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FEES AND EXPENSES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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 $100,000 in the Lord Abbett Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 292 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”).</span></p> 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 $100,000 in the Lord Abbett Family of Funds. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0225 0 0 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0025 0.0100 0.0010 0 0 0.0045 0.0015 0.0015 0.0015 0.0008 0.0015 0.0015 0.0070 0.0070 0.0070 0.0070 0.0070 0.0070 0.0120 0.0195 0.0105 0.0088 0.0095 0.0140 0.0010 0.0010 0.0010 0.0010 0.0010 0.0060 0.0050 0.0025 0 0 0.0015 0.0015 0.0015 0.0015 0.0008 0.0070 0.0070 0.0070 0.0070 0.0070 0.0155 0.0145 0.0120 0.0095 0.0088 Example <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Class C shares automatically convert to Class A shares after eight years. The expense example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> If Shares Are Redeemed If Shares Are Not Redeemed 345 597 870 1647 345 597 870 1647 298 612 1052 2080 198 612 1052 2080 107 334 579 1283 107 334 579 1283 90 281 488 1084 90 281 488 1084 97 303 525 1166 97 303 525 1166 143 443 766 1680 143 443 766 1680 158 490 845 1845 158 490 845 1845 148 459 792 1735 148 459 792 1735 122 381 660 1455 122 381 660 1455 97 303 525 1166 97 303 525 1166 90 281 488 1084 90 281 488 1084 Portfolio Turnover <span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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 31% of the average value of its portfolio.</span> 0.31 PRINCIPAL INVESTMENT STRATEGIES <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund is a “fund-of-funds” that invests in affiliated investment companies (the “underlying funds”) managed by Lord, Abbett &amp; Co. LLC (“Lord Abbett”). Under normal conditions, through the underlying funds, the Fund indirectly invests in U.S. equity securities across all market capitalization ranges and all investment styles, fixed income securities of various types, and select foreign (including emerging market) securities. The Fund tactically allocates its assets among these asset classes in response to market conditions or to seek to capitalize on investment opportunities. The Fund uses a “blend” strategy to gain investment exposure to both growth and value stocks, or to stocks with characteristics of both. </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Equity securities in which an underlying 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 characteristics. </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Currently, the underlying funds invest in fixed income securities consisting principally of high-yield debt securities, investment grade debt securities, mortgage-related and other asset-backed securities, municipal bonds, U.S. Government securities, convertible securities, bank loans, inflation-linked investments, and cash equivalents. Certain of the underlying funds may invest up to 100% of their assets in </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">fixed income securities that are below investment grade (commonly referred to as “high-yield” or “junk” bonds).</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Securities of foreign companies include emerging market companies, American Depositary Receipts (“ADRs”), and other similar depositary receipts, and may be traded on a U.S. or non-U.S. securities exchange and may be denominated in non-U.S. currencies. </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">In addition to investing in the underlying funds, the Fund may invest directly in any type of derivative as part of its investment strategies or for risk management purposes. Currently, the Fund may invest in derivatives consisting principally of futures, forwards, options, and swaps. To the extent that the Fund invests directly in derivatives, the Fund intends to do so primarily for non-hedging purposes. The market value of the Fund’s directly held positions in derivatives, determined at the time of the most recent position established, will not exceed 50% of the Fund’s net assets. The Fund currently expects, however, that under normal conditions 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. These percentage limitations exclude Fund assets indirectly invested in derivatives through the underlying funds.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund’s portfolio management team tactically allocates the Fund’s assets among the underlying funds based on market conditions, interest rate changes, and regulatory developments, among other considerations. The Fund may sell or reallocate its investments among the underlying funds for a variety of reasons, such as to secure gains, limit losses, redeploy assets, increase cash, or satisfy redemption requests, among others. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.</p> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">PRINCIPAL RISKS</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">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:</p> 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. <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Underlying Funds Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The assets of the Fund are invested principally in the underlying funds. As a result, the investment performance of the Fund is directly related to the investment performance of the underlying funds in which it invests. The Fund is exposed to the same risks as the underlying funds in direct proportion to the allocation of its assets among the underlying funds. To the extent that the Fund invests a significant portion of its assets in a single underlying fund it may be more susceptible to risks associated with that fund </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">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. There can be no assurance that the investment objective of any underlying fund will be achieved. In addition, the Fund’s shareholders will indirectly bear their proportionate share of the underlying funds’ fees and expenses, as well as their proportionate share of the Fund’s fees and expenses.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Affiliated Underlying Funds Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Fund invests principally in underlying funds advised by Lord Abbett, which presents certain conflicts of interest. Generally, Lord Abbett will receive more revenue from investing in the underlying funds than it would if it invested in unaffiliated funds. In addition, Lord Abbett is subject to conflicts of interest in allocating portfolio assets among the various underlying funds because the fees payable to Lord Abbett by underlying funds differ.</span><span style="font-size:8.0pt; font-family:Helvetica; font-style:normal; color:#FF0000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Lord Abbett may have an incentive to select underlying funds that will result in the greatest net management fee revenue to Lord Abbett and its affiliates, even if that results in increased expenses for the Fund. In addition, the Fund’s investments in affiliated underlying funds may be beneficial to Lord Abbett in managing the underlying funds, by helping the underlying funds achieve economies of scale or by enhancing cash flows to the underlying funds. If the Fund invests in an underlying fund with higher expenses, the Fund’s performance would be lower than if the Fund had invested in an underlying fund with comparable performance but lower expenses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">New Underlying Funds Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Fund may invest in underlying funds that are recently organized. There can be no assurance that a new underlying fund will reach or maintain a sufficient asset size to effectively implement its investment strategy. In addition, 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.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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. </span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Industry and Sector Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Although the Fund does not employ an industry or sector focus, its exposure to specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. If the Fund is overweight in a single industry or sector relative to its benchmark index, the Fund will face an increased risk that the value of its portfolio will decrease because of events disproportionately affecting that industry or sector. Furthermore, investments in particular industries or sectors may be more volatile than the broader market as a whole.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">Large Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Larger, more established companies may be less able to respond quickly to certain market developments. In addition, larger companies may have slower rates of growth as compared to successful, but less well-established, smaller companies.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mid-Sized and Small Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in mid-sized and small companies may involve greater risks than investments in larger, more established companies. Securities of mid-sized and small companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of mid-sized and small companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Blend Style Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Growth stocks typically trade at higher multiples of current earnings than other stocks. Growth stocks often are more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, prices of growth stocks typically fall. Growth stocks may be more volatile than securities of slower-growing issuers. The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. A portfolio that combines growth and value styles may diversify these risks and lower its volatility, but there is no assurance this strategy will achieve that result.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed Income Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal, economic, monetary, or other governmental policies or</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">measures have in the past—and may in the future—cause or exacerbate</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">interest rate risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Yield Securities Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High yield securities (commonly referred to as “junk” bonds) typically pay a higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be subject to structural subordination and</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#0000FF; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">may be subordinated to other obligations of the borrower or its subsidiaries.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Municipal Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Municipal securities are subject to the same risks affecting fixed income securities in general. In addition, the prices of municipal securities may be adversely affected by legislative or political changes, tax rulings, judicial action, changes in market and economic conditions, and the fiscal condition of the municipal issuer, including an insolvent municipality filing for bankruptcy. The Fund may be more sensitive to these events and conditions if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), in particular types of municipal securities (such as general obligation bonds, private activity bonds, and special tax bonds), or in the securities of issuers located within a single state, municipality, territory </span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">(such as Puerto Rico), or geographic area. The market for municipal securities generally is less liquid than other securities markets, which may make it more difficult for the Fund to sell its municipal securities. Nongovernmental users of facilities financed by tax-exempt revenue bonds (</span><span style="font-size:10.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">e.g.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">, companies in the electric utility and health care industries) may have difficulty making payments on their obligations in the event of an economic downturn. This would negatively affect the valuation of municipal securities issued by such facilities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related securities, including commercial mortgage-backed securities (“CMBS”) and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#00B050; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Inflation-Linked Investments Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Unlike traditional fixed income securities, the principal and interest payments of inflation-linked investments are adjusted periodically based on the inflation rate. The value of the Fund’s inflation-linked investments may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund’s use of these instruments will be successful.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Inverse Floaters Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund, through the underlying funds, may invest in inverse floaters. An inverse floater is a type of municipal bond derivative instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another security, normally the floating rate note. The value and income of an inverse floater generally is more volatile than the value and income of a fixed rate municipal bond. The value and income of an inverse floater generally fall when interest rates rise. Inverse floaters have varying degrees of liquidity, and the market for these securities is relatively volatile. An underlying fund’s net cash investment in inverse floaters is significantly less than the value of the underlying municipal bonds. This creates leverage, which increases as the value of the inverse floaters becomes greater in proportion to the value of the underlying municipal bonds.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment </span></p><p style="font-size:11.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign and Emerging Market Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. 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. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Sovereign Debt Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Sovereign debt securities are subject to the risk that the relevant sovereign government or governmental entity may delay or refuse to pay interest or repay principal on its debt. There is no legal process for </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">collecting sovereign debt that is not repaid, nor are there bankruptcy proceedings through which all or part of the unpaid sovereign debt may be collected.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity, and interest rate risk. Convertible securities tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives are also subject to liquidity risk and the risk that the</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">counterparty to a derivative transaction may fail to fulfill its contractual</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">obligations under the derivative contract. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity/Redemption Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.</span></p> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </p> The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart shows changes in the performance of the Fund’s Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</p> This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com 888-522-2388 Bar Chart (per calendar year) - Class A Shares <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; text-indent:9.0pt; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Best Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 2nd Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">+18.41%</span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Worst Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 1st Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">-16.88%</span></p> Best Quarter 2020-06-30 0.1841 Worst Quarter 2020-03-31 -0.1688 <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund and a performance average of similar mutual funds, as well as to a broad-based securities market index.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s average annual total returns include applicable sales charges.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</p><p style="font-size:7.5pt; font-family:Sans-Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:9.35pt; font-style:normal;"><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Fund has adopted the S&amp;P 500</span><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index as its broad-based securities market index.</span></p> The Fund’s average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. Average Annual Total Returns (for the periods ended December 31, 2025) 0.1041 0.0567 0.0783 0.0951 0.0396 0.0610 0.0629 0.0382 0.0563 0.1100 0.0535 0.0727 0.1310 0.0630 0.0824 0.1329 0.0651 0.0791 2017-04-04 0.1321 0.0641 0.0834 0.1271 0.0593 0.0786 0.1251 0.0578 0.0770 0.1268 0.0590 0.0782 0.1293 0.0615 0.0808 0.1326 0.0643 0.0836 0.1331 0.0650 0.0842 Russell 1000® Index 0.1737 0.1359 0.1459 0.1459 2017-04-04 (reflects no deduction for fees, expenses, or taxes) S&P 500® Index 0.1788 0.1442 0.1482 0.1486 2017-04-04 Morningstar Moderate Allocation Category Average 0.1293 0.0697 0.0795 0.0778 2017-04-04 Multi-Asset Income Fund INVESTMENT OBJECTIVE The Fund’s investment objective is to seek a high level of current income. FEES AND EXPENSES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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 $100,000 in the Lord Abbett Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 292 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”).</span></p> 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 $100,000 in the Lord Abbett Family of Funds. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0225 0 0 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0025 0.0100 0.0010 0 0 0.0045 0.0015 0.0015 0.0015 0.0009 0.0015 0.0015 0.0066 0.0066 0.0066 0.0066 0.0066 0.0066 0.0116 0.0191 0.0101 0.0085 0.0091 0.0136 0.0010 0.0010 0.0010 0.0010 0.0010 0.0060 0.0050 0.0025 0 0 0.0015 0.0015 0.0015 0.0015 0.0009 0.0066 0.0066 0.0066 0.0066 0.0066 0.0151 0.0141 0.0116 0.0091 0.0085 Example <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Class C shares automatically convert to Class A shares after eight years. The expense example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> If Shares Are Redeemed If Shares Are Not Redeemed 341 585 849 1602 341 585 849 1602 294 600 1032 2038 194 600 1032 2038 103 322 558 1236 103 322 558 1236 87 271 471 1049 87 271 471 1049 93 290 504 1120 93 290 504 1120 154 477 824 1802 154 477 824 1802 144 446 771 1691 144 446 771 1691 118 368 638 1409 118 368 638 1409 93 290 504 1120 93 290 504 1120 87 271 471 1049 87 271 471 1049 Portfolio Turnover <span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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 27% of the average value of its portfolio.</span> 0.27 PRINCIPAL INVESTMENT STRATEGIES <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund is a “fund-of-funds” that invests in affiliated investment companies (the “underlying funds”) managed by Lord, Abbett &amp; Co. LLC (“Lord Abbett”). Under normal conditions, through the underlying funds, the Fund indirectly invests in fixed income securities of various types, select U.S. equity securities across all market capitalization ranges and all investment styles, and foreign (including emerging market) securities. The Fund tactically allocates its assets among these asset classes in response to market conditions or to seek to capitalize on investment opportunities. The Fund uses a “blend” strategy to gain investment exposure to both growth and value stocks, or to stocks with characteristics of both. </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Currently, the underlying funds invest in fixed income securities consisting principally of high-yield debt securities, investment grade debt securities, mortgage-related and other asset-backed securities, municipal bonds, U.S. Government securities, convertible securities, bank loans, inflation-linked investments, and cash equivalents. Certain of the underlying funds may invest up to 100% of their assets in fixed income securities that are below investment grade (commonly referred to as “high-yield” or “junk” bonds).</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Equity securities in which an underlying 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 </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">companies and vehicles with similar legal structures, and other instruments with similar characteristics. </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Securities of foreign companies include emerging market companies, American Depositary Receipts (“ADRs”), and other similar depositary receipts, and may be traded on a U.S. or non-U.S. securities exchange and may be denominated in non-U.S. currencies.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">In addition to investing in the underlying funds, the Fund may invest directly in any type of derivative as part of its investment strategies or for risk management purposes. Currently, the Fund may invest in derivatives consisting principally of futures, forwards, options, and swaps. To the extent that the Fund invests directly in derivatives, the Fund intends to do so primarily for non-hedging purposes. The market value of the Fund’s directly held positions in derivatives, determined at the time of the most recent position established, will not exceed 50% of the Fund’s net assets. The Fund currently expects, however, that under normal conditions 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. These percentage limitations exclude Fund assets indirectly invested in derivatives through the underlying funds.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund’s portfolio management team tactically allocates the Fund’s assets among the underlying funds based on market conditions, interest rate changes, and regulatory developments, among other considerations. The Fund may sell or reallocate its investments among the underlying funds for a variety of reasons, such as to secure gains, limit losses, redeploy assets, increase cash, or satisfy redemption requests, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.</p> <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">PRINCIPAL RISKS</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">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:</p> 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. <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Underlying Funds Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The assets of the Fund are invested principally in the underlying funds. As a result, the investment performance of the Fund is directly related to the investment performance of the underlying funds in which it invests. The Fund is exposed to the same risks as the underlying funds in direct proportion to the allocation of its assets among the underlying funds. To the extent that the Fund invests a significant portion of its assets in a single underlying fund it may be more susceptible to risks associated with that fund </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">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. There can be no assurance that the investment objective of any underlying fund will be achieved. In addition, the Fund’s shareholders will indirectly bear their proportionate share of the underlying funds’ fees and expenses, as well as their proportionate share of the Fund’s fees and expenses.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Affiliated Underlying Funds Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Fund invests principally in underlying funds advised by Lord Abbett, which presents certain conflicts of interest. Generally, Lord Abbett will receive more revenue from investing in the underlying funds than it would if it invested in unaffiliated funds. In addition, Lord Abbett is subject to conflicts of interest in allocating portfolio assets among the various underlying funds because the fees payable to Lord Abbett by underlying funds differ.</span><span style="font-size:8.0pt; font-family:Helvetica; font-style:normal; color:#FF0000; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Lord Abbett may have an incentive to select underlying funds that will result in the greatest net management fee revenue to Lord Abbett and its affiliates, even if that results in increased expenses for the Fund. In addition, the Fund’s investments in affiliated underlying funds may be beneficial to Lord Abbett in managing the underlying funds, by helping the underlying funds achieve economies of scale or by enhancing cash flows to the underlying funds. If the Fund invests in an underlying fund with higher expenses, the Fund’s performance would be lower than if the Fund had invested in an underlying fund with comparable performance but lower expenses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">New Underlying Funds Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Fund may invest in underlying funds that are recently organized. There can be no assurance that a new underlying fund will reach or maintain a sufficient asset size to effectively implement its investment strategy. In addition, 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.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed Income Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk </span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal, economic, monetary, or other governmental policies or</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">measures have in the past—and may in the future—cause or exacerbate</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">interest rate risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Yield Securities Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High yield securities (commonly referred to as “junk” bonds) typically pay a higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be subject to structural subordination and</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#0000FF; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">may be subordinated to other obligations of the borrower or its subsidiaries.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Municipal Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Municipal securities are subject to the same risks affecting fixed income securities in general. In addition, the prices of municipal securities may be adversely affected by legislative or political changes, tax rulings, judicial action, changes in market and economic conditions, and the fiscal condition of the municipal issuer, including an insolvent municipality filing for bankruptcy. The Fund may be more sensitive to these events and </span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">conditions if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), in particular types of municipal securities (such as general obligation bonds, private activity bonds, and special tax bonds), or in the securities of issuers located within a single state, municipality, territory (such as Puerto Rico), or geographic area. The market for municipal securities generally is less liquid than other securities markets, which may make it more difficult for the Fund to sell its municipal securities. Nongovernmental users of facilities financed by tax-exempt revenue bonds (</span><span style="font-size:10.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">e.g.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">, companies in the electric utility and health care industries) may have difficulty making payments on their obligations in the event of an economic downturn. This would negatively affect the valuation of municipal securities issued by such facilities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related securities, including commercial mortgage-backed securities (“CMBS”) and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#00B050; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Inflation-Linked Investments Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Unlike traditional fixed income securities, the principal and interest payments of inflation-linked investments are adjusted periodically based on the inflation rate. The value of the Fund’s inflation-linked investments may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund’s use of these instruments will be successful.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Inverse Floaters Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund, through the underlying funds, may invest in inverse floaters. An inverse floater is a type of municipal bond derivative instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another security, normally the floating rate note. The value and income of an inverse floater generally is more volatile than the value and income of a fixed rate municipal bond. The value and income of an inverse floater generally fall when interest rates rise. Inverse floaters have varying degrees of liquidity, and the market for these securities is relatively volatile. An underlying fund’s net cash investment in inverse floaters is significantly less than the value of the underlying municipal bonds. This creates leverage, which increases as the value of the inverse floaters becomes greater in proportion to the value of the underlying municipal bonds.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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. </span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Industry and Sector Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Although the Fund does not employ an industry or sector focus, its exposure to specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. If the Fund is overweight in a single industry or sector relative to its benchmark index, the Fund will face an increased risk that the value of its portfolio will decrease because of events disproportionately affecting that industry or sector. Furthermore, investments in particular industries or sectors may be more volatile than the broader market as a whole.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">Large Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Larger, more established companies may be less able to respond quickly to certain market developments. In addition, larger companies may have slower rates of growth as compared to successful, but less well-established, smaller companies.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mid-Sized and Small Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in mid-sized and small companies may involve greater risks than investments in larger, more established companies. Securities of mid-sized and small companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of mid-sized and small companies tend to trade less frequently than those of larger, more established companies, </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">which can adversely affect the pricing of these securities and the ability to sell these securities in the future.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Blend Style Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Growth stocks typically trade at higher multiples of current earnings than other stocks. Growth stocks often are more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, prices of growth stocks typically fall. Growth stocks may be more volatile than securities of slower-growing issuers. The prices of value stocks may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth. Value investing also is subject to the risk that a company judged to be undervalued may actually be appropriately priced or even overpriced. A portfolio that combines growth and value styles may diversify these risks and lower its volatility, but there is no assurance this strategy will achieve that result.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign and Emerging Market Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. 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. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Sovereign Debt Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Sovereign debt securities are subject to the risk that the relevant sovereign government or governmental entity may delay or refuse to </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">pay interest or repay principal on its debt. There is no legal process for collecting sovereign debt that is not repaid, nor are there bankruptcy proceedings through which all or part of the unpaid sovereign debt may be collected.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity, and interest rate risk. Convertible securities tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives are also subject to liquidity risk and the risk that the</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">counterparty to a derivative transaction may fail to fulfill its contractual</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">obligations under the derivative contract. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity/Redemption Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.</span></p> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart shows changes in the performance of the Fund’s Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</p> This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com 888-522-2388 Bar Chart (per calendar year) - Class A Shares <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; text-indent:9.0pt; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Best Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 2nd Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">+13.27%</span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Worst Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 1st Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">-13.49%</span></p> Best Quarter 2020-06-30 0.1327 Worst Quarter 2020-03-31 -0.1349 <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund and a performance average of similar mutual funds. The Fund’s average annual total returns include applicable sales charges.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</p> The Fund’s average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. Average Annual Total Returns (for the periods ended December 31, 2025) 0.0885 0.0376 0.0588 0.0753 0.0242 0.0450 0.0533 0.0233 0.0404 0.0956 0.0345 0.0534 0.1160 0.0440 0.0629 0.1174 0.0456 0.0595 2017-04-04 0.1173 0.0450 0.0639 0.1105 0.0388 0.0576 0.1115 0.0398 0.0586 0.1143 0.0424 0.0613 0.1166 0.0451 0.0640 0.1175 0.0455 0.0645 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 0.0187 2017-04-04 (reflects no deduction for fees, expenses, or taxes) Morningstar Moderately Conservative Allocation Category Average 0.1131 0.0461 0.0586 0.0551 2017-04-04 Convertible Fund INVESTMENT OBJECTIVE The Fund’s investment objective is to seek current income and the opportunity for capital appreciation to produce a high total return. FEES AND EXPENSES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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 $100,000 in the Lord Abbett Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 292 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”).</span></p> 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 $100,000 in the Lord Abbett Family of Funds. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0225 0 0 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0070 0.0070 0.0070 0.0070 0.0070 0.0020 0.0081 0.0010 0 0 0.0045 0.0020 0.0020 0.0020 0.0012 0.0020 0.0020 0.0110 0.0171 0.0100 0.0082 0.0090 0.0135 0.0070 0.0070 0.0070 0.0070 0.0070 0.0060 0.0050 0.0025 0 0 0.0020 0.0020 0.0020 0.0020 0.0012 0.0150 0.0140 0.0115 0.0090 0.0082 Example <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Class C shares automatically convert to Class A shares after eight years. The expense example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> If Shares Are Redeemed If Shares Are Not Redeemed 335 567 818 1535 335 567 818 1535 274 539 928 1858 174 539 928 1858 102 318 552 1225 102 318 552 1225 84 262 455 1014 84 262 455 1014 92 287 498 1108 92 287 498 1108 137 428 739 1624 137 428 739 1624 153 474 818 1791 153 474 818 1791 143 443 766 1680 143 443 766 1680 117 365 633 1398 117 365 633 1398 92 287 498 1108 92 287 498 1108 84 262 455 1014 84 262 455 1014 Portfolio Turnover <span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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 151% of the average value of its portfolio.</span> 1.51 PRINCIPAL INVESTMENT STRATEGIES <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Under normal conditions, the Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in a diversified portfolio of convertible securities issued by U.S. and foreign companies. Convertible securities may include corporate bonds, debentures, notes, preferred stocks, and any other securities that can be exchanged for equity securities or provide an opportunity for equity participation. For purposes of this 80% policy, the Fund also may gain exposure to convertible securities through derivatives or other ‘synthetic’ means.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in both investment grade convertible securities and lower-rated (commonly referred to as “high-yield” or “junk”) convertible securities or, if unrated, determined by Lord Abbett to be of comparable quality. The Fund may invest in companies of all sizes and may from time to time invest a significant amount of its assets in securities of small and mid-sized companies and below investment grade securities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest up to 20% of its net assets in non-convertible debt or equity securities. In addition, the Fund may invest up to 20% of its net assets in foreign securities. The Fund defines foreign securities as securities of non-U.S. issuers that are denominated in non-U.S. currencies.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may use derivatives to hedge against risk or to gain investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. Specifically, the Fund expects to employ a variety of options strategies for the Fund, including purchasing and selling put and call options, as well as utilizing “spreads” and other option combinations. In “spread” transactions, the Fund buys and writes a put or buys and writes a call on the same underlying instrument with the options having different expiration dates. The Fund may also take advantage of the pricing inefficiencies of an embedded option through the purchase of a convertible bond. Such convertible arbitrage strategies seek to take advantage of the pricing inefficiencies of the embedded option in a convertible bond. Convertible arbitrage involves purchasing a portfolio of convertible securities, generally convertible bonds, and hedging a portion of the equity risk by selling short </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">the underlying common stock. The Fund may use derivatives to seek to enhance returns, to attempt to hedge some of its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument is based, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The portfolio management team uses fundamental, bottom-up analysis to identify convertible securities that it believes are undervalued and that potentially may increase total return and reduce downside risk. The portfolio management team will work toward reducing risk through portfolio diversification, credit analysis, assessment of risk/return potential, and attention to current developments and trends in interest rates and economic conditions. The Fund engages in active and frequent trading of its portfolio securities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.</p> The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities. <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">PRINCIPAL RISKS</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:</p> 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. <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed Income Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer </span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal, economic, monetary, or other governmental policies or</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">measures have in the past—and may in the future—cause or exacerbate</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">interest rate risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity, and interest rate risk. Convertible securities tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Yield Securities Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High yield securities (commonly referred to as “junk” bonds) typically pay a higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Call Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> A substantial portion of bonds are “callable,” meaning they give the issuer the right to call or redeem the bonds before maturity. Issuers may call outstanding bonds when there is a decline in interest rates, when credit spreads </span></p><p style="font-size:11.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">change, or when the issuer’s credit quality improves. As interest rates decline, these bond issuers may pay off their loans early by buying back the bonds, thus depriving the Fund of above market interest rates.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related securities, including commercial mortgage-backed securities (“CMBS”) and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#00B050; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity/Redemption Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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. </span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Industry and Sector Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Although the Fund does not employ an industry or sector focus, its exposure to specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. If the Fund is overweight in a single industry or sector relative to its benchmark index, the Fund will face an increased risk that the value of its portfolio will decrease because of events disproportionately affecting that industry or sector. Furthermore, investments in particular industries or sectors may be more volatile than the broader market as a whole.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">Large Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Larger, more established companies may be less able to respond quickly to certain market developments. In addition, larger companies may have slower rates of growth as compared to successful, but less well-established, smaller companies.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mid-Sized and Small Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in mid-sized and small companies may involve greater risks than investments in larger, more established companies. Securities of mid-sized and small companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of mid-sized and small companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign and Emerging Market Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. 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. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives are also subject to liquidity risk and the risk that the</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">counterparty to a derivative transaction may fail to fulfill its contractual</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">obligations under the derivative contract. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High portfolio turnover may result in increased transaction costs, reduced investment performance, and higher taxes resulting from increased realized capital gains, including short-term capital gains taxable as ordinary income when distributed to shareholders.</span></p> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </p> The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart shows changes in the performance of the Fund’s Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</p> This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com 888-522-2388 Bar Chart (per calendar year) - Class A Shares <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; text-indent:9.0pt; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Best Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 2nd Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">+27.13%</span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Worst Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 2nd Q 2022 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">-16.15%</span></p> Best Quarter 2020-06-30 0.2713 Worst Quarter 2022-06-30 -0.1615 <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund as well as to a broad-based securities market index.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s average annual total returns include applicable sales charges.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</p><p style="font-size:7.5pt; font-family:Sans-Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:9.35pt; font-style:normal;"><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; color:#666666; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; color:#666666; font-weight:normal; text-decoration:none;">The Fund has adopted the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market index.</span></p> The Fund’s average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. Average Annual Total Returns (for the periods ended December 31, 2025) 0.1932 0.0235 0.1125 0.1855 0.0069 0.0903 0.1151 0.0121 0.0831 0.2022 0.0217 0.1080 0.2211 0.0293 0.1162 0.2243 0.0312 0.1129 2017-04-04 0.2228 0.0302 0.1173 0.2169 0.0257 0.1124 0.2151 0.0242 0.1106 0.2161 0.0251 0.1118 0.2197 0.0278 0.1146 0.2228 0.0303 0.1173 0.2235 0.0311 0.1179 ICE BofA U.S. Convertibles Index 0.1818 0.0517 0.1129 0.1110 2017-04-04 (reflects no deduction for fees, expenses, or taxes) Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 0.0187 2017-04-04 Core Fixed Income Fund INVESTMENT OBJECTIVE The Fund’s investment objective is to seek income and capital appreciation to produce a high total return. FEES AND EXPENSES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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 $100,000 in the Lord Abbett Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 292 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”).</span></p> 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 $100,000 in the Lord Abbett Family of Funds. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0225 0 0 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0021 0.0021 0.0021 0.0021 0.0021 0.0021 0.0020 0.0087 0.0010 0 0 0.0045 0.0014 0.0014 0.0014 0.0008 0.0014 0.0014 0.0055 0.0122 0.0045 0.0029 0.0035 0.0080 0 0 0 0 -0.0004 0 0.0055 0.0122 0.0045 0.0029 0.0031 0.0080 0.0021 0.0021 0.0021 0.0021 0.0021 0.0060 0.0050 0.0025 0 0 0.0014 0.0014 0.0014 0.0014 0.0008 0.0095 0.0085 0.0060 0.0035 0.0029 0 0 0 0 0 0.0095 0.0085 0.0060 0.0035 0.0029 Example <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, giving effect to the fee waiver and expense reimbursement arrangement described above. Class C shares automatically convert to Class A shares after eight years. The expense example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> If Shares Are Redeemed If Shares Are Not Redeemed 280 397 525 899 280 397 525 899 224 387 670 1291 124 387 670 1291 46 144 252 567 46 144 252 567 30 93 163 368 30 93 163 368 32 108 192 439 32 108 192 439 82 255 444 990 82 255 444 990 97 303 525 1166 97 303 525 1166 87 271 471 1049 87 271 471 1049 61 192 335 750 61 192 335 750 36 113 197 443 36 113 197 443 30 93 163 368 30 93 163 368 Portfolio Turnover <span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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 453% of the average value of its portfolio.</span> 4.53 PRINCIPAL INVESTMENT STRATEGIES <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Under normal conditions, the Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities of various types. Such investments include:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">investment grade debt securities of U.S. issuers;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">investment grade debt securities of non-U.S. issuers that are denominated in U.S. dollars;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">mortgage-backed, mortgage-related, and other asset-backed securities;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">inflation-linked investments;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">loans, including bridge loans, novations, assignments, and participations; </span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">structured securities and other hybrid instruments, including collateralized loan obligations (“CLOs”); and</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">derivative instruments, including options, futures contracts, forward contracts, and swap agreements.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest up to 10% of its net assets in floating or adjustable rate loans. The Fund may invest in Treasury Inflation Protected Securities (“TIPS”), which are U.S. Government bonds whose principal automatically is adjusted for inflation as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”), and other inflation-indexed securities issued by the U.S. Department of Treasury.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks to manage interest rate risk through its management of the average duration of the securities it holds in its portfolio. Under normal conditions, the Fund will maintain its average duration range within two years of the bond market’s duration as measured by the Bloomberg U.S. Aggregate Bond Index (which was approximately 5.88 years as of February 28, 2026). The duration of a security takes into account the pattern of all expected payments of interest and principal on the security over time, including how these payments are affected by changes in interest rates.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may use derivatives to hedge against risk or to gain investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. The Fund may use derivatives to seek to enhance returns, to attempt to hedge some of its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument is based, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The portfolio management team buys and sells securities using a relative value-oriented investment process. The portfolio management team combines top-down and bottom-up analysis to construct its portfolio, using a blend of quantitative and fundamental research. As part of its top-down analysis, the portfolio management team evaluates global economic conditions, including monetary, fiscal, and regulatory policy, as well as the political and geopolitical environment, in order to identify and assess opportunities and risks across different segments of the fixed income market. The portfolio management team employs bottom-up analysis to identify and select securities for investment by the Fund based on in-depth company, industry, and market research and analysis. The portfolio management team applies proprietary filters to this analysis to determine security selection, sector exposure, and term structure. The portfolio management team may actively rotate sector exposure based on its assessment of relative value. The Fund engages in active and frequent trading of its portfolio securities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective. </p> The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities. <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">PRINCIPAL RISKS</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:</p> 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. <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed Income Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal, economic, monetary, or other governmental policies or</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">measures have in the past—and may in the future—cause or exacerbate</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">interest rate risks.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity/Redemption Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related securities, including commercial mortgage-backed securities (“CMBS”) and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#00B050; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Inflation-Linked Investments Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Unlike traditional fixed income securities, the principal and interest payments of inflation-linked investments are adjusted periodically based on the inflation rate. The value of the Fund’s inflation-linked investments may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund’s use of these instruments will be successful.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign and Emerging Market Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. 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. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be subject to structural subordination and</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#0000FF; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">may be subordinated to other obligations of the borrower or its subsidiaries.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Collateralized Loan Obligations and Other Collateralized Obligations Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An investment in a CLO can be viewed as investing in (or through) another investment adviser and is subject to the layering of fees associated with such an investment. The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and </span></p><p style="font-size:11.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives are also subject to liquidity risk and the risk that the</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">counterparty to a derivative transaction may fail to fulfill its contractual</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">obligations under the derivative contract. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High portfolio turnover may result in increased transaction costs, reduced investment performance, and higher taxes resulting from increased realized capital gains, including short-term capital gains taxable as ordinary income when distributed to shareholders.</span></p> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. No performance is shown for Class P shares because the Fund has no Class P shares outstanding.</p> The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart shows changes in the performance of the Fund’s Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</p> This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com 888-522-2388 Bar Chart (per calendar year) - Class A Shares <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; text-indent:9.0pt; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Best Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 4th Q 2023 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">+6.53%</span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Worst Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 1st Q 2022 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">-5.84%</span></p> Best Quarter 2023-12-31 0.0653 Worst Quarter 2022-03-31 -0.0584 <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund. The Fund’s average annual total returns include applicable sales charges.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</p> The Fund’s average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. Average Annual Total Returns (for the periods ended December 31, 2025) 0.0468 -0.0071 0.0172 0.0279 -0.0213 0.0036 0.0274 -0.0114 0.0073 0.0550 -0.0088 0.0132 0.0731 -0.0016 0.0205 0.0737 0.0001 0.0208 2017-04-04 0.0734 -0.0002 0.0218 0.0666 -0.0065 0.0155 0.0676 -0.0055 0.0165 0.0715 -0.0030 0.0190 0.0730 -0.0005 0.0216 0.0738 -0.0001 0.0223 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 0.0187 2017-04-04 (reflects no deduction for fees, expenses, or taxes) Core Plus Bond Fund INVESTMENT OBJECTIVE The Fund’s investment objective is to seek income and capital appreciation to produce a high total return. FEES AND EXPENSES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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 $100,000 in the Lord Abbett Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 292 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”).</span></p> 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 $100,000 in the Lord Abbett Family of Funds. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0225 0 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0028 0.0028 0.0028 0.0028 0.0028 0.0020 0.0089 0.0010 0 0 0.0017 0.0017 0.0017 0.0008 0.0017 0.0065 0.0134 0.0055 0.0036 0.0045 0.0028 0.0028 0.0028 0.0028 0.0028 0.0060 0.0050 0.0025 0 0 0.0017 0.0017 0.0017 0.0017 0.0008 0.0105 0.0095 0.0070 0.0045 0.0036 Example <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Class C shares automatically convert to Class A shares after eight years. The expense example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> If Shares Are Redeemed If Shares Are Not Redeemed 290 428 579 1017 290 428 579 1017 236 425 734 1423 136 425 734 1423 56 176 307 689 56 176 307 689 37 116 202 456 37 116 202 456 46 144 252 567 46 144 252 567 107 334 579 1283 107 334 579 1283 97 303 525 1166 97 303 525 1166 72 224 390 871 72 224 390 871 46 144 252 567 46 144 252 567 37 116 202 456 37 116 202 456 Portfolio Turnover <span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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 448% of the average value of its portfolio.</span> 4.48 PRINCIPAL INVESTMENT STRATEGIES <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Under normal conditions, the Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in a variety of fixed income securities. The Fund invests in investment grade debt securities, but also may invest up to 35% of its net assets in high-yield debt securities (commonly referred to as “lower-rated” or “junk” bonds). High-yield debt securities are debt securities that are rated BB/Ba or lower by an independent rating agency, or are unrated but determined by Lord Abbett to be of comparable quality. High-yield debt securities typically pay a higher yield than investment grade debt securities, but present greater risks. The Fund may invest in debt securities issued by non-U.S. entities but denominated in U.S. dollars, and securities issued by non-U.S. entities and denominated in currencies other than the U.S. dollar. The Fund may invest up to 25% of its net assets in debt securities of non-U.S. issuers that are denominated in non-U.S. currencies. The Fund’s investments in the securities of foreign issuers may include investments in and/or tied economically to emerging markets.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund generally may invest in the following types of debt securities:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">corporate debt securities;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">mortgage-backed, mortgage-related, and other asset-backed securities, including collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities (“CMBS”), mortgage dollar rolls, and stripped mortgage-backed securities (“SMBS”);</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">inflation-linked investments; </span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">structured securities and other hybrid instruments, including collateralized loan obligations (“CLOs”); and</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">loans, including bridge loans, novations, assignments, and participations. The Fund may invest up to 10% of its net assets in floating or adjustable rate loans.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in Treasury Inflation Protected Securities (“TIPS”), which are U.S. Government bonds whose principal automatically is adjusted for inflation as </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">measured by the Consumer Price Index for All Urban Consumers (“CPI-U”), and other inflation-indexed securities issued by the U.S. Department of Treasury.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks to manage interest rate risk through its management of the average duration of the securities it holds in its portfolio. Under normal conditions, the Fund will maintain its average duration range within two years of the bond market’s duration as measured by the Bloomberg U.S. Aggregate Bond Index (which was approximately 5.88 years as of February 28, 2026). The duration of a security takes into account the pattern of all expected payments of interest and principal on the security over time, including how these payments are affected by changes in interest rates.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may use derivatives to hedge against risk or to gain investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. The Fund may use derivatives to seek to enhance returns, to attempt to hedge some of its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument is based, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The portfolio management team buys and sells securities using a relative value-oriented investment process, meaning the portfolio management team generally seeks more investment exposure to securities believed to be undervalued and less investment exposure to securities believed to be overvalued. The portfolio management team combines top-down and bottom-up analysis to construct its portfolio, using a blend of quantitative and fundamental research. As part of its top-down analysis, the portfolio management team evaluates global economic conditions, including monetary, fiscal, and regulatory policy, as well as the political and geopolitical environment, in order to identify and assess opportunities and risks across different segments of the fixed income market. The portfolio management team employs bottom-up analysis to identify and select securities for investment by the Fund based on in-depth company, industry, and market research and analysis. The portfolio management team may actively rotate sector exposure based on its assessment of relative value. The Fund engages in active and frequent trading of its portfolio securities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.</p> The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities. <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">PRINCIPAL RISKS</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:</p> 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. <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed Income Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal, economic, monetary, or other governmental policies or</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">measures have in the past—and may in the future—cause or exacerbate</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">interest rate risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Yield Securities Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High yield securities (commonly referred to as “junk” bonds) typically pay a higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by </span></p><p style="font-size:11.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity/Redemption Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related securities, including CMBS and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#00B050; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Commercial Mortgage-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> CMBS include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. The economic impacts of COVID-19 have created a unique challenge for real estate markets, with the transition to remote-working environments potentially negatively impacting the occupancy rates of commercial real estate. CMBS may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Inflation-Linked Investments Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Unlike traditional fixed income securities, the principal and interest payments of inflation-linked investments are adjusted periodically based on the inflation rate. The value of the Fund’s inflation-linked investments may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund’s use of these instruments will be successful.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign and Emerging Market Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. 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. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be subject to structural subordination and</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#0000FF; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">may be subordinated to other obligations of the borrower or its subsidiaries.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Collateralized Loan Obligations and Other Collateralized Obligations Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An investment in a CLO can be viewed as investing in (or through) another investment adviser and is subject to the layering of fees associated with such an investment. The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mid-Sized and Small Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in mid-sized and small companies may involve greater risks than investments in larger, more established companies. Securities of mid-sized and small companies tend to be more sensitive to changing economic, market, and industry conditions and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities of mid-sized and small companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the ability to sell these securities in the future.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives are also subject to liquidity risk and the risk that the</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">counterparty to a derivative transaction may fail to fulfill its contractual</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">obligations under the derivative contract. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High portfolio turnover may result in increased transaction costs, reduced investment performance, and higher taxes resulting from increased realized capital gains, including short-term capital gains taxable as ordinary income when distributed to shareholders.</span></p> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. No performance is shown for Class R2 shares because the Fund has no Class R2 shares outstanding.</p> The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart shows changes in the performance of the Fund’s Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</p> This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com 888-522-2388 Bar Chart (per calendar year) - Class A Shares <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; text-indent:9.0pt; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Best Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 4th Q 2023 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">+6.91%</span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Worst Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 2nd Q 2022 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">-6.21%</span></p> Best Quarter 2023-12-31 0.0691 Worst Quarter 2022-06-30 -0.0621 <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund. The Fund’s average annual total returns include applicable sales charges.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</p> The Fund’s average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. Average Annual Total Returns (for the periods ended December 31, 2025) 0.0500 0.0010 0.0263 0.0287 -0.0165 0.0091 0.0292 -0.0069 0.0126 0.0566 -0.0010 0.0218 0.0750 0.0065 0.0295 0.0772 0.0084 0.0272 2017-04-04 0.0761 0.0074 0.0306 0.0707 0.0026 0.0256 0.0734 0.0051 0.0281 0.0761 0.0076 0.0307 0.0772 0.0084 0.0315 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 0.0187 2017-04-04 (reflects no deduction for fees, expenses, or taxes) Floating Rate Fund INVESTMENT OBJECTIVE The Fund’s investment objective is to seek a high level of current income. FEES AND EXPENSES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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 $100,000 in the Lord Abbett Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 292 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”).</span></p> 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 $100,000 in the Lord Abbett Family of Funds. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0225 0 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0046 0.0046 0.0046 0.0046 0.0046 0.0020 0.0082 0.0010 0 0 0.0015 0.0015 0.0015 0.0008 0.0015 0.0081 0.0143 0.0071 0.0054 0.0061 0.0046 0.0046 0.0046 0.0046 0.0046 0.0060 0.0050 0.0025 0 0 0.0015 0.0015 0.0015 0.0015 0.0008 0.0121 0.0111 0.0086 0.0061 0.0054 Example <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Class C shares automatically convert to Class A shares after eight years. The expense example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> If Shares Are Redeemed If Shares Are Not Redeemed 306 478 665 1204 306 478 665 1204 246 452 782 1544 146 452 782 1544 73 227 395 883 73 227 395 883 55 173 302 677 55 173 302 677 62 195 340 762 62 195 340 762 123 384 665 1466 123 384 665 1466 113 353 612 1352 113 353 612 1352 88 274 477 1061 88 274 477 1061 62 195 340 762 62 195 340 762 55 173 302 677 55 173 302 677 Portfolio Turnover <span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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 83% of the average value of its portfolio.</span> 0.83 PRINCIPAL INVESTMENT STRATEGIES <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Under normal conditions, the Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in floating or adjustable rate instruments and derivatives and other instruments that effectively enable the Fund to achieve a floating rate of income. The floating or adjustable rate instruments in which the Fund may invest include, but are not limited to:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">senior secured or unsecured floating rate loans or debt;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">second lien or other subordinated secured or unsecured floating rate loans or debt; and</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">floating-rate structured (or securitized) products, including collateralized loan obligations.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The other instruments that effectively enable the Fund to achieve a floating rate of income may include, but are not limited to:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">fixed-rate loans or debt with respect to which the Fund has entered into derivative instruments to effectively convert the fixed-rate interest payments into floating or adjustable rate interest payments;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">exchange-traded funds or notes that provide exposure to floating or adjustable rate loans or obligations; and</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">money market investment companies.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in senior and subordinated loans or debt securities of any maturity or credit quality, including, without limitation, those rated below investment grade by a rating agency or, if unrated, determined by Lord, Abbett &amp; Co. LLC (“Lord Abbett”) to be of comparable quality. Below investment grade securities are commonly referred to as “high-yield” or “junk” bonds and are speculative in nature.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest up to 20% of its net assets in other types of debt securities and short-term instruments, including corporate debt securities and repurchase agreements. For the purposes of this limitation, where the Fund has entered into a derivatives instrument or other transaction intended to effectively convert fixed-rate interest payments on a debt security into floating or adjustable rate interest </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">payments, the value of the Fund’s investment in the fixed-rate debt security underlying the derivative instrument will not be counted towards this 20% limitation.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in non-U.S. dollar-denominated loans or securities. The Fund may invest up to 25% of its total assets in loans and securities issued by issuers organized in a country outside of the U.S. or economically tied to a country outside of the U.S., including in emerging markets. The Fund will deem an issuer to be economically tied to a non-U.S. country by looking at a number of factors, including its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in derivative instruments. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. The Fund may use derivatives to seek to enhance returns; to attempt to hedge elements of its investment risk, on both a security- or portfolio-level basis; to manage portfolio duration; as a substitute for holding the underlying asset on which the derivative instrument is based; to effectively convert the fixed-rate interest payments of a debt security held by the Fund into floating or adjustable rate interest payments; or for cash management purposes.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The portfolio management team conducts fundamental research by analyzing industry and issuer specific data and performing quantitative and qualitative credit research. The portfolio management team’s portfolio construction process is based on positioning across the credit quality spectrum, seeking to maximize favorable industries, and selecting loans with attractive structural features. The portfolio management team seeks to reduce risk through portfolio diversification, credit analysis, assessment of risk/return potential, and attention to current developments and trends in interest rates and economic conditions. </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.</p> The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities. <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">PRINCIPAL RISKS</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:</p> 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. <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Yield Securities Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High yield securities (commonly referred to as “junk” bonds) typically pay a higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings </span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">in the overall fixed income market. Loans may be subject to structural subordination and</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#0000FF; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">may be subordinated to other obligations of the borrower or its subsidiaries.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity/Redemption Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related securities, including commercial mortgage-backed securities (“CMBS”) and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#00B050; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives are also subject to liquidity risk and the risk that the</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">counterparty to a derivative transaction may fail to fulfill its contractual</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">obligations under the derivative contract. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed Income Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer </span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal, economic, monetary, or other governmental policies or</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">measures have in the past—and may in the future—cause or exacerbate</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">interest rate risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign and Emerging Market Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. 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. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Collateralized Loan Obligations and Other Collateralized Obligations Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An investment in a CLO can be viewed as investing in (or through) another investment adviser and is subject to the layering of fees associated with such an investment. The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">ETF Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in ETFs are subject to a variety of risks, including the risks associated with a direct investment in the underlying securities that the ETF holds. For example, there can be no assurance that active trading markets for an ETF’s shares will develop or be maintained, and ETF shares may trade at a significant premium or discount to the ETF’s NAV. In addition, ETFs that track particular indices typically will be unable to match the performance of the index exactly due to the ETF’s operating expenses and transaction costs, among other things. ETFs typically incur fees that are separate from those fees incurred </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">directly by the Fund. As a result, the Fund and its shareholders, in effect, will absorb two levels of fees with respect to investments in ETFs.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades.</span></p> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </p> The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart shows changes in the performance of the Fund’s Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</p> This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com 888-522-2388 Bar Chart (per calendar year) - Class A Shares <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; text-indent:9.0pt; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Best Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 2nd Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">+7.54%</span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Worst Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 1st Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">-15.76%</span></p> Best Quarter 2020-06-30 0.0754 Worst Quarter 2020-03-31 -0.1576 <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund as well as to a broad-based securities market index.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s average annual total returns include applicable sales charges.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</p><p style="font-size:7.5pt; font-family:Sans-Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:9.35pt; font-style:normal;"><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; color:#666666; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; color:#666666; font-weight:normal; text-decoration:none;">The Fund has adopted the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market index.</span></p> The Fund’s average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. Average Annual Total Returns (for the periods ended December 31, 2025) 0.0363 0.0557 0.0465 0.0073 0.0289 0.0231 0.0210 0.0307 0.0250 0.0440 0.0542 0.0423 0.0615 0.0617 0.0500 0.0622 0.0633 0.0464 2017-04-04 0.0626 0.0628 0.0509 0.0563 0.0562 0.0447 0.0573 0.0576 0.0458 0.0586 0.0599 0.0483 0.0626 0.0628 0.0511 0.0635 0.0633 0.0516 Morningstar LSTA US Leveraged Loan Index 0.0590 0.0642 0.0583 0.0537 2017-04-04 (reflects no deduction for sales charges or taxes) Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 0.0187 2017-04-04 High Yield Fund INVESTMENT OBJECTIVE The Fund’s investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return. FEES AND EXPENSES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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 $100,000 in the Lord Abbett Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 292 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”).</span></p> 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 $100,000 in the Lord Abbett Family of Funds. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0225 0 0 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0054 0.0054 0.0054 0.0054 0.0054 0.0054 0.0020 0.0083 0.0010 0 0 0.0045 0.0019 0.0019 0.0019 0.0009 0.0019 0.0019 0.0093 0.0156 0.0083 0.0063 0.0073 0.0118 0.0054 0.0054 0.0054 0.0054 0.0054 0.0060 0.0050 0.0025 0 0 0.0019 0.0019 0.0019 0.0019 0.0009 0.0133 0.0123 0.0098 0.0073 0.0063 Example <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Class C shares automatically convert to Class A shares after eight years. The expense example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> If Shares Are Redeemed If Shares Are Not Redeemed 318 515 728 1342 318 515 728 1342 259 493 850 1687 159 493 850 1687 85 265 460 1025 85 265 460 1025 64 202 351 786 64 202 351 786 75 233 406 906 75 233 406 906 120 375 649 1432 120 375 649 1432 135 421 729 1601 135 421 729 1601 125 390 676 1489 125 390 676 1489 100 312 542 1201 100 312 542 1201 75 233 406 906 75 233 406 906 64 202 351 786 64 202 351 786 Portfolio Turnover <span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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 79% of the average value of its portfolio.</span> 0.79 PRINCIPAL INVESTMENT STRATEGIES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Under normal conditions, the Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in lower-rated debt securities (commonly referred to as “high-yield” or “junk” bonds), including corporate debt securities and securities that are convertible into common stock or have warrants to purchase common stock. The Fund may invest in debt securities of any credit quality, including defaulted securities (</span><span style="font-size:10.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">, bonds on which the issuer has not paid principal or interest on time) and securities of issuers that are or may become involved in reorganizations, financial restructurings, or bankruptcy (commonly referred to as “distressed debt”). The Fund may invest in structured securities and other hybrid instruments, including collateralized loan obligations (“CLOs”). The Fund may invest up to 20% of its net assets in foreign securities (including emerging market securities and American Depositary Receipts (“ADRs”)). The Fund defines foreign securities as securities of non-U.S. issuers that are denominated in non-U.S. currencies. In addition, the Fund may invest up to 20% of its net assets in municipal securities. The Fund also may invest up to 15% of its net assets in floating or adjustable rate loans, including bridge loans, novations, assignments, and participations.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 20% of its net assets in equity securities. Equity securities include common stocks, preferred stocks, convertible preferred stocks, warrants, rights to purchase equity securities of an issuer, and equity interests in trusts and partnerships, including real estate investment trusts (“REITs”). The Fund may acquire equity securities as a result of restructurings of debt securities held in its portfolio. In addition, the Fund may purchase equity securities to pursue capital appreciation or to diversify its portfolio.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in mortgage-backed, mortgage-related, and other asset-backed securities, which directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans, real property, or other assets. The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may use derivatives to hedge against risk or to gain investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. The Fund may use derivatives to seek to enhance </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">returns, to attempt to hedge some of its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument is based, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund believes high total return (current income and capital appreciation) may be derived from an actively-managed, diversified portfolio of investments. In addition to seeking current income, the Fund seeks to invest across the ratings spectrum, particularly in lower-rated debt securities. The Fund seeks to purchase lower-rated securities the Fund believes will experience declining credit risk, allowing the securities potentially to generate higher returns.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The portfolio management team selects securities using a bottom-up analysis of an issuer’s management quality, credit risk, and relative market position, and industry dynamics, as well as an evaluation of conditions within the broader economy. The portfolio management team attempts to reduce risk through portfolio diversification, credit analysis, and attention to current developments and trends in interest rates and economic conditions. The Fund engages in active and frequent trading of its portfolio securities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.</p> The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities. <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">PRINCIPAL RISKS</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:</p> 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. <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed Income Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal, economic, monetary, or other governmental policies or</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">measures have in the past—and may in the future—cause or exacerbate</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">interest rate risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Yield Securities Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High yield securities (commonly referred to as “junk” bonds) typically pay a higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity/Redemption Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity, and interest rate risk. Convertible securities tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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. </span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Industry and Sector Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Although the Fund does not employ an industry or sector focus, its exposure to specific industries or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities. If the Fund is overweight in a single industry or sector relative to its benchmark index, the Fund will face an increased risk that the value of its portfolio will decrease because of events disproportionately affecting that industry or sector. Furthermore, investments in particular industries or sectors may be more volatile than the broader market as a whole.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Municipal Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Municipal securities are subject to the same risks affecting fixed income securities in general. In addition, the prices of municipal securities may be adversely affected by legislative or political changes, tax rulings, judicial action, changes in market and economic conditions, and the fiscal condition of the municipal issuer, including an insolvent municipality filing for bankruptcy. The Fund may be more sensitive to these events and conditions if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), in particular types of municipal securities (such as general obligation bonds, private activity bonds, and special tax bonds), or in the securities of issuers located within a single state, municipality, territory (such as Puerto Rico), or geographic area. The market for municipal securities generally is less liquid than other securities markets, which may make it more difficult for the Fund to sell its municipal securities. Nongovernmental users of facilities financed by tax-exempt revenue bonds (</span><span style="font-size:10.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">e.g.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">, companies in the electric </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">utility and health care industries) may have difficulty making payments on their obligations in the event of an economic downturn. This would negatively affect the valuation of municipal securities issued by such facilities.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related securities, including commercial mortgage-backed securities (“CMBS”) and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#00B050; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign and Emerging Market Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. 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. Foreign company securities also include ADRs, which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be subject to structural subordination and</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#0000FF; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">may be subordinated to other obligations of the borrower or its subsidiaries.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Defaulted Bonds Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Defaulted bonds are subject to greater risk of loss of income and principal than securities of issuers whose debt obligations are being met. Defaulted bonds are considered speculative with respect to the issuer’s ability to make interest payments and pay its obligations in full. The repayment of defaulted bonds therefore is subject to significant uncertainties, and in some cases, there may be no recovery of repayment. Defaulted bonds may be repaid only after lengthy workout or bankruptcy proceedings, which typically result in only partial recovery of cash payments or an exchange of the defaulted bond for other securities of the issuer or its affiliates.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Distressed Debt Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Distressed bonds are speculative and involve substantial risks in addition to the risks of investing in high-yield debt securities. The Fund is subject to an increased risk that it may lose a portion or all of its investment in the distressed debt and may incur higher expenses trying to protect its interests in distressed debt. The prices of distressed bonds are likely to be more sensitive to adverse economic changes or individual issuer developments than the prices of higher rated securities. During an economic downturn or substantial period of rising interest rates, distressed debt issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations. Moreover, it is unlikely that a liquid market will exist for the Fund to sell its holdings in distressed debt securities.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Collateralized Loan Obligations and Other Collateralized Obligations Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An investment in a CLO can be viewed as investing in (or through) another investment adviser and is subject to the layering of fees associated with such an investment. The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and </span></p><p style="font-size:11.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives are also subject to liquidity risk and the risk that the</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">counterparty to a derivative transaction may fail to fulfill its contractual</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">obligations under the derivative contract. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High portfolio turnover may result in increased transaction costs, reduced investment performance, and higher taxes resulting from increased realized capital gains, including short-term capital gains taxable as ordinary income when distributed to shareholders.</span></p> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. No performance is shown for Class P shares because the Fund has no Class P shares outstanding.</p> The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart shows changes in the performance of the Fund’s Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</p> This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com 888-522-2388 Bar Chart (per calendar year) - Class A Shares <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; text-indent:9.0pt; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Best Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 2nd Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">+10.72%</span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Worst Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 1st Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">-16.65%</span></p> Best Quarter 2020-06-30 0.1072 Worst Quarter 2020-03-31 -0.1665 <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund as well as to a broad-based securities market index.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s average annual total returns include applicable sales charges.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</p><p style="font-size:7.5pt; font-family:Sans-Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:9.35pt; font-style:normal;"><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Fund has adopted the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market index.</span></p> The Fund’s average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. Average Annual Total Returns (for the periods ended December 31, 2025) 0.0493 0.0285 0.0513 0.0192 0.0046 0.0267 0.0285 0.0120 0.0289 0.0556 0.0266 0.0471 0.0750 0.0342 0.0547 0.0772 0.0364 0.0436 2017-04-04 0.0761 0.0354 0.0558 0.0697 0.0293 0.0496 0.0691 0.0300 0.0505 0.0735 0.0327 0.0533 0.0744 0.0351 0.0557 0.0755 0.0361 0.0569 ICE BofA U.S. High Yield Constrained Index 0.0859 0.0456 0.0647 0.0515 2017-04-04 (reflects no deduction for fees, expenses, or taxes) Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 0.0187 2017-04-04 Income Fund INVESTMENT OBJECTIVE The Fund’s investment objective is to seek a high level of income consistent with preservation of capital. FEES AND EXPENSES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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 $100,000 in the Lord Abbett Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 292 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”).</span></p> 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 $100,000 in the Lord Abbett Family of Funds. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0225 0 0 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0037 0.0037 0.0037 0.0037 0.0037 0.0020 0.0086 0.0010 0 0 0.0045 0.0014 0.0014 0.0014 0.0007 0.0014 0.0014 0.0071 0.0137 0.0061 0.0044 0.0051 0.0096 0.0037 0.0037 0.0037 0.0037 0.0037 0.0060 0.0050 0.0025 0 0 0.0014 0.0014 0.0014 0.0014 0.0007 0.0111 0.0101 0.0076 0.0051 0.0044 Example <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Class C shares automatically convert to Class A shares after eight years. The expense example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> If Shares Are Redeemed If Shares Are Not Redeemed 296 447 611 1088 296 447 611 1088 239 434 750 1466 139 434 750 1466 62 195 340 762 62 195 340 762 45 141 246 555 45 141 246 555 52 164 285 640 52 164 285 640 98 306 531 1178 98 306 531 1178 113 353 612 1352 113 353 612 1352 103 322 558 1236 103 322 558 1236 78 243 422 942 78 243 422 942 52 164 285 640 52 164 285 640 45 141 246 555 45 141 246 555 Portfolio Turnover <span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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 243% of the average value of its portfolio.</span> 2.43 PRINCIPAL INVESTMENT STRATEGIES <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Under normal conditions, the Fund pursues its investment objective by investing at least 65% of its net assets in investment grade debt (or fixed income) securities of various types. Such investments include:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">corporate debt securities of U.S. issuers;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">corporate debt securities of non-U.S. (including emerging market) issuers that are denominated in U.S. dollars;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">mortgage-backed, mortgage-related, and other asset-backed securities;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities; and</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">inflation-linked investments.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in Treasury Inflation Protected Securities (“TIPS”), which are U.S. Government bonds whose principal automatically is adjusted for inflation as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”), and other inflation-indexed securities issued by the U.S. Department of Treasury. </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest up to 35% of its net assets in any one or a combination of the following types of fixed income securities and other instruments:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">high-yield debt securities (commonly referred to as “lower-rated” or “junk” bonds);</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">debt securities of non-U.S. (including emerging market) issuers that are denominated in foreign currencies, including securities of issuers economically tied to emerging market countries;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">loans, including bridge loans, novations, assignments, and participations; </span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">convertible securities, including convertible bonds and preferred stocks; and</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">structured securities and other hybrid instruments, including collateralized loan obligations (“CLOs”).</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The investment grade and high-yield debt securities described above may include mortgage-backed, mortgage-related, and other asset-backed securities, which directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans, real property, or other assets. The Fund will not invest more than </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities and privately issued mortgage-related securities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may use derivatives to hedge against risk or to gain investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. The Fund may use derivatives to seek to enhance returns, to attempt to hedge some of its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument is based, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The portfolio management team buys and sells securities using a relative value-oriented investment process, meaning the portfolio management team generally seeks more investment exposure to securities believed to be undervalued and less investment exposure to securities believed to be overvalued. The portfolio management team combines top-down and bottom-up analysis to construct its portfolio, using a blend of quantitative and fundamental research. As part of its top-down analysis, the portfolio management team evaluates global economic conditions, including monetary, fiscal, and regulatory policy, as well as the political and geopolitical environment, in order to identify and assess opportunities and risks across different segments of the fixed income market. The portfolio management team employs bottom-up analysis to identify and select securities for investment by the Fund based on in-depth company, industry, and market research and analysis. The portfolio management team applies proprietary filters to this analysis to determine security selection, sector exposure, and term structure. The portfolio management team may actively rotate sector exposure based on its assessment of relative value. The Fund engages in active and frequent trading of its portfolio securities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.</p> The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities and privately issued mortgage-related securities. <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">PRINCIPAL RISKS</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:</p> 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. <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed Income Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal, economic, monetary, or other governmental policies or</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">measures have in the past—and may in the future—cause or exacerbate</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">interest rate risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Yield Securities Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High yield securities (commonly referred to as “junk” bonds) typically pay a higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity/Redemption Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity, and interest rate risk. Convertible securities tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related securities, including commercial mortgage-backed securities (“CMBS”) and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#00B050; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Inflation-Linked Investments Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Unlike traditional fixed income securities, the principal and interest payments of inflation-linked investments are adjusted periodically based on the inflation rate. The value of the Fund’s inflation-linked investments may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund’s use of these instruments will be successful.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign and Emerging Market Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. 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. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings </span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">in the overall fixed income market. Loans may be subject to structural subordination and</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#0000FF; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">may be subordinated to other obligations of the borrower or its subsidiaries.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Collateralized Loan Obligations and Other Collateralized Obligations Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An investment in a CLO can be viewed as investing in (or through) another investment adviser and is subject to the layering of fees associated with such an investment. The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives are also subject to liquidity risk and the risk that the</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">counterparty to a derivative transaction may fail to fulfill its contractual</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">obligations under the derivative contract. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High portfolio turnover may result in increased transaction costs, reduced investment performance, and higher taxes resulting from increased realized capital gains, including short-term capital gains taxable as ordinary income when distributed to shareholders.</span></p> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. No performance is shown for Class P shares because the Fund has not issued Class P shares.</p> The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart shows changes in the performance of the Fund’s Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</p> This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com 888-522-2388 Bar Chart (per calendar year) - Class A Shares <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; text-indent:9.0pt; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Best Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 2nd Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">+11.02%</span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Worst Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 1st Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">-9.10%</span></p> Best Quarter 2020-06-30 0.1102 Worst Quarter 2020-03-31 -0.0910 <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below shows how the Fund’s average annual total returns compare to the returns of securities market indices with investment characteristics similar to those of the Fund as well as to a broad-based securities market index.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s average annual total returns include applicable sales charges.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</p><p style="font-size:7.5pt; font-family:Sans-Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:9.35pt; font-style:normal;"><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Fund has adopted the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market index.</span></p> The Fund’s average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. Average Annual Total Returns (for the periods ended December 31, 2025) 0.0564 0.0036 0.0346 0.0330 -0.0157 0.0164 0.0329 -0.0054 0.0187 0.0654 0.0014 0.0305 0.0837 0.0092 0.0379 0.0856 0.0110 0.0325 2017-04-04 0.0848 0.0102 0.0389 0.0781 0.0038 0.0328 0.0793 0.0054 0.0338 0.0821 0.0077 0.0364 0.0848 0.0096 0.0390 0.0856 0.0110 0.0398 Bloomberg U.S. Credit Bond Index 0.0783 -0.0005 0.0315 0.0278 2017-04-04 (reflects no deduction for fees, expenses, or taxes) Bloomberg Baa Corporate Bond Index 0.0793 0.0042 0.0390 0.0335 2017-04-04 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 0.0187 2017-04-04 Inflation Focused Fund INVESTMENT OBJECTIVE The Fund’s primary investment objective is to provide investment returns that exceed the rate of inflation in the U.S. economy over a full economic cycle. As a secondary objective, the Fund seeks current income. FEES AND EXPENSES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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 $100,000 in the Lord Abbett Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 292 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”).</span></p> 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 $100,000 in the Lord Abbett Family of Funds. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0225 0 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0030 0.0030 0.0030 0.0030 0.0030 0.0020 0.0080 0.0010 0 0 0.0024 0.0024 0.0024 0.0014 0.0024 0.0074 0.0134 0.0064 0.0044 0.0054 0.0030 0.0030 0.0030 0.0030 0.0030 0.0060 0.0050 0.0025 0 0 0.0024 0.0024 0.0024 0.0024 0.0014 0.0114 0.0104 0.0079 0.0054 0.0044 Example <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Class C shares automatically convert to Class A shares after eight years. The expense example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> If Shares Are Redeemed If Shares Are Not Redeemed 299 456 627 1123 299 456 627 1123 236 425 734 1448 136 425 734 1448 65 205 357 798 65 205 357 798 45 141 246 555 45 141 246 555 55 173 302 677 55 173 302 677 116 362 628 1386 116 362 628 1386 106 331 574 1271 106 331 574 1271 81 252 439 978 81 252 439 978 55 173 302 677 55 173 302 677 45 141 246 555 45 141 246 555 Portfolio Turnover <span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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 175% of the average value of its portfolio.</span> 1.75 PRINCIPAL INVESTMENT STRATEGIES <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">For purposes of its investment objective, the Fund uses the Consumer Price Index (“CPI”) for All Urban Consumers (“CPI-U”) to measure the rate of inflation in the U.S. economy. The Fund pursues its investment objective by combining inflation-linked derivatives and inflation-indexed fixed income securities (collectively, “Inflation-Linked Investments”) with a portfolio of fixed income securities. In addition, the Fund may buy or sell Treasury futures or interest rate swaps to actively manage its portfolio duration. The use of the term “Inflation Focused” in the Fund’s name does not refer to a particular type of security in which the Fund invests; rather, it refers to its overall strategy that seeks investment returns that exceed the rate of inflation in the U.S. economy over time. In the Fund’s view, exceeding the rate of inflation in the U.S. economy could mean achieving greater gains than the CPI-U during periods of anticipated or actual inflation or sustaining smaller losses than the CPI-U during periods of anticipated or actual deflation.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The percentage of the Fund’s assets that is invested in Inflation-Linked Investments and the types of Inflation-Linked Investments used by the Fund will vary. The Fund does not seek to forecast inflationary trends, but merely seeks investment exposure through Inflation-Linked Investments. Because the Fund uses Inflation-Linked Investments as a tool to gain investment exposure, the Fund is designed for long-term investors and may not be appropriate for investors who are looking to protect their purchasing power in the near term.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The specific types of Inflation-Linked Investments that the Fund may use include:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Inflation-Linked Derivatives:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest substantially in inflation-linked derivatives, primarily CPI swaps. A CPI swap is a contract in which one party agrees to pay a fixed rate in exchange for a variable rate, which is the rate of change in the CPI during the life of the contract. Payments are based on a specified notional amount of principal. The Fund normally may enter into CPI swaps on a zero-coupon basis, meaning that the floating rate will be based on the cumulative CPI during the life of the contract, and the fixed rate will compound until the swap’s maturity date, at which point the payments are netted. Conversely, the Fund may enter into CPI swaps on a year-over-year basis, in which one party pays an annual fixed rate on a specified notional amount at specified intervals (</span><span style="font-size:10.0pt; font-family:Serif; font-style:italic; font-weight:normal; text-decoration:none;">i.e.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">, monthly, annually, etc.), while the other party pays the annual year-over-year inflation rate at specified intervals.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:18.0pt; text-decoration:none;">The Fund may invest substantially in other types of derivatives for non-hedging or hedging purposes. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons. The Fund is regulated by the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool.</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Inflation-Indexed Fixed Income Securities:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Inflation-indexed fixed income securities are securities whose principal and/or interest payments are adjusted for inflation, unlike traditional fixed income securities that make fixed or variable principal and interest payments. The Fund may invest in Treasury Inflation Protected Securities (“TIPS”), which are U.S. Government bonds whose principal automatically is adjusted for inflation as measured by the CPI, and other inflation-indexed securities issued by the U.S. Department of the Treasury. In addition to investing in TIPS, the Fund also may invest in sovereign inflation-indexed fixed income securities (sometimes referred to as “linkers”) issued by non-U.S. governments. To the extent that the Fund invests in such non-U.S. inflation-indexed fixed income securities that are denominated in foreign currencies, the Fund will limit such investments in accordance with the limitations described further below.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund invests the remainder of its assets in fixed income securities of various types and will use such securities to cover its obligations under CPI swaps and other derivative transactions. The Fund may invest in fixed income securities with both fixed and variable interest rates. Among such fixed income securities in which the Fund may invest without limitation are investment grade:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">corporate debt securities of U.S. issuers;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">corporate debt securities of non-U.S. (including emerging market) issuers that are denominated in U.S. dollars;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">mortgage-backed, mortgage-related, and other asset-backed securities, including collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities (“CMBS”), mortgage dollar rolls, and stripped mortgage-backed securities (“SMBS”); and</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest up to 35% of its net assets in any one or a combination of the following types of fixed income securities and other instruments:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> high-yield debt securities (commonly referred to as “lower-rated” or “junk” bonds);</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> debt securities of non-U.S. (including emerging market) issuers that are denominated in foreign currencies;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> loans, including bridge loans, novations, assignments, and participations;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> convertible securities, including convertible bonds and preferred stocks; and</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">structured securities and other hybrid instruments, including collateralized loan obligations (“CLOs”).</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks to manage the average duration of the securities it holds in its portfolio and hedge interest rate risk by investing in Treasury futures and interest rate swaps. The duration of a security takes into account the pattern of all expected payments of interest and principal on the security over time, including how these payments are affected by changes in interest rates.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The portfolio management team combines top-down and bottom-up analysis in its portfolio construction process. The portfolio management team takes into account several factors in its analysis, including, but not limited to, current and expected economic conditions, rising and falling interest rates, and credit quality. The portfolio management team may actively rotate sector exposure based on its assessment of relative value. The Fund engages in active and frequent trading of its portfolio securities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.</p> The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities. <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">PRINCIPAL RISKS</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:</p> 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. <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed Income Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal, economic, monetary, or other governmental policies or</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">measures have in the past—and may in the future—cause or exacerbate</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">interest rate risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Inflation-Linked Investments Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Unlike traditional fixed income securities, the principal and interest payments of inflation-linked investments are adjusted periodically based on the inflation rate. The value of the Fund’s inflation-linked investments may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund’s use of these instruments will be successful.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives are also subject to liquidity risk and the risk that the</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">counterparty to a derivative transaction may fail to fulfill its contractual</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">obligations under the derivative contract. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Yield Securities Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High yield securities (commonly referred to as “junk” bonds) typically pay a higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">during periods of financial distress, increased market volatility, or significant market decline.</p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Counterparty Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> A significant risk in contracts such as CPI swaps, futures, options and other derivative transactions is the creditworthiness of the counterparty because the integrity of the transaction depends on the willingness and ability of the counterparty to meet its contractual obligations. If a counterparty fails to meet its contractual obligations, is subject to an insolvency proceeding, or otherwise experiences a business interruption, the Fund could, for example, be delayed in or prevented from obtaining payments owed to it or from realizing on collateral, miss investment opportunities or otherwise hold investments it would prefer to sell, resulting in losses for the Fund. Counterparty risk is heightened during unusually adverse market conditions. Also, under certain regulatory regimes, the Fund’s ability to exercise remedies could be stayed or eliminated in the event of a counterparty’s (or its affiliate’s) insolvency. In particular, governmental authorities could reduce, eliminate, or convert to equity the liabilities to the Fund of a counterparty experiencing financial difficulties.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#000000; font-weight:bold; text-decoration:none;">Leverage Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;"> Certain of the Fund’s transactions (including</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">, among others, forward foreign currency contracts and other derivatives, reverse repurchase agreements, and the use of when-issued, delayed delivery or forward commitment transactions) may give rise </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#000000; font-weight:normal; text-decoration:none;">to leverage risk. Leverage may increase volatility in the Fund by magnifying the effect of changes in the value of the Fund’s holdings. The use of leverage may cause the Fund to lose more money in adverse environments than would have been the case in the absence of leverage. There is no assurance that the Fund will be able to employ leverage successfully.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Tax Treatment Limitations and Potential Changes in Tax Treatment Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund intends to continue to qualify as a “regulated investment company” under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). In order to qualify as a regulated investment company under subchapter M, at least 90% of the Fund’s gross income for each taxable year must be “qualifying income.” Although the Fund believes that its investment strategies with respect to derivatives, including CPI swaps, will generate qualifying income under current U.S. federal income tax law, the Fund’s use of these instruments is accompanied by the risk that the Internal Revenue Service may determine that such gain is non-qualifying income. The Fund’s intention to qualify for favorable tax treatment under the Code may limit the Fund’s ability to invest in certain investments, especially commodity related investments, which may offer the potential to hedge against inflation. In addition, the Fund’s transactions in futures, swaps and other derivatives could also result in the Fund realizing more short-term capital gain and ordinary income (both subject to ordinary income tax rates when distributed to shareholders) than otherwise would be the case if the Fund did not invest in such instruments. To the extent that the Fund invests in this manner, the realization of short-term gain and ordinary income may impact the amount, timing, and character of the Fund’s distributions to shareholders and the Fund’s after-tax returns.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity/Redemption Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign and Emerging Market Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. 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. Foreign company securities also include American </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related securities, including CMBS and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#00B050; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Commercial Mortgage-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> CMBS include securities that reflect an interest in, and are secured by, mortgage loans on commercial real </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">property. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. The economic impacts of COVID-19 have created a unique challenge for real estate markets, with the transition to remote-working environments potentially negatively impacting the occupancy rates of commercial real estate. CMBS may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity, and interest rate risk. Convertible securities tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be subject to structural subordination and</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#0000FF; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">may be subordinated to other obligations of the borrower or its subsidiaries.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Collateralized Loan Obligations and Other Collateralized Obligations Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An investment in a CLO can be viewed as investing in (or through) another investment adviser and is subject to the layering of fees associated with such an investment. The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </p> The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart shows changes in the performance of the Fund’s Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</p> This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com 888-522-2388 Bar Chart (per calendar year) - Class A Shares <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; text-indent:9.0pt; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Best Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 2nd Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">+10.55%</span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Worst Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 1st Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">-14.80%</span></p> Best Quarter 2020-06-30 0.1055 Worst Quarter 2020-03-31 -0.1480 <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below shows how the Fund’s average annual total returns compare to the returns of securities market indices with investment characteristics similar to those of the Fund as well as to a broad-based securities market index</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> and a non-securitites index that measures changes in the cost of living. The Fund’s average annual total returns include applicable sales charges.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</p><p style="font-size:7.5pt; font-family:Sans-Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:9.35pt; font-style:normal;"><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Fund has adopted the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market index.</span></p> The Fund’s average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. Average Annual Total Returns (for the periods ended December 31, 2025) 0.0457 0.0369 0.0341 0.0258 0.0211 0.0178 0.0268 0.0214 0.0187 0.0528 0.0349 0.0298 0.0711 0.0428 0.0376 0.0734 0.0447 0.0382 2017-04-04 0.0713 0.0436 0.0384 0.0660 0.0369 0.0319 0.0660 0.0384 0.0334 0.0687 0.0410 0.0358 0.0723 0.0438 0.0385 0.0734 0.0444 0.0395 Bloomberg U.S. 1-5 Year TIPS Index 0.0655 0.0332 0.0316 0.0316 2017-04-04 (reflects no deduction for fees, expenses, or taxes) Consumer Price Index for All Urban Consumers (“CPI-U”) 0.0267 0.0447 0.0320 0.0330 2017-04-04 ICE BofA 1–3 Year U.S. Corporate Index 0.0593 0.0253 0.0281 0.0286 2017-04-04 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 0.0187 2017-04-04 Short Duration Core Bond Fund INVESTMENT OBJECTIVE The Fund’s investment objective is to seek current income consistent with preservation of capital. FEES AND EXPENSES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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 $100,000 in the Lord Abbett Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 292 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”).</span></p> 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 $100,000 in the Lord Abbett Family of Funds. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0225 0 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0030 0.0030 0.0030 0.0030 0.0030 0.0020 0.0088 0.0010 0 0 0.0021 0.0021 0.0021 0.0012 0.0021 0.0071 0.0139 0.0061 0.0042 0.0051 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 0.0060 0.0128 0.0050 0.0031 0.0040 0.0030 0.0030 0.0030 0.0030 0.0030 0.0060 0.0050 0.0025 0 0 0.0021 0.0021 0.0021 0.0021 0.0012 0.0111 0.0101 0.0076 0.0051 0.0042 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 0.0100 0.0090 0.0065 0.0040 0.0031 Example <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, giving effect to the fee waiver and expense reimbursement arrangement described above. Class C shares automatically convert to Class A shares after eight years. The expense example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> If Shares Are Redeemed If Shares Are Not Redeemed 285 436 601 1078 285 436 601 1078 230 429 750 1473 130 429 750 1473 51 184 329 752 51 184 329 752 32 124 224 519 32 124 224 519 41 152 274 630 41 152 274 630 102 342 601 1342 102 342 601 1342 92 311 547 1226 92 311 547 1226 66 232 412 932 66 232 412 932 41 152 274 630 41 152 274 630 32 124 224 519 32 124 224 519 Portfolio Turnover <span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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 134% of the average value of its portfolio.</span> 1.34 PRINCIPAL INVESTMENT STRATEGIES <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Under normal conditions, the Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in various types of short duration debt (or fixed income) securities and derivative instruments that are intended to provide economic exposure to such securities. Under normal conditions, the Fund invests substantially all of its assets in debt securities rated investment grade at the time of purchase or determined by Lord Abbett to be of comparable quality. However, the Fund may at times hold below investment grade securities (commonly referred to as “high-yield” or “junk” bonds) if the Fund purchased securities that were considered investment grade at their time of purchase and such securities subsequently are downgraded. The Fund may invest in:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">corporate debt securities of U.S. issuers;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">corporate debt securities of non-U.S. (including emerging market) issuers that are denominated in U.S. dollars;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">mortgage-backed, mortgage-related and other asset-backed securities, including privately issued mortgage-related securities and commercial mortgage-backed securities (“CMBS”);</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">debt securities issued or guaranteed by non-U.S. sovereign governments and their agencies, authorities, political subdivisions, or instrumentalities;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">loans, including bridge loans, novations, assignments, and participations; and</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">structured securities and other hybrid instruments, including collateralized loan obligations (“CLOs”).</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities. </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks to manage interest rate risk through its management of the average duration of the securities it holds in its portfolio. Under normal conditions, the Fund will maintain its average dollar-weighted duration range between one and three years. Subject to the foregoing, the Fund does not have any maturity or duration restrictions and may invest in securities of any maturity or duration. The duration of a security takes into account the pattern of all expected payments of interest and principal on the security over time, including how these payments are affected by changes in interest rates. </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may use derivatives to hedge against risk or to gain investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. The Fund may use derivatives to seek to enhance returns, to attempt to hedge some of its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument is based, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons. The market value of derivatives providing economic exposure substantially similar to the securities referenced in the Fund’s 80% policy, as described above, will be counted for purposes of measuring the Fund’s compliance with its 80% policy.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The portfolio management team buys and sells securities using a relative value-oriented investment process, meaning the portfolio management team generally seeks more investment exposure to securities believed to be undervalued and less investment exposure to securities believed to be overvalued. The portfolio management team combines top-down and bottom-up analysis to construct its portfolio. The portfolio management team uses a blend of fundamental research and quantitative tools to evaluate global economic conditions, opportunities, and risks across different segments of the fixed income market. The portfolio management team may actively rotate sector exposure based on its assessment of relative value. The Fund may engage in active and frequent trading of its portfolio securities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.</p> The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities. <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">PRINCIPAL RISKS</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:</p> 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. <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed Income Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal, economic, monetary, or other governmental policies or</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">measures have in the past—and may in the future—cause or exacerbate</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">interest rate risks.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity/Redemption Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related securities, including CMBS and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#00B050; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Commercial Mortgage-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> CMBS include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. The economic impacts of COVID-19 have created a unique challenge for real estate markets, with the transition to remote-working environments potentially negatively impacting the occupancy rates of commercial real estate. CMBS may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign and Emerging Market Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. 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. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Collateralized Loan Obligations and Other Collateralized Obligations Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An investment in a CLO can be viewed as investing in (or through) another investment adviser and is subject to the layering of fees associated with such an investment. The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Sovereign Debt Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Sovereign debt securities are subject to the risk that the relevant sovereign government or governmental entity may delay or refuse to pay interest or repay principal on its debt. There is no legal process for </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">collecting sovereign debt that is not repaid, nor are there bankruptcy proceedings through which all or part of the unpaid sovereign debt may be collected.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be subject to structural subordination and</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#0000FF; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">may be subordinated to other obligations of the borrower or its subsidiaries.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives are also subject to liquidity risk and the risk that the</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">counterparty to a derivative transaction may fail to fulfill its contractual</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">obligations under the derivative contract. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High portfolio turnover may result in increased transaction costs, reduced investment performance, and higher taxes resulting from increased realized capital gains, including short-term capital gains taxable as ordinary income when distributed to shareholders.</span></p> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. No performance is shown for Class R2 shares because the Fund has no Class R2 shares outstanding.</p> The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart shows changes in the performance of the Fund’s Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</p> This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com 888-522-2388 Bar Chart (per calendar year) - Class A Shares <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; text-indent:9.0pt; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Best Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 2nd Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">+4.06%</span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Worst Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 1st Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">-3.09%</span></p> Best Quarter 2020-06-30 0.0406 Worst Quarter 2020-03-31 -0.0309 <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund as well as to a broad-based securities market index.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s average annual total returns include applicable sales charges.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</p><p style="font-size:7.5pt; font-family:Sans-Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:9.35pt; font-style:normal;"><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Fund has adopted the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market index.</span></p> The Fund’s average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. Average Annual Total Returns (for the periods ended December 31, 2025) 2017-04-19 0.0312 0.0194 0.0219 0.0126 0.0041 0.0082 0.0182 0.0081 0.0107 0.0367 0.0174 0.0175 2017-04-19 0.0560 0.0251 0.0255 2017-04-19 0.0580 0.0270 0.0274 2017-04-19 0.0571 0.0259 0.0265 2017-04-19 0.0518 0.0210 0.0215 2017-04-19 0.0533 0.0235 0.0240 2017-04-19 0.0559 0.0259 0.0265 2017-04-19 0.0580 0.0269 0.0274 2017-04-19 Bloomberg 1-3 Year U.S. Government/Credit Bond Index 0.0535 0.0197 0.0218 2017-04-19 (reflects no deduction for fees, expenses, or taxes) Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0178 2017-04-19 Short Duration Income Fund INVESTMENT OBJECTIVE The Fund’s investment objective is to seek a high level of income consistent with preservation of capital. FEES AND EXPENSES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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 $100,000 in the Lord Abbett Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 292 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”).</span></p> 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 $100,000 in the Lord Abbett Family of Funds. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0225 0 0 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0020 0.0083 0.0010 0 0 0.0045 0.0014 0.0014 0.0014 0.0007 0.0014 0.0014 0.0059 0.0122 0.0049 0.0032 0.0039 0.0084 0.0025 0.0025 0.0025 0.0025 0.0025 0.0060 0.0050 0.0025 0 0 0.0014 0.0014 0.0014 0.0014 0.0007 0.0099 0.0089 0.0064 0.0039 0.0032 Example <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Class C shares automatically convert to Class A shares after eight years. The expense example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> If Shares Are Redeemed If Shares Are Not Redeemed 284 410 547 946 284 410 547 946 224 387 670 1302 124 387 670 1302 50 157 274 616 50 157 274 616 33 103 180 406 33 103 180 406 40 125 219 493 40 125 219 493 86 268 466 1037 86 268 466 1037 101 315 547 1213 101 315 547 1213 91 284 493 1096 91 284 493 1096 65 205 357 798 65 205 357 798 40 125 219 493 40 125 219 493 33 103 180 406 33 103 180 406 Portfolio Turnover <span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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 161% of the average value of its portfolio.</span> 1.61 PRINCIPAL INVESTMENT STRATEGIES <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund invests in various types of short duration debt (or fixed income) securities. Under normal conditions, the Fund pursues its investment objective by investing at least 65% of its net assets in investment grade debt securities of various types. Such investments include:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">corporate debt securities of U.S. issuers;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">corporate debt securities of non-U.S. (including emerging market) issuers that are denominated in U.S. dollars;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">mortgage-backed, mortgage-related, and other asset-backed securities, including privately issued mortgage-related securities and commercial mortgage-backed securities (“CMBS”);</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities; and</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">inflation-linked investments.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in Treasury Inflation Protected Securities (“TIPS”), which are U.S. Government bonds whose principal automatically is adjusted for inflation as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”), and other inflation-indexed securities issued by the U.S. Department of Treasury.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest up to 35% of its net assets in any one or a combination of the following types of fixed income securities and other instruments:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">high-yield debt securities (commonly referred to as “lower-rated” or “junk” bonds);</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">debt securities of non-U.S. (including emerging market) issuers that are denominated in foreign currencies;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">loans, including bridge loans, novations, assignments, and participations;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">convertible securities, including convertible bonds and preferred stocks; and</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">structured securities and other hybrid instruments, including collateralized loan obligations (“CLOs”).</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities. The Fund may invest substantially in CMBS, including lower-rated CMBS.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks to manage interest rate risk through its management of the average duration of the securities it holds in its portfolio. Under normal conditions, the Fund will maintain its average dollar-weighted duration range between one and three years. The duration of a security takes into account the pattern of all expected payments of interest and principal on the security over time, including how these payments are affected by changes in interest rates.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may use derivatives to hedge against risk or to gain investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. The Fund may use derivatives to seek to enhance returns, to attempt to hedge some of its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument is based, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The portfolio management team buys and sells securities using a relative value-oriented investment process, meaning the portfolio management team generally seeks more investment exposure to securities believed to be undervalued and less investment exposure to securities believed to be overvalued. The portfolio management team combines top-down and bottom-up analysis to construct its portfolio, using a blend of quantitative and fundamental research. As part of its top-down analysis, the portfolio management team evaluates global economic conditions, including monetary, fiscal, and regulatory policy, as well as the political and geopolitical environment, in order to identify and assess opportunities and risks across different segments of the fixed income market. The portfolio management team employs bottom-up analysis to identify and select securities for investment by the Fund based on in-depth company, industry, and market research and analysis. The portfolio management team may actively rotate sector exposure based on its assessment of relative value. The Fund may engage in active and frequent trading of its portfolio securities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.</p> The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities. The Fund may invest substantially in CMBS, including lower-rated CMBS. <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">PRINCIPAL RISKS</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">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 </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:</p> 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. <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed Income Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal, economic, monetary, or other governmental policies or</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">measures have in the past—and may in the future—cause or exacerbate</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">interest rate risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Yield Securities Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High yield securities (commonly referred to as “junk” bonds) typically pay a higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by </span></p><p style="font-size:11.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity/Redemption Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related securities, including CMBS and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#00B050; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Commercial Mortgage-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> CMBS include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. The economic impacts of COVID-19 have created a unique challenge for real estate markets, with the transition to remote-working environments potentially negatively impacting the occupancy rates of commercial real estate. CMBS may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity, and interest rate risk. Convertible securities tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Inflation-Linked Investments Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Unlike traditional fixed income securities, the principal and interest payments of inflation-linked investments are adjusted periodically based on the inflation rate. The value of the Fund’s inflation-linked investments may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund’s use of these instruments will be successful.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign and Emerging Market Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. 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. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be subject to structural subordination and</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#0000FF; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">may be subordinated to other obligations of the borrower or its subsidiaries.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Collateralized Loan Obligations and Other Collateralized Obligations Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An investment in a CLO can be viewed as investing in (or through) another investment adviser and is subject to the layering of fees associated with such an investment. The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives are also subject to liquidity risk and the risk that the</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">counterparty to a derivative transaction may fail to fulfill its contractual</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">obligations under the derivative contract. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.</span></p> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. No performance is shown for Class P shares because the Fund has not issued Class P shares.</p> The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart shows changes in the performance of the Fund’s Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</p> This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com 888-522-2388 Bar Chart (per calendar year) - Class A Shares <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; text-indent:9.0pt; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Best Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 2nd Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">+5.89%</span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Worst Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 1st Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">-5.42%</span></p> Best Quarter 2020-06-30 0.0589 Worst Quarter 2020-03-31 -0.0542 <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund as well as to a broad-based securities market index.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s average annual total returns include applicable sales charges.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">(“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</p><p style="font-size:7.5pt; font-family:Sans-Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:9.35pt; font-style:normal;"><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Fund has adopted the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market index.</span></p> The Fund’s average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. Average Annual Total Returns (for the periods ended December 31, 2025) 0.0328 0.0196 0.0257 0.0119 0.0031 0.0098 0.0191 0.0077 0.0125 0.0428 0.0181 0.0216 0.0606 0.0254 0.0290 0.0625 0.0272 0.0296 2017-04-04 0.0616 0.0264 0.0301 0.0553 0.0208 0.0242 0.0563 0.0218 0.0250 0.0590 0.0239 0.0276 0.0616 0.0269 0.0301 0.0626 0.0272 0.0308 ICE BofA 1–3 Year U.S. Corporate Index 0.0593 0.0253 0.0281 0.0286 2017-04-04 (reflects no deduction for fees, expenses, or taxes) Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 0.0187 2017-04-04 Total Return Fund INVESTMENT OBJECTIVE The Fund’s investment objective is to seek income and capital appreciation to produce a high total return. FEES AND EXPENSES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 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 $100,000 in the Lord Abbett Family of Funds. More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers” on page 292 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”).</span></p> 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 $100,000 in the Lord Abbett Family of Funds. 100000 Shareholder Fees (Fees paid directly from your investment) 0.0225 0 0 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0028 0.0028 0.0028 0.0028 0.0028 0.0028 0.0020 0.0084 0.0010 0 0 0.0045 0.0017 0.0017 0.0017 0.0008 0.0017 0.0017 0.0065 0.0129 0.0055 0.0036 0.0045 0.0090 0 0 0 0 -0.0004 0 0.0065 0.0129 0.0055 0.0036 0.0041 0.0090 0.0028 0.0028 0.0028 0.0028 0.0028 0.0060 0.0050 0.0025 0 0 0.0017 0.0017 0.0017 0.0017 0.0008 0.0105 0.0095 0.0070 0.0045 0.0036 0 0 0 0 0 0.0105 0.0095 0.0070 0.0045 0.0036 Example <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, giving effect to the fee waiver and expense reimbursement arrangement described above. Class C shares automatically convert to Class A shares after eight years. The expense example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> If Shares Are Redeemed If Shares Are Not Redeemed 290 428 579 1017 290 428 579 1017 231 409 708 1380 131 409 708 1380 56 176 307 689 56 176 307 689 37 116 202 456 37 116 202 456 42 140 248 563 42 140 248 563 92 287 498 1108 92 287 498 1108 107 334 579 1283 107 334 579 1283 97 303 525 1166 97 303 525 1166 72 224 390 871 72 224 390 871 46 144 252 567 46 144 252 567 37 116 202 456 37 116 202 456 Portfolio Turnover <span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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 429% of the average value of its portfolio.</span> 4.29 PRINCIPAL INVESTMENT STRATEGIES <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Under normal conditions, the Fund pursues its investment objective by investing in investment grade debt (or fixed income) securities. The Fund may invest up to 20% of its net assets in high-yield debt securities (commonly referred to as “lower-rated” or “junk” bonds). The Fund may invest in debt securities issued by non-U.S. entities but denominated in U.S. dollars, and securities issued by non-U.S. entities and denominated in currencies other than the U.S. dollar. The Fund may invest up to 20% of its net assets in debt securities of non-U.S. issuers that are denominated in non-U.S. currencies.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund generally may invest in the following types of debt securities:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">corporate debt securities;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">mortgage-backed, mortgage-related, and other asset-backed securities;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">inflation-linked investments; </span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">structured securities and other hybrid instruments, including collateralized loan obligations (“CLOs”); and</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">loans, including bridge loans, novations, assignments, and participations. The Fund may invest up to 10% of its net assets in floating or adjustable rate loans.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in Treasury Inflation Protected Securities (“TIPS”), which are U.S. Government bonds whose principal automatically is adjusted for inflation as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”), and other inflation-indexed securities issued by the U.S. Department of Treasury. </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks to manage interest rate risk through its management of the average duration of the securities it holds in its portfolio. Under normal conditions, the Fund will maintain its average duration range within two years of the bond market’s duration as measured by the Bloomberg U.S. Aggregate Bond Index (which was approximately 5.88 years as of February 28, 2026). The duration of a security takes into account the pattern of all expected payments of interest and principal on the security over time, including how these payments are affected by changes in interest rates. </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may use derivatives to hedge against risk or to gain investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. The Fund may use derivatives to seek to enhance returns, to attempt to hedge some of its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument is based, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The portfolio management team buys and sells securities using a relative value-oriented investment process, meaning the portfolio management team generally seeks more investment exposure to securities believed to be undervalued and less investment exposure to securities believed to be overvalued. The portfolio management team combines top-down and bottom-up analysis to construct its portfolio, using a blend of quantitative and fundamental research. As part of its top-down analysis, the portfolio management team evaluates global economic conditions, including monetary, fiscal, and regulatory policy, as well as the political and geopolitical environment, in order to identify and assess opportunities and risks across different segments of the fixed income market. The portfolio management team employs bottom-up analysis to identify and select securities for investment by the Fund based on in-depth company, industry, and market research and analysis. The portfolio management team may actively rotate sector exposure based on its assessment of relative value. The Fund engages in active and frequent trading of its portfolio securities.</p> <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.</p> The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities. <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; text-decoration:none;">PRINCIPAL RISKS</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As with any investment in a mutual fund, investing in the Fund involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:</p> 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. <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed Income Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal, economic, monetary, or other governmental policies or</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">measures have in the past—and may in the future—cause or exacerbate</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">interest rate risks.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Yield Securities Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High yield securities (commonly referred to as “junk” bonds) typically pay a higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity/Redemption Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related securities, including commercial mortgage-backed securities (“CMBS”) </span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#00B050; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Inflation-Linked Investments Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Unlike traditional fixed income securities, the principal and interest payments of inflation-linked investments are adjusted periodically based on the inflation rate. The value of the Fund’s inflation-linked investments may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund’s use of these instruments will be successful.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign and Emerging Market Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. 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. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends. Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Currency Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in securities that are denominated or receiving revenues in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods of time.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be subject to structural subordination and</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#0000FF; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">may be subordinated to other obligations of the borrower or its subsidiaries.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Collateralized Loan Obligations and Other Collateralized Obligations Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An investment in a CLO can be viewed as investing in (or through) another investment adviser and is subject to the layering of fees associated with such an investment. The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives are also subject to liquidity risk and the risk that the</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">counterparty to a derivative transaction may fail to fulfill its contractual</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">obligations under the derivative contract. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">High Portfolio Turnover Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">High portfolio turnover may result in increased transaction costs, reduced investment performance, and higher taxes resulting from increased realized capital gains, including short-term capital gains taxable as ordinary income when distributed to shareholders.</span></p> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </p> The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart shows changes in the performance of the Fund’s Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</p> This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com 888-522-2388 Bar Chart (per calendar year) - Class A Shares <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; text-indent:9.0pt; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Best Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 4th Q 2023 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">+6.64%</span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Worst Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 2nd Q 2022 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">-6.05%</span></p> Best Quarter 2023-12-31 0.0664 Worst Quarter 2022-06-30 -0.0605 <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund. The Fund’s average annual total returns include applicable sales charges.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</p> The Fund’s average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. Average Annual Total Returns (for the periods ended December 31, 2025) 0.0482 -0.0039 0.0202 0.0283 -0.0197 0.0054 0.0282 -0.0097 0.0091 0.0557 -0.0055 0.0161 0.0735 0.0019 0.0235 0.0768 0.0039 0.0227 2017-04-04 0.0749 0.0032 0.0249 0.0695 -0.0019 0.0199 0.0682 -0.0031 0.0184 0.0692 -0.0021 0.0194 0.0719 0.0004 0.0220 0.0746 0.0027 0.0244 0.0756 0.0039 0.0256 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 0.0187 2017-04-04 (reflects no deduction for fees, expenses, or taxes) FUND SUMMARY INVESTMENT OBJECTIVE The Fund’s investment objective is to seek current income consistent with the preservation of capital. FEES AND EXPENSES <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Information about sales charge discounts is available from your financial intermediary and in ‘‘Sales Charge Reductions and Waivers’’ on page 40 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’’).</span></p> Shareholder Fees (Fees paid directly from your investment) 0 0.0150 0 0 0 0 0 0 0.0050 0 0 0 0 0 Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0017 0.0017 0.0017 0.0017 0.0017 0.0015 0.0025 0.0010 0 0 0.0012 0.0012 0.0012 0.0007 0.0012 0.0044 0.0054 0.0039 0.0024 0.0029 0.0017 0.0017 0 0 0.0012 0.0007 0.0029 0.0024 Example <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">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:</p> If Shares Are Redeemed If Shares Are Not Redeemed 45 141 246 555 45 141 246 555 204 321 447 817 204 321 447 817 40 125 219 493 40 125 219 493 25 77 135 306 25 77 135 306 30 93 163 368 30 93 163 368 30 93 163 368 30 93 163 368 25 77 135 306 25 77 135 306 Portfolio Turnover <span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">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. </span> <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">During the most recent fiscal year, the Fund’s portfolio turnover rate was 72% of the average value of its portfolio.</p> 0.72 PRINCIPAL INVESTMENT STRATEGIES <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund invests in various types of short duration, high quality, investment grade debt (or fixed income) securities. Under normal conditions, the Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade debt securities of various types. Under normal conditions, the Fund invests only in debt securities rated investment grade at the time of purchase or determined by Lord Abbett to be of comparable quality. </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund’s investments consist of:</p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">corporate debt securities of U.S. issuers, including commercial paper;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">corporate debt securities of non-U.S. (including emerging market) issuers that are denominated in U.S. dollars;</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">mortgage-backed, mortgage-related, and other asset-backed securities, including privately issued mortgage-related securities; </span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities; and</span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">structured securities and other hybrid instruments, including collateralized loan obligations (“CLOs”).</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks to manage interest rate risk through its management of the average effective duration of the securities it holds in its portfolio. The duration of a security takes into account the pattern of all expected payments of interest and principal on the security over time, including how these payments are affected by changes in interest rates. The longer a portfolio’s duration, the more sensitive it is to interest rate risk. The shorter a portfolio’s duration, the less sensitive it is to interest rate risk. </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The maturity of a security is the length of time until final payment is due, or if applicable, an earlier date based on relevant factors such as maturity-shortening devices (e.g., call, put, pre-refunding, prepayment or redemption provisions, or an adjustable coupon). Normally, the Fund seeks to maintain an overall dollar-weighted average maturity of two years or less. Although the Fund invests in short-term debt securities, the Fund is not a money market fund and cannot guarantee that it will maintain a stable share price.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Under normal conditions, the Fund concentrates its investments in the financial services industry by investing more than 25% of its assets in securities issued by companies in the financial services industry. The Fund may, however, invest less than 25% of its assets in the financial services industry for temporary defensive purposes, as described in more detail below.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may at times hold below investment grade securities (commonly referred to as “high-yield” or “junk” bonds) if the Fund purchased securities that were considered investment grade at their time of purchase and such securities subsequently are downgraded.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The investment grade debt securities described above may include mortgage-backed, mortgage-related, and other asset-backed securities, which directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans, real property, or other assets. The Fund also may enter into repurchase agreements with maturities of less than 7 days. The Fund may invest in non U.S. dollar-denominated loans or securities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Currently, the Fund expects to invest in derivatives including futures, options, and swaps. The Fund may use derivatives to attempt to hedge some of its investment risk on both a security- or portfolio-level basis, to manage portfolio duration, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The portfolio management team buys and sells securities using a relative value-oriented investment process, meaning the portfolio management team generally seeks more investment exposure to securities believed to be undervalued and less investment exposure to securities believed to be overvalued. The portfolio management team combines top-down and bottom-up analysis to construct its portfolio, using a blend of quantitative and fundamental research. As part of its top-down analysis, the portfolio management team evaluates global economic conditions, including monetary, fiscal, and regulatory policy, as well as the political and geopolitical environment, in order to identify and assess opportunities and risks across different segments of the fixed income market. The portfolio management team employs bottom-up analysis to identify and select securities for investment by the Fund based on in-depth company, industry, and market research and analysis. The portfolio management team may actively rotate sector exposure based on its assessment of relative value. The Fund may engage in active and frequent trading of its portfolio securities.</p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.</p> Under normal conditions, the Fund concentrates its investments in the financial services industry by investing more than 25% of its assets in securities issued by companies in the financial services industry. The Fund may, however, invest less than 25% of its assets in the financial services industry for temporary defensive purposes, as described in more detail below. <p style="font-size:10.0pt; font-family:Arial; text-align:left; font-weight:bold; font-style:normal;"><span style="font-size:4.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><a href="" id="x4x3"></a><span style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">PRINCIPAL RISKS</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">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 </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">them, which means that you may lose a portion or all of the money you invested in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:</p> 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. <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes, tariffs or other factors, political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed Income Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to the general risks and considerations associated with investing in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether. Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments or general economic news due to their increased credit risk relative to other fixed-income investments. In addition, as interest rates rise, the Fund’s investments typically will lose value. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fiscal, economic, monetary, or other governmental policies or</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">measures have in the past—and may in the future—cause or exacerbate</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">interest rate risks.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Credit Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Interest Rate Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation, and changes in general economic conditions.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity/Redemption Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may lose money when selling securities at inopportune times to fulfill shareholder redemption requests. The risk of loss </span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; margin-left:41.75pt; text-decoration:none;">may increase depending on the size and frequency of redemption requests, whether the redemption requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.</p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Concentration Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Because the Fund invests a significant portion of its assets in securities issued by companies in the financial services industry, developments affecting this industry may have a disproportionate impact on the Fund.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Mortgage-related securities, including commercial mortgage-backed securities (“CMBS”) and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; color:#00B050; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government or private support, but there is no assurance that such support will remain in place.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Government Securities Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Different types of U.S. government securities are subject to different levels of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support. Past long-term U.S. credit rating downgrades have introduced greater uncertainty about the ability of the United States to repay its obligations. The value of the Fund’s shares may be adversely affected by any future rating agency downgrades.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign and Emerging Market Company Risk: </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in foreign companies and in U.S. companies with economic ties to foreign markets generally involve special risks. 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 </span></p><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; margin-left:41.75pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">standards, and foreign taxes. Foreign company securities also include American Depositary Receipts (“ADRs”), which may be less liquid than the underlying shares in their primary trading market. Foreign securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in more developed markets. Emerging markets are more likely to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities of issuers in developed markets. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In certain emerging market countries, governments participate to a significant degree in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Companies with economic ties to emerging markets may be susceptible to the same risks as companies organized in emerging markets.</span></p> <p style="font-size:11.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:11.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Collateralized Loan Obligations and Other Collateralized Obligations Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An investment in a CLO can be viewed as investing in (or through) another investment adviser and is subject to the layering of fees associated with such an investment. The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks associated with derivatives may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its returns. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives may not perform as expected and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful may depend on, among other things, the portfolio managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s performance could suffer. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">Derivatives are also subject to liquidity risk and the risk that the</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">counterparty to a derivative transaction may fail to fulfill its contractual</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">obligations under the derivative contract. </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">In addition, given their complexity, derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.</span></p> <p style="font-size:10.0pt; font-family:Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:4.6pt;"> </span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:bold; text-decoration:none;">Repurchase Agreement Risk:</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If the other party to a repurchase agreement defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement, or may be prevented from exercising such rights. If the seller fails to repurchase the security and the market value of the security declines, the Fund will lose money.</span></p> An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. </p> The bar chart and table below provide some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The bar chart shows changes in the performance of the Fund’s Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.</p> This chart does not reflect the sales charge applicable to Class A shares. If the sales charge were reflected, returns would be lower. www.lordabbett.com 888-522-2388 Bar Chart (per calendar year) - Class A Shares <p style="font-size:9.0pt; font-family:Sans-Serif; text-align:left; text-indent:9.0pt; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Best Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 2nd Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">+2.14%</span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="word-spacing:9.0pt;"> </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Worst Quarter</span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> 1st Q 2020 </span><span style="font-size:9.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">-1.35%</span></p> Best Quarter 2020-06-30 0.0214 Worst Quarter 2020-03-31 -0.0135 <p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below shows how the Fund’s average annual total returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund as well as to a broad-based securities market index.</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:10.0pt; font-family:Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s average annual total returns include applicable sales charges.</span></p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. Actual after-tax returns depend on an </p><p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares.</p><p style="font-size:7.5pt; font-family:Sans-Serif; text-align:left; text-indent:-7.2pt; font-weight:normal; margin-left:9.35pt; font-style:normal;"><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">¹</span><span style="font-size:7.5pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Fund has adopted the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market index.</span></p> The Fund’s average annual total returns include applicable sales charges. The after-tax returns of Class A shares included in the table below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other gains. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from those shown for Class A shares. Average Annual Total Returns (for the periods ended December 31, 2025) 2016-10-17 0.0481 0.0324 0.0256 0.0291 0.0192 0.0153 0.0283 0.0191 0.0152 0.0317 0.0283 0.0251 2019-07-31 0.0487 0.0329 0.0261 2016-10-17 0.0503 0.0345 0.0283 2017-04-04 0.0497 0.0340 0.0272 2016-10-17 0.0497 0.0340 0.0273 2016-10-17 0.0503 0.0345 0.0277 2016-10-17 0.0430 0.0319 0.0236 2016-10-17 ICE BofA U.S. Treasury Bill Index 0.0247 2017-04-04 (reflects no deduction for fees, expenses, or taxes) 0.0273 2019-07-31 0.0730 -0.0036 0.0162 2016-10-17 Bloomberg U.S. Aggregate Bond Index 0.0187 2017-04-04 0.0119 2019-07-31 485BPOS 2025-11-30 0000911507 false 2026-03-25 2026-04-01 N-1A ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData row dei_DocumentInformationDocumentAxis compact cik0000911507_S000007282Summary1Member row dei_LegalEntityAxis compact cik0000911507_S000007282Member ~ ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData row dei_DocumentInformationDocumentAxis compact cik0000911507_S000007282Summary1Member 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cik0000911507_S000007280Summary12Member row dei_LegalEntityAxis compact cik0000911507_S000007280Member row oef_ClassAxis compact * row oef_PerformanceMeasureAxis compact * ~ ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData row dei_DocumentInformationDocumentAxis compact cik0000911507_S000055282Summary13Member row dei_LegalEntityAxis compact cik0000911507_S000055282Member ~ ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData row dei_DocumentInformationDocumentAxis compact cik0000911507_S000055282Summary13Member row dei_LegalEntityAxis compact cik0000911507_S000055282Member ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExample row dei_DocumentInformationDocumentAxis compact cik0000911507_S000055282Summary13Member row dei_LegalEntityAxis compact cik0000911507_S000055282Member ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption row dei_DocumentInformationDocumentAxis compact cik0000911507_S000055282Summary13Member row dei_LegalEntityAxis compact cik0000911507_S000055282Member ~ ~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * row dei_DocumentInformationDocumentAxis compact cik0000911507_S000055282Summary13Member row dei_LegalEntityAxis compact cik0000911507_S000055282Member row oef_ClassAxis compact * row oef_PerformanceMeasureAxis compact * ~ LORD ABBETT INVESTMENT TRUST 0.1157 0.1049 -0.0876 0.2016 0.1937 0.1052 -0.1617 0.119 0.1511 0.1293 0.0928 0.0917 -0.0641 0.1586 0.1381 0.0754 -0.143 0.0903 0.0995 0.1137 0.1246 0.1656 -0.0354 0.2476 0.6395 0.0096 -0.2336 0.07 0.1374 0.2203 0.0271 0.0325 -0.0043 0.0783 0.0792 -0.0089 -0.1365 0.0561 0.02 0.0708 0.0563 0.0464 -0.0093 0.0986 0.0721 0.0059 -0.1397 0.0703 0.0336 0.0739 0.0989 0.0386 -0.0023 0.0734 -0.017 0.0513 -0.0184 0.1264 0.0879 0.0605 0.1584 0.085 -0.0515 0.1507 0.0449 0.0615 -0.1375 0.1046 0.0839 0.074 0.0874 0.0693 -0.0269 0.1292 0.0795 0.013 -0.1548 0.0866 0.0343 0.0827 0.0496 0.0133 -0.0128 0.0486 0.0593 0.1029 -0.0485 0.041 0.049 0.0701 0.015 0.0466 0.0254 0.0007 -0.0378 0.0554 0.0506 0.055 0.0401 0.0229 0.0123 0.0542 0.0295 0.0113 -0.0475 0.0517 0.0535 0.0568 0.0405 0.0382 -0.0093 0.0832 0.0736 -0.0011 -0.1408 0.063 0.0256 0.0724 0.0142 0.0193 0.0283 0.0111 -0.001 -0.0011 0.058 0.0599 0.0481 March 31, 2027 March 31, 2027 March 31, 2027 March 31, 2027 March 31, 2027 March 31, 2027 March 31, 2027 March 31, 2027 March 31, 2027 March 31, 2027 March 31, 2027 These amounts have been updated from fiscal year amounts to reflect current fees and expenses. March 31, 2027 ~ http://www.lordabbett.com/20251130/role/RRRiskTable3 ~ ~ http://www.lordabbett.com/20251130/role/RRRiskTable5 ~ ~ http://www.lordabbett.com/20251130/role/RRRiskTable7 ~ ~ http://www.lordabbett.com/20251130/role/RRRiskTable9 ~ ~ http://www.lordabbett.com/20251130/role/RRRiskTable11 ~ ~ http://www.lordabbett.com/20251130/role/RRRiskTable13 ~ ~ http://www.lordabbett.com/20251130/role/RRRiskTable15 ~ ~ http://www.lordabbett.com/20251130/role/RRRiskTable17 ~ ~ http://www.lordabbett.com/20251130/role/RRRiskTable19 ~ ~ http://www.lordabbett.com/20251130/role/RRRiskTable21 ~ ~ http://www.lordabbett.com/20251130/role/RRRiskTable23 ~ ~ http://www.lordabbett.com/20251130/role/RRRiskTable25 ~ ~ http://www.lordabbett.com/20251130/role/RRRiskTable27 ~ 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. A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. Includes interest expense from certain underlying affiliated funds of 0.14%. Excluding interest expense of the applicable underlying affiliated funds, Total Annual Fund Operating Expenses are 1.06%, 1.81%, 0.91%, 0.74%, 0.81%, 1.26%, 1.41%, 1.31%, 1.06%, 0.81% and 0.74% for Class A, Class C, Class F, Class F3, Class I, Class P, Class R2, Class R3, Class R4, Class R5 and Class R6, respectively. Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares. 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. A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. Includes interest expense from certain underlying affiliated funds of 0.16%. Excluding interest expense of the applicable underlying affiliated funds, Total Annual Fund Operating Expenses are 1.00%, 1.75%, 0.85%, 0.69%, 0.75%, 1.20%, 1.35%, 1.25%, 1.00%, 0.75% and 0.69% for Class A, Class C, Class F, Class F3, Class I, Class P, Class R2, Class R3, Class R4, Class R5 and Class R6, respectively. Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares. 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. A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate. Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares. 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. A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate. For the period from April 1, 2026 through March 31, 2027, Lord, Abbett & Co. LLC (“Lord Abbett”) has contractually agreed to waive the Fund’s Class I shareholder servicing expenses at the annual rate of 0.04% of the Fund’s average daily net assets. This agreement may be terminated only by the Fund’s Board of Trustees. Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares. 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. A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate. Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares. 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. A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate. Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares. 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. A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate. Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares. 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. A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate. Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares. 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. A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate. Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares. 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. A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate. For the period from April 1, 2026 through March 31, 2027, Lord, Abbett & Co. LLC (“Lord Abbett”) has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding any applicable 12b-1 fees, acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 0.31% for each of Class F3 and R6 shares and to an annual rate of 0.40% for each other class. This agreement may be terminated only by the Fund’s Board of Trustees. These amounts have been updated from fiscal year amounts to reflect current fees and expenses. Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares. 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. A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate. Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares. 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. A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase. The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate. For the period from April 1, 2026 through March 31, 2027, Lord, Abbett & Co. LLC (“Lord Abbett”) has contractually agreed to waive the Fund’s Class I shareholder servicing expenses at the annual rate of 0.04% of the Fund’s average daily net assets. This agreement may be terminated only by the Fund’s Board of Trustees. Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares. 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. Class A shares purchased directly are not subject to any front-end sales charge. However, Class A shares initially purchased without a front-end sales charge and subsequently exchanged for shares of another Lord Abbett Fund are subject to any applicable front-end sales charge. Class A shares purchased directly are not subject to any contingent deferred sales charge (“CDSC”). However, Class A shares of the Fund that were obtained in exchange for Class A shares of another Lord Abbett Fund that were subject to CDSC of 1.00% at the time of exchange are subject to a CDSC unless the one-year CDSC period has expired or a CDSC waiver applies. A CDSC of 0.50% may be assessed on certain Class A1 shares purchased or acquired without a sales charge if they are redeemed before the first day of the month in which the eighteenth month anniversary of the purchase falls.