# EDGAR Filing Document

**Accession Number:** 0000898031
**File Stem:** 0000930413-23-000694
**Filing Date:** 2023-2
**Character Count:** 37525
**Document Hash:** 40c406ab405c38d195f7e1005943d28f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-23-000694.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000930413-23-000694

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ABBETT SECURITIES TRUST
- **CENTRAL INDEX KEY:** 0000898031
- **IRS NUMBER:** 133712440
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-58846
- **FILM NUMBER:** 23680956

**BUSINESS ADDRESS:**
- **STREET 1:** 90 HUDSON STREET
- **STREET 2:** 11TH FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 201-827-2000

**MAIL ADDRESS:**
- **STREET 1:** 90 HUDSON STREET
- **STREET 2:** 11TH FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

## Series and Classes Contracts Data

### Lord Abbett Alpha Strategy Fund (Series ID: S000007139)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019520 | Class P      |  |
| C000019521 | Class I      | ALFYX           |
| C000019522 | Class A      | ALFAX           |
| C000019524 | Class C      | ALFCX           |
| C000054925 | Class F      | ALFFX           |
| C000054926 | Class R2     | ALFQX           |
| C000054927 | Class R3     | ALFRX           |
| C000155670 | Class R4     | ALFKX           |
| C000155671 | Class R5     | ALFTX           |
| C000155672 | Class R6     | ALFVX           |
| C000184531 | Class F3     | ALFOX           |

![](img_662907b435364.jpg)

SUMMARY PROSPECTUS

Lord Abbett Alpha Strategy Fund

MARCH 1, 2023

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CLASS/TICKER** | **CLASS/TICKER** | **CLASS/TICKER** | **CLASS/TICKER** | **CLASS/TICKER** | **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, 2023 as may be supplemented from time to time, are incorporated by reference into this summary prospectus.

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#### 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<sup>(1)</sup>**  | *(Fees paid directly from your investment)* | *(Fees paid directly from your investment)* | *(Fees paid directly from your investment)* | *(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 <br>*(as a percentage of offering price)* | *Maximum Sales Charge (Load) Imposed on Purchases <br>*(as a percentage of offering price)* | 5.75% |  |  |
| *Maximum Deferred Sales Charge (Load) <br>*(as a percentage of offering price or redemption* <br>*proceeds, whichever is lower)* | *Maximum Deferred Sales Charge (Load) <br>*(as a percentage of offering price or redemption* <br>*proceeds, whichever is lower)* | None<sup>(2)</sup> | 1.00%<sup>(3)</sup> |  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** | **Annual Fund Operating Expenses** |
| *(Expenses that you pay each year as a percentage of the value of your investment)* | *(Expenses that you pay each year as a percentage of the value of your investment)* | *(Expenses that you pay each year as a percentage of the value of your investment)* | *(Expenses that you pay each year as a percentage of the value of your investment)* | *(Expenses that you pay each year as a percentage of the value of your investment)* | *(Expenses that you pay each year as a percentage of the value of your investment)* | *(Expenses that you pay each year as a percentage of the value of your investment)* |
| **Class** | **A** | **&nbsp;&nbsp;&nbsp;&nbsp;C** | **F** | **F3** | **I** | **P** |
| Management Fees<sup>(4)</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Distribution and Service (12b-1) Fees | 0.25% | 1.00% | 0.10% |  |  | 0.45% |
| Other Expenses | 0.19% | 0.19% | 0.19% | 0.09% | 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% | 1.12% | 1.22% | 1.67% |

---

SUMMARY – Alpha Strategy Fund

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Annual Fund Operating Expenses *(continued)*** | ***Annual Fund Operating Expenses *(continued)*** | ***Annual Fund Operating Expenses *(continued)*** | ***Annual Fund Operating Expenses *(continued)*** | ***Annual Fund Operating Expenses *(continued)*** | ***Annual Fund Operating Expenses *(continued)*** |
| *(Expenses that you pay each year as a percentage of the value of your investment)* | *(Expenses that you pay each year as a percentage of the value of your investment)* | *(Expenses that you pay each year as a percentage of the value of your investment)* | *(Expenses that you pay each year as a percentage of the value of your investment)* | *(Expenses that you pay each year as a percentage of the value of your investment)* | *(Expenses that you pay each year as a percentage of the value of your investment)* |
| **Class** | **R2** | **R3** | **R4** | **R5** | **R6** |
| Management Fees<sup>(4)</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
| Distribution and Service (12b-1) Fees | 0.60% | 0.50% | 0.25% |  |  |
| Other Expenses | 0.19% | 0.19% | 0.19% | 0.19% | 0.09% |
| 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% | 1.12% |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> 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.

<sup>(3)</sup> A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. 

<sup>(4)</sup> 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 Redeemed** | **If Shares Are Redeemed** | **If Shares Are Redeemed** | **If Shares Are Not Redeemed** | **If Shares Are Not Redeemed** | **If Shares Are Not 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 | $1013 | $1332 | $2231 | $716 | $1013 | $1332 | $2231 |
| Class C Shares  | $325 | $694 | $1190 | $2365 | $225 | $694 | $1190 | $2365 |
| Class F Shares  | $134 | $418 | $723 | $1590 | $134 | $418 | $723 | $1590 |
| Class F3 Shares  | $114 | $356 | $617 | $1363 | $114 | $356 | $617 | $1363 |
| Class I Shares  | $124 | $387 | $670 | $1477 | $124 | $387 | $670 | $1477 |
| Class P Shares  | $170 | $526 | $907 | $1976 | $170 | $526 | $907 | $1976 |
| Class R2 Shares  | $185 | $573 | $985 | $2137 | $185 | $573 | $985 | $2137 |
| Class R3 Shares  | $175 | $542 | $933 | $2030 | $175 | $542 | $933 | $2030 |
| Class R4 Shares  | $150 | $465 | $803 | $1757 | $150 | $465 | $803 | $1757 |
| Class R5 Shares  | $124 | $387 | $670 | $1477 | $124 | $387 | $670 | $1477 |
| Class R6 Shares  | $114 | $356 | $617 | $1363 | $114 | $356 | $617 | $1363 |

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SUMMARY – Alpha Strategy Fund

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**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 8% 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

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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:

&nbsp;&nbsp;&nbsp;&nbsp;· **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. It also is possible that one underlying fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. 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.

&nbsp;&nbsp;&nbsp;&nbsp;· **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. In certain circumstances, Lord Abbett would have an incentive to delay or decide against the sale of interests held by the Fund in the underlying funds and may implement Fund changes in a manner intended to

SUMMARY – Alpha Strategy Fund

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minimize the disruptive effects and added costs of those changes 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.

&nbsp;&nbsp;&nbsp;&nbsp;· **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 investment strategy. In addition, a new underlying fund's gross expense ratio may fluctuate during its initial operating period because of the fund's relatively smaller asset size and, 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.

&nbsp;&nbsp;&nbsp;&nbsp;· **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.

&nbsp;&nbsp;&nbsp;&nbsp;· **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.

&nbsp;&nbsp;&nbsp;&nbsp;· **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.

&nbsp;&nbsp;&nbsp;&nbsp;· **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 overweights 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.

&nbsp;&nbsp;&nbsp;&nbsp;· **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. As compared to larger companies, micro-cap, small, and mid-sized companies may have limited management experience or depth, limited ability to generate or borrow capital needed for growth, and limited products or services, or operate in less established markets. Accordingly, 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

SUMMARY – Alpha Strategy Fund

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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.

&nbsp;&nbsp;&nbsp;&nbsp;· **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 risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. A portfolio that combines growth and value styles may diversify these risks and lower its volatility, but there is no assurance this strategy will achieve that result.

&nbsp;&nbsp;&nbsp;&nbsp;· **Foreign and Emerging Market Company Risk:** Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks that can increase the likelihood that the Fund will lose money. For example, as compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, and foreign taxes. In addition, the securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, reduced liquidity, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. Foreign company securities also include ADRs. ADRs may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund's investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets because such markets tend to develop unevenly and may never fully develop. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;· **Foreign Currency Risk:** Investments in securities denominated in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S.

SUMMARY – Alpha Strategy Fund

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dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Derivatives Risk:** The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund's volatility and reduce its returns. The risks associated with derivatives include, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The risk that the value of a derivative may not correlate with the value of the underlying asset, rate, or index in the manner anticipated by the portfolio management team and may be more sensitive to changes in economic or market conditions than anticipated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Derivatives may be difficult to value, especially under stressed or unforeseen market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The risk that the counterparty may fail to fulfill its contractual obligations under the derivative contract. Central clearing of derivatives is intended to decrease counterparty risk but does not eliminate it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The risk that there will not be a liquid secondary trading market for the derivative, or that the Fund will otherwise be unable to sell or otherwise close a derivatives position when desired, exposing the Fund to additional losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Because derivatives generally involve a small initial investment relative to the risk assumed (known as leverage), derivatives can magnify the Fund's losses and increase its volatility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Fund's use of derivatives may affect the amount, timing, and character of distributions, and may cause the Fund to realize more short-term capital gain and ordinary income than if the Fund did not use derivatives.

Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund's use of derivatives is successful will depend on, among other things, the portfolio managers' ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund's performance could suffer. In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.

&nbsp;&nbsp;&nbsp;&nbsp;· **Liquidity/Redemption Risk:** The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid

SUMMARY – Alpha Strategy Fund

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securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For more information on the principal risks of the Fund, please see the "More Information About the Funds – Principal Risks" section in the prospectus.

#### PERFORMANCE
The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund's returns. Each assumes reinvestment of dividends and distributions. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. No performance is shown for Class P shares because the Fund has no Class P shares outstanding.

The bar chart shows changes in the performance of the Fund's Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund's other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.

&nbsp;&nbsp;&nbsp;**Bar Chart (per calendar year) - Class A Shares**<br>![PerformanceBarChartData(13:42.33,14:2.9,15:-1.06,16:9.2,17:20.59,18:-9.44,19:24.82,20:26.08,21:14.94,22:-23.44)](img_e3269657f04e4.jpg)<br>**Best Quarter 2nd Q 2020 +29.50% Worst Quarter 1st Q 2020 -28.64%**<br>

The table below shows how the Fund's average annual total returns compare to the returns of securities market indices with investment characteristics similar to those of the Fund. The Fund's average annual total returns include applicable sales charges.

SUMMARY – Alpha Strategy Fund

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The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| **(for the periods ended December 31, 2022)** | **(for the periods ended December 31, 2022)** | **(for the periods ended December 31, 2022)** | **(for the periods ended December 31, 2022)** | **(for the periods ended December 31, 2022)** | **(for the periods ended December 31, 2022)** |
| **Class** | **1 Year** | **5 Years** | **10 Years** | **Life of Class** | **Inception <br>Date for <br>Performance** |
| Class A Shares |  |  |  |  |  |
| Before Taxes | -27.84% | 3.40% | 8.47% | - |  |
| After Taxes on Distributions | -28.97% | 1.06% | 5.82% | - |  |
| After Taxes on Distributions and Sale of Fund Shares | -15.69% | 2.45% | 6.38% | - |  |
| Class C Shares<sup>(1)</sup> | -24.74% | 3.84% | 8.30% | - |  |
| Class F Shares | -23.31% | 4.79% | 9.28% | - |  |
| Class F3 Shares | -23.19% | 4.98% | - | 7.12% | 4/4/2017 |
| Class I Shares | -23.24% | 4.90% | 9.39% | - |  |
| Class R2 Shares | -23.70% | 4.26% | 8.73% | - |  |
| Class R3 Shares | -23.63% | 4.37% | 8.85% | - |  |
| Class R4 Shares | -23.43% | 4.63% | - | 5.72% | 6/30/2015 |
| Class R5 Shares | -23.24% | 4.89% | - | 6.00% | 6/30/2015 |
| Class R6 Shares | -23.18% | 4.98% | - | 6.06% | 6/30/2015 |
| **Index** |  |  |  |  |  |
| Russell 2000<sup><sup>®</sup></sup> Index | -20.44% | 4.13% | 9.01% | 6.05% | 6/30/2015 |
| *(reflects no deduction for fees, expenses, or taxes)* | -20.44% | 4.13% | 9.01% | 5.87% | 4/4/2017 |
| 85% Russell 2000<sup><sup>®</sup></sup> Index / 15% S&P Developed Ex-U.S. SmallCap<sup><sup>®</sup></sup> Index | -20.48% | 3.57% | 8.62% | 8.50% | 6/30/2015 |
| *(reflects no deduction for fees, expenses, or taxes)* | -20.48% | 3.57% | 8.62% | 5.80% | 4/4/2017 |
| **Lipper Average** |  |  |  |  |  |
| Lipper Small-Cap Core Category Average | -14.41% | 4.71% | 8.89% | 6.36% | 6/30/2015 |
| *(reflects no deduction for sales charges or taxes)* | -14.41% | 4.71% | 8.89% | 6.10% | 4/4/2017 |

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<br> <sup>(1)</sup> Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares.

SUMMARY – Alpha Strategy Fund

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#### MANAGEMENT
**Investment Adviser.** The Fund's investment adviser is Lord Abbett.

#### Portfolio Managers.

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| | |
|:---|:---|
| **Portfolio Managers/Title** | **Member of<br>the Portfolio<br>Management<br>Team Since** |
| Giulio Martini, Partner and Director of Strategic Asset Allocation | 2015 |
| Matthew R. DeCicco, Partner and Director of Equities | 2022 |
| Jeffrey O. Herzog, Managing Director and Portfolio Manager | 2016 |

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#### PURCHASE AND SALE OF FUND SHARES
The minimum initial and additional amounts shown below vary depending on the class of shares you buy and the type of account. Certain financial intermediaries may impose different restrictions than those described below. For Class I shares, the minimum investment shown below applies to certain types of institutional investors, but does not apply to registered investment advisers or retirement and benefit plans otherwise eligible to invest in Class I shares. Class P shares are closed to substantially all new investors. See "Choosing a Share Class – Investment Minimums" in the prospectus for more information.

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| | | | |
|:---|:---|:---|:---|
| **Investment Minimums — Initial/Additional Investments** | **Investment Minimums — Initial/Additional Investments** | **Investment Minimums — Initial/Additional Investments** | **Investment Minimums — Initial/Additional Investments** |
| **Class** | **A<sup>(1)</sup> and C** | **F, F3, P, R2, R3, R4, R5, and R6** | **I** |
| General and IRAs without Invest-A-Matic Investments | Initial: $1,500<br>Additional: No minimum | N/A | Initial: $1 million<br>Additional: No minimum |
| Invest-A-Matic Accounts<sup>(2)</sup> | Initial: $250<br>Additional: $50 | N/A | N/A |
| IRAs, SIMPLE and SEP Accounts with Payroll Deductions | No minimum | N/A | N/A |
| Fee-Based Advisory Programs and Retirement and Benefit Plans | No minimum | No minimum | No minimum |
| <sup>(1)</sup> There is no investment minimum for Class A shares purchased by investors maintaining an account with a financial intermediary that has entered into an agreement with Lord Abbett Distributor LLC ("Lord Abbett Distributor") to offer Class A shares through a load-waived network or platform, which may or may not charge transaction fees.<br><sup>(2)</sup> There is no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs. | <sup>(1)</sup> There is no investment minimum for Class A shares purchased by investors maintaining an account with a financial intermediary that has entered into an agreement with Lord Abbett Distributor LLC ("Lord Abbett Distributor") to offer Class A shares through a load-waived network or platform, which may or may not charge transaction fees.<br><sup>(2)</sup> There is no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs. | <sup>(1)</sup> There is no investment minimum for Class A shares purchased by investors maintaining an account with a financial intermediary that has entered into an agreement with Lord Abbett Distributor LLC ("Lord Abbett Distributor") to offer Class A shares through a load-waived network or platform, which may or may not charge transaction fees.<br><sup>(2)</sup> There is no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs. | <sup>(1)</sup> There is no investment minimum for Class A shares purchased by investors maintaining an account with a financial intermediary that has entered into an agreement with Lord Abbett Distributor LLC ("Lord Abbett Distributor") to offer Class A shares through a load-waived network or platform, which may or may not charge transaction fees.<br><sup>(2)</sup> There is no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs. |

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You may sell (redeem) shares through your securities broker, financial professional or financial intermediary on any business day the Fund calculates its net asset value ("NAV"). If you have direct account access privileges, you may redeem your shares by contacting the Fund in writing at P.O. Box 219336, Kansas City, MO 64121, by calling 888-522-2388 or by accessing your account online at www.lordabbett.com.

SUMMARY – Alpha Strategy Fund

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#### TAX INFORMATION
The Fund's distributions, if any, generally are taxable to you as ordinary income, capital gains or a combination of the two, unless you are a tax-exempt investor or investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA. Any withdrawals from such a tax-advantaged arrangement may be taxable to you.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and the Fund's distributor or its affiliates may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

SUMMARY – Alpha Strategy Fund

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**NOTES:**<br>

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| | | | |
|:---|:---|:---|:---|
| **Investment Company Act File Number:** 811-07538 | ![](img_6d6e68a26c494.jpg) | ![](img_6d6e68a26c494.jpg) | ![](img_6d6e68a26c494.jpg) |
| ![](img_c86203e321524.jpg) | ![](img_c86203e321524.jpg) | **00278372** | <br>**LAAS-7SUM<br>(03/23)** |

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