alpha_strategy_fund_summary

SUMMARY PROSPECTUS

Lord Abbett Alpha Strategy Fund

MARCH 1, 2025

CLASS/TICKER

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

ALFAX

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

ALFYX

CLASS R4 .......

ALFKX

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

ALFCX

CLASS P .........

N/A

CLASS R5 .......

ALFTX

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

ALFFX

CLASS R2 .......

ALFQX

CLASS R6 .......

ALFVX

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

ALFOX

CLASS R3 .......

ALFRX

Before you invest, you may want to review the Fund’s prospectus and statement of additional

information, which contain more information about the Fund and its risks. You can find the

Fund’s prospectus, statement of additional information and other information about the Fund at

www.lordabbett.com/documentsandliterature. You can also get this information at no cost by

calling 888-522-2388 (Option #2) or by sending an email request to literature@lordabbett.com.

The current prospectus and statement of additional information dated March 1, 2025 as may be

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

SUMMARY – 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

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

(4)

0.10%

Distribution and Service (12b-1) Fees

0.25%

1.00%

0.10%

None

0.45%

Other Expenses

0.19%

0.10%

0.19%

Acquired Fund Fees and Expenses

0.93%

Total Annual Fund Operating Expenses

1.47%

2.22%

1.32%

1.13%

1.22%

1.67%

SUMMARY – Alpha Strategy Fund

Annual Fund Operating Expenses

(continued)

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

Class

Management Fees

(4)

0.10%

Distribution and Service (12b-1) Fees

0.60%

0.50%

0.25%

None

Other Expenses

0.19%

0.10%

Acquired Fund Fees and Expenses

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

SUMMARY – Alpha Strategy Fund

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

SUMMARY – Alpha Strategy Fund

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