LORD ABBETT ANNUAL REPORT ABBETT ANNUAL REPORT For the fiscal year ended November 30, ......

LORD ABBETTANNUAL REPORT

For the fiscal year ended November 30, 2017

Lord Abbett

Convertible Fund

Core Fixed Income Fund

Core Plus Bond Fund

Corporate Bond Fund

Floating Rate Fund

High Yield Fund

Income Fund

Inflation Focused Fund

Short Duration Core Bond Fund

Short Duration Income Fund

Total Return Fund

Ultra Short Bond Fund

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Table of Contents1 A Letter to Shareholders

13 Investment Comparisons

37 Information About Your Funds Expenses and Holdings Presented by Sector

Schedules of Investments:

62 Convertible Fund

71 Core Fixed Income Fund

90 Core Plus Bond Fund

109 Corporate Bond Fund

120 Floating Rate Fund

152 High Yield Fund

187 Income Fund

215 Inflation Focused Fund

272 Short Duration Core Bond Fund

284 Short Duration Income Fund

347 Total Return Fund

372 Ultra Short Bond Fund

392 Statements of Assets and Liabilities

400 Statements of Operations

406 Statements of Changes in Net Assets

414 Financial Highlights

454 Notes to Financial Statements

507 Report of Independent Registered Public Accounting Firm

508 Supplemental Information to Shareholders

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Lord Abbett Investment TrustLord Abbett Convertible Fund, Lord Abbett Core Fixed Income Fund, Lord Abbett Core Plus Bond Fund,Lord Abbett Corporate Bond Fund, Lord Abbett FloatingRate Fund, Lord Abbett High Yield Fund, Lord AbbettIncome Fund, Lord Abbett Inflation Focused Fund, LordAbbett Short Duration Core Bond Fund, Lord AbbettShort Duration Income Fund, Lord Abbett Total ReturnFund, and Lord Abbett Ultra Short Bond Fund Annual ReportFor the fiscal year ended November 30, 2017

Dear Shareholders: We are pleased to provide youwith this overview of the performance of the Funds forthe fiscal year ended November 30, 2017. On this pageand the following pages, we discuss the major factorsthat influenced fiscal year performance. For detailedand more timely information about the Funds, pleasevisit our website at www.lordabbett.com, where youalso can access the quarterly commentaries thatprovide updates on each Funds performance and otherportfolio related updates.

Thank you for investing in Lord Abbett mutualfunds. We value the trust that you place in us and lookforward to serving your investment needs in the yearsto come.Best regards,

Daria L. FosterTrustee, President and Chief Executive Officer

Lord Abbett ConvertibleFund

For the fiscal year ended November 30,2017, the Fund returned 17.86%, reflectingperformance at the net asset value (NAV)of Class A shares, with all distributions

reinvested, compared to its benchmark,the ICE BofA Merrill Lynch AllConvertibles, All Qualities Index,1 whichreturned 15.63% over the same period.

Domestic equity returns were positiveover the past year, with large cap stocks, as

From left to right: James L.L. Tullis,Independent Chairman of the Lord AbbettFunds and Daria L. Foster Trustee, President,and Chief Executive Officer of the LordAbbett Funds.

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represented by the S&P 500 Index,2 rising22.87% during the period, while small capstocks, as represented by the Russell2000 Index,3 were up 18.34%. During the12-month period the leveragedcredit sectors of the U.S. fixed incomemarket, including high yield bonds andloans, experienced positive returns,outperforming traditional governmentrelated and investment grade securities.High yield corporate spreads continued tocompress during the period and returnswithin the high yield markets were drivenprimarily by the lower quality segment, asCCC rated bonds meaningfullyoutperformed the broader market for the12 month period.

Security selection contributed toperformance, while sector allocationdecisions detracted from relativeperformance for the 12 month period.

Among the largest contributors to theFunds relative performance during theperiod was positioning in the informationtechnology industry. In addition, sectorallocation and security selection decisionsin the financials sector contributed torelative performance. Security selection inthe energy and health care industries alsoaided relative Fund performancethroughout the period.

Among the largest detractors from theFunds relative performance during theperiod was positioning in the materials andutilities sectors. In addition, securityselection detracted from relativeperformance within the industrials sector.

Lord Abbett Core FixedIncome Fund

For the 12-month period endedNovember 30, 2017, the Fund returned 2.96%,reflecting performance at the net asset value(NAV) of Class A shares with all distributionsreinvested, compared to its benchmark, theBloomberg Barclays U.S. Aggregate BondIndex,4 which returned 3.21%.

The U.S. Federal Reserve graduallytightened the Fed Funds rate over the12-month period ended November 30,2017, by raising interest rates by 25bpsthree times, ultimately reaching a targetrange of 1.00-1.25%. Inflation rose at amoderate pace during the year. TheConsumer Price Index (CPI) gained 2.2%over the 12-month period endedNovember 30, 2017. Meanwhile, theemployment picture continued to improvewith the unemployment rate at 4.1%,compared to 4.6% a year earlier and a highof 10.0% in October 2009. The U.S. Treasuryyield curve flattened during the period,with the yield on two- year Treasury notesincreasing by 34bps. Yields on longer- dated Treasury bonds were mixed over theperiod, with the yield on 10-year Treasurybonds slightly higher and the yield on 30-year Treasury bonds falling 19bps.

Detracting from performancerelative to the benchmark during theperiod was the Funds security selectionwithin mortgage- backed securities. Morespecifically, an up- in- coupon bias was adetractor, as higher couponsunderperformed during the period.


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The overall global economic picture andaccommodative Fed policy have created apositive environment for corporate credit.As such, corporate credit spreads tightenedacross the credit spectrum during the 12-month period, particularly within lower- rated corporate debt. This was beneficial forboth high yield and investment gradecorporate bonds. For the 12-month periodended November 2017, the Funds securityselection within investment gradecorporate bonds was the main contributorto relative performance. Specifically, theFunds security selection within BBB ratedbonds contributed to performance, as thesesecurities outperformed higher ratedsecurities during the period.

Lord Abbett Core PlusBond Fund

For the 12-month period endedNovember 30, 2017, the Fund returned4.73%, reflecting performance at the netasset value (NAV) of Class A shares with alldistributions reinvested, compared to itsbenchmark, the Bloomberg Barclays U.S.Universal Index,5 which returned 3.94%.

The U.S. Federal Reserve graduallytightened the Fed Funds rate over the 12-month period ended November 30, 2017,by raising interest rates by 25bps threetimes, ultimately reaching a target range of1.00-1.25%. Inflation rose at a moderatepace during the year. The Consumer PriceIndex (CPI) gained 2.2% over the12-month period ended November 30,2017. Meanwhile, the employment picturecontinued to improve with the

unemployment rate at 4.1%, compared to4.6% a year earlier and a high of 10.0% inOctober 2009. The U.S. Treasury yield curveflattened during the period, with the yieldon two- year Treasury notes increasing by34bps. Yields on longer- dated Treasurybonds were mixed over the period, with theyield on 10-year Treasury bonds slightlyhigher and the yield on 30-year Treasurybonds falling 19bps.

The overall global economic pictureand accommodative Fed policy havecreated a positive environment forcorporate credit. Although there was somevolatility in spreads during the period,corporate credit spreads tightened acrossthe ratings spectrum during the 12-monthperiod, which generated strong returns,particularly within lower- rated corporatedebt. This was beneficial for both high yieldand investment grade corporate bonds. Forthe 12-month period ended November2017, the Funds positioning withininvestment grade corporate bondscontributed to performance.

Specifically, security selection withinBBB rated bonds contributed toperformance. Additionally, the Fundsoverweight position and security selectionin high yield corporate bonds contributedto relative performance. The Fundsoverweight position within commercial mortgage- backed securities alsocontributed to performance. We continueto find relative value within the BBB ratedsegment of the commercial mortgage- backed securities market.


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The Funds underweight position insovereign securities detracted from relativeperformance during the period. Sovereigndebt of developed countries benefited froman improving global economic outlook.

Lord Abbett CorporateBond Fund

For the period April 19th, 2017 (theFunds inception) to November 30th, 2017,the Fund returned 3.01%, reflectingperformance at the net asset value (NAV) ofClass A shares with all distributionsreinvested, compared to its benchmark, theBloomberg Barclays U.S. CorporateInvestment Grade Index,6 which returned2.79%.

The U.S. Federal Reserve graduallytightened the Fed Funds rate over the12-month period ended November 30,2017, by raising interest rates by 25bpsthree times, ultimately reaching a targetrange of 1.00-1.25%. Inflation rose at amoderate pace during the year. TheConsumer Price Index (CPI) gained 2.2%over the 12-month period endedNovember 30, 2017. Meanwhile, theemployment picture continued to improvewith the unemployment rate at 4.1%,compared to 4.6% a year earlier and a highof 10.0% in October 2009. The U.S. Treasuryyield curve flattened during the period,with the yield on two- year Treasury notesincreasing by 34bps. Yields on longer- dated Treasury bonds were mixed over theperiod, with the yield on 10-year Treasurybonds slightly higher and the yield on 30-year Treasury bonds falling 19bps.

The overall global economic picture andaccommodative Fed policy have created apositive environment for corporate credit.Although there was some volatility inspreads during the period, corporate creditspreads tightened across the ratingsspectrum during the 12-month period,which generated strong returns, particularlywithin lower- rated corporate debt,benefiting both high yield and investmentgrade corporate bonds. For the period endedNovember 2017, positioning across theratings spectrum contributed toperformance. Specifically, the Fundsunderweight to A and higher rated bondsand the Funds overweight to BBB ratedbonds, were positive contributors. Thebiggest driver of performance was securityselection within BBB rated corporate bonds.

Detracting from performance relativeto the benchmark during the period werethe Funds modest allocations to U.S. Government- related securities and asset- backed- securities, as these securitieslagged riskier assets during the period.

Lord Abbett Floating RateFund

For the fiscal year ended November 30,2017, the Fund returned 4.65%, reflectingperformance at the net asset value (NAV)of Class A shares, with all distributionsreinvested, compared to its benchmark, theCredit Suisse Leveraged Loan Index,7 whichreturned 5.03% over the same period.

During the 12-month period theleveraged credit sectors of the U.S. fixedincome market, including high yield bonds


5

and loans, experienced positivereturns, outperforming traditionalgovernment related and investment gradesecurities. Leveraged loan spreadscompressed during the period and returnswithin the loan market were drivenprimarily by the lower quality segment, asCCC rated loans meaningfully outperformedthe broader market during the period.

Overall, security selection detractedfrom performance, while sector allocationdecisions aided relative performance forthe 12 month period.

Among the largest detractors from theFunds relative performance during theperiod were holdings in the gaming andleisure and information technology sectors.Security selection detracted from relativeperformance within the energy and mediasectors.

Among the largest contributors to theFunds relative performance during theperiod was positioning in the metals andminerals industry. In addition, overweightpositions in the manufacturing industrycontributed to relative performance.Security selection in the transportation andmanufacturing industries also aided relativeFund performance throughout the period.

Lord Abbett High YieldFund

For the fiscal year ended November 30,2017, the Fund returned 10.13%, reflectingperformance at the net asset value (NAV)of Class A shares, with all distributionsreinvested, compared to its benchmark, theICE BofA Merrill Lynch U.S. High Yield

Constrained Index,10 which returned9.28% over the same period.

During the 12-month period theleveraged credit sectors of the U.S. fixedincome market, including high yield bondsand loans, experienced positivereturns, outperforming traditional governmentrelated and investment gradesecurities. Despite some episodes ofheightened volatility, high yield corporatespreads continued to compress during theperiod and returns within the high yieldmarket were driven primarily by the lowerquality segment, as CCC rated bondsmeaningfully outperformed the broadermarket for the 12 month period.

Both security selection and sectorallocation decisions contributed to relativeperformance for the year ended November30, 2017.

Among the largest contributors to theFunds relative performance during theperiod were underweight positioning andsecurity selection in the communicationsindustry, as secular headwinds in the sectorintensified towards the end of the period.In addition, an overweight position in thetransportation industry contributed torelative performance, as the sector postedstrong returns for the period, driven byrecovering global trade. Security selectionin the consumer cyclicals and technologyindustries also aided relative Fundperformance throughout the period.

Among the largest detractors from theFunds relative performance during theperiod were holdings in the capital goodsand consumer non- cyclicals


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industries. Security selection detractedfrom relative performance within theenergy and utilities sectors.

Lord Abbett Income FundFor the 12-month period ended

November 30, 2017, the Fund returned7.33%, reflecting performance at the netasset value (NAV) of Class A shares with alldistributions reinvested, compared to itsbenchmark, the Bloomberg Barclays U.S.Credit Bond Index,8 which returned 5.98%.

The U.S. Federal Reserve graduallytightened the Fed Funds rate over the 12-month period ended November 30, 2017,by raising interest rates by 25bps threetimes, ultimately reaching a target range of1.00-1.25%. Inflation rose at a moderatepace during the year. The Consumer PriceIndex (CPI) gained 2.2% over the 12-month period ended November 30, 2017.Meanwhile, the employment picturecontinued to improve with theunemployment rate at 4.1%, compared to4.6% a year earlier and a high of 10.0% inOctober 2009. The U.S. Treasury yield curveflattened during the period, with the yieldon two- year Treasury notes increasing by34bps. Yields on longer- dated Treasurybonds were mixed over the period, with theyield on 10-year Treasury bonds slightlyhigher and the yield on 30-year Treasurybonds falling 19bps.

The overall global economic picture andaccommodative Fed policy have created apositive environment for corporate credit.Although there was some volatility inspreads during the period, corporate credit

spreads tightened across the ratingsspectrum during the 12-month period,which generated strong returns,particularly within lower- rated corporatedebt. This was beneficial for both high yieldand investment grade corporate bonds. Forthe 12-month period ended November2017, the Funds positioning withininvestment grade corporate bonds was thelargest contributor to relative performance.Specifically, the Funds overweight positionand security selection in BBB rated bondscontributed to performance. Additionally,the Funds allocation to high yieldcorporate bonds contributed to relativeperformance, as improving creditfundamentals and a continuation of lowdefaults created a positive environment forhigh yield bonds. The Funds exposure tovarious emerging market currencies alsocontributed to relative performance as theU.S. dollar was weakened against mostcurrencies during the period.

The Funds overweight positions in U.S. Government- related securities and asset- backed securities detracted fromperformance during the period, as thesesecurities lagged riskier assets.

Lord Abbett InflationFocused Fund

For the 12-month period endedNovember 30 2017, the Fund returned1.27%, reflecting performance at the netasset value (NAV) of Class A shares with alldistributions reinvested, compared to itsbenchmark, the Bloomberg Barclays U.S. 1-5 Year TIPS Index,9 which returned 0.92%.


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The strategic design of this Fund takesa different approach to inflation protectionthan its benchmark, which is comprisedentirely of U.S. Treasury Inflation ProtectedSecurities (TIPS). This strategy combines a short- term bond portfolio with an overlayof Consumer Price Index (CPI) swapsthrough which the Fund seeks to hedgeagainst inflation over a full market cycle.

The overall global economic pictureand accommodative Fed policy havecreated a positive environment forcorporate credit. Although there was somevolatility in spreads during the period,corporate credit spreads tightened acrossthe ratings spectrum during the 12-monthperiod, which generated strong returns,

particularly within lower- rated corporatedebt. This was beneficial for both high yieldand investment grade corporate bonds. Forthe 12-month period ended November2017, the primary drivers tooutperformance were the Fundsallocations to investment grade corporatebonds, high yield corporate bonds, andcommercial mortgage- backed securities, asall three of these sectors outperformedTIPS during the period.

The Funds CPI swap overlaymoderately detracted from performance,as expectations for inflation treaded lowerover the period, most prominently duringthe second quarter of 2017, leading toweak returns from CPI swaps over the past12-months.

In addition to the Funds allocation toCPI swaps, the Funds modest allocation toU.S. Government- related securities slightlydetracted from performance.

Lord Abbett ShortDuration Core Bond Fund

For the period April 19th, 2017 (theFunds inception) to November 30th, 2017,the Fund returned 0.70%, reflectingperformance at the net asset value (NAV)of Class A shares with all distributionsreinvested, compared to its benchmark, theBloomberg Barclays 1-3 Year U.S.Government/Credit Bond Index,11 whichreturned 0.14%.

The U.S. Federal Reserve graduallytightened the Fed Funds rate over the 12-month period ended November 30, 2017, byraising interest rates by 25bps three times,ultimately reaching a target range of 1.00-


8

1.25%. Inflation rose at a moderate paceduring the year. The Consumer Price Index(CPI) gained 2.2% over the 12-month periodended November 30, 2017. Meanwhile, theemployment picture continued to improvewith the unemployment rate at 4.1%,compared to 4.6% a year earlier and a highof 10.0% in October 2009. The U.S. Treasuryyield curve flattened during the period, withthe yield on two- year Treasury notesincreasing by 34bps. Yields on longer- datedTreasury bonds were mixed over the period,with the yield on 10-year Treasury bondsslightly higher and the yield on 30-yearTreasury bonds falling 19bps.

The overall global economic pictureand accommodative Fed policy havecreated a positive environment forcorporate credits. As such, corporate creditspreads tightened across the creditspectrum during the 12-month period,particularly within lower- rated corporatecredit debt. This was beneficial for bothhigh yield and investment grade corporatebonds. For the period ended November2017, the Funds security selection withininvestment grade corporate bonds was themain contributor to performance.Specifically, the Funds overweight positionand security selection within BBB ratedbonds contributed to performance, asthese securities outperformed higher ratedsecurities during the period.

The Funds underweight position insovereign securities detracted from relativeperformance during the period. Sovereigndebt of developed countries benefited froman improving global economic outlook.

Lord Abbett ShortDuration Income Fund

For the 12-month period endedNovember 30, 2017, the Fund returned2.55%, reflecting performance at the netasset value (NAV) of Class A shares with alldistributions reinvested, compared to itsbenchmark, the ICE BofA Merrill Lynch 1-3Year U.S. Corporate Credit Index,12 whichreturned 1.96%.


Consistent with the Funds strategicdesign, the Fund maintained exposure to avariety of bond market sectors in additionto the investment grade corporate bondsrepresented in the benchmark. This designprovides portfolio diversification andallows for the flexibility to take advantage


9

of relative value opportunities acrosssectors. These sector weightings wereimportant factors affecting performance.

The primary factor contributing to theFunds performance over the prior 12-months was security selection withininvestment grade corporate bonds. TheFunds exposure to out- of- benchmarksecurities, such as commercial mortgage- backed securities, also contributed toperformance, as these sectorsoutperformed investment grade corporatebonds during the period. In addition, theFunds exposure to high yield corporatebonds contributed to performance. Highyield corporate bonds outperformed higher- rated securities as spreadstightened and improving fundamentalsand low defaults created a positiveenvironment for high yield bonds duringthe period.

The Funds modest allocation to asset- backed- securities and U.S. Government- related securities slightly detracted fromperformance. While these securities offerdiversification and liquidity with limitedvolatility, they did not perform as well ascorporate bonds during the period.

Lord Abbett Total ReturnFund

For the 12-month period endedNovember 30, 2017, the Fund returned3.65%, reflecting performance at the netasset value (NAV) of Class A shares with alldistributions reinvested, compared to itsbenchmark, the Bloomberg Barclays U.S.Universal Index,5 which returned 3.94%.


The Funds overweight positions in U.S.Government related securities and asset- backed securities detracted fromperformance during the period, as thesesecurities lagged riskier assets. Securityselection within mortgage- backedsecurities also detracted fromperformance. More specifically, an up- in- coupon bias was a detractor, as highercoupons underperformed.

The overall global economic pictureand accommodative Fed policy havecreated a positive environment forcorporate credit. Although there was somevolatility in spreads during the period,corporate credit spreads tightened across


10

the ratings spectrum during the 12-monthperiod, which generated strong returns,particularly within lower- rated corporatedebt. This was beneficial for both high yieldand investment grade corporate bonds. Forthe 12-month period ended November2017, the Funds positioning withininvestment grade corporate bonds was thelargest contributor to relativeperformance. Specifically, the Fundsoverweight position and security selectionin BBB rated bonds contributed toperformance. Additionally, the Fundsoverweight position and security selectionin high yield corporate bonds contributedto relative performance, as improvingcredit fundamentals and a continuation oflow defaults have created a positiveenvironment for high yield bonds.

Lord Abbett Ultra ShortBond FundFor the 12-month period ended November30, 2017, the Fund returned 1.30%,reflecting performance at the net assetvalue (NAV) of Class A shares with alldistributions reinvested, compared to itsbenchmark, the ICE BofA Merrill Lynch U.S.Treasury Bill Index,13 which returned 0.76%.

The U.S. Federal Reserve graduallytightened the Fed Funds rate over the 12-month period ended November 30, 2017,by raising interest rates by 25bps threetimes, ultimately reaching a target range of1.00-1.25%. Inflation rose at a moderatepace during the year. The Consumer PriceIndex (CPI) gained 2.2% over the 12-month period ended November 30, 2017.

Meanwhile, the employment picturecontinued to improve with theunemployment rate at 4.1%, compared to4.6% a year earlier and a high of 10.0% inOctober 2009. The U.S. Treasury yield curveflattened during the period, with the yieldon two- year Treasury notes increasing by34bps. Yields on longer- dated Treasurybonds were mixed over the period, with theyield on 10-year Treasury bonds slightlyhigher and the yield on 30-year Treasurybonds falling 19bps.

Consistent with the Funds strategicdesign, the Fund maintained exposure to avariety of short maturity, investment gradebond market sectors in addition to the U.S.Treasury Bills represented in thebenchmark. This design allows for theflexibility to take advantage of theopportunity for higher income andpotential total return versus money marketfunds or other short term governmentrelated securities. The primary factorscontributing to the Funds performanceover the prior 12-months were allocationsto investment grade bonds with floatingand fixed rate coupons, asset- backed- securities, and commercial paper. Thesesecurities offered higher yields than U.S.Treasury Bills, and, given that they wereprimarily floating rate securities or veryshort maturities, they were able togenerate positive total returns, whilereinvesting at higher yields as short- termrates rose during the period.

Due to the short- term nature of the ultra- short bond market, there were nomajor detractors during the 12-month


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period, although the Funds modestallocations to cash and U.S. Government- related securities slightly detracted fromperformance.

The Funds portfolio is activelymanaged and, therefore, its holdings andthe weightings of a particular issuer or

particular sector as a percentage ofportfolio assets are subject to change.Sectors may include many industries.

1 The ICE BofA Merrill Lynch All Convertibles, AllQualities Index contains issues that have a greaterthan $50 million aggregate market value. The issuesare U.S. dollar- denominated, sold into the U.S. marketand publicly traded in the United States.

2 The S&P 500 Index is widely regarded as thestandard for measuring large cap U.S. stock marketperformance and includes a representative sample ofleading companies in leading industries.

3 The Russell 2000 Index is a subset of the Russell3000 Index representing approximately 10% of thetotal market capitalization of that index. It includesapproximately 2000 of the smallest securities basedon a combination of their market cap and currentindex membership.

4 The Bloomberg Barclays U.S. Aggregate Bond Indexrepresents securities that are SEC- registered, taxable,and dollar denominated. The index covers the U.S.investment grade fixed rate bond market, with indexcomponents for government and corporate securities,mortgage pass- through securities, and asset- backedsecurities. Total return comprises priceappreciation/depreciation and income as apercentage of the original investment.

5 The Bloomberg Barclays U.S. Universal Indexrepresents the union of the U.S. Aggregate Index, theU.S High- Yield Corporate Index, the 144A Index, theEurodollar Index, the Emerging Markets Index, and the non- ERISA portion of the CMBS Index. Municipaldebt, private placements, and non- dollar- denominated issues are excluded from the UniversalIndex. The only constituent of the index that includes floatingrate debt is the Emerging Markets Index.

6 The Bloomberg Barclays U.S. Corporate InvestmentGrade Index is the Corporate component of the U.S.Credit index. The U.S. Credit index is defined aspublicly issued U.S. corporate and specified foreigndebentures and secured notes that meet the specified

maturity, liquidity, and quality requirements. Toqualify, bonds must be SEC- registered. The indexincludes both corporate and non- corporate sectors.Bonds must be an investment grade credit securityand have at least $250 million par amountoutstanding.

7 The Credit Suisse Leveraged Loan Index is designedto mirror the investable universe of the U.S. dollar- denominated leveraged loan market. The CSLeveraged Loan Index, which includes reinvesteddividends, has been taken from published sources.

8 The Bloomberg Barclays U.S. Credit Bond Index isthe U.S. Credit component of the U.S.Government/Credit index. The index includes publiclyissued U.S. corporate and specified foreign debenturesand secured notes that meet the specified maturity,liquidity, and quality requirements. To qualify, bondsmust be SEC- registered. The index includes bothcorporate and non- corporate sectors. The corporatesectors are Industrial, Utility, and Finance, whichinclude both U.S. and non- U.S. corporations. The non- corporate sectors are Sovereign, Supranational,Foreign Agency, and Foreign Local Government. Allreturns are market value- weighted inclusive ofaccrued interest.

9 The Bloomberg Barclays U.S. 1-5 Year TIPS Index(also known as Barclays 1-5 Year U.S. Inflation- LinkedTreasury Index) is an unmanaged index comprised ofU.S. Treasury Inflation Protected Securities with atleast $1 billion in outstanding face value and aremaining term to final maturity of at least one yearand less than five years.

10 The ICE BofA Merrill Lynch U.S. High YieldConstrained Index is a capitalization weighted indexof all U.S. dollar denominated below investment gradecorporate debt publicly issued in the U.S. domesticmarket.


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11 The Bloomberg Barclays 1-3 Year U.S.Government/Credit Bond Index is an unmanagedindex that is designed to represent a combination ofthe Government Bond Index and the Corporate BondIndex and includes U.S. government Treasury andagency securities, corporate bonds, and Yankee bonds.

12 The ICE BofA Merrill Lynch 1-3 Year U.S. CorporateCredit Index is an unmanaged index comprised of U.S. dollar- denominated investment grade corporate debtsecurities publicly issued in the U.S. domestic marketwith between one and three years remaining to finalmaturity.

13 The ICE BofA Merrill Lynch US Treasury Bill Indextracks the performance of US dollar denominatedsovereign debt publicly issued by the US governmentin its domestic market. Qualifying securities musthave at least one year remaining term to finalmaturity, a fixed coupon schedule and a minimumamount outstanding of $1 billion.

Unless otherwise specified, indexes reflect totalreturn, with all dividends reinvested. Indexes areunmanaged, do not reflect the deduction of fees orexpenses, and are not available for direct investment.

Important Performance and Other InformationPerformance data quoted in the following pagesreflect past performance and are no guarantee offuture results. Current performance may be higheror lower than the performance quoted. Theinvestment return and principal value of aninvestment in the Funds will fluctuate so thatshares, on any given day or when redeemed, maybe worth more or less than their original cost. Youcan obtain performance data current to the mostrecent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

Except where noted, comparative Fund performancedoes not account for the deduction of sales chargesand would be different if sales charges were included.Each Fund offers classes of shares with distinct pricingoptions. For a full description of the differences inpricing alternatives, please see each Fundsprospectus.

During certain periods shown, expense waivers andreimbursements were in place. Without such expensewaivers and reimbursements, the Funds returnswould have been lower.

The annual commentary above discusses the views ofthe Funds management and various portfolioholdings of the Funds as of November 30, 2017. Theseviews and portfolio holdings may have changed afterthis date. Information provided in the commentary isnot a recommendation to buy or sell securities.Because the Funds portfolio is actively managed andmay change significantly, the Funds may no longerown the securities described above or may haveotherwise changed their positions in the securities.For more recent information about the Fundsportfolio holdings, please visit www.lordabbett.com.

A Note about Risk: See Notes to FinancialStatements for a discussion of investment risks. For amore detailed discussion of the risks associated witheach Fund, please see each Funds prospectus.

Mutual funds are not insured by the FDIC, are notdeposits or other obligations of, or guaranteed by,banks, and are subject to investment risksincluding possible loss of principal amountinvested.


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Convertible Fund

Investment ComparisonBelow is a comparison of a $10,000 investment in Class A shares with the sameinvestment in the ICE BofA Merrill Lynch All Convertibles, All Qualities Index, assumingreinvestment of all dividends and distributions. The performance of the other classes willbe greater than or less than the performance shown in the graph below due to differentsales loads and expenses applicable to such classes. The graph and performance tablebelow do not reflect the deduction of taxes that a shareholder would pay on Funddistributions or the redemption of Fund shares. During certain periods, expenses of theFund have been waived or reimbursed by Lord Abbett; without such waiver orreimbursement of expenses, the Funds returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum ApplicableSales Charge for the Periods Ended November 30, 2017 1 Year 5 Years 10 Years Life of ClassClass A3 15.19% 9.85% 5.43% Class B4 11.99% 9.21% 5.04% Class C5 16.25% 9.68% 5.01% Class F6 18.06% 10.49% 5.84% Class F37 10.06%*Class I6 18.16% 10.60% 5.94% Class P6 17.66% 10.17% 5.50% Class R26 17.49% 9.92% 5.41% Class R36 17.61% 10.05% 5.42% Class R48 17.90% 7.19%Class R58 18.18% 7.45%Class R68 18.16% 7.49%

$17,359$16,966

$20,099

Nov 30, 07 16 1715141308 09 10 11 126,000

10,000

14,000

18,000

$22,000 The Fund (Class A shares) at net asset valueThe Fund (Class A shares) at maximum offering price1

ICE BofA Merrill Lynch All Convertibles, All Qualities Index2


Standardized Yield for the Period Ended November 30, 2017Class A Class B Class C Class F Class F3 Class I Class P Class R2 Class R3 Class R4 Class R5 Class R60.65% 0.00% 0.03% 0.76% 0.88% 0.86% 0.43% 0.27% 0.37% 0.61% 0.86% 0.89%

1 Reflects the deduction of the maximum initial salescharge of 2.25%.2 Performance for the unmanaged index does not reflectany fees or expenses. The performance of the index is notnecessarily representative of the Funds performance.3 Total return, which is the percentage change in net assetvalue, after deduction of the maximum initial sales charge of2.25% applicable to Class A shares, with all dividends anddistributions reinvested for the periods shown endedNovember 30, 2017, is calculated using the SEC-requireduniform method to compute such return.4 Performance reflects the deduction of a CDSC of 5% for 1year, 2% for 5 years and 0% for the Life of Class. Class Bshares automatically convert to Class A shares after

approximately 8 years. (There is no initial sales charge forautomatic conversions.) All returns for periods greater than 8years reflect this conversion.5 The 1% CDSC for Class C shares normally applies beforethe first anniversary of the purchase date. Performance forother periods is at net asset value.6 Performance is at net asset value.7 Commenced operations and performance for the Classbegan on April 4, 2017. Performance is at net asset value.8 Commenced operations and performance for the classbegan on June 30, 2015. Performance is at net asset value.* Since Class F3 shares have existed for less than one year,average annual returns are not provided.

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15

Core Fixed Income Fund

Investment ComparisonBelow is a comparison of a $10,000 investment in Class A shares with the sameinvestment in the Bloomberg Barclays U.S. Aggregate Bond Index, assuming reinvestmentof all dividends and distributions. The performance of the other classes will be greaterthan or less than the performance shown in the graph below due to different sales loadsand expenses applicable to such classes. The graph and performance table below do notreflect the deduction of taxes that a shareholder would pay on Fund distributions or theredemption of Fund shares. During certain periods, expenses of the Fund have beenwaived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses,the Funds returns would have been lower. Past performance is no guarantee of futureresults.

Average Annual Total Returns at Maximum ApplicableSales Charge for the Periods Ended November 30, 2017 1 Year 5 Years 10 Years Life of ClassClass A3 0.63% 1.28% 3.97% Class B4 -2.95% 0.55% 3.60% Class C5 1.33% 1.10% 3.55% Class F6 3.07% 1.84% 4.35% Class F37 1.99%*Class I6 3.07% 1.93% 4.45% Class P6 3.76% 1.72% 4.10% Class R26 2.56% 1.34% 3.84% Class R36 2.67% 1.45% 3.94% Class R48 2.92% 2.17%Class R58 3.17% 2.43%Class R68 3.19% 2.49%

$14,784$14,766

$15,112

16 1715141308 09 10 11 127,500

10,000

12,500

15,000


Bloomberg Barclays U.S. Aggregate Bond Index2

Nov 30, 07

T

P C

C

S


Standardized Yield for the Period Ended November 30, 2017Class A Class B Class C Class F Class F3 Class I Class P Class R2 Class R3 Class R4 Class R5 Class R61.99% 1.24% 1.42% 2.13% 2.44% 2.24% 3.67% 1.64% 1.74% 1.99% 2.24% 2.45%

1 Reflects the deduction of the maximum initial salescharge of 2.25%.2 Performance for the unmanaged index does not reflectany fees or expenses. The performance of the index is notnecessarily representative of the Funds performance.3 Total return, which is the percentage change in net assetvalue, after deduction of the maximum initial sales charge of2.25% applicable to Class A shares, with all dividends anddistributions reinvested for the periods shown endedNovember 30, 2017, is calculated using the SEC-requireduniform method to compute such return.4 Performance reflects the deduction of a CDSC of 5% for 1year, 2% for 5 years and 0% for 10 years. Class B shares

automatically convert to Class A shares after approximately 8years. (There is no initial sales charge for automaticconversions.) All returns for periods greater than 8 yearsreflect this conversion.5 The 1% CDSC for Class C shares normally applies beforethe first anniversary of the purchase date. Performance forother periods is at net asset value.6 Performance is at net asset value.7 Commenced operations and performance for the Classbegan on April 4, 2017. Performance is at net asset value.8 Commenced operations and performance for the classbegan on June 30, 2015. Performance is at net asset value.* Since Class F3 shares have existed for less than one year,average annual returns are not provided.

16


17

Core Plus Bond Fund

Investment ComparisonBelow is a comparison of a $10,000 investment in Class A shares with the same investmentin the Bloomberg Barclays U.S. Universal Index, assuming reinvestment of all dividends anddistributions. The performance of the other classes will be greater than or less than theperformance shown in the graph below due to different sales loads and expenses applicableto such classes. The graph and performance table below do not reflect the deduction oftaxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.During certain periods, expenses of the Fund have been waived or reimbursed by LordAbbett; without such waiver or reimbursement of expenses, the Funds returns would havebeen lower. Past performance is no guarantee of future results.

Total Returns at Maximum ApplicableSales Charge for the Period Ended November 30, 2017 1 Year Life of Class

Class A3 2.34% 3.47%Class C4 2.98% 3.91%Class F5 4.83% 4.76%Class F36 2.71%*Class I5 4.94% 4.87%Class R25 4.31% 4.25%Class R35 4.42% 4.35%Class R45 4.68% 4.61%Class R55 4.94% 4.87%Class R65 5.05% 5.00%

$10,732$10,700

$10,944

17169,000

10,000


Bloomberg Barclays U.S. Universal Index2

Dec 8, 15

T

P C

C

S


18

Standardized Yield for the Period Ended November 30, 2017Class A Class C Class F Class F3 Class I Class R2 Class R3 Class R4 Class R5 Class R62.77% 2.14% 2.92% 3.13% 3.03% 2.44% 2.53% 2.77% 3.03% 3.12%

1 Reflects the deduction of the maximum initial salescharge of 2.25%.2 Performance for the unmanaged index does not reflectany fees or expenses. The performance of the index is notnecessarily representative of the Funds performance.3 Commenced operations on December 2, 2015 andperformance for the Class began on December 8, 2015. Totalreturn, which is the percentage change in net asset value,after deduction of the maximum initial sales charge of 2.25%applicable to Class A shares, with all dividends anddistributions reinvested for the period shown endedNovember 30, 2017, is calculated using the SEC-requireduniform method to compute such return.

4 Commenced operations on December 2, 2015 andperformance for the Class began on December 8, 2015. The1% CDSC for Class C shares normally applies before the firstanniversary of the purchase date. 5 Commenced operations on December 2, 2015 andperformance for the Class began on December 8, 2015.Performance is at net asset value. 6 Commenced operations and performance for the Classbegan on April 4, 2017. Performance is at net asset value.* Since Class F3 shares have existed for less than one year,average annual returns are not provided.


Corporate Bond Fund

Investment ComparisonBelow is a comparison of a $10,000 investment in Class A shares with the same investmentin the Bloomberg Barclays U.S. Corporate Investment Grade Index, assuming reinvestmentof all dividends and distributions. The performance of the other classes will be greater thanor less than the performance shown in the graph below due to different sales loads andexpenses applicable to such classes. The graph and performance table below do not reflectthe deduction of taxes that a shareholder would pay on Fund distributions or theredemption of Fund shares. During certain periods, expenses of the Fund have been waivedor reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fundsreturns would have been lower. Past performance is no guarantee of future results.

Total Returns at Maximum ApplicableSales Charge for the Period Ended November 30, 2017 Life of Class

Class A3 0.69%*Class C4 1.52%*Class F5 3.27%*Class F35 3.20%*Class I5 3.13%*Class R25 2.76%*Class R35 2.82%*Class R45 2.98%*Class R55 3.14%*Class R65 3.20%*

$10,279

$10,069

$10,301

179,000

10,000


Bloomberg Barclays U.S. Corporate Investment Grade Index2

Apr 19, 17

19

C

C

C

S



20

1 Reflects the deduction of the maximum initial salescharge of 2.25%.2 Performance for the unmanaged index does not reflectany fees or expenses. The performance of the index is notnecessarily representative of the Funds performance.3 Commenced operations and performance for the Classbegan on April 19, 2017. Total return, which is the percentagechange in net asset value, after deduction of the maximuminitial sales charge of 2.25% applicable to Class A shares, withall dividends and distributions reinvested for the period

shown ended November 30, 2017, is calculated using theSEC-required uniform method to compute such return.4 Commenced operations and performance for the Classbegan on April 19, 2017. The 1% CDSC for Class C sharesnormally applies before the first anniversary of the purchasedate.5 Commenced operations and performance for the Classbegan on April 19, 2017. Performance is at net asset value.* Since shares have existed for less than one year, averageannual total returns are not provided.


C

C

S

21

Floating Rate Fund

Investment ComparisonBelow is a comparison of a $10,000 investment in Class A shares with the sameinvestment in the Credit Suisse Leveraged Loan Index, assuming reinvestment of alldividends and distributions. The performance of the other classes will be greater than orless than the performance shown in the graph below due to different sales loads andexpenses applicable to such classes. The graph and performance table below do not reflectthe deduction of taxes that a shareholder would pay on Fund distributions or theredemption of Fund shares. During certain periods, expenses of the Fund have been waivedor reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fundsreturns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum ApplicableSales Charge for the Periods Ended November 30, 2017 1 Year 5 Years Life of Class

Class A3 2.31% 3.75% 4.17%Class C4 2.98% 3.54% 3.70%Class F5 4.75% 4.33% 4.53%Class F36 2.67%*Class I5 4.85% 4.42% 4.66%Class R25 4.24% 3.81% 4.18%Class R35 4.35% 3.91% 4.20%Class R47 4.60% 4.39%Class R57 4.87% 4.67%Class R67 4.93% 4.72%Class T8 -1.28%*

$14,993

$15,577$15,338

Dec 31, 07 17161514131208 09 10 116,000

8,000

10,000

12,000

14,000

$16,000

Credit Suisse Leveraged Loan Index2

The Fund (Class A shares) at net asset valueThe Fund (Class A shares) at maximum offering price1


Standardized Yield for the Period Ended November 30, 2017Class A Class C Class F Class F3 Class I Class R2 Class R3 Class R4 Class R5 Class R6 Class T4.13% 3.57% 4.32% 4.50% 4.41% 3.82% 3.92% 4.17% 4.43% 4.50% 4.17%

1 Reflects the deduction of the maximum initial salescharge of 2.25%.2 Performance for the unmanaged index does not reflectany fees or expenses. The performance of the index is notnecessarily representative of the Funds performance.Performance for the index begins on December 31, 2007.3 Commenced operations on December 14, 2007 andperformance for the Class began on December 31, 2007. Totalreturn, which is the percentage change in net asset value,after deduction of the maximum initial sales charge of 2.25%applicable to Class A shares, with all dividends anddistributions reinvested for the periods shown endedNovember 30, 2017, is calculated using the SECrequireduniform method to compute such return.4 Commenced operations on December 14, 2007 andperformance for the Class began on December 31, 2007. The1% CDSC for Class C shares normally applies before the firstanniversary of the purchase date. Performance for otherperiods is at net asset value.

5 Commenced operations on December 14, 2007 andperformance for the Class began on December 31, 2007.Performance is at net asset value.6 Commenced operations and performance for the Classbegan on April 4, 2017. Performance is at net asset value.7 Commenced operations and performance for the classbegan on June 30, 2015. Performance is at net asset value.8 Total return, which is the percent change in value, afterdeduction of the maximum initial sales charge of 2.50%applicable to Class T shares, with all dividends anddistributions reinvested for the periods shown endedNovember 30, 2017, is calculated using the SEC requireduniform method to compute such return. Class T sharescommenced operations and performance for the Class beganon July 28, 2017. Performance is at net asset value.* Since Classes F3 and T shares have existed for less thanone year, average annual total returns are not provided.

22


23

High Yield Fund

Investment ComparisonBelow is a comparison of a $10,000 investment in Class A shares with the same investmentin the ICE BofA Merrill Lynch U.S. High Yield Constrained Index assuming reinvestment ofall dividends and distributions. The performance of the other classes will be greater than orless than the performance shown in the graph below due to different sales loads andexpenses applicable to such classes. The graph and performance table below do not reflectthe deduction of taxes that a shareholder would pay on Fund distributions or theredemption of Fund shares. During certain periods, expenses of the Fund have been waivedor reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fundsreturns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum ApplicableSales Charge for the Periods Ended November 30, 2017 1 Year 5 Years 10 Years Life of ClassClass A3 7.66% 6.67% 7.99% Class B4 4.14% 5.99% 7.59% Class C5 8.28% 6.46% 7.50% Class F6 10.09% 7.25% 8.35% Class F37 5.28%*Class I6 10.19% 7.36% 8.47% Class P6 9.81% 6.88% 8.00% Class R26 9.68% 6.73% 7.89% Class R36 9.64% 6.81% 7.98% Class R48 10.09% 6.98%Class R58 10.34% 7.24%Class R68 10.42% 7.38%Class T9 -0.81%*

$21,578$22,080

$21,513

Nov 30, 07 16 1715141308 09 10 11 125,000

10,000

15,000

20,000


ICE BofA Merrill Lynch U.S. High Yield Constrained Index2

C

C

C

T

S

89980_01_Lord Abbett_FM_AR.qxp_FM 1/26/18 4:07 PM Page 23

Standardized Yield for the Period Ended November 30, 2017Class A Class B Class C Class F Class F3 Class I Class P Class R2 Class R3 Class R4 Class R5 Class R6 Class T4.34% 3.65% 3.79% 4.54% 4.74% 4.65% 4.20% 4.05% 4.15% 4.40% 4.66% 4.70% 4.42%1 Reflects the deduction of the maximum initial salescharge of 2.25%.2 Performance for the unmanaged index does not reflectany fees or expenses. The performance of the index is notnecessarily representative of the Funds performance.3 Total return, which is the percentage change in net assetvalue, after deduction of the maximum initial sales charge of2.25% applicable to Class A shares, with all dividends anddistributions reinvested for the periods shown endedNovember 30, 2017 is calculated using the SEC-requireduniform method to compute such return.4 Performance reflects the deduction of a CDSC of 5% for 1year, 2% for 5 years and 0% for 10 years. Class B sharesautomatically convert to Class A shares after approximately 8years. (There is no initial sales charge for automaticconversions.) All returns for periods greater than 8 yearsreflect this conversion.

5 The 1% CDSC for Class C shares normally applies beforethe first anniversary of the purchase date. Performance forother periods is at net asset value.6 Performance is at net asset value.7 Commenced operations and performance for the Classbegan on April 4, 2017. Performance is at net asset value.8 Commenced operations and performance for the classbegan on June 30, 2015. Performance is at net asset value.9 Total return, which is the percent change in value, afterdeduction of the maximum initial sales charge of 2.50%applicable to Class T shares, with all dividends anddistributions reinvested for the periods shown endedNovember 30, 2017, is calculated using the SEC requireduniform method to compute such return. Class T sharescommenced operations and performance for the Class beganon July 28, 2017. Performance is at net asset value.* Since Classes F3 and T shares have existed for less thanone year, average annual total returns are not provided.

24


25

Income Fund

Investment ComparisonBelow is a comparison of a $10,000 investment in Class A shares with the sameinvestment in the Bloomberg Barclays U.S. Credit Bond Index, the Bloomberg BarclaysBaa Corporate Bond Index and the Bloomberg Barclays U.S. Aggregate Bond Index,assuming reinvestment of all dividends and distributions. The performance of the otherclasses will be greater than or less than the performance shown in the graph below dueto different sales loads and expenses applicable to such classes. The graph andperformance table below do not reflect the deduction of taxes that a shareholder wouldpay on Fund distributions or the redemption of Fund shares. During certain periods,expenses of the Fund have been waived or reimbursed by Lord Abbett; without suchwaiver or reimbursement of expenses, the Funds returns would have been lower. Pastperformance is no guarantee of future results.

Average Annual Total Returns at Maximum ApplicableSales Charge for the Periods Ended November 30, 2017 1 Year 5 Years 10 Years Life of ClassClass A3 5.05% 3.47% 6.22% Class B4 1.46% 2.85% 5.82% Class C5 5.28% 3.28% 5.77% Class F6 7.43% 4.03% 6.60% Class F37 3.99%*Class I6 7.54% 4.14% 6.71% Class R28 6.49% 3.46% 6.43%Class R38 7.00% 3.64% 6.45%Class R49 6.89% 4.69%Class R59 7.55% 4.96%Class R69 7.66% 5.07%

$16,843

$14,784

$18,289

$18,710$18,638

Nov 30, 07 16 1715141308 09 10 11 128,000

10,000

12,000

14,000

16,000

18,000

20,000



Bloomberg Barclays U.S. Credit Bond Index2

Bloomberg Barclays Baa Corporate Bond Index2

T

P C

C

T

S


Standardized Yield for the Period Ended November 30, 2017Class A Class B Class C Class F Class F3 Class I Class R2 Class R3 Class R4 Class R5 Class R62.72% 1.98% 2.18% 2.87% 3.07% 3.00% 2.38% 2.49% 2.74% 2.99% 3.05%

1 Reflects the deduction of the maximum initial salescharge of 2.25%.2 Performance for each unmanaged index does not reflectany fees or expenses. The performance of each index is notnecessarily representative of the Funds performance.3 Total return, which is the percentage change in net assetvalue, after deduction of the maximum initial sales charge of2.25% applicable to Class A shares, with all dividends anddistributions reinvested for the periods shown endedNovember 30, 2017 is calculated using the SEC-requireduniform method to compute such return.4 Performance reflects the deduction of a CDSC of 5% for 1year, 2% for 5 years and 0% for 10 years. Class B sharesautomatically convert to Class A shares after approximately 8

years. (There is no initial sales charge for automaticconversions.) All returns for periods greater than 8 yearsreflect this conversion.5 The 1% CDSC for Class C shares normally applies beforethe first anniversary of the purchase date. Performance forother periods is at net asset value.6 Performance is at net asset value.7 Commenced operations and performance for the Classbegan on April 4, 2017. Performance is at net asset value.8 Commenced operations and performance for the Classbegan on July 2, 2008. Performance is at net asset value.9 Commenced operations and performance for the classbegan on June 30, 2015. Performance is at net asset value.* Since Class F3 shares have existed for less than one year,average annual total returns are not provided.

26


27

Inflation Focused Fund

Investment ComparisonBelow is a comparison of a $10,000 investment in Class A shares to the same investment inthe Bloomberg Barclays U.S. 15 Year TIPS Index, the Consumer Price Index for All UrbanConsumers (CPI-U) and the ICE BofA Merrill Lynch 13 Year U.S. Corporate Indexassuming reinvestment of all dividends and distributions. The performance of the otherclasses will be greater than or less than the performance shown in the graph below dueto different sales loads and expenses applicable to such classes. The graph andperformance table below do not reflect the deduction of taxes that a shareholder wouldpay on Fund distributions or the redemption of Fund shares. During certain periods,expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiveror reimbursement of expenses, the Funds returns would have been lower. Pastperformance is no guarantee of future results.

Average Annual Total Returns at Maximum ApplicableSales Charge for the Periods Ended November 30, 2017 1 Year 5 Years Life Of Class

Class A3 -1.00% -1.13% -0.03%Class C4 -0.35% -1.34% -0.35%Class F5 1.36% -0.59% 0.43%Class F36 0.33%*Class I5 1.47% -0.48% 0.54%Class R25 0.87% -1.09% 0.02%Class R35 0.97% -0.98% 0.09%Class R47 1.22% 0.71%Class R57 1.48% 0.96%Class R67 1.67% 1.14%Class T8 -1.66%*

$10,967

$9,982

$10,215

$11,376

$10,389

Apr 29, 11 171615141312119,000

10,000

11,000

$12,000 The Fund (Class A shares) net asset valueThe Fund (Class A shares) at maximum offering price1

Bloomberg Barclays U.S. 15 Year TIPS Index2

Consumer Price Index for All Urban Consumers (CPI-U)2 ICE BofA Merrill Lynch 13 Year U.S. Corporate Index2

T

P C

C

C

S


Standardized Yield for the Period Ended November 30, 2017Class A Class C Class F Class F3 Class I Class R2 Class R3 Class R4 Class R5 Class R6 Class T1.97% 1.35% 2.11% 2.37% 2.21% 1.61% 1.72% 1.97% 2.25% 2.38% 1.96%

1 Reflects the deduction of the maximum initial salescharge of 2.25%.2 Performance for the unmanaged index does not reflectany fees or expenses. The performance of the index is notnecessarily representative of the Funds performance.3 Commenced operations on April 20, 2011. Performancefor the Class began April 29, 2011. Total return, which is thepercent change in value, after deduction of the maximuminitial sales charge of 2.25% applicable to Class A shares, withall dividends and distributions reinvested for period shownended November 30, 2017, is calculated using the SECrequired uniform method to compute such return.4 Commenced operations on April 20, 2011. The 1% CDSCfor Class C shares normally applies before the first anniversaryof the purchase date. Performance for the Class began April29, 2011. Performance for other periods is at net asset value.

5 Commenced operations on April 20, 2011. Performancefor the Class began April 29, 2011. Performance is at net assetvalue.6 Commenced operations and performance for the Classbegan on April 4, 2017. Performance is at net asset value.7 Commenced operations and performance for the classbegan on June 30, 2015. Performance is at net asset value.8 Total return, which is the percent change in value, afterdeduction of the maximum initial sales charge of 2.50%applicable to Class T shares, with all dividends anddistributions reinvested for the periods shown endedNovember 30, 2017, is calculated using the SEC requireduniform method to compute such return. Class T sharescommenced operations and performance for the Class beganon July 28, 2017. Performance is at net asset value.* Since Classes F3 and T shares have existed for less thanone year, average annual total returns are not provided.

28


Short Duration Core Bond Fund

Investment ComparisonBelow is a comparison of a $10,000 investment in Class A shares with the sameinvestment in the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index,assuming reinvestment of all dividends and distributions. The performance of the otherclasses will be greater than or less than the performance shown in the graph below dueto different sales loads and expenses applicable to such classes. The graph andperformance table below do not reflect the deduction of taxes that a shareholder wouldpay on Fund distributions or the redemption of Fund shares. During certain periods,expenses of the Fund have been waived or reimbursed by Lord Abbett; without suchwaiver or reimbursement of expenses, the Funds returns would have been lower. Pastperformance is no guarantee of future results.

Total Returns at Maximum ApplicableSales Charge for the Period Ended November 30, 2017 Life of Class

Class A3 -1.57%*Class C4 -0.77%*Class F5 0.77%*Class F35 0.89%*Class I5 0.83%*Class R25 0.47%*Class R35 0.53%*Class R45 0.68%*Class R55 0.83%*Class R65 0.89%*

$10,014

$9,843

$10,070

178,500

9,000

9,500

10,000


Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index2

Apr 19, 17

29

C

C

C

T

S



30

1 Reflects the deduction of the maximum initial salescharge of 2.25%.2 Performance for the unmanaged index does not reflectany fees or expenses. The performance of the index is notnecessarily representative of the Funds performance.3 Commenced operations and performance for the Classbegan on April 19, 2017. Total return, which is the percentagechange in net asset value, after deduction of the maximuminitial sales charge of 2.25% applicable to Class A shares, withall dividends and distributions reinvested for the period

shown ended November 30, 2017, is calculated using theSEC-required uniform method to compute such return.4 Commenced operations and performance for the Classbegan on April 19, 2017. The 1% CDSC for Class C sharesnormally applies before the first anniversary of the purchasedate.5 Commenced operations and performance for the Classbegan on April 19, 2017. Performance is at net asset value.* Since shares have existed for less than one year, averageannual total returns are not provided.


C

C

S

31

Short Duration Income Fund

Investment ComparisonBelow is a comparison of a $10,000 investment in Class A shares with the same investment in

the ICE BofA Merrill Lynch 13 Year U.S. Corporate Index assuming reinvestment of all

dividends and distributions. The performance of the other classes will be greater than or less

than the performance shown in the graph below due to different sales loads and expenses

applicable to such classes. The graph and performance table below do not reflect the deduction

of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett;

without such waiver or reimbursement of expenses, the Funds returns would have been lower.

Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum ApplicableSales Charge for the Periods Ended November 30, 2017 1 Year 5 Years 10 Years Life of ClassClass A3 0.23% 1.59% 3.88% Class B4 -3.43% 0.91% 3.49% Class C5 0.92% 1.46% 3.41% Class F6 2.65% 2.21% 4.24% Class F37 1.62%*Class I6 2.51% 2.26% 4.34% Class R28 2.14% 1.67% 3.25%Class R38 2.25% 1.77% 3.35%Class R49 2.50% 2.17%Class R59 2.76% 2.33%Class R69 2.82% 2.49%Class T10 -2.22%*

$14,626

$13,515

$14,962

Nov 30, 07 16 1715141308 09 10 11 128,000

10,000

12,000

14,000

16,000


ICE BofA Merrill Lynch 13 Year U.S. Corporate Index2


Standardized Yield for the Period Ended November 30, 2017Class A Class B Class C Class F Class F3 Class I Class R2Class R3 Class R4 Class R5 Class R6 Class T2.11% 1.36% 1.52% 2.25% 2.40% 2.36% 1.76% 1.86% 2.10% 2.36% 2.41% 2.13%

1 Reflects the deduction of the maximum initial salescharge of 2.25%.2 Performance of the unmanaged index does not reflect anyfees or expenses. The performance of the index is notnecessarily representative of the Funds performance.3 Total return, which is the percentage change in net assetvalue, after deduction of the maximum initial sales charge of2.25% applicable to Class A shares, with all dividends anddistributions reinvested for the periods shown endedNovember 30, 2017, is calculated using the SEC-requireduniform method to compute such return.4 Performance reflects the deduction of a CDSC of 5% for 1 year, 2% for 5 years and 0% for Life of Class. Class B sharesautomatically convert to Class A shares after approximately 8years. (There is no initial sales charge for automatic conversions.)All returns for periods greater than 8 years reflect thisconversion.5 The 1% CDSC for Class C shares normally applies beforethe first anniversary of the purchase date. Performance for

other periods is at net asset value.6 Performance is at net asset value.7 Commenced operations and performance for the Classbegan on April 4, 2017. Performance is at net asset value.8 Commenced operations and performance for the Classbegan on July 21, 2009. Performance is at net asset value.9 Commenced operations and performance for the Classbegan on June 30, 2015. Performance is at net asset value.10 Total return, which is the percent change in value, afterdeduction of the maximum initial sales charge of 2.50%applicable to Class T shares, with all dividends anddistributions reinvested for periods shown ended November30, 2017, is calculated using the SEC required uniformmethod to compute such return. Class T shares commencedoperations and performance for the Class began on July 28,2017. Performance is at net asset value.* Since Classes F3 and T shares have existed for less thanone year, average annual returns are not provided.

32


33

Total Return Fund

Investment ComparisonBelow is a comparison of a $10,000 investment in Class A shares with the same investment inthe Bloomberg Barclays U.S. Universal Index and the Bloomberg Barclays U.S. Aggregate BondIndex, assuming reinvestment of all dividends and distributions. The performance of the otherclasses will be greater than or less than the performance shown in the graph below due todifferent sales loads and expenses applicable to such classes. The graph and performance tablebelow do not reflect the deduction of taxes that a shareholder would pay on Fund distributionsor the redemption of Fund shares. During certain periods, expenses of the Fund have beenwaived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, theFunds returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum ApplicableSales Charge for the Periods Ended November 30, 2017 1 Year 5 Years 10 Years Life of ClassClass A3 1.28% 1.86% 4.52% Class B4 -2.18% 1.15% 4.12% Class C5 1.99% 1.67% 4.08% Class F6 3.74% 2.44% 4.88% Class F37 2.22%*Class I6 3.85% 2.53% 5.01% Class P6 3.38% 2.07% 4.53% Class R26 3.24% 1.92% 4.39% Class R36 3.34% 2.02% 4.49% Class R48 3.60% 2.72%Class R58 3.87% 2.89%Class R68 3.98% 3.06%Class T9 -2.17%*

$15,254$14,784

$15,554$15,910

16 1715141308 09 10 11 128,000

10,000

12,000

14,000

16,000

$18,000

Nov 30, 07

The Fund (Class A shares) at net asset valueThe Fund (Class A shares) at maximum offering price1

Bloomberg Barclays U.S. Universal Index2


P C

C

C

T

S


Standardized Yield for the Period Ended November 30, 2017Class A Class B Class C Class F Class F3 Class I Class P Class R2Class R3Class R4 Class R5 Class R6 Class T2.32% 1.57% 1.75% 2.47% 2.69% 2.58% 2.13% 1.98% 2.08% 2.33% 2.58% 2.70% 2.27%

1 Reflects the deduction of the maximum initial salescharge of 2.25%.2 Performance for each unmanaged index does not reflectany fees or expenses. The performance of each index is notnecessarily representative of the Funds performance.3 Total return, which is the percentage change in net assetvalue, after deduction of the maximum initial sales charge of2.25% applicable to Class A shares, with all dividends anddistributions reinvested for the periods shown endedNovember 30, 2017, is calculated using the SEC-requireduniform method to compute such return.4 Performance reflects the deduction of a CDSC of 5% for 1year, 2% for 5 years and 0% for 10 years. Class B sharesautomatically convert to Class A shares after approximately 8years. (There is no initial sales charge for automaticconversions.) All returns for periods greater than 8 yearsreflect this conversion.5 The 1% CDSC for Class C shares normally applies before

the first anniversary of the purchase date. Performance forother periods is at net asset value.6 Performance is at net asset value.7 Commenced operations and performance for the Classbegan on April 4, 2017. Performance is at net asset value.8 Commenced operations and performance for the classbegan on June 30, 2015. Performance is at net asset value.9 Total return, which is the percent change in value, afterdeduction of the maximum initial sales charge of 2.50%applicable to Class T shares, with all dividends anddistributions reinvested for periods shown ended November30, 2017, is calculated using the SEC required uniformmethod to compute such return. Class T shares commencedoperations and performance for the Class began on July 28,2017. Performance is at net asset value.* Since Classes F3 and T shares have existed for less thanone year, average annual returns are not provided.

34


Ultra Short Bond Fund

Investment ComparisonBelow is a comparison of a $10,000 investment in Class A shares with the same investment in

the ICE BofA Merrill Lynch U.S. Treasury Bill Index assuming reinvestment of all dividends and

distributions. The performance of the other classes will be greater than or less than the

performance shown in the graph below due to different sales loads and expenses applicable to

such classes. The graph and performance table below do not reflect the deduction of taxes that

a shareholder would pay on Fund distributions or the redemption of Fund shares. During

certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without

such waiver or reimbursement of expenses, the Funds returns would have been lower. Pastperformance is no guarantee of future results.

Average Annual Total Returns at Net Asset Value#for the Periods Ended November 30, 2017

1 Year Life of ClassClass A2 1.30% 1.30%Class F2 1.34% 1.34%Class F33 0.96%*Class I2 1.46% 1.46%Class R52 1.48% 1.47%Class R62 1.53% 1.53%

$10,145$10,078

Oct 17, 16 179,000

10,000

$11,000 The Fund (Class A shares) at net asset valueICE BofA Merrill Lynch U.S. Treasury Bill Index1

35

P C

C

T

S


Standardized Yield for the Period Ended November 30, 2017Class A Class F Class F3 Class I Class R5 Class R61.36% 1.41% 1.53% 1.53% 1.54% 1.59%

36

1 Performance for the unmanaged index does not reflectany fees or expenses. The performance of the index is notnecessarily representative of the Funds performance.2 Commenced operations on October 12, 2016 andperformance for the Class began on October 17, 2016.Performance is at net asset value.

3 Commenced operations and performance for the Classbegan on April 4, 2017. Performance is at net asset value.# Sales charge not applicable to Ultra Short Bond Fund.* Since Class F3 shares have existed for less than one year,average annual total returns are not provided.


C

S S

37

Expense ExampleAs a shareholder of a Fund, you incur two types of costs: (1) transaction costs,

including sales charges (loads) on purchase payments (these charges vary among theshare classes); and (2) ongoing costs, including management fees; distribution and service(12b-1) fees (these charges vary among the share classes); and other Fund expenses. ThisExample is intended to help you understand your ongoing costs (in dollars) of investing ineach Fund and to compare these costs with the ongoing costs of investing in other mutualfunds.

The Example is based on an investment of $1,000 invested at the beginning of theperiod and held for the entire period (June 1, 2017 through November 30, 2017).

Actual ExpensesFor each class of each Fund, the first line of the table on the following pages provides

information about actual account values and actual expenses. You may use theinformation in this line, together with the amount you invested, to estimate the expensesthat you paid over the period. Simply divide your account value by $1,000 (for example,an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the numberin the first line under the heading titled Expenses Paid During Period 6/1/17 11/30/17to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison PurposesFor each class of each Fund, the second line of the table on the following pages provides

information about hypothetical account values and

LORD ABBETT ANNUAL REPORT ABBETT ANNUAL REPORT For the fiscal year ended November 30, ......

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