Lord Abbett Climate Focused Bond Fund

For the fiscal year ended July 31, 2021, the Fund returned 2.60%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to its benchmark, the ICE BofA Green Bond Index Hedged (USD),¹ which returned 1.60% over the same period. The Bloomberg Barclays Global

Aggregate Index Hedged (USD)² returned 0.23% over the same period.

Over the trailing twelve-month period the S&P 500^®3 rallied, returning 36.45% in a period characterized by the dramatic economic and market recovery that occurred within the U.S., despite the persistent presence of the novel Coronavirus. In July 2020, the number of new daily cases of COVID-19 reported in the U.S. reached a record level, as infection

rates and deaths, unfortunately, increased. However, risk assets continued their recovery, on the back of progress with respect to COVID-19 treatments and vaccines, commentary from several corporations that indicated stabilization, and massive monetary and fiscal policy globally. In September, market sentiment soured amid political volatility related to the U.S. Supreme Court vacancy, heightened uncertainty leading up to the U.S. Presidential election, and worries about stalled fiscal stimulus talks in Washington.

Despite the volatility in the fall, markets rallied in the month of November with the Dow Jones Industrial Average^®4 having its best month since 1987. The rally was largely attributed to the conclusion of the U.S. Presidential election and positive vaccine news. Pfizer and BioNTech announced in November that an initial analysis of a late-stage study showed that their vaccine was over 90% effective. Follow up data concluded that the efficacy rate for the vaccine was 95%. Following Pfizer and BioNTech’s announcement, Moderna announced that its COVID-19 vaccine was 94.5% effective and AstraZeneca said the vaccine the company developed with the University of Oxford was 90% effective. These positive vaccine developments helped bolster optimism about the economy reopening which drove a rotation from growth and momentum stocks to value and cyclical stocks. This rotation continued in 2021, where value outperformed growth during the first quarter by the largest margin in two decades.

U.S. inflation expectations was one of the most important and complicated

macro themes in the second quarter of 2021. There were numerous headlines in the media and a series of comments from corporate leaders detailing the continued upward pressure on prices from supply chain disruptions, higher raw-materials costs, shipping constraints and a tightening labor market. Despite these concerns, the U.S. Federal Reserve (Fed) remained consistent in its messaging regarding expectations that price pressures will be transitory, and the peak inflation theme gained traction as the second quarter progressed, even as economists suggested that ‘transitory’ may be longer than expected. This helped growth and momentum stocks outperform value and cyclicals over the last three months, although growth equities trailed value for the year-to-date period.

The spread of the Delta variant of Covid-19 dominated the headlines towards the end of the period as the U.S. case count progressed to over 100K a day at the end of July for the first time since February. However, economists and strategists were sanguine about the global recovery and market risks given vaccine efficacy, high vaccination rates in the most vulnerable populations, higher natural immunity, reluctance to impose new restrictions, and broader fatigue surrounding social distancing and other behavioral changes.

In terms of earnings, S&P 500^®3 reported growth in earnings of 52% during the first quarter of 2021, which was the highest year over year growth since 1Q 2010. Second quarter earnings reported in July were even stronger, with the blended growth rate for the S&P 500^®3 at ~85%

(with ~60% of the index having reported), on track for the best performance since Q4 2009. Earnings and revenue beat rates were both running at a record level of 88% at the end of July. In aggregate, companies were reporting earnings 17.2% ahead of consensus, the fourth highest on record, and revenues 4.5% ahead of consensus, the highest on record. Companies from a wide range of industries highlighted a strong demand backdrop on their conference calls in July. Top-line strength kept the focus on elevated operating leverage though supply constraints, input price pressures and labor shortages also dominated the narrative.

Lastly, from an ESG perspective, global ESG bond supply from corporate issuers (including financials and non-financials) totaled $235bn during the first half of 2021, a level that far exceeds the $188bn issued during the entirety of 2020. Issuance of all types of securities has risen, but growth is most evident in sustainability and green bonds. Traditionally, the ESG bond market was the domain of highly-rated companies, but recent supply has grown from BBB rated and high yield companies, particularly of sustainability and sustainability-linked bonds. Last year, there was a large rise in ESG bond issuance from US companies; although we are still seeing market growth in that respect, the majority of incremental year-over-year supply has been driven by euro area issuers.

The Fund’s allocation to high yield corporate bonds had a notable positive effect on relative performance, as credit spreads tightened over the period supported by the central bank liquidity

tailwind, fiscal stimulus, vaccine progress and reopening momentum. Additionally, the Fund’s underweight to sovereign debt aided relative performance. More specifically, the Fund’s underweight to French and Belgium sovereign debt aided as European yields rose over the period, resulting in underperformance of those credits. Lastly, the Fund’s off-benchmark allocation to convertible bonds also aided relative returns. Within the asset class, the Fund’s exposure was mainly in renewable energy companies. The sector experienced tailwinds after the election of President Joe Biden, which increased the potential for increased regulation on climate-related issues which we believe would likely bolster renewable energy companies.

Over the period, the Fund did not have a position in the bonds issued by Mexico City Airport Trust, which hindered relative performance. The green bonds were issued to finance the construction of a new airport and rallied over the past six months, as optimism over global travel increased due to the widespread administration of Covid-19 vaccines. The Fund did not hold the issue, as we did not have a favorable outlook on Mexico and the issue did not meet our portfolio criteria for inclusion.

Lord Abbett Mid Cap Innovation Growth Fund

Since the Fund’s inception, for the period of December 28, 2020 through the period ended July 31, 2021, the Fund returned 7.60%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to its benchmark, the Russell MidCap^®

Growth Index,⁵ which returned 12.02% over the same period.

The trailing seven-month period was characterized by several market-moving events. Various factors impacted markets in January 2021, although the longstanding bullish narrative surrounding stimulus and vaccine optimism remained largely intact. Momentum continued behind the pro-cyclical rotation on the back of the Democrats’ surprise victory in the Georgia U.S. Senate runoff election, and Johnson & Johnson announced that its coronavirus vaccine was only 66% effective in preventing moderate and severe variations of the disease in a widely anticipated late-stage trial. However, one of the bigger stories from a risk sentiment perspective was inflation. There was an unrelenting flurry of headlines and corporate commentary about upward pressure on prices from supply chain disruptions, higher raw-materials costs, shipping constraints and a tightening labor market. In June, headline U.S. consumer prices rose 0.9%, following a gain of 0.6% month-over-month in May and a gain of 0.8% in April. Core consumer prices increased 0.7% month-over-month in May, following a 0.9% gain in April. Headline prices were up 5.0% year-over-year in May, the biggest increase since June 2008, while core prices were up 3.8% year-over-year, the biggest increase since June 1992.

U.S. inflation expectations was one of the most important and complicated macro themes in the second quarter of 2021. There were numerous headlines in the media and a series of comments from corporate leaders detailing the continued

upward pressure on prices from supply chain disruptions, higher raw-materials costs, shipping constraints and a tightening labor market. Despite these concerns, the U.S. Federal Reserve (Fed) remained consistent in its messaging regarding expectations that price pressures would be transitory, and the peak inflation theme gained traction as the second quarter progressed, even as economists suggested that ‘transitory’ may be longer than expected. This helped growth and momentum stocks outperform value and cyclicals over the last three months, although growth equities trailed value for the year-to-date period.

The spread of the Delta variant of Covid-19 dominated the headlines towards the end of the period as the U.S. case count progressed to over 100,000 a day by the end of July for the first time reaching this level since February. However, economists and strategists were fairly sanguine about the global recovery and market risks given vaccine efficacy, high vaccination rates in the most vulnerable populations, higher natural immunity, reluctance to impose new restrictions, and broader fatigue surrounding social distancing and other behavioral changes.

The S&P 500^®3 reported growth in earnings of 52% during the first quarter of 2021, which was the highest year over year growth since 1Q 2010. Second quarter earnings reported in July were even stronger with the blended growth rate for the S&P 500^® at ~85% (with ~60% of the index having reported), on track for the best performance since Q4 2009. Earnings and revenue beat rates were both running

at a record level of 88% at the end of July. In aggregate, companies were reporting earnings 17.2% ahead of consensus, the fourth highest on record, and revenues 4.5% ahead of consensus, the highest on record. Companies from a wide range of industries highlighted a strong demand backdrop on their conference calls in July. Top-line strength kept the focus on elevated operating leverage though supply constraints, input price pressures and labor shortages also dominated the narrative.

Security selection within the health care sector was the primary detractor from relative performance. The Fund’s underweight in Moderna, Inc. a developer of medicines based on messenger ribonucleic acid (mRNA), detracted from relative performance during the period. The company’s COVID-19 vaccine was one of the most effective and helped validate mRNA technology as a platform to treat other potential diseases. Additionally, the expectation of upcoming booster shots to protect against variants drove its share price higher. The Fund’s position in TG Therapeutics, Inc., a developer of treatments for B-cell malignancies and autoimmune diseases, also detracted from performance. Despite the U.S. Food and Drug Administration granting accelerated approval of TG Therapeutic’s drug, Ukoniq, shares of the company, and the biotechnology industry in general, faced substantial valuation headwinds due to rising interest rates and inflation expectations.

The Fund’s underweight to the real estate sector also detracted from relative performance as strong demand and supply dynamics propelled the industry. The real

estate sector was the best performing sector in the index during the period.

Security selection in the information technology sector contributed to relative performance during the period. Shares of Trimble Navigation Ltd., an engineering and construction company, contributed as investors believed the company was poised to benefit from both a post-COVID economic recovery and the pending infrastructure bill. The Fund’s positioning in HubSpot, Inc., a marketing software solutions firm, also contributed to relative performance. Shares of HubSpot rose as the company continued to benefit from the tailwinds of Covid-19, and as investors started to embrace faster growing stocks and reward the sustainability of companies that compounded revenue growth.

Lord Abbett Short Duration High Yield Fund

For the fiscal year ended July 31, 2021, the Fund returned 10.22%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to its benchmark, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) USD Index^6, which returned 8.47% over the same period.

The twelve-month period ending July 31, 2021 brought continued improvement in overall economic activity and market performance following the COVID-19 outbreak. After a plunge of more than 30% in Gross Domestic Product (GDP) for the second quarter, the U.S. economy rebounded extraordinarily well as GDP rose 33% in the third quarter of 2020. This rebound was primarily fueled by continued support from the U.S. government, which

provided almost $3 trillion in pandemic relief to households and businesses across the country. U.S. markets also continued their rally from one of the fastest bear markets in U.S. history prompted by the COVID-19 outbreak. Market performance was highlighted initially by both the Dow Jones Industrial Average^® and S&P 500^® indexes posting their best monthly performances since the 1980’s in August 2020.

U.S. Treasury yields also remained around historic lows during the period, which initially helped fuel a strong market rebound. Specifically, the 10-year US Treasury yield fell to 0.52% in the beginning of August, its lowest level ever. Treasury yields picked up somewhat throughout the remainder of 2020; yet were still suppressed as the U.S. Federal Reserve (Fed) continued its robust monetary support position, which was initially installed in April 2020 in response to the COVID-19 outbreak. These measures kept investor confidence high and boosted risk asset performance. In addition to acting as a financial backstop, the Fed maintained the federal funds rate at the current target range of 0-0.25%, which was consistent throughout the remainder of the period.

The strong third quarter surge occurred despite heightened market volatility, which carried in the fourth quarter, due to the ongoing surge in COVID-19 cases. Infection rates across the globe accelerated and markets plummeted in October 2020, with the Dow Jones Industrial Average^®4 and S&P 500^®3 sinking 6% and 3.5%, respectively. While increased COVID-19

infections mostly drove losses to start the quarter, the pull-back was also attributed to a lack of government response on increased stimulus for pandemic relief, as well as uncertainty leading into the 2020 presidential elections. However, markets rebounded incredibly well the following month, with the Dow posting a gain of 11.8%, its best mark since 1987. The rally was driven by multiple catalysts, including the conclusion of the U.S. Presidential election, as former U.S. Vice President Biden defeated U.S. President Trump. The fight against COVID-19 also gained positive momentum soon after the completion of the election, as Pfizer/BioNTech, Moderna, and AstraZeneca each announced a COVID-19 vaccine with greater than 90% efficacy rate. These catalysts came despite the ongoing rise in COVID-19 infection across the U.S. as the 7-day moving average daily infection rate surged past 100,000. Economic activity was mainly resilient despite worsening infection rates, as the U.S. economy gained 4% in fourth quarter GDP and finished the year on a positive note around further stimulus packages signed into action and the beginning of vaccine dissemination.

Markets continued their strong performance moving into the new year as the bullish narrative surrounding stimulus and vaccine optimism remained largely intact. The surprise victory for the Democrats in the Georgia U.S. Senate runoff election was the final leg of the Blue Wave that took over Capitol Hill for the first time in over a decade. While investors digested the potential for higher

tax rates with the new regime, markets were boosted on the prospect of increased fiscal spending highlighted by a new $1.2T infrastructure plan that would be the Biden Administration’s first blockbuster bill.

As the new year progressed, COVID-19 infection rates decreased to under 20,000 confirmed cases per day in the U.S. as vaccination distribution accelerated. With the pandemic seemingly in better control and economic restrictions being lifted, investors zeroed in on inflation as the immediate market risk, as the economy had been flooded with federal stimulus and demand for goods and services picked up. Specifically, in June 2021, U.S. consumer prices increased 5.4% year-over-year, the highest increase since 2008, amid continued rebound in economic activity coupled with constraints within supply chains. Investor concerns around inflation shifted to whether it was transitory or if it was reflective of a long-term trend. Despite these fears, the Fed remained solid on its position to hold interest rates at historically low levels and cited the labor market having room for improvement before beginning to change its stance.

COVID-19 concerns re-emerged towards the end of the period, however, as the spread of the Delta variant dominated headlines. At the end of July, the U.S. case count progressed back to over 100,000 a day for the first time since February. However, economists and strategists were fairly sanguine about the global recovery and market risks given vaccine efficacy, high vaccination rates in the most vulnerable populations, higher natural immunity, reluctance to impose new

restrictions, and broader fatigue surrounding social distancing and other behavioral changes.

With respect to performance for the period, the Fund benefited from security selection within the automotive sector. Specifically, the Fund held securities from select issuers within the automakers and auto parts and equipment subsectors that outperformed the broader high yield sector over the last twelve months. This was due in part because U.S. auto sales rebounded incredibly well during the period, posting consecutive record months of sales in March through May of 2021. This followed the previous decline in auto sales caused by the COVID-19 outbreak at the beginning of 2020. Security selection within the energy sector also contributed to relative performance. The Fund benefited particularly from select issuers in the exploration and production subsector that outperformed for the period due largely to rising oil prices. Economic activity increased around the globe over the first half of 2021, as COVID-19 restrictions were lifted, which created a bump in consumer activity that drove up global energy demand. However, oil supply remained constrained throughout the period, creating a strong technical relationship that increased oil prices over 60%, reaching over $70 a barrel in July 2021, its highest value since 2018. The Fund also greatly benefited from an overweight allocation to CCC rated credit. Lower credit outperformed higher quality credit throughout the period, and the overweight allocation to CCC rated debt contributed

significantly to relative performance over the benchmark.

Although the Fund largely outperformed the benchmark for the period, there were select sector allocations that detracted from relative performance. Security selection within the media sector detracted from relative performance over the period. Within the media sector, the Fund’s exposure to select media content issuers was a detractor due to headwinds of economic reopening following countrywide shelter-in-place mandates that had benefited the sector in early 2020. Security

selection within the financial services sector also detracted from relative performance. While the Fund held select issues in financial services that exhibited positive performance overall, these issuances underperformed the broader sector during the period.

Each Fund’s portfolios is actively managed and, therefore, holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

¹     The ICE BofA Green Bond Index tracks securities issued for qualified green purposes that promote climate change mitigation or adaption. Qualifying bonds must have a clearly designated use of proceeds that is solely applied toward projects or activities that promote climate change mitigation or adaptation or other environmental sustainability purposes as outlined by the ICMA Green Bond Principles.

²     The Bloomberg Barclays Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed-income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate indexes. The index also includes eurodollar and euro-yen corporate bonds, Canadian government securities, and U.S. dollar investment-grade 144A securities. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and an investor cannot invest directly in an index.

³     The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

⁴     The Dow Jones Industrial Average^® Index is a price-weighted measure of 30 U.S. blue-chip companies. The index covers all industries except transportation and utilities.

⁵     The Russell MidCap^® Growth Index measures the performance of those Russell MidCap^® Index companies with higher price-to-book ratios and higher

forecasted growth values. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and an investor cannot invest directly in an index.

⁶     The ICE BofA High Yield U.S. Corp, Cash Pay, BB-B 1-5 YR USD Index consists of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and an investor cannot invest directly in an index.”

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

Important Performance and Other Information
Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Funds will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

Except where noted, comparative Fund performance does not account for the deduction of sales charges and would be different if sales charges were included. Each Fund offers classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see each Fund’s prospectus.

During certain periods shown, expense waivers and reimbursements were in place. Without such expense waivers and reimbursements, each Fund’s returns would have been lower.

The annual commentary above discusses the views of the Funds’ management and various portfolio holdings of the Funds as of July 31, 2021. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds’ portfolios are actively managed and may change significantly, the Funds may no longer own

the securities described above or may have otherwise changed their positions in the securities. For more recent information about the Funds’ portfolio holdings, please visit www.lordabbett.com.

A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see each Fund’s prospectus.

Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.

¹     Reflects the deduction of the maximum initial sales charge of 2.25%.

²     Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance. Performance of the index began on May 28, 2020.

³     Class A shares commenced operations on May 20, 2020 and performance for the Class began on May 28, 2020. Total return, which is the percent change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and distributions reinvested for the period shown ended July 31,

2021, is calculated using the SEC required uniform method to compute such return.

⁴     Class C shares commenced operations on May 20, 2020 and performance for the Class began on May 28, 2020. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵     Commenced operations on May 20, 2020 and performance for the Classes began on May 28, 2020. Performance is at net asset value.

¹     Reflects the deduction of the maximum initial sales charge of 5.75%.

²     Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance. Performance of the index began on December 29, 2020.

³     Class A shares commenced operations on December 28, 2020 and performance for the Class began on December 29, 2020. Total return, which is the percent change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the period shown ended July 31,

2021, is calculated using the SEC required uniform method to compute such return.

⁴     Class C shares commenced operations on December 28, 2020 and performance for the Class began on December 29, 2020. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date.

⁵     Commenced operations on December 28, 2020 and performance for the Classes began on December 29, 2020. Performance is at net asset value.

¹     Reflects the deduction of the maximum initial sales charge of 2.25%.

²     Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance. Performance of the index began on April 30, 2020.

³     Class A shares commenced operations on April 22, 2020 and performance for the Class began on April 30, 2020. Total return, which is the percent change in net asset value, after deduction of the maximum initial sales charge of 2.25% applicable to Class A shares, with all dividends and

distributions reinvested for the period shown ended July 31, 2021, is calculated using the SEC required uniform method to compute such return.

⁴     Class C shares commenced operations on April 22, 2020 and performance for the Class began on April 30, 2020. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵     Commenced operations on April 22, 2020 and performance for the Class began on April 30, 2020. Performance is at net asset value.