Lord Abbett Research Fund

 

PROSPECTUS

 

APRIL 1, 2022

                       
                       
     

CLASS

TICKER

 

CLASS

TICKER

 

CLASS

TICKER

 
 

LORD ABBETT

 

A 

LAMAX

 

I 

LAMYX

 

R4 

LAMSX

 
 

DIVIDEND

 

C 

LAMCX

 

P 

LAMPX

 

R5 

LAMTX

 
 

GROWTH FUND

 

F 

LAMFX

 

R2 

LAMQX

 

R6 

LAMHX

 
     

F3 

LRMAX

 

R3 

LAMRX

       
                       
                       
 

LORD ABBETT

 

A 

LMGAX

 

I 

LMGYX

 

R4 

LGOSX

 
 

GROWTH OPPORTUNITIES

 

C 

LMGCX

 

P 

LGOPX

 

R5 

LGOTX

 
 

FUND

 

F 

LGOFX

 

R2 

LGOQX

 

R6 

LGOVX

 
     

F3 

LOMGX

 

R3 

LGORX

       
                       
 

LORD ABBETT

 

A 

LRSCX

 

I 

LRSYX

 

R4 

LRSSX

 
 

SMALL CAP VALUE FUND

 

C 

LSRCX

 

P 

LRSPX

 

R5 

LRSTX

 
     

F 

LRSFX

 

R2 

LRSQX

 

R6 

LRSVX

 
     

F3 

LRSOX

 

R3 

LRSRX

       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
                       
 

The U.S. Securities and Exchange Commission has not approved or disapproved of these securities or determined whether this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

 
                       
 

INVESTMENT PRODUCTS: NOT FDIC INSURED–NO BANK GUARANTEE–MAY LOSE VALUE

 
         

 

TABLE OF CONTENTS

 

FUND SUMMARY

   

Dividend Growth Fund

2

Growth Opportunities Fund

11

Small Cap Value Fund

20

Purchase and Sale of Fund Shares

28

Tax Information

28

Payments to Broker-Dealers and Other Financial Intermediaries

28

 

MORE INFORMATION ABOUT THE FUNDS

   

Investment Objectives

30

Principal Investment Strategies

30

Principal Risks

35

Additional Operational Risks

43

Disclosure of Portfolio Holdings

47

Management and Organization of the Funds

47

 

INFORMATION FOR MANAGING YOUR FUND ACCOUNT

   

Choosing a Share Class

50

Sales Charges

58

Sales Charge Reductions and Waivers

59

Financial Intermediary Compensation

64

Purchases

69

Exchanges

71

Redemptions

72

Account Services and Policies

74

Distributions and Taxes

82

 

FINANCIAL INFORMATION

   

Dividend Growth Fund

85

Growth Opportunities Fund

89

Small Cap Value Fund

94

 

APPENDIX A

     

Intermediary-Specific Sales Charge
Reductions and Waivers

A-

1


 

FUND SUMMARY

Dividend Growth Fund

INVESTMENT OBJECTIVE

The Fund’s investment objective is to seek current income and 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 59 of the prospectus, Appendix A to the prospectus, titled “Intermediary-Specific Sales Charge Reductions and Waivers,” and “Purchases, Redemptions, Pricing, and Payments to Dealers” on page 9-1 of Part II of the statement of additional information (“SAI”).

           

Shareholder Fees(1) 

(Fees paid directly from your investment)

 

Class

 

A

C

F, F3, I, P, R2, R3, R4, R5, and R6

 

Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)

5.75%

None

None

 

Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption
proceeds, whichever is lower)

None(2)

1.00%(3)

None

 

               

Annual Fund Operating Expenses

 

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

 

Class

A

 C

F

F3

 I

 P

 

Management Fees

0.53%

0.53%

0.53%

0.53%

0.53%

0.53%

 

Distribution and Service (12b-1) Fees

0.25%

1.00%

0.10%

None

None

0.45%

 

Other Expenses

0.13%

0.13%

0.13%

0.06%

0.13%

0.13%

 

Total Annual Fund Operating Expenses

0.91%

1.66%

0.76%

0.59%

0.66%

1.11%

 

Fee Waiver and/or Expense Reimbursement

None

None

(0.10)%(4)

None

None

None

 

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

0.91%

1.66%

0.66%

0.59%

0.66%

1.11%

 

PROSPECTUS – Dividend Growth Fund

2


             

Annual Fund Operating Expenses (continued)

 

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

 

Class

R2

R3

R4

R5

R6

 

Management Fees

0.53%

0.53%

0.53%

0.53%

0.53%

 

Distribution and Service (12b-1) Fees

0.60%

0.50%

0.25%

None

None

 

Other Expenses

0.13%

0.13%

0.13%

0.13%

0.06%

 

Total Annual Fund Operating Expenses

1.26%

1.16%

0.91%

0.66%

0.59%

 

Fee Waiver and/or Expense Reimbursement

None

None

None

None

None

 

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

1.26%

1.16%

0.91%

0.66%

0.59%

 

   

(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)

For the period from April 1, 2022 through March 31, 2023, Lord Abbett Distributor LLC (“Lord Abbett Distributor”) has contractually agreed to waive the Fund's 0.10% Rule 12b-1 fee for Class F shares. This agreement may be terminated only by the Fund's Board of Directors.

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, giving effect to the fee waiver and expense reimbursement arrangement described above. 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:

PROSPECTUS – Dividend Growth Fund

3


                                   

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

$

663

$

848

$

1,050

$

1,630

$

663

$

848

$

1,050

$

1,630

 

Class C Shares

$

269

$

523

$

902

$

1,766

$

169

$

523

$

902

$

1,766

 

Class F Shares

$

67

$

233

$

413

$

933

$

67

$

233

$

413

$

933

 

Class F3 Shares

$

60

$

189

$

329

$

738

$

60

$

189

$

329

$

738

 

Class I Shares

$

67

$

211

$

368

$

822

$

67

$

211

$

368

$

822

 

Class P Shares

$

113

$

353

$

612

$

1,352

$

113

$

353

$

612

$

1,352

 

Class R2 Shares

$

128

$

400

$

692

$

1,523

$

128

$

400

$

692

$

1,523

 

Class R3 Shares

$

118

$

368

$

638

$

1,409

$

118

$

368

$

638

$

1,409

 

Class R4 Shares

$

93

$

290

$

504

$

1,120

$

93

$

290

$

504

$

1,120

 

Class R5 Shares

$

67

$

211

$

368

$

822

$

67

$

211

$

368

$

822

 

Class R6 Shares

$

60

$

189

$

329

$

738

$

60

$

189

$

329

$

738

 

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 39% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund invests in equity securities of large and mid-sized companies that the Fund’s portfolio management team believes have potential for long-term total return and consistent increases in their dividends over time resulting from their earnings growth. In particular, the Fund focuses on large and mid-sized companies that have a ten-year history of dividend issuance and growth, which represents a narrow investable universe. The Fund may invest in companies of any size, but expects to invest in companies having a market capitalization at the time of purchase of at least $500 million.

Equity securities in which the 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, other instruments convertible or exercisable into the foregoing, and other investments with similar economic characteristics.

The Fund may invest up to 10% of its net assets in securities of foreign companies, including 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.

PROSPECTUS – Dividend Growth Fund

4


The investment team may also consider the risks and return potential presented by environmental, social, and governance (“ESG”) factors in investment decisions. The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.

PRINCIPAL RISKS

As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:

· Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.

· Investment Strategy Risk: If the Fund’s fundamental research and quantitative analysis fail to produce the intended result, the Fund may suffer losses or underperform its benchmark index or other funds with the same investment objective or strategies, even in a favorable market. In addition, the Fund’s strategy of focusing on dividend-paying companies means the Fund will be more exposed to risks associated with that particular market segment than a fund that invests more widely.

· Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.

· Equity Securities Risk: Equity securities, as well as equity-like securities such as convertible debt securities, may experience significant volatility. Such securities may fall sharply in response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s financial condition.

· Dividend Risk: Securities of dividend-paying companies that meet the Fund’s investment criteria may not be widely available, limiting the Fund’s ability to produce current income and increasing the volatility of the Fund’s returns. At times, the performance of dividend-paying companies may lag the performance of other companies or the broader market as a whole. In addition, the dividend

PROSPECTUS – Dividend Growth Fund

5


payments of the Fund’s portfolio companies may vary over time, and there is no guarantee that a company will pay a dividend at all.

· 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.

· Large Company Risk: Larger, more established companies may be less able to respond quickly to certain market developments. In addition, larger companies may have slower rates of growth as compared to successful, but less well-established, smaller companies, especially during market cycles corresponding to periods of economic expansion.

· Mid-Sized Company Risk: Investments in mid-sized companies may involve greater risks than investments in larger, more established companies. As compared to larger companies, 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 mid-sized companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of 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.

· Value Investing Risk: The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced.

· Growth Investing 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.

· 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

PROSPECTUS – Dividend Growth Fund

6


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.

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

· Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.

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

PERFORMANCE

The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

PROSPECTUS – Dividend Growth Fund

7


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.

Effective September 27, 2012, the Fund implemented its present dividend oriented-equity strategy. Performance for earlier periods reflects the Fund’s prior strategy of investing in a mix of equity and fixed income securities.

 

Bar Chart (per calendar year) - Class A Shares

PerformanceBarChartData(12:13.05,13:27.96,14:11.56,15:-2.38,16:15.13,17:19.09,18:-4.73,19:26.58,20:15.5,21:25.67)

Best Quarter 2nd Q 2020+19.16%    Worst Quarter1st Q 2020-19.86%

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

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

PROSPECTUS – Dividend Growth Fund

8


               

Average Annual Total Returns

 

(for the periods ended December 31, 2021)

 

Class

1 Year

5 Years

10 Years

Life of Class

Inception
Date for
Performance

 

Class A Shares

 

 

 

 

 

 

 

Before Taxes

18.44%

14.46%

13.55%

-

 

 

 

After Taxes on Distributions

16.27%

12.53%

11.48%

-

 

 

 

After Taxes on Distributions and Sale of Fund Shares

12.35%

11.06%

10.52%

-

 

 

Class C Shares(1)

23.74%

14.96%

13.38%

-

 

 

Class F Shares

26.00%

16.10%

14.45%

-

 

 

Class F3 Shares

26.07%

-

-

16.11%

4/4/2017

 

Class I Shares

25.95%

16.11%

14.51%

-

 

 

Class P Shares

25.46%

15.59%

14.00%

-

 

 

Class R2 Shares

25.21%

15.41%

13.83%

-

 

 

Class R3 Shares

25.31%

15.54%

13.95%

-

 

 

Class R4 Shares

25.80%

15.84%

-

14.42%

6/30/2015

 

Class R5 Shares

26.09%

16.14%

-

14.71%

6/30/2015

 

Class R6 Shares

26.07%

16.20%

-

14.79%

6/30/2015

 

Index

 

 

 

 

 

 

S&P 500® Index

28.71%

18.47%

16.55%

15.94%

6/30/2015

 

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

18.12%

4/4/2017

 

   

(1)

Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares.

MANAGEMENT

Investment Adviser. The Fund’s investment adviser is Lord, Abbett & Co. LLC (“Lord Abbett”).

PROSPECTUS – Dividend Growth Fund

9


Portfolio Managers.

   

Portfolio Managers/Title

Member of
the Portfolio
Management
Team Since

Darnell C. Azeez, Managing Director and Portfolio Manager

2019

Marc O. Pavese, Partner and Director of Quantitative Research

2012

Jeffrey Rabinowitz, Portfolio Manager

2020

Servesh Tiwari, Portfolio Manager

2019

Subrata Ghose, Portfolio Manager

2021

OTHER IMPORTANT INFORMATION REGARDING FUND SHARES

For important information about purchase and sale of Fund shares, taxes, and payments to broker-dealers and other financial intermediaries, please turn to the “Purchase and Sale of Fund Shares,” “Tax Information” and “Payments to Broker-Dealers and Other Financial Intermediaries” sections of the prospectus.

PROSPECTUS – Dividend Growth Fund

10


 

FUND SUMMARY

Growth Opportunities Fund

INVESTMENT OBJECTIVE

The Fund’s investment objective is 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 59 of the prospectus, Appendix A to the prospectus, titled “Intermediary-Specific Sales Charge Reductions and Waivers,” and “Purchases, Redemptions, Pricing, and Payments to Dealers” on page 9-1 of Part II of the statement of additional information (“SAI”).

           

Shareholder Fees(1) 

(Fees paid directly from your investment)

 

Class

 

A

C

F, F3, I, P, R2, R3, R4, R5, and R6

 

Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)

5.75%

None

None

 

Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption
proceeds, whichever is lower)

None(2)

1.00%(3)

None

 

               

Annual Fund Operating Expenses

 

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

 

Class

A

 C

F

F3

 I

 P

 

Management Fees

0.75%

0.75%

0.75%

0.75%

0.75%

0.75%

 

Distribution and Service (12b-1) Fees

0.25%

1.00%

0.10%

None

None

0.45%

 

Other Expenses

0.17%

0.17%

0.17%

0.09%

0.17%

0.17%

 

Total Annual Fund Operating Expenses

1.17%

1.92%

1.02%

0.84%

0.92%

1.37%

 

Fee Waiver and/or Expense Reimbursement(4)

(0.11)%

(0.11)%

(0.11)%

(0.11)%

(0.11)%

(0.11)%

 

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement(4)

1.06%

1.81%

0.91%

0.73%

0.81%

1.26%

 

PROSPECTUS – Growth Opportunities Fund

11


             

Annual Fund Operating Expenses (continued)

 

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

 

Class

R2

R3

R4

R5

R6

 

Management Fees

0.75%

0.75%

0.75%

0.75%

0.75%

 

Distribution and Service (12b-1) Fees

0.60%

0.50%

0.25%

None

None

 

Other Expenses

0.17%

0.17%

0.17%

0.17%

0.09%

 

Total Annual Fund Operating Expenses

1.52%

1.42%

1.17%

0.92%

0.84%

 

Fee Waiver and/or Expense Reimbursement(4)

(0.11)%

(0.11)%

(0.11)%

(0.11)%

(0.11)%

 

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement(4)

1.41%

1.31%

1.06%

0.81%

0.73%

 

   

(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)

For the period from April 1, 2022 through March 31, 2023, Lord, Abbett & Co. LLC (“Lord Abbett”) has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding any applicable 12b-1 fees, acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 0.73% for each of Class F3 and R6 shares and to an annual rate of 0.81% for each other class. This agreement may be terminated only by the Fund’s Board of Directors.

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, giving effect to the fee waiver and expense reimbursement arrangement described above. 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:

PROSPECTUS – Growth Opportunities Fund

12


                                   

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

$

677

$

915

$

1,172

$

1,904

$

677

$

915

$

1,172

$

1,904

 

Class C Shares

$

284

$

592

$

1,027

$

2,039

$

184

$

592

$

1,027

$

2,039

 

Class F Shares

$

93

$

314

$

553

$

1,238

$

93

$

314

$

553

$

1,238

 

Class F3 Shares

$

75

$

257

$

455

$

1,027

$

75

$

257

$

455

$

1,027

 

Class I Shares

$

83

$

282

$

499

$

1,121

$

83

$

282

$

499

$

1,121

 

Class P Shares

$

128

$

423

$

739

$

1,637

$

128

$

423

$

739

$

1,637

 

Class R2 Shares

$

144

$

469

$

819

$

1,803

$

144

$

469

$

819

$

1,803

 

Class R3 Shares

$

133

$

439

$

766

$

1,692

$

133

$

439

$

766

$

1,692

 

Class R4 Shares

$

108

$

361

$

633

$

1,411

$

108

$

361

$

633

$

1,411

 

Class R5 Shares

$

83

$

282

$

499

$

1,121

$

83

$

282

$

499

$

1,121

 

Class R6 Shares

$

75

$

257

$

455

$

1,027

$

75

$

257

$

455

$

1,027

 

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 68% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund invests in equity securities of mid-sized U.S. companies with growth characteristics. Under normal conditions, the Fund invests at least 65% of its net assets in equity securities of mid-sized companies. A mid-sized company is defined as a company having a market capitalization at the time of purchase that falls within the market capitalization range of companies in the Russell Midcap® Index. The portfolio management team follows a growth style of investing and seeks to identify companies with strong relative growth prospects that it believes are well positioned to benefit from the anticipated economic environment.

Equity securities in which the Fund may invest include common stocks, preferred stocks, equity interests in trusts (including real estate investment trusts (“REITs”) and privately offered trusts), partnerships, joint ventures, limited liability companies and vehicles with similar legal structures, other instruments convertible or exercisable into the foregoing, and other investments with similar economic characteristics.

The Fund may invest up to 10% of its net assets in securities of foreign companies, including 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.

PROSPECTUS – Growth Opportunities Fund

13


The investment team may also consider the risks and return potential presented by environmental, social, and governance (“ESG”) factors in investment decisions. The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.

PRINCIPAL RISKS

As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:

· Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.

· Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.

· Equity Securities Risk: Equity securities, as well as equity-like securities such as convertible debt securities, may experience significant volatility. Such securities may fall sharply in response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s financial condition.

· Industry and Sector Risk: Although the Fund does not employ an industry or sector focus, its exposure to specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. If the Fund 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.

· Mid-Sized Company Risk: Investments in mid-sized companies may involve greater risks than investments in larger, more established companies. As compared to larger companies, mid-sized companies may have limited management experience or depth, limited ability to generate or borrow capital

PROSPECTUS – Growth Opportunities Fund

14


needed for growth, and limited products or services, or operate in less established markets. Accordingly, securities of mid-sized companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of 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.

· Growth Investing 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.

· 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.

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

PROSPECTUS – Growth Opportunities Fund

15


· Real Estate Risk: An investment in a REIT generally is subject to the risks that impact the value of the underlying properties or mortgages of the REIT. These risks include loss to casualty or condemnation, and changes in supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Other factors that may adversely affect REITs include poor performance by management of the REIT, changes to the tax laws, or failure by the REIT to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended (the “Code”), and changes in local, regional, or general economic conditions.

· Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.

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

PERFORMANCE

The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

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.

PROSPECTUS – Growth Opportunities Fund

16


 

Bar Chart (per calendar year) - Class A Shares

PerformanceBarChartData(12:13.81,13:37.08,14:6.32,15:2.68,16:1.04,17:22.84,18:-3.36,19:36.75,20:40.06,21:6.61)

Best Quarter 2nd Q 2020+31.78%    Worst Quarter1st Q 2020-19.38%

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.

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.

PROSPECTUS – Growth Opportunities Fund

17


               

Average Annual Total Returns

 

(for the periods ended December 31, 2021)

 

Class

1 Year

5 Years

10 Years

Life of Class

Inception
Date for
Performance

 

Class A Shares

 

 

 

 

 

 

 

Before Taxes

0.47%

17.97%

14.67%

-

 

 

 

After Taxes on Distributions

-3.66%

14.97%

11.80%

-

 

 

 

After Taxes on Distributions and Sale of Fund Shares

2.70%

13.89%

11.25%

-

 

 

Class C Shares(1)

5.01%

18.47%

14.52%

-

 

 

Class F Shares

6.74%

19.55%

15.55%

-

 

 

Class F3 Shares

6.94%

-

-

19.42%

4/4/2017

 

Class I Shares

6.85%

19.68%

15.67%

-

 

 

Class P Shares

6.41%

19.14%

15.15%

-

 

 

Class R2 Shares

6.24%

18.96%

14.98%

-

 

 

Class R3 Shares

6.34%

19.08%

15.09%

-

 

 

Class R4 Shares

6.61%

19.37%

-

13.78%

6/30/2015

 

Class R5 Shares

6.84%

19.67%

-

14.07%

6/30/2015

 

Class R6 Shares

6.94%

19.77%

-

14.18%

6/30/2015

 

Index

 

 

 

 

 

 

Russell Midcap® Growth Index

12.73%

19.83%

16.63%

15.41%

6/30/2015

 

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

19.61%

4/4/2017

 

Russell Midcap® Index

22.58%

15.10%

14.91%

12.81%

6/30/2015

 

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

14.92%

4/4/2017

 

   

(1)

Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares.

MANAGEMENT

Investment Adviser. The Fund’s investment adviser is Lord Abbett.

Portfolio Managers.

   

Portfolio Managers/Title

Member of
the Portfolio
Management
Team Since

Jeffrey Rabinowitz, Portfolio Manager

2017

Heidi A. Lawrence, Portfolio Manager

2021

James B. Sullivan, Portfolio Manager

2021

PROSPECTUS – Growth Opportunities Fund

18


OTHER IMPORTANT INFORMATION REGARDING FUND SHARES

For important information about purchase and sale of Fund shares, taxes, and payments to broker-dealers and other financial intermediaries, please turn to the “Purchase and Sale of Fund Shares,” “Tax Information” and “Payments to Broker-Dealers and Other Financial Intermediaries” sections of the prospectus.

PROSPECTUS – Growth Opportunities Fund

19


 

FUND SUMMARY

Small Cap Value Fund

INVESTMENT OBJECTIVE

The Fund’s investment objective is long-term capital appreciation.

FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and certain members of your family invest, or agree to invest in the future, at least $50,000 in the Lord Abbett Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 59 of the prospectus, Appendix A to the prospectus, titled “Intermediary-Specific Sales Charge Reductions and Waivers,” and “Purchases, Redemptions, Pricing, and Payments to Dealers” on page 9-1 of Part II of the statement of additional information (“SAI”).

           

Shareholder Fees(1) 

(Fees paid directly from your investment)

 

Class

 

A

C

F, F3, I, P, R2, R3, R4, R5, and R6

 

Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)

5.75%

None

None

 

Maximum Deferred Sales Charge (Load)
(as a percentage of offering price or redemption
proceeds, whichever is lower)

None(2)

1.00%(3)

None

 

               

Annual Fund Operating Expenses

 

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

 

Class

A

 C

F

F3

 I

 P

 

Management Fees

0.75%

0.75%

0.75%

0.75%

0.75%

0.75%

 

Distribution and Service (12b-1) Fees

0.25%

1.00%

0.10%

None

None

0.45%

 

Other Expenses

0.17%

0.17%

0.17%

0.09%

0.17%

0.17%

 

Total Annual Fund Operating Expenses

1.17%

1.92%

1.02%

0.84%

0.92%

1.37%

 

PROSPECTUS – Small Cap Value Fund

20


             

Annual Fund Operating Expenses (continued)

 

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

 

Class

R2

R3

R4

R5

R6

 

Management Fees

0.75%

0.75%

0.75%

0.75%

0.75%

 

Distribution and Service (12b-1) Fees

0.60%

0.50%

0.25%

None

None

 

Other Expenses

0.17%

0.17%

0.17%

0.17%

0.09%

 

Total Annual Fund Operating Expenses

1.52%

1.42%

1.17%

0.92%

0.84%

 

   

(1)

A shareholder transacting in share classes without a front-end sales charge may be required to pay a commission to its financial intermediary. Please contact your financial intermediary for more information about whether such a commission may apply to your transaction.

(2)

A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

(3)

A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Class C shares automatically convert to Class A shares after eight years. The expense example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

                                   

Class

If Shares Are Redeemed

If Shares Are Not Redeemed

 

 

1 Year

3 Years

5 Years

10 Years

1 Year

3 Years

5 Years

10 Years

 

Class A Shares

$

687

$

925

$

1,182

$

1,914

$

687

$

925

$

1,182

$

1,914

 

Class C Shares

$

295

$

603

$

1,037

$

2,048

$

195

$

603

$

1,037

$

2,048

 

Class F Shares

$

104

$

325

$

563

$

1,248

$

104

$

325

$

563

$

1,248

 

Class F3 Shares

$

86

$

268

$

466

$

1,037

$

86

$

268

$

466

$

1,037

 

Class I Shares

$

94

$

293

$

509

$

1,131

$

94

$

293

$

509

$

1,131

 

Class P Shares

$

139

$

434

$

750

$

1,646

$

139

$

434

$

750

$

1,646

 

Class R2 Shares

$

155

$

480

$

829

$

1,813

$

155

$

480

$

829

$

1,813

 

Class R3 Shares

$

145

$

449

$

776

$

1,702

$

145

$

449

$

776

$

1,702

 

Class R4 Shares

$

119

$

372

$

644

$

1,420

$

119

$

372

$

644

$

1,420

 

Class R5 Shares

$

94

$

293

$

509

$

1,131

$

94

$

293

$

509

$

1,131

 

Class R6 Shares

$

86

$

268

$

466

$

1,037

$

86

$

268

$

466

$

1,037

 

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

PROSPECTUS – Small Cap Value Fund

21


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 78% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund invests in equity securities of small companies that the portfolio management team believes are undervalued by the market and are selling at reasonable prices in relation to the portfolio management team’s assessment of their potential or intrinsic value. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small companies. A small company is defined as a company having a market capitalization at the time of purchase that falls within the market capitalization range of companies in the Russell 2000® Index.

Equity securities in which the Fund may invest include common stocks, preferred stocks, equity interests in trusts (including real estate investment trusts (“REITs”) and privately offered trusts), partnerships, joint ventures, limited liability companies and vehicles with similar legal structures, other instruments convertible or exercisable into the foregoing, and other investments with similar economic characteristics.

The Fund may invest up to 10% of its net assets in securities of foreign companies, including 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.

The investment team may also consider the risks and return potential presented by environmental, social, and governance (“ESG”) factors in investment decisions. The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.

PRINCIPAL RISKS

As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:

· Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the

PROSPECTUS – Small Cap Value Fund

22


Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.

· Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.

· Equity Securities Risk: Equity securities, as well as equity-like securities such as convertible debt securities, may experience significant volatility. Such securities may fall sharply in response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s financial condition.

· Industry and Sector Risk: Although the Fund does not employ an industry or sector focus, its exposure to specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. If the Fund 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.

· Small Company Risk: Investments in small companies may involve greater risks than investments in larger, more established companies. As compared to larger companies, small 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 small companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of small 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.

· Value Investing Risk: The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced.

· Foreign and Emerging Market Company Risk: Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks 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.

PROSPECTUS – Small Cap Value Fund

23


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.

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

· Real Estate Risk: An investment in a REIT generally is subject to the risks that impact the value of the underlying properties or mortgages of the REIT. These risks include loss to casualty or condemnation, and changes in supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Other factors that may adversely affect REITs include poor performance by management of the REIT, changes to the tax laws, or failure by the REIT to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended (the “Code”), and changes in local, regional, or general economic conditions.

· Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.

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

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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.

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

 

Bar Chart (per calendar year) - Class A Shares

PerformanceBarChartData(12:10.57,13:33.68,14:1.89,15:-1.17,16:20.47,17:6.31,18:-11.88,19:20.26,20:-1.48,21:26.43)

Best Quarter 4th Q 2020+29.79%    Worst Quarter1st Q 2020-37.69%

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

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

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Average Annual Total Returns

 

(for the periods ended December 31, 2021)

 

Class

1 Year

5 Years

10 Years

Life of Class

Inception
Date for
Performance

 

Class A Shares

 

 

 

 

 

 

 

Before Taxes

19.13%

5.75%

9.02%

-

 

 

 

After Taxes on Distributions

14.62%

2.59%

5.25%

-

 

 

 

After Taxes on Distributions and Sale of Fund Shares

13.94%

3.97%

6.42%

-

 

 

Class C Shares(1)

24.83%

6.21%

8.86%

-

 

 

Class F Shares

26.58%

7.17%

9.84%

-

 

 

Class F3 Shares

26.82%

-

-

7.89%

4/4/2017

 

Class I Shares

26.75%

7.29%

9.96%

-

 

 

Class P Shares

26.21%

6.81%

9.46%

-

 

 

Class R2 Shares

25.98%

6.64%

9.30%

-

 

 

Class R3 Shares

26.12%

6.76%

9.43%

-

 

 

Class R4 Shares

26.38%

7.02%

-

7.51%

6/30/2015

 

Class R5 Shares

26.77%

7.30%

-

7.80%

6/30/2015

 

Class R6 Shares

26.90%

7.38%

-

7.88%

6/30/2015

 

Index

 

 

 

 

 

 

Russell 2000® Value Index

28.27%

9.07%

12.03%

10.08%

6/30/2015

 

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

9.88%

4/4/2017

 

   

(1)

Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares.

MANAGEMENT

Investment Adviser. The Fund’s investment adviser is Lord, Abbett & Co. LLC (“Lord Abbett”).

Portfolio Managers.

   

Portfolio Managers/Title

Member of
the Portfolio
Management
Team Since

John C. Hardy, Portfolio Manager

2018

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OTHER IMPORTANT INFORMATION REGARDING FUND SHARES

For important information about purchase and sale of Fund shares, taxes, and payments to broker-dealers and other financial intermediaries, please turn to the “Purchase and Sale of Fund Shares,” “Tax Information” and “Payments to Broker-Dealers and Other Financial Intermediaries” sections of the prospectus.

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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.

       

Investment Minimums — Initial/Additional Investments

Class

A(1) and C

F, F3, P, R2, R3, R4, R5, and R6

I

General and IRAs without Invest-A-Matic Investments

Initial: $1,000
Additional: No minimum

N/A

Initial: $1 million
Additional: No minimum

Invest-A-Matic Accounts(2)

Initial: $250
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

(1) 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 to offer Class A shares through a load-waived network or platform, which may or may not charge transaction fees.

(2) There is no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs.

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.

TAX INFORMATION

A 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

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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.

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MORE INFORMATION ABOUT THE FUNDS

INVESTMENT OBJECTIVES

Dividend Growth Fund

The Fund’s investment objective is to seek current income and capital appreciation.

Growth Opportunities Fund

The Fund’s investment objective is capital appreciation.

Small Cap Value Fund

The Fund’s investment objective is long-term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

Dividend Growth Fund

The Fund invests in equity securities of large and mid-sized companies that the Fund’s portfolio management team believes have potential for long-term total return and consistent increases in their dividends over time resulting from their earnings growth. In particular, the Fund focuses on large and mid-sized companies that have a ten-year history of dividend issuance and growth, which represents a narrow investable universe. The Fund may invest in companies of any size, but expects to invest in companies having a market capitalization at the time of purchase of at least $500 million.

Equity securities in which the Fund may invest include common stocks, preferred stocks, equity interests in trusts (including REITs and privately offered trusts), partnerships, joint ventures, limited liability companies and vehicles with similar legal structures, and other instruments with similar economic characteristics. The Fund also considers equity securities to include warrants, rights offerings, convertible securities, and other investments that are convertible or exercisable into the equity securities described above.

The Fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, ADRs, Global Depositary Receipts (“GDRs”), and other similar depositary receipts. The Fund generally defines foreign companies as those whose securities are traded primarily on non-U.S. securities exchanges. Because ADRs represent exposure to foreign companies, the Fund deems them to be foreign investments even though they trade on U.S. exchanges. Foreign securities may be denominated in the U.S. dollar or other currencies. The Fund may invest without limitation in securities of companies that do not meet these criteria but represent economic exposure to foreign markets, including securities of companies that are organized or operated in a foreign country but primarily trade on a U.S. securities exchange.

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In selecting investments, the Fund’s portfolio management team considers the following:

· Dividend Growth. The portfolio management team seeks to invest in equity securities of established companies that the portfolio management team believes have the potential for long-term capital appreciation and consistent growth in dividends. Dividend-paying securities are securities issued by companies that pay out a portion of their profits to shareholders instead of reinvesting all their profits in their businesses. Companies which grow their dividends in a consistent manner show an ability to manage and grow their businesses through economic cycles. The portfolio management team believes the equity securities of these companies have the potential for investment return because they are often underpriced or undervalued according to certain financial measurements of intrinsic worth or business prospects. The Fund focuses on large and mid-sized companies that the portfolio management team identifies as having a ten-year history of dividend issuance and growth, but also may invest in companies not meeting these criteria.

· Fundamental Analysis. The Fund’s investment process analyzes various measures of a company’s financial condition. The Fund’s portfolio management team considers consensus expectations as well as proprietary fundamental analysis regarding near-term earnings, long-term normalized earnings, and earnings growth rates. In addition, the portfolio management team may consider other factors such as changes in economic and financial environment; new or improved products or services; changes in management or structure of the company; price increases for the company’s products or services; and improved efficiencies resulting from new technologies or changes in distribution.

· Quantitative Analysis. The Fund’s portfolio management team employs quantitative analysis, such as valuation and risk models and other quantitative analytical tools. The portfolio management team may do so to analyze the effects of various characteristics of the Fund’s overall portfolio and to assist in individual stock selection. Based on the portfolio management team’s assessment of these portfolio characteristics, the Fund may buy or sell securities as it seeks to optimize overall portfolio performance.

The investment team may also consider the risks and return potential presented by ESG factors in investment decisions.

The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, no longer meets the Fund’s investment criteria, to increase cash, or to satisfy redemption requests, among other reasons. In considering whether to sell a security, the Fund may evaluate factors including, but not limited to, the condition of the economy, changes in the issuer’s competitive position or financial condition, changes in the outlook for the issuer’s industry, and the Fund’s valuation target for the security.

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Lord Abbett is registered with the U.S. Commodity Futures Trading Commission as a commodity pool operator (“CPO”) under the Commodity Exchange Act (“CEA”).  However, with respect to the Fund, Lord Abbett has filed a claim of exclusion from the definition of the term CPO and therefore, Lord Abbett is not subject to registration or regulation as a pool operator under the CEA.

Temporary Defensive Strategies. The Fund seeks to remain fully invested in accordance with its investment objective. However, in an attempt to respond to adverse market, economic, political, or other conditions, the Fund may take a temporary defensive position that is inconsistent with its principal investment strategies by holding some or all of its assets in short-term investments. These investments include cash, commercial paper, money market instruments, repurchase agreements, and U.S. Government securities. The Fund also may hold these types of investments while looking for suitable investment opportunities or to manage liquidity. Taking a temporary defensive position could prevent the Fund from achieving its investment objective.

Growth Opportunities Fund

The Fund invests in equity securities of mid-sized U.S. companies with growth characteristics. Under normal conditions, the Fund invests at least 65% of its net assets in equity securities of mid-sized companies. A mid-sized company is defined as a company having a market capitalization at the time of purchase that falls within the market capitalization range of companies in the Russell Midcap® Index, a widely-used benchmark for mid-sized U.S. company stock performance. The market capitalization range of the Russell Midcap® Index as of June 30, 2021, following its most recent annual reconstitution, was approximately $3.1 billion to $61 billion. This range varies daily.

Equity securities in which the Fund may invest include common stocks, preferred stocks, equity interests in trusts (including REITs) and privately offered trusts), partnerships, joint ventures, limited liability companies and vehicles with similar legal structures, and other instruments with similar economic characteristics. The Fund also considers equity securities to include warrants, rights offerings, convertible securities, and other investments that are convertible or exercisable into the equity securities described above.

The Fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, ADRs, GDRs, and other similar depositary receipts. The Fund generally defines foreign companies as those whose securities are traded primarily on non-U.S. securities exchanges. Because ADRs represent exposure to foreign companies, the Fund deems them to be foreign investments even though they trade on U.S. exchanges. Foreign securities may be denominated in the U.S. dollar or other currencies. The Fund may invest without limitation in securities of companies that do not meet these criteria but represent economic exposure to foreign markets, including securities of companies that are organized or operated in a foreign country but primarily trade on a U.S. securities exchange.

PROSPECTUS – THE FUNDS

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The Fund’s portfolio management team follows a growth style of investing and seeks to identify companies that show the potential for strong revenue and earnings growth. The portfolio management team uses fundamental research to identify companies it believes are likely to produce superior returns over a two- to five-year period, by analyzing the dynamics in each company within its industry and within the overall economy, and quantitative research to identify companies that it believes have superior growth potential. The investment team may also consider the risks and return potential presented by ESG factors in investment decisions.

The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, no longer meets the Fund’s investment criteria, to increase cash, or to satisfy redemption requests, among other reasons. In considering whether to sell a security, the Fund may evaluate factors including, but not limited to, the condition of the economy, changes in the issuer’s competitive position or financial condition, changes in the outlook for the issuer’s industry, and the Fund’s valuation target for the security.

Lord Abbett is registered with the U.S. Commodity Futures Trading Commission as a CPO under the CEA.  However, with respect to the Fund, Lord Abbett has filed a claim of exclusion from the definition of the term CPO and therefore, Lord Abbett is not subject to registration or regulation as a pool operator under the CEA.

Temporary Defensive Strategies. The Fund seeks to remain fully invested in accordance with its investment objective. However, in an attempt to respond to adverse market, economic, political, or other conditions, the Fund may take a temporary defensive position that is inconsistent with its principal investment strategies by holding some or all of its assets in short-term investments. These investments include cash, commercial paper, money market instruments, repurchase agreements, and U.S. Government securities. The Fund also may hold these types of investments while looking for suitable investment opportunities or to manage liquidity. Taking a temporary defensive position could prevent the Fund from achieving its investment objective.

Small Cap Value Fund

The Fund invests in equity securities of small companies that the portfolio management team believes are undervalued by the market and are selling at reasonable prices in relation to the portfolio management team’s assessment of their potential or intrinsic value. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small companies. The Fund will provide shareholders with at least 60 days’ notice of a change in this policy. A small company is defined as a company having a market capitalization at the time of purchase that falls within the market capitalization range of companies in the Russell 2000® Index, a widely-used benchmark for small U.S. company stock performance. The market capitalization range of the Russell 2000® Index as of June 30, 2021, following its most recent

PROSPECTUS – THE FUNDS

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annual reconstitution, was approximately $172 million to $26 billion. This range varies daily.

Equity securities in which the Fund may invest include common stocks, preferred stocks, equity interests in trusts (including REITs) and privately offered trusts), partnerships, joint ventures, limited liability companies and vehicles with similar legal structures, and other instruments with similar economic characteristics. The Fund also considers equity securities to include warrants, rights offerings, convertible securities, and other investments that are convertible or exercisable into the equity securities described above.

The Fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, ADRs, GDRs, and other similar depositary receipts. The Fund generally defines foreign companies as those whose securities are traded primarily on non-U.S. securities exchanges. Because ADRs represent exposure to foreign companies, the Fund deems them to be foreign investments even though they trade on U.S. exchanges. Foreign securities may be denominated in the U.S. dollar or other currencies. The Fund may invest without limitation in securities of companies that do not meet these criteria but represent economic exposure to foreign markets, including securities of companies that are organized or operated in a foreign country but primarily trade on a U.S. securities exchange.

The Fund seeks to invest in securities of companies that the portfolio management team believes are undervalued by the market and are selling at reasonable prices in relation to the portfolio management team’s assessment of their potential or intrinsic value. A security may be undervalued by the market because of a lack of awareness of the company’s intrinsic value or a lack of recognition of the company’s future potential. In addition, a security may be undervalued because it may be temporarily out of favor by the market.

The Fund’s portfolio management team selects securities by, among other things, employing quantitative screening and fundamental research. The quantitative screening process identifies a group of companies for potential investment. The portfolio management team then conducts rigorous fundamental research on those companies with a focus on the long-term outlook of their businesses. The investment team may also consider the risks and return potential presented by ESG factors in investment decisions.

The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, no longer meets the Fund’s investment criteria, to increase cash, or to satisfy redemption requests, among other reasons. In considering whether to sell a security, the Fund may evaluate factors including, but not limited to, the condition of the economy, changes in the issuer’s competitive position or financial condition, changes in the outlook for the issuer’s industry, and the Fund’s valuation target for the security.

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Lord Abbett is registered with the U.S. Commodity Futures Trading Commission as a CPO under the CEA.  However, with respect to the Fund, Lord Abbett has filed a claim of exclusion from the definition of the term CPO and therefore, Lord Abbett is not subject to registration or regulation as a pool operator under the CEA.

Temporary Defensive Strategies. The Fund seeks to remain fully invested in accordance with its investment objective. However, in an attempt to respond to adverse market, economic, political, or other conditions, the Fund may take a temporary defensive position that is inconsistent with its principal investment strategies by holding some or all of its assets in short-term investments. These investments include cash, commercial paper, money market instruments, repurchase agreements, and U.S. Government securities. The Fund also may hold these types of investments while looking for suitable investment opportunities or to manage liquidity. Taking a temporary defensive position could prevent the Fund from achieving its investment objective.

PRINCIPAL RISKS

As with any investment in a mutual fund, investing in a 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 a Fund. Before you invest in a Fund, you should carefully evaluate the risks in light of your investment goals. An investment in a Fund held for longer periods over full market cycles typically provides more favorable results.

The principal risks you assume when investing in each Fund are described below. The Funds attempt to manage these risks through careful security selection, portfolio diversification, and continual portfolio review and analysis, but there can be no assurance or guarantee that these strategies will be successful in reducing risk. Please see the SAI for a further discussion of strategies employed by each Fund and the risks associated with an investment in the Fund.

All Funds

· Portfolio Management Risk: The strategies used and investments selected by the Fund’s portfolio management team may fail to produce the intended result and the Fund may not achieve its objective. The securities selected for the Fund may not perform as well as other securities that were not selected for the Fund. As a result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, and may generate losses even in a favorable market.

· Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments, and other factors. Changes in the financial condition of a single issuer can impact a market as a whole. In addition, data imprecision, technology malfunctions, operational errors, and similar factors may adversely

PROSPECTUS – THE FUNDS

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affect a single issuer, a group of issuers, an industry, or the market as a whole. Prices of equity securities tend to rise and fall more dramatically than those of debt securities. A slower-growth or recessionary economic environment could have an adverse effect on the prices of the various securities held by the Fund. Economies and financial markets throughout the world are becoming increasingly interconnected, which raises the likelihood that events or conditions in one country or region will adversely affect markets or issuers in other countries or regions.

· Equity Securities Risk: Investments in equity securities represent ownership in a company that fluctuates in value with changes in the company’s financial condition. Stock markets may experience significant volatility at times and may fall sharply in response to adverse events. Certain segments of the stock market may react differently than other segments and U.S. markets may react differently than foreign markets. Individual stock prices also may experience dramatic movements in price. Price movements may result from factors affecting individual companies, sectors, or industries selected for the Fund’s portfolio or the securities market as a whole, including periods of slower growth or recessionary economic conditions, future expectations of poor economic conditions, changes in political or social conditions, and lack of investor confidence. In addition, individual stocks may be adversely affected by factors such as reduced sales, increased costs, or a negative outlook for the future performance of the company. As compared with preferred stock and debt, common stock generally involves greater risk and has lower priority when liquidation, bankruptcy, and dividend payments are made. Preferred stock may be subordinated to bonds or other debt instruments in a company’s capital structure and is typically less liquid than common stock. Because convertible securities have certain features that are common to fixed-income securities and may be exchanged for common stock, they are subject to the risks affecting both equity and fixed income securities, including market, credit and interest rate risk.

· Industry and Sector Risk: Although the Fund does not employ an industry or sector focus, the percentage of the Fund’s assets invested in specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. The Fund may be overweight in certain industries and sectors at various times relative to its benchmark index. If the Fund invests a significant portion of its assets in a particular industry or sector, the Fund is subject to the risk that companies in the same industry or sector are likely to react similarly to legislative or regulatory changes, adverse market conditions, increased competition, or other factors generally affecting that market segment. In such cases, the Fund would be exposed to an increased risk that the value of its overall portfolio will decrease because of events that disproportionately affect certain industries and/or sectors. The industries and sectors in which the Fund may be overweighted will vary. Furthermore, investments in particular industries or sectors may be more volatile than the

PROSPECTUS – THE FUNDS

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broader market as a whole, and the Fund’s investments in these industries and sectors may be disproportionately susceptible to losses even if not overweighted.

· Foreign and Emerging Market Company Risk: Investments in foreign (including emerging market) 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 (including limitations on currency movements and exchanges), the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. Investments in foreign companies also may be adversely affected by governmental actions such as the nationalization of companies or industries, expropriation of assets, or confiscatory taxation. Foreign company securities also include ADRs, GDRs, and other similar depositary receipts. ADRs, GDRs, and other similar depositary receipts may be less liquid than the underlying shares in their primary trading market.

Foreign company securities also may be subject to thin trading volumes and reduced liquidity, which may lead to greater price fluctuation. A change in the value of a foreign currency relative to the U.S. dollar will change the value of securities held by the Fund that are denominated in that foreign currency, including the value of any income distributions payable to the Fund as a holder of such securities. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the overall economic health of the issuer. Devaluation of a currency by a country’s government or banking authority also will have an adverse impact on the U.S. dollar value of any investments denominated in that currency. These and other factors can materially adversely affect the prices of securities the Fund holds, impair the Fund’s ability to buy or sell securities at their desired price or time, or otherwise adversely affect the Fund’s operations. The Fund may invest in securities of issuers, including emerging market issuers, whose economic fortunes are linked to non-U.S. markets, but which principally are traded on a U.S. securities market or exchange and denominated in U.S. dollars. To the extent the Fund invests in this manner, the percentage of the Fund’s assets that is exposed to the risks associated with foreign companies may exceed the percentage of the Fund’s assets that is invested in foreign securities that are principally traded outside of the U.S.

The Fund’s investments in emerging market companies generally are subject to heightened risks compared to its investments in developed market companies. Investments with economic exposure to emerging markets may be considered

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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, tend to be less liquid, subject to greater price volatility, have a smaller market capitalization, have less government regulation and may not be subject to as extensive and frequent accounting, financial and other reporting requirements as securities issued in more developed countries. Further, investing in the securities of issuers with economic exposure to emerging countries may present a greater risk of loss resulting from problems in security registration and custody or substantial economic or political disruptions. The Fund may invest in securities of companies whose economic fortunes are linked to emerging markets but which principally are traded on a non-emerging market exchange. Such investments do not meet the Fund’s definition of an emerging market security. To the extent the Fund invests in this manner, the percentage of the Fund’s portfolio that is exposed to emerging market risks may be greater than the percentage of the Fund’s assets that the Fund defines as representing emerging market securities.

· Foreign Currency Risk: Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time. A decline in the value of foreign currencies relative to the U.S. dollar will reduce the value of securities that are denominated in those currencies. The Fund may engage in foreign currency hedging transactions to attempt to protect the Fund from adverse currency movements. Such transactions include the risk that Lord Abbett will not accurately predict currency movements. As a result, the Fund may experience significant losses or see its return reduced. Also, it may be difficult or impractical to hedge currency risk in many developing or emerging markets. The risks associated with exposure to emerging market currencies may be heightened in comparison to those associated with exposure to developed market currencies.

· Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities. Illiquidity can be caused by a variety of factors, including economic conditions, market events, events relating to the issuer of the securities, a drop in overall market

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trading volume, an inability to find a ready buyer, or legal restrictions on the securities’ resale. Certain securities that are liquid when purchased may later become illiquid, particularly in times of overall economic distress. Liquidity risk may be magnified in circumstances where investor redemptions from the mutual funds may be higher than normal, causing increased supply in the market due to selling activity.

Dividend Growth Fund

· Investment Strategy Risk: The strategies used and securities selected by the Fund’s portfolio management team may fail to produce the intended result and the Fund may not achieve its objective. Through the integration of fundamental research and quantitative analysis, the Fund expects that stock selection is likely to be a primary driver of the Fund’s performance relative to its benchmark index. In addition, there is no guarantee that the Fund’s use of quantitative analytic tools will be successful. Factors that affect a security’s value can change over time and these changes may not be reflected in the Fund’s quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models. In addition, the Fund’s performance will reflect, in part, the Fund’s portfolio management team’s ability to make active qualitative decisions and timely adjust the quantitative models, including the models’ underlying metrics and data. As a result of the risks associated with the Fund’s investment strategies, the Fund may underperform its benchmark or other funds with the same investment objective and which invest in large and mid-sized companies, even in a favorable market. The Fund’s strategy of focusing on dividend-paying companies means the Fund will be more exposed to risks associated with that particular market segment than a fund that invests more widely.

· Dividend Risk: Depending on market conditions, securities of dividend-paying companies that meet the Fund’s investment criteria may not be widely available. At times, the performance of dividend-paying companies may lag the performance of other companies or the broader market as a whole. In addition, the dividend payments of the Fund’s portfolio companies may vary over time, and there is no guarantee that a company will pay a dividend at all. The reduction or elimination of dividends in the stock market as a whole may limit the Fund’s ability to produce current income. If dividend-paying companies are highly concentrated in only a few market sectors, then the Fund’s portfolio may become less diversified, and the Fund’s return may become more volatile.

· Large Company Risk: Larger, more established companies may be less able to respond quickly to certain market developments. In addition, larger companies may have slower rates of growth as compared to successful, but less well-established, smaller companies, especially during market cycles corresponding to periods of economic expansion. Large companies also may fall out of favor

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relative to smaller companies in certain market cycles, causing the Fund to incur losses or underperform.

· Mid-Sized Company Risk: Investments in mid-sized companies may involve greater risks than investments in larger, more established companies. As compared to larger companies, 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 mid-sized companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of 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. Mid-sized companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or underperform.

· Value Investing Risk: The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. In addition, different investment styles may shift in and out of favor, depending on market and economic conditions as well as investor sentiment, which may cause the Fund to underperform other funds that employ a different or more diversified style.

· Growth Investing Risk: Growth stocks typically trade at higher multiples of current earnings as compared to other stocks, which may lead to inflated prices. 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, growth stocks’ prices typically fall. Growth stocks are subject to potentially greater declines in value if, among other things, the stock is subject to significant investor speculation but fails to increase as anticipated. In addition, different investment styles may shift in and out of favor, depending on market and economic conditions as well as investor sentiment, which may cause the Fund to underperform other funds that employ a different or more diversified style. During periods when growth investing is out of favor or when markets are unstable, selling growth stocks at a desired price may be more difficult. Growth stocks may be more volatile than securities of slower-growing issuers.

Growth Opportunities Fund

· Mid-Sized Company Risk: Investments in mid-sized companies may involve greater risks than investments in larger, more established companies. As compared to larger companies, mid-sized companies may have limited management experience or depth, limited ability to generate or borrow capital

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needed for growth, and limited products or services, or operate in less established markets. Accordingly, securities of mid-sized companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of 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. Mid-sized companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or underperform.

· Growth Investing Risk: Growth stocks typically trade at higher multiples of current earnings as compared to other stocks, which may lead to inflated prices. 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, growth stocks’ prices typically fall. Growth stocks are subject to potentially greater declines in value if, among other things, the stock is subject to significant investor speculation but fails to increase as anticipated. In addition, different investment styles may shift in and out of favor, depending on market and economic conditions as well as investor sentiment, which may cause the Fund to underperform other funds that employ a different or more diversified style. During periods when growth investing is out of favor or when markets are unstable, selling growth stocks at a desired price may be more difficult. Growth stocks may be more volatile than securities of slower-growing issuers.

· Real Estate Risk: An investment in a REIT generally is subject to the risks that impact the value of the underlying properties or mortgages of the REIT. These risks include loss to casualty or condemnation, and changes in supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. Other factors that may adversely affect REITs include poor performance by management of the REIT, extended vacancies, failure to collect rents, the ability of the company to finance property purchases and renovations, changes to the tax laws, failure by the REIT to qualify for favorable tax treatment under the Code, and changes in local, regional, or general economic conditions. REITs also are subject to default or prepayments by borrowers and self-liquidation, and are heavily dependent on cash flow. Some REITs lack diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Mortgage REITs may be impacted by the quality of the credit extended. REITs may be more volatile and/or more illiquid than other types of equity securities. In addition, the Fund’s shareholders will indirectly bear their proportionate share of the REIT’s fees and expenses, as well as their proportionate share of the Fund’s fees and expenses.

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Small Cap Value Fund

· Value Investing Risk: The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. In addition, different investment styles may shift in and out of favor, depending on market and economic conditions as well as investor sentiment, which may cause the Fund to underperform other funds that employ a different or more diversified style.

· Real Estate Risk: An investment in a REIT generally is subject to the risks that impact the value of the underlying properties or mortgages of the REIT. These risks include loss to casualty or condemnation, and changes in supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. Other factors that may adversely affect REITs include poor performance by management of the REIT, extended vacancies, failure to collect rents, the ability of the company to finance property purchases and renovations, changes to the tax laws, failure by the REIT to qualify for favorable tax treatment under the Code, and changes in local, regional, or general economic conditions. REITs also are subject to default or prepayments by borrowers and self-liquidation, and are heavily dependent on cash flow. Some REITs lack diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Mortgage REITs may be impacted by the quality of the credit extended. REITs may be more volatile and/or more illiquid than other types of equity securities. In addition, the Fund’s shareholders will indirectly bear their proportionate share of the REIT’s fees and expenses, as well as their proportionate share of the Fund’s fees and expenses.

· Small Company Risk: Investments in small companies may involve greater risks than investments in larger, more established companies. As compared to larger companies, small 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 small companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of small 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. Small companies also may fall out of favor relative to larger companies in certain market cycles, causing the Fund to incur losses or underperform.

As used in the remaining portion of this prospectus, the terms “a Fund,” “each Fund,” and “the Fund” refer to each Fund individually or the Funds collectively, as the context may require, unless reference to a specific Fund is provided.

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ADDITIONAL OPERATIONAL RISKS

In addition to the principal investment risks described above, the Fund also may be subject to certain operational risks, including:

· Cyber Security Risk: As the use of technology has become more prevalent in the course of business, Lord Abbett and other service providers have become more susceptible to operational and information security risks. Cyber incidents can result from deliberate attacks or unintentional events and include, but are not limited to, gaining unauthorized access to electronic systems for purposes of misappropriating assets, personally identifiable information (“PII”) or proprietary information (e.g., trading models and algorithms), corrupting data, or causing operational disruption, for example, by compromising trading systems or accounting platforms. Other ways in which the business operations of Lord Abbett, other service providers, or issuers of securities in which Lord Abbett invests a shareholder’s assets may be impacted include interference with a shareholder’s ability to value its portfolio, the unauthorized release of PII or confidential information, and violations of applicable privacy, recordkeeping and other laws. A shareholder and/or its account could be negatively impacted as a result.

While Lord Abbett has established internal risk management security protocols designed to identify, protect against, detect, respond to and recover from cyber security incidents, there are inherent limitations in such protocols including the possibility that certain threats and vulnerabilities have not been identified or made public due to the evolving nature of cyber security threats. Furthermore, Lord Abbett cannot control the cyber security systems of third party service providers or issuers. There currently is no insurance policy available to cover all of the potential risks associated with cyber incidents. Unless specifically agreed by Lord Abbett separately or required by law, Lord Abbett is not a guarantor against, or obligor for, any damages resulting from a cyber security-related incident.

· Large Shareholder Risk: To the extent a large number of shares of the Fund is held by a single shareholder or group of related shareholders (e.g., an institutional investor, another Lord Abbett Fund or multiple accounts advised by a common adviser) or a group of shareholders with a common investment strategy, the Fund is subject to the risk that a redemption by those shareholders of all or a large portion of their Fund shares will adversely affect the Fund’s performance by forcing the Fund to sell portfolio securities, potentially at disadvantageous prices, to raise the cash needed to satisfy the redemption request. In addition, the funds and other accounts over which Lord Abbett has investment discretion that invest in the Fund may not be limited in how often they may purchase or sell Fund shares. Certain Lord Abbett Funds or accounts may hold substantial percentages of the shares of the Fund, and asset allocation decisions by Lord Abbett may result in substantial redemptions from (or investments in) the Fund. These transactions may adversely affect the Fund’s

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performance to the extent that the Fund is required to sell investments (or invest cash) when it would not otherwise do so. Redemptions of a large number of shares also may increase transaction costs or, by necessitating a sale of portfolio securities, have adverse tax consequences for Fund shareholders. Additionally, redemptions by a large shareholder also potentially limit the use of any capital loss carryforwards and other losses to offset future realized capital gains (if any) and may limit or prevent the Fund’s use of tax equalization.

· Operational Risk: The Fund also is subject to the risk of loss as a result of other services provided by Lord Abbett and other service providers, including pricing, administrative, accounting, tax, legal, custody, transfer agency, and other services. Operational risk includes the possibility of loss caused by inadequate procedures and controls, human error, and system failures by a service provider, each of which may negatively affect the Fund’s performance. For example, trading delays or errors could prevent the Fund from benefiting from potential investment gains or avoiding losses. In addition, a service provider may be unable to provide an NAV for the Fund or share class on a timely basis. Similar types of operational risks also are present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund’s investment in such securities to lose value.

· Business Continuity Risk: Lord Abbett has developed a Business Continuity Program (the “Program”) that is designed to minimize the disruption of normal business operations in the event of an adverse incident impacting Lord Abbett, its affiliates, or the Fund. While Lord Abbett believes that the Program should enable it to reestablish normal business operations in a timely manner in the event of an adverse incident, there are inherent limitations in such programs (including the possibility that contingencies have not been anticipated and procedures do not work as intended) and, under some circumstances, Lord Abbett, its affiliates, and any vendors used by Lord Abbett, its affiliates, or the Fund could be prevented or hindered from providing services to the Fund for extended periods of time. These circumstances may include, without limitation, acts of God, acts of governments, any act of declared or undeclared war or of a public enemy (including acts of terrorism), power shortages or failures, utility or communication failure or delays, labor disputes, strikes, shortages, supply shortages, system failures or malfunctions. The Fund’s ability to recover any losses or expenses it incurs as a result of a disruption of business operations may be limited by the liability, standard of care, and related provisions in its contractual arrangements with Lord Abbett and other service providers.

· Market Disruption and Geopolitical Risk: Geopolitical and other events (e.g., wars, terrorism or natural disasters) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of the Fund’s investments. Sudden or significant changes in the supply or prices of commodities or other economic inputs (e.g., the marked decline in oil prices that began in late 2014) may have material and unexpected effects on both global

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securities markets and individual countries, regions, sectors, companies, or industries, which could significantly reduce the value of the Fund’s investments. Wars, terrorist attacks, natural disasters, epidemics or pandemics could result in unplanned or significant securities market closures or declines. Securities markets also may be susceptible to market manipulation (e.g., the manipulation of the London Inter-bank Offered Rate (“LIBOR”)) or other fraudulent trading practices, which could disrupt the orderly functioning of markets, increase overall market volatility, or reduce the value of investments traded in them, including investments of the Fund. Instances of fraud and other deceptive practices committed by senior management of certain companies in which the Fund invests may undermine Lord Abbett’s due diligence efforts with respect to such companies, and if such fraud is discovered, negatively affect the value of the Fund’s investments. Financial fraud also may impact the rates or indices underlying the Fund’s investments.

While the U.S. Government has always honored its credit obligations, a default by the U.S. Government (as has been threatened over the years) would be highly disruptive to the U.S. and global securities markets and could significantly reduce the value of the Fund’s investments. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could adversely affect the U.S. economy, decrease the value of many Fund investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. Uncertainty surrounding the sovereign debt of several European Union (“EU”) countries, as well as the continued existence of the EU itself, has disrupted and may continue to disrupt markets in the United States and around the world. If a country changes its currency or leaves the EU or if the EU dissolves, the world’s securities markets likely will be significantly disrupted. The United Kingdom (“UK”) left the EU (commonly known as “Brexit”) on January 31, 2020. An agreement between the UK and the EU governing their future trade relationship became effective January 1, 2021. The agreement governs the new relationship between the UK and the EU with respect to trading goods and services but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. There is still considerable uncertainty relating to the potential consequences of the withdrawal and whether the UK’s exit will increase the likelihood of other countries also departing the EU. The world’s securities markets may be significantly disrupted and adversely affected by the withdrawal.

Substantial government interventions (e.g., currency controls) also could adversely affect the Fund. War, terrorism, economic uncertainty, and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Likewise, sanctions threated or imposed by jurisdictions, including the United States, against a country or entities or individuals in a certain country (such as sanctions imposed against Russia,

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Russian entities and Russian individuals in 2022) may impair the value and liquidity of securities issued by issuers in such country and may result in the Fund using fair valuation procedures to value such securities. Sanctions, or the threat of sanctions, may cause volatility in regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Fund. In addition, natural and environmental disasters, such as the earthquake and tsunami in Japan in early 2011, epidemics or pandemics, such as the COVID-19 outbreak which began in late 2019, and systemic market dislocations of the kind surrounding the insolvency of Lehman Brothers in 2008, have been highly disruptive to economies and markets, adversely affecting individual companies and industries, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund’s investments. During such market disruptions, the Fund’s exposure to the risks described elsewhere in the “Principal Risks” section of the prospectus will likely increase. Market disruptions and sudden government interventions can also prevent the Fund from implementing its investment strategies and achieving its investment objective. To the extent the Fund has focused its investments in the stock index of a particular region, adverse geopolitical and other events in that region could have a disproportionate impact on the Fund.

The transmission of COVID-19 and efforts to contain its spread resulted in, and will continue to result in, for the forseeable future, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. The impact of the COVID-19 outbreak has, and could again negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. The COVID-19 pandemic and its effects may last for an extended period of time. New variants and low rates of vaccination in certain areas of the world have hampered recovery efforts and continue to create further uncertainty. Even as restrictions have been lifted in certain jurisdictions, they have been reimposed in others, and this pattern is expected to continue for the foreseeable future as certain jurisdictions experience resurgences of COVID-19. Although the long-term economic fallout of COVID-19 is difficult to predict, it has contributed to, and is likely to continue to contribute to, market volatility, inflation and systemic economic weakness. As the world adapts to a new outlook on how to balance the risk of illness against the desire for in person human connection, the COVID-19 pandemic and its effects are expected to continue through 2022 and beyond, and therefore the economic outlook, particularly for certain industries and businesses, remains inherently uncertain. The foregoing could disrupt the

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operations of the Fund and its service providers, adversely affect the value and liquidity of the Fund’s investments, and negatively impact the Fund’s performance and your investment in the Fund. The COVID-19 pandemic and efforts to contain its spread may also exacerbate other risks that apply to the Fund.

· Valuation Risk: The valuation of the Fund’s investments involves subjective judgment. There can be no assurance that the Fund will value its investments in a manner that accurately reflects their current market values or that the Fund will be able to sell any investment at a price equal to the valuation ascribed to that investment for purposes of calculating the Fund’s NAV. Incorrect valuations of the Fund’s portfolio holdings could result in the Fund’s shareholder transactions being effected at an NAV that does not accurately reflect the underlying value of the Fund’s portfolio, resulting in the dilution of shareholder interests.

DISCLOSURE OF PORTFOLIO HOLDINGS

A description of the Funds’ policies and procedures regarding the disclosure of the Funds’ portfolio holdings is available in the SAI. Further information is available at www.lordabbett.com.

MANAGEMENT AND ORGANIZATION OF THE FUNDS

Board of Directors. The Board oversees the management of the business and affairs of the Funds. The Board appoints officers who are responsible for the day-to-day operations of the Funds and who execute policies authorized by the Board. At least 75 percent of the Board members are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the Funds.

Investment Adviser. The Funds’ investment adviser is Lord Abbett, which is located at 90 Hudson Street, Jersey City, NJ 07302-3973. Founded in 1929, Lord Abbett manages one of the nation’s oldest mutual fund complexes and manages approximately $242.8 billion in assets across a full range of mutual funds, institutional accounts, and separately managed accounts, including $1.1 billion for which Lord Abbett provides investment models to managed account sponsors as of February 28, 2022.

Portfolio Managers. The Funds are managed by experienced portfolio managers responsible for investment decisions together with a team of investment professionals who provide issuer, industry, sector and macroeconomic research and analysis. The SAI contains additional information about portfolio manager compensation, other accounts managed, and ownership of shares of the Funds.

Dividend Growth Fund. Darnell C. Azeez, Managing Director and Portfolio Manager, heads the Fund’s team. Mr. Azeez joined Lord Abbett in 2002. Additional members of the team are Marc O. Pavese, Partner and Director of Quantitative Research, Jeffrey Rabinowitz, Portfolio Manager, Servesh Tiwari, Portfolio Manager, and Subrata Ghose, Portfolio Manager. Messrs. Pavese, Rabinowitz,

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Tiwari, and Ghose joined Lord Abbett in 2008, 2017, 2015, and 2011, respectively. Mr. Rabinowitz was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC from 2014 to 2017. Messrs. Azeez, Pavese, Rabinowitz, Tiwari, and Ghose are jointly and primarily responsible for the day-to-day management of the Fund.

Growth Opportunities Fund. Jeffrey Rabinowitz, Portfolio Manager, heads the Fund’s team. Mr. Rabinowitz joined Lord Abbett in 2017 and was formerly Managing Director and Portfolio Manager/Technology Analyst at Jennison Associates LLC from 2014 to 2017. Additional members of the team are Heidi A. Lawrence, Portfolio Manager, and James B. Sullivan, Portfolio Manager. Ms. Lawrence and Mr. Sullivan joined Lord Abbett in 2014. Messrs. Rabinowitz, Sullivan and Ms. Lawrence are jointly and primarily responsible for the day-to-day management of the Fund.

Small Cap Value Fund. John C. Hardy, Portfolio Manager, heads the Fund’s team. Mr. Hardy joined Lord Abbett in 2011. Mr. Hardy is primarily responsible for the day-to-day management of the Fund.

Management Fee. Lord Abbett is entitled to a management fee for Dividend Growth Fund as calculated at the following annual rates:

 0.55% on the first $2 billion of average daily net assets; and

 0.49% on the Fund’s average daily net assets over $2 billion.

For the fiscal year ended November 30, 2021, the effective annual rate of the fee paid to Lord Abbett, net of any applicable waivers or reimbursements, was 0.53% of Dividend Growth Fund’s average daily net assets.

Lord Abbett is entitled to a management fee for Growth Opportunities Fund as calculated at the following annual rates:

 0.75% on the first $1 billion of average daily net assets;

 0.65% on the next $1 billion of average daily net assets;

 0.60% on the next $1 billion of average daily net assets; and

 0.58% on the Fund’s average daily net assets over $3 billion.

For the fiscal year ended November 30, 2021, the effective annual rate of the fee paid to Lord Abbett, net of any applicable waivers or reimbursements, was 0.64% of Growth Opportunities Fund’s average daily net assets.

Lord Abbett is entitled to a management fee for Small Cap Value Fund as calculated at the following annual rates:

0.75% on the first $2 billion of average daily net assets; and
0.70% on the Fund’s average daily net assets over $2 billion.

For the fiscal year ended November 30, 2021, the effective annual rate of the fee paid to Lord Abbett was 0.75% of Small Cap Value Fund’s average daily net assets.

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In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of 0.04% of each Fund’s average daily net assets. Each Fund pays all of its expenses not expressly assumed by Lord Abbett.

Each year the Board considers whether to approve the continuation of the existing management and administrative services agreements between the Funds and Lord Abbett. A discussion regarding the basis for the Board’s approval is available in the Funds’ semiannual report to shareholders for the six-month period ended May 31st.

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INFORMATION FOR MANAGING YOUR FUND ACCOUNT

CHOOSING A SHARE CLASS

Each class of shares represents an investment in the same portfolio of securities, but each has different availability and eligibility criteria, sales charges, expenses, and dividends, allowing you to choose the available class that best meets your needs. You should read this section carefully to determine which class of shares is best for you and discuss your selection with your financial intermediary. Factors you should consider in choosing a share class include:

· the amount you plan to invest;

· the length of time you expect to hold your investment;

· the total costs associated with your investment, including any sales charges that you may pay when you buy or sell your Fund shares and expenses that are paid out of Fund assets over time;

· whether you qualify for any reduction or waiver of sales charges;

· whether you plan to take any distributions in the near future;

· the availability of the share class;

· the services that will be available to you; and

· the amount of compensation that your financial intermediary will receive.

If you plan to invest a large amount and your investment horizon is five years or more, as between Class A and C shares, Class A shares may be more advantageous than Class C shares. The higher ongoing annual expenses of Class C shares may cost you more over the long term than the front-end sales charge you would pay on larger purchases of Class A shares.

 

Retirement and Benefit Plans and Fee-Based Programs

The availability of share classes and certain features of share classes may depend on the type of financial intermediary through which you invest, including retirement and benefit plans and fee-based programs. As used in this prospectus, the term “retirement and benefit plans” refers to qualified and non-qualified retirement plans, deferred compensation plans and other employer-sponsored retirement, savings or benefit plans, such as defined benefit plans, 401(k) plans, 457 plans, 403(b) plans, profit-sharing plans, and money purchase pension plans, but does not include IRAs, unless explicitly stated elsewhere in the prospectus. As used in this prospectus, the term “fee-based programs” refers to programs sponsored by financial intermediaries that provide fee-based investment advisory programs or services (including mutual fund wrap programs) or a bundled suite of services, such as brokerage, investment advice, research, and account management, for which the client pays a fee based on the total asset value of the client’s account for all or a specified number of transactions, including mutual fund purchases, in the account during a certain period.

Key Features of Share Classes. The following table compares key features of each share class. You should review the fee table and example at the front of this

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prospectus carefully before choosing your share class. For more information, please see the section of the prospectus titled “Choosing a Share Class – Additional Information about the Availability of Share Classes.” As a general matter, share classes with relatively lower expenses tend to have relatively higher dividends. Your financial intermediary can help you decide which class meets your goals. Not all share classes may be available for purchase in all states or available through your financial intermediary. Please check with your financial intermediary for more information about the availability of share classes. Your financial intermediary may receive different compensation depending upon which class you choose.

   

Class A Shares

Availability

Available through financial intermediaries to individual investors, certain retirement and benefit plans, and fee-based advisory programs(1)

Front-End Sales Charge

Up to 5.75%; reduced or waived for large purchases and certain investors; eliminated for purchases of $1 million or more

CDSC

1.00% on redemptions made within one year following purchases of $1 million or more; waived under certain circumstances

Distribution and Service (12b-1) Fee(2)

0.25% of the Fund’s average daily net assets, comprised of:
Service Fee: 0.25%
Distribution Fee: None

Automatic Conversion

None

Exchange Privilege(3)

Class A shares of most Lord Abbett Funds

Class C Shares

Availability

Available through financial intermediaries to individual investors and certain retirement and benefit plans; purchases generally must be under $500,000

Front-End Sales Charge

None

CDSC

1.00% on redemptions made before the first anniversary of purchase; waived under certain circumstances

Distribution and Service (12b-1) Fee(2)

1.00% of the Fund’s average daily net assets, comprised of:
Service Fee: 0.25%
Distribution Fee: 0.75%

Automatic Conversion

Automatic conversion into Class A shares the month following the eighth anniversary of purchase (4)

Exchange Privilege(3)

Class C shares of most Lord Abbett Funds

Class F Shares

Availability

Available only to eligible fee-based advisory programs, clients of certain registered investment advisers, and other specified categories of eligible investors

Front-End Sales Charge

None

CDSC

None

Distribution and Service (12b-1) Fee(2)

0.10% of the Fund’s average daily net assets, comprised of:
Service Fee: None
Distribution Fee: 0.10%(5)

Automatic Conversion

None

Exchange Privilege(3)

Class F shares of most Lord Abbett Funds

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Class F3 Shares

Availability

Available only to eligible fee-based advisory programs, clients of certain registered investment advisers, and other specified categories of eligible investors

Front-End Sales Charge

None

CDSC

None

Distribution and Service (12b-1) Fee(2)

None

Automatic Conversion

None

Exchange Privilege(3)

Class F3 shares of most Lord Abbett Funds

Class I Shares

Availability

Available only to eligible investors

Front-End Sales Charge

None

CDSC

None

Distribution and Service (12b-1) Fee(2)

None

Automatic Conversion

None

Exchange Privilege(3)

Class I shares of most Lord Abbett Funds

Class P Shares

Availability

Available on a limited basis through certain financial intermediaries and retirement and benefit plans(6)

Front-End Sales Charge

None

CDSC

None

Distribution and Service (12b-1) Fee(2)

0.45% of the Fund’s average daily net assets, comprised of:

Service Fee: 0.25%

Distribution Fee: 0.20%

Automatic Conversion

None

Exchange Privilege(3)

Class P shares of most Lord Abbett Funds

Class R2 Shares

Availability

Available only to eligible retirement and benefit plans

Front-End Sales Charge

None

CDSC

None

Distribution and Service (12b-1) Fee(2)

0.60% of the Fund’s average daily net assets, comprised of:
Service Fee: 0.25%
Distribution Fee: 0.35%

Automatic Conversion

None

Exchange Privilege(3)

Class R2 shares of most Lord Abbett Funds

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Class R3 Shares

Availability

Available only to eligible retirement and benefit plans

Front-End Sales Charge

None

CDSC

None

Distribution and Service (12b-1) Fee(2)

0.50% of the Fund’s average daily net assets, comprised of:
Service Fee: 0.25%
Distribution Fee: 0.25%

Automatic Conversion

None

Exchange Privilege(3)

Class R3 shares of most Lord Abbett Funds

Class R4 Shares

Availability

Available only to eligible retirement and benefit plans

Front-End Sales Charge

None

CDSC

None

Distribution and Service (12b-1) Fee(2)

0.25% of the Fund’s average daily net assets, comprised of:
Service Fee: 0.25%
Distribution Fee: None

Automatic Conversion

None

Exchange Privilege(3)

Class R4 shares of most Lord Abbett Funds

Class R5 and R6 Shares

Availability

Available only to eligible retirement and benefit plans

Front-End Sales Charge

None

CDSC

None

Distribution and Service (12b-1) Fee(2)

None

Automatic Conversion

None

Exchange Privilege(3)

Class R5 or R6 shares, as applicable, of most Lord Abbett Funds

 
   

(1)

Class A shares are not available for purchase by retirement and benefit plans, except as described in “Additional Information about the Availability of Share Classes.”

(2)

The 12b-1 plan provides that the maximum payments that may be authorized by the Board are: for Class A and R4 shares, 0.50%; for Class P shares, 0.75%; and for Class C, F, R2, and R3 shares, 1.00%. The rates shown in the table above are the 12b-1 rates currently authorized by the Board for each share class and may be changed only upon authorization of the Board. The 12b-1 plan does not permit any payments for Class F3, I, R5, or R6 shares.

(3)

Ask your financial intermediary about the Lord Abbett Funds available for exchange.

(4)

Class C shares will convert automatically into Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month in which the purchase order was accepted, provided that the Fund or the financial intermediary through which a shareholder purchased Class C shares has records verifying that the Class C shares have been held for at least eight years.

   

(5)

The 0.10% Class F share 12b-1 fee may be designated as a service fee in limited circumstances as described in “Financial Intermediary Compensation.”

   

(6)

Class P shares are closed to substantially all new investors.

 

Investment Minimums. 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

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below. Consult your financial intermediary for more information. 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.

       

Investment Minimums — Initial/Additional Investments 

Class

A(1) and C

F, F3, P, R2, R3, R4, R5, and R6

I

General and IRAs without Invest-A-Matic Investments

Initial: $1,000
Additional: No minimum

N/A

See below

Invest-A-Matic Accounts(2)

Initial: $250
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

(1) 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 to offer Class A shares through a load-waived network or platform, which may or may not charge transaction fees.

(2) There is no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs.

Class I Share Minimum Investment. Unless otherwise provided, the minimum amount of an initial investment in Class I shares is $1 million. There is no minimum initial investment for (i) purchases through or by registered investment advisers, bank trust departments, and other financial intermediaries otherwise eligible to purchase Class I shares that charge a fee for services that include investment advisory or management services or (ii) purchases by retirement and benefit plans meeting the Class I eligibility requirements described below. There is no investment minimum for additional investments in Class I shares. These investment minimums may be suspended, changed, or withdrawn by Lord Abbett Distributor, the Funds’ principal underwriter.

Additional Information about the Availability of Share Classes.

 

Eligible Fund

An Eligible Fund is any Lord Abbett Fund except for (1) Lord Abbett Series Fund, Inc.; (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. (“Money Market Fund”) (except for holdings in Money Market Fund which are attributable to any shares exchanged from the Lord Abbett Funds); and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of the fund’s shares.

Class A Shares. Class A shares are available for investment by retirement and benefit plans only under the following circumstances: (i) the retirement and benefit plans have previously invested in Class A shares of the Fund as of the close of business on December 31, 2015; (ii) the retirement and benefit plan investments are subject to a front-end sales charge and, with respect to retirement or benefit plans serviced by a recordkeeping platform, such recordkeeping platform is able to apply

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properly a sales charge on such investments by the plan; or (iii) the retirement and benefit plan investments are eligible for a Class A sales charge waiver under Appendix A to this prospectus. Class A shares remain available to retail non-retirement accounts, traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, individual 403(b) plans, and 529 college savings plans.

Class C Shares. The Fund will not accept purchases of Class C shares of $500,000 or more, or in any amount that, when combined with the value of all shares of Eligible Funds under the terms of rights of accumulation, would result in the investor holding more than $500,000 of shares of Eligible Funds at the time of such purchase, unless an appropriate representative of the investor’s broker-dealer firm (or other financial intermediary, as applicable) provides written authorization for the transaction. Please contact Lord Abbett Distributor with any questions regarding eligibility to purchase Class C shares based on the prior written authorization from the investor’s broker-dealer firm or other financial intermediary.

With respect to qualified retirement plans, the Fund will not reject a purchase of Class C shares by such a plan in the event that a purchase amount, when combined with the value of all shares of Eligible Funds under the terms of rights of accumulation, would result in the plan holding more than $500,000 of shares of Eligible Funds at the time of the purchase. Any subsequent purchase orders submitted by the plan, however, would be subject to the Class C share purchase limit policy described above. Such subsequent purchases would be considered purchase orders for Class R3 shares.

Class F Shares. Class F shares generally are available (1) to investors participating in fee-based advisory programs that have (or whose trading agents have) an agreement with Lord Abbett Distributor, (2) to investors that are clients of certain registered investment advisers that have an agreement with Lord Abbett Distributor, if it so deems appropriate, and (3) to individual investors through financial intermediaries that offer Class F shares.

Class F3 Shares. Class F3 shares are available (1) for orders made by or on behalf of financial intermediaries for clients participating in fee-based advisory programs that have entered into special arrangements with the Fund and/or Lord Abbett Distributor specifically for such orders, (2) to investors that are clients of certain registered investment advisers that have an agreement with Lord Abbett Distributor, if it so deems appropriate, (3) to individual investors through financial intermediaries that offer Class F3 shares, (4) to state sponsored 529 college savings plans, (5) to institutional investors, including companies, foundations, endowments, municipalities, trusts (other than individual or personal trusts established for estate or financial planning purposes), and other entities determined by Lord Abbett Distributor to be institutional investors, making an initial minimum purchase of Class F3 shares of at least $1 million in the Fund in which the institutional investor purchases Class F3 shares, and (6) to other programs and platforms that have an agreement with the Fund and/or Lord Abbett Distributor.

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Class I Shares. Class I shares are available for purchase by the entities identified below. An investor that is eligible to purchase Class I shares under one of the categories below need not satisfy the requirements of any other category.

· Institutional investors, including companies, foundations, endowments, municipalities, trusts (other than individual or personal trusts established for estate or financial planning purposes), and other entities determined by Lord Abbett Distributor to be institutional investors, making an initial minimum purchase of Class I shares of at least $1 million in the Fund in which the institutional investor purchases Class I shares. Such institutional investors may purchase Class I shares directly or through a registered broker-dealer, provided that such purchases are not made by or on behalf of institutional investors that are participants in a fee-based program the participation in which is available to non-institutional investors, as described below.

· Investors participating in fee-based advisory programs that have (or whose trading agents have) an agreement with Lord Abbett Distributor.

· Financial institutions, on behalf of individual investors, that have an agreement to offer Class I shares across their investment platforms.

· Registered investment advisers investing on behalf of their advisory clients may purchase Class I shares without any minimum initial investment.

· Participants in a bank-offered fee-based program may purchase Class I shares without any minimum initial investment if: (i) the program is part of a research-driven discretionary advisory platform offered through affiliated distribution channels including, at a minimum, private bank, broker-dealer, and independent registered investment advisor channels; and (ii) the program uses institutional mutual fund share classes exclusively.

· Bank trust departments and trust companies purchasing shares for their clients may purchase Class I shares without any minimum initial investment, provided that the bank or trust company (and its trading agent, if any) has entered into a special arrangement with the Fund and/or Lord Abbett Distributor specifically for such purchases. This provision does not extend to bank trust departments acting on behalf of retirement and benefit plans, which are subject to separate eligibility criteria as discussed immediately below.

· Retirement and benefit plans investing directly or through an intermediary may purchase Class I shares without any minimum initial investment, provided that in the case of an intermediary, the intermediary has entered into a special arrangement with the Fund and/or Lord Abbett Distributor specifically for such purchases subject to the following limitations. Class I shares are closed to substantially all new retirement and benefit plans. However, retirement and benefit plans that have invested in Class I shares as of the close of business on December 31, 2015, may continue to hold Class I shares and may make

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additional purchases of Class I shares, including purchases by new plan participants.

· Each registered investment company within the Lord Abbett Family of Funds that operates as a fund-of-funds and, at the discretion of Lord Abbett Distributor, other registered investment companies that are not affiliated with Lord Abbett and operate as funds-of-funds, may purchase Class I shares without any minimum initial investment.

Shareholders who do not meet the above criteria but currently hold Class I shares may continue to hold, purchase, exchange, and redeem Class I shares, provided that there has been no change in the account since purchasing Class I shares. Financial intermediaries should contact Lord Abbett Distributor to determine whether the financial intermediary may be eligible for such purchases.

Class P Shares. Class P shares are closed to substantially all new investors. Existing shareholders holding Class P shares may continue to hold their Class P shares and make additional purchases, redemptions, and exchanges. Class P shares also are available for orders made by or on behalf of a financial intermediary for clients participating in an IRA rollover program sponsored by the financial intermediary that operates the program in an omnibus recordkeeping environment and has entered into special arrangements with the Fund and/or Lord Abbett Distributor specifically for such orders.

Class R2, R3, R4, R5, and R6 (collectively referred to as “Class R”) Shares. Class R shares generally are available through:

· employer-sponsored retirement and benefit plans where the employer, administrator, recordkeeper, sponsor, related person, financial intermediary, or other appropriate party has entered into an agreement with the Fund or Lord Abbett Distributor to make Class R shares available to plan participants; or

· dealers that have entered into certain approved agreements with Lord Abbett Distributor.

Class R shares also are available for orders made by or on behalf of a financial intermediary for clients participating in an IRA rollover program sponsored by the financial intermediary that operates the program in an omnibus recordkeeping environment and has entered into special arrangements with the Fund and/or Lord Abbett Distributor specifically for such orders.

Class R shares generally are not available to retail non-retirement accounts, traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, individual 403(b) plans, or 529 college savings plans.

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SALES CHARGES

 

The availability of certain sales charge reductions and waivers may depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Different intermediaries may impose different sales charges (including potential reductions in or waivers of sales charges) other than those listed below. Such intermediary-specific sales charge variations are described in Appendix A to this prospectus, titled “Intermediary-Specific Sales Charge Reductions and Waivers.” Appendix A is part of this prospectus.

In all instances, it is the shareholder’s responsibility to notify the Fund or the shareholder’s financial intermediary at the time of purchase of any relationship or other facts qualifying the shareholder for sales charge reductions or waivers. For reductions and waivers not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these reductions or waivers.

As an investor in the Fund, you may pay one of two types of sales charges: a front-end sales charge that is deducted from your investment when you buy Fund shares or a CDSC that applies when you sell Fund shares.

Class A Share Front-End Sales Charge. Front-end sales charges are applied only to Class A shares. You buy Class A shares at the offering price, which is the NAV plus a sales charge. You pay a lower rate as the size of your investment increases to certain levels called breakpoints. You do not pay a sales charge on the Fund’s distributions or dividends you reinvest in additional Class A shares. The table below shows the rate of sales charge you pay (expressed as a percentage of the offering price and the net amount you invest), depending on the class and amount you purchase.

         

Front-End Sales Charge — Class A Shares

Your
Investment

Front-End Sales
Charge as a % of
Offering Price

Front-End Sales
Charge as a % of Your
Investment

To Compute Offering
Price Divide NAV by

Maximum Dealer’s
Concession as a % of
Offering Price

Less than $50,000

5.75%

6.10%

.9425

5.00%

$50,000 to $99,999

4.75%

4.99%

.9525

4.00%

$100,000 to $249,999

3.95%

4.11%

.9605

3.25%

$250,000 to $499,999

2.75%

2.83%

.9725

2.25%

$500,000 to $999,999

1.95%

1.99%

.9805

1.75%

$1,000,000 and over

No Sales Charge

No Sales Charge

1.0000

 See “Dealer Concessions on Class A Share Purchases Without a Front-End Sales Charge.”
Note: The above percentages may vary for particular investors due to rounding.

CDSC. Regardless of share class, the CDSC is not charged on shares acquired through reinvestment of dividends or capital gain distributions and is charged on the

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original purchase cost or the current market value of the shares at the time they are redeemed, whichever is lower. In addition, repayment of loans under certain retirement and benefit plans will constitute new sales for purposes of assessing the CDSC. To minimize the amount of any CDSC, the Fund redeems shares in the following order:

1. shares acquired by reinvestment of dividends and capital gain distributions (always free of a CDSC);

2. shares held for one year or more (Class A and C); and

3. shares held before the first anniversary of their purchase (Class A and C).

If you acquire Fund shares through an exchange from another Lord Abbett Fund that originally were purchased subject to a CDSC and you redeem before the applicable CDSC period has expired, you will be charged the CDSC (unless a CDSC waiver applies). The CDSC will be remitted to the appropriate party. Class F, F3, I, P, R2, R3, R4, R5, and R6 shares are not subject to a CDSC.

Class A Share CDSC. If you buy Class A shares of the Fund under certain purchases at NAV (without a front-end sales charge) or if you acquire Class A shares of the Fund in exchange for Class A shares of another Lord Abbett Fund subject to a CDSC, and you redeem any of the Class A shares before the first day of the month in which the one-year anniversary of your purchase falls, a CDSC of 1.00% normally will be collected.

Class C Share CDSC. The 1.00% CDSC for Class C shares normally applies if you redeem your shares before the first anniversary of your purchase. The CDSC will be remitted to Lord Abbett Distributor.

SALES CHARGE REDUCTIONS AND WAIVERS

 

Please inform the Fund or your financial intermediary at the time of your purchase of Fund shares if you believe you qualify for a reduced front-end sales charge. More information about sales charge reductions and waivers is available free of charge at www.lordabbett.com/flyers/breakpoints_info.pdf.

Reducing Your Class A Share Front-End Sales Charge. You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the Fund or your financial intermediary know at the time of your purchase of Fund shares that you believe you qualify for a discount. If you or a related party have holdings of Eligible Funds in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchase in determining the sales charge as described below, you must let the Fund or your financial intermediary know. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify the Fund or provide the requested information, you may not receive the reduced sales charge for

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which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under any of the following conditions:

· Larger Purchases – You may reduce or eliminate your Class A front-end sales charge by purchasing Class A shares in greater quantities. The breakpoint discounts offered by the Fund are indicated in the table under “Sales Charges – Class A Share Front-End Sales Charge.”

· Rights of Accumulation –A Purchaser (as defined below) may combine the value of Class A, A1, C, F, F3, I, and P shares of any Eligible Fund currently owned with a new purchase of Class A shares of any Eligible Fund in order to reduce the sales charge on the new purchase. Class R2, R3, R4, R5, and R6 share holdings may not be combined for these purposes.

To the extent that your financial intermediary is able to do so, the value of Class A, A1, C, F, F3, I, and P shares of Eligible Funds determined for the purpose of reducing the sales charge of a new purchase under the Rights of Accumulation will be calculated at the higher of: (1) the aggregate current maximum offering price of your existing Class A, A1, C, F, F3, I, and P shares of Eligible Funds; or (2) the aggregate amount you invested in such shares (including dividend reinvestments but excluding capital appreciation) less any redemptions. You should retain any information and account records necessary to substantiate the historical amounts you and any related Purchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe your purchase qualifies for a reduced sales charge and you may be requested to provide documentation of your holdings in order to verify your eligibility. If you do not do so, you may not receive all sales charge reductions for which you are eligible.

· Letter of Intention – In order to reduce your Class A front-end sales charge, a Purchaser may combine purchases of Class A, A1, C, F, F3, I, and P shares of any Eligible Fund the Purchaser intends to make over the next 13 months in determining the applicable sales charge. The 13-month Letter of Intention period commences on the day that the Letter of Intention is received by the Fund, and the Purchaser must tell the Fund that later purchases are subject to the Letter of Intention. Purchases submitted prior to the date the Letter of Intention is received by the Fund are not counted toward the sales charge reduction. Current holdings under Rights of Accumulation may be included in a Letter of Intention in order to reduce the sales charge for purchases during the 13-month period covered by the Letter of Intention. Shares purchased through reinvestment of dividends or distributions are not included. Class R2, R3, R4, R5, and R6 share holdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed and may be redeemed to cover the additional sales charges payable if the intended purchases under the Letter of Intention are not completed. The Letter of Intention is neither a binding obligation on you to buy, nor on the Fund to sell, any or all of the intended purchase amount.

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Purchaser

A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and children under the age of 21; (3) retirement and benefit plans including a 401(k) plan, profit-sharing plan, money purchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profit organization, school district or church to which employer contributions are made, as well as SIMPLE IRA plans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate or single fiduciary account; or a trust established by the individual as grantor. An individual may include under item (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of a retirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan to which only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner may include under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit plans sponsored by a business owned by either or both of them. A retirement and benefit plan under item (3) includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries, and all qualified retirement and benefit plans of multiple employers registered in the name of a single bank trustee.

Front-End Sales Charge Waivers. Class A shares may be purchased without a front-end sales charge (at NAV) under any of the following conditions:

· purchases of $1 million or more (may be subject to a CDSC);

· purchases by retirement and benefit plans with at least 100 eligible employees, if such retirement and benefit plan held Class A shares of the Fund as of the close of business on December 31, 2015 (may be subject to a CDSC);

· purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans, if such retirement and benefit plan held Class A shares of the Fund as of the close of business on December 31, 2015 (may be subject to a CDSC);

· purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with a fee-based advisory program;

· purchases by investors maintaining a brokerage account with a registered broker-dealer that has entered into an agreement with Lord Abbett Distributor to offer Class A shares through a load-waived network or platform, which may or may not charge transaction fees;

· purchases by insurance companies and/or their separate accounts to fund variable insurance contracts, provided that the insurance company provides recordkeeping and related administrative services to the contract owners;

· purchases by employees of eligible institutions under Section 403(b)(7) of the Code, maintaining individual custodial accounts held by a broker-dealer that has entered into or is in the process of negotiating a settlement agreement with the Financial Industry Regulatory Authority or another regulatory body regarding the availability of Class A shares for purchase without a front-end sales charge or CDSC;

· purchases made with dividends and distributions on Class A shares of another Eligible Fund;

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· purchases representing repayment under the loan feature of the Lord Abbett prototype 403(b) plan for Class A shares;

· purchases by employees of any consenting securities dealer having a sales agreement with Lord Abbett Distributor;

· purchases by trustees or custodians of any pension or profit sharing plan or payroll deduction IRA for the employees of any consenting securities dealer having a sales agreement with Lord Abbett Distributor;

· purchases involving the concurrent sale of Class C shares of the Fund by a broker-dealer in connection with a settlement agreement or settlement agreement negotiations between the broker-dealer and a regulatory body relating to share class suitability. These sales transactions will be subject to the assessment of any applicable CDSCs (although the broker-dealer may pay on behalf of the investor or reimburse the investor for any such CDSC), and any investor purchases subsequent to the original concurrent transactions will be at the applicable public offering price, which may include a sales charge; and

· purchases by Board members, Fund officers, and employees and partners of Lord Abbett (including retired persons who formerly held such positions and family members of such purchasers).

CDSC Waivers. The CDSC generally will not be assessed on the redemption of Class A or C shares under the circumstances listed in the table below. Documentation may be required and some limitations may apply.

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CDSC Waivers

Share Class(es)

Benefit payments under retirement and benefit plans in connection with loans, hardship withdrawals, death, disability, retirement, separation from service, or any excess distribution under retirement and benefit plans

A, C

Eligible mandatory distributions under the Code

A, C

Redemptions by retirement and benefit plans made through financial intermediaries, provided the plan has not redeemed all, or substantially all, of its assets from the Lord Abbett Funds

A

Redemptions by retirement and benefit plans made through financial intermediaries that have special arrangements with the Fund and/or Lord Abbett Distributor that include the waiver of CDSCs and that initially were entered into before December 2002

A

Class A and C shares that are subject to a CDSC and held by certain 401(k) plans for which the Fund’s transfer agent provides plan administration and recordkeeping services and which offer Lord Abbett Funds as the only investment options to the plan’s participants no longer will be subject to the CDSC upon the 401(k) plan’s transition to a financial intermediary that: (1) provides recordkeeping services to the plan; (2) offers other mutual funds in addition to the Lord Abbett Funds as investment options for the plan’s participants; and (3) has entered into a special arrangement with Lord Abbett to facilitate the 401(k) plan’s transition to the financial intermediary

A, C

Death of the shareholder

A, C

Redemptions under Systematic Withdrawal Plans (up to 12% per year)

A, C

Redemptions under Div-Move

C

Concurrent Sales. A broker-dealer may pay on behalf of an investor or reimburse an investor for a CDSC otherwise applicable in the case of transactions involving purchases through such broker-dealer where the investor concurrently is selling his or her holdings in Class C shares of the Fund and buying Class A shares of the Fund, provided that the purchases are related to the requirements of a settlement agreement that the broker-dealer entered into with a regulatory body relating to share class suitability.

Sales Charge Waivers on Transfers between Accounts. Class A shares can be purchased at NAV under the following circumstances:

· Transfers of Lord Abbett Fund shares from an IRA or other qualified retirement plan account to a taxable account in connection with a required minimum distribution; or

· Transfers of Lord Abbett Fund shares held in a taxable account to an IRA or other qualified retirement plan account for the purpose of making a contribution to the IRA or other qualified retirement plan account.

A CDSC will not be imposed at the time of the transaction under such circumstances; instead, the date on which such shares were initially purchased will be used to calculate any applicable CDSC when the shares are redeemed. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe your purchase qualifies for a reduced sales charge and you may be requested to provide documentation of your holdings in order to verify your eligibility. If you

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do not do so, you may not receive all sales charge reductions for which you are eligible.

Reinvestment Privilege. If you redeem Class A or C shares of the Fund, you may reinvest some or all of the proceeds in the same class of any Eligible Fund on or before the 90th day after the redemption without a sales charge unless the reinvestment would be prohibited by the Fund’s frequent trading policy. Special tax rules may apply. If you paid a CDSC when you redeemed your shares, you will be credited with the amount of the CDSC. All accounts involved must have the same registration. This privilege does not apply to purchases made through Invest-A-Matic or other automatic investment services. The reinvestment privilege only applies to your Fund’s shares if you previously paid a front-end sales charge in connection with your purchase of such shares.

FINANCIAL INTERMEDIARY COMPENSATION

As part of a plan for distributing shares, authorized financial intermediaries that sell the Fund’s shares and service its shareholder accounts receive sales and service compensation. Additionally, authorized financial intermediaries may charge a fee to effect transactions in Fund shares.

Sales compensation originates from sales charges that are paid directly by shareholders and 12b-1 distribution fees that are paid by the Fund out of share class assets. Service compensation originates from 12b-1 service fees. Because 12b-1 fees are paid on an ongoing basis, over time the payment of such fees will increase the cost of an investment in the Fund, which may be more than the cost of other types of sales charges. The Fund accrues 12b-1 fees daily at annual rates shown in the “Fees and Expenses” table above based upon average daily net assets. The portion of the distribution and service (12b-1) fees that Lord Abbett Distributor pays to financial intermediaries for each share class is as follows:

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Class

Fee(1)

A(2)

C(2)

F(3)

F3

I

P

R2

R3

R4

R5

R6

Service

0.25%

0.25%

0.25%

0.25%

0.25%

0.25%

Distribution

0.75%

0.20%

0.35%

0.25%

(1) The Fund may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.

(2) For purchases of Class A shares without a front-end sales charge and for which Lord Abbett Distributor pays distribution-related compensation, and for all purchases of Class C shares, the 12b-1 payments shall commence 13 months after purchase.

(3) The Fund generally designates the entire Class F share Rule 12b-1 fee as attributable to distribution activities conducted by Lord Abbett Distributor. Lord Abbett Distributor therefore generally retains the Class F share Rule 12b-1 fee and does not pay it to a financial intermediary. However, Lord Abbett Distributor in its sole discretion may pay to a financial intermediary directly all or a portion of the Class F share Rule 12b-1 fee upon request, provided that (i) the financial intermediary’s fee-based advisory program has invested at least $1 billion in Class F shares across the Lord Abbett Family of Funds at the time of the request, (ii) the financial intermediary converted its fee-based advisory program holdings from Class A shares to Class F shares no more than three months before making the request, and (iii) the financial intermediary has a practice of, in effect, reducing the advisory fee it receives from its fee-based program participants by an amount corresponding to any Rule 12b-1 fee revenue it receives.

Lord Abbett Distributor may pay 12b-1 fees to authorized financial intermediaries or use the fees for other distribution purposes, including revenue sharing. The amounts paid by the Fund need not be directly related to expenses. If Lord Abbett Distributor’s actual expenses exceed the fee paid to it, the Fund will not have to pay more than that fee. Conversely, if Lord Abbett Distributor’s expenses are less than the fee it receives, Lord Abbett Distributor will keep the excess amount of the fee.

Sales Activities. The Fund may use 12b-1 distribution fees to pay authorized financial intermediaries to finance any activity that primarily is intended to result in the sale of shares. Lord Abbett Distributor uses its portion of the distribution fees attributable to the shares of a particular class for activities that primarily are intended to result in the sale of shares of such class. These activities include, but are not limited to, printing of prospectuses and statements of additional information and reports for anyone other than existing shareholders, preparation and distribution of advertising and sales material, expenses of organizing and conducting sales seminars, additional payments to authorized financial intermediaries, maintenance of shareholder accounts, the cost necessary to provide distribution-related services or personnel, travel, office expenses, equipment and other allocable overhead.

Service Activities. Lord Abbett Distributor may pay 12b-1 service fees to authorized financial intermediaries for any activity that primarily is intended to result in personal service and/or the maintenance of shareholder accounts or certain retirement and benefit plans. Any portion of the service fees paid to Lord Abbett Distributor will be used to service and maintain shareholder accounts.

Dealer Concessions on Class A Share Purchases With a Front-End Sales Charge. See “Sales Charges – Class A Share Front-End Sales Charge” for more information.

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Dealer Concessions on Class A Share Purchases Without a Front-End Sales Charge. Except as otherwise set forth in the following paragraphs, Lord Abbett Distributor may pay Dealers distribution-related compensation (i.e., concessions) according to the schedule set forth below under the following circumstances (may be subject to a CDSC):

· purchases of $1 million or more;

· purchases by certain retirement and benefit plans with at least 100 eligible employees; or

· purchases for certain retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans in connection with multiple fund family recordkeeping platforms and have entered into special arrangements with the Fund and/or Lord Abbett Distributor specifically for such purchases (“Alliance Arrangements”).

Dealers receive concessions described below on purchases made within a 12-month period beginning with the first NAV purchase of Class A shares for the account. The concession rate resets on each anniversary date of the initial NAV purchase, provided that the account continues to qualify for treatment at NAV. Current holdings of Class C and P shares of Eligible Funds will be included for purposes of calculating the breakpoints in the schedule below and the amount of the concessions payable with respect to the Class A share investment. Concessions may not be paid with respect to Alliance Arrangements unless Lord Abbett Distributor can monitor the applicability of the CDSC.

Financial intermediaries should contact Lord Abbett Distributor for more complete information on the commission structure.

     

Dealer Concession Schedule —
Class A Shares for Certain Purchases Without a Front-End Sales Charge

The dealer concession received is based on the amount of the Class A share investment as follows:

Class A Investments*

Front-End Sales Charge**

Dealer’s Concession

$1 million to $5 million

None

1.00%

Next $5 million above that

None

0.55%

Next $40 million above that

None

0.50%

Over $50 million

None

0.25%

* Assets initially purchased into Class A shares of Lord Abbett Ultra Short Bond Fund that were purchased without the application of a front-end sales charge are excluded for purposes of calculating the amount of any Dealer’s Concession.

** Class A shares purchased without a sales charge will be subject to a 1.00% CDSC if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. For Alliance Arrangements involving financial intermediaries offering multiple fund families to retirement and benefit plans, the CDSC normally will be collected only when a plan effects a complete redemption of all or substantially all shares of all Lord Abbett Funds in which the plan is invested.

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Dealer Concessions on Class C Shares. Lord Abbett Distributor may pay financial intermediaries selling Class C shares a sales concession of up to 1.00% of the purchase price of the Class C shares and Lord Abbett Distributor will collect and retain any applicable CDSC.

Dealer Concessions on Class F, F3, I, P, R2, R3, R4, R5, and R6 Shares. Class F, F3, I, P, R2, R3, R4, R5, and R6 shares are purchased at NAV with no front-end sales charge and no CDSC when redeemed. Accordingly, there are no dealer concessions on these shares.

Revenue Sharing and Other Payments to Dealers and Financial Intermediaries. Lord Abbett (the term “Lord Abbett” in this section also refers to Lord Abbett Distributor unless the context requires otherwise) may make payments to certain financial intermediaries for marketing and distribution support activities. Lord Abbett makes these payments, at its own expense, out of its own resources (including revenues from advisory fees and 12b-1 fees), and without any additional costs to the Fund or the Fund’s shareholders.

These payments, which may include amounts that sometimes are referred to as “revenue sharing” payments, are in addition to the Fund’s fees and expenses described in this prospectus. In general, these payments are intended to compensate or reimburse financial intermediary firms for certain activities, including: promotion of sales of Fund shares, such as placing the Lord Abbett Family of Funds on a preferred list of fund families; making Fund shares available on certain platforms, programs, or trading venues; educating a financial intermediary firm’s sales force about the Lord Abbett Funds; providing services to shareholders; and various other promotional efforts and/or costs. The payments made to financial intermediaries may be used to cover costs and expenses related to these promotional efforts, including travel, lodging, entertainment, and meals, among other things. In addition, Lord Abbett may provide payments to a financial intermediary in connection with Lord Abbett’s participation in or support of conferences and other events sponsored, hosted, or organized by the financial intermediary. The aggregate amount of these payments may be substantial and may exceed the actual costs incurred by the financial intermediary in engaging in these promotional activities or services and the financial intermediary firm may realize a profit in connection with such activities or services.

Lord Abbett may make such payments on a fixed or variable basis based on Fund sales, assets, transactions processed, and/or accounts attributable to a financial intermediary, among other factors. Lord Abbett determines the amount of these payments in its sole discretion. In doing so, Lord Abbett may consider a number of factors, including: a financial intermediary’s sales, assets, and redemption rates; the nature and quality of any shareholder services provided by the financial intermediary; the quality and depth of the financial intermediary’s existing business relationships with Lord Abbett; the expected potential to expand such relationships; and the financial intermediary’s anticipated growth prospects. Not all financial intermediaries receive revenue sharing payments and the amount of revenue sharing

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payments may vary for different financial intermediaries. Lord Abbett may choose not to make payments in relation to certain of the Lord Abbett Funds or certain classes of shares of any particular Fund.

In some circumstances, these payments may create an incentive for a broker-dealer or its investment professionals to recommend or sell Fund shares to you. Lord Abbett may benefit from these payments to the extent the broker-dealers sell more Fund shares or retain more Fund shares in their clients’ accounts because Lord Abbett receives greater management and other fees as Fund assets increase. For more specific information about these payments, including revenue sharing arrangements, made to your broker-dealer or other financial intermediary and the conflicts of interest that may arise from such arrangements, please contact your investment professional. In addition, please see the SAI for more information regarding Lord Abbett’s revenue sharing arrangements with financial intermediaries.

Payments for Recordkeeping, Networking, and Other Services. In addition to the payments from Lord Abbett or Lord Abbett Distributor described above, from time to time, Lord Abbett and Lord Abbett Distributor may have other relationships with financial intermediaries relating to the provision of services to the Fund, such as providing omnibus account services or executing portfolio transactions for the Fund. The Fund generally may pay recordkeeping fees for services provided to plans where the account is a plan-level or fund-level omnibus account and plan participants have the ability to determine their investments in particular mutual funds. If your financial intermediary provides these services, Lord Abbett or the Fund may compensate the financial intermediary for these services. In addition, your financial intermediary may have other relationships with Lord Abbett or Lord Abbett Distributor that are not related to the Fund.

For example, the Lord Abbett Funds may enter into arrangements with and pay fees to financial intermediaries that provide recordkeeping or other subadministrative services to certain groups of investors in the Lord Abbett Funds, including participants in retirement and benefit plans, investors in mutual fund advisory programs, investors in variable insurance products and clients of financial intermediaries that operate in an omnibus environment (collectively, “Investors”). The recordkeeping services typically include: (a) establishing and maintaining Investor accounts and records; (b) recording Investor account balances and changes thereto; (c) arranging for the wiring of funds; (d) providing statements to Investors; (e) furnishing proxy materials, periodic Lord Abbett Fund reports, prospectuses and other communications to Investors as required; (f) transmitting Investor transaction information; and (g) providing information in order to assist the Lord Abbett Funds in their compliance with state securities laws. The fees that the Lord Abbett Funds pay are designed to compensate financial intermediaries for such services.

The Lord Abbett Funds also may pay fees to broker-dealers for networking services. Networking services may include but are not limited to:

· establishing and maintaining individual accounts and records;

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· providing client account statements; and

· providing 1099 forms and other tax statements.

The networking fees that the Lord Abbett Funds pay to broker-dealers normally result in reduced fees paid by the Fund to the transfer agent, which otherwise would provide these services.

Financial intermediaries may charge additional fees or commissions other than those disclosed in this prospectus, such as a transaction based fee or other fee for its service, and may categorize and disclose these arrangements differently than described in the discussion above and in the SAI. You may ask your financial intermediary about any payments it receives from Lord Abbett or the Fund, as well as about fees and/or commissions it charges.

PURCHASES

Initial Purchases. Lord Abbett Distributor acts as an agent for the Fund to work with financial intermediaries that buy and sell shares of the Fund on behalf of their clients. Generally, Lord Abbett Distributor does not sell Fund shares directly to investors. Initial purchases of Fund shares may be made through any financial intermediary that has a sales agreement with Lord Abbett Distributor. Unless you are investing in the Fund through a retirement and benefit plan, fee-based program or other financial intermediary, you and your investment professional may fill out the application and send it to the Fund at the address below. To open an account through a retirement and benefit plan, fee-based program or other type of financial intermediary, you should contact your financial intermediary for instructions on opening an account.

[Name of Fund]
P.O. Box 219336
Kansas City, MO 64121

Please do not send account applications or purchase, exchange, or redemption orders to Lord Abbett’s offices in Jersey City, NJ.

Additional Purchases. You may make additional purchases of Fund shares by contacting your investment professional or financial intermediary. If you have direct account privileges with the Fund, you may make additional purchases by:

· Telephone. If you have established a bank account of record, you may purchase Fund shares by telephone. You or your investment professional should call the Fund at 888-522-2388.

· Online. If you have established a bank account of record, you may submit a request online to purchase Fund shares by accessing your account online. Please log onto www.lordabbett.com and enter your account information and personal identification data.

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· Mail. You may submit a written request to purchase Fund shares by indicating the name(s) in which the account is registered, the Fund’s name, the class of shares, your account number, and the dollar amount you wish to purchase. Please include a check for the amount of the purchase, which may be subject to a sales charge. If purchasing Fund shares by mail, your purchase order will not be accepted or processed until such orders are received by the Fund at P.O. Box 219336, Kansas City, MO 64121.

· Wire. You may purchase Fund shares via wire by sending your purchase amount to: UMB, N.A., Kansas City, routing number: 101000695, bank account number: 987800033-3, FBO: (your account name) and (your Lord Abbett account number). Specify the complete name of the Fund and the class of shares you wish to purchase.

Good Order. “Good order” generally means that your purchase request includes: (1) the name of the Fund; (2) the class of shares to be purchased; (3) the dollar amount of shares to be purchased; (4) your properly completed account application or investment stub; and (5) a check payable to the name of the Fund or a wire transfer received by the Fund. In addition, for your purchase request to be considered in good order, you must satisfy any eligibility criteria and minimum investment requirements applicable to the Fund and share class you are seeking to purchase. An initial purchase order submitted directly to the Fund, or the Fund’s authorized agent (or the agent’s designee), must contain: (1) an application completed in good order with all applicable requested information; and (2) payment by check or instructions to debit your checking account along with a canceled check containing account information. Additional purchase requests must include all required information and the proper form of payment (i.e., check or wired funds).

See “Account Services and Policies – Procedures Required by the USA PATRIOT Act” for more information.

Initial and additional purchases of Fund shares are executed at the NAV next determined after the Fund or the Fund’s authorized agent receives your purchase request in good order. The Fund reserves the right to modify, restrict or reject any purchase order (including exchanges). All purchase orders are subject to acceptance by the Fund.

Insufficient Funds. If you request a purchase and your bank account does not have sufficient funds to complete the transaction at the time it is presented to your bank, your requested transaction will be reversed and you will be subject to any and all losses, fees and expenses incurred by the Fund in connection with processing the insufficient funds transaction. The Fund reserves the right to liquidate all or a portion of your Fund shares to cover such losses, fees and expenses.

Non-U.S. Investors. The Lord Abbett Family of Funds are not offered to investors resident outside the United States. The Funds may, however, accept purchases from U.S. citizens resident outside the United States who meet applicable eligibility requirements and furnish any requested documentation.

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EXCHANGES

You or your investment professional may instruct the Fund to exchange shares of any class for shares of the same class of any other Lord Abbett Fund (except for Lord Abbett Credit Opportunities Fund and Lord Abbett Special Situations Income Fund), provided that the fund shares to be acquired in the exchange are available to new investors in such other fund. For investors investing through retirement and benefit plans or fee-based programs, you should contact the financial intermediary that administers your plan or sponsors the fee-based program to request an exchange.

If you have direct account privileges with the Fund, you may request an exchange transaction by:

· Telephone. You or your investment professional should call the Fund at 888-522-2388.

· Online. You may submit a request online to exchange your Fund shares by accessing your account online. Please log onto www.lordabbett.com and enter your account information and personal identification data.

· Mail. You may submit a written request to exchange your Fund shares by indicating the name(s) in which the account is registered, the Fund’s name, the class of shares, your account number, the dollar amount or number of shares you wish to exchange, and the name(s) of the Eligible Fund(s) into which you wish to exchange your Fund shares. If submitting a written request to exchange Fund shares, your exchange request will not be processed until the Fund receives the request in good order at P.O. Box 219336, Kansas City, MO 64121.

The Fund may revoke the exchange privilege for all shareholders upon 60 days’ written notice. In addition, there are limitations on exchanging Fund shares for a different class of shares, and moving shares held in certain types of accounts to a different type of account or to a new account maintained by a financial intermediary. Please speak with your financial intermediary if you have any questions.

An exchange of Fund shares for shares of another Lord Abbett Fund will be treated as a sale of Fund shares and any gain on the transaction may be subject to federal income tax. You should read the current prospectus for any Lord Abbett Fund into which you are exchanging.

Conversions at the Request of a Financial Intermediary. Subject to the conditions set forth in this paragraph, shares of one class of the Fund may be converted into (i.e., exchanged for) shares of a different class of the Fund at the request of a shareholder’s financial intermediary. To qualify for a conversion, the shareholder must satisfy the conditions for investing in the class into which the conversion is sought (as described in this prospectus and the SAI). Also, shares are not eligible to be converted until any applicable CDSC period has expired. No sales charge will be imposed on converted shares. The financial intermediary making the conversion request must submit the request in writing. In addition, the financial intermediary or other responsible party must process and report the transaction as a conversion.

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The value of the shares received during a conversion will be based on the relative NAV of the shares being converted and the shares received as a result of the conversion. It generally is expected that conversions will not result in taxable gain or loss.

REDEMPTIONS

You may redeem your Fund shares by contacting your investment professional or financial intermediary. For shareholders investing through retirement and benefit plans or fee-based programs, you should contact the financial intermediary that administers your plan or sponsors the fee-based program to redeem your shares. You may be required to provide the Fund with certain legal or other documents completed in good order before your redemption request will be processed.

If you have direct account privileges with the Fund, you may redeem your Fund shares by:

· Telephone. You may redeem $100,000 or less from your account by telephone. You or your representative should call the Fund at 888-522-2388.

· Online. You may submit a request online to redeem your Fund shares by accessing your account online. Please log onto www.lordabbett.com and enter your account information and personal identification data.

· Mail. You may submit a written request to redeem your Fund shares by indicating the name(s) in which the account is registered, the Fund’s name, your account number, and the dollar amount or number of shares you wish to redeem. If submitting a written request to redeem your shares, your redemption will not be processed until the Fund receives the request in good order at P.O. Box 219336, Kansas City, MO 64121.

Insufficient Account Value. If you request a redemption transaction for a specific amount and your account value at the time the transaction is processed is less than the requested redemption amount, the Fund will deem your request as a request to liquidate your entire account.

Redemption Payments. Redemptions of Fund shares are executed at the NAV next determined after the Fund or your financial intermediary receives your request in good order. Normally, redemption proceeds are paid within three (but no more than seven) days after your redemption request is received in good order. If you redeem shares that were recently purchased, the Fund may delay the payment of the redemption proceeds until your check, bank draft, electronic funds transfer or wire transfer has cleared, which may take several days. This process may take up to 15 calendar days for purchases by check to clear. The Fund may postpone payment for more than seven days or suspend redemptions (i) during any period that the New York Stock Exchange (“NYSE”) is closed, or trading on the NYSE is restricted as determined by the U.S. Securities and Exchange Commission (“SEC”); (ii) during any period when an emergency exists as determined by the SEC as a result of which it is not practicable for the Fund to dispose of securities it owns, or fairly to

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determine the value of its assets; and/or (iii) for such other periods as the SEC may permit.

If you have direct account access privileges, the redemption proceeds will be paid by electronic transfer via an automated clearing house deposit to your bank account on record with the Fund. If there is no bank account on record, your redemption proceeds normally will be paid by check payable to the registered account owner(s) and mailed to the address to which the account is registered.

You may request that your redemption proceeds of at least $1,000 be disbursed by wire to your bank account of record by contacting the Fund and requesting the redemption and wire transfer and providing the proper wiring instructions for your bank account of record.

You may request that redemption proceeds be made payable and disbursed to a person or account other than the shareholder(s) of record, provided that you provide a signature guarantee by an eligible guarantor, including a broker or bank that is a member of the medallion stamp program. Please note that a notary public is not an eligible guarantor.

A guaranteed signature by an eligible guarantor is designed to protect you from fraud. The Fund generally will require a guaranteed signature by an eligible guarantor on requests for redemption that:

· Are signed by you in your legal capacity to sign on behalf of another person or entity (i.e., on behalf of an estate);

· Request a redemption check to be payable to anyone other than the shareholder(s) of record;

· Request a redemption check to be mailed to an address other than the address of record;

· Request redemption proceeds to be payable to a bank other than the bank account of record; or

· Total more than $100,000.

Institutional investors eligible to purchase Class I shares may redeem shares in excess of $100,000 in accounts held directly with the Fund without a guaranteed signature, provided that the proceeds are payable to the bank account of record and the redemption request otherwise is in good order.

Liquidity Management. The Fund has implemented measures designed to enable it to pay redemption proceeds in a timely fashion while maintaining adequate liquidity. The Fund’s portfolio management team continually monitors portfolio liquidity and adjusts the Fund’s cash level based on portfolio composition, redemption rates, market conditions, and other relevant criteria. Under normal circumstances, the Fund’s portfolio management team may meet redemption requests and manage liquidity by selling portfolio securities. Under certain circumstances, including

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stressed market conditions, the Fund’s portfolio management team may meet redemption requests and manage liquidity by (i) borrowing from a bank under a line of credit or from another Lord Abbett Fund (to the extent permitted under any SEC exemptive relief and the Fund’s investment restrictions, in each case as stated in the Fund’s SAI and/or prospectus, as applicable), (ii) transacting in exchange-traded funds and/or derivatives, or (iii) paying redemption proceeds in kind, as discussed below.

Despite the Fund’s reasonable best efforts, however, there can be no assurance that the Fund will manage liquidity successfully in all market environments. As a result, the Fund may not be able to pay redemption proceeds in a timely fashion because of unusual market conditions, an unusually high volume of redemption requests, or other factors.

Redemptions in Kind. The Fund reserves the right to pay redemption proceeds in whole or in part by distributing liquid securities from the Fund’s portfolio. It is not expected that the Fund would pay redemptions by an in kind distribution except in unusual and/or stressed circumstances. If the Fund pays redemption proceeds by distributing securities in kind, you could incur brokerage or other charges, and tax liability, and you will bear market risks until the distributed securities are converted into cash.

You should note that your purchase, exchange, and redemption requests may be subject to review and verification on an ongoing basis.

ACCOUNT SERVICES AND POLICIES

Certain of the services and policies described below may not be available through certain financial intermediaries. Contact your financial intermediary for services and policies applicable to you.

Account Services

Automatic Services for Fund Investors. You may buy or sell shares automatically with the services described below. With each service, you select a schedule and amount, subject to certain restrictions. You may set up most of these services when filling out the application or by calling 888-522-2388.

   

For investing

Invest-A-Matic(1)(2)

(Dollar-cost averaging)

You can make fixed, periodic investments ($250 initial and $50 subsequent minimum) into your Fund account by means of automatic money transfers from your bank checking account. See the application for instructions.

Div-Move(1)

You may automatically reinvest the dividends and distributions from your account into another account in any Lord Abbett Fund available for purchase ($50 minimum).

(1) In the case of financial intermediaries maintaining accounts in omnibus recordkeeping environments or in nominee name that aggregate the underlying accounts’ purchase orders for Fund shares, the minimum subsequent investment requirements described above will not apply to such underlying accounts.

(2) There is no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs.

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For selling shares

Systematic Withdrawal Plan (“SWP”)

You can make regular withdrawals from most Lord Abbett Funds. Automatic cash withdrawals will be paid to you from your account in fixed or variable amounts. To establish a SWP, the value of your shares for Class A or C must be at least $10,000, except in the case of a SWP established for certain retirement and benefit plans, for which there is no minimum. Your shares must be in non-certificate form.

Class A and C Shares

The CDSC will be waived on redemptions of up to 12% of the current value of your account at the time of your SWP request. For SWP redemptions over 12% per year, the CDSC will apply to the entire redemption. Please contact the Fund for assistance in minimizing the CDSC in this situation. Redemption proceeds due to a SWP for Class A and C shares will be redeemed in the order described under “CDSC” under “Sales Charges.”

Telephone and Online Purchases and Redemptions. Submitting transactions by telephone or online may be difficult during times of drastic economic or market changes or during other times when communications may be under unusual stress. When initiating a transaction by telephone or online, shareholders should be aware of the following considerations:

· Security. The Fund and its service providers employ verification and security measures for your protection. For your security, telephone and online transaction requests are recorded. You should note, however, that any person with access to your account and other personal information (including personal identification number) may be able to submit instructions by telephone or online. The Fund will not be liable for relying on instructions submitted by telephone or online that the Fund reasonably believes to be genuine.

· Online Confirmation. The Fund is not responsible for online transaction requests that may have been sent but not received in good order. Requested transactions received by the Fund in good order are confirmed at the completion of the order and your requested transaction will not be processed unless you receive the confirmation message.

· No Cancellations. You will be asked to verify the requested transaction and may cancel the request before it is submitted to the Fund. The Fund will not cancel a submitted transaction once it has been received (in good order) and is confirmed at the end of the telephonic or online transaction.

Householding. We have adopted a policy that allows us to send only one copy of the prospectus, proxy materials, annual report and semiannual report to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call us at 888-522-2388 or send a written request with your name, the name of your fund or funds, and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.

Account Statements. Every investor automatically receives quarterly account statements.

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Account Changes. For any changes you need to make to your account, consult your investment professional or call the Fund at 888-522-2388.

Systematic Exchange. You or your investment professional can establish a schedule of exchanges between the same classes of any other Lord Abbett Fund, provided that the fund shares to be acquired in the exchange are available to new investors in such other fund.

Account Policies

Pricing of Fund Shares. Under normal circumstances, NAV per share is calculated each business day at the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time, on each day on which the NYSE is open for trading. The most recent NAV per share for the Fund is available at www.lordabbett.com. Purchases and sales (including exchanges) of Fund shares are executed at the NAV (subject to any applicable sales charges) next determined after the Fund or the Fund’s authorized agent receives your order in good order. In the case of purchase, redemption, or exchange orders placed through your financial intermediary, when acting as the Fund’s authorized agent (or the agent’s designee), the Fund will be deemed to have received the order when the agent or designee receives the order in good order.

Purchase and sale orders must be placed by the close of trading on the NYSE in order to receive that day’s NAV; orders placed after the close of trading on the NYSE will receive the next business day’s NAV. Fund shares will not be priced on holidays or other days when the NYSE is closed for trading. In the event the NYSE is closed on a day it normally would be open for business for any reason (including, but not limited to, technology problems or inclement weather), or the NYSE has an unscheduled early closing on a day it has opened for business, the Fund reserves the right to treat such day as a business day. In such cases, the Fund would accept purchase and redemption orders until, and calculate its NAV as of, the normally scheduled close of regular trading on the NYSE for that day, so long as Lord Abbett believes there generally remains an adequate market to obtain reliable and accurate market quotations.

In calculating NAV, securities listed on any recognized U.S. or non-U.S. exchange (including NASDAQ) are valued at the market closing price on the exchange or system on which they are principally traded. Unlisted equity securities are valued at the last transaction price, or, if there were no transactions that day, at the mean between the most recently quoted bid and asked prices. Unlisted fixed income securities (other than those with remaining maturities of 60 days or less) are valued at prices supplied by independent pricing services, which prices are broker/dealer-supplied valuations or evaluated or “matrix” prices based on electronic data processing techniques. Such valuations are based on the mean between the bid and asked prices, when available, and are based on the bid price when no asked price is available. Unlisted fixed income securities (other than senior loans) having remaining maturities of 60 days or less are valued at their amortized cost. The principal markets for non-U.S. securities and U.S. fixed income securities also

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generally close prior to the close of the NYSE. Consequently, values of non-U.S. investments and U.S. fixed income securities will be determined as of the earlier closing of such exchanges and markets unless the Fund prices such a security at its fair value. This may allow significant events, including broad market moves that occur in the interim, to affect the values of non-U.S. securities and U.S. fixed income securities held by the Fund. These timing differences may allow a shareholder to exploit differences in the Fund’s share prices that are based on closing prices of non-U.S. securities and U.S. fixed-income securities that are determined before the Fund calculates its NAV per share. For more information, please see the section “Excessive Trading and Market Timing” below.

Securities for which prices or market quotations are not readily available, do not accurately reflect fair value in Lord Abbett’s opinion, or have been materially affected by events occurring after the close of the market on which the security is principally traded but before 4:00 p.m. Eastern time are valued by Lord Abbett under fair value procedures approved by and administered under the supervision of the Fund’s Board. These circumstances may arise, for instance, when trading in a security is suspended, the market on which a security is traded closes early, or demand for a security (as reflected by its trading volume) is insufficient and thus calls into question the reliability of the quoted or computed price, or the security is relatively illiquid. The Fund may use fair value pricing more frequently for securities primarily traded on foreign exchanges. Because many foreign markets close hours before the Fund values its foreign portfolio holdings, significant events, including broad market moves, may occur in the interim potentially affecting the values of foreign securities held by the Fund. The Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include recent transactions in comparable securities, information relating to the specific security, developments in the markets and their performance, and current valuations of relevant general and sector indices. The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security.

Certain securities that are traded primarily on foreign exchanges may trade on weekends or days when the NAV is not calculated. As a result, the value of securities may change on days when shareholders are not able to purchase or sell Fund shares.

Excessive Trading and Market Timing. The Fund is not designed for short-term investors and is not intended to serve as a vehicle for frequent trading in response to short-term swings in the market. Excessive, short-term or market timing trading practices (“frequent trading”) may disrupt management of the Fund, raise its expenses, and harm long-term shareholders in a variety of ways. For example, volatility resulting from frequent trading may cause the Fund difficulty in implementing long-term investment strategies because it cannot anticipate the

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amount of cash it will have to invest. The Fund may find it necessary to sell portfolio securities at disadvantageous times to raise cash to meet the redemption demands resulting from such frequent trading. Each of these, in turn, could increase tax, administrative, and other costs, and reduce the Fund’s investment return.

To the extent the Fund invests in foreign securities, the Fund may be particularly susceptible to frequent trading because many foreign markets close hours before the Fund values its portfolio holdings. This may allow significant events, including broad market moves that occur in the interim, to affect the values of foreign securities held by the Fund. The time zone differences among foreign markets may allow a shareholder to exploit differences in the Fund’s share prices that are based on closing prices of foreign securities determined before the Fund calculates its NAV per share (known as “time zone arbitrage”). To the extent the Fund invests in securities that are thinly traded or relatively illiquid, the Fund also may be particularly susceptible to frequent trading because the current market price for such securities may not accurately reflect current market values. A shareholder may attempt to engage in frequent trading to take advantage of these pricing differences (known as “price arbitrage”). The Fund has adopted fair value procedures that allow the Fund to use values other than the closing market prices of these types of securities to reflect what the Fund reasonably believes to be their fair value at the time it calculates its NAV per share. The Fund expects that the use of fair value pricing will reduce a shareholder’s ability to engage successfully in time zone arbitrage and price arbitrage to the detriment of other Fund shareholders, although there is no assurance that fair value pricing will do so. For more information about these procedures, see “Pricing of Fund Shares” above.

The Fund’s Board has adopted additional policies and procedures that are designed to prevent or stop frequent trading. We recognize, however, that it may not be possible to identify and stop or avoid every instance of frequent trading in Fund shares. For this reason, the Fund’s policies and procedures are intended to identify and stop frequent trading that we believe may be harmful to the Fund. For this purpose, we consider frequent trading to be harmful if, in general, it is likely to cause the Fund to incur additional expenses or to sell portfolio holdings for other than investment strategy-related reasons. Toward this end, we have procedures in place to monitor the purchase, sale and exchange activity in Fund shares by investors and financial intermediaries that place orders on behalf of their clients, which procedures are described below. The Fund may modify its frequent trading policy and monitoring procedures from time to time without notice as and when deemed appropriate to enhance protection of the Fund and its shareholders.

Frequent Trading Policy and Procedures. We have procedures in place designed to enable us to monitor the purchase, sale and exchange activity in Fund shares by investors and financial intermediaries that place orders on behalf of their clients in order to attempt to identify activity that is potentially harmful to the Fund. If, based on these monitoring procedures, we believe that an investor is engaging in, or has engaged in, frequent trading that may be harmful to the Fund, normally, we will notify the investor (and/or the investor’s financial professional) to cease all such

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activity in the account. If the activity occurs again, we will place a block on all further purchases or exchanges of the Fund’s shares in the investor’s account and inform the investor (and/or the investor’s financial professional) to cease all such activity in the account. The investor then has the option of maintaining any existing investment in the Fund, exchanging Fund shares for shares of Money Market Fund, or redeeming the account. Investors electing to exchange or redeem Fund shares under these circumstances should consider that the transaction may be subject to a CDSC or result in tax consequences. As stated above, although we generally notify the investor (and/or the investor’s financial professional) to cease all activity indicative of frequent trading prior to placing a block on further purchases or exchanges, we reserve the right to immediately place a block on an account or take other action without prior notification when we deem such action appropriate in our sole discretion. While we attempt to apply the policy and procedures uniformly to detect frequent trading practices, there can be no assurance that we will succeed in identifying all such practices or that some investors will not employ tactics that evade our detection. Money Market Fund and Lord Abbett Ultra Short Bond Fund are not subject to the frequent trading policy and procedures.

Lord Abbett Distributor may review the frequent trading policies and procedures that an individual financial intermediary is able to put in place to determine whether its policies and procedures are consistent with the protection of the Fund and its investors, as described above. Lord Abbett Distributor also will seek the financial intermediary’s agreement to cooperate with Lord Abbett Distributor’s efforts to (1) monitor the financial intermediary’s adherence to its policies and procedures and/or receive an amount and level of information regarding trading activity that Lord Abbett Distributor in its sole discretion deems adequate, and (2) stop any trading activity Lord Abbett Distributor identifies as frequent trading. Nevertheless, these circumstances may result in a financial intermediary’s application of policies and procedures that are less effective at detecting and preventing frequent trading than the policies and procedures adopted by Lord Abbett Distributor and by certain other financial intermediaries. If an investor would like more information concerning the policies, procedures and restrictions that may be applicable to his or her account, the investor should contact the financial intermediary placing purchase orders on his or her behalf. A substantial portion of the Fund’s shares may be held by financial intermediaries through omnibus accounts or in nominee name.

With respect to monitoring of accounts maintained by a financial intermediary, to our knowledge, in an omnibus environment or in nominee name, Lord Abbett Distributor will seek to receive sufficient information from the financial intermediary to enable it to review the ratio of purchase versus redemption activity of each underlying sub-account or, if such information is not readily obtainable, in the overall omnibus account(s) or nominee name account(s). If we identify activity that we believe may be indicative of frequent trading activity, we normally will notify the financial intermediary and request it to provide Lord Abbett Distributor with additional transaction information so that Lord Abbett Distributor may determine if any investors appear to have engaged in frequent trading activity. Lord

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Abbett Distributor’s monitoring activity normally is limited to review of historic account activity. This may result in procedures that may be less effective at detecting and preventing frequent trading than the procedures Lord Abbett Distributor uses in connection with accounts not maintained in an omnibus environment or in nominee name.

If an investor related to an account maintained in an omnibus environment or in nominee name is identified as engaging in frequent trading activity, we normally will request that the financial intermediary take appropriate action to curtail the activity and will work with the relevant party to do so. Such action may include actions similar to those that Lord Abbett Distributor would take, such as issuing warnings to cease frequent trading activity, placing blocks on accounts to prohibit future purchases and exchanges of Fund shares, or requiring that the investor place trades through the mail only, in each case either indefinitely or for a period of time. Again, we reserve the right to immediately attempt to place a block on an account or take other action without prior notification when we deem such action appropriate in our sole discretion. If we determine that the financial intermediary has not demonstrated adequately that it has taken appropriate action to curtail the frequent trading, we may consider seeking to prohibit the account or sub-account from investing in the Fund and/or also may terminate our relationship with the financial intermediary. As noted above, these efforts may be less effective at detecting and preventing frequent trading than the policies and procedures Lord Abbett Distributor uses in connection with accounts not maintained in an omnibus environment or in nominee name. The nature of these relationships also may inhibit or prevent Lord Abbett Distributor or the Fund from assuring the uniform assessment of CDSCs on investors, even though financial intermediaries operating in omnibus environments typically have agreed to assess the CDSCs or assist Lord Abbett Distributor or the Fund in assessing them.

Procedures Required by the USA PATRIOT Act. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions, including the Fund, to obtain, verify, and record information that identifies each person who opens an account. What this means for you – when you open an account, we will ask for your name, address, date and place of organization or date of birth, and taxpayer identification number or Social Security number, and we may ask for other information that will allow us to identify you. We will ask for this information in the case of persons who will be signing on behalf of certain entities that will own the account. We also may ask for copies of documents. If we are unable to obtain the required information within a short period of time after you try to open an account, we will return your purchase order or account application. Your monies will not be invested until we have all required information. You also should know that we may verify your identity through the use of a database maintained by a third party or through other means. If we are unable to verify your identity, we may liquidate and close the account. This may result in adverse tax consequences. In addition, the Fund reserves the right to reject purchase orders or

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account applications accompanied by cash, cashier’s checks, money orders, bank drafts, traveler’s checks, and third party or double-endorsed checks, among others.

Small Account Closing Policy. The Fund has established a minimum account balance of $1,000. The Fund may redeem your account (without charging a CDSC) if the NAV of your account falls below $1,000. The Fund will provide you with at least 60 days’ prior written notice before doing so, during which time you may avoid involuntary redemption by making additional investments to satisfy the minimum account balance.

How to Protect Your Account from State Seizure. Under state law, mutual fund accounts can be considered “abandoned property.” The Fund may be required by state law to forfeit or pay abandoned property to the state government if you have not accessed your account for a period specified by the state of your domicile. Depending on the state, in most cases, a mutual fund account may be considered abandoned and forfeited to the state if the account owner has not initiated any activity in the account or contacted the fund company holding the account for as few as three or as many as five years. Because the Fund is legally required to send the state the assets of accounts that are considered “abandoned,” the Fund will not be liable to shareholders for good faith compliance with these state laws. If you invest in the Fund through a financial intermediary, we encourage you to contact the financial intermediary regarding applicable state abandoned property laws.

If you hold your account directly with the Fund (rather than through an intermediary), we strongly encourage you to contact us at least once each year. Below are ways in which you can assist us in safeguarding your Fund investments:

· Log into your account at www.lordabbett.com. Please note that, by contrast, simply visiting our public website will not constitute contact with us under state abandoned property rules; instead, an account login is required.

· Call our 24-hour automated service line at 800-865-7582 and use your Personal Identification Number (PIN). If you have never used this system, you will need your account number to establish a PIN.

· Call one of our customer service representatives at 800-821-5129 Monday through Friday from 8:00 am to 5:00 pm Eastern time. To establish contact with us under certain states’ abandoned property rules, you will need to provide your name, account number, and other identifying information.

· Promptly notify us if your name, address, or other account information changes.

· Promptly vote on proxy proposals related to any Lord Abbett Fund you hold.

· Promptly take action on letters you receive in the mail from the Fund concerning account inactivity, outstanding dividend and redemption checks, and/or abandoned property and follow the directions in these letters.

Additional Information. This prospectus and the SAI do not purport to create any contractual obligations between the Fund and shareholders. Further, shareholders are

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not intended third-party beneficiaries of any contracts entered into by (or on behalf of) the Fund, including contracts with Lord Abbett or other parties who provide services to the Fund.

DISTRIBUTIONS AND TAXES

The following discussion is general. Because everyone’s tax situation is unique, you should consult your tax advisor regarding the effect that an investment in the Fund may have on your particular tax situation, including the treatment of distributions under the federal, state, local, and foreign tax rules that apply to you, as well as the tax consequences of gains or losses from the sale, redemption, or exchange of your shares.

Each Fund expects to declare and pay dividends from its net investment income as follows: quarterly for Dividend Growth Fund and at least annually for Growth Opportunities Fund and Small Cap Value Fund. Each Fund expects to distribute any of its net capital gains annually. All distributions, including dividends from net investment income, will be reinvested in Fund shares unless you instruct the Fund to pay them to you in cash. Your election to receive distributions in cash and payable by check will apply only to distributions totaling $10.00 or more. Accordingly, any distribution totaling less than $10.00 will be reinvested in Fund shares and will not be paid to you by check. This policy does not apply to you if you have elected to receive distributions that are directly deposited into your bank account. Retirement and benefit plan accounts may not receive distributions in cash. There are no sales charges on reinvestments.

For U.S. federal income tax purposes, the Fund’s distributions generally are taxable to shareholders, other than tax-exempt shareholders and shareholders investing through tax-advantaged arrangements (including certain retirement and benefit plan shareholders, as discussed below), regardless of whether paid in cash or reinvested in additional Fund shares. Distributions of net investment income and short-term capital gains are taxable as ordinary income; however, certain qualified dividends that the Fund receives and distributes may be subject to a reduced tax rate if you meet holding period and certain other requirements. Distributions of net long-term capital gains properly reported by the Fund as capital gain dividends are taxable as long-term capital gains, regardless of how long you have owned Fund shares. Any gain resulting from a sale, redemption, or exchange of Fund shares generally will also be taxable to you as either short-term or long-term capital gain, depending upon how long you have held such shares.

An additional 3.8% Medicare contribution tax generally will be imposed on the net investment income of U.S. individuals, estates and trusts whose income exceeds certain threshold amounts. For this purpose, net investment income generally will include distributions from the Fund and capital gains attributable to the sale, redemption or exchange of Fund shares.

If you buy shares after the Fund has realized income or capital gains but prior to the record date for the distribution of such income or capital gains, you will be “buying a

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dividend” by paying the full price for shares and then receiving a portion of the price back in the form of a potentially taxable dividend.

Shareholders that are exempt from U.S. federal income tax or that invest through tax-advantaged arrangements, such as retirement and benefit plans that are qualified under Section 401 of the Code, generally are not subject to U.S. federal income tax on Fund dividends or distributions or on sales or exchanges of Fund shares. However, distributions from a retirement and benefit plan or other tax-advantaged arrangement generally are taxable to recipients as ordinary income.

Income, proceeds and gains received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. Shareholders generally will not be entitled to claim a credit or deduction with respect to foreign taxes incurred by the Fund. This will decrease the Fund's yield on securities subject to such taxes.

You must provide your Social Security number or other taxpayer identification number to the Fund along with certifications required by the Internal Revenue Service when you open an account. If you do not or the Fund is otherwise legally required to do so, the Fund will withhold a “backup withholding” tax from your distributions, sale proceeds, and any other taxable payments to you.

Certain tax reporting information concerning the tax treatment of Fund distributions, including the source of dividends and distributions of capital gains by the Fund, will be provided to shareholders each year.

Mutual funds are required to report to you and the Internal Revenue Service the “cost basis” of your shares acquired after January 1, 2012 and that are subsequently redeemed. These requirements generally do not apply to investments held in a tax-advantaged account or to certain types of entities (such as C corporations).

If you hold Fund shares through a broker (or another nominee), please contact that broker (nominee) with respect to the reporting of cost basis and available elections for your account. If you are a direct shareholder, you may request that your cost basis reported on Form 1099-B be calculated using any one of the alternative methods offered by the Fund. Please contact the Fund to make, revoke, or change your election. If you do not affirmatively elect a cost basis method, the Fund will use the average cost basis method.

Please note that you will continue to be responsible for calculating and reporting gains and losses on redemptions of shares purchased prior to January 1, 2012. You are encouraged to consult your tax advisor regarding the application of the cost basis reporting rules and, in particular, which cost basis calculation method you should elect.

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FINANCIAL INFORMATION

FINANCIAL HIGHLIGHTS

These tables describe the Funds’ performance for the fiscal periods indicated. “Total Return” shows how much your investment in the Funds would have increased or decreased during each period without considering the effects of sales loads and assuming you had reinvested all dividends and distributions. These Financial Highlights have been audited by Deloitte & Touche LLP, the Funds’ independent registered public accounting firm, in conjunction with their annual audit of the Funds’ financial statements. Financial statements and the report of the independent registered public accounting firm thereon appear in the most recent annual report to shareholders and are incorporated by reference in the SAI, which is available upon request. Certain information reflects financial results for a single Fund share. Financial Highlights are provided for each class of shares with operations during the fiscal periods indicated and shares outstanding as of the end of the most recent fiscal period.

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 DIVIDEND GROWTH FUND

FINANCIAL HIGHLIGHTS

                                                         
     

Per Share Operating Performance:

       

Investment Operations:

 

Distributions to
shareholders from:

   

Net asset
value,
beginning
of period

 

Net
invest-
ment
income(a)

 

Net
realized
and
unrealized
gain

 

Total
from
invest-
ment
opera-
tions

 

Net
investment
income

 

Net
realized
gain

 

Total
distri-
butions

Class A

                                                       

11/30/2021

 

$

17.82

   

$

0.16

   

$

3.83

   

$

3.99

   

$

(0.15

)

 

$

(0.43

)

 

$

(0.58

)

11/30/2020

   

16.38

     

0.17

     

2.17

     

2.34

     

(0.20

)

   

(0.70

)

   

(0.90

)

11/30/2019

   

15.75

     

0.25

     

1.64

     

1.89

     

(0.23

)

   

(1.03

)

   

(1.26

)

11/30/2018

   

16.26

     

0.24

     

0.48

     

0.72

     

(0.24

)

   

(0.99

)

   

(1.23

)

11/30/2017

   

14.82

     

0.25

     

2.43

     

2.68

     

(0.27

)

   

(0.97

)

   

(1.24

)

Class C

                                                       

11/30/2021

   

17.55

     

0.01

     

3.78

     

3.79

     

(0.01

)

   

(0.43

)

   

(0.44

)

11/30/2020

   

16.14

     

0.06

     

2.13

     

2.19

     

(0.08

)

   

(0.70

)

   

(0.78

)

11/30/2019

   

15.54

     

0.13

     

1.62

     

1.75

     

(0.12

)

   

(1.03

)

   

(1.15

)

11/30/2018

   

16.06

     

0.12

     

0.47

     

0.59

     

(0.12

)

   

(0.99

)

   

(1.11

)

11/30/2017

   

14.64

     

0.14

     

2.41

     

2.55

     

(0.16

)

   

(0.97

)

   

(1.13

)

Class F

                                                       

11/30/2021

   

17.87

     

0.21

     

3.84

     

4.05

     

(0.17

)

   

(0.43

)

   

(0.60

)

11/30/2020

   

16.41

     

0.21

     

2.18

     

2.39

     

(0.23

)

   

(0.70

)

   

(0.93

)

11/30/2019

   

15.77

     

0.29

     

1.63

     

1.92

     

(0.25

)

   

(1.03

)

   

(1.28

)

11/30/2018

   

16.26

     

0.28

     

0.49

     

0.77

     

(0.27

)

   

(0.99

)

   

(1.26

)

11/30/2017

   

14.80

     

0.28

     

2.44

     

2.72

     

(0.29

)

   

(0.97

)

   

(1.26

)

Class F3

                                                       

11/30/2021

   

18.11

     

0.23

     

3.89

     

4.12

     

(0.20

)

   

(0.43

)

   

(0.63

)

11/30/2020

   

16.62

     

0.23

     

2.20

     

2.43

     

(0.24

)

   

(0.70

)

   

(0.94

)

11/30/2019

   

15.96

     

0.30

     

1.66

     

1.96

     

(0.27

)

   

(1.03

)

   

(1.30

)

11/30/2018

   

16.45

     

0.30

     

0.48

     

0.78

     

(0.28

)

   

(0.99

)

   

(1.27

)

4/4/2017 to 11/30/2017(c)

   

14.66

     

0.24

     

1.70

     

1.94

     

(0.15

)

   

     

(0.15

)

Class I

                                                       

11/30/2021

   

18.02

     

0.22

     

3.86

     

4.08

     

(0.19

)

   

(0.43

)

   

(0.62

)

11/30/2020

   

16.55

     

0.21

     

2.20

     

2.41

     

(0.24

)

   

(0.70

)

   

(0.94

)

11/30/2019

   

15.91

     

0.29

     

1.65

     

1.94

     

(0.27

)

   

(1.03

)

   

(1.30

)

11/30/2018

   

16.41

     

0.29

     

0.48

     

0.77

     

(0.28

)

   

(0.99

)

   

(1.27

)

11/30/2017

   

14.93

     

0.33

     

2.42

     

2.75

     

(0.30

)

   

(0.97

)

   

(1.27

)

Class P

                                                       

11/30/2021

   

17.93

     

0.12

     

3.86

     

3.98

     

(0.11

)

   

(0.43

)

   

(0.54

)

11/30/2020

   

16.48

     

0.14

     

2.18

     

2.32

     

(0.17

)

   

(0.70

)

   

(0.87

)

11/30/2019

   

15.83

     

0.22

     

1.65

     

1.87

     

(0.19

)

   

(1.03

)

   

(1.22

)

11/30/2018

   

16.34

     

0.21

     

0.48

     

0.69

     

(0.21

)

   

(0.99

)

   

(1.20

)

11/30/2017

   

14.88

     

0.22

     

2.44

     

2.66

     

(0.23

)

   

(0.97

)

   

(1.20

)

PROSPECTUS – THE FUNDS

85


 

DIVIDEND GROWTH FUND

FINANCIAL HIGHLIGHTS (CONTINUED)

                                                         
           

Ratios to Average Net Assets:

 

Supplemental Data:

                             
   

Net
asset
value,
end of
period

 

Total
return(b)
(%)

 

Total
expenses
after
waivers
and/or
reimbursements
(%)

 

Total
expenses
(%)

 

Net
invest-
ment
income
(%)

 

Net
assets,
end of
period
(000)

 

Portfolio
turnover
rate
(%)

Class A

                                                       

11/30/2021

 

$

21.23

     

22.95

     

0.91

     

0.91

     

0.82

   

$

2,368,031

     

39

 

11/30/2020

   

17.82

     

15.10

     

0.95

     

0.95

     

1.10

     

1,925,498

     

59

 

11/30/2019

   

16.38

     

13.59

     

0.95

     

0.95

     

1.62

     

1,731,882

     

51

 

11/30/2018

   

15.75

     

4.72

     

0.94

     

0.97

     

1.57

     

1,627,633

     

51

 

11/30/2017

   

16.26

     

19.35

     

0.92

     

1.04

     

1.70

     

1,671,580

     

58

 

Class C

                                                       

11/30/2021

   

20.90

     

22.07

     

1.66

     

1.66

     

0.07

     

193,493

     

39

 

11/30/2020

   

17.55

     

14.21

     

1.70

     

1.70

     

0.37

     

176,775

     

59

 

11/30/2019

   

16.14

     

12.72

     

1.70

     

1.70

     

0.87

     

216,647

     

51

 

11/30/2018

   

15.54

     

3.90

     

1.70

     

1.73

     

0.81

     

230,385

     

51

 

11/30/2017

   

16.06

     

18.57

     

1.66

     

1.79

     

0.96

     

295,025

     

58

 

Class F

                                                       

11/30/2021

   

21.32

     

23.29

     

0.66

     

0.76

     

1.07

     

467,768

     

39

 

11/30/2020

   

17.87

     

15.38

     

0.70

     

0.80

     

1.35

     

330,470

     

59

 

11/30/2019

   

16.41

     

13.81

     

0.70

     

0.80

     

1.87

     

296,993

     

51

 

11/30/2018

   

15.77

     

5.00

     

0.70

     

0.82

     

1.82

     

241,282

     

51

 

11/30/2017

   

16.26

     

19.71

     

0.70

     

0.89

     

1.92

     

245,916

     

58

 

Class F3

                                                       

11/30/2021

   

21.60

     

23.34

     

0.60

     

0.60

     

1.14

     

314,607

     

39

 

11/30/2020

   

18.11

     

15.50

     

0.62

     

0.62

     

1.43

     

240,767

     

59

 

11/30/2019

   

16.62

     

13.90

     

0.63

     

0.63

     

1.95

     

205,183

     

51

 

11/30/2018

   

15.96

     

5.07

     

0.62

     

0.65

     

1.91

     

188,484

     

51

 

4/4/2017 to 11/30/2017(c)

   

16.45

     

13.31

(d) 

   

0.59

(e) 

   

0.70

(e) 

   

2.34

(e) 

   

176,087

     

58

 

Class I

                                                       

11/30/2021

   

21.48

     

23.27

     

0.66

     

0.66

     

1.08

     

70,953

     

39

 

11/30/2020

   

18.02

     

15.42

     

0.70

     

0.70

     

1.35

     

44,354

     

59

 

11/30/2019

   

16.55

     

13.87

     

0.70

     

0.70

     

1.87

     

42,809

     

51

 

11/30/2018

   

15.91

     

4.93

     

0.69

     

0.72

     

1.82

     

42,698

     

51

 

11/30/2017

   

16.41

     

19.77

     

0.66

     

0.79

     

2.17

     

43,186

     

58

 

Class P

                                                       

11/30/2021

   

21.37

     

22.72

     

1.12

     

1.12

     

0.61

     

1,074

     

39

 

11/30/2020

   

17.93

     

14.83

     

1.15

     

1.15

     

0.90

     

1,092

     

59

 

11/30/2019

   

16.48

     

13.36

     

1.15

     

1.15

     

1.42

     

1,137

     

51

 

11/30/2018

   

15.83

     

4.48

     

1.15

     

1.17

     

1.36

     

1,663

     

51

 

11/30/2017

   

16.34

     

19.16

     

1.12

     

1.24

     

1.50

     

1,794

     

58

 

PROSPECTUS – THE FUNDS

86


 

DIVIDEND GROWTH FUND

FINANCIAL HIGHLIGHTS (CONTINUED)

                                                         
       

Per Share Operating Performance:

       

Investment Operations:

 

Distributions to
shareholders from:

   

Net asset
value,
beginning
of period

 

Net
invest-
ment
income(a)

 

Net
realized
and
unrealized
gain

 

Total
from
invest-
ment
opera-
tions

 

Net
investment
income

 

Net
realized
gain

 

Total
distri-
butions

Class R2

                                                       

11/30/2021

 

$

18.02

   

$

0.10

   

$

3.87

   

$

3.97

   

$

(0.08

)

 

$

(0.43

)

 

$

(0.51

)

11/30/2020

   

16.55

     

0.12

     

2.19

     

2.31

     

(0.14

)

   

(0.70

)

   

(0.84

)

11/30/2019

   

15.90

     

0.19

     

1.67

     

1.86

     

(0.18

)

   

(1.03

)

   

(1.21

)

11/30/2018

   

16.40

     

0.19

     

0.49

     

0.68

     

(0.19

)

   

(0.99

)

   

(1.18

)

11/30/2017

   

14.93

     

0.20

     

2.46

     

2.66

     

(0.22

)

   

(0.97

)

   

(1.19

)

Class R3

                                                       

11/30/2021

   

17.72

     

0.11

     

3.81

     

3.92

     

(0.10

)

   

(0.43

)

   

(0.53

)

11/30/2020

   

16.29

     

0.13

     

2.16

     

2.29

     

(0.16

)

   

(0.70

)

   

(0.86

)

11/30/2019

   

15.67

     

0.21

     

1.63

     

1.84

     

(0.19

)

   

(1.03

)

   

(1.22

)

11/30/2018

   

16.19

     

0.20

     

0.47

     

0.67

     

(0.20

)

   

(0.99

)

   

(1.19

)

11/30/2017

   

14.75

     

0.22

     

2.42

     

2.64

     

(0.23

)

   

(0.97

)

   

(1.20

)

Class R4

                                                       

11/30/2021

   

17.80

     

0.16

     

3.82

     

3.98

     

(0.14

)

   

(0.43

)

   

(0.57

)

11/30/2020

   

16.36

     

0.18

     

2.16

     

2.34

     

(0.20

)

   

(0.70

)

   

(0.90

)

11/30/2019

   

15.74

     

0.25

     

1.63

     

1.88

     

(0.23

)

   

(1.03

)

   

(1.26

)

11/30/2018

   

16.25

     

0.25

     

0.48

     

0.73

     

(0.25

)

   

(0.99

)

   

(1.24

)

11/30/2017

   

14.81

     

0.26

     

2.42

     

2.68

     

(0.27

)

   

(0.97

)

   

(1.24

)

Class R5

                                                       

11/30/2021

   

18.01

     

0.22

     

3.86

     

4.08

     

(0.19

)

   

(0.43

)

   

(0.62

)

11/30/2020

   

16.55

     

0.21

     

2.19

     

2.40

     

(0.24

)

   

(0.70

)

   

(0.94

)

11/30/2019

   

15.90

     

0.29

     

1.66

     

1.95

     

(0.27

)

   

(1.03

)

   

(1.30

)

11/30/2018

   

16.40

     

0.29

     

0.48

     

0.77

     

(0.28

)

   

(0.99

)

   

(1.27

)

11/30/2017

   

14.93

     

0.28

     

2.46

     

2.74

     

(0.30

)

   

(0.97

)

   

(1.27

)

Class R6

                                                       

11/30/2021

   

18.11

     

0.22

     

3.89

     

4.11

     

(0.20

)

   

(0.43

)

   

(0.63

)

11/30/2020

   

16.62

     

0.23

     

2.20

     

2.43

     

(0.24

)

   

(0.70

)

   

(0.94

)

11/30/2019

   

15.96

     

0.30

     

1.66

     

1.96

     

(0.27

)

   

(1.03

)

   

(1.30

)

11/30/2018

   

16.44

     

0.30

     

0.49

     

0.79

     

(0.28

)

   

(0.99

)

   

(1.27

)

11/30/2017

   

14.95

     

0.31

     

2.45

     

2.76

     

(0.30

)

   

(0.97

)

   

(1.27

)

(a) Calculated using average shares outstanding during the period.

(b) Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

(c) Commenced on April 4, 2017.

(d) Not annualized.

(e) Annualized.

PROSPECTUS – THE FUNDS

87


 

DIVIDEND GROWTH FUND

FINANCIAL HIGHLIGHTS (CONCLUDED)

                                                         
           

Ratios to Average Net Assets:

 

Supplemental Data:

                             
   

Net
asset
value,
end of
period

 

Total
return(b)
(%)

 

Total
expenses
after
waivers
and/or
reimbursements
(%)

 

Total
expenses
(%)

 

Net
invest-
ment
income
(%)

 

Net
assets,
end of
period
(000)

 

Portfolio
turnover
rate
(%)

Class R2

                                                       

11/30/2021

 

$

21.48

     

22.56

     

1.26

     

1.26

     

0.49

   

$

1,427

     

39

 

11/30/2020

   

18.02

     

14.67

     

1.30

     

1.30

     

0.76

     

951

     

59

 

11/30/2019

   

16.55

     

13.16

     

1.30

     

1.30

     

1.26

     

1,045

     

51

 

11/30/2018

   

15.90

     

4.38

     

1.30

     

1.32

     

1.22

     

1,267

     

51

 

11/30/2017

   

16.40

     

19.01

     

1.27

     

1.39

     

1.37

     

1,335

     

58

 

Class R3

                                                       

11/30/2021

   

21.11

     

22.66

     

1.16

     

1.16

     

0.56

     

13,953

     

39

 

11/30/2020

   

17.72

     

14.81

     

1.20

     

1.20

     

0.86

     

13,802

     

59

 

11/30/2019

   

16.29

     

13.31

     

1.20

     

1.20

     

1.37

     

16,221

     

51

 

11/30/2018

   

15.67

     

4.48

     

1.19

     

1.22

     

1.31

     

17,079

     

51

 

11/30/2017

   

16.19

     

19.10

     

1.14

     

1.27

     

1.47

     

21,399

     

58

 

Class R4

                                                       

11/30/2021

   

21.21

     

22.96

     

0.91

     

0.91

     

0.80

     

4,441

     

39

 

11/30/2020

   

17.80

     

15.10

     

0.95

     

0.95

     

1.12

     

4,144

     

59

 

11/30/2019

   

16.36

     

13.54

     

0.95

     

0.95

     

1.62

     

5,504

     

51

 

11/30/2018

   

15.74

     

4.75

     

0.94

     

0.97

     

1.61

     

4,331

     

51

 

11/30/2017

   

16.25

     

19.42

     

0.93

     

1.04

     

1.71

     

2,171

     

58

 

Class R5

                                                       

11/30/2021

   

21.47

     

23.28

     

0.66

     

0.66

     

1.09

     

620

     

39

 

11/30/2020

   

18.01

     

15.36

     

0.70

     

0.70

     

1.34

     

395

     

59

 

11/30/2019

   

16.55

     

13.87

     

0.70

     

0.70

     

1.89

     

272

     

51

 

11/30/2018

   

15.90

     

5.00

     

0.69

     

0.72

     

1.84

     

248

     

51

 

11/30/2017

   

16.40

     

19.71

     

0.66

     

0.79

     

1.88

     

201

     

58

 

Class R6

                                                       

11/30/2021

   

21.59

     

23.34

     

0.60

     

0.60

     

1.13

     

18,992

     

39

 

11/30/2020

   

18.11

     

15.50

     

0.62

     

0.62

     

1.43

     

16,977

     

59

 

11/30/2019

   

16.62

     

13.97

     

0.63

     

0.63

     

1.95

     

13,012

     

51

 

11/30/2018

   

15.96

     

5.06

     

0.62

     

0.65

     

1.89

     

11,344

     

51

 

11/30/2017

   

16.44

     

19.84

     

0.62

     

0.73

     

2.05

     

13,163

     

58

 

PROSPECTUS – THE FUNDS

88


 

 GROWTH OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS

                                                 
 

 

 

 

 

Per Share Operating Performance:

 

 

 
       

Investment Operations:

 

Distributions to
shareholders
from:

   
   

Net asset
value,
beginning
of period

 

Net
investment
income
(loss)(a)

 

Net
realized and
unrealized
gain

 

Total from
investment
operations

 

Net
realized
gain

 

Net asset
value,
end of
period

Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

$

32.07

 

 

$

(0.22

)

 

$

3.82

 

 

$

3.60

 

 

$

(4.52

)

 

$

31.15

 

11/30/2020

 

 

24.97

 

 

 

(0.11

)

 

 

8.56

 

 

 

8.45

 

 

 

(1.35

)

 

 

32.07

 

11/30/2019

 

 

21.46

 

 

 

(0.09

)

 

 

4.74

 

 

 

4.65

 

 

 

(1.14

)

 

 

24.97

 

11/30/2018

 

 

22.21

 

 

 

(0.11

)

 

 

1.20

 

 

 

1.09

 

 

 

(1.84

)

 

 

21.46

 

11/30/2017

 

 

18.91

 

 

 

(0.09

)

 

 

3.97

 

 

 

3.88

 

 

 

(0.58

)

 

 

22.21

 

Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

 

22.45

 

 

 

(0.30

)

 

 

2.58

 

 

 

2.28

 

 

 

(4.52

)

 

 

20.21

 

11/30/2020

 

 

18.01

 

 

 

(0.20

)

 

 

5.99

 

 

 

5.79

 

 

 

(1.35

)

 

 

22.45

 

11/30/2019

 

 

15.93

 

 

 

(0.19

)

 

 

3.41

 

 

 

3.22

 

 

 

(1.14

)

 

 

18.01

 

11/30/2018

 

 

17.08

 

 

 

(0.20

)

 

 

0.89

 

 

 

0.69

 

 

 

(1.84

)

 

 

15.93

 

11/30/2017

 

 

14.78

 

 

 

(0.18

)

 

 

3.06

 

 

 

2.88

 

 

 

(0.58

)

 

 

17.08

 

Class F

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

 

33.64

 

 

 

(0.18

)

 

 

4.01

 

 

 

3.83

 

 

 

(4.52

)

 

 

32.95

 

11/30/2020

 

 

26.09

 

 

 

(0.08

)

 

 

8.98

 

 

 

8.90

 

 

 

(1.35

)

 

 

33.64

 

11/30/2019

 

 

22.33

 

 

 

(0.06

)

 

 

4.96

 

 

 

4.90

 

 

 

(1.14

)

 

 

26.09

 

11/30/2018

 

 

23.00

 

 

 

(0.08

)

 

 

1.25

 

 

 

1.17

 

 

 

(1.84

)

 

 

22.33

 

11/30/2017

 

 

19.54

 

 

 

(0.06

)

 

 

4.10

 

 

 

4.04

 

 

 

(0.58

)

 

 

23.00

 

Class F3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

 

37.47

 

 

 

(0.14

)

 

 

4.51

 

 

 

4.37

 

 

 

(4.52

)

 

 

37.32

 

11/30/2020

 

 

28.86

 

 

 

(0.05

)

 

 

10.01

 

 

 

9.96

 

 

 

(1.35

)

 

 

37.47

 

11/30/2019

 

 

24.53

 

 

 

(0.02

)

 

 

5.49

 

 

 

5.47

 

 

 

(1.14

)

 

 

28.86

 

11/30/2018

 

 

25.05

 

 

 

(0.04

)

 

 

1.36

 

 

 

1.32

 

 

 

(1.84

)

 

 

24.53

 

4/4/2017 to 11/30/2017(c) 

 

 

21.60

 

 

 

 

 

 

3.45

 

 

 

3.45

 

 

 

 

 

 

25.05

 

Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

 

37.21

 

 

 

(0.17

)

 

 

4.48

 

 

 

4.31

 

 

 

(4.52

)

 

 

37.00

 

11/30/2020

 

 

28.69

 

 

 

(0.02

)

 

 

9.89

 

 

 

9.87

 

 

 

(1.35

)

 

 

37.21

 

11/30/2019

 

 

24.41

 

 

 

(0.04

)

 

 

5.46

 

 

 

5.42

 

 

 

(1.14

)

 

 

28.69

 

11/30/2018

 

 

24.95

 

 

 

(0.05

)

 

 

1.35

 

 

 

1.30

 

 

 

(1.84

)

 

 

24.41

 

11/30/2017

 

 

21.12

 

 

 

(0.06

)

 

 

4.47

 

 

 

4.41

 

 

 

(0.58

)

 

 

24.95

 

Class P

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

 

31.01

 

 

 

(0.27

)

 

 

3.68

 

 

 

3.41

 

 

 

(4.52

)

 

 

29.90

 

11/30/2020

 

 

24.24

 

 

 

(0.15

)

 

 

8.27

 

 

 

8.12

 

 

 

(1.35

)

 

 

31.01

 

11/30/2019

 

 

20.90

 

 

 

(0.13

)

 

 

4.61

 

 

 

4.48

 

 

 

(1.14

)

 

 

24.24

 

11/30/2018

 

 

21.72

 

 

 

(0.15

)

 

 

1.17

 

 

 

1.02

 

 

 

(1.84

)

 

 

20.90

 

11/30/2017

 

 

18.54

 

 

 

(0.12

)

 

 

3.88

 

 

 

3.76

 

 

 

(0.58

)

 

 

21.72

 

PROSPECTUS – THE FUNDS

89


 

GROWTH OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (CONTINUED)

                                               
 

 

 

 

Ratios to Average Net Assets:

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       
                       
 

Total
return(b)
(%)

 

Total expenses after
waivers and/or
reimbursements
(%)

 

Total
expenses
(%)

 

Net
investment
income (loss)
(%)

 

Net assets,
end of
period
(000)

 

Portfolio
turnover
rate
(%)

Class A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

12.09

 

 

 

1.06

 

 

 

1.17

 

 

 

(0.71

)

 

 

$531,845

 

 

 

68

 

11/30/2020

 

35.75

 

 

 

1.10

 

 

 

1.19

 

 

 

(0.42

)

 

 

492,772

 

 

 

50

 

11/30/2019

 

23.48

 

 

 

1.16

 

 

 

1.16

 

 

 

(0.39

)

 

 

385,588

 

 

 

27

 

11/30/2018

 

5.41

 

 

 

1.18

 

 

 

1.18

 

 

 

(0.51

)

 

 

333,638

 

 

 

55

 

11/30/2017

 

21.17

 

 

 

1.26

 

 

 

1.26

 

 

 

(0.43

)

 

 

348,028

 

 

 

73

 

Class C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

11.24

 

 

 

1.81

 

 

 

1.92

 

 

 

(1.47

)

 

 

25,235

 

 

 

68

 

11/30/2020

 

34.73

 

 

 

1.85

 

 

 

1.94

 

 

 

(1.15

)

 

 

26,782

 

 

 

50

 

11/30/2019

 

22.58

 

 

 

1.91

 

 

 

1.91

 

 

 

(1.14

)

 

 

26,860

 

 

 

27

 

11/30/2018

 

4.61

 

 

 

1.93

 

 

 

1.93

 

 

 

(1.27

)

 

 

26,130

 

 

 

55

 

11/30/2017

 

20.28

 

 

 

2.00

 

 

 

2.00

 

 

 

(1.17

)

 

 

42,858

 

 

 

73

 

Class F

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

12.22

 

 

 

0.91

 

 

 

1.02

 

 

 

(0.57

)

 

 

48,943

 

 

 

68

 

11/30/2020

 

35.95

 

 

 

0.94

 

 

 

1.04

 

 

 

(0.28

)

 

 

42,530

 

 

 

50

 

11/30/2019

 

23.69

 

 

 

1.01

 

 

 

1.01

 

 

 

(0.24

)

 

 

23,271

 

 

 

27

 

11/30/2018

 

5.53

 

 

 

1.03

 

 

 

1.03

 

 

 

(0.36

)

 

 

20,840

 

 

 

55

 

11/30/2017

 

21.36

 

 

 

1.11

 

 

 

1.11

 

 

 

(0.29

)

 

 

21,021

 

 

 

73

 

Class F3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

12.44

 

 

 

0.73

 

 

 

0.84

 

 

 

(0.39

)

 

 

59,660

 

 

 

68

 

11/30/2020

 

36.18

 

 

 

0.77

 

 

 

0.86

 

 

 

(0.15

)

 

 

26,711

 

 

 

50

 

11/30/2019

 

23.90

 

 

 

0.86

 

 

 

0.86

 

 

 

(0.08

)

 

 

7,986

 

 

 

27

 

11/30/2018

 

5.73

 

 

 

0.85

 

 

 

0.85

 

 

 

(0.18

)

 

 

6,804

 

 

 

55

 

4/4/2017 to 11/30/2017(c) 

 

15.97

(d) 

 

 

0.87

(e) 

 

 

0.87

(e) 

 

 

0.01

(e) 

 

 

6,105

 

 

 

73

 

Class I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

12.35

 

 

 

0.81

 

 

 

0.92

 

 

 

(0.48

)

 

 

217,472

 

 

 

68

 

11/30/2020

 

36.08

 

 

 

0.86

 

 

 

0.94

 

 

 

(0.05

)

 

 

193,878

 

 

 

50

 

11/30/2019

 

23.81

 

 

 

0.91

 

 

 

0.91

 

 

 

(0.15

)

 

 

374,814

 

 

 

27

 

11/30/2018

 

5.67

 

 

 

0.91

 

 

 

0.91

 

 

 

(0.20

)

 

 

373,708

 

 

 

55

 

11/30/2017

 

21.47

 

 

 

1.03

 

 

 

1.03

 

 

 

(0.30

)

 

 

5,258

 

 

 

73

 

Class P

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

11.86

 

 

 

1.26

 

 

 

1.37

 

 

 

(0.92

)

 

 

3,657

 

 

 

68

 

11/30/2020

 

35.51

 

 

 

1.30

 

 

 

1.39

 

 

 

(0.60

)

 

 

3,432

 

 

 

50

 

11/30/2019

 

23.23

 

 

 

1.36

 

 

 

1.36

 

 

 

(0.58

)

 

 

3,286

 

 

 

27

 

11/30/2018

 

5.19

 

 

 

1.38

 

 

 

1.38

 

 

 

(0.71

)

 

 

2,789

 

 

 

55

 

11/30/2017

 

20.94

 

 

 

1.46

 

 

 

1.46

 

 

 

(0.62

)

 

 

2,642

 

 

 

73

 

PROSPECTUS – THE FUNDS

90


PROSPECTUS – THE FUNDS

91


 

GROWTH OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (CONTINUED)

                                                 

 

 

 

 

 

Per Share Operating Performance:

 

 

 
       

Investment Operations:

 

Distributions to
shareholders
from:

   
   

Net asset
value,
beginning
of period

 

Net
investment
income
(loss)(a)

 

Net
realized and
unrealized
gain

 

Total from
investment
operations

 

Net
realized
gain

 

Net asset
value,
end of
period

Class R2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

$

30.06

 

 

$

(0.31

)

 

$

3.56

 

 

$

3.25

 

 

$

(4.52

)

 

$

28.79

 

11/30/2020

 

 

23.57

 

 

 

(0.18

)

 

 

8.02

 

 

 

7.84

 

 

 

(1.35

)

 

 

30.06

 

11/30/2019

 

 

20.39

 

 

 

(0.16

)

 

 

4.48

 

 

 

4.32

 

 

 

(1.14

)

 

 

23.57

 

11/30/2018

 

 

21.26

 

 

 

(0.18

)

 

 

1.15

 

 

 

0.97

 

 

 

(1.84

)

 

 

20.39

 

11/30/2017

 

 

18.19

 

 

 

(0.15

)

 

 

3.80

 

 

 

3.65

 

 

 

(0.58

)

 

 

21.26

 

Class R3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

 

30.83

 

 

 

(0.28

)

 

 

3.65

 

 

 

3.37

 

 

 

(4.52

)

 

 

29.68

 

11/30/2020

 

 

24.11

 

 

 

(0.16

)

 

 

8.23

 

 

 

8.07

 

 

 

(1.35

)

 

 

30.83

 

11/30/2019

 

 

20.81

 

 

 

(0.14

)

 

 

4.58

 

 

 

4.44

 

 

 

(1.14

)

 

 

24.11

 

11/30/2018

 

 

21.64

 

 

 

(0.16

)

 

 

1.17

 

 

 

1.01

 

 

 

(1.84

)

 

 

20.81

 

11/30/2017

 

 

18.49

 

 

 

(0.13

)

 

 

3.86

 

 

 

3.73

 

 

 

(0.58

)

 

 

21.64

 

Class R4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

 

32.07

 

 

 

(0.22

)

 

 

3.82

 

 

 

3.60

 

 

 

(4.52

)

 

 

31.15

 

11/30/2020

 

 

24.97

 

 

 

(0.11

)

 

 

8.56

 

 

 

8.45

 

 

 

(1.35

)

 

 

32.07

 

11/30/2019

 

 

21.46

 

 

 

(0.09

)

 

 

4.74

 

 

 

4.65

 

 

 

(1.14

)

 

 

24.97

 

11/30/2018

 

 

22.21

 

 

 

(0.11

)

 

 

1.20

 

 

 

1.09

 

 

 

(1.84

)

 

 

21.46

 

11/30/2017

 

 

18.91

 

 

 

(0.08

)

 

 

3.96

 

 

 

3.88

 

 

 

(0.58

)

 

 

22.21

 

Class R5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

 

37.24

 

 

 

(0.17

)

 

 

4.48

 

 

 

4.31

 

 

 

(4.52

)

 

 

37.03

 

11/30/2020

 

 

28.71

 

 

 

(0.05

)

 

 

9.93

 

 

 

9.88

 

 

 

(1.35

)

 

 

37.24

 

11/30/2019

 

 

24.43

 

 

 

(0.04

)

 

 

5.46

 

 

 

5.42

 

 

 

(1.14

)

 

 

28.71

 

11/30/2018

 

 

24.97

 

 

 

(0.06

)

 

 

1.36

 

 

 

1.30

 

 

 

(1.84

)

 

 

24.43

 

11/30/2017

 

 

21.13

 

 

 

(0.04

)

 

 

4.46

 

 

 

4.42

 

 

 

(0.58

)

 

 

24.97

 

Class R6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

 

37.46

 

 

 

(0.15

)

 

 

4.52

 

 

 

4.37

 

 

 

(4.52

)

 

 

37.31

 

11/30/2020

 

 

28.86

 

 

 

(0.03

)

 

 

9.98

 

 

 

9.95

 

 

 

(1.35

)

 

 

37.46

 

11/30/2019

 

 

24.53

 

 

 

(0.03

)

 

 

5.50

 

 

 

5.47

 

 

 

(1.14

)

 

 

28.86

 

11/30/2018

 

 

25.05

 

 

 

(0.07

)

 

 

1.39

 

 

 

1.32

 

 

 

(1.84

)

 

 

24.53

 

11/30/2017

 

 

21.18

 

 

 

 

 

 

4.45

 

 

 

4.45

 

 

 

(0.58

)

 

 

25.05

 

(a)  Calculated using average shares outstanding during the period.

(b)  Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

(c)  Commenced on April 4, 2017.

(d) Not annualized.

(e)  Annualized.

PROSPECTUS – THE FUNDS

92


 

GROWTH OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS (CONCLUDED)

                                               
 

 

 

 

Ratios to Average Net Assets:

 

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       
                       
 

Total
return(b)
(%)

 

Total expenses after
waivers and/or
reimbursements
(%)

 

Total
expenses
(%)

 

Net
investment
income (loss)
(%)

 

Net assets,
end of
period
(000)

 

Portfolio
turnover
rate
(%)

Class R2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

11.68

 

 

 

1.41

 

 

 

1.52

 

 

 

(1.07

)

 

$

1,257

 

 

 

68

 

11/30/2020

 

35.26

 

 

 

1.45

 

 

 

1.54

 

 

 

(0.76

)

 

 

987

 

 

 

50

 

11/30/2019

 

23.13

 

 

 

1.51

 

 

 

1.51

 

 

 

(0.75

)

 

 

748

 

 

 

27

 

11/30/2018

 

5.00

 

 

 

1.53

 

 

 

1.53

 

 

 

(0.87

)

 

 

865

 

 

 

55

 

11/30/2017

 

20.73

 

 

 

1.60

 

 

 

1.60

 

 

 

(0.78

)

 

 

1,415

 

 

 

73

 

Class R3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

11.79

 

 

 

1.31

 

 

 

1.42

 

 

 

(0.97

)

 

 

15,075

 

 

 

68

 

11/30/2020

 

35.43

 

 

 

1.35

 

 

 

1.44

 

 

 

(0.65

)

 

 

16,868

 

 

 

50

 

11/30/2019

 

23.18

 

 

 

1.41

 

 

 

1.41

 

 

 

(0.64

)

 

 

15,908

 

 

 

27

 

11/30/2018

 

5.15

 

 

 

1.43

 

 

 

1.43

 

 

 

(0.76

)

 

 

17,397

 

 

 

55

 

11/30/2017

 

20.83

 

 

 

1.49

 

 

 

1.49

 

 

 

(0.67

)

 

 

20,300

 

 

 

73

 

Class R4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

12.08

 

 

 

1.06

 

 

 

1.17

 

 

 

(0.72

)

 

 

2,643

 

 

 

68

 

11/30/2020

 

35.75

 

 

 

1.09

 

 

 

1.19

 

 

 

(0.45

)

 

 

1,948

 

 

 

50

 

11/30/2019

 

23.48

 

 

 

1.16

 

 

 

1.16

 

 

 

(0.40

)

 

 

1,022

 

 

 

27

 

11/30/2018

 

5.41

 

 

 

1.18

 

 

 

1.18

 

 

 

(0.51

)

 

 

896

 

 

 

55

 

11/30/2017

 

21.17

 

 

 

1.23

 

 

 

1.23

 

 

 

(0.40

)

 

 

1,036

 

 

 

73

 

Class R5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

12.34

 

 

 

0.81

 

 

 

0.92

 

 

 

(0.46

)

 

 

194

 

 

 

68

 

11/30/2020

 

36.09

 

 

 

0.85

 

 

 

0.94

 

 

 

(0.16

)

 

 

100

 

 

 

50

 

11/30/2019

 

23.79

 

 

 

0.91

 

 

 

0.91

 

 

 

(0.14

)

 

 

89

 

 

 

27

 

11/30/2018

 

5.67

 

 

 

0.93

 

 

 

0.93

 

 

 

(0.26

)

 

 

71

 

 

 

55

 

11/30/2017

 

21.51

 

 

 

0.99

 

 

 

0.99

 

 

 

(0.17

)

 

 

67

 

 

 

73

 

Class R6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11/30/2021

 

12.44

 

 

 

0.74

 

 

 

0.84

 

 

 

(0.40

)

 

 

12,593

 

 

 

68

 

11/30/2020

 

36.20

 

 

 

0.78

 

 

 

0.86

 

 

 

(0.11

)

 

 

11,488

 

 

 

50

 

11/30/2019

 

23.86

 

 

 

0.86

 

 

 

0.86

 

 

 

(0.11

)

 

 

7,181

 

 

 

27

 

11/30/2018

 

5.73

 

 

 

0.86

 

 

 

0.86

 

 

 

(0.30

)

 

 

9,218

 

 

 

55

 

11/30/2017

 

21.60

 

 

 

0.87

 

 

 

0.87

 

 

 

(0.01

)

 

 

66,144

 

 

 

73

 

PROSPECTUS – THE FUNDS

93


 

 SMALL CAP VALUE FUND

FINANCIAL HIGHLIGHTS

                                                         
       

Per Share Operating Performance:

       

Investment Operations:

 

Distributions to
shareholders from:

   

Net asset
value,
beginning
of period

 

Net
invest-
ment
income
(loss)(a)

 

Net
realized
and
unrealized
gain (loss)

 

Total
from
invest-
ment
opera-
tions

 

Net
investment
income

 

Net
realized
gain

 

Total
distri-
butions

Class A

                                                       

11/30/2021

 

$

13.97

   

$

0.05

   

$

3.76

   

$

3.81

   

$

(0.16

)

 

$

   

$

(0.16

)

11/30/2020

   

17.48

     

0.11

     

(0.68

)

   

(0.57

)

   

(0.05

)

   

(2.89

)

   

(2.94

)

11/30/2019

   

20.46

     

0.04

     

0.04

     

0.08

     

     

(3.06

)

   

(3.06

)

11/30/2018

   

23.63

     

(0.07

)

   

(0.17

)

   

(0.24

)

   

     

(2.93

)

   

(2.93

)

11/30/2017

   

24.64

     

(0.01

)

   

2.11

     

2.10

     

     

(3.11

)

   

(3.11

)

Class C

                                                       

11/30/2021

   

5.12

     

(0.03

)

   

1.37

     

1.34

     

(0.14

)

   

     

(0.14

)

11/30/2020

   

8.23

     

0.01

     

(0.22

)

   

(0.21

)

   

(0.01

)

   

(2.89

)

   

(2.90

)

11/30/2019

   

11.50

     

(0.04

)

   

(0.17

)

   

(0.21

)

   

     

(3.06

)

   

(3.06

)

11/30/2018

   

14.67

     

(0.13

)

   

(0.11

)

   

(0.24

)

   

     

(2.93

)

   

(2.93

)

11/30/2017

   

16.55

     

(0.11

)

   

1.34

     

1.23

     

     

(3.11

)

   

(3.11

)

Class F

                                                       

11/30/2021

   

14.14

     

0.05

     

3.82

     

3.87

     

(0.18

)

   

     

(0.18

)

11/30/2020

   

17.66

     

0.13

     

(0.68

)

   

(0.55

)

   

(0.08

)

   

(2.89

)

   

(2.97

)

11/30/2019

   

20.61

     

0.06

     

0.05

     

0.11

     

     

(3.06

)

   

(3.06

)

11/30/2018

   

23.75

     

(0.04

)

   

(0.17

)

   

(0.21

)

   

     

(2.93

)

   

(2.93

)

11/30/2017

   

24.72

     

0.02

     

2.12

     

2.14

     

     

(3.11

)

   

(3.11

)

Class F3

                                                       

11/30/2021

   

17.90

     

0.13

     

4.82

     

4.95

     

(0.19

)

   

     

(0.19

)

11/30/2020

   

21.58

     

0.19

     

(0.88

)

   

(0.69

)

   

(0.10

)

   

(2.89

)

   

(2.99

)

11/30/2019

   

24.39

     

0.12

     

0.13

     

0.25

     

     

(3.06

)

   

(3.06

)

11/30/2018

   

27.54

     

(c) 

   

(0.19

)

   

(0.19

)

   

(0.03

)

   

(2.93

)

   

(2.96

)

4/4/2017 to 11/30/2017(e)

   

25.41

     

0.05

     

2.08

     

2.13

     

     

     

 

Class I

                                                       

11/30/2021

   

17.76

     

0.12

     

4.78

     

4.90

     

(0.19

)

   

     

(0.19

)

11/30/2020

   

21.45

     

0.18

     

(0.88

)

   

(0.70

)

   

(0.10

)

   

(2.89

)

   

(2.99

)

11/30/2019

   

24.28

     

0.10

     

0.13

     

0.23

     

     

(3.06

)

   

(3.06

)

11/30/2018

   

27.44

     

(0.02

)

   

(0.19

)

   

(0.21

)

   

(0.02

)

   

(2.93

)

   

(2.95

)

11/30/2017

   

28.06

     

0.05

     

2.44

     

2.49

     

     

(3.11

)

   

(3.11

)

Class P

                                                       

11/30/2021

   

12.92

     

0.01

     

3.48

     

3.49

     

(0.13

)

   

     

(0.13

)

11/30/2020

   

16.38

     

0.08

     

(0.63

)

   

(0.55

)

   

(0.02

)

   

(2.89

)

   

(2.91

)

11/30/2019

   

19.42

     

0.01

     

0.01

     

0.02

     

     

(3.06

)

   

(3.06

)

11/30/2018

   

22.61

     

(0.11

)

   

(0.15

)

   

(0.26

)

   

     

(2.93

)

   

(2.93

)

11/30/2017

   

23.75

     

(0.05

)

   

2.02

     

1.97

     

     

(3.11

)

   

(3.11

)

Class R2

                                                       

11/30/2021

   

12.69

     

(0.01

)

   

3.41

     

3.40

     

(0.11

)

   

     

(0.11

)

11/30/2020

   

16.14

     

0.06

     

(0.62

)

   

(0.56

)

   

     

(2.89

)

   

(2.89

)

11/30/2019

   

19.21

     

(0.01

)

   

(c) 

   

(0.01

)

   

     

(3.06

)

   

(3.06

)

11/30/2018

   

22.43

     

(0.14

)

   

(0.15

)

   

(0.29

)

   

     

(2.93

)

   

(2.93

)

11/30/2017

   

23.62

     

(0.09

)

   

2.01

     

1.92

     

     

(3.11

)

   

(3.11

)

PROSPECTUS – THE FUNDS

94


 

 SMALL CAP VALUE FUND

FINANCIAL HIGHLIGHTS (CONTINUED)

                                                         
           

Ratios to Average Net Assets:

 

Supplemental Data:

                             
                             
                             
   

Net
asset
value,
end of
period

 

Total
return(b)
(%)

 

Total expenses
after waivers
and/or
reimbursements
(%)

 

Total
expenses
(%)

 

Net
investment
income (loss)
(%)

 

Net
assets,
end of
period
(000)

 

Portfolio
turnover
rate
(%)

Class A

                                                       

11/30/2021

 

$

17.62

     

27.48

     

1.17

     

1.17

     

0.27

   

$

235,845

     

78

 

11/30/2020

   

13.97

     

(4.40

)

   

1.19

     

1.19

     

0.87

     

200,419

     

72

 

11/30/2019

   

17.48

     

2.56

     

1.20

     

1.20

     

0.25

     

267,864

     

95

 

11/30/2018

   

20.46

     

(0.97

)

   

1.18

     

1.18

     

(0.33

)

   

327,333

     

42

 

11/30/2017

   

23.63

     

9.43

     

1.18

     

1.18

     

(0.05

)

   

385,542

     

56

 

Class C

                                                       

11/30/2021

   

6.32

     

26.62

     

1.92

     

1.92

     

(0.54

)

   

7,246

     

78

 

11/30/2020

   

5.12

     

(5.22

)

   

1.94

     

1.94

     

0.13

     

5,484

     

72

 

11/30/2019

   

8.23

     

1.81

     

1.95

     

1.95

     

(0.50

)

   

9,231

     

95

 

11/30/2018

   

11.50

     

(1.70

)

   

1.93

     

1.93

     

(1.08

)

   

11,331

     

42

 

11/30/2017

   

14.67

     

8.64

     

1.93

     

1.93

     

(0.76

)

   

25,985

     

56

 

Class F

                                                       

11/30/2021

   

17.83

     

27.63

     

1.02

     

1.02

     

0.31

     

15,604

     

78

 

11/30/2020

   

14.14

     

(4.24

)

   

1.04

     

1.04

     

1.03

     

9,219

     

72

 

11/30/2019

   

17.66

     

2.70

     

1.05

     

1.05

     

0.35

     

10,522

     

95

 

11/30/2018

   

20.61

     

(0.81

)

   

1.03

     

1.03

     

(0.18

)

   

21,981

     

42

 

11/30/2017

   

23.75

     

9.58

     

1.03

     

1.03

     

0.09

     

23,759

     

56

 

Class F3

                                                       

11/30/2021

   

22.66

     

27.89

     

0.84

     

0.84

     

0.60

     

30,482

     

78

 

11/30/2020

   

17.90

     

(4.09

)

   

0.86

     

0.86

     

1.18

     

25,733

     

72

 

11/30/2019

   

21.58

     

2.88

     

0.86

     

0.86

     

0.59

     

29,679

     

95

 

11/30/2018

   

24.39

     

(0.62

)

   

0.84

     

0.84

     

(d) 

   

33,319

     

42

 

4/4/2017 to 11/30/2017(e)

   

27.54

     

8.38

(f) 

   

0.84

(g) 

   

0.84

(g) 

   

0.30

(g) 

   

32,548

     

56

 

Class I

                                                       

11/30/2021

   

22.47

     

27.81

     

0.92

     

0.92

     

0.53

     

372,878

     

78

 

11/30/2020

   

17.76

     

(4.18

)

   

0.94

     

0.94

     

1.12

     

332,301

     

72

 

11/30/2019

   

21.45

     

2.85

     

0.95

     

0.95

     

0.50

     

411,532

     

95

 

11/30/2018

   

24.28

     

(0.72

)

   

0.92

     

0.92

     

(0.08

)

   

466,928

     

42

 

11/30/2017

   

27.44

     

9.70

     

0.93

     

0.93

     

0.19

     

621,900

     

56

 

Class P

                                                       

11/30/2021

   

16.28

     

27.22

     

1.37

     

1.37

     

0.09

     

14,393

     

78

 

11/30/2020

   

12.92

     

(4.63

)

   

1.39

     

1.39

     

0.67

     

14,958

     

72

 

11/30/2019

   

16.38

     

2.41

     

1.40

     

1.40

     

0.05

     

20,819

     

95

 

11/30/2018

   

19.42

     

(1.17

)

   

1.38

     

1.38

     

(0.54

)

   

25,895

     

42

 

11/30/2017

   

22.61

     

9.21

     

1.38

     

1.38

     

(0.26

)

   

35,174

     

56

 

Class R2

                                                       

11/30/2021

   

15.98

     

27.00

     

1.52

     

1.52

     

(0.08

)

   

607

     

78

 

11/30/2020

   

12.69

     

(4.74

)

   

1.54

     

1.54

     

0.52

     

441

     

72

 

11/30/2019

   

16.14

     

2.25

     

1.55

     

1.55

     

(0.09

)

   

603

     

95

 

11/30/2018

   

19.21

     

(1.33

)

   

1.53

     

1.53

     

(0.68

)

   

656

     

42

 

11/30/2017

   

22.43

     

9.03

     

1.53

     

1.53

     

(0.41

)

   

682

     

56

 

PROSPECTUS – THE FUNDS

95


 

SMALL CAP VALUE FUND

FINANCIAL HIGHLIGHTS (CONTINUED)

                                                         
       

Per Share Operating Performance:

       

Investment Operations:

 

Distributions to
shareholders from:

   

Net asset
value,
beginning
of period

 

Net
invest-
ment
income
(loss)(a)

 

Net
realized
and
unrealized
gain (loss)

 

Total
from
invest-
ment
opera-
tions

 

Net
investment
income

 

Net
realized
gain

 

Total
distri-
butions

Class R3

                                                       

11/30/2021

 

$

12.99

   

$

(c) 

 

$

3.50

   

$

3.50

   

$

(0.12

)

 

$

   

$

(0.12

)

11/30/2020

   

16.46

     

0.07

     

(0.63

)

   

(0.56

)

   

(0.02

)

   

(2.89

)

   

(2.91

)

11/30/2019

   

19.50

     

(c) 

   

0.02

     

0.02

     

     

(3.06

)

   

(3.06

)

11/30/2018

   

22.70

     

(0.11

)

   

(0.16

)

   

(0.27

)

   

     

(2.93

)

   

(2.93

)

11/30/2017

   

23.84

     

(0.06

)

   

2.03

     

1.97

     

     

(3.11

)

   

(3.11

)

Class R4

                                                       

11/30/2021

   

14.00

     

0.05

     

3.77

     

3.82

     

(0.16

)

   

     

(0.16

)

11/30/2020

   

17.49

     

0.11

     

(0.69

)

   

(0.58

)

   

(0.02

)

   

(2.89

)

   

(2.91

)

11/30/2019

   

20.47

     

0.05

     

0.03

     

0.08

     

     

(3.06

)

   

(3.06

)

11/30/2018

   

23.64

     

(0.07

)

   

(0.17

)

   

(0.24

)

   

     

(2.93

)

   

(2.93

)

11/30/2017

   

24.65

     

(0.02

)

   

2.12

     

2.10

     

     

(3.11

)

   

(3.11

)

Class R5

                                                       

11/30/2021

   

17.78

     

0.07

     

4.84

     

4.91

     

(0.19

)

   

     

(0.19

)

11/30/2020

   

21.47

     

0.18

     

(0.88

)

   

(0.70

)

   

(0.10

)

   

(2.89

)

   

(2.99

)

11/30/2019

   

24.31

     

0.13

     

0.09

     

0.22

     

     

(3.06

)

   

(3.06

)

11/30/2018

   

27.47

     

(0.03

)

   

(0.17

)

   

(0.20

)

   

(0.03

)

   

(2.93

)

   

(2.96

)

11/30/2017

   

28.08

     

0.03

     

2.47

     

2.50

     

     

(3.11

)

   

(3.11

)

Class R6

                                                       

11/30/2021

   

17.89

     

0.13

     

4.82

     

4.95

     

(0.19

)

   

     

(0.19

)

11/30/2020

   

21.57

     

0.18

     

(0.87

)

   

(0.69

)

   

(0.10

)

   

(2.89

)

   

(2.99

)

11/30/2019

   

24.38

     

0.11

     

0.14

     

0.25

     

     

(3.06

)

   

(3.06

)

11/30/2018

   

27.53

     

(c) 

   

(0.19

)

   

(0.19

)

   

(0.03

)

   

(2.93

)

   

(2.96

)

11/30/2017

   

28.12

     

0.07

     

2.45

     

2.52

     

     

(3.11

)

   

(3.11

)

(a) Calculated using average shares outstanding during the period.

(b) Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

(c) Amount less than $0.01.

(d) Amount is less than 0.01%.

(e) Commenced on April 4, 2017.

(f) Not annualized.

(g) Annualized.

PROSPECTUS – THE FUNDS

96


 

SMALL CAP VALUE FUND

FINANCIAL HIGHLIGHTS (CONCLUDED)

                                                         
           

Ratios to Average Net Assets:

 

Supplemental Data:

                             
                             
                             
   

Net
asset
value,
end of
period

 

Total
return(b)
(%)

 

Total expenses
after waivers
and/or
reimbursements
(%)

 

Total
expenses
(%)

 

Net
investment
income (loss)
(%)

 

Net
assets,
end of
period
(000)

 

Portfolio
turnover
rate
(%)

Class R3

                                                       

11/30/2021

 

$

16.37

     

27.18

     

1.42

     

1.42

     

0.02

   

$

4,829

     

78

 

11/30/2020

   

12.99

     

(4.67

)

   

1.44

     

1.44

     

0.62

     

4,354

     

72

 

11/30/2019

   

16.46

     

2.33

     

1.45

     

1.45

     

0.01

     

5,713

     

95

 

11/30/2018

   

19.50

     

(1.16

)

   

1.43

     

1.43

     

(0.54

)

   

6,080

     

42

 

11/30/2017

   

22.70

     

9.17

     

1.42

     

1.42

     

(0.29

)

   

7,728

     

56

 

Class R4

                                                       

11/30/2021

   

17.66

     

27.51

     

1.17

     

1.17

     

0.27

     

1,564

     

78

 

11/30/2020

   

14.00

     

(4.43

)

   

1.19

     

1.19

     

0.84

     

1,218

     

72

 

11/30/2019

   

17.49

     

2.55

     

1.20

     

1.20

     

0.28

     

2,750

     

95

 

11/30/2018

   

20.47

     

(0.96

)

   

1.18

     

1.18

     

(0.33

)

   

1,851

     

42

 

11/30/2017

   

23.64

     

9.43

     

1.18

     

1.18

     

(0.08

)

   

3,448

     

56

 

Class R5

                                                       

11/30/2021

   

22.50

     

27.83

     

0.92

     

0.92

     

0.33

     

326

     

78

 

11/30/2020

   

17.78

     

(4.17

)

   

0.94

     

0.94

     

1.15

     

26

     

72

 

11/30/2019

   

21.47

     

2.85

     

0.93

     

0.93

     

0.64

     

55

     

95

 

11/30/2018

   

24.31

     

(0.74

)

   

0.92

     

0.92

     

(0.10

)

   

13

     

42

 

11/30/2017

   

27.47

     

9.73

     

0.92

     

0.92

     

0.12

     

345

     

56

 

Class R6

                                                       

11/30/2021

   

22.65

     

27.91

     

0.84

     

0.84

     

0.60

     

8,311

     

78

 

11/30/2020

   

17.89

     

(4.10

)

   

0.86

     

0.86

     

1.18

     

7,798

     

72

 

11/30/2019

   

21.57

     

2.89

     

0.86

     

0.86

     

0.54

     

8,129

     

95

 

11/30/2018

   

24.38

     

(0.62

)

   

0.84

     

0.84

     

(d) 

   

20,220

     

42

 

11/30/2017

   

27.53

     

9.79

     

0.84

     

0.84

     

0.28

     

23,145

     

56

 

PROSPECTUS – THE FUNDS

97



APPENDIX A

INTERMEDIARY-SPECIFIC SALES CHARGE
REDUCTIONS AND WAIVERS

Specific intermediaries may have different policies and procedures regarding the availability of sales charge reductions and waivers, which are discussed below. In all instances, it is the shareholder’s responsibility to notify the Fund or the shareholder’s financial intermediary at the time of purchase of any relationship or other facts qualifying the shareholder for sales charge reductions or waivers. For sales charge reductions and waivers not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive such reductions or waivers. Please see the section of the prospectus titled “Information for Managing Your Account – Sales Charge Reductions and Waivers” for more information regarding sales charge reductions and waivers available for different classes.

MERRILL LYNCH

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

· Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

· Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)

· Shares purchased through a Merrill Lynch affiliated investment advisory program

· Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

· Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

· Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

APPENDIX

A-1


· Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

· Employees and registered representatives of Merrill Lynch or its affiliates and their family members

· Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the this prospectus 

· Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement

CDSC Waivers on A, B and C Shares available at Merrill Lynch 

· Death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

· Return of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

· Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

· Shares acquired through a right of reinstatement

· Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)

· Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent 

· Breakpoints as described in this prospectus.

· Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund’s prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in

APPENDIX

A-2


the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

· Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

MORGAN STANLEY

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Fund’s prospectus or SAI.

Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management

· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

· Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules

· Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

· Shares purchased through a Morgan Stanley self-directed brokerage account

· Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program

· Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge

AMERIPRISE

Class A Share Front-End Sales Charge Waivers Available at Ameriprise Financial:

The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:

Shareholders purchasing Fund shares through an Ameriprise Financial brokerage account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI:

APPENDIX

A-3


· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).

· Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply.

· Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

· Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

RAYMOND JAMES

Intermediary-Defined Sales Charge Waiver Policies

The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares.

Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load (“CDSC”) waivers, which are discussed below. In all instances, it is the purchaser’s responsibility to notify the fund or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly from the fund or through another intermediary to receive these waivers or discounts.

Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity’s affiliates (“Raymond James”)

APPENDIX

A-4


Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or SAI.

Front-end sales load waivers on Class A shares available at Raymond James

· Shares purchased in an investment advisory program.

· Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

· Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

· A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

CDSC Waivers on Classes A, B and C shares available at Raymond James

· Death or disability of the shareholder.

· Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.

· Return of excess contributions from an IRA Account.

· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund’s prospectus.

· Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

· Shares acquired through a right of reinstatement.

Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent

· Breakpoints as described in this prospectus.

· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets

APPENDIX

A-5


held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

· Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

EDWARD JONES

Policies Regarding Transactions Through Edward Jones

The following information has been provided by Edward Jones:

Clients of Edward Jones (also referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information (“SAI”) or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Lord Abbett Family of Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

Breakpoints

· Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

Rights of Accumulation (“ROA”)

· The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the Lord Abbett Family of Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the rights of accumulation calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

· The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the

APPENDIX

A-6


plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

·  ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

Letter of Intent (“LOI”)

· Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

· If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

Sales Charge Waivers

Sales charges are waived for the following shareholders and in the following situations:

· Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones’ policies and procedures.

· Shares purchased in an Edward Jones fee-based program.

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

· Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account.

APPENDIX

A-7


· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

· Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

Contingent Deferred Sales Charge (“CDSC”) Waivers

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

· The death or disability of the shareholder.

· Systematic withdrawals with up to 10% per year of the account value.

· Return of excess contributions from an Individual Retirement Account (IRA).

· Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

· Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

· Shares exchanged in an Edward Jones fee-based program.

· Shares acquired through NAV reinstatement.

· Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

Other Important Information Regarding Transactions Through Edward Jones

Minimum Purchase Amounts

· Initial purchase minimum: $250

· Subsequent purchase minimum: none

Minimum Balances

· Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

o A fee-based account held on an Edward Jones platform

o A 529 account held on an Edward Jones platform

o An account with an active systematic investment plan or LOI

Exchanging Share Classes

APPENDIX

A-8


· At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares of the same fund.

JANNEY

If you purchase fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at Janney

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

· Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

· Shares acquired through a right of reinstatement.

· Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and C shares available at Janney

· Shares sold upon the death or disability of the shareholder.

· Shares sold as part of a systematic withdrawal plan as described in the fund’s Prospectus.

· Shares purchased in connection with a return of excess contributions from an IRA account.

· Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches the qualified age based on applicable IRS regulations.

APPENDIX

A-9


· Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

· Shares acquired through a right of reinstatement.

· Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent

· Breakpoints as described in the fund’s Prospectus.

· Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

· Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

*Also referred to as an “initial sales charge.”

D.A. DAVIDSON

Shareholders purchasing fund shares including existing fund shareholders through a D.A. Davidson &. Co. (“D.A. Davidson”) platform or account, or through an introducing broker-dealer or independent registered investment advisor for which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or SAI.

· Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.

· Employees and registered representatives of D.A. Davidson or its affiliates and their family members as designated by D.A. Davidson.

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement).

· A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is consistent with D.A. Davidson’s policies and procedures.

APPENDIX

A-10


CDSC Waivers on Classes A and C shares available at D.A. Davidson

· Death or disability of the shareholder.

· Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.

· Return of excess contributions from an IRA Account.

· Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts as described in the fund’s prospectus beginning in the calendar year the shareholder turns age 72.

· Shares acquired through a right of reinstatement.

Front-end sales charge discounts available at D.A. Davidson: breakpoints, rights of accumulation and/or letters of intent

· Breakpoints as described in this prospectus.

· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at D.A. Davidson. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at D.A. Davidson may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

OPCO

Shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“OPCO”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares available at OPCO

· Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

· Shares purchased by or through a 529 Plan

· Shares purchased through a OPCO affiliated investment advisory program

APPENDIX

A-11


· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

· A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

· Employees and registered representatives of OPCO or its affiliates and their family members

· Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus

CDSC Waivers on A, B and C Shares available at OPCO

· Death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

· Return of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age as described in the prospectus

· Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

· Shares acquired through a right of reinstatement

Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent

· Breakpoints as described in this prospectus

· Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

BAIRD

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and

APPENDIX

A-12


CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI

Front-End Sales Charge Waivers on Investors A-shares Available at Baird

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund

· Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird

· Shares purchase from the proceeds of redemptions from another Lord Abbett Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

· A shareholder in the Fund’s Investor C Shares will have their share converted at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

· Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

CDSC Waivers on Investor A and C shares Available at Baird

· Shares sold due to death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus

· Shares bought due to returns of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund’s prospectus

· Shares sold to pay Baird fees but only if the transaction is initiated by Baird

· Shares acquired through a right of reinstatement

Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations

· Breakpoints as described in this prospectus

· Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Lord Abbett Fund assets held by accounts within the purchaser’s household at Baird. Eligible Lord Abbett Fund assets not held at Baird may be included in the rights of

APPENDIX

A-13


accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

· Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of Lord Abbett Funds through Baird, over a 13-month period of time

APPENDIX

A-14


   

To Obtain Information:

By telephone. For shareholder account inquiries and for literature requests call the Funds at: 888-522-2388.

By mail. Write to the Funds at:
The Lord Abbett Family of Funds
90 Hudson Street
Jersey City, NJ 07302-3973

Via the Internet. Lord, Abbett & Co. LLC
www.lordabbett.com

Text only versions of Fund documents can be viewed online or downloaded from the SEC: http://www.sec.gov.

You can also obtain copies by sending your request and a duplicating fee to [email protected].

ADDITIONAL INFORMATION

Appendix A of this prospectus, titled “Intermediary-Specific Sales Charge Reductions and Waivers,” contains information about sales charge reductions and waivers available through certain financial intermediaries that differ from the sales charge reductions and waivers disclosed elsewhere in this prospectus and the related statement of additional information. More information on each Fund is available free upon request, including the following:

ANNUAL/SEMIANNUAL REPORTS

The Funds’ annual and semiannual reports contain more information about each Fund’s investments and performance. The annual report also includes details about the market conditions and investment strategies that had a significant effect on each Fund’s performance during the last fiscal year. The reports are available free of charge at www.lordabbett.com, and through other means, as indicated on the left.

STATEMENT OF ADDITIONAL INFORMATION (“SAI”)

The SAI provides more details about the Funds and their policies. A current SAI is on file with the SEC and is incorporated by reference into (or legally considered part of) this prospectus. The SAI is available free of charge at www.lordabbett.com, and through other means, as indicated on the left.

         
   

Lord Abbett Research Fund, Inc.

Lord Abbett Dividend Growth Fund

Lord Abbett Growth Opportunities Fund

Small-Cap Value Series

     
 

 
 

Lord Abbett Mutual Fund shares are distributed by: LORD ABBETT DISTRIBUTOR LLC

LARF-1
(04/22)

Investment Company Act File Number: 811-06650