Focused Small Cap Value Fund

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LFVAX

Focused Small Cap Value Fund

LFVAX

Effective July 1, 2019, the Lord Abbett Micro Cap Value Fund changed its name to Lord Abbett Focused Small Cap Value Fund, and changed its investment strategy. Therefore, the performance of the Fund for periods prior to July 1, 2019 is not representative of the Fund's current investment strategy. In addition, the benchmark index performance information shown is based on the new benchmark which is most appropriate for the new strategy. The change in investment approach may affect the Fund's performance. Please refer to the Fund's prospectus for additional information.

Daily price w/o sales charge as of 06/24/2022

$22.74

$0.94

YTD Returns w/o sales charge as of 06/24/2022

-19.53%

Please click here for performance current to the most recent quarter-end and month-end.

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Summary

What is the Focused Small Cap Value Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of small U.S. companies.

Fund Basicsas of 05/31/2022

Total Net Assets: $165.13 M
Inception Date: 05/01/2000
Dividend Frequency: Annually
Fund Expense Ratio: 1.22%
Number of Holdings: 40
Minimum Initial Investment: $1,000+

Fund Expense Ratio :

1.22%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 05/01/2000

w/o sales charge	-10.51%	-10.34%	12.25%	8.20%	11.74%	12.16%
Lipper Category Avg. Small-Cap Core Funds	-11.04%	-8.45%	11.54%	7.93%	10.61%	-
Russell 2000® Value Index	-8.25%	-7.67%	12.21%	7.83%	10.71%	9.23%
w/ sales charge	-15.64%	-15.49%	10.06%	6.93%	11.08%	11.86%

Fund Expense Ratio :

1.22%

Fund Expense Ratio :

1.22%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 05/01/2000

w/o sales charge	-5.10%	1.22%	12.19%	9.12%	11.42%	12.56%
Lipper Category Avg. Small-Cap Core Funds	-5.26%	2.16%	12.24%	9.07%	10.37%	-
Russell 2000® Value Index	-2.40%	3.32%	12.73%	8.57%	10.54%	9.62%
w/ sales charge	-10.54%	-4.61%	10.00%	7.84%	10.77%	12.26%

Fund Expense Ratio :

1.22%

Returns with sales charges reflect a maximum sales charge of 5.75%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

INVESTMENT TEAM

John C. Hardy

Portfolio Manager

19 Years of Industry Experience

Supported By 35 Investment Professionals with 19 Years Avg. Industry Experience

Your Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Fund Expense Ratio :

1.22%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 05/01/2000

w/o sales charge	-10.51%	-10.34%	12.25%	8.20%	11.74%	12.16%
Lipper Category Avg. Small-Cap Core Funds	-11.04%	-8.45%	11.54%	7.93%	10.61%	-
Russell 2000® Value Index	-8.25%	-7.67%	12.21%	7.83%	10.71%	9.23%
w/ sales charge	-15.64%	-15.49%	10.06%	6.93%	11.08%	11.86%

Fund Expense Ratio :

1.22%

Fund Expense Ratio :

1.22%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 05/01/2000

w/o sales charge	-5.10%	1.22%	12.19%	9.12%	11.42%	12.56%
Lipper Category Avg. Small-Cap Core Funds	-5.26%	2.16%	12.24%	9.07%	10.37%	-
Russell 2000® Value Index	-2.40%	3.32%	12.73%	8.57%	10.54%	9.62%
w/ sales charge	-10.54%	-4.61%	10.00%	7.84%	10.77%	12.26%

Fund Expense Ratio :

1.22%

Returns with sales charges reflect a maximum sales charge of 5.75%.

Year	Fund Returns	Russell 2000® Value Index

2021	27.17%	28.27%
2020	8.23%	4.63%
2019	20.56%	22.39%
2018	-9.28%	-12.86%
2017	7.49%	7.84%
2016	30.71%	31.74%
2015	2.04%	-7.47%
2014	-0.23%	4.22%
2013	38.17%	34.52%
2012	18.42%	18.05%
2011	-9.94%	-
2010	27.58%	-
2009	33.36%	-
2008	-39.63%	-
2007	8.43%	-
2006	20.75%	-
2005	17.25%	-
2004	24.95%	-
2003	46.22%	-
2002	-3.76%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2022	-5.10%	-	-	-	-19.53%
2021	19.23%	3.77%	-3.30%	6.30%	27.17%
2020	-42.30%	34.31%	0.79%	38.56%	8.23%
2019	11.51%	1.74%	-3.38%	9.98%	20.56%
2018	0.44%	8.55%	1.75%	-18.23%	-9.28%
2017	-0.76%	1.69%	4.31%	2.11%	7.49%
2016	1.04%	7.58%	6.86%	12.53%	30.71%
2015	3.80%	-0.77%	-4.27%	3.49%	2.04%
2014	0.74%	2.74%	-7.56%	4.28%	-0.23%
2013	10.59%	3.31%	7.43%	12.58%	38.17%
2012	13.35%	-5.45%	6.37%	3.88%	18.42%
2011	5.26%	-2.46%	-24.90%	16.80%	-9.94%
2010	8.98%	-6.20%	7.05%	16.59%	27.58%
2009	-10.46%	28.95%	14.59%	0.80%	33.36%
2008	-7.82%	-5.90%	-1.24%	-29.53%	-39.63%
2007	6.27%	8.20%	-2.29%	-3.48%	8.43%
2006	12.11%	1.79%	-0.61%	6.46%	20.75%
2005	2.04%	0.50%	11.81%	2.26%	17.25%
2004	8.29%	3.54%	-1.73%	13.40%	24.95%
2003	-8.04%	26.22%	9.47%	15.07%	46.22%
2002	14.11%	0.99%	-18.00%	1.86%	-3.76%
2001	3.46%	21.36%	-13.59%	17.46%	27.44%
2000	-	-	8.42%	1.74%	25.68%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

Growth of $10,000 as of 07/31/2021

The chart begins on the Fund's inception date of 05/01/2000.

Based on a hypothetical Class A share investment of $10,000 on 05/01/2000 without sales charge and includes the reinvestment of all distributions.

NAV HISTORICAL PRICES

Date	Net Asset Value

Portfolio

Holding	Sector	Assets

Chesapeake Energy Corp	Energy	5.1%
MEG Energy Corp	Energy	4.6%
Organon & Co	Health Care	4.3%
International Money Express Inc	Information Technology	3.8%
Eagle Materials Inc	Materials	3.3%
NOV Inc	Energy	3.2%
Silicon Motion Technology Corp	Information Technology	3.2%
Sunstone Hotel Investors Inc	Real Estate	3.2%
SP Plus Corp	Industrials	3.0%
First BanCorp/Puerto Rico	Financials	2.9%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Holding	Sector	Assets

MEG Energy Corp	Energy	4.5%
Chesapeake Energy Corp	Energy	4.2%
Organon & Co	Health Care	3.7%
International Money Express Inc	Information Technology	3.6%
Silicon Motion Technology Corp	Information Technology	3.6%
TrueBlue Inc	Industrials	3.4%
Sunstone Hotel Investors Inc	Real Estate	3.3%
Eagle Materials Inc	Materials	3.2%
NOV Inc	Energy	3.0%
Tenet Healthcare Corp	Health Care	2.9%
Metropolitan Bank Holding Corp	Financials	2.8%
SP Plus Corp	Industrials	2.7%
First BanCorp/Puerto Rico	Financials	2.7%
MRC Global Inc	Industrials	2.6%
Selective Insurance Group Inc	Financials	2.4%
EMCOR Group Inc	Industrials	2.4%
Marcus Corp/The	Communication Services	2.4%
Bridge Investment Group Holdings Inc	Financials	2.4%
GrafTech International Ltd	Industrials	2.4%
Masonite International Corp	Industrials	2.4%
American Equity Investment Life Holding Co	Financials	2.3%
Pactiv Evergreen Inc	Materials	2.3%
Columbus McKinnon Corp/NY	Industrials	2.2%
Eastern Bankshares Inc	Financials	2.2%
Spectrum Brands Holdings Inc	Consumer Staples	2.2%
Cars.com Inc	Communication Services	2.1%
Outfront Media Inc	Real Estate	2.1%
Kemper Corp	Financials	2.1%
Stewart Information Services Corp	Financials	1.9%
Wintrust Financial Corp	Financials	1.9%
Sally Beauty Holdings Inc	Consumer Discretionary	1.9%
Customers Bancorp Inc	Financials	1.9%
Bancorp Inc/The	Financials	1.8%
American Axle & Manufacturing Holdings Inc	Consumer Discretionary	1.7%
Dave & Buster's Entertainment Inc	Consumer Discretionary	1.6%
Turning Point Brands Inc	Consumer Staples	1.6%
CI Financial Corp	Financials	1.6%
Western Alliance Bancorp	Financials	1.3%
JOANN Inc	Consumer Discretionary	1.0%
Century Aluminum Co	Materials	1.0%
Realogy Holdings Corp	Real Estate	1.0%

Sector Allocationas of 05/31/2022

Sector	Weighting	Fund Change from Previous Quarter

Sector	Weighting	Fund Change from Previous Quarter
Communication Services		0.4%
Real Estate		1.5%
Utilities		0.0%
Consumer Discretionary		0.2%
Consumer Staples		0.1%
Energy		2.3%
Financials		5.7%
Health Care		0.2%
Industrials		1.7%
Information Technology		2.8%
Materials		0.1%

Portfolio Positioningas of 3/31/2022

The Fund employs a fundamental, bottom-up individual stock selection strategy that focuses on quality companies with compelling valuation over a long term horizon.
We initiated a position in shares of Selective Insurance Group, Inc., a property and casualty insurance provider. We believe they are attractively valued and well-positioned as a small property and casualty insurance provider producing stable returns.
We also initiated a position in shares of NOV Inc., which provides equipment and technology to the upstream oil and gas industry. Following years of underearning we anticipate that as the energy cycle turns, earnings growth will follow.
We sold the Fund’s position in Evercore, Inc., an investment banking advisory company, and Victory Capital Holdings, Inc, an investment management firm, in favor of what we consider to be more attractive investment opportunities consistent with our normalized free cash flow methodology.

PORTFOLIO DETAILS as of 05/31/2022

Total Net Assets: $165.13 M
Number of Holdings: 40
Weighted Average Market Cap.: 3.6 B
P/B Ratio: 2.0x
P/E Ratio: 11.5x

To view definitions for the above Portfolio Details, Click here.

Market Capitalization Breakdown - Morningstar separates stock portfolio holdings into five market-capitalization groups: Giant, Large, Mid, Small, and Micro. Of the 5000 largest domestic stocks in their equities database, the top 1% are categorized as Giant, the next 4% are Large, the next 15% are Mid, the next 30% are Small, and the remaining 50% are Micro. Stocks outside of the largest 5000 are also classified as Micro.

Weighted Average Market Cap - The average market capitalization of all companies held in the portfolio with each company weighted according to its percent held in the portfolio. The result is based upon a weighted average of the securities held in the fund.

P/B Ratio - A ratio that helps determine whether a stock is undervalued or overvalued. It is calculated by dividing a stock's price per share by its book value per share. The result is based upon a weighted average of the securities held in the fund.

P/E Ratio - Is the weighted average of each holding's P/E ratio (price of a stock divided by its earnings per share). The result is based upon a weighted average of the securities held in the fund.

Portfolio Turnover - This is a measure of the Fund’s trading activity which is computed by taking the lesser of purchases or sales divided by average monthly market value, excluding short-term investments. The resulting percentage represents the percentage of the portfolio’s holdings that have changed over the past year.

Fees & Expenses

Sales Charge Schedule as of 06/24/2022

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $50,000	5.75%	5.00%	$24.13
$50,000 to $99,999	4.75%	4.00%	$23.87
$100,000 to $249,999	3.95%	3.25%	$23.68
$250,000 to $499,999	2.75%	2.25%	$23.38
$500,000 to $999,999	1.95%	1.75%	$23.19

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers View Full Disclosure

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company 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.

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 (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. 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 a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

Rights of Accumulation - A Purchaser (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, 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 ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.
Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings 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 andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored 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 singlebank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of 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-sponsored 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 a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge 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 (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 and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (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 fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

EXPENSE RATIOas of 05/31/2022

1.22%

Expense ratio details, Click here.

The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 02/28/2023. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower.

Fund Documents

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n/a	Portfolio Holdings 1Q Publish Date:11/03/2015
n/a	Portfolio Holdings 3Q Publish Date:11/03/2015
	Summary Prospectus Publish Date:11/03/2015
n/a	Statutory Prospectus Publish Date:11/03/2015
	SAI Publish Date:11/03/2015
	Annual Report Publish Date:11/03/2015
	Semi-Annual Report Publish Date:11/03/2015
	Fact Sheet Publish Date:11/03/2015
	Commentary Publish Date:11/03/2015

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Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.

12-Month Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to its value with maximum sales charges and without sales charges. The fund’s dividend yield is calculated by dividing the fund’s income distributions over the previous year by the fund’s current value with maximum sales charges and without sales charges.

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

The 30-day Standardized Subsidized yields reflect fee waivers in effect. Without such fee waivers, yields would be reduced.

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

IMPORTANT INFORMATION

A Note about Risk: The value of investments in equity securities will fluctuate in response to general economic conditions and to changes in the prospects of particular companies, including market, liquidity, currency, and political risks. Small cap company stocks tend to be more volatile and may be less liquid than large cap company stocks. Small cap companies also may have more limited product lines, markets, or financial resources and typically experience a higher risk of failure than large cap companies. Investments in value companies can continue to be undervalued for long periods of time and be more volatile than the stock market in general. These factors can adversely affect Fund performance.

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

Class [A, C, F3, etc.] - The inception date for Class [A, C, etc.] shares is July 1, 2019. The performance quotations for Class [A, C, F3, etc.] for periods prior to July 1, 2019 are based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class [A, C, F3, etc.] shares.

Class A Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

Returns shown at less than a year reflect aggregate total returns.

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.

The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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Summary

Summary

What is the Focused Small Cap Value Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of small U.S. companies.

Fund Basicsas of 05/31/2022

Fund Expense Ratio :

1.22%

Fund Expense Ratio :

1.22%

Fund Expense Ratio :

1.22%

Fund Expense Ratio :

1.22%

INVESTMENT TEAM

Your Representative

Performance

Performance

Fund Expense Ratio :

1.22%

Fund Expense Ratio :

1.22%

Fund Expense Ratio :

1.22%

Fund Expense Ratio :

1.22%

Growth of $10,000 as of 07/31/2021

NAV HISTORICAL PRICES

Portfolio

Portfolio

Sector Allocationas of 05/31/2022

Portfolio Positioningas of 3/31/2022

PORTFOLIO DETAILS as of 05/31/2022

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 06/24/2022

EXPENSE RATIOas of 05/31/2022

Fund Documents

Fund Documents

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