Focused Small Cap Value Fund

LFVAX

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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 11/13/2019

$26.37

$0.11

YTD Returns w/o sales charge as of 11/13/2019

16.32%

Overall Morningstar Ratings

Small Value

as of 10/31/2019

Morningstar rated the Lord Abbett Focused Small Cap Value Fund class A share 3, 4 and 4 stars among 387, 342 and 238 Small Value Funds for the overall rating and the 3, 5 and 10 year periods ended 10/31/2019, respectively.

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 09/30/2019

Total Net Assets: $121.52 M
Inception Date: 05/01/2000
Dividend Frequency: Annually
Number of Holdings: 66
Minimum Initial Investment: $1,000+

Expense Ratioas of 10/31/2019

Expense ratio details, Click here.

The net expense ratio is based on estimates for the current fiscal year and takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through 02/28/2021. 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 Expense Ratio :

Gross 1.30%

Net 1.28%

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

w/o sales charge	10.90%	1.68%	7.89%	7.26%	11.44%	12.18%
Lipper Category Avg. Small-Cap Value Funds	14.01%	0.87%	6.99%	4.50%	10.27%	-
Russell 2000® Value Index	15.55%	3.22%	8.60%	6.24%	11.08%	9.02%
w/ sales charge	4.53%	-4.17%	5.78%	6.00%	10.78%	11.85%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

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

w/o sales charge	9.62%	-10.37%	6.35%	8.25%	10.42%	12.17%
Lipper Category Avg. Small-Cap Value Funds	12.22%	-9.95%	5.20%	5.11%	9.39%	-
Russell 2000® Value Index	12.82%	-8.24%	6.54%	7.17%	10.06%	8.93%
w/ sales charge	3.33%	-15.53%	4.27%	6.98%	9.77%	11.83%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

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

Eli Rabinowich

Portfolio Manager

15 Years of Industry Experience

John C. Hardy

Portfolio Manager

16 Years of Industry Experience

Your Representative

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

Performance

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

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

w/o sales charge	10.90%	1.68%	7.89%	7.26%	11.44%	12.18%
Lipper Category Avg. Small-Cap Value Funds	14.01%	0.87%	6.99%	4.50%	10.27%	-
Russell 2000® Value Index	15.55%	3.22%	8.60%	6.24%	11.08%	9.02%
w/ sales charge	4.53%	-4.17%	5.78%	6.00%	10.78%	11.85%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

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

w/o sales charge	9.62%	-10.37%	6.35%	8.25%	10.42%	12.17%
Lipper Category Avg. Small-Cap Value Funds	12.22%	-9.95%	5.20%	5.11%	9.39%	-
Russell 2000® Value Index	12.82%	-8.24%	6.54%	7.17%	10.06%	8.93%
w/ sales charge	3.33%	-15.53%	4.27%	6.98%	9.77%	11.83%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

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

Year	Fund Returns	Russell 2000® Value Index

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%	-5.50%
2010	27.58%	24.50%
2009	33.36%	20.58%
2008	-39.63%	-
2007	8.43%	-
2006	20.75%	-
2005	17.25%	-
2004	24.95%	-
2003	46.22%	-
2002	-3.76%	-
2001	27.44%	-
2000	25.68%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2019	11.51%	1.74%	-3.38%	-	16.32%
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 10/31/2019

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

Fees & Expenses

Sales Charge Schedule as of 11/13/2019

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $50,000	5.75%	5.00%	$27.98
$50,000 to $99,999	4.75%	4.00%	$27.69
$100,000 to $249,999	3.95%	3.25%	$27.45
$250,000 to $499,999	2.75%	2.25%	$27.12
$500,000 to $999,999	1.95%	1.75%	$26.89

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 Click here.

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 may combine the value of Class A, B, C, F, 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 I, R2, and R3 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, B, C, F, 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, B, C, F, 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 withdrawals. 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 a fund and/or your financial intermediary at the time of purchase if you believe your purchase qualifies for a reduced sales charge; 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, B, C, F, 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 a fund, and the purchaser must tell a fund that later purchases are subject to the Letter of Intention. Purchases submitted prior to the date the Letter of Intention is received by a 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 I, R2, and R3 share holdings may not be combined for these purposes. Class A shares valued at 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 is not completed. The Letter of Intention is neither a binding obligation on you to buy nor on a fund to sell any or all of an intended purchase amount.

Purchaser — A purchaser includes: 1) an individual; 2) an individual, his or her spouse, 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, nonprofit 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. An individual may include under item (1) his or her holdings in eligible funds as described above 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 pretax salary deferrals are made. An individual and his or her spouse 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.

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 10/31/2019

Expense ratio details, Click here.

Portfolio Positioningas of 09/30/2019

The portfolio employs a fundamental, bottom-up individual stock selection strategy that focuses largely on companies with compelling valuation over a long term horizon.
We initiated a position in shares of Spectrum Brands, Inc., a global consumer products company. The company recently finished pruning its portfolio of products into a cohesive set of offerings. We believe the share price is inexpensive and the company’s value will soon begin to be recognized.
We purchased shares of Comfort Systems USA, Inc., a high quality engineering and construction firm with a focus on HVAC and plumbing systems for the non-residential construction market. We believe the company has produced very strong results through multiple business cycles and given its largely labor-based model, free cash flow generation has been extremely robust and consistent.
We sold the portfolio’s position in Milacron Holdings Corp., a plastic manufacturer, after it was announced that the company was being acquired by Hillenbrand, Inc. We sold the portfolio’s position in Beacon Roofing Supply, Inc., a roofing materials distributor, consistent with our sell discipline given more attractive opportunities.

Fund Documents

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	Summary Prospectus Publish Date:11/03/2015
n/a	Statutory Prospectus Publish Date:11/03/2015
n/a	Prospectus (XBRL) Publish Date:11/03/2015
	SAI 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 yield reflects 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. Although the Fund invests a significant portion in large cap company stocks, it also invests in mid cap and small cap company stocks, which tend to be more volatile and may be less liquid than large cap company stocks. Mid and small cap companies typically experience higher risk of failure than large cap companies. However, larger companies may have slower rates of growth than smaller successful 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. The Fund's portfolio is actively managed and is subject to change.

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.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and 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 1.50% if the shares are repurchased 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.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

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 09/30/2019

Expense Ratioas of 10/31/2019

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

INVESTMENT TEAM

Your Representative

Performance

Performance

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

Fund Expense Ratio :

Gross 1.30%

Net 1.28%

Growth of $10,000 as of 10/31/2019

NAV HISTORICAL PRICES

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 11/13/2019

EXPENSE RATIOas of 10/31/2019

Portfolio Positioningas of 09/30/2019

Fund Documents

Fund Documents

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