LORD ABBETT SECURITIES TRUST Lord Abbett International Dividend Income Fund

Transcription

1 LORD ABBETT SECURITIES TRUST Lord Abbett International Dividend Income Fund Supplement dated June 14, 2018 to the Summary Prospectus, Prospectus, and Statement of Additional Information, each dated March 1, 2018, as supplemented thereafter This supplement updates certain information contained in Lord Abbett International Dividend Income Fund s (the Fund ) summary prospectus, prospectus, and statement of additional information ( SAI ). Please review this important information carefully. On June 12, 2018, the Board of Trustees of Lord Abbett Securities Trust approved, effective on September 30, 2018, the following changes to the Fund s name, benchmark index, principal investment strategies, and principal risks: Name Change The Fund will be re-named Lord Abbett International Value Fund, and all references to Lord Abbett International Dividend Income Fund in the summary prospectus, prospectus, and SAI will be replaced with Lord Abbett International Value Fund. Benchmark Index Change The Fund s benchmark index will change from the MSCI All Country World Ex-U.S. High Dividend Yield Index to the MSCI EAFE Value Index. The MSCI EAFE Value Index is an independently maintained and widely published index that captures large- and mid-cap securities exhibiting overall value style characteristics across developed markets countries around the world, excluding the U.S. and Canada. Principal Investment Strategies Summary Prospectus Changes The first two paragraphs under the section titled Principal Investment Strategies in the Fund s summary prospectus will be replaced in their entirety with the following: To pursue its objective, the Fund invests primarily in a diversified portfolio of equity securities of foreign companies that the Fund believes are undervalued. The Fund s principal investments include the following types of securities and other financial instruments: Equity securities of large, mid-sized, and small companies. The Fund may invest in any security that represents equity ownership in a company. 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, and other instruments with similar economic characteristics. The Fund considers equity securities to include warrants, rights offerings, convertible securities, and investments that convert into the equity securities described above. Foreign companies whose securities may be traded on U.S. or non-u.s. securities exchanges, may be denominated in the U.S. dollar or other currencies, and may include American Depositary Receipts ( ADRs ). Although the Fund is not required to hedge its

2 exposure to any currency, it may choose to do so. The Fund may invest without limitation in foreign companies organized or operated in emerging market countries. Value stocks of companies of any size that the Fund s portfolio management team believes to be undervalued according to certain financial measurements of intrinsic worth or business prospects and to have the potential to provide total return. Principal Risks Summary Prospectus Changes The bullet titled Dividend Risk under the section titled Principal Risks in the Fund s summary prospectus will be replaced in its entirety with the following, which will appear immediately after Geographic Concentration Risk : Dividend Risk: The Fund s investments in equity securities may include equity securities issued by dividend paying companies. Investments in dividend paying companies are subject to the risk that 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 may vary over time, and there is no guarantee that a company will pay a dividend at all. The bullet titled Value Investing Risk under the section titled Principal Risks in the Fund s summary prospectus will be moved to appear immediately after Industry and Sector Risk. Principal Investment Strategies Prospectus Changes The first three paragraphs of information relating to the Fund under the section titled More Information About the Funds Principal Investment Strategies in the Fund s prospectus will be replaced in their entirety with the following: To pursue its objective, the Fund invests primarily in a diversified portfolio of equity securities of foreign companies that the Fund believes are undervalued. The Fund may invest in any security that represents equity ownership in a company. 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 considers equity securities to include warrants, rights offerings, convertible securities, and investments that convert into the equity securities described above. The Fund invests principally in foreign companies, including, without limitation, companies that are organized under the laws of jurisdictions outside of the U.S. The Fund also may invest, without limitation, in foreign companies that primarily are traded on a U.S. securities exchange, including companies that are operated outside the U.S. The Fund may invest, without limitation, in foreign companies organized or operated in emerging market countries. The Fund considers emerging market countries to be those not classified as a Developed Market by MSCI. The seventh and eighth paragraphs of information relating to the Fund under the section titled More Information About the Funds Principal Investment Strategies in the Fund s prospectus will be replaced in their entirety with the following: The Fund s investment approach seeks to highlight undervalued companies that the portfolio management team believes will provide total return. The Fund attempts to take advantage of the short-term fluctuation of stock prices around the portfolio management team s long-term measure of 2

3 economic value, generally investing in opportunities that are at a significant discount to this measure. For this purpose, the Fund considers the economic or intrinsic value as the amount that an informed buyer would pay to own the entire business today. It is based on the portfolio management team s assessment of the net assets of a company and the estimated future cash flows those assets will create in relation to the apparent business risk being taken. The Fund uses a bottom-up investment research approach to identify companies the Fund believes to be attractive, long-term investment opportunities. The approach is based on in-depth analysis of a company s financial statements, business strategy, management competence and overall industry trends, among other factors. Companies might be identified from investment research analysis or personal knowledge of their products and services. The Fund s investment approach incorporates the following: A fundamental analysis of both companies and industries. This analysis attempts to determine the relative economic value of a business and assess the inherent investment risks. An analysis of the potential for total return. This analysis uses quantitative and qualitative screening tools to focus on companies with sustained earnings growth and profitability while maintaining a level of diversification across sectors and countries. An emphasis on absolute value and cross-border industry comparison. An analysis of industry, sector and economic trends. The Fund seeks to optimize various investment strategies across sectors and regions and control overall portfolio risk characteristics. Principal Risks Prospectus Changes The bullet titled Dividend Risk relating to the Fund under the section titled More Information About the Funds Principal Risks in the Fund s prospectus will be replaced in its entirety with the following, which will appear immediately after Mid-Sized and Small Company Risk : Dividend Risk: At times, the performance of dividend paying companies may lag the performance of other companies or the broader market as a whole. 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 the dividend paying companies that the Fund invests in are highly concentrated in only a few market sectors, then the Fund's portfolio may become less diversified, and the Fund's returns may become more volatile. (This risk applies to International Value Fund only.) The bullet titled Value Investing Risk relating to the Fund under the section titled More Information About the Funds Principal Risks in the Fund s prospectus will be moved to appear immediately after Industry and Sector Risk. Please retain this document for your future reference. 3

4 LORD ABBETT SECURITIES TRUST Lord Abbett Global Core Equity Fund Supplement dated April 20, 2018 to the Summary Prospectus, Prospectus and Statement of Additional Information, each dated March 1, 2018, as supplemented thereafter This supplement updates certain information contained in Lord Abbett Global Core Equity Fund s (the Fund ) summary prospectus, prospectus, and statement of additional information ( SAI ). Please review this important information carefully. On April 19, 2018, the Board of Trustees of Lord Abbett Securities Trust approved the following changes to the Fund s name and contractual management fee: Name Change Effective May 15, 2018, the Fund will be re-named Lord Abbett Global Equity Research Fund, and all references to Lord Abbett Global Core Equity Fund in the summary prospectus, prospectus, and SAI will be replaced with Lord Abbett Global Equity Research Fund. Reduction of Contractual Management Fee Effective April 20, 2018, the Fund s summary prospectus, prospectus, and SAI will be updated to reflect the following information, and any information to the contrary will be superseded: Shareholder Fees (1) (Fees paid directly from your investment) Class A C F, F3, I, R2, R3, R4, R5, and R6 T Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.75% None None 2.50% Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) None (2) 1.00% (3) None 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 R2 Management Fees 0.45% 0.45% 0.45% 0.45% 0.45% 0.45% Distribution and Service (12b-1) Fees 0.25% 1.00% 0.10% None None 0.60% Other Expenses 4.05% 4.05% 4.05% 4.03% 4.05% 4.05% Total Annual Fund Operating Expenses 4.75% 5.50% (4) 4.60% 4.48% (4) 4.50% 5.10% Fee Waiver and/or Expense Reimbursement (5) (3.85)% (3.85)% (3.85)% (3.85)% (3.85)% (3.85)% Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (5) 0.90% 1.65% 0.75% 0.63% (4) 0.65% 1.25%

5 Annual Fund Operating Expenses (continued) (Expenses that you pay each year as a percentage of the value of your investment) Class R3 R4 R5 R6 T Management Fees 0.45% 0.45% 0.45% 0.45% 0.45% Distribution and Service (12b-1) Fees 0.50% 0.25% None None 0.25% Other Expenses 4.05% 4.05% 4.05% 4.03% 4.05% Total Annual Fund Operating Expenses 5.00% 4.75% 4.50% 4.48% 4.75% Fee Waiver and/or Expense Reimbursement (5) (3.85)% (3.85)% (3.85)% (3.85)% (3.85)% Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (5) 1.15% 0.90% 0.65% 0.63% (4) 0.90% (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 of the one-year anniversary of the purchase. More information about the CDSC is provided in Sales Charges starting on page 193 of the prospectus. (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) (5) These amounts have been restated from fiscal year amounts to reflect current fees and expenses. For the period from April 20, 2018 through February 29, 2020, Lord, Abbett & Co. LLC has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees and acquired fund fees and expenses, to an annual rate of 0.65% for each class other than Class F3 and R6. For the same period, Lord, Abbett & Co. LLC has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding acquired fund fees and expenses, to an annual rate of 0.63% for each of Class F3 and R6. This agreement may be terminated only by the Fund s Board of Trustees. 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 $662 $1,298 $2,267 $4,712 $662 $1,298 $2,267 $4,712 Class C Shares $268 $990 $2,146 $4,986 $168 $990 $2,146 $4,986 Class F Shares $77 $722 $1,724 $4,263 $77 $722 $1,724 $4,263 Class F3 Shares $64 $686 $1,666 $4,161 $64 $686 $1,666 $4,161 Class I Shares $66 $692 $1,676 $4,178 $66 $692 $1,676 $4,178 Class R2 Shares $127 $872 $1,961 $4,674 $127 $872 $1,961 $4,674 Class R3 Shares $117 $842 $1,914 $4,594 $117 $842 $1,914 $4,594 Class R4 Shares $92 $767 $1,796 $4,389 $92 $767 $1,796 $4,389 Class R5 Shares $66 $692 $1,676 $4,178 $66 $692 $1,676 $4,178 Class R6 Shares $64 $686 $1,666 $4,161 $64 $686 $1,666 $4,161 Class T Shares $340 $998 $2,001 $4,529 $340 $998 $2,001 $4,529 The Fund will pay a management fee to its investment adviser, Lord, Abbett & Co. LLC, according to the following schedule: 0.45% on the first $1 billion of average daily net assets; 0.43% on the next $2 billion of average daily net assets; and 0.41% on the Fund s average daily net assets over $3 billion. Please retain this document for your future reference.

6 THE LORD ABBETT FAMILY OF FUNDS 1 Supplement dated April 20, 2018 to the Prospectuses This supplement updates certain information contained in your Fund s prospectus. You should read this supplement in conjunction with your Fund s prospectus. Dealer Concession Schedule Effective April 20, 2018, the following footnote is added to correspond to the Class A Investments header in the Dealer Concession Schedule Class A Shares for Certain Purchases Without a Front-End Sales Charge table in each applicable Fund s prospectus: **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. Reinvestment Privilege Effective April 20, 2018, the following sentence is added at the end of the Reinvestment Privilege paragraph in each Fund s prospectus: 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. Please retain this document for your future reference. 1 When used in this supplement, the term the Fund refers to each of the Lord Abbett Funds to which one or more of the changes in this supplement applies, and any changes reflected in this supplement apply only to the extent those Funds prospectuses include the relevant language.

7 LORD ABBETT SECURITIES TRUST Lord Abbett Growth Leaders Fund Lord Abbett Micro Cap Growth Fund Supplement dated April 17, 2018 to the Prospectus and Statement of Additional Information dated March 1, 2018 This supplement updates certain information contained in the Funds prospectus and statement of additional information ( SAI ). Please review this important information carefully. Each change below is effective April 17, The following table replaces the table in the subsection under Management Portfolio Managers on page 43 of the prospectus: Member of the Investment Management Portfolio Manager/Title Team Since F. Thomas O Halloran, III, Partner and Portfolio Manager 2011 Vernon T. Bice, Portfolio Manager 2011 Matthew R. DeCicco, Portfolio Manager 2016 The following table replaces the table in the subsection under Management Portfolio Managers on page 84 of the prospectus: Member of the Investment Management Portfolio Manager/Title Team Since F. Thomas O Halloran, III, Partner and Portfolio Manager 2006 Matthew R. DeCicco, Portfolio Manager 2002 The paragraphs relating to Growth Leaders Fund and Micro Cap Growth Fund in the subsection of the prospectus titled Management and Organization of the Fund Portfolio Managers on pages 178 and 179 are deleted in their entirety and replaced with the following: Growth Leaders Fund. The team is headed by F. Thomas O Halloran, III, Partner and Portfolio Manager, who joined Lord Abbett in Assisting Mr. O Halloran are Vernon T. Bice, Portfolio Manager, who joined Lord Abbett in 2011 and Matthew R. DeCicco, Portfolio Manager, who joined Lord Abbett in Messrs. O Halloran and Bice have been members of the team since the Fund s inception. Mr. DeCicco has been a member of the team since Messrs. O Halloran, Bice, and DeCicco are jointly and primarily responsible for the day-to-day management of the Fund. Micro Cap Growth Fund. The team is headed by F. Thomas O Halloran, III, Partner and Portfolio Manager. Mr. O Halloran joined Lord Abbett in 2001 and has been a member of the team since Assisting Mr. O Halloran is Matthew R. DeCicco, Portfolio Manager, who joined Lord Abbett in 1999

8 and has been a member of the team since Messrs. O Halloran and DeCicco are jointly and primarily responsible for the day-to-day management of the Fund. The following rows replace the applicable rows of the corresponding table in the subsection titled Portfolio Manager Information Other Accounts Managed beginning on page 7-1 of the SAI: Number of Registered Investment Companies Total Assets ($MM) Number of Other Pooled Investment Vehicles Total Assets ($MM) Number of Other Accounts Total Assets ($MM) Securities Trust Growth Leaders Fund F. Thomas O Halloran, III 9 2, Vernon T. Bice Matthew R. DeCicco 9 2, Micro Cap Growth Fund F. Thomas O Halloran, III 9 5, Matthew R. DeCicco 9 5, Included in the number of accounts and total assets is 1 account with respect to which the management fee is based on the performance of the account; such account totals approximately $69.3 million in assets. The following rows replace the applicable rows of the corresponding table in the subsection titled Portfolio Manager Information Holdings of Portfolio Managers beginning on page 7-2 of the SAI: Ranges: A - $0, B - $1-$10,000, C - $10,001-$50,000, D - $50,001-$100,000, E - $100,001-$500,000, F - $500,001-$1,000,000, G - over $1,000,000 Ownership of Securities Aggregate Dollar Range of Securities Securities Trust Growth Leaders Fund F. Thomas O Halloran, III G Vernon T. Bice F Matthew R. DeCicco E Micro Cap Growth Fund F. Thomas O Halloran, III E Matthew R. DeCicco E Please retain this document for your future reference.

9 THE LORD ABBETT FAMILY OF FUNDS 1 Supplement dated March 28, 2018 to the Prospectuses and Statements of Additional Information This supplement supersedes and replaces corresponding the prospectus and statement of additional information ( SAI ) supplement dated March 15, You should read this supplement in conjunction with your Fund s prospectus and SAI. Effective March 15, 2018, the following information replaces the subsection of the prospectus titled Choosing a Share Class Additional Information about the Availability of Share Classes Class A Shares and supplements and supersedes any information to the contrary in each Fund s prospectus and SAI. 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 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. Effective April 30, 2018, the following information replaces the row titled Automatic Conversion of the table in the subsection of the prospectus titled Choosing a Share Class Key Features of Share Classes Class C Shares and supplements and supersedes any information to the contrary in each Fund s prospectus and SAI: Class C Shares Automatic Conversion Automatic conversion into Class A shares the month following the tenth anniversary of purchase ( * ) (* ) Effective April 30, 2018, Class C shares will convert automatically into Class A shares on the 25 th day of the month (or, if the 25th is not a business day, the next business day thereafter) following the tenth anniversary of the month on 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 ten years. 1 Class A and C shares are not available in all Lord Abbett Funds. Please review your Fund s prospectus and SAI to determine whether the Fund offers these share classes. 2 This supplement does not supersede or affect the supplement to Lord Abbett Securities Trust s prospectus dated March 15, 2018 concerning financial intermediary compensation.

10 Effective April 30, 2018, the following information is inserted in the SAI and supplements and supersedes any information to the contrary in each Fund s prospectus and SAI: Conversions of Class C Shares. Class C shares will convert automatically into Class A shares ten years after the date of purchase. When Class C shares that a shareholder acquired through a purchase or exchange convert, any other Class C shares that the shareholder acquired as reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. Class C shares held through a financial intermediary in an omnibus account will be converted into Class A shares only if the intermediary can document that the shareholder has met the required holding period. It is the financial intermediary s (and not the Fund s) responsibility to keep records and to ensure that the shareholder is credited with the proper holding period. Not all financial intermediaries are able to track purchases to credit individual shareholders holding periods. In particular, group retirement plans held through third party intermediaries that hold Class C shares in an omnibus account may not track participant level share lot aging. Please consult with your financial intermediary about your eligibility to exercise this conversion privilege. The following policies are added to Appendix A: Intermediary-Specific Sales Charge Policies and Waivers in each Fund s prospectus as of the applicable date indicated below: 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: Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account are eligible for the following front-end sales charge waivers and discounts, which may differ from those disclosed elsewhere in the Fund s prospectus or SAI: 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 an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial s platform (if an Advisory or similar share class for such investment advisory program is not available). 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 10-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

11 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, stepson, 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). Morgan Stanley Effective July 1, 2018, 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. Please retain this document for your future reference.

12 LORD ABBETT SECURITIES TRUST Supplement dated March 15, 2018 to the Prospectus dated March 1, 2018 The following table replaces the table under Financial Intermediary Compensation on page 201 of the prospectus: Fee (1) A (2) All Funds except Micro Cap Growth Fund and Micro Cap Value Fund A Micro Cap Growth Fund and Micro Cap Value Fund Class B (2) C (2) F (3) F3 I P R2 R3 R4 R5 R6 T Service 0.25% 0.25% 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 B and 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. Please retain this document for your future reference.

13 Lord Abbett Securities Trust PROSPECTUS MARCH 1, 2018 LORD ABBETT ALPHA STRATEGY FUND LORD ABBETT FUNDAMENTAL EQUITY FUND LORD ABBETT GLOBAL CORE EQUITY FUND LORD ABBETT GROWTH LEADERS FUND LORD ABBETT INTERNATIONAL DIVIDEND INCOME FUND LORD ABBETT INTERNATIONAL EQUITY FUND (formerly known as Lord Abbett International Core Equity Fund ) LORD ABBETT INTERNATIONAL OPPORTUNITIES FUND LORD ABBETT MICRO CAP GROWTH FUND LORD ABBETT MICRO CAP VALUE FUND LORD ABBETT VALUE OPPORTUNITIES FUND CLASS TICKER CLASS TICKER CLASS TICKER A...ALFAX I...ALFYX R5...ALFTX B...ALFBX P...N/A R6...ALFVX C...ALFCX R2...ALFQX T...LASTX F...ALFFX R3...ALFRX F3...ALFOX R4...ALFKX CLASS TICKER CLASS TICKER CLASS TICKER A...LDFVX I...LAVYX R5...LAVTX B...GILBX P...LAVPX R6...LAVVX C...GILAX R2...LAVQX T...LDFTX F...LAVFX R3...LAVRX F3...LDFOX R4...LAVSX CLASS TICKER CLASS TICKER CLASS TICKER A...LGCAX I...LGCYX R5...LGCVX C...LGCCX R2...LGCQX R6...LGCWX F...LGCFX R3...LGCRX T...LGETX F3...LGCOX R4...LGCSX CLASS TICKER CLASS TICKER CLASS TICKER A...LGLAX F3...LGLOX R4...LGLSX B...GLABX I...LGLIX R5...LGLUX C...LGLCX R2...LGLQX R6...LGLVX F...LGLFX R3...LGLRX T...LGWTX CLASS TICKER CLASS TICKER CLASS TICKER A...LIDAX F3...LIDOX R4...LIRSX B...N/A I...LAIDX R5...LIRTX C...LIDCX R2...LIDRX R6...LIRVX F...LIDFX R3...LIRRX T...LIDTX CLASS TICKER CLASS TICKER CLASS TICKER A...LICAX I...LICYX R4...LICSX B...LICBX P...LICPX R5...LICTX C...LICCX R2...LICQX R6...LICVX F...LICFX R3...LICRX T...LITTX F3...LICOX CLASS TICKER CLASS TICKER CLASS TICKER A...LAIEX I...LINYX R5...LINTX B...LINBX P...LINPX R6...LINVX C...LINCX R2...LINQX T...LAITX F...LINFX R3...LINRX F3...LOIEX R4...LINSX CLASS TICKER CLASS TICKER A...N/A I...LMIYX CLASS TICKER CLASS TICKER A...N/A I...LMVYX CLASS TICKER CLASS TICKER CLASS TICKER A...LVOAX I...LVOYX R5...LVOTX B...LVOBX P...LVOPX R6...LVOVX C...LVOCX R2...LVOQX T...LVATX F...LVOFX R3...LVORX F3...LVOOX R4...LVOSX The 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

14 TABLE OF CONTENTS WHAT YOU SHOULD KNOW ABOUT THE FUNDS Alpha Strategy Fund 3 Fundamental Equity Fund 16 Global Core Equity Fund 25 Growth Leaders Fund 35 International Dividend Income Fund 45 International Equity Fund 56 International Opportunities Fund 67 Micro Cap Growth Fund 78 Micro Cap Value Fund 86 Value Opportunities Fund 94 Tax Information 103 Payments to Broker-Dealers and Other Financial Intermediaries 103 MORE INFORMATION ABOUT THE FUNDS Investment Objective 103 Principal Investment Strategies 104 Principal Risks 136 Additional Operational Risks 173 Disclosure of Portfolio Holdings 177 Management and Organization of the Funds 177 Information About the Availability of Micro Cap Growth Fund and Micro Cap Value Fund 181

15 TABLE OF CONTENTS INFORMATION FOR MANAGING YOUR FUND ACCOUNT Choosing a Share Class 182 Sales Charges 193 Sales Charge Reductions and Waivers 195 Financial Intermediary Compensation 200 Purchases 206 Exchanges 207 Redemptions 209 Account Services and Policies 211 Distributions and Taxes 220 FINANCIAL INFORMATION Alpha Strategy Fund 224 Fundamental Equity Fund 228 Global Core Equity Fund 232 Growth Leaders Fund 234 International Dividend Income Fund 238 International Equity Fund 242 International Opportunities Fund 246 Micro Cap Growth Fund 250 Micro Cap Value Fund 252 Value Opportunities Fund 254 APPENDIX Appendix A: Intermediary-Specific Sales Charge Reductions and Waivers A-1 Appendix B: Underlying Funds of Alpha Strategy Fund B-1

16 ALPHA STRATEGY FUND INVESTMENT OBJECTIVE The Fund s investment objective is long-term capital appreciation. FEES AND EXPENSES This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 professional and in Sales Charge Reductions and Waivers on page 195 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 B C F, F3, I, P, R2, R3, R4, R5, and R6 T Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.75% None None None 2.50% Maximum Deferred Sales Charge (Load) (as a percentage of offering price or redemption proceeds, whichever is lower) None (2) 5.00% 1.00% (3) None None Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Class A B C F F3 I P Management Fees (4) 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% Distribution and Service (12b-1) Fees 0.25% 1.00% 1.00% 0.10% None None 0.45% Other Expenses 0.19% 0.19% 0.19% 0.19% 0.08% 0.19% 0.19% Acquired Fund Fees and Expenses 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% Total Annual Fund Operating Expenses 1.57% 2.32% 2.32% 1.42% 1.21% 1.32% 1.77% PROSPECTUS ALPHA STRATEGY FUND 3

17 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 T Management Fees (4) 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% Distribution and Service (12b-1) Fees 0.60% 0.50% 0.25% None None 0.25% Other Expenses 0.19% 0.19% 0.19% 0.19% 0.08% 0.19% Acquired Fund Fees and Expenses 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% Total Annual Fund Operating Expenses 1.92% 1.82% 1.57% 1.32% 1.21% 1.57% (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 of the one-year anniversary of the purchase. (3) A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. (4) Lord Abbett presently is waiving the Fund s entire management fee on a voluntary basis. This voluntary management fee waiver may be discontinued at any time without notice. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PROSPECTUS ALPHA STRATEGY FUND 4

18 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 $726 $1,042 $1,381 $2,335 $726 $1,042 $1,381 $2,335 Class B Shares $735 $1,024 $1,440 $2,468 $235 $ 724 $1,240 $2,468 Class C Shares $335 $ 724 $1,240 $2,656 $235 $ 724 $1,240 $2,656 Class F Shares $145 $ 449 $ 776 $1,702 $145 $ 449 $ 776 $1,702 Class F3 Shares $123 $ 384 $ 665 $1,466 $123 $ 384 $ 665 $1,466 Class I Shares $134 $ 418 $ 723 $1,590 $134 $ 418 $ 723 $1,590 Class P Shares $180 $ 557 $ 959 $2,084 $180 $ 557 $ 959 $2,084 Class R2 Shares $195 $ 603 $1,037 $2,243 $195 $ 603 $1,037 $2,243 Class R3 Shares $185 $ 573 $ 985 $2,137 $185 $ 573 $ 985 $2,137 Class R4 Shares $160 $ 496 $ 855 $1,867 $160 $ 496 $ 855 $1,867 Class R5 Shares $134 $ 418 $ 723 $1,590 $134 $ 418 $ 723 $1,590 Class R6 Shares $123 $ 384 $ 665 $1,466 $123 $ 384 $ 665 $1,466 Class T Shares $406 $ 733 $1,084 $2,071 $406 $ 733 $1,084 $2,071 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 6% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES The Fund is a fund of funds that invests principally in affiliated mutual funds managed by Lord, Abbett & Co. LLC (the underlying funds ). Under normal conditions, through the underlying funds, the Fund indirectly invests principally in the equity securities of U.S. and foreign micro-cap, small, and mid-sized companies. The Fund uses a blend strategy to gain investment exposure to both growth and value stocks, or to stocks with characteristics of both. Through the underlying funds, the Fund s assets are allocated primarily to the following types of investments: Equity securities of micro-cap, small, and mid-sized companies. The underlying funds may invest in any security that represents equity ownership in a company. 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, and other instruments with similar economic characteristics. The PROSPECTUS ALPHA STRATEGY FUND 5

19 underlying funds consider equity securities to include warrants, rights offerings, convertible securities, and investments that convert into the equity securities described above. Growth companies that the underlying funds believe exhibit faster-thanaverage gains in earnings and have the potential to continue profit growth at a high level. Value companies that the underlying funds believe to be undervalued according to certain financial measurements of intrinsic worth or business prospects and have the potential for capital appreciation. Foreign securities, including emerging market securities and American Depositary Receipts ( ADRs ). The Fund 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. In addition to investing in the underlying funds, the Fund may invest directly in any type of derivative as part of its investment strategies or for risk management purposes. Currently, the Fund invests in derivatives consisting principally of futures, forwards, options, and swaps. To the extent the Fund invests in derivatives, the Fund intends to do so primarily for non-hedging purposes. When investing in this manner, the Fund may use a derivative investment, such as an index future, to adjust exposure to, or to change the weighting of its investments in, a particular asset class without increasing or decreasing the allocation among the underlying funds. The Fund may use derivatives to gain exposure to any asset class, whether or not represented by the underlying funds. The Fund also may sell index futures short to reduce its exposure to a particular asset class represented by the index or to profit from an anticipated decline in the returns of the index. The market value of the Fund s directly held positions in derivatives, determined at the time of the most recent position established, will not exceed 50% of the Fund s net assets. The Fund currently expects, however, that the market value of such instruments, determined at the time of the most recent position established, will not exceed 35% of the Fund s net assets under normal conditions. These percentage limitations exclude Fund assets indirectly invested in derivatives through the underlying funds. The portfolio management team allocates the Fund s assets among underlying funds that invest in equity securities across micro, small and mid-sized market capitalization ranges and all investment styles, and that invest in select non-u.s. companies. The portfolio management team generally employs a bottom-up investment approach emphasizing long term value. PROSPECTUS ALPHA STRATEGY FUND 6

20 The Fund may sell and reallocate its investments away from particular underlying funds when the Fund believes such a fund is less likely to benefit from the current market and economic environment, has a portfolio that shows signs of deteriorating fundamentals, or has reached its valuation target, among other reasons. The Fund seeks to remain fully invested in accordance with its investment objective; however, in response to adverse economic, market or other unfavorable conditions, the Fund may invest its assets in a temporary defensive manner. PRINCIPAL RISKS As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund also are the principal risks of investing in the underlying funds. These risks, which could adversely affect the Fund s performance, include: Underlying Fund Risk: The assets of the Fund are invested principally in the underlying funds. As a result, the investment performance of the Fund is directly related to the investment performance of the underlying funds in which it invests. The Fund is exposed to the same risks as the underlying funds in direct proportion to the allocation of its assets among the underlying funds. The Fund typically will invest in a diversified portfolio of underlying funds; however, to the extent that the Fund invests a significant portion of its assets in a single underlying fund it may be more susceptible to risks associated with that fund and its investments. It is possible that the holdings of underlying funds may contain securities of the same issuers, thereby increasing the Fund s exposure to such issuers. It also is possible that one underlying fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any underlying fund will be achieved. Lord, Abbett & Co. LLC is the investment adviser for both the Fund and the underlying funds and may be deemed to have a conflict of interest in determining the allocation of the Fund s assets among the various underlying funds. In addition, the Fund s shareholders will indirectly bear their proportionate share of the underlying funds fees and expenses, as well as their proportionate share of the Fund s fees and expenses. New Underlying Fund Risk: The Fund may invest in underlying funds that are recently organized. There can be no assurance that a new underlying fund will reach or maintain a sufficient asset size to effectively implement its PROSPECTUS ALPHA STRATEGY FUND 7

21 investment strategy. In addition, a new underlying fund s gross expense ratio may fluctuate during its initial operating period because of the fund s relatively smaller asset size and, until the fund achieves sufficient scale, the Fund may experience proportionally higher expenses than it would experience if it invested in a fund with a larger asset base. Portfolio Management Risk: If the strategies used and investments selected by the Fund s portfolio management team and/or the teams of the underlying funds fail to produce the intended results, the Fund and/or the underlying funds may not achieve their respective objectives. There can be no assurance that the allocation of Fund assets among the underlying funds or the Fund s use of derivatives will maximize returns, minimize risks, or be appropriate for all investors. As a 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, 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 an underlying fund overweights a single industry or sector relative to its benchmark index, the underlying 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. Micro-Cap, Small, and Mid-Sized Company Risk: Investments in microcap, small, and mid-sized companies may involve greater risks than investments in larger, more established companies. As compared to larger companies, micro-cap, small, and mid-sized companies may have limited management experience or depth, limited ability to generate or borrow capital needed for growth, and limited products or services, or operate in less established markets. Accordingly, micro-cap, small, and mid-sized company securities tend to be more sensitive to changing economic, market, and PROSPECTUS ALPHA STRATEGY FUND 8

22 industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. Micro-cap, small, and 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. The shares of micro-cap, small, and mid-sized companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future. Blend Style Risk: Growth stocks tend to be more volatile than slowergrowing value stocks. 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, growth stocks prices typically fall. The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company s intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. A portfolio that combines growth and value styles may diversify these risks and lower its volatility, but there is no assurance this strategy will achieve that result. 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 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 PROSPECTUS ALPHA STRATEGY FUND 9