Lord Abbett Climate Focused Bond Fund

For the fiscal year ended July 31, 2022, the Fund returned -8.72%, reflecting performance at the net asset value of Class A shares with all distributions reinvested, compared to its benchmark, the ICE BofA Green Bond Index (USD Hedged)¹, which returned -11.44% over the same period. The Bloomberg Global Aggregate Bond

Index (USD Hedged)² returned -7.77% over the same period.

Risk assets finished lower for the twelve-month period as negative sentiment overwhelmed markets. Looking closer, the period was defined by two distinct periods of economic activity. In the second half of 2021, U.S. markets exhibited more stability as a result of continued central bank liquidity and corporate earnings surprises. Additionally, markets

continued to benefit from vaccine progress against the COVID-19 virus and momentum surrounding economic reopening in the U.S. Specifically, the U.S. economy generated meaningful growth, notching gains of 2.3% and 6.9% in the third and fourth quarters of 2021, respectively.

U.S. markets, however, met increasing headwinds towards the latter half of 2021, including the increased spread of new COVID-19 variants. These new variants, namely Delta and Omicron, decreased vaccine efficacy in reducing transmission of COVID-19, leading to new waves of positive infections. Higher infection rates placed increased weight on supply chain and input price pressures, and many companies faced labor shortages as workers were sidelined with the virus. This was particularly evident during the spike in Omicron at the end of December 2021, with a record-high in daily average positive cases. Yet, the negative sentiment around Omicron quickly reversed as it was determined that cases were generally less severe than prior strains, and updated guidelines from the Centers for Disease Control and Prevention shortened quarantine times to help alleviate the COVID-19 induced labor constraints.

Moving into 2022, markets were facing higher and more persistent inflation. Inflationary pressures had built up in the fourth quarter of 2021 by an imbalance between supply and demand dynamics across multiple industries, exacerbated by COVID-19 labor issues. This became evident with headline U.S. consumer price index (CPI) rising 6.8% year-over-year in

November 2021, the fastest pace since 1982. Prices continued increasing throughout the first half of 2022, led by energy, food, and used cars. This surge in prices resulted in headline inflation rising 9.1% year-over-year in July 2022, the fastest annual increase in over 40 years.

The steady rise in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. Throughout the first half of the twelve-month period, the Fed had remained mostly consistent in its messaging around expectations that price pressures would be transitory. However, more persistent CPI prints caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Three additional rate hikes of 50 bps, 75 bps and 75 bps followed in the succeeding months as inflation readings continued to come in hotter-than-expected, resulting in a federal funds rate of 2.25% by the end of July.

Bond yields shot up from near record lows in reaction to this shift in policy, with the 10-year breaching 3% for the first time since 2018. However, short-term rates increased at a much faster clip, leading to a bearish curve flattening trend that caused periods of brief yield curve inversion. This was reflected in the 5-year and 30-year U.S. Treasury spread inverting for the first time since 2006, and the 2- year and 10-year Treasury spread inverting, albeit briefly, for the first time

since 2019. These inversions led to increasing concerns of a potential recession in the United States. Key macroeconomic indicators also pointed to a potential recession in the United States, culminating in the U.S. economy contracting for two consecutive quarters.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, the U.S. labor market stood strong with the national unemployment rate remaining low, at around 3.6%, its lowest level in decades.

Bond markets rebounded at the end of the period as credit markets exhibited strong returns for the month of July. U.S. high yield bonds gained approximately 6% in July alone, driven by better-than-expected earnings and expectations for a shallower Fed tightening cycle. The 10-year Treasury yield fell sharply at the end of the period as markets started to price in peak inflation rates and a slowing in the pace of Fed rate hikes.

From an environmental, social and governance (ESG) perspective, global ESG bond supply from corporate issuers slowed throughout the period. Approximately $211 billion of ESG bonds were issued during the first half of 2022, approximately 13% below the $242 billion issued in the same period in 2021. We believe this slowdown was likely due to the broader decline in corporate bond issuance as the global financing environment has become stricter, rather than a lack of desire from companies to issue ESG bonds. For example, from a composition standpoint, the percentage of total corporate supply

with an ESG label has increased compared to 2021. Green, sustainability and sustainability-linked bonds (SLBs) all saw strong market growth, whereas growth in social bonds lagged considerably.

The Fund invests in the securities of issuers we believe have, or will have, a positive impact on the climate through an issuer’s operations, products, or services. Our investment process focuses on five key climate-related themes including: clean energy, energy efficiency, low carbon transportation, clean water and resource management, and other environmental areas such as recycling and waste management. Within this universe, the Fund’s underweight allocation to sovereign debt was the most significant contributor to relative performance for the quarter. Specifically, the Fund primarily benefited from underweight exposure to sovereign debt within the Eurozone relative to its benchmark, mainly France, Italy, and the United Kingdom. Issuers from these regions faced challenges during the period from high inflation, surging energy prices and ongoing geopolitical instability caused by the Russian-Ukrainian War, dampening gross domestic product outlooks for each of these countries. Separately, the European Central Bank surprised markets with a much more hawkish stance on inflation than expected, leading to speculation of increased interest rate hikes in the near term.

An underweight allocation relative to the Fund’s benchmark and security selection within investment grade corporate debt contributed positively to relative returns. The underweight allocation, specifically to

European credit, helped performance as these credits came under pressure from a bleaker economic outlook within the Eurozone. The Fund’s shorter duration profile within U.S. corporate debt was also a positive contributor to relative returns during the period as U.S. Treasury yields continued to rise.

The Fund’s overweight allocation to high yield corporate debt dragged on returns. Both U.S. and European high yield sectors were impacted as global inflation surged and recessionary scenarios became increasingly probable, leading to significant spread widening in lower-rated credit.

An off-benchmark allocation to convertible bonds also detracted from performance. These securities, which were issued primarily by renewable energy companies, significantly underperformed as equity-like securities, particularly growth-oriented investments, sold off near the end of the period.

Lord Abbett International Growth Fund

For the fiscal year ended July 31, 2022, the Fund returned -23.41%, reflecting performance at the net asset value of Class A shares (USD), compared to its benchmark, the MSCI All Country World Index ex USA Growth (Net)³, which returned -20.51% over the same period.

Global equities finished lower for the twelve-month period as bearish sentiment overwhelmed markets. Looking closer, the period was defined by two distinct periods of economic activity. In the second half of 2021, U.S. markets exhibited more stability, supported by continued central bank liquidity and corporate earnings surprises.

Additionally, continued vaccine progress against the COVID-19 virus and momentum surrounding economic reopening in developed markets provided tailwinds. Specifically, the U.S. economy showed signs of meaningful growth, notching gains of 2.3% and 6.9% in the third and fourth quarters of 2021, respectively. Meanwhile, Eurozone gross domestic product (GDP) grew 2.3% and 0.4% and China’s economy grew 0.7% and 1.5% over the same time periods.

U.S. markets, however, were met with increasing headwinds towards the latter half of 2021, including the increased spread of new COVID-19 variants. These new variants, namely Delta and Omicron, decreased vaccine efficacy in reducing transmission of COVID-19, leading to new waves of positive infections. Higher infection rates placed increased weight on supply chain and input price pressures, and many companies faced labor shortages as workers were sidelined with the virus. This was particularly evident during the spike in Omicron at the end of December 2021, with a peak average of over 800,000 daily positive cases. Yet, the negative sentiment around Omicron quickly reversed as it was determined that cases were generally less severe than prior strains, and updated CDC guidelines shortened quarantine times to help alleviate the COVID-19 induced labor constraints.

Moving into 2022, investor risk appetite shifted lower due primarily to a combination of higher and more persistent inflation. Inflationary pressures had built up in the fourth quarter of 2021 by an imbalance between supply and demand dynamics across multiple industries,

exacerbated by COVID-19 labor issues. This became evident with headline U.S. consumer price index (CPI) rising 6.8% year-on-year in November 2021, the fastest pace since 1982. Prices continued increasing throughout the first half of 2022, led by energy, food, and used cars. This surge in prices culminated in July 2022 as headline inflation came in at 9.1% year-on-year, the fastest annual increase in over 40 years. Meanwhile, inflation data outside the U.S. was also high, with June inflation readings for Canada, the U.K, and Eurozone coming in at 8.1%, 9.4%, and 8.9%, respectively.

There were a number of developments indicating an increasing possibility of an approaching recession for global economies. Namely, the U.S. economy contracted for a second straight quarter in Q2, falling -0.9% quarter-over-quarter. The July flash services Purchasing Managers Index (PMI) fell into contraction territory, and flash manufacturing PMI slumped to the lowest level in two years. The weakness in the U.S. GDP report was widespread, with falls in construction, investment, and government spending. In addition, initial jobless claims came in at an eight-month high in July. There was a flurry of high-profile hiring freezes and layoff announcements. Second quarter earnings also provided some cautious takeaways, including lower retail guidance on general merchandise softness from inflation, tech companies pointing to continued deterioration in digital advertising and consumer electronics, and home builders commenting on a slowdown in housing demand. Commodity prices also softened towards the end of the period, yet it was widely believed to be a function of

growth and demand concerns rather than improvements on the supply chains that continued to be affected by COVID-19 and geopolitical issues. The U.S. labor market remained strong, however, putting into question whether the economy is in fact in a technical recession. National unemployment remained low at around 3.5%, its lowest level in decades, and employers continued to add labor at a healthy yet more moderate rate. Meanwhile, many forecast a recession in the Eurozone later this year, as energy-driven inflation is not expected to ease much due to the Russia-Ukraine conflict, even with central banks starting to raise rates.

The steady rise in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. Throughout the first half of the twelve- month period, the Fed had remained mostly consistent in its messaging around expectations that price pressures would be transitory. However, more persistent CPI prints caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Three additional rate hikes of 50 bps, 75 bps and 75 bps, followed in the succeeding months as inflation readings continued to come in hotter-than-expected, resulting in a federal funds rate of 2.25% by the end of July.

Meanwhile, in an attempt to reduce inflationary pressures, the European Central Bank (ECB) raised its three key interest rates by 50bp during its July 2022

meeting, ending eight years of negative rates with its first increase since 2011. Inflation in the Euro Area continued to march higher and break record rates, showing no signs of peaking, and approaching double-digits. The central bank also said that further normalization of interest rates will be appropriate in the upcoming meetings.

Although most central banks around the world withdrew crisis-mode stimulus, the Bank of Japan (BoJ) appeared undeterred. The BoJ maintained its key short-term interest rate at -0.1% and that for 10-year bond yields around 0% during its July meeting; but cut its 2022 GDP growth forecast to 2.4% from its April forecast of 2.9%, citing a slowdown in overseas economies and persistent supply chain issues due to the prolonged war in Ukraine. The BoJ reiterated that it would not hesitate to take extra easing measures if needed, a sign that it will remain an outlier among a global wave of central banks tightening policies. The central bank also mentioned that it would continue to buy unlimited amounts of the bonds to defend an implicit 0.25% cap every market day, as it had been doing since April.

Similar to equity market performance in the U.S., non-U.S. equity markets experienced a strong decline during the last twelve months, before rallying in July. Against a weaker global growth backdrop, markets increasingly priced in interest rate cuts from the Fed in 2023. This anticipation of a policy pivot supported risk assets over the month. Global growth stocks benefited most, delivering 11.5% total return in July, recouping some of their heavy year-to-

date losses. Emerging Markets equities meaningfully underperformed their developed markets peers, as a strong U.S. dollar and rising oil prices proved to be major headwinds. Weighing particularly hard on the index was underperformance in Chinese equities, as the country continued to grapple with the Omicron outbreak and a series of rolling lockdown measures enacted in various cities.

During the period, the Fund’s underperformance relative to its benchmark was driven by stock selection, particularly within the Industrials, Information Technology and Consumer Discretionary sectors. Within Industrials, companies that are dependent on intricate supply chains or that are in the logistics space suffered most. In the latter segment, Autostore Holdings, a robotic and software technology company that provides cubic storage automation, detracted most from Fund performance. Although the proliferation of e-commerce and labor wage inflation pressures provide a strong investment case for warehouse automation, sentiment deteriorated around high-growth stocks such as this one. Another detractor in this space was DSV A/S, a global logistics company based in Denmark. We believe this will be another beneficiary of supply chain bottlenecks, but the stock was punished due to its high growth profile. This was a common theme in the Information Technology sector as well. Some of the largest detractors from Fund performance during this twelve-month period were high growth stocks that performed very well last year. Examples are Keyence Corp., a Japanese company that is the global leader in machine vision and

plays into the portfolio’s industrial automation theme. Another is Adyen NV, a Netherlands-based company that is in the payments business – a space that is rife with competition.

Within the Consumer Discretionary sector, holdings in Alibaba, a Chinese e-commerce company, detracted most from Fund performance, as regulatory pressures from China’s government proved to be a strong headwind. To add to Alibaba’s woes, the failed IPO spinoff of Ant Financial sent shares trading lower. The Fund’s investment in shares of Anta Sports Products, Ltd. also detracted from relative performance, as continued COVID lockdowns in China put a damper on production, and as inflationary pressures worried investors.

Conversely, stock selection within the Energy sector contributed positively to relative performance over the period. Equinor ASA was one of the largest contributors to relative performance as oil prices rallied. WTI Crude futures breached $100 per barrel in March for the first time since September 2014, and prices faced additional upward pressure from lower supply given increased sanctions on Russia. Equinor engages in the exploration and production of petroleum in Norway. Pembina Pipeline Corp., a midstream services company based in Canada also benefited.

Stock selection in Health Care was another bright spot. The largest contributor to relative performance was Novo Nordisk, a Danish health care company with the world’s leading diabetes franchise. The company’s most exciting

recent development has been in its Diabetes & Obesity Care segment, where its revolutionary drug Wegovy has had tremendous results for weight loss in people. On the drug’s injectible pen regiment, the average patient was able to reduce their weight by 17%. This is a prescription drug that has proven to have limited effects. Furthermore, Novo can cross-sell this drug into the same population that relies on its diabetes drugs. Another winner in this sector was AstraZeneca PLC, a U.K.-based pharmaceutical company. AstraZeneca has a big oncology business which has had a few huge wins recently. The company acquired the rights to a class of drugs from a Japanese company, Daiichi Sankyo, one of which is likely to be the second line drug of choice for breast cancer, which is notably a very large market.

Lord Abbett Mid Cap Innovation Growth Fund

For the fiscal year ended July 31, 2022, the Fund returned -29.93%, reflecting performance at the net asset value of Class A shares with all distributions reinvested, compared to its benchmark, the Russell MidCap^® Growth Index,⁴ which returned -21.76% over the same period.

U.S. markets faced many challenges throughout the twelve-month period ending July 31, 2022, including increased volatility stemming from the emergence of the Delta and Omicron variants of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, less accommodative fiscal and monetary policy, and geopolitical tensions related to Russia’s invasion of Ukraine. The Dow Jones Industrial

Average and S&P 500^® Index⁵ fell -4.14% and -4.64%, respectively, while the tech-heavy Nasdaq Composite lost -14.95%. Value stocks⁶ significantly outperformed growth stocks⁷ (-1.65% vs -12.65%), while large cap stocks⁸ outperformed small cap stocks⁹ (-6.87% vs -14.29%).

Despite the aforementioned challenges, the period began with a positive tone driven by accommodative monetary policy, continued vaccine progress, upside in corporate earnings surprises, and momentum surrounding the gradual reopening of global economies. However, sentiment began to shift in the latter half of the third quarter of 2021, as markets had to endure the increased spread of the Delta variant of COVID-19. Global markets were also affected by negative headlines overseas, namely China’s regulatory crackdown of the private education and technology sectors, as well as worries about the impacts of a default by Chinese real estate developer Evergrande. These headwinds culminated in a volatile September with all major U.S. indices finishing in negative territory. Specifically, the S&P 500^® Index snapped a streak of seven consecutive months of positive returns in September, with the worst month of performance since March 2020.

In December, global markets had to grapple with the emergence of the newly discovered Omicron variant. The World Health Organization designated the newly discovered mutation as a “variant of concern”, particularly due to its increased transmissibility and then-unknown severity. This led to one of the largest selloffs and worst one-day performance of

U.S. risk assets since the start of the pandemic, as fears that the world would succumb to a new wave of infections emerged. Yet, the negative sentiment regarding Omicron quickly reversed as cases proved to be generally less severe than prior strains.

Inflationary concerns began to take focus towards the end of 2021. Headline core consumer price index readings had hovered a little above 5% year-over-year for most of 2021, which led investors to question whether this period of rising prices would be more persistent than originally thought. However, this debate was intensified by November’s headline consumer price index which rose 6.8% year-over-year. This was the fastest pace since 1982, and enhanced inflation fears among investors. The sharp increase in prices was generally due to an imbalance between supply and demand dynamics across multiple industries, led initially by energy, food, and used cars. Although positive COVID-19 cases plummeted throughout the quarter from Omicron’s surge in late 2021, many companies faced labor shortages, with workers sidelined with the virus, exacerbating supply chain issues, and adding to inflationary pressures.

Energy costs were the primary driver of inflation for the period, rising more than 30% year-over-year by the end of June. The energy sector, which had been subject to rising consumer demand as global economies reopened from lockdowns induced by COVID-19, faced added friction with Russia’s military invasion of Ukraine. Investors were concerned about the secondary effects of the war, particularly

from a commodity and supply chain standpoint. Russia has been a large global exporter of oil and certain minerals, and the various sanctions set on Russia from Western nations led to a surge in commodity prices, with crude oil reaching over $100 per barrel for the first time since 2014.

The surge in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. Throughout the first half of the twelve-month period, the Fed remained mostly consistent in its messaging around expectations that price pressures would be transitory, and the peak inflation theme gained traction even as economists suggested that ‘transitory’ might be longer than expected. However, elevated and more persistent inflation pressures caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Three additional rate hikes of 50 bps, 75 bps and 75 bps, respectively, followed in the succeeding months as inflation prints continued to come in hotter than expected, resulting in a federal funds rate of 2.25% by the end of July. Bond yields shot up in reaction to this shift in policy, exhibiting a bearish curve flattening trend and ultimately leading to periods of brief yield curve inversion, as shorter-term yields moved higher than longer- term yields. This trend was reflected in the 5-year and 30-year U.S. Treasury spread inverting for the first time since 2006, and the 2-year and 10-year Treasury spread

inverting, albeit briefly, for the first time since 2019. However, towards the end of the period, 10-year Treasury yields fell sharply.

Key macroeconomic indicators continued to trend lower throughout the period, with the U.S. reporting negative gross domestic product of -1.6% in the first quarter of 2022 and -0.9% in the second quarter. Worries among investors that a recession was pending continued to grow, and consumer sentiment dropped in the second quarter, reaching levels worse than during the COVID-19 pandemic and nearly as bad as the worst periods during the global financial crisis of 2008.

Despite rising recessionary signs, select bright spots in the U.S. economy throughout the first half of 2022 supported the idea that a potential recession would be shallow. For example, the U.S. labor market remained strong, with the national unemployment rate remaining low, at around 3.6% as of the end of June. This was its lowest level in decades. Employers also continued to add labor at a healthy rate, adding approximately 457,000 jobs per month for the period. Separately, consumer balance sheets remained robust, with cash at record high levels, providing a level of flexibility for individuals to absorb price increases.

Over the course of the period, high innovation small and midcap companies, particularly those aggressively reinvesting in research & development to drive future revenues and earnings, underperformed lower growth, lower valuation names within the Russell MidCap^® Growth Index. Given the environment of increased

volatility and uncertainty, investors largely sought safety over innovation, which had a negative impact on the Fund’s relative returns.

The Fund’s position in DocuSign, Inc., a provider of cloud-based electronic signature solutions, was the largest individual detractor from relative performance over the period. After greatly benefitting from the accelerated adoption of work-from-home solutions throughout the initial onset of COVID-19, DocuSign’s stock price started to turn negatively in July 2021. However, the stock price took a major tumble in December after the company reported fourth quarter guidance that fell short of analyst estimates. Soon after the earnings report, several analysts downgraded the stock.

The Fund’s position in EPAM Systems, Inc., a developer of software products and digital platform engineering services, was also a notable detractor from relative performance over the period. After sustained stock price appreciation since the beginning of the pandemic, EPAM stock was in a period of consolidation throughout the beginning of 2022 as high-growth and richly valued technology stocks were adversely impacted by the rotation away from growth to value. Additionally, EPAM was also negatively impacted by the Russian invasion of Ukraine, as a large percentage of its workforce is based in Ukraine, Russia, and Belarus.

Conversely, the Fund’s position in Lantheus Holdings, Inc., a developer of innovative diagnostic and therapeutic agents, was a primary contributor to

relative performance. Shares of the stock soared following the company’s strong first quarter of 2022 earnings report. Management also raised its 2022 guidance, which was primarily driven by the accelerated adoption of PYLARIFY^®, a diagnostic imaging agent for prostate cancer. As of the end of the period, Lantheus Holdings was among the Fund’s largest active overweights relative to the Fund’s benchmark.

Within the semiconductor and semi equipment industry, the Fund’s position in Enphase Energy, Inc., a developer of solar micro-inverters, energy generation monitoring software, and battery energy storage products, was also a prominent contributor to relative performance. Shares of the stock soared after the company reported quarterly earnings results that were above consensus estimates. Management also significantly raised guidance for the remainder of the year, as the company expected strong demand for its solar, storage, EV, and energy management solutions. As of the end of the period, Enphase was the Fund’s largest active overweight relative to the Fund’s benchmark.

Lord Abbett Short Duration High Yield Fund

For the fiscal year ended July 31, 2022, the Fund returned -4.04%, reflecting performance at the net asset value 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 Index¹⁰, which returned -3.57% over the same period.

Credit risk assets finished lower for the 12-month period as bearish sentiment overwhelmed markets. Looking closer, the period was defined by two distinct periods of economic activity. In the second half of 2021, U.S. markets exhibited more stability, propped up by continued central bank liquidity and corporate earnings surprises. Additionally, markets continued to benefit from vaccine progress against the COVID-19 virus and momentum surrounding economic reopening in the U.S. Specifically, the U.S. economy showed signs of meaningful growth, notching gains of 2.3% and 6.9% in the third and fourth quarters of 2021, respectively.

U.S. markets, however, were met with increasing headwinds towards the latter half of 2021, including the increased spread of new COVID-19 variants. These new variants, namely Delta and Omicron, decreased vaccine efficacy in reducing transmission of COVID-19, leading to new waves of positive infections. Higher infection rates placed increased weight on supply chain and input price pressures, and many companies faced labor shortages as workers were sidelined with the virus. This was particularly evident during the spike in Omicron at the end of December 2021 with a record-high in daily average positive cases. Yet, the negative sentiment around Omicron quickly reversed as it was determined that cases were generally less severe than prior strains, and updated guidelines from the Centers for Disease Control and Prevention shortened quarantine times to help alleviate the COVID-19 induced labor constraints.

Moving into 2022, investor sentiment turned negative due primarily to a combination of higher and more persistent inflation. Inflationary pressures had built up in the fourth quarter of 2021 by an imbalance between supply and demand dynamics across multiple industries, exacerbated by COVID-19 labor issues. This became evident with headline U.S. consumer price index (CPI) rising 6.8% year-over-year in November 2021, the fastest pace since 1982. Prices continued increasing throughout the first half of 2022, led by energy, food, and used cars. This surge in prices culminated in July 2022 as headline inflation came in at 9.1% year- over-year, the fastest annual increase in over 40 years.

The steady rise in prices forced the U.S. Federal Reserve (Fed) into a more aggressive approach to combating inflation. Throughout the first half of the twelve- month period, the Fed had remained mostly consistent in its messaging around expectations that price pressures would be transitory. However, more persistent CPI prints caused the Fed to move the target federal funds rate into more restrictive territory. This resulted in a 25-basis point (bps) hike in the federal funds rate at the March Federal Open Market Committee meeting, the first hike in more than three years. Three additional rate hikes of 50 bps, 75 bps, and 75 bps followed in the succeeding months as inflation readings continued to come in hotter-than-expected, resulting in a federal funds rate of 2.25% by the end of July.

Bond yields shot up from near record lows in reaction to this shift in policy, with

the 10-year breaching 3% for the first time since 2018. However, short-term rates increased at a much faster clip, leading to a bearish curve flattening trend that caused periods of brief yield curve inversion. This was reflected in the 5-year and 30-year U.S. Treasury spread inverting for the first time since 2006, and the 2- year and 10-year Treasury spread inverting, albeit briefly, for the first time since 2019. These inversions caused heightened concerns regarding a potential recession in the United States.

Key macroeconomic indicators continued to point to a potential recession in the United States throughout the period, resulting in the U.S. economy contracting for two consecutive quarters. Consumer sentiment also dropped in the second quarter of 2022, reaching levels worse than during the COVID-19 pandemic and nearly as bad as the worst periods during the great financial crisis of 2007-2008.

Despite rising recessionary signs, select bright spots in the U.S. economy throughout the first half of 2022 supported the idea that a potential recession would be shallow. For example, the U.S. labor market stood strong with the national unemployment rate remaining low, at around 3.6%, which was its lowest level in decades. Performance rebounded at the end of the period as credit markets exhibited strong returns for the month of July. U.S. high yield bonds gained approximately 6% in July alone, as better-than-expected earnings and expectations for a shallower Fed tightening cycle were tailwinds. Interest rates showed signs of rallying, as the 10-year Treasury yield fell

sharply as markets started to price in peak inflation rates and a slowing in the pace of Fed rate hikes.

With respect to performance, the increased concerns surrounding growth in the U.S. economy led to the underperformance from some of the Fund’s cyclical exposures. Namely, security selection within the Services and Leisure sectors detracted from relative performance. Relative to its benchmark, the Fund was overweight certain issuers in these sectors, which faced increased headwinds due to inflationary pressures, mainly from higher labor costs causing downward pressure on profit margins. High inflation also dampened expectations on U.S. consumer spending, leading many consumer-driven businesses to revise future revenue outlooks lower.

From a credit standpoint, security selection within BB-rated credits detracted from the Fund’s relative performance. Despite holding an underweight allocation to the sector, relative to the benchmark, the Fund was overweight select BB credits that faced increased selling pressure as their more liquid profiles led them to be attractive sources of cash for investors moving out of the high yield asset class. These issuers were primarily within the Automotive, Consumer Goods, and Financial Services sectors.

The Fund’s overweight allocation (relative to its benchmark) and security selection within the Energy sector were positive contributors to performance during the period. The Fund benefited from select holdings in the Exploration & Production (E&P) subsector, which received support

from the continued rally in oil prices. Specifically, WTI Crude futures breached $100 per barrel for the first time since 2014, and prices faced favorable technical support from lower supply given the increased sanctions on Russian oil exports.

Security selection within the Basic Industry sector also contributed positively to relative returns. The Fund was underweight companies within the Chemicals subsector that faced idiosyncratic credit issues. The Fund also

¹     The ICE BofA Green Bond Index (USD Hedged) 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 Global Aggregate Bond Index (USD Hedged) 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 MSCI All Country World Index ex USA Growth (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

⁴     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.

⁵     The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance.

benefitted from its opportunistic allocation to bank loans, which have outperformed high yield corporate bonds since the start of 2022, as the asset class has been generally more insulated from interest rate volatility due to its floating rate nature.

The Funds’ portfolios are 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.

⁶     As represented by the Russell 3000^® Value Index as of 7/31/2022.

⁷     As represented by the Russell 3000^® Growth Index as of 7/31/2022.

⁸     As represented by the Russell 1000^® Index as of 7/31/2022.

⁹     As represented by the Russell 2000^® Index as of 7/31/2022.

¹⁰   The ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) 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, 2022. 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, 2022, 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 June 24, 2021.

³    Class A shares commenced operations on June 18, 2021 and performance for the Class began on June 24, 2021. 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,

2022, is calculated using the SEC required uniform method to compute such return.

⁴     Class C shares commenced operations on June 18, 2021 and performance for the Class began on June 24, 2021. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date.

⁵     Commenced operations on June 18, 2021 and performance for the Classes began on June 24, 2021. 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,

2022, 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, 2022, 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 Classes began on April 30, 2020. Performance is at net asset value.