVE
The Fund’s investment objective is long-term capital appreciation.
FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy, hold, and
sell shares of the Fund.
You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the tables
and examples below.
You may qualify for sales charge discounts if you and certain
members of your family invest, or agree to invest in the future, at least $50,000 in
the Lord Abbett Family of Funds. More information about these and other discounts
is available from your financial intermediary and in “Sales Charge Reductions and
Waivers” on page 231 of the prospectus, Appendix A to the prospectus, titled
“Intermediary-Specific Sales Charge Reductions and Waivers,” and “Purchases,
Redemptions, Pricing, and Payments to Dealers” on page 9-1 of Part II of the
statement of additional information (“SAI”).
Shareholder Fees
(1)
(Fees paid directly from your investment)
Class
A
C
F, F3, I, P, R2, R3, R4, R5, and R6
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
5.75%
None
None
Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption
proceeds, whichever is lower)
None
(2)
1.00%
(3)
None
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Class
A
C
F
F3
I
P
Management Fees
0.74%
0.74%
0.74%
0.74%
0.74%
0.74%
Distribution and Service (12b-1) Fees
0.25%
1.00%
0.10%
None
None
0.45%
Other Expenses
0.20%
0.20%
0.20%
0.10%
0.20%
0.20%
Total Annual Fund Operating Expenses
1.19%
1.94%
1.04%
0.84%
0.94%
1.39%
SUMMARY – Value Opportunities Fund
3
Annual Fund Operating Expenses
(continued)
(Expenses that you pay each year as a percentage of the value of your investment)
Class
R2
R3
R4
R5
R6
Management Fees
0.74%
0.74%
0.74%
0.74%
0.74%
Distribution and Service (12b-1) Fees
0.60%
0.50%
0.25%
None
None
Other Expenses
0.20%
0.20%
0.20%
0.20%
0.10%
Total Annual Fund Operating Expenses
1.54%
1.44%
1.19%
0.94%
0.84%
(1)
A shareholder transacting in share classes without a front-end sales charge may be required to pay a commission to its
financial intermediary. Please contact your financial intermediary for more information about whether such a commission
may apply to your transaction.
(2)
A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or
acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary
of the purchase falls.
(3)
A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their
purchase.
Example
This Example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The Example assumes that you invest
$10,000 in the Fund for the time periods indicated and then redeem all of your shares
at the end of those periods. The Example also assumes that your investment has a
5% return each year and that the Fund’s operating expenses remain the same. Class
C shares automatically convert to Class A shares after eight years. The expense
example for Class C shares for the ten-year period reflects the conversion to Class A
shares. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
Class
If Shares Are Redeemed
If Shares Are Not Redeemed
1 Year
3 Years
5 Years
10 Years
1 Year
3 Years
5 Years
10 Years
Class A Shares
$
689
$
931
$
1,192
$
1,935
$
689
$
931
$
1,192
$
1,935
Class C Shares
$
297
$
609
$
1,047
$
2,070
$
197
$
609
$
1,047
$
2,070
Class F Shares
$
106
$
331
$
574
$
1,271
$
106
$
331
$
574
$
1,271
Class F3 Shares
$
86
$
268
$
466
$
1,037
$
86
$
268
$
466
$
1,037
Class I Shares
$
96
$
300
$
520
$
1,155
$
96
$
300
$
520
$
1,155
Class P Shares
$
142
$
440
$
761
$
1,669
$
142
$
440
$
761
$
1,669
Class R2 Shares
$
157
$
486
$
839
$
1,834
$
157
$
486
$
839
$
1,834
Class R3 Shares
$
147
$
456
$
787
$
1,724
$
147
$
456
$
787
$
1,724
Class R4 Shares
$
121
$
378
$
654
$
1,443
$
121
$
378
$
654
$
1,443
Class R5 Shares
$
96
$
300
$
520
$
1,155
$
96
$
300
$
520
$
1,155
Class R6 Shares
$
86
$
268
$
466
$
1,037
$
86
$
268
$
466
$
1,037
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it
buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund
SUMMARY – Value Opportunities Fund
4
shares are held in a taxable account. These costs, which are not reflected in the
annual fund operating expenses or in the example, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was 33% of the
average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund normally invests at least 65% of its net assets in equity securities of small
and mid-sized companies. Small and mid-sized companies are defined as companies
having a market capitalization at the time of purchase that falls within the market
capitalization range of companies in the Russell 2500
TM
Index. The Fund seeks to
invest in securities of companies that the portfolio management team believes are
undervalued by the market and are selling at reasonable prices in relation to the
portfolio management team’s assessment of their potential or intrinsic value.
Equity securities in which the Fund may invest include common stocks, preferred
stocks, equity interests in trusts (including real estate investment trusts and privately
offered trusts), partnerships, joint ventures, limited liability companies and vehicles
with similar legal structures, other instruments convertible or exercisable into the
foregoing, and other investments with similar economic characteristics.
The Fund may invest up to 20% of its net assets in securities of foreign companies,
including emerging market companies, American Depositary Receipts (“ADRs”),
Global Depositary Receipts (“GDRs”), and other similar depositary receipts. In
addition to ADRs, the Fund generally defines foreign companies as those whose
securities are traded primarily on non-U.S. securities exchanges.
The investment team may also consider the risks and return potential presented by
environmental, social, and governance (“ESG”) factors in investment decisions. The
Fund may sell a security when the Fund believes the security is less likely to benefit
from the current market and economic environment, or shows signs of deteriorating
fundamentals, among other reasons. The Fund may deviate from the investment
strategy described above for temporary defensive purposes. The Fund may miss
certain investment opportunities if defensive strategies are used and thus may not
achieve its investment objective.
PRINCIPAL RISKS
As with any investment in a mutual fund, investing in the Fund involves risk,
including the risk that you may receive little or no return on your investment. When
you redeem your shares, they may be worth more or less than what you paid for
them, which means that you may lose a portion or all of the money you invested in
the Fund. The principal risks of investing in the Fund, which could adversely affect
its performance, include:
•
Portfolio Management Risk:
If the strategies used and investments selected by
the Fund’s portfolio management team fail to produce the intended result, the
Fund may suffer losses or underperform other funds with the same investment
objective or strategies, even in a favorable market.
SUMMARY – Value Opportunities Fund
5
•
Market Risk:
The market values of securities will fluctuate, sometimes sharply
and unpredictably, based on overall economic conditions, governmental actions
or intervention, market disruptions caused by trade disputes or other factors,
political developments, and other factors. Prices of equity securities tend to rise
and fall more dramatically than those of debt securities.
•
Equity Securities Risk:
Equity securities, as well as equity-like securities such
as convertible debt securities, may experience significant volatility. Such
securities may fall sharply in response to adverse events affecting overall
markets, a particular industry or sector, or an individual company’s financial
condition.
•
Industry and Sector Risk:
Although the Fund does not employ an industry or
sector focus, its exposure to specific industries or sectors will increase from time
to time based on the portfolio management team’s perception of investment
opportunities. If the Fund is overweight in a single industry or sector relative to
its benchmark index, the Fund will face an increased risk that the value of its
portfolio will decrease because of events disproportionately affecting that
industry or sector. Furthermore, investments in particular industries or sectors
may be more volatile than the broader market as a whole.
•
Mid-Sized and Small Company Risk:
Investments in mid-sized and small
companies may involve greater risks than investments in larger, more
established companies. Securities of mid-sized and small companies tend to be
more sensitive to changing economic, market, and industry conditions and tend
to be more volatile and less liquid than equity securities of larger companies,
especially over the short term. The securities of mid-sized and small companies
tend to trade less frequently than those of larger, more established companies,
which can adversely affect the pricing of these securities and the ability to sell
these securities in the future.
•
Value Investing Risk:
The prices of value stocks may lag the stock market for
long periods of time if the market fails to recognize the company’s intrinsic
worth. Value investing also is subject to the risk that a company judged to be
undervalued may actually be appropriately priced or even overpriced.
•
Foreign and Emerging Market Company Risk:
Investments in foreign
companies and in U.S. companies with economic ties to foreign markets
generally involve special risks. These companies may be more vulnerable to
economic, political, and social instability and subject to less government
supervision, lack of transparency, inadequate regulatory and accounting
standards, and foreign taxes. Foreign company securities also include ADRs,
which may be less liquid than the underlying shares in their primary trading
market. Foreign securities also may subject the Fund’s investments to changes
in currency exchange rates. Emerging market securities generally are more
volatile than other foreign securities, and are subject to greater liquidity,
regulatory, and political risks. Investments in emerging markets may be
SUMMARY – Value Opportunities Fund
6
considered speculative and generally are riskier than investments in more
developed markets. Emerging markets are more likely to experience
hyperinflation and currency devaluations. Securities of emerging market
companies may have far lower trading volumes and less liquidity than securities
of issuers in developed markets. In certain emerging market countries,
governments participate to a significant degree in their respective economies.
Action by these governments could have a significant adverse effect on market
prices of securities and payment of dividends. Companies with economic ties to
emerging markets may be susceptible to the same risks as companies organized
in emerging markets.
•
Real Estate Risk:
An investment in a real estate investment trust (“REIT”)
generally is subject to the risks that impact the value of the underlying
properties or mortgages of the REIT. These risks include loss to casualty or
condemnation, and changes in supply and demand, interest rates, zoning laws,
regulatory limitations on rents, property taxes, and operating expenses. Other
factors that may adversely affect REITs include poor performance by
management of the REIT, changes to the tax laws, or failure by the REIT to
qualify for favorable tax treatment under the Internal Revenue Code of 1986, as
amended (the “Code”), and changes in local, regional, or general economic
conditions.
•
Liquidity/Redemption Risk:
The Fund may lose money when selling securities
at inopportune times to fulfill shareholder redemption requests. The risk of loss
may increase depending on the size and frequency of redemption requests,
whether the redemption requests occur in times of overall market turmoil or
declining prices, and whether the securities the Fund intends to sell have
decreased in value or are illiquid. The Fund may be less able to sell illiquid
securities at its desired time or price. It may be more difficult for the Fund to
value its investments in illiquid securities than more liquid securities.
An investment in the Fund is not a deposit of any bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. For more information on the principal risks of the Fund, please see the
“More Information About the Funds – Principal Risks” section in the prospectus.
PERFORMANCE
The bar chart and table below provide some indication of the risks of investing in the
Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment
of dividends and distributions. The Fund’s past performance, before and after taxes,
is not necessarily an indication of how the Fund will perform in the future.
The bar chart shows changes in the performance of the Fund’s Class A shares from
calendar year to calendar year. This chart does not reflect the sales charge applicable
to Class A shares. If the sales charge were reflected, returns would be lower.
Performance for the Fund’s other share classes will vary due to the different
SUMMARY – Value Opportunities Fund
7
expenses each class bears. Updated performance information is available at
www.lordabbett.com or by calling 888-522-2388.
Bar Chart (per calendar year) - Class A Shares
-
2
.
8
8
%
+
1
6
.
3
9
%
+
1
0
.
1
5
%
-
1
1
.
8
6
%
+
2
2
.
8
6
%
+
1
5
.
1
9
%
+
2
7
.
2
1
%
-
2
1
.
9
0
%
+
1
6
.
6
9
%
+
1
3
.
6
2
%
1
5
1
6
1
7
1
8
1
9
2
0
2
1
2
2
2
3
2
4
Best
Quarter
4th
Q
2020
+21.77%
Worst
Quarter
1st
Q
2020
-25.37%
The table below shows how the Fund’s average annual total returns compare to the
returns of securities market indices with investment characteristics similar to those
of the Fund as well as to broad-based securities market index.
1
The Fund’s average
annual total returns include applicable sales charges.
The after-tax returns of Class A shares included in the table below are calculated
using the historical highest individual federal marginal income tax rates and do not
reflect the impact of state and local taxes. In some cases, the return after taxes on
distributions and sale of Fund shares may exceed the return before taxes due to a tax
benefit resulting from realized losses on a sale of Fund shares at the end of the
period that is used to offset other gains. Actual after-tax returns depend on an
investor’s tax situation and may differ from those shown. The after-tax returns
shown are not relevant to investors who hold their Fund shares through tax-
advantaged arrangements such as 401(k) plans or Individual Retirement Accounts
(“IRAs”). After-tax returns for other share classes are not shown in the table and will
vary from those shown for Class A shares.
1
The Fund has adopted the S&P 500
®
Index as its broad-based securities market index.
SUMMARY – Value Opportunities Fund
8
Average Annual Total Returns
(for the periods ended December 31, 2024)
Class
1 Year
5 Years
10 Years
Life of Class
Inception
Date for
Performance
Class A Shares
Before Taxes
7.08%
7.42%
6.79%
-
After Taxes on Distributions
5.56%
5.71%
4.94%
-
After Taxes on Distributions and Sale of Fund Shares
5.44%
5.68%
5.07%
-
Class C Shares
(1)
11.73%
7.88%
6.62%
-
Class F Shares
13.82%
8.86%
7.59%
-
Class F3 Shares
14.01%
9.07%
-
8.28%
4/4/2017
Class I Shares
13.86%
8.96%
7.69%
-
Class P Shares
13.33%
8.46%
7.20%
-
Class R2 Shares
13.23%
8.30%
7.05%
-
Class R3 Shares
13.29%
8.42%
7.16%
-
Class R4 Shares
13.58%
8.69%
-
7.39%
6/30/2015
Class R5 Shares
13.85%
8.96%
-
7.66%
6/30/2015
Class R6 Shares
14.02%
9.07%
-
7.77%
6/30/2015
Index
Russell 2500™ Index
8.79%
6/30/2015
(reflects no deduction for fees, expenses, or taxes)
11.99%
8.77%
8.85%
9.29%
4/4/2017
Russell 2500™ Value Index
8.04%
6/30/2015
(reflects no deduction for fees, expenses, or taxes)
10.98%
8.44%
7.81%
7.69%
4/4/2017
S&P 500
®
Index
13.68%
6/30/2015
(reflects no deduction for fees, expenses, or taxes)
25.02%
14.53%
13.10%
14.47%
4/4/2017
(1)
Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the
impact of such conversion to Class A shares.
MANAGEMENT
Investment Adviser.
The Fund’s investment adviser is Lord, Abbett & Co. LLC
(“Lord Abbett”).
SUMMARY – Value Opportunities Fund
9
Portfolio Managers
Portfolio Managers/Title
Member of
the Portfolio
Management
Team Since
John C. Hardy, Senior Managing Director and Portfolio Manager
2018
PURCHASE AND SALE OF FUND SHARES
The minimum initial and additional amounts shown below vary depending on the
class of shares you buy and the type of account. Certain financial intermediaries may
impose different restrictions than those described below. For Class I shares, the
minimum investment shown below applies to certain types of institutional investors,
but does not apply to registered investment advisers or retirement and benefit plans
otherwise eligible to invest in Class I shares. Class P shares are closed to
substantially all new investors. See “Choosing a Share Class – Investment
Minimums” in the prospectus for more information.
Investment Minimums — Initial/Additional Investments
Class
A
(1)
and C
F, F3, P, R2, R3, R4, R5, and R6
I
General and IRAs without Invest-A-
Matic Investments
Initial: $1,500
Additional: No minimum
N/A
Initial: $1 million
Additional: No minimum
Invest-A-Matic Accounts
(2)
Initial: $250
Additional: $50
N/A
N/A
IRAs, SIMPLE and SEP Accounts
with Payroll Deductions
No minimum
N/A
N/A
Fee-Based Advisory Programs and
Retirement and Benefit Plans
No minimum
No minimum
No minimum
(1)
There is no investment minimum for Class A shares purchased by investors maintaining an account with a financial
intermediary that has entered into an agreement with Lord Abbett Distributor LLC (“Lord Abbett Distributor”) to offer Class
A shares through a load-waived network or platform, which may or may not charge transaction fees.
(2)
There is no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs.
You may sell (redeem) shares through your securities broker, financial professional
or financial intermediary on any business day the Fund calculates its net asset value
(“NAV”). If you have direct account access privileges, you may redeem your shares
by contacting the Fund in writing at Lord Abbett Funds Service Center, P.O. Box
534489, Pittsburgh, PA 15253-4489 (regular mail) or Attention: 534489, 500 Ross
Street 154-0520, Pittsburgh, PA 15262 (overnight mail), by calling 888-522-2388 or
by accessing your account online at www.lordabbett.com.
TAX INFORMATION
The Fund’s distributions, if any, generally are taxable to you as ordinary income,
capital gains or a combination of the two, unless you are a tax-exempt investor or
SUMMARY – Value Opportunities Fund
10
investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA.
Any withdrawals from such a tax-advantaged arrangement may be taxable to you.
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL
INTERMEDIARIES
If you purchase Fund shares through a broker-dealer or other financial intermediary
(such as a bank), the Fund and the Fund’s distributor or its affiliates may pay the
intermediary for the sale of Fund shares and related services. These payments may
create a conflict of interest by influencing the broker-dealer or other financial
intermediary and your individual financial professional to recommend the Fund over
another investment. Ask your individual financial professional or visit your financial
intermediary’s website for more information.