Lord Abbett Securities Trust
PROSPECTUS
MARCH 1, 2025
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A....................
ALFAX
I .....................
ALFYX
R4 .................
ALFKX
LORD ABBETT
ALPHA STRATEGY FUND
C ...................
ALFCX
P....................
N/A
R5 .................
ALFTX
F....................
ALFFX
R2 .................
ALFQX
R6 .................
ALFVX
F3..................
ALFOX
R3 .................
ALFRX
A....................
LFGAX
I .....................
LFGIX
R5 .................
LFGTX
C ...................
LFGCX
R2 .................
N/A
R6 .................
LFGVX
LORD ABBETT
FOCUSED GROWTH
FUND
F....................
LFGFX
R3 .................
LFGQX
F3..................
LFGOX
R4 .................
LFGSX
A....................
LAFLX
I .....................
LIFLX
R5 .................
LFLTX
C ...................
LCFLX
R2 .................
N/A
R6 .................
LVFLX
LORD ABBETT
FOCUSED LARGE CAP
VALUE FUND
F....................
LFFLX
R3 .................
LQFLX
F3..................
LOFLX
R4 .................
LSFLX
A....................
LFVAX
I .....................
LMVYX
R5 .................
LMVVX
C ...................
LFVCX
R2 .................
N/A
R6 .................
LMVWX
LORD ABBETT
FOCUSED SMALL CAP
VALUE FUND
F....................
LFSFX
R3 .................
N/A
F3..................
LMVOX
R4 .................
N/A
A....................
LDFVX
I .....................
LAVYX
R4 .................
LAVSX
C ...................
GILAX
P....................
LAVPX
R5 .................
LAVTX
LORD ABBETT
FUNDAMENTAL EQUITY
FUND
F....................
LAVFX
R2 .................
LAVQX
R6 .................
LAVVX
F3..................
LDFOX
R3 .................
LAVRX
A....................
LGCAX
I .....................
LGCYX
R5 .................
LGCVX
LORD ABBETT
GLOBAL EQUITY FUND
C ...................
LGCCX
R2 .................
N/A
R6 .................
LGCWX
F....................
LGCFX
R3 .................
LGCRX
F3..................
LGCOX
R4 .................
LGCSX
A....................
LGLAX
I .....................
LGLIX
R5 .................
LGLUX
C ...................
LGLCX
R2 .................
LGLQX
R6 .................
LGLVX
LORD ABBETT
GROWTH LEADERS
FUND
F....................
LGLFX
R3 .................
LGLRX
F3..................
LGLOX
R4 .................
LGLSX
A....................
LHCAX
I .....................
LHCIX
R5 .................
LHCTX
LORD ABBETT
HEALTH CARE FUND
C ...................
LHCCX
R2 .................
N/A
R6 .................
LHCVX
F....................
LHCFX
R3 .................
LHCQX
F3..................
LHCOX
R4 .................
LHCSX
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A....................
LICAX
I .....................
LICYX
R4 .................
LICSX
C ...................
LICCX
P....................
LICPX
R5 .................
LICTX
LORD ABBETT
INTERNATIONAL
EQUITY FUND
F....................
LICFX
R2 .................
LICQX
R6 .................
LICVX
F3..................
LICOX
R3 .................
LICRX
A....................
LAIEX
I .....................
LINYX
R4 .................
LINSX
C ...................
LINCX
P....................
LINPX
R5 .................
LINTX
LORD ABBETT
INTERNATIONAL
OPPORTUNITIES FUND
F....................
LINFX
R2 .................
LINQX
R6 .................
LINVX
F3..................
LOIEX
R3 .................
LINRX
A....................
LIDAX
I .....................
LAIDX
R5 .................
LIRTX
C ...................
LIDCX
R2 .................
LIDRX
R6 .................
LIRVX
LORD ABBETT
INTERNATIONAL VALUE
FUND
F....................
LIDFX
R3 .................
LIRRX
F3..................
LIDOX
R4 .................
LIRSX
A....................
LAMGX
I .....................
LMIYX
R5 .................
N/A
C ...................
LCMGX
R2 .................
N/A
R6 .................
N/A
LORD ABBETT
MICRO CAP GROWTH
FUND
F....................
LFMGX
R3 .................
N/A
F3..................
N/A
R4 .................
N/A
A....................
LVOAX
I .....................
LVOYX
R4 .................
LVOSX
C ...................
LVOCX
P....................
LVOPX
R5 .................
LVOTX
LORD ABBETT
VALUE OPPORTUNITIES
FUND
F....................
LVOFX
R2 .................
LVOQX
R6 .................
LVOVX
F3..................
LVOOX
R3 .................
LVORX
The Lord Abbett Micro Cap Growth Fund generally is not available for purchase by new investors, except as
described in this prospectus. Please see the section “Information about the Availability of Micro Cap Growth
Fund” for more information.
The U.S. Securities and Exchange Commission has not approved or disapproved of these securities or
determined whether this prospectus is accurate or complete. Any representation to the contrary is a criminal
offense.
INVESTMENT PRODUCTS: NOT FDIC INSURED–NO BANK GUARANTEE–MAY LOSE VALUE
TABLE OF CONTENTS
FUND SUMMARY
Alpha Strategy Fund
3
Focused Growth Fund
14
Focused Large Cap Value Fund
24
Focused Small Cap Value Fund
35
Fundamental Equity Fund
45
Global Equity Fund
54
Growth Leaders Fund
64
Health Care Fund
73
International Equity Fund
85
International Opportunities Fund
96
International Value Fund
105
Micro Cap Growth Fund
115
Value Opportunities Fund
124
Tax Information
133
Payments to Broker-Dealers and Other Financial Intermediaries
133
MORE INFORMATION ABOUT THE FUNDS
Investment Objectives
134
Principal Investment Strategies
135
Principal Risks
167
Additional Information About Investment and Operational Risks
209
Disclosure of Portfolio Holdings
214
Management and Organization of the Funds
214
Information About the Availability of Micro Cap Growth Fund
220
INFORMATION FOR MANAGING YOUR FUND ACCOUNT
Choosing a Share Class
221
Sales Charges
229
Sales Charge Reductions and Waivers
231
Financial Intermediary Compensation
235
Purchases
240
Exchanges
242
Redemptions
243
Account Services and Policies
245
Distributions and Taxes
253
FINANCIAL INFORMATION
Alpha Strategy Fund
257
Focused Growth Fund
261
Focused Large Cap Value Fund
265
Focused Small Cap Value Fund
270
Fundamental Equity Fund
275
Global Equity Fund
279
Growth Leaders Fund
283
Health Care Fund
287
International Equity Fund
291
International Opportunities Fund
295
International Value Fund
299
Micro Cap Growth Fund
303
Value Opportunities Fund
305
APPENDIX
Appendix A: Intermediary-Specific Sales Charge
Reductions and Waivers
A-1
Appendix B: Underlying Funds of Alpha Strategy Fund
B-1
PROSPECTUS – Alpha Strategy Fund
3
FUND SUMMARY
Alpha Strategy 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 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
(4)
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
Distribution and Service (12b-1) Fees
0.25%
1.00%
0.10%
None
None
0.45%
Other Expenses
0.19%
0.19%
0.19%
0.10%
0.19%
0.19%
Acquired Fund Fees and Expenses
0.93%
0.93%
0.93%
0.93%
0.93%
0.93%
Total Annual Fund Operating Expenses
1.47%
2.22%
1.32%
1.13%
1.22%
1.67%
PROSPECTUS – Alpha Strategy Fund
4
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
(4)
0.10%
0.10%
0.10%
0.10%
0.10%
Distribution and Service (12b-1) Fees
0.60%
0.50%
0.25%
None
None
Other Expenses
0.19%
0.19%
0.19%
0.19%
0.10%
Acquired Fund Fees and Expenses
0.93%
0.93%
0.93%
0.93%
0.93%
Total Annual Fund Operating Expenses
1.82%
1.72%
1.47%
1.22%
1.13%
(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.
(4)
Lord, Abbett & Co. LLC (“Lord Abbett”) presently is waiving the Fund’s entire management fee on a voluntary basis. This
voluntary management fee waiver may be discontinued at any time without notice.
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
$
716
$
1,013
$
1,332
$
2,231
$
716
$
1,013
$
1,332
$
2,231
Class C Shares
$
325
$
694
$
1,190
$
2,365
$
225
$
694
$
1,190
$
2,365
Class F Shares
$
134
$
418
$
723
$
1,590
$
134
$
418
$
723
$
1,590
Class F3 Shares
$
115
$
359
$
622
$
1,375
$
115
$
359
$
622
$
1,375
Class I Shares
$
124
$
387
$
670
$
1,477
$
124
$
387
$
670
$
1,477
Class P Shares
$
170
$
526
$
907
$
1,976
$
170
$
526
$
907
$
1,976
Class R2 Shares
$
185
$
573
$
985
$
2,137
$
185
$
573
$
985
$
2,137
Class R3 Shares
$
175
$
542
$
933
$
2,030
$
175
$
542
$
933
$
2,030
Class R4 Shares
$
150
$
465
$
803
$
1,757
$
150
$
465
$
803
$
1,757
Class R5 Shares
$
124
$
387
$
670
$
1,477
$
124
$
387
$
670
$
1,477
Class R6 Shares
$
115
$
359
$
622
$
1,375
$
115
$
359
$
622
$
1,375
PROSPECTUS – Alpha Strategy Fund
5
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
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 1% of the
average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund is a “fund of funds” that invests in affiliated mutual funds (the “underlying
funds”) managed by Lord Abbett. Under normal conditions, through the underlying
funds, the Fund indirectly invests in the equity securities of U.S. and foreign micro-
cap, small, and mid-sized companies. The Fund uses a “blend” strategy to gain
investment exposure to both growth and value stocks, or to stocks with
characteristics of both.
Equity securities in which an underlying 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, and other instruments with similar economic
characteristics.
Securities of foreign companies include emerging market companies, American
Depositary Receipts (“ADRs”), 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.
In addition to investing in the underlying funds, the Fund may invest directly in any
type of derivative as part of its investment strategies or for risk management
purposes. Currently, the Fund may invest in derivatives consisting principally of
futures, forwards, options, and swaps. To the extent that the Fund invests directly in
derivatives, the Fund intends to do so primarily for non-hedging purposes. The
market value of the Fund’s directly held positions in derivatives, determined at the
time of the most recent position established, will not exceed 50% of the Fund’s net
assets. The Fund currently expects, however, that the market value of such
instruments, determined at the time of the most recent position established, will not
exceed 35% of the Fund’s net assets under normal conditions. These percentage
limitations exclude Fund assets indirectly invested in derivatives through the
underlying funds.
The Fund’s portfolio management team generally employs a bottom-up investment
approach emphasizing long-term value. 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 or reallocate its
investments among the underlying funds for a variety of reasons, such as to secure
gains, limit losses, redeploy assets, increase cash, or satisfy redemption requests,
among others. The Fund may deviate from the investment strategy described above
PROSPECTUS – Alpha Strategy Fund
6
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 also are the principal risks of
investing in the underlying funds. These risks, which could adversely affect the
Fund’s performance, include:
•
Underlying Funds Risk:
The assets of the Fund are invested principally in the
underlying funds. As a result, the investment performance of the Fund is
directly related to the investment performance of the underlying funds in which
it invests. The Fund is exposed to the same risks as the underlying funds in
direct proportion to the allocation of its assets among the underlying funds. To
the extent that the Fund invests a significant portion of its assets in a single
underlying fund it may be more susceptible to risks associated with that fund
and its investments. It is possible that the holdings of underlying funds may
contain securities of the same issuers, thereby increasing the Fund’s exposure to
such issuers. There can be no assurance that the investment objective of any
underlying fund will be achieved. In addition, the Fund’s shareholders will
indirectly bear their proportionate share of the underlying funds’ fees and
expenses, as well as their proportionate share of the Fund’s fees and expenses.
•
Affiliated Underlying Funds Risk:
The Fund invests principally in underlying
funds advised by Lord Abbett, which presents certain conflicts of interest.
Generally, Lord Abbett will receive more revenue from investing in the
underlying funds than it would if it invested in unaffiliated funds. In addition,
Lord Abbett is subject to conflicts of interest in allocating portfolio assets
among the various underlying funds because the fees payable to Lord Abbett by
underlying funds differ.
Lord Abbett may have an incentive to select underlying
funds that will result in the greatest net management fee revenue to Lord Abbett
and its affiliates, even if that results in increased expenses for the Fund. In
addition, the Fund’s investments in affiliated underlying funds may be
beneficial to Lord Abbett in managing the underlying funds, by helping the
underlying funds achieve economies of scale or by enhancing cash flows to the
underlying funds. If the Fund invests in an underlying fund with higher
expenses, the Fund’s performance would be lower than if the Fund had invested
in an underlying fund with comparable performance but lower expenses.
•
New Underlying Funds Risk:
The Fund may invest in underlying funds that
are recently organized. There can be no assurance that a new underlying fund
will reach or maintain a sufficient asset size to effectively implement its
PROSPECTUS – Alpha Strategy Fund
7
investment strategy. In addition, until the Fund achieves sufficient scale, the
Fund may experience proportionally higher expenses than it would experience if
it invested in a fund with a larger asset base.
•
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.
•
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.
•
Micro-Cap, Small, and Mid-Sized Company Risk:
Investments in micro-cap,
small, and mid-sized companies may involve greater risks than investments in
larger, more established companies. Securities of micro-cap, small, and mid-
sized 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
micro-cap, small, and mid-sized 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.
•
Blend Style Risk:
Growth stocks typically trade at higher multiples of current
earnings than other stocks. Growth stocks often are more sensitive to market
fluctuations than other securities because their market prices are highly sensitive
to future earnings expectations. At times when it appears that these expectations
may not be met, prices of growth stocks typically fall. Growth stocks may be
more volatile than securities of slower-growing issuers. 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