small_cap_value_fund_summary

SUMMARY PROSPECTUS

Lord Abbett Small Cap Value Fund

APRIL 1, 2025

CLASS/TICKER

CLASS A ............

LRSCX

CLASS I...........

LRSYX

CLASS R4 .......

LRSSX

CLASS C............

LSRCX

CLASS P .........

LRSPX

CLASS R5 .......

LRSTX

CLASS F ............

LRSFX

CLASS R2 .......

LRSQX

CLASS R6 .......

LRSVX

CLASS F3 ..........

LRSOX

CLASS R3 .......

LRSRX

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 April 1, 2025 as may be

supplemented from time to time, are incorporated by reference into this summary prospectus.

SUMMARY – Small Cap Value Fund

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 61 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

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

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

Management Fees

0.75%

Distribution and Service (12b-1) Fees

0.25%

1.00%

0.10%

None

0.45%

Other Expenses

0.21%

0.13%

0.21%

Total Annual Fund Operating Expenses

1.21%

1.96%

1.06%

0.88%

0.96%

1.41%

SUMMARY – Small Cap Value Fund

Annual Fund Operating Expenses

(continued)

(Expenses that you pay each year as a percentage of the value of your investment)

Class

Management Fees

0.75%

Distribution and Service (12b-1) Fees

0.60%

0.50%

0.25%

None

Other Expenses

0.21%

0.13%

Total Annual Fund Operating Expenses

1.56%

1.46%

1.21%

0.96%

0.88%

(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

691

937

1,202

1,957

691

937

1,202

1,957

Class C Shares

299

615

1,057

2,091

199

615

1,057

2,091

Class F Shares

108

337

585

1,294

108

337

585

1,294

Class F3 Shares

281

488

1,084

281

488

1,084

Class I Shares

306

531

1,178

306

531

1,178

Class P Shares

144

446

771

1,691

144

446

771

1,691

Class R2 Shares

159

493

850

1,856

159

493

850

1,856

Class R3 Shares

149

462

797

1,746

149

462

797

1,746

Class R4 Shares

123

384

665

1,466

123

384

665

1,466

Class R5 Shares

306

531

1,178

306

531

1,178

Class R6 Shares

281

488

1,084

281

488

1,084

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 – Small Cap Value Fund

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 42% of the

average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund invests in equity securities of small 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. Under normal circumstances, the Fund invests at least

80% of its net assets, plus the amount of any borrowings for investment purposes, in

equity securities of small companies. A small company is defined as a company

having a market capitalization at the time of purchase that falls within the market

capitalization range of companies in the Russell 2000

Index.

Equity securities in which the Fund may invest include common stocks, preferred

stocks, equity interests in trusts (including real estate investment trusts (“REITs”)

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 Depository 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

SUMMARY – Small Cap Value Fund

Fund may suffer losses or underperform other funds with the same investment

objective or strategies, even in a favorable market.

•

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, tariffs 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.

•

Small Company Risk:

Investments in small companies may involve greater

risks than investments in larger, more established companies. Securities of 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.

•

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

considered speculative and generally are riskier than investments in more

developed markets. Emerging markets are more likely to experience

SUMMARY – Small Cap Value Fund

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.

•

Foreign Currency Risk:

Investments in securities that are denominated or

receiving revenues in foreign currencies are subject to the risk that those

currencies will decline in value relative to the U.S. dollar, or, in the case of

hedged positions, that the U.S. dollar will decline in value relative to the

currency being hedged. Foreign currency exchange rates may fluctuate

significantly over short periods of time.

•

Real Estate Risk:

An investment in a 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.

SUMMARY – Small Cap Value Fund

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

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

Best

Quarter

4th

2020

+29.79%

Worst

Quarter

1st

2020

-37.69%

The table below shows how the Fund’s average annual total returns compare to the

returns of a securities market index with investment characteristics similar to those

of the Fund as well as to a broad-based securities market index.

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.

The Fund has adopted the S&P 500

Index as its broad-based securities market index.

SUMMARY – Small Cap Value Fund

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

6.38%

5.54%

5.80%

After Taxes on Distributions

3.95%

4.00%

3.06%

After Taxes on Distributions and Sale of Fund Shares

5.64%

4.18%

4.00%

Class C Shares

(1)

11.28%

5.96%

5.62%

Class F Shares

13.02%

6.96%

6.58%

Class F3 Shares

13.27%

7.14%

6.38%

4/4/2017

Class I Shares

13.17%

7.07%

6.69%

Class P Shares

12.59%

6.57%

6.21%

Class R2 Shares

12.47%

6.42%

6.05%

Class R3 Shares

12.60%

6.52%

6.17%

Class R4 Shares

12.89%

6.80%

6.30%

6/30/2015

Class R5 Shares

13.14%

7.07%

6.57%

6/30/2015

Class R6 Shares

13.28%

7.15%

6.65%

6/30/2015

Index

Russell 2000

Value Index

7.44%

6/30/2015

(reflects no deduction for fees, expenses, or taxes)

8.05%

7.29%

7.14%

6.73%

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”).