From left to right: James L.L. Tullis, Independent Chair of the Lord Abbett Funds and Douglas B. Sieg Director, President and Chief Executive Officer of the Lord Abbett Funds.

Lord Abbett Dividend Growth Fund

For the fiscal year ended November 30, 2022, the Fund returned -5.30%, reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the S&P 500^® Index¹, which returned -9.21% over the same period.

U.S. markets faced many challenges throughout the twelve-month period

ending November 30, 2022, including the spread of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, tighter fiscal and monetary policy, and Russia’s invasion of Ukraine. The Dow Jones Industrial Average was up 2.48% and the S&P 500^® Index¹ fell -9.21%, while the tech-heavy Nasdaq Composite lost -25.59%. Value stocks² significantly outperformed growth stocks³ (1.95%

vs -21.59%), while large cap stocks⁴ outperformed small cap stocks⁵ (-10.66% vs -13.01%).

In November 2021, just prior to the start of the period, the World Health Organization designated the newly discovered Omicron variant as a “variant of concern”, leading to one of the largest selloffs of U.S. risk assets since the start of the pandemic, amid fears that the world would succumb to a new wave of infections. U.S. cases hit the highest levels of the pandemic in December, rising above 580,000 new cases in the last week of the month, more than doubling the previous record high. Yet, negative sentiment quickly reversed as cases proved to be generally less severe than prior strains. Market sentiment also increased after the Center for Disease Control shortened its suggested isolation policy for those infected from 10 days to five.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) 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. This debate was intensified by November’s headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars.

Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June.

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 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 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. After remaining mostly consistent in its messaging that price pressures would likely be transitory, 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. Five additional rate hikes of 50 bps, 75 bps, 75 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 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Separately, global markets faced increased geopolitical tensions due to Russia’s invasion of Ukraine on February 23^rd. Tensions remained elevated for the remainder of the twelve-month period, as Russia continued to weaponize energy flows, annexed four Ukrainian regions, and ratcheted up its nuclear warnings. In addition, the rhetoric between the U.S. and China over Taiwan further heated up after U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan in August. China responded to the trip with large-scale military drills, which led to a pledge by U.S. President Joe Biden to defend the democratically governed island.

Key macroeconomic indicators mostly trended 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 before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, leading to a decline in consumer sentiment to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008 as measured by the consumer confidence index.

Despite rising recessionary signs, select bright spots in the U.S. economy supported

the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of “better-than-feared” takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third-quarter earnings were slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

In terms of the Fund’s key performance drivers, over the 12-month period ending November 30, 2022, security selection within the industrials sector contributed to the Fund’s relative performance. Within the industrials sector, Northrop Grumman Corp., a defense contractor, contributed most to relative performance. The ongoing tensions between Russia and Ukraine built

up momentum in the defense sector and the U.S. government is Northrop Grumman’s largest customer. We expect Northrop Grumman to be the fastest growing U.S. defense contractor based on its large and ramping growth platforms that serve critical U.S. needs including Ground Based Strategic Deterrent (GBSD) and satellites. The Fund’s position in AbbVie, Inc., a research-based biopharmaceutical company, also contributed to relative performance. Shares rallied in the first half of the year, up almost 50% at the peak in early April. The stock price move was supported by the company’s strong fourth quarter earnings and fiscal year guidance, which came in above expectations. The Fund’s position in McDonald’s Corporation, a multinational fast-food chain, contributed to relative performance. Shares rallied after the company reported strong third quarter earnings that demonstrated broad-based business momentum as global comparable sales increased nearly 10%. The company also increased the quarterly dividend by more than 10%.

Conversely, one of the largest detractors from relative performance during the 12-month period ending November 30, 2022, was NVIDIA Corp., an American multinational technology company. The company’s gaming segment was adversely impacted by material economic slowdowns in China and Europe, which led to a selloff in shares of NVIDIA. Government restrictions were introduced in September, which

limited the company’s ability to sell certain products into China, which compounded the sell off. Within the health care sector, the Fund’s allocation to West Pharmaceutical, which manufactures and markets pharmaceuticals, biologics, vaccines and consumer healthcare products, was one of the largest detractors from relative performance. The company reported first quarter earnings that were modestly ahead of expectations, coupled with an earnings guidance increase. Despite the better-than-expected quarter, shares sold off as the company continued to face foreign exchange rate headwinds as the U.S. dollar strengthened and investors worried that a faster-than-expected fall-off in COVID-19 related order flow would result in underutilization of new capacity. The Fund’s position in Estée Lauder Companies, Inc., which engages in the manufacturing of skin care, makeup, fragrance, and hair care products, detracted from relative performance. Shares sold off following Russia’s invasion of Ukraine. After suspending The Estée Lauder Companies’ business investments and initiatives in Russia, the company also decided to suspend all commercial activity in Russia, including closing every store it owns and operates, as well as its brand sites and shipments to any of its retailers in Russia.

Lord Abbett Growth Opportunities Fund

For the fiscal year ended November 30, 2022, the Fund returned -27.23%,

reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the Russell Midcap^® Growth Index,⁶ which returned -21.77% over the same period.

U.S. markets faced many challenges throughout the twelve-month period ending November 30, 2022, including the spread of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, tighter fiscal and monetary policy, and Russia’s invasion of Ukraine. The Dow Jones Industrial Average was up 2.48% and the S&P 500^® Index¹ fell -9.21%, while the tech-heavy Nasdaq Composite lost -25.59%. Value stocks² significantly outperformed growth stocks³ (1.95% vs -21.59%), while large cap stocks⁴ outperformed small cap stocks⁵ (-10.66% vs -13.01%).

In November 2021, just prior to the start of the period, the World Health Organization designated the newly discovered Omicron variant as a “variant of concern”, leading to one of the largest selloffs of U.S. risk assets since the start of the pandemic, amid fears that the world would succumb to a new wave of infections. U.S. cases hit the highest levels of the pandemic in December, rising above 580,000 new cases in the last week of the month, more than doubling the previous record high. Yet, negative sentiment quickly reversed as cases proved to be generally less severe than prior strains. Market sentiment also increased after the

Center for Disease Control shortened its suggested isolation policy for those infected from 10 days to five.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) 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. This debate was intensified by November’s headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June.

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 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 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. After remaining mostly consistent in its messaging that price pressures would likely be transitory, 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. Five additional rate hikes of 50 bps, 75 bps, 75 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 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Separately, global markets faced increased geopolitical tensions due to Russia’s invasion of Ukraine on February 23^rd. Tensions remained elevated for the remainder of the twelve-month period, as Russia continued to weaponize energy flows, annexed four Ukrainian regions, and ratcheted up its nuclear warnings. In addition, the rhetoric between the U.S. and China over Taiwan further heated up after U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan in August. China

responded to the trip with large-scale military drills, which led to a pledge by U.S. President Joe Biden to defend the democratically governed island.

Key macroeconomic indicators mostly trended 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 before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, leading to a decline in consumer sentiment to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008 as measured by the consumer confidence index.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of “better-than-feared” takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third-quarter earnings were

slightly below expectations but provided evidence of healthy consumer spending. Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

Over the 12-month period ending November 30, 2022, Lord Abbett made the strategic decision to offer a single style of growth investing, led by our Innovation Growth team, which is directed by F. Thomas O’Halloran, J.D., CFA, Partner & Portfolio Manager, and Matthew DeCicco, CFA, Partner & Director of Equities. As a result of this enhanced focus, the investment strategy, philosophy and process of the Growth Opportunities Fund changed to become consistent with the rest of the innovation growth suite of products. As such, the Fund’s portfolio management team seeks to invest in the stocks of companies with strong business models, management, and competitive positions that are targeting markets that appear most likely to benefit from increased innovation.

As a result of supply chain dislocations, labor shortages, inflationary pressures, tighter fiscal and monetary policy, and the war in Ukraine, high innovation small and midcap companies, particularly those aggressively reinvesting in research and development to drive future revenues and

earnings, underperformed lower growth, lower valuation names within the index during the period as the market has largely expressed a technical preference for companies with positive earnings today, compared to larger growth potential in the future. As such, the portfolio’s exposure to small and midcap secular growth companies, such as MongoDB, Inc., a general-purpose database platform, was a primary drag on relative performance.

In addition, having no exposure to stock of companies related to the oil, gas, and consumable fuel industry throughout the first few months of 2022 was also a primary detractor from relative performance, as geopolitical tensions that ultimately culminated in the Russian invasion of Ukraine resulted in oil prices rising above $120 per barrel in March as the market anticipated a supply shortage.

The Fund’s position in Roku, Inc., a manufacturer of digital media players for video streaming, was the largest individual detractor from relative performance. In February, shares of the stock fell after the company reported a revenue miss for the fourth quarter of 2021 and gave first-quarter 2022 guidance that was below analysts’ expectations. Management blamed the slowing revenue growth on continued supply chain disruptions impacting the U.S. television market.

The Fund’s position in Enphase Energy, Inc., an energy technology company that develops and manufactures solar micro-inverters, battery energy storage, and

electric vehicle charging stations, was a prominent contributor to relative performance over the period. Enphase has benefited greatly from increased demand for solar solutions in Europe as a result of persistent energy shortages. In the company’s most recent quarterly earnings report, management reported top- and bottom-line earnings results that exceeded consensus expectations. Notably, Enphase’s reported strong revenue growth driven by growth in microinverter and IQ Battery shipments. As of the end of the fiscal year, Enphase is one of the portfolio’s top active overweights.

The Fund’s position in Intra-Cellular Therapies, a developer of innovative treatments for individuals with neuropsychiatric and neurologic disorders, was also a notable contributor to relative performance. Shares soared following the FDA’s approval of CAPLYTA^®, the first and only FDA-approved treatment for depressive episodes in adults with bipolar I or II disorders. Positive momentum of the stock continued into 2022 as a result of the drug’s successful initial launch, as well as the company reporting strong first quarter 2022 earnings.

Lord Abbett Small Cap Value Fund

For the fiscal year ended November 30, 2022, the Fund returned -9.18% reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the

Russell 2000 Value^® Index⁷, which returned -4.75% over the same period.

U.S. markets faced many challenges throughout the twelve-month period ending November 30, 2022, including the spread of the Omicron variant of COVID-19, supply chain dislocations, labor shortages, inflationary pressures, tighter fiscal and monetary policy, and Russia’s invasion of Ukraine. The Dow Jones Industrial Average was up 2.48% and the S&P 500^® Index¹ fell -9.21%, while the tech-heavy Nasdaq Composite lost -25.59%. Value stocks² significantly outperformed growth stocks³ (1.95% vs -21.59%), while large cap stocks⁴ outperformed small cap stocks⁵ (-10.66% vs -13.01%).

In November 2021, just prior to the start of the period, the World Health Organization designated the newly discovered Omicron variant as a “variant of concern”, leading to one of the largest selloffs of U.S. risk assets since the start of the pandemic, amid fears that the world would succumb to a new wave of infections. U.S. cases hit the highest levels of the pandemic in December, rising above 580,000 new cases in the last week of the month, more than doubling the previous record high. Yet, negative sentiment quickly reversed as cases proved to be generally less severe than prior strains. Market sentiment also increased after the Center for Disease Control shortened its suggested isolation policy for those infected from 10 days to five.

Inflationary concerns began to take focus towards the end of 2021 and became a dominant story throughout the period. Headline consumer price index (CPI) 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. This debate was intensified by November’s headline consumer price index rising 6.8% year-over-year, the fastest pace since 1982. The sharp increase in prices was generally due to supply and demand imbalances across multiple industries, led initially by energy, food, and used cars. Inflation readings continued to climb throughout the first half of 2022, peaking at 9.1% year-over-year in June.

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 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 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. After remaining mostly consistent in its messaging that price pressures would likely be transitory, 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. Five additional rate hikes of 50 bps, 75 bps, 75 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 4.00% by November 2, 2022. Bond yields shot up in response to this aggressive policy, leading to a bearish curve flattening and ultimately a yield curve inversion, as shorter-term yields moved higher than longer-term yields.

Separately, global markets faced increased geopolitical tensions due to Russia’s invasion of Ukraine on February 23^rd. Tensions remained elevated for the remainder of the twelve-month period, as Russia continued to weaponize energy flows, annexed four Ukrainian regions, and ratcheted up its nuclear warnings. In addition, the rhetoric between the U.S. and China over Taiwan further heated up after U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan in August. China responded to the trip with large-scale military drills, which led to a pledge

by U.S. President Joe Biden to defend the democratically governed island.

Key macroeconomic indicators mostly trended 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 before returning to growth in the third quarter. Worries among investors that a recession was pending continued to grow, leading to a decline in consumer sentiment to lower levels than during the height of the COVID-19 pandemic and the global financial crisis of 2008 as measured by the consumer confidence index.

Despite rising recessionary signs, select bright spots in the U.S. economy supported the idea that a potential recession would be shallow. For example, one positive development was the peak inflation narrative, which included a 99 day stretch of declines in U.S. gasoline prices and October CPI coming in better than expected on both the headline and core numbers. In addition, apartment rents fell for the first time in nearly two years in July, and lumber prices declined by more than 70% from their March peak late in the third quarter, falling back to pre-COVID levels. The second quarter of 2022 earnings season also generated a lot of “better-than-feared” takeaways, including a common theme of relatively stable demand and pricing power protecting margins. Third-quarter earnings were slightly below expectations but provided evidence of healthy consumer spending.

Capital return and capital expenditures were also mentioned as relative bright spots as companies flagged easing labor shortages and supply chain constraints. The U.S. labor market also remained strong over the period, with the national unemployment rate at 3.7% as of the end of November.

In terms of the Fund’s key performance drivers during the 12-month period ending November 30, 2022, the Fund’s position in Spectrum Brands Holdings, Inc., a consumer products and home essentials company, detracted from relative performance. Shares fell after Assa Abloy, which engages in the provision of intelligent lock and security solutions, issued a statement regarding the U.S. DOJ’s blocking of Assa Abloys’s proposed acquisition of the hardware and home improvement division of Spectrum Brands. The Fund’s position in Customers Bancorp, Inc., a bank holding company, also detracted from relative performance. Amid the flattening of the yield curve and skepticism around global growth prospects, banks have come under pressure. Shares continued to fall following two consecutive quarters of lower-than-expected earnings per share. The Fund’s position in Century Aluminum Co., a producer of aluminum and operator of aluminum reduction facilities, or smelters, in the United States and Iceland, detracted from relative performance. Shares fell as power costs increased early in the year, with the expectation that higher prices

would continue through the summer. Electricity prices typically comprise approximately 1/3 of smelter costs. In addition to this, it became evident there was a much smaller global aluminum supply deficit than anticipated, largely due to weaker China demand and excess supply.

Conversely, the largest contributor to relative performance during the 12-month period ending November 30, 2022, was International Money Express, Inc, a leading money remittance services company. Shares rallied after the company reported fourth quarter earnings above expectations, followed by another strong first quarter earnings report. The company subsequently increased second quarter earnings guidance. We believe their valuation remains attractive and they are well positioned for further growth. The Fund’s position in Cars.com, Inc., a leading automotive marketplace platform, contributed to relative performance. Shares rallied after the company reported strong second quarter earnings where revenue and adjusted earnings before interest, taxes, depreciation, and

amortization (EBITDA) beat expectations. Subsequently, the company issued third quarter guidance stating they expect revenue growth to accelerate and projected growth of 6-8% year-over-year in the second half of 2022. The Fund’s position in Silicon Motion Technology, which engages in the development, manufacturing, and supply of semiconductor products for the electronics market, was the largest contributor to relative performance within the sector. Silicon Motion Technology was a significant contributor to relative performance in the first half of the year. Shares rallied following the announcement that MaxLinear, which provides highly integrated radio-frequency analog and mixed-signal semiconductor products for broadband communications applications, would acquire Silicon Motion Technology.

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

¹    The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

²    As represented by the Russell 3000^® Value Index as of 11/30/2022.

³    As represented by the Russell 3000^® Growth Index as of 11/30/2022.

⁴    As represented by the Russell 1000^® Index as of 11/30/2022.

⁵    As represented by the Russell 2000^® Index as of 11/30/2022.

⁶    The Russell Midcap^® Growth Index measures the performance of those Russell Midcap^® companies with higher price-to-book ratios and higher forecasted growth values.

⁷    The Russell 2000 Value^® Index measures the performance of those stocks of the Russell 2000^® Index with lower price-to-book ratios and lower relative forecasted growth rates.

Indices 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 waivers and expense reimbursements, the Funds’ 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 November 30, 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 5.75%.

²    Performance for the unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

³    Total return, which is the percentage 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 periods shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

⁴    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    Performance is at net asset value.

⁶    Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

⁷    Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

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

²   Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

³   Total return, which is the percentage 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 periods shown ended November 30, 2022, is calculated using the SEC–required uniform method to compute such return.

⁴   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   Performance is at net asset value.

⁶   Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

⁷   Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.

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

²   Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

³   Total return, which is the percentage 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 periods shown ended November 30, 2022, is calculated using the SEC-required uniform method to compute such return.

⁴   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   Performance is at net asset value.

⁶   Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

⁷   Commenced operations and performance for the Class began on June 30, 2015. Performance is at net asset value.