LORD ABBETT
SECURITIES TRUST
Supplement dated
April 8, 2025
to the
Statement of Additional Information
dated
March
1
, 202
5
, as supplemented
The
following
table
replace
s
the
table
under the heading
“
Holdings of Portfolio Managers
” in the
subsection
titled “Portfolio Manager Information
—
Holdings of Portfolio Managers”
starting
on
page 7
-
2
of the
Statement of Additional Information
(the “SAI”)
:
Ownership of Securities
Aggregate
Dollar Range of Securities
Alpha Strategy Fund
Giulio Martini
None
Matthew R. DeCicco
None
Jahiz Barlas
None
Focused Growth Fund
F. Thomas O’Halloran
Over $1,000,000
Vernon T. Bice
1
$100,001
-
$500,000
Matthew R. DeCicco
$100,001
-
$500,000
Focused Large Cap Value Fund
John C. Hardy
$100,001
-
$500,000
Jeff D. Diamond
$50,001
-
$100,000
Darnell C. Azeez
$50,001
-
$100,000
Focused Small Cap Value Fund
John C. Hardy
$100,001
-
$500,000
Qie Zhang
$500,001
-
$1,000,000
Fundamental Equity
Fund
John C. Hardy
$100,001
-
$500,000
Jeff D. Diamond
$100,001
-
$500,000
Darnell C. Azeez
$100,001
-
$500,000
Global Equity Fund
Ryan C. Howard
$100,001
-
$500,000
Growth Leaders Fund
F. Thomas O’Halloran
Over $1,000,000
Vernon T. Bice
Over
$1,000,000
Matthew R. DeCicco
$100,001
-
$500,000
Benjamin Ebel
$50,001
-
$100,000
Health Care Fund
Devesh Karandikar
$500,001
-
$1,000,000
Matthew R. DeCicco
$100,001
-
$500,000
Heidi A. Lawrence
2
$
10,001
-
$50,000
Samantha E. Shevins
2
$50,001
-
$100,000
International Equity Fund
Matthias A. Knerr
$100,001
-
$500,000
Sue Kim
$100,001
-
$500,000
International Opportunities Fund
Thomas Banks
$500,001
-
$1,000,000
Vincent J. McBride
$500,001
-
$1,000,000
International Value Fund
Vincent J. McBride
Over $1,000,000
Ryan C. Howard
$10,001
-
$50,000
Asad A. Mawjee
$100,001
-
$500,000
Micro Cap Growth Fund
F. Thomas O’Halloran
$500,001
-
$1,000,000
Matthew R. DeCicco
$100,001
-
$500,000
Vernon T. Bice
$100,001
-
$500,000
Value Opportunities Fund
John C. Hardy
$500,001
-
$1,000,000
1
As of February 14, 2025.
2
As of
March 31, 2025.
Capitalized terms used in this Supplement shall, unless otherwise defined herein, have the same meaning
as given in the SAI.
Please retain this document for your
future reference.
STATEMENT OF ADDITIONAL INFORMATION
MARCH 1, 2025
LORD ABBETT SECURITIES TRUST
Lord Abbett Alpha Strategy Fund
Lord Abbett Focused Large Cap Value
Fund
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A
ALFAX
R2
ALFQX
A
LAFLX
R2
N/A
C
ALFCX
R3
ALFRX
C
LCFLX
R3
LQFLX
F
ALFFX
R4
ALFKX
F
LFFLX
R4
LSFLX
F3
ALFOX
R5
ALFTX
F3
LOFLX
R5
LFLTX
I
ALFYX
R6
ALFVX
I
LIFLX
R6
LVFLX
P
N/A
Lord Abbett Focused Growth Fund
Lord Abbett Focused Small Cap Value
Fund
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A
LFGAX
R2
N/A
A
LFVAX
R2
N/A
C
LFGCX
R3
LFGQX
C
LFVCX
R3
N/A
F
LFGFX
R4
LFGSX
F
LFSFX
R4
N/A
F3
LFGOX
R5
LFGTX
F3
LMVOX
R5
LMVVX
I
LFGIX
R6
LFGVX
I
LMVYX
R6
LMVWX
Lord Abbett Fundamental Equity Fund
Lord Abbett Global Equity Fund
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A
LDFVX
R2
LAVQX
A
LGCAX
R2
N/A
C
GILAX
R3
LAVRX
C
LGCCX
R3
LGCRX
F
LAVFX
R4
LAVSX
F
LGCFX
R4
LGCSX
F3
LDFOX
R5
LAVTX
F3
LGCOX
R5
LGCVX
I
LAVYX
R6
LAVVX
I
LGCYX
R6
LGCWX
P
LAVPX
Lord Abbett Growth Leaders Fund
Lord Abbett International Value Fund
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A
LGLAX
R2
LGLQX
A
LIDAX
R2
LIDRX
C
LGLCX
R3
LGLRX
C
LIDCX
R3
LIRRX
F
LGLFX
R4
LGLSX
F
LIDFX
R4
LIRSX
F3
LGLOX
R5
LGLUX
F3
LIDOX
R5
LIRTX
I
LGLIX
R6
LGLVX
I
LAIDX
R6
LIRVX
Lord Abbett Health Care Fund
Lord Abbett Micro Cap Growth Fund
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A
LHCAX
R2
N/A
A
LAMGX
R2
N/A
C
LHCCX
R3
LHCQX
C
LCMGX
R3
N/A
F
LHCFX
R4
LHCSX
F
LFMGX
R4
N/A
F3
LHCOX
R5
LHCTX
F3
N/A
R5
N/A
I
LHCIX
R6
LHCVX
I
LMIYX
R6
N/A
Lord Abbett International Equity Fund
Lord Abbett Value Opportunities Fund
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A
LICAX
R2
LICQX
A
LVOAX
R2
LVOQX
C
LICCX
R3
LICRX
C
LVOCX
R3
LVORX
F
LICFX
R4
LICSX
F
LVOFX
R4
LVOSX
F3
LICOX
R5
LICTX
F3
LVOOX
R5
LVOTX
I
LICYX
R6
LICVX
I
LVOYX
R6
LVOVX
P
LICPX
P
LVOPX
Lord Abbett International Opportunities
Fund
CLASS
TICKER
CLASS
TICKER
A
LAIEX
R2
LINQX
C
LINCX
R3
LINRX
F
LINFX
R4
LINSX
F3
LOIEX
R5
LINTX
I
LINYX
R6
LINVX
P
LINPX
This SAI is not a prospectus. A prospectus may be obtained from your financial intermediary or from the
Distributor at 30 Hudson Street, Jersey City, NJ 07302-4804. This SAI is divided into two Parts - Part I
and Part II. Part I contains information that is particular to the Funds offered in this SAI, and should be
read in conjunction with the prospectus for the Funds offered in this SAI, dated March 1, 2025, as
supplemented from time to time. Part I includes information about the Funds, including investment
policies, management fees paid by the Funds, and information about other fees applicable to and
services provided to the Funds. Part II contains additional information that more generally applies to the
Lord Abbett Funds.
Each Fund’s
audited financial statements are incorporated into this SAI by reference to the Funds’ most
recent Form N-CSR. The Funds’ annual and semiannual reports to shareholders and Form N-CSR are
available without charge, upon request by calling 888-522-2388. In addition, you can make inquiries
through your financial intermediary.
PART I
TABLE OF CONTENTS
PAGE
1.
GLOSSARY
1-1
2.
FUND INFORMATION
2-1
3.
INVESTMENT POLICIES
3-1
4.
FUND INVESTMENTS
4-1
5.
BOARD MEMBERS
5-1
6.
INVESTMENT ADVISORY AND OTHER SERVICES, FEES, AND EXPENSES
6-1
7.
PORTFOLIO MANAGER INFORMATION
7-1
8.
SECURITIES LENDING
8-1
9.
CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS
9-1
10.
FINANCIAL STATEMENTS
10-1
Part I
1-1
1.
GLOSSARY
Lord Abbett Securities Trust is comprised of the following Funds:
Lord Abbett Alpha Strategy Fund:
Alpha Strategy Fund
Lord Abbett Focused Growth Fund:
Focused Growth Fund
Lord Abbett Focused Large Cap Fund:
Focused Large Cap Fund
Lord Abbett Focused Small Cap Value Fund:
Focused Small Cap Value Fund
Lord Abbett Fundamental Equity Fund:
Fundamental Equity Fund
Lord Abbett Global Equity Fund:
Global Equity Fund
Lord Abbett Growth Leaders Fund:
Growth Leaders Fund
Lord Abbett Health Care Fund:
Health Care Fund
Lord Abbett International Equity Fund:
International Equity Fund
Lord Abbett International Opportunities Fund:
International Opportunities Fund
Lord Abbett International Value Fund:
International Value Fund
Lord Abbett Micro Cap Growth Fund:
Micro Cap Growth Fund
Lord Abbett Value Opportunities Fund:
Value Opportunities Fund
Lord Abbett Funds
are comprised of the following management investment companies:
Lord Abbett Affiliated Fund, Inc.:
Affiliated Fund
Lord Abbett Bond Debenture Fund, Inc.:
Bond Debenture Fund
Lord Abbett Developing Growth Fund, Inc.:
Developing Growth Fund
Lord Abbett Global Fund, Inc.:
Global Fund
Lord Abbett Investment Trust:
Investment Trust
Lord Abbett Mid Cap Stock Fund, Inc.:
Mid Cap Stock Fund
Lord Abbett Municipal Income Fund, Inc.:
Municipal Income Fund
Lord Abbett Research Fund, Inc.:
Research Fund
Lord Abbett Securities Trust:
Securities Trust
Lord Abbett Series Fund, Inc.:
Series Fund
Lord Abbett Trust I:
Trust I
Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc.:
Money Market Fund
1933 Act
Securities Act of 1933, as amended
1940 Act
Investment Company Act of 1940, as amended
Board
Board of Trustees
Board Member(s)
Trustee(s) of the Board
CDSC
Contingent deferred sales charge
CEA
Commodity Exchange Act, as amended
CPO
Commodity pool operator
Distributor
Lord Abbett Distributor LLC
Fund(s)
Each separate investment portfolio of Securities Trust
Independent Board
Member(s)
Trustee(s) of the Board who are not “interested persons,” as defined in
the 1940 Act, of each Fund
Interested Board
Member(s)
Trustee(s) of the Board who are not Independent Board Members
Lord Abbett
Lord, Abbett & Co. LLC
Moody’s
Moody’s Investors Service, Inc.
NYSE
New York Stock Exchange
Registrant
Securities Trust
Rule 12b-1 Plan
Distribution and/or Shareholder Service Plan adopted under Rule 12b-1
(under the 1940 Act)
S&P
S&P Global Ratings
SAI
Statement of Additional Information
SEC
United States Securities and Exchange Commission
Underlying Funds
Affiliated mutual funds managed by Lord Abbett
Part I
2-1
2.
FUND INFORMATION
The Registrant is an open-end management investment company registered under the 1940 Act. All
Funds are diversified except Lord Abbett Focused Growth Fund which is non-diversified within the
meaning of the 1940 Act. The tables below set forth information about the Registrant’s organization and
certain Funds’ name changes.
Registrant Organization
Registrant
Form of
Organization
Date of Organization
Number
of
Funds
Shares Available
for Issuance
Lord Abbett Securities
Trust
Delaware statutory
trust
February 26, 1993
13
Unlimited
Fund Name Changes
Funds
Former Names
Effective Dates of
Name Change
Lord Abbett Global Equity Fund
Lord Abbett Global Equity Research Fund
November 1, 2021
Lord Abbett Focused Small Cap
Value Fund
Lord Abbett Micro Cap Value Fund
July 1, 2019
Lord Abbett International Value
Fund
Lord Abbett International Dividend Income
Fund
September 30, 2018
Lord Abbett Global Equity Research
Fund
Lord Abbett Global Core Equity Fund
May 15, 2018
Lord Abbett International Equity
Fund
Lord Abbett International Core Equity Fund
October 31, 2017
Information about the Availability of the Micro Cap Growth Fund.
Lord Abbett Micro Cap Growth
Fund is not available for purchase by new investors, except as described in the prospectus.
Investors should note that the Fund reserves the right to refuse any purchase order that Lord Abbett
believes might disrupt the efficient management of the Fund and reserves the right to further limit the
availability of the Fund.
Part I
3-1
3.
INVESTMENT POLICIES
Fundamental Investment Restrictions.
Each Fund’s investment objective cannot be changed without
the approval of a “majority of the Fund’s outstanding shares,”
1
except for the investment objective of
Focused Growth Fund, Focused Large Cap Value Fund, and Health Care Fund, which may be changed
by the Board without shareholder approval. Each Fund also is subject to the following fundamental
investment restrictions that cannot be changed without the approval of a majority of each Fund’s
outstanding shares.
Each Fund may not:
1. borrow money, except that (i) it may borrow from banks (as defined in the 1940 Act)
2
in amounts
up to 33 1/3% of its total assets (including the amount borrowed), (ii) it may borrow up to an
additional 5% of its total assets for temporary purposes, (iii) it may obtain such short-term credit
as may be necessary for the clearance of purchases and sales of portfolio securities, (iv) it may
purchase securities on margin to the extent permitted by applicable law,
3
and (v) it may borrow
money from other Lord Abbett Funds to the extent permitted by applicable law and any exemptive
relief obtained by the Fund;
2. pledge its assets (other than to secure borrowings, or to the extent permitted by each Fund’s
investment policies as permitted by applicable law);
4
3. engage in the underwriting of securities, except pursuant to a merger or acquisition or to the
extent that, in connection with the disposition of its portfolio securities, it may be deemed to be an
underwriter under federal securities laws;
4. make loans to other persons, except that (i) the acquisition of bonds, debentures or other
corporate debt securities and investments in government obligations, commercial paper, pass-
through instruments, certificates of deposit, bankers’ acceptances, repurchase agreements or any
similar instruments shall not be subject to this limitation, (ii) the Fund may lend its portfolio
securities, provided that the lending of portfolio securities may be made only in accordance with
applicable law, and (iii) the Fund may lend money to other Lord Abbett Funds to the extent
permitted by applicable law and any exemptive relief obtained by the Fund;
5. buy or sell real estate (except that each Fund may invest in securities directly or indirectly
secured by real estate or interests therein or issued by companies which invest in real estate or
interests therein), or commodities or commodity contracts (except to the extent each Fund may
do so in accordance with applicable law and without registering as a CPO under the CEA as, for
example, with futures contracts);
6. with respect to Alpha Strategy Fund, Focused Small Cap Value Fund, Fundamental Equity Fund,
Global Equity Fund, Growth Leaders Fund, International Equity Fund, International Opportunities
Fund, International Value Fund, Micro Cap Growth Fund, and Value Opportunities Fund, with
respect to 75% of its gross assets, buy securities of one issuer representing more than (i) 5% of
its gross assets, or (ii) 10% of the voting securities of such issuer; except, in either case,
securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities (and,
for Alpha Strategy Fund, securities of other investment companies);
1
A “majority of the Fund’s outstanding shares” means the vote of the lesser of (1) 67% or more of the voting securities present at a
shareholder meeting, provided that more than 50% of the outstanding voting securities of the Fund are present at the meeting or
represented by proxy, or (2) more than 50% of the outstanding voting securities of the Fund regardless of whether such
shareholders are present at the meeting (or represented by proxy).
2
The term “bank” is defined in Section 2(a)(5) of the 1940 Act.
3
SEC staff guidance currently prohibits a Fund from purchasing any security on margin, except such short-term credits as are
necessary for the clearance of transactions.
4
For the purpose of this restriction the deposit of assets in a segregated account with a Fund’s custodian in connection with any of
the Fund’s investment transactions is not considered to be a pledge of the Fund’s assets.
Part I
3-2
7. with respect to Alpha Strategy Fund, Focused Growth Fund, Focused Large Cap Value Fund,
Focused Small Cap Value Fund, Fundamental Equity Fund, Global Equity Fund, Growth Leaders
Fund, International Equity Fund, International Opportunities Fund, International Value Fund,
Micro Cap Growth Fund, and Value Opportunities Fund, invest more than 25% of its assets,
taken at market value, in the securities of issuers in any particular industry (excluding securities of
the U.S. Government, its agencies and instrumentalities); or
8. issue senior securities to the extent such issuance would violate applicable law.
5
In addition:
9. Health Care Fund will concentrate more than 25% of its assets, taken at market value, in the
securities of issuers in the health care industry.
Compliance with these fundamental investment restrictions will be determined at the time of the purchase
or sale of the security, except in the case of the first fundamental investment restriction, with which each
Fund must comply on a continuous basis.
Non-Fundamental Investment Restriction.
Each Fund also is subject to the following non-fundamental
investment restriction that may be changed by the Registrant’s Board without shareholder approval.
Each Fund may not invest in securities issued by other investment companies as defined in the 1940 Act,
except to the extent permitted by applicable law. A Fund may not, however, rely on Sections 12(d)(1)(F)
and 12(d)(1)(G) of the 1940 Act.
5
Current federal securities laws prohibit a Fund from issuing senior securities (which generally are defined as securities
representing indebtedness), except that a Fund may borrow money from banks in amounts of up to
33⅓%
of its total assets
(including the amount borrowed).
Part I
4-1
4.
FUND INVESTMENTS
The following table identifies the investment types and techniques that Lord Abbett may use in managing
the Funds. A more detailed description of these investment types and techniques, along with the risks
associated with each, is contained in the “Additional Information on Portfolio Investments, Risks, and
Techniques” section of Part II. A Fund may use any or all of these investment types and techniques
indicated below at any one time, and the fact that a Fund may use a particular investment type or
technique does not mean that it will be used. A Fund’s transactions in a particular investment type or use
of a particular technique is subject to the limitations imposed by the Fund’s investment objective, policies,
and restrictions described in the Funds’ prospectus and in this SAI, as well as the federal securities laws.
Each Fund may make other types of investments provided the investments are consistent with the Fund's
investment objective and policies and the Fund's investment restrictions do not expressly prohibit it from
doing so.
In addition, a Fund may receive instruments or investments not contemplated herein through
the conversion or exchange of a permissible investment or as a result of the reorganization or bankruptcy
of the issuer of an otherwise permissible investment, and the Fund may hold or dispose of these
instruments or investments at its discretion.
Please refer to the applicable Fund's prospectus and the fundamental and non-fundamental investment
restrictions in the “Investment Policies” section of Part I for more information on any applicable limitations.
Investment Types and Techniques
Alpha
Strategy Fund
Focused
Growth Fund
Focused Large
Cap Value
Fund
Focused Small
Cap Value
Fund
Cash Balance Management
Practices
X
X
X
X
Convertible Securities
X
X
X
X
Synthetic Convertible
Securities
X
X
X
Contingent Convertible
Securities
Debt Securities
X
X
X
X
High-Yield or Lower-Rated
Debt Securities
X
X
X
Defaulted Bonds and
Distressed Debt
Depositary Receipts
X
X
X
X
Derivatives
X
X
X
X
Combined Transactions
Commodity-Related
Investments
X
Credit Derivatives
X
X
X
X
Forward Contracts
X
X
X
X
Futures Contracts
X
X
X
X
Options Contracts
X
X
X
X
Participation Notes
Swap Agreements
X
X
X
X
Equity Securities
X
X
X
X
Common Stocks
X
X
X
X
Initial Public Offerings
X
X
X
X
Master Limited
Partnerships
Preferred Stocks
X
X
X
X
Warrants and Rights
X
X
X
X
Part I
4-2
Investment Types and Techniques
Alpha
Strategy Fund
Focused
Growth Fund
Focused Large
Cap Value
Fund
Focused Small
Cap Value
Fund
Foreign Currency Transactions
X
X
X
X
Foreign Securities
X
X
X
X
Emerging Market Securities
X
X
X
X
Illiquid Securities
X
X
X
X
Inflation-Indexed Securities
Investments in Other
Investment Companies
X
X
X
X
Loans
X*
Mortgage-Related and Asset-
Backed Securities and Other
Collateralized Obligations
X
Municipal Bonds
X**
Non-U.S. Government and
Supranational Debt
Securities
X
Real Estate Investment Trusts
X
X
X
X
Short Sales
X
X
X
X
Structured Notes and Other
Hybrid Instruments
X
X
X
X
U.S. Government Securities
X
X
X
X
When-Issued or Forward
Transactions
X
X
X
X
Zero Coupon, Deferred
Interest, Pay-In-Kind, and
Capital Appreciation Bonds
X
Investment Types and Techniques
Fundamental
Equity Fund
Global Equity
Fund
Growth
Leaders Fund
Health Care
Fund
Cash Balance Management
Practices
X
X
X
X
Convertible Securities
X
X
X
X
Synthetic Convertible
Securities
X
X
X
Contingent Convertible
Securities
Debt Securities
X
X
X
X
High-Yield or Lower-Rated
Debt Securities
X
X
X
Defaulted Bonds and Distressed
Debt
Depositary Receipts
X
X
X
X
Derivatives
X
X
X
Combined Transactions
Commodity-Related
Investments
Credit Derivatives
X
X
X
X
Forward Contracts
X
X
X
X
Futures Contracts
X
X
X
X
Options Contracts
X
X
X
X
Part I
4-3
Investment Types and Techniques
Fundamental
Equity Fund
Global Equity
Fund
Growth
Leaders Fund
Health Care
Fund
Participation Notes
Swap Agreements
X
X
X
X
Equity Securities
X
X
X
X
Common Stocks
X
X
X
X
Initial Public Offerings
X
X
X
X
Master Limited Partnerships
Preferred Stocks
X
X
X
X
Warrants and Rights
X
X
X
X
Foreign Currency Transactions
X
X
X
X
Foreign Securities
X
X
X
X
Emerging Market Securities
X
X
X
X
Illiquid Securities
X
X
X
X
Inflation-Indexed Securities
Investments in Other Investment
Companies
X
X
X
X
Loans
X
Mortgage-Related and Asset-
Backed Securities and Other
Collateralized Obligations
X
Municipal Bonds
X
X
Non-U.S. Government and
Supranational Debt
Securities
X
X
Real Estate Investment Trusts
X
X
X
X
Short Sales
X
X
X
X
Structured Notes and Other Hybrid
Instruments
X
X
X
X
U.S. Government Securities
X
X
X
X
When-Issued or Forward
Transactions
X
X
X
X
Zero Coupon, Deferred Interest,
Pay-In-Kind, and Capital
Appreciation Bonds
X
Investment Types and Techniques
Int’l
Equity
Fund
Int’l Opp.
Fund
Int’l Value
Fund
Micro Cap
Growth Fund
Cash Balance Management
Practices
X
X
X
X
Convertible Securities
X
X
X
X
Synthetic Convertible
Securities
X
X
X
Contingent Convertible
Securities
Debt Securities
X
X
X
X
High-Yield or Lower-Rated
Debt Securities
X
X
X
Defaulted Bonds and Distressed
Debt
Depositary Receipts
X
X
X
X
Part I
4-4
Investment Types and Techniques
Int’l
Equity
Fund
Int’l Opp.
Fund
Int’l Value
Fund
Micro Cap
Growth Fund
Derivatives
X
X
X
X
Combined Transactions
Commodity-Related
Investments
Credit Derivatives
X
X
X
X
Forward Contracts
X
X
X
X
Futures Contracts
X
X
X
X
Options Contracts
X
X
X
X
Participation Notes
Swap Agreements
X
X
X
X
Equity Securities
X
X
X
X
Common Stocks
X
X
X
X
Initial Public Offerings
X
X
X
X
Master Limited Partnerships
Preferred Stocks
X
X
X
X
Warrants and Rights
X
X
X
X
Foreign Currency Transactions
X
X
X
X
Foreign Securities
X
X
X
X
Emerging Market Securities
X
X
X
X
Illiquid Securities
X
X
X
X
Inflation-Indexed Securities
Investments in Other Investment
Companies
X
X
X
X
Loans
Mortgage-Related and Asset-
Backed Securities and Other
Collateralized Obligations
Municipal Bonds
Non-U.S. Government and
Supranational Debt
Securities
X
X
X
Real Estate Investment Trusts
X
X
X
X
Short Sales
X
X
X
X
Structured Notes and Other Hybrid
Instruments
X
X
X
X
U.S. Government Securities
X
X
X
X
When-Issued or Forward
Transactions
X
X
X
X
Zero Coupon, Deferred Interest,
Pay-In-Kind, and Capital
Appreciation Bonds
Investment Types and Techniques
Value
Opportunities
Fund
Cash Balance Management Practices
X
Convertible Securities
X
Synthetic Convertible
Securities
X
Part I
4-5
Investment Types and Techniques
Value
Opportunities
Fund
Contingent Convertible
Securities
Debt Securities
X
High-Yield or Lower-Rated
Debt Securities
X
Defaulted Bonds and Distressed Debt
Depositary Receipts
X
Derivatives
X
Combined Transactions
X
Commodity-Related
Investments
Credit Derivatives
X
Forward Contracts
X
Futures Contracts
X
Options Contracts
X
Participation Notes
Swap Agreements
X
Equity Securities
X
Common Stocks
X
Initial Public Offerings
X
Master Limited Partnerships
Preferred Stocks
X
Warrants and Rights
X
Foreign Currency Transactions
X
Foreign Securities
X
Emerging Market Securities
X
Illiquid Securities
X
Inflation-Indexed Securities
Investments in Other Investment Companies
X
Loans
Mortgage-Related and Asset-Backed Securities and Other Collateralized
Obligations
Municipal Bonds
Non-U.S. Government and Supranational Debt
Securities
Real Estate Investment Trusts
X
Short Sales
X
Structured Notes and Other Hybrid Instruments
X
U.S. Government Securities
X
When-Issued or Forward Transactions
X
Zero Coupon, Deferred Interest, Pay-In-Kind, and Capital Appreciation Bonds
* To the extent Alpha Strategy Fund invests in participations with respect to senior loans, the Fund
intends to acquire participations only if the group of loan investors selling the participation, and any
other persons interpositioned between the Fund and the group of loan investors, at the time of
investment, has outstanding debt or deposit obligations rated investment grade (BBB or A-3 or higher
by S&P or Baa or P-3 or higher by Moody’s) or comparably rated by another independent rating agency
or determined by Lord Abbett to be of comparable quality. Similarly, the Fund will purchase an
assignment or participation or act as a loan investor with respect to a syndicated senior loan only where
the agent, typically a U.S. or foreign commercial bank, insurance company, finance company, or other
financial institution, that is originating, negotiating, and structuring the senior loan for a group of loan
Part I
4-6
investors, at the time of investment, has outstanding debt or deposit obligations rated investment grade
by an independent rating agency or determined by Lord Abbett to be of comparable quality. For more
information, please see “Additional Information on Portfolio Investments, Risks, and Techniques –
Senior Loans” section of Part II.
** Alpha Strategy Fund may invest up to 5% of its net assets in municipal bonds that, at the time of
purchase, are rated investment grade or below investment grade by a rating agency or are unrated but
determined by Lord Abbett to be of comparable quality. In addition, Alpha Strategy Fund may gain
exposure to municipal bonds of any quality through investments in certain underlying funds.
Related Additional Investment Restrictions
In addition to the principal investment strategies (and related restrictions) discussed in the Funds’
prospectus, the Fund may use other investment techniques in seeking to achieve its investment objective,
as set forth in the table above. The applicable investment restrictions associated with such other
investment techniques are set forth below. Please see ‘‘Additional Information on Portfolio Investments,
Risks, and Techniques’’ in Part II of the SAI for more information on these and the other investment
techniques that may be used by the Funds.
Borrowing Money.
Each Fund may borrow money to the extent permitted by its investment policies and
restrictions and applicable law. When a Fund borrows money or otherwise leverages its portfolio, the
value of an investment in the Fund may be more volatile and other investment risks will tend to be
compounded.
Each Fund may engage in other transactions that may have the effect of creating leverage in the Fund’s
portfolio, including, by way of example, derivatives transactions and reverse repurchase agreements. A
Fund will generally not treat derivative transactions as borrowings of money.
Illiquid Securities.
Each Fund may invest up to 15% of its net assets in illiquid securities. An illiquid
security is a security that a Fund reasonably expects cannot be sold or disposed of in then-current market
conditions in seven calendar days or less without the sale or disposition significantly changing the market
value of the security. In determining the liquidity of an investment, a Fund may consider, among other
things, the relevant market, trading and investment specific considerations of the security, including
anticipated trading sizes.
Part I
5-1
5.
BOARD MEMBERS
The Board Members of the Registrant are also Board Members of each of the Lord Abbett Funds, which
collectively consist of 63 funds. For more information on the Board Members, please see the
“Management of the Funds” section of Part II.
Compensation
The following table sets forth the compensation accrued by the Registrant for the Independent Board
Members and the total compensation paid by all Lord Abbett Funds to the Independent Board Members,
including amounts payable but deferred at the option of each Independent Board Member. No Interested
Board Member or officer of the Lord Abbett Funds received any compensation from the Funds for acting
as a Board Member or officer. The Lord Abbett Funds currently do not offer a bonus, pension, profit-
sharing, or retirement plan.
Board Members
For the Fiscal Year Ended October 31,
2024 Aggregate Compensation
Accrued by the Registrant
1
Total Compensation Paid
by the Lord Abbett
Funds
2
Evelyn E. Guernsey
$53,063
$630,000
Julie A. Hill
3
5,684
0
Kathleen M. Lutito
40,365
470,000
Peter J. McNamara
4
N/A
N/A
James M. McTaggart
5
38,215
445,000
Charles O. Prince
40,365
470,000
Karla M. Rabusch
41,284
480,000
Lorin Patrick Taylor Radtke
36,066
420,000
Leah Song Richardson
36,066
420,000
Mark A. Schmid
36,674
420,000
James L.L. Tullis
5
38,303
420,000
1
Independent Board Members’ fees, including attendance fees for Board and committee meetings, are allocated among all Lord
Abbett Funds based on the net assets of the Fund. A portion of the fees payable by each Fund to its Independent Board Members
may be deferred at the option of a Board Member under an equity-based plan (the “deferred compensation plan”) that deems the
deferred amounts to be invested in shares of the Registrant for later distribution to the Board Members. The total deferred amounts
for Ms. Guernsey, Ms. Hill, Ms. Lutito, Mr. McTaggart, Mr. Prince, Ms. Rabusch, Mr. Radtke, Ms. Richardson, Mr. Schmid, and Mr.
Tullis attributable to the Registrant are $0, $1,062, $5,684, $14,984, $38,432, $0, $18,033, $19,193, $0, and $2,196, respectively.
2
The second column shows total compensation, including the types of compensation described in the “For the Fiscal Year Ended
October 31, 2024 Aggregate Compensation Accrued by the Registrant” column, accrued by all Lord Abbett Funds for the calendar
year ended December 31, 2024, including fees of Independent Board Members that have been deferred.
3
Ms. Hill retired as a Trustee/Director of the Lord Abbett Funds effective December 31, 2023.
4
Mr. McNamara was appointed as a Trustee/Director of the Lord Abbett Funds effective January 1, 2025.
5
Mr. McTaggart and Mr. Tullis retired as Trustees/Directors of the Lord Abbett Funds effective December 31, 2024.
Fund Ownership
The following table sets forth certain information about the dollar range of equity securities beneficially
owned by each current Board Member in the Registrant and all other Lord Abbett Funds as of December
31, 2024. The amounts shown include deferred compensation (including any earnings) to the Board
Members deemed invested in Fund shares under the deferred compensation plan. The amounts
ultimately received by the Board Members under the deferred compensation plan will be directly linked to
the investment performance of the Lord Abbett Funds.
Part I
5-2
Board Members
Alpha
Strategy Fund
Focused
Growth Fund
Focused Large
Cap Value Fund
Focused Small
Cap Value Fund
Independent Trustees
Evelyn E. Guernsey
$1-$10,000
$1-$10,000
$1-$10,000
$1-$10,000
Kathleen M. Lutito
$1-$10,000
$1-$10,000
$1-$10,000
$1-$10,000
Peter J. McNamara
1
N/A
N/A
N/A
N/A
Charles O. Prince
$1-$10,000
$1-$10,000
$1-$10,000
$1-$10,000
Karla M. Rabusch
$1-$10,000
Over $100,000
$1-$10,000
$1-$10,000
Lorin Patrick Taylor Radtke
None
Over $100,000
None
Over $100,000
Leah Song Richardson
None
None
None
None
Mark A. Schmid
$1-$10,000
$1-$10,000
$1-$10,000
$1-$10,000
Interested Trustee
Douglas B. Sieg
Over $100,000
None
None
$10,001-$50,000
Board Members
Fundamental
Equity Fund
Global Equity
Fund
Growth
Leaders Fund
Health Care
Fund
Independent Trustees
Evelyn E. Guernsey
$10,001-$50,000
$1-$10,000
$10,001-$50,000
$1-$10,000
Kathleen M. Lutito
$1-$10,000
$1-$10,000
Over $100,000
$1-$10,000
Peter J. McNamara
1
N/A
N/A
N/A
N/A
Charles O. Prince
$1-$10,000
$1-$10,000
$1-$10,000
Over $100,000
Karla M. Rabusch
Over $100,000
$1-$10,000
Over $100,000
Over $100,000
Lorin Patrick Taylor
Radtke
None
None
Over $100,000
None
Leah Song Richardson
Over $100,000
$50,001-$100,000
None
None
Mark A. Schmid
$1-$10,000
$1-$10,000
$1-$10,000
$1-$10,000
Interested Trustee
Douglas B. Sieg
Over $100,000
Over $100,000
Over $100,000
Over $100,000
Board Members
International
Equity Fund
International
Opportunities
Fund
International
Value Fund
Micro Cap
Growth Fund
Independent Trustees
Evelyn E. Guernsey
$1-$10,000
$1-$10,000
$1-$10,000
$1-$10,000
Kathleen M. Lutito
$1-$10,000
$1-$10,000
$1-$10,000
$1-$10,000
Peter J. McNamara
1
N/A
N/A
N/A
N/A
Charles O. Prince
Over $100,000
$1-$10,000
$1-$10,000
Over $100,000
Karla M. Rabusch
Over $100,000
Over $100,000
$1-$10,000
$1-$10,000
Lorin Patrick Taylor Radtke
None
None
None
Over $100,000
Leah Song Richardson
None
None
None
None
Mark A. Schmid
$1-$10,000
$1-$10,000
$1-$10,000
$1-$10,000
Interested Trustee
Douglas B. Sieg
Over $100,000
$10,001-$50,000
Over $100,000
Over $100,000
Board Members
Value
Opportunities Fund
Aggregate Dollar
Range of Equity
Securities in Lord
Abbett Funds
Interested Trustees
Evelyn E. Guernsey
$10,001-$50,000
Over $100,000
Kathleen M. Lutito
$1-$10,000
Over $100,000
Peter J. McNamara
1
N/A
N/A
Part I
5-3
Charles O. Prince
$1-$10,000
Over $100,000
Karla M. Rabusch
Over $100,000
Over $100,000
Lorin Patrick Taylor Radtke
None
Over $100,000
Leah Song Richardson
None
Over $100,000
Mark A. Schmid
$1-$10,000
Over $100,000
Interested Trustee
Douglas B. Sieg
Over $100,000
Over $100,000
1
Mr. McNamara was appointed as a Trustee/Director of the Lord Abbett Funds effective January 1, 2025.
Committee Meetings
The following table sets forth the number of times each committee of the Board met during the most
recent fiscal year:
Fiscal Year
Ended
Audit
Committee
Sustainability
and Proxy
Committee
1
Governance
Committee
Ad Hoc
Compensation
Committee
Investment
Committee
Proxy
Conflict
Committee
2
October 31,
2024
5
1
4
0
4
0
1
The Sustainability and Proxy Committee was eliminated, with its responsibilities generally assumed by the Board.
2
The Proxy Conflict Committee was eliminated, with its responsibilities generally assumed by the Board.
Part I
6-1
6.
INVESTMENT ADVISORY AND OTHER SERVICES, FEES, AND EXPENSES
For more information on Lord Abbett, please see the “Investment Adviser” section of Part II.
Lord Abbett is each Fund’s investment adviser. Lord Abbett is a privately held investment adviser. Lord
Abbett’s address is 30 Hudson Street, Jersey City, NJ 07302-4804.
Under the Management Agreements between Lord Abbett and Securities Trust, on behalf of each Fund,
Lord Abbett is entitled to an annual management fee based on each Fund’s average daily net assets. The
management fee is allocated to each class of shares based upon the relative proportion of each Fund’s
net assets represented by that class.
For certain Funds, Lord Abbett has contractually agreed to waive a portion of its fees and reimburse
certain expenses. These agreements may be terminated only by the Funds’ Board.
Each Fund pays all expenses attributable to its operations not expressly assumed by Lord Abbett,
including, without limitation, Rule 12b-1 Plan expenses, Independent Board Members’ fees and
expenses, association membership dues, legal and auditing fees, taxes, transfer and dividend disbursing
agent fees, shareholder servicing costs, expenses relating to shareholder meetings, expenses of
registering its shares under federal and state securities laws, expenses of preparing, printing and mailing
prospectuses and shareholder reports to existing shareholders, insurance premiums, and other expenses
connected with executing portfolio transactions.
Management Fee Rates
The management fee is accrued daily, payable monthly, and calculated at the following annual rates:
Alpha Strategy Fund
0.10%
Focused Growth Fund
First $1 billion
0.65%
Next $1 billion
0.63%
Next $5 billion
0.60%
Over $7 billion
0.59%
Focused Large Cap Value Fund
First $1 billion
0.59%
Over $1 billion
0.53%
Focused Small Cap Value Fund
0.80%
Fundamental Equity Fund
First $200 million
0.75%
Next $300 million
0.65%
Over $500 million
0.50%
Global Equity Fund
First $1 billion
0.45%
Next $2 billion
0.43%
Over $3 billion
0.41%
Growth Leaders Fund
First $2 billion
0.55%
Over $2 billion
0.50%
Health Care Fund
First $1 billion
0.62%
Over $1 billion
0.51%
International Equity Fund
First $1 billion
0.45%
Over $1 billion
0.40%
Part I
6-2
International Opportunities Fund
First $1 billion
0.75%
Next $1 billion
0.70%
Over $2 billion
0.65%
International Value Fund
First $1 billion
0.50%
Over $1 billion
0.48%
Micro Cap Growth Fund
0.90%
Value Opportunities Fund
First $1 billion
0.75%
Next $1 billion
0.70%
Next $3 billion
0.65%
Over $5 billion
0.58%
Management Fees Paid to Lord Abbett
The following tables set forth the management fees each Fund paid to Lord Abbett (taking into account
any management fee waivers) for the last three fiscal years ended October 31
st
:
2022
Gross Management Fees
Management Fees
Waived
Net
Management
Fees
Alpha Strategy Fund
1
$738,784
$(738,784)
$0
Focused Growth Fund
270,866
(190,942)
79,924
Focused Large Cap Value Fund
3,154,540
(12,956)
3,141,584
Focused Small Cap Value Fund
1,402,249
(687)
1,401,562
Fundamental Equity Fund
10,219,959
0
10,219,959
Global Equity Fund
46,356
(46,356)
0
Growth Leaders Fund
37,806,132
0
37,806,132
Health Care Fund
41,698
(41,698)
0
International Equity Fund
2
2,408,065
(199,271)
2,208,794
International Opportunities Fund
2,862,512
0
2,862,512
International Value Fund
3
3,785,917
(326,773)
3,459,144
Micro Cap Growth Fund
2,470,470
0
2,470,470
Value Opportunities Fund
11,391,731
0
11,391,731
2023
Gross Management Fees
Management Fees
Waived
Net
Management
Fees
Alpha Strategy Fund
1
$623,661
$(623,661)
$0
Focused Growth Fund
215,807
(207,004)
8,803
Focused Large Cap Value Fund
125,261
(25,261)
0
Focused Small Cap Value Fund
967,010
(53,474)
913,536
Fundamental Equity Fund
10,529,434
0
10,529,434
Global Equity Fund
64,554
(64,554)
0
Growth Leaders Fund
27,078,664
0
27,078,664
Health Care Fund
46,129
(46,129)
0
International Equity Fund
2
1,528,824
(16,692)
1,512,132
International Opportunities Fund
2,452,690
0
2,452,690
International Value Fund
3
2,016,220
(37,065)
1,979,155
Micro Cap Growth Fund
1,958,332
0
1,958,332
Value Opportunities Fund
9,185,262
0
9,185,262
Part I
6-3
2024
Gross Management Fees
Management Fees
Waived
Net
Management
Fees
Alpha Strategy Fund
1
$617,272
$(617,272)
$0
Focused Growth Fund
340,741
(205,192)
135,549
Focused Large Cap Value Fund
152,628
(152,628)
0
Focused Small Cap Value Fund
851,109
(61,967)
789,142
Fundamental Equity Fund
10,391,229
0
10,391,229
Global Equity Fund
139,609
(139,609)
0
Growth Leaders Fund
31,122,166
0
31,122,166
Health Care Fund
51,739
(51,739)
0
International Equity Fund
2
1,504,123
0
1,504,123
International Opportunities Fund
2,431,775
0
2,431,775
International Value Fund
3
2,052,191
0
2,052,191
Micro Cap Growth Fund
1,695,840
0
1,695,840
Value Opportunities Fund
9,178,716
0
9,178,716
1
Lord Abbett is presently waiving the Alpha Strategy Fund’s entire management fee on a voluntary basis. The voluntary
management fee waiver may be discontinued at any time without notice.
2
Prior to December 9, 2022, the management fees for International Equity Fund were calculated at the following annual rates:
0.70% on the first $1 billion of average daily net assets;
0.65% on the first $1 billion of average daily net assets; and
0.60% on the Fund’s average daily net assets over $2 billion.
3
Prior to December 9, 2022, the management fees for International Value Fund were calculated at the following annual rates:
0.70% on the first $1 billion of average daily net assets;
0.65% on the next $1 billion of average daily net assets; and
0.60% on the Fund’s average daily net assets over $2 billion.
Contractual Fee Waivers and Expense Limitations
Lord Abbett has contractually agreed to waive its fees and/or reimburse Fund expenses to the extent
necessary to limit each Fund’s total net annual operating expenses (excluding certain expenses such as
fees under a Rule 12b-1 Plan and acquired fund fees and expenses) to the annual rates set forth in the
following table. This agreement may be terminated only by the Fund’s Board.
Contract Period
Class F3
and R6
All Other
Share Classes
Focused Growth Fund
February 28, 2025-February 28, 2026
0.70%
0.80%
Focused Large Cap Value
February 28, 2025-February 28, 2026
0.69%
0.71%
Focused Small Cap Value Fund
February 28, 2025-February 28, 2026
0.99%
1.03%
Global Equity Fund
February 28, 2025-February 28, 2026
0.52%
0.65%
Health Care Fund
February 28, 2025-February 28, 2026
0.68%
0.78%
As to Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Growth
Leaders Fund, Health Care Fund, and Micro Cap Growth Fund for the period from February 28, 2025
through February 28, 2026, the Distributor has contractually agreed to waive each Fund’s 0.10% Rule
12b-1 fee for Class F shares.
Administrative Services Fees Paid to Lord Abbett
Pursuant to an Administrative Services Agreement with the Funds, Lord Abbett provides certain
administrative services not involving the provision of investment advice to the Funds. The following table
sets forth the administrative services fees each Fund paid to Lord Abbett for the last three fiscal years
ended October 31
st
:
Part I
6-4
2022
Gross
Administrative Fees
Administrative Fees
Voluntarily Waived
Net Administrative
Fees
Alpha Strategy Fund
$295,514
$(12,862)
$282,652
Focused Growth Fund
16,669
(7,230)
9,439
Focused Large Cap Value Fund
213,867
(10,384)
203,483
Focused Small Cap Value Fund
70,112
(2,271)
67,841
Fundamental Equity Fund
741,597
(43,504)
698,093
Global Equity Fund
4,121
(4,121)
0
Growth Leaders Fund
2,944,491
(110,628)
2,833,863
Health Care Fund
2,690
(2,690)
0
International Equity Fund
137,604
(69,777)
67,827
International Opportunities Fund
152,667
(141,546)
11,121
International Value Fund
216,338
(75,372)
140,966
Micro Cap Growth Fund
109,799
(18,107)
91,692
Value Opportunities Fund
622,392
0
622,392
2023
Gross
Administrative Fees
Administrative Fees
Voluntarily Waived
Net Administrative
Fees
Alpha Strategy Fund
$249,464
$(40,882)
$208,582
Focused Growth Fund
13,280
(5,163)
8,117
Focused Large Cap Value Fund
8,492
(8,492)
0
Focused Small Cap Value Fund
48,350
(7,455)
40,895
Fundamental Equity Fund
766,355
(6,585)
759,770
Global Equity Fund
5,738
(5,738)
0
Growth Leaders Fund
2,086,293
(35,919)
2,050,374
Health Care Fund
2,976
(2,976)
0
International Equity Fund
128,980
(117,851)
11,129
International Opportunities Fund
130,810
(110,759)
20,051
International Value Fund
155,202
(140,120)
15,082
Micro Cap Growth Fund
87,037
(16,560)
70,477
Value Opportunities Fund
496,301
(22,379)
473,922
2024
Gross
Administrative Fees
Administrative Fees
Voluntarily Waived
Net Administrative
Fees
Alpha Strategy Fund
$246,909
$(10,471)
$236,492
Focused Growth Fund
20,969
(4,181)
16,788
Focused Large Cap Value Fund
10,348
(10,348)
0
Focused Small Cap Value Fund
42,555
(9,693)
32,862
Fundamental Equity Fund
755,298
(10,557)
744,741
Global Equity Fund
12,410
(12,410)
0
Growth Leaders Fund
2,409,773
(73,344)
2,336,429
Health Care Fund
3,338
(3,338)
0
International Equity Fund
133,700
(85,676)
48,024
International Opportunities Fund
129,695
(40,101)
89,594
International Value Fund
164,175
(75,200)
88,975
Micro Cap Growth Fund
75,371
(14,740)
60,631
Value Opportunities Fund
495,927
(32,249)
463,678
Part I
6-5
Distributor
For additional information on the Distributor, please see the “Investment Advisory and Other Services,
Fees, and Expenses – Distributor” section of Part II. The Distributor received no other compensation
(including compensation on redemption and repurchase and brokerage commissions in connections with
Fund transactions) apart from that reflected below.
The following table sets forth the net sales charge received (after allowance of a portion of the sales
charge to independent dealers) by the Distributor, as the Registrant’s principal underwriter, for the last
three fiscal years ended October 31
st
:
2022
2023
2024
Gross sales charge
$5,334,709
$3,142,716
$3,573,323
Amount allowed to dealers
4,515,253
2,680,699
3,079,828
Net commissions received by the Distributor
819,456
462,017
493,495
The following table sets forth the CDSC received by the Distributor for the last three fiscal years ended
October 31
st
:
2022
2023
2024
CDSC received by the Distributor
$142,075
$116,921
$29,435
Rule 12b-1 Plan
For additional information on the Rule 12b-1 Plan, please see the “Investment Advisory and Other
Services, Fees, and Expenses – Rule 12b-1 Plan” section of Part II.
The following table sets forth the amounts paid by each applicable class of the Funds to the Distributor
pursuant to the Rule 12b-1 Plan for the fiscal year ended October 31, 2024:
Class A
Class C
Class F
Class P
Alpha Strategy Fund
$1,003,899
$133,132
$9,513
N/A
Focused Growth Fund
1
58,446
28,793
3,832
N/A
Focused Large Cap Value Fund
1
26,914
30,110
183
N/A
Focused Small Cap Value Fund
1
32,106
26,077
2,566
N/A
Fundamental Equity Fund
3,080,276
239,938
25,501
14,288
Global Equity Fund
17,135
5,244
1,322
N/A
Growth Leaders Fund
1
4,916,668
4,882,608
273,219
N/A
Health Care Fund
1
11,085
11,470
202
N/A
International Equity Fund
384,093
14,307
4,271
54
International Opportunities Fund
238,045
43,447
3,347
115
International Value Fund
530,741
25,888
5,186
N/A
Micro Cap Growth Fund
1
65,938
54,394
9,628
N/A
Value Opportunities Fund
1,537,834
270,848
29,302
50,707
Class R2
Class R3
Class R4
Alpha Strategy Fund
$5,233
$85,244
$9,275
Focused Growth Fund
1
N/A
1,122
46
Focused Large Cap Value Fund
1
N/A
863
20
Focused Small Cap Value Fund
1
N/A
N/A
N/A
Fundamental Equity Fund
11,449
316,948
8,084
Global Equity Fund
N/A
3,788
44
Growth Leaders Fund
1
10,865
102,070
30,345
Health Care Fund
1
N/A
131
31
International Equity Fund
1,292
29,504
4,387
International Opportunities Fund
9,764
25,182
6,581
International Value Fund
373
29,231
369
Part I
6-6
Micro Cap Growth Fund
1
N/A
N/A
N/A
Value Opportunities Fund
23,455
147,965
72,708
1
The Distributor has contractually agreed to waive each Fund’s 0.10% Rule 12b-1 fee for Class F shares through February 28,
2026.
Brokerage Commissions
The Funds’ policy with respect to portfolio transactions and brokerage is set forth under the “Brokerage
Allocation and Other Practices” section of Part II.
Brokerage Commissions Paid to Independent Broker-Dealer Firms.
The following table sets forth the total brokerage commissions on transactions of securities each Fund
paid to independent broker-dealer firms for the last three fiscal years ended October 31
st
:
2022
2023
2024
Alpha Strategy Fund
$0
$0
$0
Focused Growth Fund
17,240
22,018
21,538
Focused Large Cap Value Fund
327,676
6,828
7,448
Focused Small Cap Value Fund
260,149
131,421
98,382
Fundamental Equity Fund
376,875
318,629
416,252
Global Equity Fund
5,482
7,106
19,894
Growth Leaders Fund
3,069,001
2,566,225
1,997,462
Health Care Fund
2,655
5,447
6,606
International Equity Fund
618,468
685,236
705,657
International Opportunities Fund
758,598
456,289
472,601
International Value Fund
797,309
353,359
508,824
Micro Cap Growth Fund
564,239
594,919
461,596
Value Opportunities Fund
560,524
314,576
305,656
The amount of brokerage commissions paid by a Fund may change from year to year because of
changing asset levels, shareholder activity, and portfolio turnover, among other factors.
In addition to the purchase of research services through “commission sharing arrangements,” Lord Abbett
purchased third party research services with its own resources during the past three fiscal years ended
October 31
st
.
The following table sets forth the amount of portfolio transactions directed by each Fund to broker-dealers
that provided research services for the fiscal year ended October 31, 2024, for which the Fund paid the
brokerage commissions indicated:
Transactions
Commissions
Alpha Strategy Fund
$0
$0
Focused Growth Fund
101,389,175
14,969
Focused Large Cap Value Fund
25,774,838
5,420
Focused Small Cap Value Fund
99,483,508
60,661
Fundamental Equity Fund
910,594,720
243,331
Global Equity Fund
26,185,195
9,101
Growth Leaders Fund
8,177,169,024
1,240,800
Health Care Fund
9,274,909
3,648
International Equity Fund
174,406,110
162,750
International Opportunities Fund
86,484,837
121,182
International Value Fund
106,752,928
105,961
Micro Cap Growth Fund
335,459,229
292,774
Value Opportunities Fund
547,763,047
162,577
Part I
6-7
Regular Broker-Dealers
During the fiscal year ended October 31, 2024, each Fund acquired securities of its “regular brokers or
dealers,” as that term is defined in Rule 10b-1 under the 1940 Act, that derived, or have a parent that
derived, more than 15% of its gross revenues from the business of a broker, a dealer, an underwriter, or
an investment adviser, as follows:
Regular Broker or Dealers
Value of the Fund’s
Aggregate Holdings of the
Regular Broker’s or
Dealer’s or Parent’s
Securities
Alpha Strategy Fund
None
None
Focused Growth Fund
None
None
Focused Large Cap Value Fund
Charles Schwab Investment
Management, Inc.
$1,264,527.99
J.P. Morgan Securities LLC
1,400,537.12
Focused Small Cap Value Fund
None
None
Fundamental Equity Fund
Ameriprise Financial Service, Inc.
23,694,249.60
J.P. Morgan Securities LLC
79,713,885.92
Morgan Stanley & Co. LLC
37,259,752.51
Global Equity Fund
J.P. Morgan Securities LLC
889,677.28
Growth Leaders Fund
None
None
Health Care Fund
None
None
International Equity Fund
HSBC Securities USA, Inc.
2,202,483.76
Mizuho Securities USA Inc.
2,674,200.22
Nikko
5,222,086.94
UBS Securities LLC
None
International Opportunities Fund
None
None
International Value Fund
HSBC Securities USA, Inc.
9,599,837.46
Mizuho Securities USA Inc.
7,625,170.05
Nikko
8,973,908.94
Micro Cap Growth Fund
Piper Jaffray & Co.
2,679,263
Value Opportunities Fund
None
None
Part I
7-1
7.
PORTFOLIO MANAGER INFORMATION
Other Accounts Managed
The following table sets forth information about the other accounts managed by the Funds’ portfolio
managers as of the Funds’ fiscal year ended October 31, 2024 (or another date, if indicated). For more
information, please see the “Portfolio Management Information” section of Part II. The data shown below
are approximate.
Included in the Registered Investment Companies category are those U.S.-registered funds managed or
sub-advised by Lord Abbett, including funds underlying variable annuity contracts and variable life
insurance policies offered through insurance companies. The Other Pooled Investment Vehicles category
includes collective investment funds, offshore funds and similar non-registered investment vehicles. Lord
Abbett does not manage any hedge funds. The Other Accounts category encompasses retirement and
benefit plans (including both defined contribution and defined benefit plans) sponsored by various
corporations and other entities, individually managed institutional accounts of various corporations, other
entities and individuals, and separately managed accounts in so-called wrap fee programs sponsored by
financial intermediaries unaffiliated with Lord Abbett.
Number of
Registered
Investment
Companies
Total
Assets
($MM)
Number of
Other
Pooled
Investment
Vehicles
Total
Assets
($MM)
Number
of Other
Accounts
Total
Assets
($MM)
Alpha Strategy Fund
Giulio Martini
2
2.760.41
0
0
0
0
Matthew R. DeCicco
8
9.863.69
1
175.64
0
0
Jahiz Barlas
2
2.760.41
0
0
0
0
Focused Growth Fund
F. Thomas O’Halloran
6
9.790.55
1
175.64
13
742.38
Vernon T. Bice
6
9.790.55
1
175.64
0
0
Matthew R. DeCicco
8
10.426.17
1
175.64
0
0
Focused Large Cap Value Fund
John C. Hardy
8
6.010.09
1
182.58
577
517.67
Jeff D. Diamond
5
4.148.29
0
0
573
280.69
Darnell Azeez
6
13.345.59
0
0
0
0
Focused Small Cap Value Fund
John C. Hardy
8
5.941.64
1
182.58
577
517.67
Qie Zhang
1
398.60
0
0
0
0
Fundamental Equity Fund
John C. Hardy
8
4.079.62
1
182.58
577
517.67
Jeff D. Diamond
5
2.217.81
0
0
573
280.69
Darnell Azeez
6
11.415.11
0
0
0
0
Global Equity Fund
Ryan C. Howard
2
6.643.53
1
9.84
1
18.47
Growth Leaders Fund
F. Thomas O’Halloran
6
3.370.59
1
175.64
13
742.38
Vernon T. Bice
6
3.370.59
1
175.64
0
0
Matthew R. DeCicco
8
4.006.22
1
175.64
0
0
Part I
7-2
Number of
Registered
Investment
Companies
Total
Assets
($MM)
Number of
Other
Pooled
Investment
Vehicles
Total
Assets
($MM)
Number
of Other
Accounts
Total
Assets
($MM)
Benjamin Ebel
4
3.111.17
0
0
0
0
Health Care Fund
Devesh Karandikar
0
0
0
0
0
0
Matthew R. DeCicco
8
10.482.19
1
175.64
0
0
Heidi A. Lawrence
0
0
0
0
0
0
Samantha E. Shevins
0
0
0
0
0
0
International Equity Fund
Matthias A. Knerr
1
2.91
0
0
0
0
Sue Kim
2
8.72
0
0
0
0
International Opportunities Fund
Thomas Banks
0
0
0
0
0
0
Vincent J. McBride
1
406.61
1
109.96
0
0
International Value Fund
Vincent J. McBride
1
312.90
1
109.96
0
0
Ryan C. Howard
2
6.294.76
1
9.84
1
18.47
Asad A. Mawjee
0
0
0
0
0
0
Micro Cap Growth Fund
F. Thomas O’Halloran
6
9.660.29
1
175.64
0
0
Matthew R. DeCicco
8
10.295.92
1
175.64
0
0
Vernon T. Bice
6
9.660.29
1
175.64
0
0
Value Opportunities Fund
John C. Hardy
8
4.679.14
1
182.58
577
517.67
Holdings of Portfolio Managers
The following table indicates the dollar range of securities beneficially owned by each portfolio manager in
the Funds he or she manages, as of October 31, 2024 (or another date, if indicated). This table includes
the value of securities beneficially owned by the portfolio managers through 401(k) plans and certain
other plans or accounts, if any.
Ownership of Securities
Aggregate Dollar Range of Securities
Alpha Strategy Fund
Giulio Martini
$0
Matthew R. DeCicco
$0
Jahiz Barlas
$0
Focused Growth Fund
F. Thomas O’Halloran
Over $1,000,000
Vernon T. Bice
1
$100,001-$500,000
Matthew R. DeCicco
$100,001-$500,000
Focused Large Cap Value Fund
John C. Hardy
$100,001-$500,000
Part I
7-3
Jeff D. Diamond
$50,001-$100,000
Darnell C. Azeez
$50,001-$100,000
Focused Small Cap Value Fund
John C. Hardy
$100,001-$500,000
Qie Zhang
Over $1,000,000
Fundamental Equity Fund
John C. Hardy
$100,001-$500,000
Jeff D. Diamond
$100,001-$500,000
Darnell C. Azeez
$100,001-$500,000
Global Equity Fund
Ryan C. Howard
$100,001-$500,000
Growth Leaders Fund
F. Thomas O’Halloran
Over $1,000,000
Vernon T. Bice
Over $1,000,000
Matthew R. DeCicco
$100,001-$500,000
Benjamin Ebel
$50,001-$100,000
Health Care Fund
Devesh Karandikar
$500,001-$1,000,000
Matthew R. DeCicco
$100,001-$500,000
Heidi A. Lawrence
$0
Samantha E. Shevins
$0
International Equity Fund
Matthias A. Knerr
$100,001-$500,000
Sue Kim
$100,001-$500,000
International Opportunities Fund
Thomas Banks
$500,001-$1,000,000
Vincent J. McBride
$500,001-$1,000,000
International Value Fund
Vincent J. McBride
Over $1,000,000
Ryan C. Howard
$10,001-$50,000
Asad A. Mawjee
$100,001-$500,000
Micro Cap Growth Fund
F. Thomas O’Halloran
$500,001-$1,000,000
Matthew R. DeCicco
$100,001-$500,000
Vernon T. Bice
$100,001-$500,000
Value Opportunities Fund
John C. Hardy
$500,001-$1,000,000
1
As of February 14, 2025.
Part 1
8-1
8.
SECURITIES LENDING
The following table provides the dollar amounts of income and fees and/or compensation related to each
Fund's securities lending activities during the most recent fiscal year:
Focused Growth Fund
Gross income from securities lending activities
$3,595
Fees and/or compensation for securities lending activities and related services:
Fees paid to securities lending agent from a revenue split
$148
Fees paid for any cash collateral management service (including fees deducted from
a pooled cash collateral reinvestment vehicle) that are not included in the revenue
split
Administrative fees not included in revenue split
Indemnification fee not included in revenue split
Rebate (paid to borrower)
$2,112
Other fees not included in revenue split (specify)
Aggregate fees/compensation for securities lending activities
$2,260
Net income from securities lending activities
$1,335
Fundamental Equity Fund
Gross income from securities lending activities
$387,293
Fees and/or compensation for securities lending activities and related services:
Fees paid to securities lending agent from a revenue split
$3,727
Fees paid for any cash collateral management service (including fees deducted from
a pooled cash collateral reinvestment vehicle) that are not included in the revenue
split
Administrative fees not included in revenue split
Indemnification fee not included in revenue split
Rebate (paid to borrower)
$350,014
Other fees not included in revenue split (specify)
Aggregate fees/compensation for securities lending activities
$353,741
Net income from securities lending activities
$33,552
Focused Small Cap Value Fund
Gross income from securities lending activities
$1,186
Fees and/or compensation for securities lending activities and related services:
Fees paid to securities lending agent from a revenue split
$119
Fees paid for any cash collateral management service (including fees deducted from
a pooled cash collateral reinvestment vehicle) that are not included in the revenue
split
Administrative fees not included in revenue split
Indemnification fee not included in revenue split
Rebate (paid to borrower)
Other fees not included in revenue split (specify)
Aggregate fees/compensation for securities lending activities
$119
Net income from securities lending activities
$1,068
Focused Large Cap Value Fund
Gross income from securities lending activities
$8,669
Part 1
8-2
Fees and/or compensation for securities lending activities and related services:
Fees paid to securities lending agent from a revenue split
$58
Fees paid for any cash collateral management service (including fees deducted from a
pooled cash collateral reinvestment vehicle) that are not included in the revenue split
Administrative fees not included in revenue split
Indemnification fee not included in revenue split
Rebate (paid to borrower)
$8,089
Other fees not included in revenue split (specify)
Aggregate fees/compensation for securities lending activities
$8,147
Net income from securities lending activities
$522
Global Equity Fund
Gross income from securities lending activities
$139
Fees and/or compensation for securities lending activities and related services:
Fees paid to securities lending agent from a revenue split
$0
Fees paid for any cash collateral management service (including fees deducted from
a pooled cash collateral reinvestment vehicle) that are not included in the revenue
split
Administrative fees not included in revenue split
Indemnification fee not included in revenue split
Rebate (paid to borrower)
$139
Other fees not included in revenue split (specify)
Aggregate fees/compensation for securities lending activities
$139
Net income from securities lending activities
$0
Growth Leaders Fund
Gross income from securities lending activities
$327,931
Fees and/or compensation for securities lending activities and related services:
Fees paid to securities lending agent from a revenue split
$9,286
Fees paid for any cash collateral management service (including fees deducted from a
pooled cash collateral reinvestment vehicle) that are not included in the revenue split
Administrative fees not included in revenue split
Indemnification fee not included in revenue split
Rebate (paid to borrower)
$235,513
Other fees not included in revenue split (specify)
Aggregate fees/compensation for securities lending activities
$244,799
Net income from securities lending activities
$83,132
Health Care Fund
Gross income from securities lending activities
$1,897
Fees and/or compensation for securities lending activities and related services:
Fees paid to securities lending agent from a revenue split
$33
Fees paid for any cash collateral management service (including fees deducted from
a pooled cash collateral reinvestment vehicle) that are not included in the revenue
split
Administrative fees not included in revenue split
Indemnification fee not included in revenue split
Rebate (paid to borrower)
$1,579
Other fees not included in revenue split (specify)
Aggregate fees/compensation for securities lending activities
$1,612
Net income from securities lending activities
$285
Part 1
8-3
International Equity Fund
Gross income from securities lending activities
$34,011
Fees and/or compensation for securities lending activities and related services:
Fees paid to securities lending agent from a revenue split
$364
Fees paid for any cash collateral management service (including fees deducted from
a pooled cash collateral reinvestment vehicle) that are not included in the revenue
split
Administrative fees not included in revenue split
Indemnification fee not included in revenue split
Rebate (paid to borrower)
$30,482
Other fees not included in revenue split (specify)
Aggregate fees/compensation for securities lending activities
$30,846
Net income from securities lending activities
$3,166
International Opportunities Fund
Gross income from securities lending activities
$28,881
Fees and/or compensation for securities lending activities and related services:
Fees paid to securities lending agent from a revenue split
$828
Fees paid for any cash collateral management service (including fees deducted from
a pooled cash collateral reinvestment vehicle) that are not included in the revenue
split
Administrative fees not included in revenue split
Indemnification fee not included in revenue split
Rebate (paid to borrower)
$20,665
Other fees not included in revenue split (specify)
Aggregate fees/compensation for securities lending activities
$21,493
Net income from securities lending activities
$7,388
International Value Fund
Gross income from securities lending activities
$121,943
Fees and/or compensation for securities lending activities and related services:
Fees paid to securities lending agent from a revenue split
$3,728
Fees paid for any cash collateral management service (including fees deducted from
a pooled cash collateral reinvestment vehicle) that are not included in the revenue
split
Administrative fees not included in revenue split
Indemnification fee not included in revenue split
Rebate (paid to borrower)
$84,650
Other fees not included in revenue split (specify)
Aggregate fees/compensation for securities lending activities
$88,379
Net income from securities lending activities
$33,564
Micro Cap Growth Fund
Gross income from securities lending activities
$222,315
Fees and/or compensation for securities lending activities and related services:
Fees paid to securities lending agent from a revenue split
$8,461
Fees paid for any cash collateral management service (including fees deducted from
a pooled cash collateral reinvestment vehicle) that are not included in the revenue
split
Part 1
8-4
Administrative fees not included in revenue split
Indemnification fee not included in revenue split
Rebate (paid to borrower)
$138,475
Other fees not included in revenue split (specify)
Aggregate fees/compensation for securities lending activities
$146,936
Net income from securities lending activities
$75,379
Value Opportunities Fund
Gross income from securities lending activities
$897,946
Fees and/or compensation for securities lending activities and related services:
Fees paid to securities lending agent from a revenue split
$36,531
Fees paid for any cash collateral management service (including fees deducted from
a pooled cash collateral reinvestment vehicle) that are not included in the revenue
split
Administrative fees not included in revenue split
Indemnification fee not included in revenue split
Rebate (paid to borrower)
$532,777
Other fees not included in revenue split (specify)
Aggregate fees/compensation for securities lending activities
$569,308
Net income from securities lending activities
$328,638
Alpha Strategy Fund did not engage in securities lending during the Fund’s most recent fiscal year.
Citibank, N.A. (“Citibank”) acts as the securities lending agent for the Lord Abbett funds. As securities
lending agent, during the last fiscal year, Citibank located borrowers for fund securities, monitored daily
the value of the loaned securities and collateral, required additional collateral as necessary, negotiated
loan terms, provided certain recordkeeping and account servicing, and arranged for return of loaned
securities to the fund at loan termination, and, as applicable, in connection with proxy votes.