Class A

EAMAX

Lord Abbett Emerging Markets Equity Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Emerging Markets Equity Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$124	1.15%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 16.31%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 17.18% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI Emerging Markets Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Positive factors for the markets included resilient economic data and corporate earnings, continued disinflation, and other factors, such as productivity gains from generative artificial intelligence. Negative factors included increased policy uncertainty during the period, including U.S. President Trump's “Liberation Day” announcement, which led to market volatility. Against this backdrop, U.S. equity markets delivered generally strong returns.

Top contributors to performance:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to LS Electric Co., Ltd. Security selection within the Financials sector also contributed to relative performance, led by an overweight allocation to Alpha Bank S.A.

Top detractors from performance:

Security selection within the Information Technology sector detracted from relative performance, led by an overweight allocation to Samsung Electronics Co., Ltd. Security selection within the Consumer Staples sector also detracted from relative performance, led by an overweight allocation to Varun Beverages Ltd.

Fund Performance

Total Return Based on $10,000 Investment

	Class A with load	MSCI EAFE Net Index	MSCI Emerging Markets Index (Net)
3/10/2022	$9,427	$10,000	$10,000
3/31/2022	$9,704	$10,663	$10,372
4/30/2022	$9,069	$9,973	$9,795
5/31/2022	$9,119	$10,047	$9,838
6/30/2022	$8,609	$9,115	$9,184
7/31/2022	$8,540	$9,569	$9,162
8/31/2022	$8,452	$9,115	$9,200
9/30/2022	$7,640	$8,262	$8,121
10/31/2022	$7,558	$8,707	$7,869
11/30/2022	$8,628	$9,687	$9,036
12/31/2022	$8,369	$9,695	$8,909
1/31/2023	$9,202	$10,480	$9,613
2/28/2023	$8,555	$10,261	$8,989
3/31/2023	$8,805	$10,516	$9,262
4/30/2023	$8,689	$10,813	$9,157
5/31/2023	$8,542	$10,355	$9,003
6/30/2023	$8,888	$10,826	$9,345
7/31/2023	$9,241	$11,177	$9,926
8/31/2023	$8,702	$10,748	$9,315
9/30/2023	$8,446	$10,381	$9,071
10/31/2023	$8,183	$9,960	$8,719
11/30/2023	$8,882	$10,885	$9,417
12/31/2023	$9,211	$11,463	$9,785
1/31/2024	$9,016	$11,529	$9,331
2/29/2024	$9,354	$11,740	$9,775
3/31/2024	$9,666	$12,126	$10,017
4/30/2024	$9,601	$11,816	$10,062
5/31/2024	$9,836	$12,273	$10,118
6/30/2024	$10,245	$12,075	$10,517
7/31/2024	$10,258	$12,430	$10,549
8/31/2024	$10,330	$12,834	$10,719
9/30/2024	$10,753	$12,952	$11,435
10/31/2024	$10,532	$12,248	$10,926
11/30/2024	$10,317	$12,178	$10,534
12/31/2024	$10,202	$11,901	$10,519
1/31/2025	$10,354	$12,527	$10,707
2/28/2025	$10,498	$12,770	$10,759
3/31/2025	$10,571	$12,718	$10,827
4/30/2025	$10,676	$13,301	$10,969
5/31/2025	$11,195	$13,909	$11,437
6/30/2025	$11,879	$14,216	$12,125
7/31/2025	$11,931	$14,016	$12,361

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 3/10/22
Class A at NAV	16.31%	7.19%
Class A with sales charge	9.63%	5.34%
MSCI Emerging Markets Index (Net)	17.18%	6.45%
MSCI EAFE Net Index	12.77%	10.47%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$6,374,014
# of Portfolio Holdings	98
Portfolio Turnover Rate	80%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.82%
Consumer Discretionary	11.91%
Consumer Staples	4.50%
Energy	3.54%
Financials	25.66%
Health Care	2.86%
Industrials	8.23%
Information Technology	24.02%
Materials	2.01%
Real Estate	0.75%
Utilities	1.92%
Repurchase Agreements	1.78%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

The Fund has adopted a policy that allows it to send only one copy of the Fund's prospectus, proxy material, annual report and semiannual report (or related notice of internet availability of annual report and semiannual report) to certain shareholders residing at the same "household." This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be "householded," please call Lord Abbett at 888-522-2388.

Class A

EAMAX

Lord Abbett Emerging Markets Equity Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9080-A

09/25

Class C

ELMCX

Lord Abbett Emerging Markets Equity Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$205	1.90%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 15.41%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 17.18% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI Emerging Markets Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Top detractors from performance:

Fund Performance

Total Return Based on $10,000 Investment

	Class C with load	MSCI EAFE Net Index	MSCI Emerging Markets Index (Net)
3/10/2022	$10,000	$10,000	$10,000
3/31/2022	$10,287	$10,663	$10,372
4/30/2022	$9,613	$9,973	$9,795
5/31/2022	$9,653	$10,047	$9,838
6/30/2022	$9,105	$9,115	$9,184
7/31/2022	$9,032	$9,569	$9,162
8/31/2022	$8,932	$9,115	$9,200
9/30/2022	$8,071	$8,262	$8,121
10/31/2022	$7,977	$8,707	$7,869
11/30/2022	$9,099	$9,687	$9,036
12/31/2022	$8,823	$9,695	$8,909
1/31/2023	$9,698	$10,480	$9,613
2/28/2023	$9,006	$10,261	$8,989
3/31/2023	$9,264	$10,516	$9,262
4/30/2023	$9,135	$10,813	$9,157
5/31/2023	$8,972	$10,355	$9,003
6/30/2023	$9,339	$10,826	$9,345
7/31/2023	$9,698	$11,177	$9,926
8/31/2023	$9,128	$10,748	$9,315
9/30/2023	$8,857	$10,381	$9,071
10/31/2023	$8,572	$9,960	$8,719
11/30/2023	$9,298	$10,885	$9,417
12/31/2023	$9,637	$11,463	$9,785
1/31/2024	$9,426	$11,529	$9,331
2/29/2024	$9,781	$11,740	$9,775
3/31/2024	$10,095	$12,126	$10,017
4/30/2024	$10,020	$11,816	$10,062
5/31/2024	$10,259	$12,273	$10,118
6/30/2024	$10,676	$12,075	$10,517
7/31/2024	$10,689	$12,430	$10,549
8/31/2024	$10,758	$12,834	$10,719
9/30/2024	$11,188	$12,952	$11,435
10/31/2024	$10,949	$12,248	$10,926
11/30/2024	$10,723	$12,178	$10,534
12/31/2024	$10,595	$11,901	$10,519
1/31/2025	$10,746	$12,527	$10,707
2/28/2025	$10,890	$12,770	$10,759
3/31/2025	$10,959	$12,718	$10,827
4/30/2025	$11,061	$13,301	$10,969
5/31/2025	$11,589	$13,909	$11,437
6/30/2025	$12,289	$14,216	$12,125
7/31/2025	$12,337	$14,016	$12,361

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 3/10/22
Class C at NAV	15.41%	6.39%
Class C with sales charge	14.41%	6.39%
MSCI Emerging Markets Index (Net)	17.18%	6.45%
MSCI EAFE Net Index	12.77%	10.47%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$6,374,014
# of Portfolio Holdings	98
Portfolio Turnover Rate	80%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.82%
Consumer Discretionary	11.91%
Consumer Staples	4.50%
Energy	3.54%
Financials	25.66%
Health Care	2.86%
Industrials	8.23%
Information Technology	24.02%
Materials	2.01%
Real Estate	0.75%
Utilities	1.92%
Repurchase Agreements	1.78%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class C

ELMCX

Lord Abbett Emerging Markets Equity Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9081-C

09/25

Class F

ELMFX

Lord Abbett Emerging Markets Equity Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$97	0.90%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 16.61%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 17.18% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI Emerging Markets Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Top detractors from performance:

Fund Performance

Total Return Based on $10,000 Investment

	Class F	MSCI EAFE Net Index	MSCI Emerging Markets Index (Net)
3/10/2022	$10,000	$10,000	$10,000
3/31/2022	$10,294	$10,663	$10,372
4/30/2022	$9,626	$9,973	$9,795
5/31/2022	$9,673	$10,047	$9,838
6/30/2022	$9,139	$9,115	$9,184
7/31/2022	$9,065	$9,569	$9,162
8/31/2022	$8,979	$9,115	$9,200
9/30/2022	$8,117	$8,262	$8,121
10/31/2022	$8,031	$8,707	$7,869
11/30/2022	$9,172	$9,687	$9,036
12/31/2022	$8,896	$9,695	$8,909
1/31/2023	$9,788	$10,480	$9,613
2/28/2023	$9,100	$10,261	$8,989
3/31/2023	$9,359	$10,516	$9,262
4/30/2023	$9,243	$10,813	$9,157
5/31/2023	$9,087	$10,355	$9,003
6/30/2023	$9,461	$10,826	$9,345
7/31/2023	$9,842	$11,177	$9,926
8/31/2023	$9,263	$10,748	$9,315
9/30/2023	$8,998	$10,381	$9,071
10/31/2023	$8,719	$9,960	$8,719
11/30/2023	$9,461	$10,885	$9,417
12/31/2023	$9,817	$11,463	$9,785
1/31/2024	$9,610	$11,529	$9,331
2/29/2024	$9,976	$11,740	$9,775
3/31/2024	$10,308	$12,126	$10,017
4/30/2024	$10,239	$11,816	$10,062
5/31/2024	$10,495	$12,273	$10,118
6/30/2024	$10,930	$12,075	$10,517
7/31/2024	$10,944	$12,430	$10,549
8/31/2024	$11,027	$12,834	$10,719
9/30/2024	$11,476	$12,952	$11,435
10/31/2024	$11,241	$12,248	$10,926
11/30/2024	$11,020	$12,178	$10,534
12/31/2024	$10,894	$11,901	$10,519
1/31/2025	$11,062	$12,527	$10,707
2/28/2025	$11,223	$12,770	$10,759
3/31/2025	$11,300	$12,718	$10,827
4/30/2025	$11,412	$13,301	$10,969
5/31/2025	$11,972	$13,909	$11,437
6/30/2025	$12,706	$14,216	$12,125
7/31/2025	$12,762	$14,016	$12,361

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 3/10/22
Class F at NAV	16.61%	7.46%
MSCI Emerging Markets Index (Net)	17.18%	6.45%
MSCI EAFE Net Index	12.77%	10.47%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$6,374,014
# of Portfolio Holdings	98
Portfolio Turnover Rate	80%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.82%
Consumer Discretionary	11.91%
Consumer Staples	4.50%
Energy	3.54%
Financials	25.66%
Health Care	2.86%
Industrials	8.23%
Information Technology	24.02%
Materials	2.01%
Real Estate	0.75%
Utilities	1.92%
Repurchase Agreements	1.78%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class F

ELMFX

Lord Abbett Emerging Markets Equity Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9082-F

09/25

Class F3

EMOLX

Lord Abbett Emerging Markets Equity Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$94	0.87%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 16.65%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 17.18% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI Emerging Markets Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Top detractors from performance:

Fund Performance

Total Return Based on $10,000 Investment

	Class F3	MSCI EAFE Net Index	MSCI Emerging Markets Index (Net)
3/10/2022	$10,000	$10,000	$10,000
3/31/2022	$10,294	$10,663	$10,372
4/30/2022	$9,626	$9,973	$9,795
5/31/2022	$9,680	$10,047	$9,838
6/30/2022	$9,139	$9,115	$9,184
7/31/2022	$9,072	$9,569	$9,162
8/31/2022	$8,985	$9,115	$9,200
9/30/2022	$8,117	$8,262	$8,121
10/31/2022	$8,031	$8,707	$7,869
11/30/2022	$9,172	$9,687	$9,036
12/31/2022	$8,900	$9,695	$8,909
1/31/2023	$9,792	$10,480	$9,613
2/28/2023	$9,104	$10,261	$8,989
3/31/2023	$9,370	$10,516	$9,262
4/30/2023	$9,254	$10,813	$9,157
5/31/2023	$9,097	$10,355	$9,003
6/30/2023	$9,472	$10,826	$9,345
7/31/2023	$9,853	$11,177	$9,926
8/31/2023	$9,274	$10,748	$9,315
9/30/2023	$9,009	$10,381	$9,071
10/31/2023	$8,730	$9,960	$8,719
11/30/2023	$9,479	$10,885	$9,417
12/31/2023	$9,831	$11,463	$9,785
1/31/2024	$9,623	$11,529	$9,331
2/29/2024	$9,990	$11,740	$9,775
3/31/2024	$10,322	$12,126	$10,017
4/30/2024	$10,260	$11,816	$10,062
5/31/2024	$10,509	$12,273	$10,118
6/30/2024	$10,952	$12,075	$10,517
7/31/2024	$10,966	$12,430	$10,549
8/31/2024	$11,049	$12,834	$10,719
9/30/2024	$11,506	$12,952	$11,435
10/31/2024	$11,271	$12,248	$10,926
11/30/2024	$11,042	$12,178	$10,534
12/31/2024	$10,920	$11,901	$10,519
1/31/2025	$11,088	$12,527	$10,707
2/28/2025	$11,249	$12,770	$10,759
3/31/2025	$11,326	$12,718	$10,827
4/30/2025	$11,439	$13,301	$10,969
5/31/2025	$11,993	$13,909	$11,437
6/30/2025	$12,736	$14,216	$12,125
7/31/2025	$12,792	$14,016	$12,361

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 3/10/22
Class F3 at NAV	16.65%	7.53%
MSCI Emerging Markets Index (Net)	17.18%	6.45%
MSCI EAFE Net Index	12.77%	10.47%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$6,374,014
# of Portfolio Holdings	98
Portfolio Turnover Rate	80%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.82%
Consumer Discretionary	11.91%
Consumer Staples	4.50%
Energy	3.54%
Financials	25.66%
Health Care	2.86%
Industrials	8.23%
Information Technology	24.02%
Materials	2.01%
Real Estate	0.75%
Utilities	1.92%
Repurchase Agreements	1.78%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: As of December 1, 2024, the expense limitation on total net annual operating expenses increased from 0.82% to 0.89% as part of the annual review of transfer agency expenses.

Where can I find additional information about the Fund?

Class F3

EMOLX

Lord Abbett Emerging Markets Equity Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9083-F3

09/25

Class I

EMILX

Lord Abbett Emerging Markets Equity Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$97	0.90%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 16.62%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 17.18% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI Emerging Markets Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Top detractors from performance:

Fund Performance

Total Return Based on $10,000 Investment

	Class I	MSCI EAFE Net Index	MSCI Emerging Markets Index (Net)
3/10/2022	$10,000	$10,000	$10,000
3/31/2022	$10,294	$10,663	$10,372
4/30/2022	$9,626	$9,973	$9,795
5/31/2022	$9,673	$10,047	$9,838
6/30/2022	$9,139	$9,115	$9,184
7/31/2022	$9,065	$9,569	$9,162
8/31/2022	$8,979	$9,115	$9,200
9/30/2022	$8,117	$8,262	$8,121
10/31/2022	$8,031	$8,707	$7,869
11/30/2022	$9,172	$9,687	$9,036
12/31/2022	$8,900	$9,695	$8,909
1/31/2023	$9,785	$10,480	$9,613
2/28/2023	$9,097	$10,261	$8,989
3/31/2023	$9,363	$10,516	$9,262
4/30/2023	$9,247	$10,813	$9,157
5/31/2023	$9,090	$10,355	$9,003
6/30/2023	$9,465	$10,826	$9,345
7/31/2023	$9,839	$11,177	$9,926
8/31/2023	$9,260	$10,748	$9,315
9/30/2023	$8,995	$10,381	$9,071
10/31/2023	$8,716	$9,960	$8,719
11/30/2023	$9,465	$10,885	$9,417
12/31/2023	$9,817	$11,463	$9,785
1/31/2024	$9,609	$11,529	$9,331
2/29/2024	$9,976	$11,740	$9,775
3/31/2024	$10,308	$12,126	$10,017
4/30/2024	$10,239	$11,816	$10,062
5/31/2024	$10,495	$12,273	$10,118
6/30/2024	$10,931	$12,075	$10,517
7/31/2024	$10,945	$12,430	$10,549
8/31/2024	$11,028	$12,834	$10,719
9/30/2024	$11,478	$12,952	$11,435
10/31/2024	$11,243	$12,248	$10,926
11/30/2024	$11,021	$12,178	$10,534
12/31/2024	$10,898	$11,901	$10,519
1/31/2025	$11,060	$12,527	$10,707
2/28/2025	$11,221	$12,770	$10,759
3/31/2025	$11,298	$12,718	$10,827
4/30/2025	$11,410	$13,301	$10,969
5/31/2025	$11,972	$13,909	$11,437
6/30/2025	$12,708	$14,216	$12,125
7/31/2025	$12,764	$14,016	$12,361

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 3/10/22
Class I at NAV	16.62%	7.46%
MSCI Emerging Markets Index (Net)	17.18%	6.45%
MSCI EAFE Net Index	12.77%	10.47%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$6,374,014
# of Portfolio Holdings	98
Portfolio Turnover Rate	80%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.82%
Consumer Discretionary	11.91%
Consumer Staples	4.50%
Energy	3.54%
Financials	25.66%
Health Care	2.86%
Industrials	8.23%
Information Technology	24.02%
Materials	2.01%
Real Estate	0.75%
Utilities	1.92%
Repurchase Agreements	1.78%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class I

EMILX

Lord Abbett Emerging Markets Equity Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9084-I

09/25

Class R6

EMWLX

Lord Abbett Emerging Markets Equity Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$94	0.87%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 16.65%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 17.18% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI Emerging Markets Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Top detractors from performance:

Fund Performance

Total Return Based on $10,000 Investment

	Class R6	MSCI EAFE Net Index	MSCI Emerging Markets Index (Net)
3/10/2022	$10,000	$10,000	$10,000
3/31/2022	$10,294	$10,663	$10,372
4/30/2022	$9,626	$9,973	$9,795
5/31/2022	$9,680	$10,047	$9,838
6/30/2022	$9,139	$9,115	$9,184
7/31/2022	$9,072	$9,569	$9,162
8/31/2022	$8,985	$9,115	$9,200
9/30/2022	$8,117	$8,262	$8,121
10/31/2022	$8,031	$8,707	$7,869
11/30/2022	$9,172	$9,687	$9,036
12/31/2022	$8,900	$9,695	$8,909
1/31/2023	$9,792	$10,480	$9,613
2/28/2023	$9,104	$10,261	$8,989
3/31/2023	$9,370	$10,516	$9,262
4/30/2023	$9,254	$10,813	$9,157
5/31/2023	$9,097	$10,355	$9,003
6/30/2023	$9,472	$10,826	$9,345
7/31/2023	$9,853	$11,177	$9,926
8/31/2023	$9,274	$10,748	$9,315
9/30/2023	$9,009	$10,381	$9,071
10/31/2023	$8,730	$9,960	$8,719
11/30/2023	$9,479	$10,885	$9,417
12/31/2023	$9,831	$11,463	$9,785
1/31/2024	$9,623	$11,529	$9,331
2/29/2024	$9,990	$11,740	$9,775
3/31/2024	$10,322	$12,126	$10,017
4/30/2024	$10,260	$11,816	$10,062
5/31/2024	$10,509	$12,273	$10,118
6/30/2024	$10,952	$12,075	$10,517
7/31/2024	$10,966	$12,430	$10,549
8/31/2024	$11,049	$12,834	$10,719
9/30/2024	$11,506	$12,952	$11,435
10/31/2024	$11,271	$12,248	$10,926
11/30/2024	$11,042	$12,178	$10,534
12/31/2024	$10,920	$11,901	$10,519
1/31/2025	$11,088	$12,527	$10,707
2/28/2025	$11,249	$12,770	$10,759
3/31/2025	$11,326	$12,718	$10,827
4/30/2025	$11,439	$13,301	$10,969
5/31/2025	$11,993	$13,909	$11,437
6/30/2025	$12,736	$14,216	$12,125
7/31/2025	$12,792	$14,016	$12,361

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 3/10/22
Class R6 at NAV	16.65%	7.53%
MSCI Emerging Markets Index (Net)	17.18%	6.45%
MSCI EAFE Net Index	12.77%	10.47%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$6,374,014
# of Portfolio Holdings	98
Portfolio Turnover Rate	80%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.82%
Consumer Discretionary	11.91%
Consumer Staples	4.50%
Energy	3.54%
Financials	25.66%
Health Care	2.86%
Industrials	8.23%
Information Technology	24.02%
Materials	2.01%
Real Estate	0.75%
Utilities	1.92%
Repurchase Agreements	1.78%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: As of December 1, 2024, the expense limitation on total net annual operating expenses increased from 0.82% to 0.89% as part of the annual review of transfer agency expenses.

Where can I find additional information about the Fund?

Class R6

EMWLX

Lord Abbett Emerging Markets Equity Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9088-R6

09/25

LAEMX

Lord Abbett Enhanced Municipal Yield Completion Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/SMADocuments

This annual shareholder report contains important information about the Lord Abbett Enhanced Municipal Yield Completion Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at lordabbett.com/SMADocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Enhanced Municipal Yield Completion Fund	$0	0.00%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 2.21%, reflecting performance at the net asset value (NAV), with all distributions reinvested, compared to the 0.00% return of a securities market index with investment characteristics similar to those of the Fund, the Bloomberg Municipal Bond Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

Positive factors for the municipal market included overall healthy demand for municipal bond funds and a strong fundamental backdrop, as evidenced by growing tax revenue throughout the period. News that the municipal bond tax exemption would be preserved also supported the municipal market. Negative factors included an above-average municipal bond supply, that pressured the market at various times throughout the fiscal year, and periods of interest rate volatility, particularly following the tariff announcements by the new administration in April.

Top contributors to performance:

The Fund’s yield curve positioning, specifically an underweight allocation to longer-term bonds contributed to relative performance. An overweight allocation to BBB-rated and non-investment grade bonds also contributed to relative performance.

Top detractors from performance:

A modest overweight allocation to the Education sector detracted from relative performance. An overweight allocation to the Industrial Development sector also detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Enhanced Municipal Yield Completion Fund	Bloomberg U.S. Aggregate Bond Index	Bloomberg Municipal Bond Index
4/15/2024	$10,000	$10,000	$10,000
4/30/2024	$9,967	$9,982	$9,962
5/31/2024	$10,012	$10,151	$9,933
6/30/2024	$10,179	$10,248	$10,085
7/31/2024	$10,278	$10,487	$10,177
8/31/2024	$10,396	$10,638	$10,257
9/30/2024	$10,494	$10,780	$10,359
10/31/2024	$10,409	$10,513	$10,208
11/30/2024	$10,526	$10,624	$10,384
12/31/2024	$10,440	$10,450	$10,233
1/31/2025	$10,528	$10,505	$10,284
2/28/2025	$10,658	$10,737	$10,386
3/31/2025	$10,510	$10,741	$10,210
4/30/2025	$10,404	$10,783	$10,128
5/31/2025	$10,434	$10,706	$10,134
6/30/2025	$10,537	$10,870	$10,197
7/31/2025	$10,505	$10,842	$10,177

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 4/15/24^{Footnote Reference†}
Enhanced Municipal Yield Completion Fund at NAV	2.21%	3.88%
Bloomberg Municipal Bond Index	0.00%	1.37%
Bloomberg U.S. Aggregate Bond Index^{Footnote Reference*}	3.38%	6.45%

Footnote	Description
Footnote^†	Performance since inception is measured from 4/15/24, the Fund's performance inception date. The Fund commenced operations on 4/9/2024.
Footnote^*	The Fund has adopted the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market index.

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$187,663,802
# of Portfolio Holdings	196
Portfolio Turnover Rate	19%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Credit Rating S&P or Moody's^{Footnote Reference(a)}	%^{Footnote Reference**}

A2.50%
A-3.02%
A+3.99%
AA-1.07%
AA+0.36%
B1.21%
B-3.50%
B+2.40%
BB7.55%
BB-2.35%
BB+5.14%
BBB13.87%
BBB-12.39%
BBB+17.69%
CCC+0.01%
NR22.95%
Total 100.00%

Footnote	Description
Footnote**	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Investments in investment grade municipal bonds, which as bonds that are rated, at the time of purchase, within the four highest grades assigned by an independent rating agency such as Moody’s, S&P, or Fitch, or an equivalent short-term rating, as applicable, or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality. Lower rated municipal bonds are rated, at the time of purchase, or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated by rating agencies but deemed by Lord Abbett to be of comparable quality.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

LAEMX

Lord Abbett Enhanced Municipal Yield Completion Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/SMADocuments

TSR-A-7000-CF

09/25

Class A

LGRAX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Investment Grade Floating Rate Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$57	0.55%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 6.41%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2^nd “Liberation Day” tariff announcement which triggered market volatility and sharp selloff of risk assets. Yet markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

Top contributors to performance:

The Fund’s allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

Top detractors from performance:

The Fund’s allocation to investment grade corporate bonds detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class A with load	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Floating Rate Notes Index
5/4/2023	$9,775	$10,000	$10,000
5/31/2023	$9,816	$9,866	$10,056
6/30/2023	$9,903	$9,831	$10,116
7/31/2023	$10,013	$9,824	$10,176
8/31/2023	$10,086	$9,761	$10,230
9/30/2023	$10,156	$9,513	$10,282
10/31/2023	$10,190	$9,363	$10,331
11/30/2023	$10,274	$9,787	$10,387
12/31/2023	$10,371	$10,161	$10,447
1/31/2024	$10,468	$10,134	$10,513
2/29/2024	$10,545	$9,990	$10,576
3/31/2024	$10,626	$10,083	$10,636
4/30/2024	$10,684	$9,828	$10,692
5/31/2024	$10,766	$9,995	$10,753
6/30/2024	$10,835	$10,089	$10,803
7/31/2024	$10,899	$10,325	$10,859
8/31/2024	$10,959	$10,473	$10,907
9/30/2024	$11,040	$10,613	$10,962
10/31/2024	$11,099	$10,350	$11,018
11/30/2024	$11,166	$10,460	$11,067
12/31/2024	$11,230	$10,288	$11,118
1/31/2025	$11,309	$10,343	$11,167
2/28/2025	$11,372	$10,571	$11,215
3/31/2025	$11,382	$10,575	$11,256
4/30/2025	$11,382	$10,616	$11,271
5/31/2025	$11,473	$10,540	$11,334
6/30/2025	$11,539	$10,702	$11,389
7/31/2025	$11,597	$10,674	$11,449

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 5/4/23
Class A at NAV	6.41%	7.92%
Class A with sales charge	3.97%	6.83%
Bloomberg U.S. Floating Rate Notes Index	5.43%	6.22%
Bloomberg U.S. Aggregate Bond Index	3.38%	2.95%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$2,696,811,591
# of Portfolio Holdings	580
Portfolio Turnover Rate	119%
Total Advisory Fees Paid	$1,693,699

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	69.99%
Corporate Bonds	6.76%
Floating Rate Loans	8.13%
Foreign Government Obligations	1.92%
Government Sponsored Enterprises Collateralized Mortgage Obligations	1.19%
Government Sponsored Enterprises Pass-Throughs	1.45%
Non-Agency Commercial Mortgage-Backed Securities	4.21%
Options Purchased	0.01%
U.S. Treasury Obligations	4.16%
Repurchase Agreements	2.15%
Money Market Funds^{Footnote Reference(a)}	0.03%
Time Deposits^{Footnote Reference(a)}	0.00%^{Footnote Reference**}
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote**	Amount is less than 0.01%
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class A

LGRAX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9269-A

09/25

Class C

IGRCX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$132	1.28%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 5.67%, reflecting performance at the net asset value (NAV) of Class C shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

Top contributors to performance:

The Fund’s allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

Top detractors from performance:

The Fund’s allocation to investment grade corporate bonds detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class C with load	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Floating Rate Notes Index
5/4/2023	$10,000	$10,000	$10,000
5/31/2023	$10,035	$9,866	$10,056
6/30/2023	$10,118	$9,831	$10,116
7/31/2023	$10,223	$9,824	$10,176
8/31/2023	$10,290	$9,761	$10,230
9/30/2023	$10,355	$9,513	$10,282
10/31/2023	$10,383	$9,363	$10,331
11/30/2023	$10,462	$9,787	$10,387
12/31/2023	$10,554	$10,161	$10,447
1/31/2024	$10,655	$10,134	$10,513
2/29/2024	$10,716	$9,990	$10,576
3/31/2024	$10,791	$10,083	$10,636
4/30/2024	$10,843	$9,828	$10,692
5/31/2024	$10,919	$9,995	$10,753
6/30/2024	$10,982	$10,089	$10,803
7/31/2024	$11,039	$10,325	$10,859
8/31/2024	$11,093	$10,473	$10,907
9/30/2024	$11,167	$10,613	$10,962
10/31/2024	$11,221	$10,350	$11,018
11/30/2024	$11,283	$10,460	$11,067
12/31/2024	$11,342	$10,288	$11,118
1/31/2025	$11,416	$10,343	$11,167
2/28/2025	$11,474	$10,571	$11,215
3/31/2025	$11,479	$10,575	$11,256
4/30/2025	$11,471	$10,616	$11,271
5/31/2025	$11,555	$10,540	$11,334
6/30/2025	$11,614	$10,702	$11,389
7/31/2025	$11,665	$10,674	$11,449

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 5/4/23
Class C at NAV	5.67%	7.11%
Class C with sales charge	4.67%	7.11%
Bloomberg U.S. Floating Rate Notes Index	5.43%	6.22%
Bloomberg U.S. Aggregate Bond Index	3.38%	2.95%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$2,696,811,591
# of Portfolio Holdings	580
Portfolio Turnover Rate	119%
Total Advisory Fees Paid	$1,693,699

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	69.99%
Corporate Bonds	6.76%
Floating Rate Loans	8.13%
Foreign Government Obligations	1.92%
Government Sponsored Enterprises Collateralized Mortgage Obligations	1.19%
Government Sponsored Enterprises Pass-Throughs	1.45%
Non-Agency Commercial Mortgage-Backed Securities	4.21%
Options Purchased	0.01%
U.S. Treasury Obligations	4.16%
Repurchase Agreements	2.15%
Money Market Funds^{Footnote Reference(a)}	0.03%
Time Deposits^{Footnote Reference(a)}	0.00%^{Footnote Reference**}
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote**	Amount is less than 0.01%
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class C

IGRCX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9270-C

09/25

Class F

LGRFX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$36	0.35%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 6.61%, reflecting performance at the net asset value (NAV) of Class F shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

Top contributors to performance:

The Fund’s allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

Top detractors from performance:

The Fund’s allocation to investment grade corporate bonds detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Floating Rate Notes Index
5/4/2023	$10,000	$10,000	$10,000
5/31/2023	$10,043	$9,866	$10,056
6/30/2023	$10,134	$9,831	$10,116
7/31/2023	$10,249	$9,824	$10,176
8/31/2023	$10,324	$9,761	$10,230
9/30/2023	$10,398	$9,513	$10,282
10/31/2023	$10,435	$9,363	$10,331
11/30/2023	$10,522	$9,787	$10,387
12/31/2023	$10,624	$10,161	$10,447
1/31/2024	$10,736	$10,134	$10,513
2/29/2024	$10,816	$9,990	$10,576
3/31/2024	$10,890	$10,083	$10,636
4/30/2024	$10,951	$9,828	$10,692
5/31/2024	$11,037	$9,995	$10,753
6/30/2024	$11,110	$10,089	$10,803
7/31/2024	$11,177	$10,325	$10,859
8/31/2024	$11,241	$10,473	$10,907
9/30/2024	$11,326	$10,613	$10,962
10/31/2024	$11,388	$10,350	$11,018
11/30/2024	$11,458	$10,460	$11,067
12/31/2024	$11,526	$10,288	$11,118
1/31/2025	$11,609	$10,343	$11,167
2/28/2025	$11,675	$10,571	$11,215
3/31/2025	$11,688	$10,575	$11,256
4/30/2025	$11,690	$10,616	$11,271
5/31/2025	$11,785	$10,540	$11,334
6/30/2025	$11,855	$10,702	$11,389
7/31/2025	$11,916	$10,674	$11,449

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 5/4/23
Class F at NAV	6.61%	8.14%
Bloomberg U.S. Floating Rate Notes Index	5.43%	6.22%
Bloomberg U.S. Aggregate Bond Index	3.38%	2.95%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$2,696,811,591
# of Portfolio Holdings	580
Portfolio Turnover Rate	119%
Total Advisory Fees Paid	$1,693,699

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	69.99%
Corporate Bonds	6.76%
Floating Rate Loans	8.13%
Foreign Government Obligations	1.92%
Government Sponsored Enterprises Collateralized Mortgage Obligations	1.19%
Government Sponsored Enterprises Pass-Throughs	1.45%
Non-Agency Commercial Mortgage-Backed Securities	4.21%
Options Purchased	0.01%
U.S. Treasury Obligations	4.16%
Repurchase Agreements	2.15%
Money Market Funds^{Footnote Reference(a)}	0.03%
Time Deposits^{Footnote Reference(a)}	0.00%^{Footnote Reference**}
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote**	Amount is less than 0.01%
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class F

LGRFX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9271-F

09/25

Class F3

IGRNX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$34	0.33%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 6.65%, reflecting performance at the net asset value (NAV) of Class F3 shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

Top contributors to performance:

The Fund’s allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

Top detractors from performance:

The Fund’s allocation to investment grade corporate bonds detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class F3	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Floating Rate Notes Index
5/4/2023	$10,000	$10,000	$10,000
5/31/2023	$10,044	$9,866	$10,056
6/30/2023	$10,136	$9,831	$10,116
7/31/2023	$10,250	$9,824	$10,176
8/31/2023	$10,327	$9,761	$10,230
9/30/2023	$10,401	$9,513	$10,282
10/31/2023	$10,439	$9,363	$10,331
11/30/2023	$10,527	$9,787	$10,387
12/31/2023	$10,629	$10,161	$10,447
1/31/2024	$10,731	$10,134	$10,513
2/29/2024	$10,812	$9,990	$10,576
3/31/2024	$10,897	$10,083	$10,636
4/30/2024	$10,959	$9,828	$10,692
5/31/2024	$11,045	$9,995	$10,753
6/30/2024	$11,119	$10,089	$10,803
7/31/2024	$11,187	$10,325	$10,859
8/31/2024	$11,251	$10,473	$10,907
9/30/2024	$11,337	$10,613	$10,962
10/31/2024	$11,400	$10,350	$11,018
11/30/2024	$11,471	$10,460	$11,067
12/31/2024	$11,538	$10,288	$11,118
1/31/2025	$11,621	$10,343	$11,167
2/28/2025	$11,688	$10,571	$11,215
3/31/2025	$11,702	$10,575	$11,256
4/30/2025	$11,704	$10,616	$11,271
5/31/2025	$11,799	$10,540	$11,334
6/30/2025	$11,869	$10,702	$11,389
7/31/2025	$11,931	$10,674	$11,449

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 5/4/23
Class F3 at NAV	6.65%	8.20%
Bloomberg U.S. Floating Rate Notes Index	5.43%	6.22%
Bloomberg U.S. Aggregate Bond Index	3.38%	2.95%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$2,696,811,591
# of Portfolio Holdings	580
Portfolio Turnover Rate	119%
Total Advisory Fees Paid	$1,693,699

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	69.99%
Corporate Bonds	6.76%
Floating Rate Loans	8.13%
Foreign Government Obligations	1.92%
Government Sponsored Enterprises Collateralized Mortgage Obligations	1.19%
Government Sponsored Enterprises Pass-Throughs	1.45%
Non-Agency Commercial Mortgage-Backed Securities	4.21%
Options Purchased	0.01%
U.S. Treasury Obligations	4.16%
Repurchase Agreements	2.15%
Money Market Funds^{Footnote Reference(a)}	0.03%
Time Deposits^{Footnote Reference(a)}	0.00%^{Footnote Reference**}
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote**	Amount is less than 0.01%
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: As of December 1, 2024, the expense limitation on total net annual operating expenses increased from 0.28% to 0.34% as part of the annual review of transfer agency expenses.

Where can I find additional information about the Fund?

Class F3

IGRNX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9272-F3

09/25

Class I

LGRYX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$36	0.35%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 6.61%, reflecting performance at the net asset value (NAV) of Class I shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

Top contributors to performance:

The Fund’s allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

Top detractors from performance:

The Fund’s allocation to investment grade corporate bonds detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class I	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Floating Rate Notes Index
5/4/2023	$10,000	$10,000	$10,000
5/31/2023	$10,044	$9,866	$10,056
6/30/2023	$10,134	$9,831	$10,116
7/31/2023	$10,249	$9,824	$10,176
8/31/2023	$10,324	$9,761	$10,230
9/30/2023	$10,398	$9,513	$10,282
10/31/2023	$10,435	$9,363	$10,331
11/30/2023	$10,522	$9,787	$10,387
12/31/2023	$10,624	$10,161	$10,447
1/31/2024	$10,725	$10,134	$10,513
2/29/2024	$10,805	$9,990	$10,576
3/31/2024	$10,890	$10,083	$10,636
4/30/2024	$10,951	$9,828	$10,692
5/31/2024	$11,037	$9,995	$10,753
6/30/2024	$11,110	$10,089	$10,803
7/31/2024	$11,177	$10,325	$10,859
8/31/2024	$11,241	$10,473	$10,907
9/30/2024	$11,326	$10,613	$10,962
10/31/2024	$11,388	$10,350	$11,018
11/30/2024	$11,459	$10,460	$11,067
12/31/2024	$11,526	$10,288	$11,118
1/31/2025	$11,609	$10,343	$11,167
2/28/2025	$11,675	$10,571	$11,215
3/31/2025	$11,688	$10,575	$11,256
4/30/2025	$11,690	$10,616	$11,271
5/31/2025	$11,785	$10,540	$11,334
6/30/2025	$11,855	$10,702	$11,389
7/31/2025	$11,916	$10,674	$11,449

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 5/4/23
Class I at NAV	6.61%	8.14%
Bloomberg U.S. Floating Rate Notes Index	5.43%	6.22%
Bloomberg U.S. Aggregate Bond Index	3.38%	2.95%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$2,696,811,591
# of Portfolio Holdings	580
Portfolio Turnover Rate	119%
Total Advisory Fees Paid	$1,693,699

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	69.99%
Corporate Bonds	6.76%
Floating Rate Loans	8.13%
Foreign Government Obligations	1.92%
Government Sponsored Enterprises Collateralized Mortgage Obligations	1.19%
Government Sponsored Enterprises Pass-Throughs	1.45%
Non-Agency Commercial Mortgage-Backed Securities	4.21%
Options Purchased	0.01%
U.S. Treasury Obligations	4.16%
Repurchase Agreements	2.15%
Money Market Funds^{Footnote Reference(a)}	0.03%
Time Deposits^{Footnote Reference(a)}	0.00%^{Footnote Reference**}
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote**	Amount is less than 0.01%
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class I

LGRYX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9273-I

09/25

Class R5

IGRSX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R5	$36	0.35%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 6.60%, reflecting performance at the net asset value (NAV) of Class R5 shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

Top contributors to performance:

The Fund’s allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

Top detractors from performance:

The Fund’s allocation to investment grade corporate bonds detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class R5	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Floating Rate Notes Index
5/4/2023	$10,000	$10,000	$10,000
5/31/2023	$10,043	$9,866	$10,056
6/30/2023	$10,134	$9,831	$10,116
7/31/2023	$10,249	$9,824	$10,176
8/31/2023	$10,324	$9,761	$10,230
9/30/2023	$10,398	$9,513	$10,282
10/31/2023	$10,435	$9,363	$10,331
11/30/2023	$10,522	$9,787	$10,387
12/31/2023	$10,624	$10,161	$10,447
1/31/2024	$10,725	$10,134	$10,513
2/29/2024	$10,805	$9,990	$10,576
3/31/2024	$10,890	$10,083	$10,636
4/30/2024	$10,951	$9,828	$10,692
5/31/2024	$11,037	$9,995	$10,753
6/30/2024	$11,110	$10,089	$10,803
7/31/2024	$11,177	$10,325	$10,859
8/31/2024	$11,241	$10,473	$10,907
9/30/2024	$11,325	$10,613	$10,962
10/31/2024	$11,388	$10,350	$11,018
11/30/2024	$11,458	$10,460	$11,067
12/31/2024	$11,526	$10,288	$11,118
1/31/2025	$11,608	$10,343	$11,167
2/28/2025	$11,674	$10,571	$11,215
3/31/2025	$11,676	$10,575	$11,256
4/30/2025	$11,689	$10,616	$11,271
5/31/2025	$11,783	$10,540	$11,334
6/30/2025	$11,854	$10,702	$11,389
7/31/2025	$11,915	$10,674	$11,449

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 5/4/23
Class R5 at NAV	6.60%	8.13%
Bloomberg U.S. Floating Rate Notes Index	5.43%	6.22%
Bloomberg U.S. Aggregate Bond Index	3.38%	2.95%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$2,696,811,591
# of Portfolio Holdings	580
Portfolio Turnover Rate	119%
Total Advisory Fees Paid	$1,693,699

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	69.99%
Corporate Bonds	6.76%
Floating Rate Loans	8.13%
Foreign Government Obligations	1.92%
Government Sponsored Enterprises Collateralized Mortgage Obligations	1.19%
Government Sponsored Enterprises Pass-Throughs	1.45%
Non-Agency Commercial Mortgage-Backed Securities	4.21%
Options Purchased	0.01%
U.S. Treasury Obligations	4.16%
Repurchase Agreements	2.15%
Money Market Funds^{Footnote Reference(a)}	0.03%
Time Deposits^{Footnote Reference(a)}	0.00%^{Footnote Reference**}
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote**	Amount is less than 0.01%
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class R5

IGRSX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9277-R5

09/25

Class R6

LGRUX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$30	0.29%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 6.64%, reflecting performance at the net asset value (NAV) of Class R6 shares with all distributions reinvested, compared to a securities market index with investment characteristics similar to those of the Fund, the Bloomberg U.S. Floating Rate Notes Index, which returned 5.43% over the same period. The Fund's broad-based market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

Top contributors to performance:

The Fund’s allocation to collateralized loan obligations was the primary contributor to relative performance. An allocation to asset backed securities also contributed to relative performance.

Top detractors from performance:

The Fund’s allocation to investment grade corporate bonds detracted from relative performance.

Fund Performance

Total Return Based on $10,000 Investment

	Class R6	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Floating Rate Notes Index
5/4/2023	$10,000	$10,000	$10,000
5/31/2023	$10,044	$9,866	$10,056
6/30/2023	$10,136	$9,831	$10,116
7/31/2023	$10,250	$9,824	$10,176
8/31/2023	$10,327	$9,761	$10,230
9/30/2023	$10,401	$9,513	$10,282
10/31/2023	$10,439	$9,363	$10,331
11/30/2023	$10,527	$9,787	$10,387
12/31/2023	$10,629	$10,161	$10,447
1/31/2024	$10,731	$10,134	$10,513
2/29/2024	$10,812	$9,990	$10,576
3/31/2024	$10,897	$10,083	$10,636
4/30/2024	$10,959	$9,828	$10,692
5/31/2024	$11,045	$9,995	$10,753
6/30/2024	$11,119	$10,089	$10,803
7/31/2024	$11,187	$10,325	$10,859
8/31/2024	$11,251	$10,473	$10,907
9/30/2024	$11,337	$10,613	$10,962
10/31/2024	$11,400	$10,350	$11,018
11/30/2024	$11,471	$10,460	$11,067
12/31/2024	$11,539	$10,288	$11,118
1/31/2025	$11,621	$10,343	$11,167
2/28/2025	$11,688	$10,571	$11,215
3/31/2025	$11,690	$10,575	$11,256
4/30/2025	$11,704	$10,616	$11,271
5/31/2025	$11,798	$10,540	$11,334
6/30/2025	$11,869	$10,702	$11,389
7/31/2025	$11,930	$10,674	$11,449

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 5/4/23
Class R6 at NAV	6.64%	8.19%
Bloomberg U.S. Floating Rate Notes Index	5.43%	6.22%
Bloomberg U.S. Aggregate Bond Index	3.38%	2.95%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$2,696,811,591
# of Portfolio Holdings	580
Portfolio Turnover Rate	119%
Total Advisory Fees Paid	$1,693,699

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	69.99%
Corporate Bonds	6.76%
Floating Rate Loans	8.13%
Foreign Government Obligations	1.92%
Government Sponsored Enterprises Collateralized Mortgage Obligations	1.19%
Government Sponsored Enterprises Pass-Throughs	1.45%
Non-Agency Commercial Mortgage-Backed Securities	4.21%
Options Purchased	0.01%
U.S. Treasury Obligations	4.16%
Repurchase Agreements	2.15%
Money Market Funds^{Footnote Reference(a)}	0.03%
Time Deposits^{Footnote Reference(a)}	0.00%^{Footnote Reference**}
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote**	Amount is less than 0.01%
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

This is a summary of certain changes to the Fund that occurred during the reporting period, except as otherwise noted. For more information contact 888-522-2388.

Expenses: As of December 1, 2024, the expense limitation on total net annual operating expenses increased from 0.28% to 0.34% as part of the annual review of transfer agency expenses.

Where can I find additional information about the Fund?

Class R6

LGRUX

Lord Abbett Investment Grade Floating Rate Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9278-R6

09/25

Class A

LAAGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett International Growth Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$101	0.95%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 12.59%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Security selection within the Industrials sector contributed to relative performance, led by an overweight allocation to Rheinmetall AG. Security selection within the Health Care sector also contributed to performance, led by an overweight allocation to Galderma Group AG.

Top detractors from performance:

Security selection within the Consumer Discretionary sector detracted from relative performance, led by an overweight allocation to Meituan. Security selection within the Information Technology sector also detracted from relative performance, led by an overweight allocation to Atlassian Corp.

Fund Performance

Total Return Based on $10,000 Investment

	Class A with load	MSCI EAFE Net Index	MSCI All Country World ex USA Growth Index (Net)
6/24/2021	$9,427	$10,000	$10,000
6/30/2021	$9,371	$9,893	$9,981
7/31/2021	$9,421	$9,967	$9,830
8/31/2021	$9,626	$10,143	$10,052
9/30/2021	$9,047	$9,849	$9,620
10/31/2021	$9,439	$10,091	$9,918
11/30/2021	$9,165	$9,621	$9,560
12/31/2021	$9,421	$10,114	$9,847
1/31/2022	$8,511	$9,625	$9,053
2/28/2022	$8,118	$9,455	$8,801
3/31/2022	$8,062	$9,516	$8,787
4/30/2022	$7,458	$8,900	$8,133
5/31/2022	$7,358	$8,967	$8,063
6/30/2022	$6,860	$8,135	$7,406
7/31/2022	$7,215	$8,540	$7,814
8/31/2022	$6,822	$8,135	$7,509
9/30/2022	$6,193	$7,374	$6,712
10/31/2022	$6,343	$7,770	$6,844
11/30/2022	$7,209	$8,645	$7,695
12/31/2022	$6,893	$8,652	$7,577
1/31/2023	$7,539	$9,353	$8,218
2/28/2023	$7,219	$9,158	$7,867
3/31/2023	$7,633	$9,385	$8,228
4/30/2023	$7,665	$9,650	$8,312
5/31/2023	$7,577	$9,241	$8,081
6/30/2023	$7,853	$9,662	$8,388
7/31/2023	$7,941	$9,974	$8,650
8/31/2023	$7,608	$9,592	$8,209
9/30/2023	$7,113	$9,265	$7,775
10/31/2023	$6,856	$8,889	$7,473
11/30/2023	$7,577	$9,714	$8,246
12/31/2023	$7,959	$10,230	$8,641
1/31/2024	$8,035	$10,289	$8,574
2/29/2024	$8,552	$10,477	$8,902
3/31/2024	$8,804	$10,822	$9,151
4/30/2024	$8,394	$10,545	$8,898
5/31/2024	$8,791	$10,953	$9,133
6/30/2024	$8,962	$10,777	$9,218
7/31/2024	$8,924	$11,093	$9,315
8/31/2024	$9,201	$11,453	$9,611
9/30/2024	$9,321	$11,559	$9,855
10/31/2024	$8,924	$10,931	$9,354
11/30/2024	$8,943	$10,869	$9,277
12/31/2024	$8,683	$10,621	$9,078
1/31/2025	$9,087	$11,180	$9,465
2/28/2025	$9,163	$11,396	$9,472
3/31/2025	$8,816	$11,350	$9,257
4/30/2025	$9,195	$11,870	$9,634
5/31/2025	$9,725	$12,413	$10,120
6/30/2025	$10,218	$12,687	$10,521
7/31/2025	$10,047	$12,509	$10,394

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 6/24/21
Class A at NAV	12.59%	1.57%
Class A with sales charge	6.14%	0.12%
MSCI All Country World ex USA Growth Index (Net)	11.58%	0.95%
MSCI EAFE Net Index	12.77%	5.61%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$3,553,729
# of Portfolio Holdings	79
Portfolio Turnover Rate	125%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.12%
Consumer Discretionary	9.50%
Consumer Staples	5.53%
Financials	9.65%
Health Care	11.65%
Industrials	25.93%
Information Technology	20.76%
Materials	4.86%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class A

LAAGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9250-A

09/25

Class C

LCAGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$180	1.70%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 11.79%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Top detractors from performance:

Fund Performance

Total Return Based on $10,000 Investment

	Class C with load	MSCI EAFE Net Index	MSCI All Country World ex USA Growth Index (Net)
6/24/2021	$10,000	$10,000	$10,000
6/30/2021	$9,934	$9,893	$9,981
7/31/2021	$9,987	$9,967	$9,830
8/31/2021	$10,198	$10,143	$10,052
9/30/2021	$9,577	$9,849	$9,620
10/31/2021	$9,987	$10,091	$9,918
11/30/2021	$9,689	$9,621	$9,560
12/31/2021	$9,954	$10,114	$9,847
1/31/2022	$8,982	$9,625	$9,053
2/28/2022	$8,566	$9,455	$8,801
3/31/2022	$8,500	$9,516	$8,787
4/30/2022	$7,859	$8,900	$8,133
5/31/2022	$7,746	$8,967	$8,063
6/30/2022	$7,224	$8,135	$7,406
7/31/2022	$7,594	$8,540	$7,814
8/31/2022	$7,171	$8,135	$7,509
9/30/2022	$6,504	$7,374	$6,712
10/31/2022	$6,662	$7,770	$6,844
11/30/2022	$7,561	$8,645	$7,695
12/31/2022	$7,231	$8,652	$7,577
1/31/2023	$7,898	$9,353	$8,218
2/28/2023	$7,561	$9,158	$7,867
3/31/2023	$7,991	$9,385	$8,228
4/30/2023	$8,024	$9,650	$8,312
5/31/2023	$7,918	$9,241	$8,081
6/30/2023	$8,209	$9,662	$8,388
7/31/2023	$8,288	$9,974	$8,650
8/31/2023	$7,938	$9,592	$8,209
9/30/2023	$7,416	$9,265	$7,775
10/31/2023	$7,145	$8,889	$7,473
11/30/2023	$7,898	$9,714	$8,246
12/31/2023	$8,282	$10,230	$8,641
1/31/2024	$8,361	$10,289	$8,574
2/29/2024	$8,890	$10,477	$8,902
3/31/2024	$9,147	$10,822	$9,151
4/30/2024	$8,718	$10,545	$8,898
5/31/2024	$9,121	$10,953	$9,133
6/30/2024	$9,293	$10,777	$9,218
7/31/2024	$9,247	$11,093	$9,315
8/31/2024	$9,531	$11,453	$9,611
9/30/2024	$9,650	$11,559	$9,855
10/31/2024	$9,233	$10,931	$9,354
11/30/2024	$9,247	$10,869	$9,277
12/31/2024	$8,976	$10,621	$9,078
1/31/2025	$9,385	$11,180	$9,465
2/28/2025	$9,458	$11,396	$9,472
3/31/2025	$9,095	$11,350	$9,257
4/30/2025	$9,478	$11,870	$9,634
5/31/2025	$10,020	$12,413	$10,120
6/30/2025	$10,522	$12,687	$10,521
7/31/2025	$10,337	$12,509	$10,394

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 6/24/21
Class C at NAV	11.79%	0.81%
Class C with sales charge	10.79%	0.81%
MSCI All Country World ex USA Growth Index (Net)	11.58%	0.95%
MSCI EAFE Net Index	12.77%	5.61%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$3,553,729
# of Portfolio Holdings	79
Portfolio Turnover Rate	125%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.12%
Consumer Discretionary	9.50%
Consumer Staples	5.53%
Financials	9.65%
Health Care	11.65%
Industrials	25.93%
Information Technology	20.76%
Materials	4.86%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class C

LCAGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9251-C

09/25

Class F

LAFGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$75	0.70%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 12.91%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Top detractors from performance:

Fund Performance

Total Return Based on $10,000 Investment

	Class F	MSCI EAFE Net Index	MSCI All Country World ex USA Growth Index (Net)
6/24/2021	$10,000	$10,000	$10,000
6/30/2021	$9,941	$9,893	$9,981
7/31/2021	$10,000	$9,967	$9,830
8/31/2021	$10,218	$10,143	$10,052
9/30/2021	$9,603	$9,849	$9,620
10/31/2021	$10,020	$10,091	$9,918
11/30/2021	$9,736	$9,621	$9,560
12/31/2021	$10,007	$10,114	$9,847
1/31/2022	$9,042	$9,625	$9,053
2/28/2022	$8,625	$9,455	$8,801
3/31/2022	$8,566	$9,516	$8,787
4/30/2022	$7,925	$8,900	$8,133
5/31/2022	$7,819	$8,967	$8,063
6/30/2022	$7,297	$8,135	$7,406
7/31/2022	$7,673	$8,540	$7,814
8/31/2022	$7,257	$8,135	$7,509
9/30/2022	$6,590	$7,374	$6,712
10/31/2022	$6,748	$7,770	$6,844
11/30/2022	$7,673	$8,645	$7,695
12/31/2022	$7,341	$8,652	$7,577
1/31/2023	$8,027	$9,353	$8,218
2/28/2023	$7,687	$9,158	$7,867
3/31/2023	$8,133	$9,385	$8,228
4/30/2023	$8,173	$9,650	$8,312
5/31/2023	$8,073	$9,241	$8,081
6/30/2023	$8,373	$9,662	$8,388
7/31/2023	$8,466	$9,974	$8,650
8/31/2023	$8,113	$9,592	$8,209
9/30/2023	$7,587	$9,265	$7,775
10/31/2023	$7,314	$8,889	$7,473
11/30/2023	$8,087	$9,714	$8,246
12/31/2023	$8,498	$10,230	$8,641
1/31/2024	$8,579	$10,289	$8,574
2/29/2024	$9,128	$10,477	$8,902
3/31/2024	$9,403	$10,822	$9,151
4/30/2024	$8,967	$10,545	$8,898
5/31/2024	$9,396	$10,953	$9,133
6/30/2024	$9,577	$10,777	$9,218
7/31/2024	$9,537	$11,093	$9,315
8/31/2024	$9,839	$11,453	$9,611
9/30/2024	$9,966	$11,559	$9,855
10/31/2024	$9,544	$10,931	$9,354
11/30/2024	$9,571	$10,869	$9,277
12/31/2024	$9,296	$10,621	$9,078
1/31/2025	$9,726	$11,180	$9,465
2/28/2025	$9,807	$11,396	$9,472
3/31/2025	$9,444	$11,350	$9,257
4/30/2025	$9,847	$11,870	$9,634
5/31/2025	$10,419	$12,413	$10,120
6/30/2025	$10,950	$12,687	$10,521
7/31/2025	$10,769	$12,509	$10,394

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 6/24/21
Class F at NAV	12.91%	1.82%
MSCI All Country World ex USA Growth Index (Net)	11.58%	0.95%
MSCI EAFE Net Index	12.77%	5.61%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$3,553,729
# of Portfolio Holdings	79
Portfolio Turnover Rate	125%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.12%
Consumer Discretionary	9.50%
Consumer Staples	5.53%
Financials	9.65%
Health Care	11.65%
Industrials	25.93%
Information Technology	20.76%
Materials	4.86%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class F

LAFGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9252-F

09/25

Class F3

LOAGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$70	0.66%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 12.95%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Top detractors from performance:

Fund Performance

Total Return Based on $10,000 Investment

	Class F3	MSCI EAFE Net Index	MSCI All Country World ex USA Growth Index (Net)
6/24/2021	$10,000	$10,000	$10,000
6/30/2021	$9,941	$9,893	$9,981
7/31/2021	$10,000	$9,967	$9,830
8/31/2021	$10,218	$10,143	$10,052
9/30/2021	$9,603	$9,849	$9,620
10/31/2021	$10,026	$10,091	$9,918
11/30/2021	$9,736	$9,621	$9,560
12/31/2021	$10,013	$10,114	$9,847
1/31/2022	$9,048	$9,625	$9,053
2/28/2022	$8,632	$9,455	$8,801
3/31/2022	$8,572	$9,516	$8,787
4/30/2022	$7,931	$8,900	$8,133
5/31/2022	$7,826	$8,967	$8,063
6/30/2022	$7,303	$8,135	$7,406
7/31/2022	$7,687	$8,540	$7,814
8/31/2022	$7,264	$8,135	$7,509
9/30/2022	$6,596	$7,374	$6,712
10/31/2022	$6,761	$7,770	$6,844
11/30/2022	$7,680	$8,645	$7,695
12/31/2022	$7,350	$8,652	$7,577
1/31/2023	$8,044	$9,353	$8,218
2/28/2023	$7,697	$9,158	$7,867
3/31/2023	$8,151	$9,385	$8,228
4/30/2023	$8,184	$9,650	$8,312
5/31/2023	$8,091	$9,241	$8,081
6/30/2023	$8,391	$9,662	$8,388
7/31/2023	$8,484	$9,974	$8,650
8/31/2023	$8,131	$9,592	$8,209
9/30/2023	$7,604	$9,265	$7,775
10/31/2023	$7,337	$8,889	$7,473
11/30/2023	$8,111	$9,714	$8,246
12/31/2023	$8,519	$10,230	$8,641
1/31/2024	$8,600	$10,289	$8,574
2/29/2024	$9,158	$10,477	$8,902
3/31/2024	$9,426	$10,822	$9,151
4/30/2024	$8,996	$10,545	$8,898
5/31/2024	$9,420	$10,953	$9,133
6/30/2024	$9,601	$10,777	$9,218
7/31/2024	$9,567	$11,093	$9,315
8/31/2024	$9,870	$11,453	$9,611
9/30/2024	$9,997	$11,559	$9,855
10/31/2024	$9,574	$10,931	$9,354
11/30/2024	$9,601	$10,869	$9,277
12/31/2024	$9,321	$10,621	$9,078
1/31/2025	$9,760	$11,180	$9,465
2/28/2025	$9,841	$11,396	$9,472
3/31/2025	$9,470	$11,350	$9,257
4/30/2025	$9,881	$11,870	$9,634
5/31/2025	$10,455	$12,413	$10,120
6/30/2025	$10,988	$12,687	$10,521
7/31/2025	$10,806	$12,509	$10,394

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 6/24/21
Class F3 at NAV	12.95%	1.91%
MSCI All Country World ex USA Growth Index (Net)	11.58%	0.95%
MSCI EAFE Net Index	12.77%	5.61%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$3,553,729
# of Portfolio Holdings	79
Portfolio Turnover Rate	125%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.12%
Consumer Discretionary	9.50%
Consumer Staples	5.53%
Financials	9.65%
Health Care	11.65%
Industrials	25.93%
Information Technology	20.76%
Materials	4.86%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class F3

LOAGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9253-F3

09/25

Class I

LIAGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$73	0.69%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 12.98%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Top detractors from performance:

Fund Performance

Total Return Based on $10,000 Investment

	Class I	MSCI EAFE Net Index	MSCI All Country World ex USA Growth Index (Net)
6/24/2021	$10,000	$10,000	$10,000
6/30/2021	$9,941	$9,893	$9,981
7/31/2021	$10,000	$9,967	$9,830
8/31/2021	$10,218	$10,143	$10,052
9/30/2021	$9,603	$9,849	$9,620
10/31/2021	$10,020	$10,091	$9,918
11/30/2021	$9,736	$9,621	$9,560
12/31/2021	$10,007	$10,114	$9,847
1/31/2022	$9,042	$9,625	$9,053
2/28/2022	$8,625	$9,455	$8,801
3/31/2022	$8,566	$9,516	$8,787
4/30/2022	$7,925	$8,900	$8,133
5/31/2022	$7,819	$8,967	$8,063
6/30/2022	$7,297	$8,135	$7,406
7/31/2022	$7,673	$8,540	$7,814
8/31/2022	$7,257	$8,135	$7,509
9/30/2022	$6,590	$7,374	$6,712
10/31/2022	$6,748	$7,770	$6,844
11/30/2022	$7,673	$8,645	$7,695
12/31/2022	$7,341	$8,652	$7,577
1/31/2023	$8,028	$9,353	$8,218
2/28/2023	$7,688	$9,158	$7,867
3/31/2023	$8,135	$9,385	$8,228
4/30/2023	$8,175	$9,650	$8,312
5/31/2023	$8,075	$9,241	$8,081
6/30/2023	$8,375	$9,662	$8,388
7/31/2023	$8,468	$9,974	$8,650
8/31/2023	$8,115	$9,592	$8,209
9/30/2023	$7,588	$9,265	$7,775
10/31/2023	$7,315	$8,889	$7,473
11/30/2023	$8,088	$9,714	$8,246
12/31/2023	$8,496	$10,230	$8,641
1/31/2024	$8,583	$10,289	$8,574
2/29/2024	$9,134	$10,477	$8,902
3/31/2024	$9,402	$10,822	$9,151
4/30/2024	$8,973	$10,545	$8,898
5/31/2024	$9,396	$10,953	$9,133
6/30/2024	$9,577	$10,777	$9,218
7/31/2024	$9,537	$11,093	$9,315
8/31/2024	$9,839	$11,453	$9,611
9/30/2024	$9,967	$11,559	$9,855
10/31/2024	$9,550	$10,931	$9,354
11/30/2024	$9,570	$10,869	$9,277
12/31/2024	$9,297	$10,621	$9,078
1/31/2025	$9,729	$11,180	$9,465
2/28/2025	$9,810	$11,396	$9,472
3/31/2025	$9,446	$11,350	$9,257
4/30/2025	$9,850	$11,870	$9,634
5/31/2025	$10,424	$12,413	$10,120
6/30/2025	$10,950	$12,687	$10,521
7/31/2025	$10,775	$12,509	$10,394

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 6/24/21
Class I at NAV	12.98%	1.84%
MSCI All Country World ex USA Growth Index (Net)	11.58%	0.95%
MSCI EAFE Net Index	12.77%	5.61%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$3,553,729
# of Portfolio Holdings	79
Portfolio Turnover Rate	125%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.12%
Consumer Discretionary	9.50%
Consumer Staples	5.53%
Financials	9.65%
Health Care	11.65%
Industrials	25.93%
Information Technology	20.76%
Materials	4.86%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class I

LIAGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9254-I

09/25

Class R3

LRAGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R3	$128	1.21%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 12.39%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Top detractors from performance:

Fund Performance

Total Return Based on $10,000 Investment

	Class R3	MSCI EAFE Net Index	MSCI All Country World ex USA Growth Index (Net)
6/24/2021	$10,000	$10,000	$10,000
6/30/2021	$9,941	$9,893	$9,981
7/31/2021	$9,993	$9,967	$9,830
8/31/2021	$10,212	$10,143	$10,052
9/30/2021	$9,590	$9,849	$9,620
10/31/2021	$10,000	$10,091	$9,918
11/30/2021	$9,709	$9,621	$9,560
12/31/2021	$9,980	$10,114	$9,847
1/31/2022	$9,015	$9,625	$9,053
2/28/2022	$8,599	$9,455	$8,801
3/31/2022	$8,533	$9,516	$8,787
4/30/2022	$7,892	$8,900	$8,133
5/31/2022	$7,786	$8,967	$8,063
6/30/2022	$7,257	$8,135	$7,406
7/31/2022	$7,634	$8,540	$7,814
8/31/2022	$7,211	$8,135	$7,509
9/30/2022	$6,550	$7,374	$6,712
10/31/2022	$6,702	$7,770	$6,844
11/30/2022	$7,614	$8,645	$7,695
12/31/2022	$7,283	$8,652	$7,577
1/31/2023	$7,966	$9,353	$8,218
2/28/2023	$7,621	$9,158	$7,867
3/31/2023	$8,066	$9,385	$8,228
4/30/2023	$8,099	$9,650	$8,312
5/31/2023	$8,000	$9,241	$8,081
6/30/2023	$8,291	$9,662	$8,388
7/31/2023	$8,378	$9,974	$8,650
8/31/2023	$8,026	$9,592	$8,209
9/30/2023	$7,502	$9,265	$7,775
10/31/2023	$7,230	$8,889	$7,473
11/30/2023	$7,993	$9,714	$8,246
12/31/2023	$8,393	$10,230	$8,641
1/31/2024	$8,466	$10,289	$8,574
2/29/2024	$9,011	$10,477	$8,902
3/31/2024	$9,277	$10,822	$9,151
4/30/2024	$8,845	$10,545	$8,898
5/31/2024	$9,257	$10,953	$9,133
6/30/2024	$9,437	$10,777	$9,218
7/31/2024	$9,390	$11,093	$9,315
8/31/2024	$9,683	$11,453	$9,611
9/30/2024	$9,809	$11,559	$9,855
10/31/2024	$9,390	$10,931	$9,354
11/30/2024	$9,410	$10,869	$9,277
12/31/2024	$9,131	$10,621	$9,078
1/31/2025	$9,556	$11,180	$9,465
2/28/2025	$9,630	$11,396	$9,472
3/31/2025	$9,264	$11,350	$9,257
4/30/2025	$9,663	$11,870	$9,634
5/31/2025	$10,221	$12,413	$10,120
6/30/2025	$10,734	$12,687	$10,521
7/31/2025	$10,554	$12,509	$10,394

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 6/24/21
Class R3 at NAV	12.39%	1.32%
MSCI All Country World ex USA Growth Index (Net)	11.58%	0.95%
MSCI EAFE Net Index	12.77%	5.61%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$3,553,729
# of Portfolio Holdings	79
Portfolio Turnover Rate	125%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.12%
Consumer Discretionary	9.50%
Consumer Staples	5.53%
Financials	9.65%
Health Care	11.65%
Industrials	25.93%
Information Technology	20.76%
Materials	4.86%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class R3

LRAGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9255-R3

09/25

Class R4

LASGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R4	$99	0.93%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 12.67%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Top detractors from performance:

Fund Performance

Total Return Based on $10,000 Investment

	Class R4	MSCI EAFE Net Index	MSCI All Country World ex USA Growth Index (Net)
6/24/2021	$10,000	$10,000	$10,000
6/30/2021	$9,941	$9,893	$9,981
7/31/2021	$9,993	$9,967	$9,830
8/31/2021	$10,212	$10,143	$10,052
9/30/2021	$9,597	$9,849	$9,620
10/31/2021	$10,013	$10,091	$9,918
11/30/2021	$9,722	$9,621	$9,560
12/31/2021	$9,993	$10,114	$9,847
1/31/2022	$9,028	$9,625	$9,053
2/28/2022	$8,612	$9,455	$8,801
3/31/2022	$8,553	$9,516	$8,787
4/30/2022	$7,911	$8,900	$8,133
5/31/2022	$7,799	$8,967	$8,063
6/30/2022	$7,277	$8,135	$7,406
7/31/2022	$7,654	$8,540	$7,814
8/31/2022	$7,237	$8,135	$7,509
9/30/2022	$6,570	$7,374	$6,712
10/31/2022	$6,728	$7,770	$6,844
11/30/2022	$7,640	$8,645	$7,695
12/31/2022	$7,316	$8,652	$7,577
1/31/2023	$7,994	$9,353	$8,218
2/28/2023	$7,655	$9,158	$7,867
3/31/2023	$8,100	$9,385	$8,228
4/30/2023	$8,134	$9,650	$8,312
5/31/2023	$8,034	$9,241	$8,081
6/30/2023	$8,333	$9,662	$8,388
7/31/2023	$8,420	$9,974	$8,650
8/31/2023	$8,067	$9,592	$8,209
9/30/2023	$7,548	$9,265	$7,775
10/31/2023	$7,276	$8,889	$7,473
11/30/2023	$8,040	$9,714	$8,246
12/31/2023	$8,439	$10,230	$8,641
1/31/2024	$8,526	$10,289	$8,574
2/29/2024	$9,067	$10,477	$8,902
3/31/2024	$9,334	$10,822	$9,151
4/30/2024	$8,906	$10,545	$8,898
5/31/2024	$9,327	$10,953	$9,133
6/30/2024	$9,501	$10,777	$9,218
7/31/2024	$9,461	$11,093	$9,315
8/31/2024	$9,762	$11,453	$9,611
9/30/2024	$9,889	$11,559	$9,855
10/31/2024	$9,468	$10,931	$9,354
11/30/2024	$9,488	$10,869	$9,277
12/31/2024	$9,214	$10,621	$9,078
1/31/2025	$9,642	$11,180	$9,465
2/28/2025	$9,716	$11,396	$9,472
3/31/2025	$9,354	$11,350	$9,257
4/30/2025	$9,756	$11,870	$9,634
5/31/2025	$10,318	$12,413	$10,120
6/30/2025	$10,841	$12,687	$10,521
7/31/2025	$10,660	$12,509	$10,394

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 6/24/21
Class R4 at NAV	12.67%	1.57%
MSCI All Country World ex USA Growth Index (Net)	11.58%	0.95%
MSCI EAFE Net Index	12.77%	5.61%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$3,553,729
# of Portfolio Holdings	79
Portfolio Turnover Rate	125%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.12%
Consumer Discretionary	9.50%
Consumer Staples	5.53%
Financials	9.65%
Health Care	11.65%
Industrials	25.93%
Information Technology	20.76%
Materials	4.86%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class R4

LASGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9256-R4

09/25

Class R5

LTAGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R5	$76	0.71%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 12.98%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Top detractors from performance:

Fund Performance

Total Return Based on $10,000 Investment

	Class R5	MSCI EAFE Net Index	MSCI All Country World ex USA Growth Index (Net)
6/24/2021	$10,000	$10,000	$10,000
6/30/2021	$9,941	$9,893	$9,981
7/31/2021	$10,000	$9,967	$9,830
8/31/2021	$10,218	$10,143	$10,052
9/30/2021	$9,603	$9,849	$9,620
10/31/2021	$10,020	$10,091	$9,918
11/30/2021	$9,736	$9,621	$9,560
12/31/2021	$10,007	$10,114	$9,847
1/31/2022	$9,042	$9,625	$9,053
2/28/2022	$8,625	$9,455	$8,801
3/31/2022	$8,566	$9,516	$8,787
4/30/2022	$7,925	$8,900	$8,133
5/31/2022	$7,819	$8,967	$8,063
6/30/2022	$7,297	$8,135	$7,406
7/31/2022	$7,673	$8,540	$7,814
8/31/2022	$7,257	$8,135	$7,509
9/30/2022	$6,590	$7,374	$6,712
10/31/2022	$6,748	$7,770	$6,844
11/30/2022	$7,673	$8,645	$7,695
12/31/2022	$7,341	$8,652	$7,577
1/31/2023	$8,028	$9,353	$8,218
2/28/2023	$7,688	$9,158	$7,867
3/31/2023	$8,135	$9,385	$8,228
4/30/2023	$8,175	$9,650	$8,312
5/31/2023	$8,075	$9,241	$8,081
6/30/2023	$8,375	$9,662	$8,388
7/31/2023	$8,462	$9,974	$8,650
8/31/2023	$8,115	$9,592	$8,209
9/30/2023	$7,588	$9,265	$7,775
10/31/2023	$7,315	$8,889	$7,473
11/30/2023	$8,088	$9,714	$8,246
12/31/2023	$8,495	$10,230	$8,641
1/31/2024	$8,582	$10,289	$8,574
2/29/2024	$9,132	$10,477	$8,902
3/31/2024	$9,401	$10,822	$9,151
4/30/2024	$8,971	$10,545	$8,898
5/31/2024	$9,394	$10,953	$9,133
6/30/2024	$9,576	$10,777	$9,218
7/31/2024	$9,535	$11,093	$9,315
8/31/2024	$9,838	$11,453	$9,611
9/30/2024	$9,965	$11,559	$9,855
10/31/2024	$9,549	$10,931	$9,354
11/30/2024	$9,569	$10,869	$9,277
12/31/2024	$9,296	$10,621	$9,078
1/31/2025	$9,728	$11,180	$9,465
2/28/2025	$9,809	$11,396	$9,472
3/31/2025	$9,444	$11,350	$9,257
4/30/2025	$9,849	$11,870	$9,634
5/31/2025	$10,422	$12,413	$10,120
6/30/2025	$10,949	$12,687	$10,521
7/31/2025	$10,773	$12,509	$10,394

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 6/24/21
Class R5 at NAV	12.98%	1.83%
MSCI All Country World ex USA Growth Index (Net)	11.58%	0.95%
MSCI EAFE Net Index	12.77%	5.61%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$3,553,729
# of Portfolio Holdings	79
Portfolio Turnover Rate	125%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.12%
Consumer Discretionary	9.50%
Consumer Staples	5.53%
Financials	9.65%
Health Care	11.65%
Industrials	25.93%
Information Technology	20.76%
Materials	4.86%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class R5

LTAGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9257-R5

09/25

Class R6

LAVGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$71	0.67%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 12.95%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 11.58% return of a securities market index with investment characteristics similar to those of the Fund, the MSCI All Country World ex USA Growth Index (Net). The Fund's broad-based securities market index, the MSCI EAFE Net Index, returned 12.77% over the same period.

Top contributors to performance:

Top detractors from performance:

Fund Performance

Total Return Based on $10,000 Investment

	Class R6	MSCI EAFE Net Index	MSCI All Country World ex USA Growth Index (Net)
6/24/2021	$10,000	$10,000	$10,000
6/30/2021	$9,941	$9,893	$9,981
7/31/2021	$10,000	$9,967	$9,830
8/31/2021	$10,218	$10,143	$10,052
9/30/2021	$9,603	$9,849	$9,620
10/31/2021	$10,026	$10,091	$9,918
11/30/2021	$9,736	$9,621	$9,560
12/31/2021	$10,013	$10,114	$9,847
1/31/2022	$9,048	$9,625	$9,053
2/28/2022	$8,632	$9,455	$8,801
3/31/2022	$8,572	$9,516	$8,787
4/30/2022	$7,931	$8,900	$8,133
5/31/2022	$7,826	$8,967	$8,063
6/30/2022	$7,303	$8,135	$7,406
7/31/2022	$7,687	$8,540	$7,814
8/31/2022	$7,264	$8,135	$7,509
9/30/2022	$6,596	$7,374	$6,712
10/31/2022	$6,755	$7,770	$6,844
11/30/2022	$7,680	$8,645	$7,695
12/31/2022	$7,350	$8,652	$7,577
1/31/2023	$8,037	$9,353	$8,218
2/28/2023	$7,697	$9,158	$7,867
3/31/2023	$8,144	$9,385	$8,228
4/30/2023	$8,184	$9,650	$8,312
5/31/2023	$8,091	$9,241	$8,081
6/30/2023	$8,391	$9,662	$8,388
7/31/2023	$8,484	$9,974	$8,650
8/31/2023	$8,131	$9,592	$8,209
9/30/2023	$7,604	$9,265	$7,775
10/31/2023	$7,330	$8,889	$7,473
11/30/2023	$8,111	$9,714	$8,246
12/31/2023	$8,519	$10,230	$8,641
1/31/2024	$8,600	$10,289	$8,574
2/29/2024	$9,151	$10,477	$8,902
3/31/2024	$9,426	$10,822	$9,151
4/30/2024	$8,990	$10,545	$8,898
5/31/2024	$9,420	$10,953	$9,133
6/30/2024	$9,601	$10,777	$9,218
7/31/2024	$9,568	$11,093	$9,315
8/31/2024	$9,863	$11,453	$9,611
9/30/2024	$9,998	$11,559	$9,855
10/31/2024	$9,574	$10,931	$9,354
11/30/2024	$9,594	$10,869	$9,277
12/31/2024	$9,321	$10,621	$9,078
1/31/2025	$9,760	$11,180	$9,465
2/28/2025	$9,841	$11,396	$9,472
3/31/2025	$9,470	$11,350	$9,257
4/30/2025	$9,882	$11,870	$9,634
5/31/2025	$10,455	$12,413	$10,120
6/30/2025	$10,982	$12,687	$10,521
7/31/2025	$10,806	$12,509	$10,394

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	Since Inception 6/24/21
Class R6 at NAV	12.95%	1.91%
MSCI All Country World ex USA Growth Index (Net)	11.58%	0.95%
MSCI EAFE Net Index	12.77%	5.61%

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$3,553,729
# of Portfolio Holdings	79
Portfolio Turnover Rate	125%
Total Advisory Fees Paid	$0

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Sector^{Footnote Reference*}	% ^{Footnote Reference**}
Communication Services	12.12%
Consumer Discretionary	9.50%
Consumer Staples	5.53%
Financials	9.65%
Health Care	11.65%
Industrials	25.93%
Information Technology	20.76%
Materials	4.86%
Total	100.00%

Footnote	Description
Footnote*	A sector may comprise several industries.
Footnote**	Represents percent of total investments, which excludes derivatives.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class R6

LAVGX

Lord Abbett International Growth Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9258-R6

09/25

Class A

LSYAX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

This annual shareholder report contains important information about the Lord Abbett Short Duration High Yield Fund for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$67	0.65%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 7.62%, reflecting performance at the net asset value (NAV) of Class A shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2^nd “Liberation Day” U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

Top contributors to performance:

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

Top detractors from performance:

Credit selection within Capital Goods, Automotive and Healthcare sectors.

Fund Performance

Total Return Based on $10,000 Investment

	Class A with load	Bloomberg U.S. Aggregate Bond Index	ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index
4/30/2020	$9,776	$10,000	$10,000
5/31/2020	$10,080	$10,047	$10,381
6/30/2020	$10,163	$10,110	$10,474
7/31/2020	$10,515	$10,261	$10,846
8/31/2020	$10,627	$10,178	$10,941
9/30/2020	$10,571	$10,172	$10,851
10/31/2020	$10,636	$10,127	$10,896
11/30/2020	$10,972	$10,226	$11,216
12/31/2020	$11,138	$10,240	$11,367
1/31/2021	$11,216	$10,167	$11,404
2/28/2021	$11,305	$10,020	$11,467
3/31/2021	$11,354	$9,895	$11,538
4/30/2021	$11,443	$9,973	$11,635
5/31/2021	$11,501	$10,006	$11,675
6/30/2021	$11,583	$10,076	$11,761
7/31/2021	$11,589	$10,189	$11,764
8/31/2021	$11,626	$10,169	$11,815
9/30/2021	$11,665	$10,081	$11,832
10/31/2021	$11,703	$10,079	$11,843
11/30/2021	$11,592	$10,108	$11,760
12/31/2021	$11,754	$10,083	$11,921
1/31/2022	$11,599	$9,865	$11,745
2/28/2022	$11,529	$9,755	$11,700
3/31/2022	$11,507	$9,484	$11,650
4/30/2022	$11,272	$9,124	$11,427
5/31/2022	$11,261	$9,183	$11,428
6/30/2022	$10,623	$9,039	$10,843
7/31/2022	$11,121	$9,260	$11,344
8/31/2022	$10,989	$8,998	$11,158
9/30/2022	$10,675	$8,610	$10,869
10/31/2022	$10,928	$8,498	$11,145
11/30/2022	$11,117	$8,811	$11,330
12/31/2022	$11,077	$8,771	$11,278
1/31/2023	$11,402	$9,041	$11,606
2/28/2023	$11,298	$8,807	$11,518
3/31/2023	$11,371	$9,031	$11,618
4/30/2023	$11,468	$9,085	$11,712
5/31/2023	$11,411	$8,986	$11,645
6/30/2023	$11,595	$8,954	$11,805
7/31/2023	$11,733	$8,948	$11,947
8/31/2023	$11,786	$8,891	$11,991
9/30/2023	$11,753	$8,665	$11,916
10/31/2023	$11,662	$8,528	$11,836
11/30/2023	$12,065	$8,914	$12,253
12/31/2023	$12,407	$9,256	$12,592
1/31/2024	$12,468	$9,230	$12,605
2/29/2024	$12,540	$9,100	$12,645
3/31/2024	$12,678	$9,184	$12,770
4/30/2024	$12,624	$8,952	$12,702
5/31/2024	$12,751	$9,104	$12,826
6/30/2024	$12,865	$9,190	$12,942
7/31/2024	$13,071	$9,405	$13,135
8/31/2024	$13,227	$9,540	$13,310
9/30/2024	$13,395	$9,667	$13,450
10/31/2024	$13,400	$9,428	$13,401
11/30/2024	$13,540	$9,527	$13,534
12/31/2024	$13,542	$9,371	$13,500
1/31/2025	$13,686	$9,421	$13,668
2/28/2025	$13,772	$9,628	$13,750
3/31/2025	$13,574	$9,632	$13,644
4/30/2025	$13,388	$9,670	$13,649
5/31/2025	$13,719	$9,601	$13,838
6/30/2025	$13,991	$9,748	$14,066
7/31/2025	$14,067	$9,723	$14,109

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception 4/30/20
Class A at NAV	7.62%	5.99%	7.18%
Class A with sales charge	5.18%	5.52%	6.71%
ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index	7.41%	5.40%	6.77%
Bloomberg U.S. Aggregate Bond Index	3.38%	(1.07%)	(0.53%)

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$8,607,815,333
# of Portfolio Holdings	636
Portfolio Turnover Rate	140%
Total Advisory Fees Paid	$20,005,780

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	1.28%
Common Stocks	0.01%
Convertible Bonds	2.25%
Corporate Bonds	82.01%
Floating Rate Loans	10.83%
Foreign Government Obligations	0.21%
Repurchase Agreements	0.22%
Money Market Funds^{Footnote Reference(a)}	2.87%
Time Deposits^{Footnote Reference(a)}	0.32%
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class A

LSYAX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9050-A

09/25

Class C

LSYCX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$144	1.39%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 6.83%, reflecting performance at the net asset value (NAV) of Class C shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2^nd “Liberation Day” U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

Top contributors to performance:

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

Top detractors from performance:

Credit selection within Capital Goods, Automotive and Healthcare sectors.

Fund Performance

Total Return Based on $10,000 Investment

	Class C with load	Bloomberg U.S. Aggregate Bond Index	ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index
4/30/2020	$10,000	$10,000	$10,000
5/31/2020	$10,304	$10,047	$10,381
6/30/2020	$10,382	$10,110	$10,474
7/31/2020	$10,734	$10,261	$10,846
8/31/2020	$10,842	$10,178	$10,941
9/30/2020	$10,777	$10,172	$10,851
10/31/2020	$10,845	$10,127	$10,896
11/30/2020	$11,169	$10,226	$11,216
12/31/2020	$11,331	$10,240	$11,367
1/31/2021	$11,403	$10,167	$11,404
2/28/2021	$11,487	$10,020	$11,467
3/31/2021	$11,529	$9,895	$11,538
4/30/2021	$11,611	$9,973	$11,635
5/31/2021	$11,663	$10,006	$11,675
6/30/2021	$11,739	$10,076	$11,761
7/31/2021	$11,737	$10,189	$11,764
8/31/2021	$11,768	$10,169	$11,815
9/30/2021	$11,800	$10,081	$11,832
10/31/2021	$11,831	$10,079	$11,843
11/30/2021	$11,712	$10,108	$11,760
12/31/2021	$11,869	$10,083	$11,921
1/31/2022	$11,705	$9,865	$11,745
2/28/2022	$11,629	$9,755	$11,700
3/31/2022	$11,599	$9,484	$11,650
4/30/2022	$11,356	$9,124	$11,427
5/31/2022	$11,338	$9,183	$11,428
6/30/2022	$10,690	$9,039	$10,843
7/31/2022	$11,184	$9,260	$11,344
8/31/2022	$11,045	$8,998	$11,158
9/30/2022	$10,723	$8,610	$10,869
10/31/2022	$10,971	$8,498	$11,145
11/30/2022	$11,155	$8,811	$11,330
12/31/2022	$11,109	$8,771	$11,278
1/31/2023	$11,417	$9,041	$11,606
2/28/2023	$11,307	$8,807	$11,518
3/31/2023	$11,386	$9,031	$11,618
4/30/2023	$11,476	$9,085	$11,712
5/31/2023	$11,413	$8,986	$11,645
6/30/2023	$11,590	$8,954	$11,805
7/31/2023	$11,722	$8,948	$11,947
8/31/2023	$11,757	$8,891	$11,991
9/30/2023	$11,730	$8,665	$11,916
10/31/2023	$11,632	$8,528	$11,836
11/30/2023	$12,027	$8,914	$12,253
12/31/2023	$12,348	$9,256	$12,592
1/31/2024	$12,401	$9,230	$12,605
2/29/2024	$12,478	$9,100	$12,645
3/31/2024	$12,595	$9,184	$12,770
4/30/2024	$12,547	$8,952	$12,702
5/31/2024	$12,665	$9,104	$12,826
6/30/2024	$12,771	$9,190	$12,942
7/31/2024	$12,968	$9,405	$13,135
8/31/2024	$13,115	$9,540	$13,310
9/30/2024	$13,273	$9,667	$13,450
10/31/2024	$13,269	$9,428	$13,401
11/30/2024	$13,400	$9,527	$13,534
12/31/2024	$13,394	$9,371	$13,500
1/31/2025	$13,528	$9,421	$13,668
2/28/2025	$13,605	$9,628	$13,750
3/31/2025	$13,401	$9,632	$13,644
4/30/2025	$13,209	$9,670	$13,649
5/31/2025	$13,513	$9,601	$13,838
6/30/2025	$13,787	$9,748	$14,066
7/31/2025	$13,854	$9,723	$14,109

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception 4/30/20
Class C at NAV	6.83%	5.23%	6.40%
Class C with sales charge	5.84%	5.23%	6.40%
ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index	7.41%	5.40%	6.77%
Bloomberg U.S. Aggregate Bond Index	3.38%	(1.07%)	(0.53%)

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$8,607,815,333
# of Portfolio Holdings	636
Portfolio Turnover Rate	140%
Total Advisory Fees Paid	$20,005,780

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	1.28%
Common Stocks	0.01%
Convertible Bonds	2.25%
Corporate Bonds	82.01%
Floating Rate Loans	10.83%
Foreign Government Obligations	0.21%
Repurchase Agreements	0.22%
Money Market Funds^{Footnote Reference(a)}	2.87%
Time Deposits^{Footnote Reference(a)}	0.32%
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class C

LSYCX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9051-C

09/25

Class F

LSYFX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F	$47	0.45%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 7.83%, reflecting performance at the net asset value (NAV) of Class F shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2^nd “Liberation Day” U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

Top contributors to performance:

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

Top detractors from performance:

Credit selection within Capital Goods, Automotive and Healthcare sectors.

Fund Performance

Total Return Based on $10,000 Investment

	Class F	Bloomberg U.S. Aggregate Bond Index	ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index
4/30/2020	$10,000	$10,000	$10,000
5/31/2020	$10,313	$10,047	$10,381
6/30/2020	$10,400	$10,110	$10,474
7/31/2020	$10,761	$10,261	$10,846
8/31/2020	$10,878	$10,178	$10,941
9/30/2020	$10,822	$10,172	$10,851
10/31/2020	$10,890	$10,127	$10,896
11/30/2020	$11,235	$10,226	$11,216
12/31/2020	$11,407	$10,240	$11,367
1/31/2021	$11,489	$10,167	$11,404
2/28/2021	$11,582	$10,020	$11,467
3/31/2021	$11,634	$9,895	$11,538
4/30/2021	$11,727	$9,973	$11,635
5/31/2021	$11,789	$10,006	$11,675
6/30/2021	$11,875	$10,076	$11,761
7/31/2021	$11,883	$10,189	$11,764
8/31/2021	$11,924	$10,169	$11,815
9/30/2021	$11,966	$10,081	$11,832
10/31/2021	$11,996	$10,079	$11,843
11/30/2021	$11,895	$10,108	$11,760
12/31/2021	$12,063	$10,083	$11,921
1/31/2022	$11,905	$9,865	$11,745
2/28/2022	$11,836	$9,755	$11,700
3/31/2022	$11,815	$9,484	$11,650
4/30/2022	$11,575	$9,124	$11,427
5/31/2022	$11,555	$9,183	$11,428
6/30/2022	$10,913	$9,039	$10,843
7/31/2022	$11,426	$9,260	$11,344
8/31/2022	$11,281	$8,998	$11,158
9/30/2022	$10,960	$8,610	$10,869
10/31/2022	$11,233	$8,498	$11,145
11/30/2022	$11,418	$8,811	$11,330
12/31/2022	$11,390	$8,771	$11,278
1/31/2023	$11,715	$9,041	$11,606
2/28/2023	$11,610	$8,807	$11,518
3/31/2023	$11,699	$9,031	$11,618
4/30/2023	$11,799	$9,085	$11,712
5/31/2023	$11,731	$8,986	$11,645
6/30/2023	$11,934	$8,954	$11,805
7/31/2023	$12,066	$8,948	$11,947
8/31/2023	$12,123	$8,891	$11,991
9/30/2023	$12,091	$8,665	$11,916
10/31/2023	$11,999	$8,528	$11,836
11/30/2023	$12,428	$8,914	$12,253
12/31/2023	$12,770	$9,256	$12,592
1/31/2024	$12,835	$9,230	$12,605
2/29/2024	$12,911	$9,100	$12,645
3/31/2024	$13,055	$9,184	$12,770
4/30/2024	$13,001	$8,952	$12,702
5/31/2024	$13,134	$9,104	$12,826
6/30/2024	$13,254	$9,190	$12,942
7/31/2024	$13,469	$9,405	$13,135
8/31/2024	$13,646	$9,540	$13,310
9/30/2024	$13,807	$9,667	$13,450
10/31/2024	$13,815	$9,428	$13,401
11/30/2024	$13,976	$9,527	$13,534
12/31/2024	$13,966	$9,371	$13,500
1/31/2025	$14,117	$9,421	$13,668
2/28/2025	$14,222	$9,628	$13,750
3/31/2025	$14,005	$9,632	$13,644
4/30/2025	$13,815	$9,670	$13,649
5/31/2025	$14,160	$9,601	$13,838
6/30/2025	$14,443	$9,748	$14,066
7/31/2025	$14,524	$9,723	$14,109

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception 4/30/20
Class F at NAV	7.83%	6.18%	7.36%
ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index	7.41%	5.40%	6.77%
Bloomberg U.S. Aggregate Bond Index	3.38%	(1.07%)	(0.53%)

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$8,607,815,333
# of Portfolio Holdings	636
Portfolio Turnover Rate	140%
Total Advisory Fees Paid	$20,005,780

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	1.28%
Common Stocks	0.01%
Convertible Bonds	2.25%
Corporate Bonds	82.01%
Floating Rate Loans	10.83%
Foreign Government Obligations	0.21%
Repurchase Agreements	0.22%
Money Market Funds^{Footnote Reference(a)}	2.87%
Time Deposits^{Footnote Reference(a)}	0.32%
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class F

LSYFX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9052-F

09/25

Class F3

LSYNX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class F3	$38	0.37%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 7.92%, reflecting performance at the net asset value (NAV) of Class F3 shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2^nd “Liberation Day” U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

Top contributors to performance:

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

Top detractors from performance:

Credit selection within Capital Goods, Automotive and Healthcare sectors.

Fund Performance

Total Return Based on $10,000 Investment

	Class F3	Bloomberg U.S. Aggregate Bond Index	ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index
4/30/2020	$10,000	$10,000	$10,000
5/31/2020	$10,314	$10,047	$10,381
6/30/2020	$10,401	$10,110	$10,474
7/31/2020	$10,763	$10,261	$10,846
8/31/2020	$10,880	$10,178	$10,941
9/30/2020	$10,825	$10,172	$10,851
10/31/2020	$10,893	$10,127	$10,896
11/30/2020	$11,239	$10,226	$11,216
12/31/2020	$11,411	$10,240	$11,367
1/31/2021	$11,495	$10,167	$11,404
2/28/2021	$11,589	$10,020	$11,467
3/31/2021	$11,641	$9,895	$11,538
4/30/2021	$11,735	$9,973	$11,635
5/31/2021	$11,798	$10,006	$11,675
6/30/2021	$11,884	$10,076	$11,761
7/31/2021	$11,893	$10,189	$11,764
8/31/2021	$11,935	$10,169	$11,815
9/30/2021	$11,977	$10,081	$11,832
10/31/2021	$12,019	$10,079	$11,843
11/30/2021	$11,908	$10,108	$11,760
12/31/2021	$12,077	$10,083	$11,921
1/31/2022	$11,920	$9,865	$11,745
2/28/2022	$11,851	$9,755	$11,700
3/31/2022	$11,830	$9,484	$11,650
4/30/2022	$11,591	$9,124	$11,427
5/31/2022	$11,582	$9,183	$11,428
6/30/2022	$10,929	$9,039	$10,843
7/31/2022	$11,443	$9,260	$11,344
8/31/2022	$11,309	$8,998	$11,158
9/30/2022	$10,988	$8,610	$10,869
10/31/2022	$11,251	$8,498	$11,145
11/30/2022	$11,447	$8,811	$11,330
12/31/2022	$11,408	$8,771	$11,278
1/31/2023	$11,746	$9,041	$11,606
2/28/2023	$11,641	$8,807	$11,518
3/31/2023	$11,718	$9,031	$11,618
4/30/2023	$11,832	$9,085	$11,712
5/31/2023	$11,764	$8,986	$11,645
6/30/2023	$11,968	$8,954	$11,805
7/31/2023	$12,100	$8,948	$11,947
8/31/2023	$12,158	$8,891	$11,991
9/30/2023	$12,126	$8,665	$11,916
10/31/2023	$12,034	$8,528	$11,836
11/30/2023	$12,465	$8,914	$12,253
12/31/2023	$12,808	$9,256	$12,592
1/31/2024	$12,874	$9,230	$12,605
2/29/2024	$12,952	$9,100	$12,645
3/31/2024	$13,097	$9,184	$12,770
4/30/2024	$13,044	$8,952	$12,702
5/31/2024	$13,179	$9,104	$12,826
6/30/2024	$13,300	$9,190	$12,942
7/31/2024	$13,516	$9,405	$13,135
8/31/2024	$13,695	$9,540	$13,310
9/30/2024	$13,858	$9,667	$13,450
10/31/2024	$13,866	$9,428	$13,401
11/30/2024	$14,029	$9,527	$13,534
12/31/2024	$14,020	$9,371	$13,500
1/31/2025	$14,187	$9,421	$13,668
2/28/2025	$14,279	$9,628	$13,750
3/31/2025	$14,063	$9,632	$13,644
4/30/2025	$13,888	$9,670	$13,649
5/31/2025	$14,220	$9,601	$13,838
6/30/2025	$14,505	$9,748	$14,066
7/31/2025	$14,588	$9,723	$14,109

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception 4/30/20
Class F3 at NAV	7.92%	6.27%	7.45%
ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index	7.41%	5.40%	6.77%
Bloomberg U.S. Aggregate Bond Index	3.38%	(1.07%)	(0.53%)

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$8,607,815,333
# of Portfolio Holdings	636
Portfolio Turnover Rate	140%
Total Advisory Fees Paid	$20,005,780

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	1.28%
Common Stocks	0.01%
Convertible Bonds	2.25%
Corporate Bonds	82.01%
Floating Rate Loans	10.83%
Foreign Government Obligations	0.21%
Repurchase Agreements	0.22%
Money Market Funds^{Footnote Reference(a)}	2.87%
Time Deposits^{Footnote Reference(a)}	0.32%
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class F3

LSYNX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9054-F3

09/25

Class I

LSYIX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$47	0.45%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 7.83%, reflecting performance at the net asset value (NAV) of Class I shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2^nd “Liberation Day” U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

Top contributors to performance:

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

Top detractors from performance:

Credit selection within Capital Goods, Automotive and Healthcare sectors.

Fund Performance

Total Return Based on $10,000 Investment

	Class I	Bloomberg U.S. Aggregate Bond Index	ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index
4/30/2020	$10,000	$10,000	$10,000
5/31/2020	$10,313	$10,047	$10,381
6/30/2020	$10,400	$10,110	$10,474
7/31/2020	$10,761	$10,261	$10,846
8/31/2020	$10,878	$10,178	$10,941
9/30/2020	$10,822	$10,172	$10,851
10/31/2020	$10,890	$10,127	$10,896
11/30/2020	$11,235	$10,226	$11,216
12/31/2020	$11,408	$10,240	$11,367
1/31/2021	$11,490	$10,167	$11,404
2/28/2021	$11,584	$10,020	$11,467
3/31/2021	$11,636	$9,895	$11,538
4/30/2021	$11,729	$9,973	$11,635
5/31/2021	$11,791	$10,006	$11,675
6/30/2021	$11,877	$10,076	$11,761
7/31/2021	$11,885	$10,189	$11,764
8/31/2021	$11,926	$10,169	$11,815
9/30/2021	$11,968	$10,081	$11,832
10/31/2021	$12,009	$10,079	$11,843
11/30/2021	$11,897	$10,108	$11,760
12/31/2021	$12,066	$10,083	$11,921
1/31/2022	$11,908	$9,865	$11,745
2/28/2022	$11,839	$9,755	$11,700
3/31/2022	$11,817	$9,484	$11,650
4/30/2022	$11,578	$9,124	$11,427
5/31/2022	$11,558	$9,183	$11,428
6/30/2022	$10,904	$9,039	$10,843
7/31/2022	$11,417	$9,260	$11,344
8/31/2022	$11,283	$8,998	$11,158
9/30/2022	$10,962	$8,610	$10,869
10/31/2022	$11,224	$8,498	$11,145
11/30/2022	$11,408	$8,811	$11,330
12/31/2022	$11,381	$8,771	$11,278
1/31/2023	$11,705	$9,041	$11,606
2/28/2023	$11,600	$8,807	$11,518
3/31/2023	$11,677	$9,031	$11,618
4/30/2023	$11,790	$9,085	$11,712
5/31/2023	$11,722	$8,986	$11,645
6/30/2023	$11,925	$8,954	$11,805
7/31/2023	$12,057	$8,948	$11,947
8/31/2023	$12,113	$8,891	$11,991
9/30/2023	$12,081	$8,665	$11,916
10/31/2023	$11,989	$8,528	$11,836
11/30/2023	$12,418	$8,914	$12,253
12/31/2023	$12,760	$9,256	$12,592
1/31/2024	$12,825	$9,230	$12,605
2/29/2024	$12,901	$9,100	$12,645
3/31/2024	$13,045	$9,184	$12,770
4/30/2024	$12,991	$8,952	$12,702
5/31/2024	$13,124	$9,104	$12,826
6/30/2024	$13,244	$9,190	$12,942
7/31/2024	$13,459	$9,405	$13,135
8/31/2024	$13,622	$9,540	$13,310
9/30/2024	$13,797	$9,667	$13,450
10/31/2024	$13,804	$9,428	$13,401
11/30/2024	$13,951	$9,527	$13,534
12/31/2024	$13,955	$9,371	$13,500
1/31/2025	$14,106	$9,421	$13,668
2/28/2025	$14,197	$9,628	$13,750
3/31/2025	$13,994	$9,632	$13,644
4/30/2025	$13,804	$9,670	$13,649
5/31/2025	$14,149	$9,601	$13,838
6/30/2025	$14,432	$9,748	$14,066
7/31/2025	$14,513	$9,723	$14,109

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception 4/30/20
Class I at NAV	7.83%	6.16%	7.35%
ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index	7.41%	5.40%	6.77%
Bloomberg U.S. Aggregate Bond Index	3.38%	(1.07%)	(0.53%)

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$8,607,815,333
# of Portfolio Holdings	636
Portfolio Turnover Rate	140%
Total Advisory Fees Paid	$20,005,780

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	1.28%
Common Stocks	0.01%
Convertible Bonds	2.25%
Corporate Bonds	82.01%
Floating Rate Loans	10.83%
Foreign Government Obligations	0.21%
Repurchase Agreements	0.22%
Money Market Funds^{Footnote Reference(a)}	2.87%
Time Deposits^{Footnote Reference(a)}	0.32%
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class I

LSYIX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9053-I

09/25

Class R3

LSYQX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R3	$98	0.95%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 7.31%, reflecting performance at the net asset value (NAV) of Class R3 shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2^nd “Liberation Day” U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

Top contributors to performance:

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

Top detractors from performance:

Credit selection within Capital Goods, Automotive and Healthcare sectors.

Fund Performance

Total Return Based on $10,000 Investment

	Class R3	Bloomberg U.S. Aggregate Bond Index	ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index
4/30/2020	$10,000	$10,000	$10,000
5/31/2020	$10,309	$10,047	$10,381
6/30/2020	$10,391	$10,110	$10,474
7/31/2020	$10,748	$10,261	$10,846
8/31/2020	$10,859	$10,178	$10,941
9/30/2020	$10,799	$10,172	$10,851
10/31/2020	$10,862	$10,127	$10,896
11/30/2020	$11,201	$10,226	$11,216
12/31/2020	$11,368	$10,240	$11,367
1/31/2021	$11,445	$10,167	$11,404
2/28/2021	$11,534	$10,020	$11,467
3/31/2021	$11,581	$9,895	$11,538
4/30/2021	$11,668	$9,973	$11,635
5/31/2021	$11,725	$10,006	$11,675
6/30/2021	$11,805	$10,076	$11,761
7/31/2021	$11,809	$10,189	$11,764
8/31/2021	$11,844	$10,169	$11,815
9/30/2021	$11,881	$10,081	$11,832
10/31/2021	$11,917	$10,079	$11,843
11/30/2021	$11,801	$10,108	$11,760
12/31/2021	$11,963	$10,083	$11,921
1/31/2022	$11,802	$9,865	$11,745
2/28/2022	$11,729	$9,755	$11,700
3/31/2022	$11,703	$9,484	$11,650
4/30/2022	$11,462	$9,124	$11,427
5/31/2022	$11,448	$9,183	$11,428
6/30/2022	$10,797	$9,039	$10,843
7/31/2022	$11,300	$9,260	$11,344
8/31/2022	$11,163	$8,998	$11,158
9/30/2022	$10,841	$8,610	$10,869
10/31/2022	$11,095	$8,498	$11,145
11/30/2022	$11,285	$8,811	$11,330
12/31/2022	$11,241	$8,771	$11,278
1/31/2023	$11,568	$9,041	$11,606
2/28/2023	$11,460	$8,807	$11,518
3/31/2023	$11,532	$9,031	$11,618
4/30/2023	$11,639	$9,085	$11,712
5/31/2023	$11,566	$8,986	$11,645
6/30/2023	$11,762	$8,954	$11,805
7/31/2023	$11,887	$8,948	$11,947
8/31/2023	$11,938	$8,891	$11,991
9/30/2023	$11,901	$8,665	$11,916
10/31/2023	$11,806	$8,528	$11,836
11/30/2023	$12,210	$8,914	$12,253
12/31/2023	$12,554	$9,256	$12,592
1/31/2024	$12,613	$9,230	$12,605
2/29/2024	$12,683	$9,100	$12,645
3/31/2024	$12,806	$9,184	$12,770
4/30/2024	$12,761	$8,952	$12,702
5/31/2024	$12,886	$9,104	$12,826
6/30/2024	$12,998	$9,190	$12,942
7/31/2024	$13,203	$9,405	$13,135
8/31/2024	$13,358	$9,540	$13,310
9/30/2024	$13,524	$9,667	$13,450
10/31/2024	$13,512	$9,428	$13,401
11/30/2024	$13,664	$9,527	$13,534
12/31/2024	$13,663	$9,371	$13,500
1/31/2025	$13,804	$9,421	$13,668
2/28/2025	$13,888	$9,628	$13,750
3/31/2025	$13,684	$9,632	$13,644
4/30/2025	$13,494	$9,670	$13,649
5/31/2025	$13,810	$9,601	$13,838
6/30/2025	$14,095	$9,748	$14,066
7/31/2025	$14,168	$9,723	$14,109

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception 4/30/20
Class R3 at NAV	7.31%	5.68%	6.86%
ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index	7.41%	5.40%	6.77%
Bloomberg U.S. Aggregate Bond Index	3.38%	(1.07%)	(0.53%)

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$8,607,815,333
# of Portfolio Holdings	636
Portfolio Turnover Rate	140%
Total Advisory Fees Paid	$20,005,780

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	1.28%
Common Stocks	0.01%
Convertible Bonds	2.25%
Corporate Bonds	82.01%
Floating Rate Loans	10.83%
Foreign Government Obligations	0.21%
Repurchase Agreements	0.22%
Money Market Funds^{Footnote Reference(a)}	2.87%
Time Deposits^{Footnote Reference(a)}	0.32%
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class R3

LSYQX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9055-R3

09/25

Class R4

LSYSX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R4	$73	0.70%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 7.56%, reflecting performance at the net asset value (NAV) of Class R4 shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2^nd “Liberation Day” U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

Top contributors to performance:

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

Top detractors from performance:

Credit selection within Capital Goods, Automotive and Healthcare sectors.

Fund Performance

Total Return Based on $10,000 Investment

	Class R4	Bloomberg U.S. Aggregate Bond Index	ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index
4/30/2020	$10,000	$10,000	$10,000
5/31/2020	$10,311	$10,047	$10,381
6/30/2020	$10,395	$10,110	$10,474
7/31/2020	$10,754	$10,261	$10,846
8/31/2020	$10,869	$10,178	$10,941
9/30/2020	$10,810	$10,172	$10,851
10/31/2020	$10,876	$10,127	$10,896
11/30/2020	$11,218	$10,226	$11,216
12/31/2020	$11,388	$10,240	$11,367
1/31/2021	$11,468	$10,167	$11,404
2/28/2021	$11,559	$10,020	$11,467
3/31/2021	$11,608	$9,895	$11,538
4/30/2021	$11,698	$9,973	$11,635
5/31/2021	$11,757	$10,006	$11,675
6/30/2021	$11,840	$10,076	$11,761
7/31/2021	$11,846	$10,189	$11,764
8/31/2021	$11,884	$10,169	$11,815
9/30/2021	$11,923	$10,081	$11,832
10/31/2021	$11,962	$10,079	$11,843
11/30/2021	$11,847	$10,108	$11,760
12/31/2021	$12,013	$10,083	$11,921
1/31/2022	$11,854	$9,865	$11,745
2/28/2022	$11,782	$9,755	$11,700
3/31/2022	$11,759	$9,484	$11,650
4/30/2022	$11,518	$9,124	$11,427
5/31/2022	$11,507	$9,183	$11,428
6/30/2022	$10,855	$9,039	$10,843
7/31/2022	$11,363	$9,260	$11,344
8/31/2022	$11,228	$8,998	$11,158
9/30/2022	$10,907	$8,610	$10,869
10/31/2022	$11,165	$8,498	$11,145
11/30/2022	$11,357	$8,811	$11,330
12/31/2022	$11,316	$8,771	$11,278
1/31/2023	$11,648	$9,041	$11,606
2/28/2023	$11,541	$8,807	$11,518
3/31/2023	$11,616	$9,031	$11,618
4/30/2023	$11,726	$9,085	$11,712
5/31/2023	$11,655	$8,986	$11,645
6/30/2023	$11,855	$8,954	$11,805
7/31/2023	$11,983	$8,948	$11,947
8/31/2023	$12,038	$8,891	$11,991
9/30/2023	$12,003	$8,665	$11,916
10/31/2023	$11,910	$8,528	$11,836
11/30/2023	$12,333	$8,914	$12,253
12/31/2023	$12,669	$9,256	$12,592
1/31/2024	$12,731	$9,230	$12,605
2/29/2024	$12,805	$9,100	$12,645
3/31/2024	$12,944	$9,184	$12,770
4/30/2024	$12,889	$8,952	$12,702
5/31/2024	$13,018	$9,104	$12,826
6/30/2024	$13,133	$9,190	$12,942
7/31/2024	$13,344	$9,405	$13,135
8/31/2024	$13,503	$9,540	$13,310
9/30/2024	$13,673	$9,667	$13,450
10/31/2024	$13,677	$9,428	$13,401
11/30/2024	$13,820	$9,527	$13,534
12/31/2024	$13,821	$9,371	$13,500
1/31/2025	$13,968	$9,421	$13,668
2/28/2025	$14,055	$9,628	$13,750
3/31/2025	$13,852	$9,632	$13,644
4/30/2025	$13,661	$9,670	$13,649
5/31/2025	$13,984	$9,601	$13,838
6/30/2025	$14,276	$9,748	$14,066
7/31/2025	$14,353	$9,723	$14,109

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception 4/30/20
Class R4 at NAV	7.56%	5.94%	7.12%
ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index	7.41%	5.40%	6.77%
Bloomberg U.S. Aggregate Bond Index	3.38%	(1.07%)	(0.53%)

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$8,607,815,333
# of Portfolio Holdings	636
Portfolio Turnover Rate	140%
Total Advisory Fees Paid	$20,005,780

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	1.28%
Common Stocks	0.01%
Convertible Bonds	2.25%
Corporate Bonds	82.01%
Floating Rate Loans	10.83%
Foreign Government Obligations	0.21%
Repurchase Agreements	0.22%
Money Market Funds^{Footnote Reference(a)}	2.87%
Time Deposits^{Footnote Reference(a)}	0.32%
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class R4

LSYSX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9056-R4

09/25

Class R5

LSYTX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R5	$46	0.44%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 7.84%, reflecting performance at the net asset value (NAV) of Class R5 shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2^nd “Liberation Day” U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

Top contributors to performance:

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

Top detractors from performance:

Credit selection within Capital Goods, Automotive and Healthcare sectors.

Fund Performance

Total Return Based on $10,000 Investment

	Class R5	Bloomberg U.S. Aggregate Bond Index	ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index
4/30/2020	$10,000	$10,000	$10,000
5/31/2020	$10,313	$10,047	$10,381
6/30/2020	$10,399	$10,110	$10,474
7/31/2020	$10,761	$10,261	$10,846
8/31/2020	$10,878	$10,178	$10,941
9/30/2020	$10,821	$10,172	$10,851
10/31/2020	$10,889	$10,127	$10,896
11/30/2020	$11,234	$10,226	$11,216
12/31/2020	$11,406	$10,240	$11,367
1/31/2021	$11,489	$10,167	$11,404
2/28/2021	$11,582	$10,020	$11,467
3/31/2021	$11,634	$9,895	$11,538
4/30/2021	$11,727	$9,973	$11,635
5/31/2021	$11,789	$10,006	$11,675
6/30/2021	$11,874	$10,076	$11,761
7/31/2021	$11,883	$10,189	$11,764
8/31/2021	$11,923	$10,169	$11,815
9/30/2021	$11,965	$10,081	$11,832
10/31/2021	$12,007	$10,079	$11,843
11/30/2021	$11,895	$10,108	$11,760
12/31/2021	$12,063	$10,083	$11,921
1/31/2022	$11,906	$9,865	$11,745
2/28/2022	$11,837	$9,755	$11,700
3/31/2022	$11,816	$9,484	$11,650
4/30/2022	$11,576	$9,124	$11,427
5/31/2022	$11,568	$9,183	$11,428
6/30/2022	$10,915	$9,039	$10,843
7/31/2022	$11,428	$9,260	$11,344
8/31/2022	$11,294	$8,998	$11,158
9/30/2022	$10,973	$8,610	$10,869
10/31/2022	$11,235	$8,498	$11,145
11/30/2022	$11,431	$8,811	$11,330
12/31/2022	$11,392	$8,771	$11,278
1/31/2023	$11,728	$9,041	$11,606
2/28/2023	$11,623	$8,807	$11,518
3/31/2023	$11,701	$9,031	$11,618
4/30/2023	$11,814	$9,085	$11,712
5/31/2023	$11,745	$8,986	$11,645
6/30/2023	$11,949	$8,954	$11,805
7/31/2023	$12,081	$8,948	$11,947
8/31/2023	$12,138	$8,891	$11,991
9/30/2023	$12,106	$8,665	$11,916
10/31/2023	$12,015	$8,528	$11,836
11/30/2023	$12,431	$8,914	$12,253
12/31/2023	$12,786	$9,256	$12,592
1/31/2024	$12,851	$9,230	$12,605
2/29/2024	$12,927	$9,100	$12,645
3/31/2024	$13,058	$9,184	$12,770
4/30/2024	$13,017	$8,952	$12,702
5/31/2024	$13,151	$9,104	$12,826
6/30/2024	$13,270	$9,190	$12,942
7/31/2024	$13,486	$9,405	$13,135
8/31/2024	$13,649	$9,540	$13,310
9/30/2024	$13,824	$9,667	$13,450
10/31/2024	$13,818	$9,428	$13,401
11/30/2024	$13,979	$9,527	$13,534
12/31/2024	$13,983	$9,371	$13,500
1/31/2025	$14,135	$9,421	$13,668
2/28/2025	$14,226	$9,628	$13,750
3/31/2025	$14,023	$9,632	$13,644
4/30/2025	$13,833	$9,670	$13,649
5/31/2025	$14,163	$9,601	$13,838
6/30/2025	$14,462	$9,748	$14,066
7/31/2025	$14,543	$9,723	$14,109

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception 4/30/20
Class R5 at NAV	7.84%	6.21%	7.39%
ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index	7.41%	5.40%	6.77%
Bloomberg U.S. Aggregate Bond Index	3.38%	(1.07%)	(0.53%)

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$8,607,815,333
# of Portfolio Holdings	636
Portfolio Turnover Rate	140%
Total Advisory Fees Paid	$20,005,780

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	1.28%
Common Stocks	0.01%
Convertible Bonds	2.25%
Corporate Bonds	82.01%
Floating Rate Loans	10.83%
Foreign Government Obligations	0.21%
Repurchase Agreements	0.22%
Money Market Funds^{Footnote Reference(a)}	2.87%
Time Deposits^{Footnote Reference(a)}	0.32%
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class R5

LSYTX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9057-R5

09/25

Class R6

LSYUX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R6	$38	0.37%

How did the Fund perform last year and what affected its performance?

For the fiscal year ended July 31, 2025, the Fund returned 7.92%, reflecting performance at the net asset value (NAV) of Class R6 shares, with all distributions reinvested, compared to the 7.41% return of a securities market index with investment characteristics similar to those of the Fund, the ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index. The Fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, returned 3.38% over the same period.

U.S. fixed income markets have navigated a turbulent yet resilient path over the past several quarters, shaped by macroeconomic shifts, evolving monetary policy, and political developments. In the first half of the period, performance was mixed but ultimately constructive. Resilient macroeconomic data led to credit spreads reaching multi-year tights, though momentum faded amid growth concerns, tariff uncertainty, and skepticism around AI-driven expansion. This culminated in the April 2^nd “Liberation Day” U.S. tariff announcement which triggered market volatility and a sharp selloff of risk assets. Markets rebounded on trade policy concessions, as well as strong earnings, increased AI investment momentum, and consumer resilience.

Top contributors to performance:

Security selection within the Telecommunications, Financial Services and Technology sectors. Credit selection within Single Bs. Allocation to convertible bonds.

Top detractors from performance:

Credit selection within Capital Goods, Automotive and Healthcare sectors.

Fund Performance

Total Return Based on $10,000 Investment

	Class R6	Bloomberg U.S. Aggregate Bond Index	ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index
4/30/2020	$10,000	$10,000	$10,000
5/31/2020	$10,314	$10,047	$10,381
6/30/2020	$10,401	$10,110	$10,474
7/31/2020	$10,763	$10,261	$10,846
8/31/2020	$10,881	$10,178	$10,941
9/30/2020	$10,825	$10,172	$10,851
10/31/2020	$10,894	$10,127	$10,896
11/30/2020	$11,239	$10,226	$11,216
12/31/2020	$11,412	$10,240	$11,367
1/31/2021	$11,495	$10,167	$11,404
2/28/2021	$11,589	$10,020	$11,467
3/31/2021	$11,642	$9,895	$11,538
4/30/2021	$11,735	$9,973	$11,635
5/31/2021	$11,798	$10,006	$11,675
6/30/2021	$11,884	$10,076	$11,761
7/31/2021	$11,894	$10,189	$11,764
8/31/2021	$11,946	$10,169	$11,815
9/30/2021	$11,988	$10,081	$11,832
10/31/2021	$12,019	$10,079	$11,843
11/30/2021	$11,908	$10,108	$11,760
12/31/2021	$12,076	$10,083	$11,921
1/31/2022	$11,930	$9,865	$11,745
2/28/2022	$11,850	$9,755	$11,700
3/31/2022	$11,829	$9,484	$11,650
4/30/2022	$11,601	$9,124	$11,427
5/31/2022	$11,581	$9,183	$11,428
6/30/2022	$10,927	$9,039	$10,843
7/31/2022	$11,441	$9,260	$11,344
8/31/2022	$11,307	$8,998	$11,158
9/30/2022	$10,987	$8,610	$10,869
10/31/2022	$11,249	$8,498	$11,145
11/30/2022	$11,446	$8,811	$11,330
12/31/2022	$11,407	$8,771	$11,278
1/31/2023	$11,744	$9,041	$11,606
2/28/2023	$11,627	$8,807	$11,518
3/31/2023	$11,717	$9,031	$11,618
4/30/2023	$11,818	$9,085	$11,712
5/31/2023	$11,762	$8,986	$11,645
6/30/2023	$11,954	$8,954	$11,805
7/31/2023	$12,099	$8,948	$11,947
8/31/2023	$12,156	$8,891	$11,991
9/30/2023	$12,124	$8,665	$11,916
10/31/2023	$12,033	$8,528	$11,836
11/30/2023	$12,450	$8,914	$12,253
12/31/2023	$12,794	$9,256	$12,592
1/31/2024	$12,860	$9,230	$12,605
2/29/2024	$12,950	$9,100	$12,645
3/31/2024	$13,082	$9,184	$12,770
4/30/2024	$13,043	$8,952	$12,702
5/31/2024	$13,177	$9,104	$12,826
6/30/2024	$13,298	$9,190	$12,942
7/31/2024	$13,515	$9,405	$13,135
8/31/2024	$13,680	$9,540	$13,310
9/30/2024	$13,856	$9,667	$13,450
10/31/2024	$13,851	$9,428	$13,401
11/30/2024	$14,013	$9,527	$13,534
12/31/2024	$14,004	$9,371	$13,500
1/31/2025	$14,171	$9,421	$13,668
2/28/2025	$14,263	$9,628	$13,750
3/31/2025	$14,061	$9,632	$13,644
4/30/2025	$13,872	$9,670	$13,649
5/31/2025	$14,203	$9,601	$13,838
6/30/2025	$14,504	$9,748	$14,066
7/31/2025	$14,586	$9,723	$14,109

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume the reinvestment of dividends and capital gains.

Average Annual Total Returns (%)

AATR	1 Year	5 Years	Since Inception 4/30/20
Class R6 at NAV	7.92%	6.27%	7.45%
ICE BofA High Yield U.S. Corporate Cash Pay BB-B (1-5yrs) Index	7.41%	5.40%	6.77%
Bloomberg U.S. Aggregate Bond Index	3.38%	(1.07%)	(0.53%)

The Fund's past performance is no guarantee of future results. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

(as of July 31, 2025)

Total Net Assets	$8,607,815,333
# of Portfolio Holdings	636
Portfolio Turnover Rate	140%
Total Advisory Fees Paid	$20,005,780

What did the Fund invest in?

(as of July 31, 2025)

Portfolio Holdings Presented by Portfolio Allocation	%^{Footnote Reference*}
Asset-Backed Securities	1.28%
Common Stocks	0.01%
Convertible Bonds	2.25%
Corporate Bonds	82.01%
Floating Rate Loans	10.83%
Foreign Government Obligations	0.21%
Repurchase Agreements	0.22%
Money Market Funds^{Footnote Reference(a)}	2.87%
Time Deposits^{Footnote Reference(a)}	0.32%
Total	100.00%

Footnote	Description
Footnote*	Represents percent of total investments, which excludes derivatives.
Footnote(a)	Securities were purchased with the cash collateral from loaned securities.

Summary of Fund Changes

There were no material fund changes during the period.

Where can I find additional information about the Fund?

Class R6

LSYUX

Lord Abbett Short Duration High Yield Fund

Annual Shareholder Report

July 31, 2025

lordabbett.com/FundDocuments

TSR-A-9058-R6

09/25

The Registrant’s board of trustees has determined that each of the following independent trustees who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey, Karla M. Rabusch, and Peter J. McNamara. Each of these persons is independent within the meaning of the Form N-CSR.

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended July 31, 2025 and 2024 by the Registrant’s principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, “Deloitte”) were as follows:

{a} Consists of fees for audits of the Registrant’s annual financial statements.

{b} Fees for the fiscal year ended July 31, 2025 and 2024 consist of fees for services related to the recovery of excess dividend withholding taxes in certain jurisdictions.

(e) (1) Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant’s Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:

The Audit Committee has delegated pre-approval authority to its Chair, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chair will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

(e) (2) The Registrant’s Audit Committee has approved 100% of the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(g) The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as “All Other Fees”.

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant’s investment adviser, Lord, Abbett & Co. LLC (“Lord Abbett”), for the fiscal years ended July 31, 2025 and 2024 were:

{a} Consist of fees for Independent Services Auditors’ Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett’s Asset Management Services (“SOC-1 Report”).

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended July 31, 2025 and 2024 were:

(h) The Registrant’s Audit Committee has considered the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte’s independence.

The following is a summary of the inputs used as of July 31, 2025 in valuing the Fund’s investments carried at fair value⁽¹⁾:

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets.

The following is a summary of the inputs used as of July 31, 2025 in valuing the Fund’s investments carried at fair value⁽¹⁾:

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets.

Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers - Buy Protection at July 31, 2025⁽¹⁾:

The following is a summary of the inputs used as of July 31, 2025 in valuing the Fund’s investments carried at fair value⁽¹⁾:

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund’s net assets at the beginning or end of the year.

Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers - Sell Protection at July 31, 2025⁽¹⁾:

The following is a summary of the inputs used as of July 31, 2025 in valuing the Fund’s investments carried at fair value⁽¹⁾:

The Trust currently consists of eight funds as of July 31, 2025. This report covers the following four funds (each, a “Fund” and collectively, the “Funds”) and their respective active share classes:

As of July 31, 2025, each Fund is diversified within the meaning of the 1940 Act. Effective February 7, 2025, Emerging Markets Equity Fund’s classification changed from non-diversified to diversified.

Emerging Markets Equity Fund’s and International Growth Fund’s investment objective is to seek long-term capital appreciation. Investment Grade Floating Rate Fund’s investment objective is to seek a high level of current income. Short Duration High Yield Fund’s investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the Class C shares have been held at least eight years.

The Funds are investment companies and apply the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

An operating segment is defined in FASB Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) as a component of a public entity that engages in business activities from which it may recognize

revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Funds is Lord Abbett & Co. LLC (“Lord Abbett”) through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and that the Funds’ long-term strategic asset allocation is pre-determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds’ portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Funds’ Schedules of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.

Derivatives–During the fiscal year, the Funds used derivative instruments including forward foreign currency exchange contracts, futures contracts and swap contracts in connection with their investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Funds’ Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds.

Forward Foreign Currency Exchange Contracts–The Funds are exposed to foreign currency risks associated with some or all of their portfolio investments and, during the fiscal year, used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

Futures Contracts–The Funds may enter into futures contracts to manage and hedge interest rate risk associated with portfolio investments. Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Net change in unrealized appreciation/(depreciation) on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedules of Investments, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction;

therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

Swap Contracts–The Funds may engage in swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within their respective portfolios. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between a fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Funds are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and are amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedules of Investments, while cash deposited, which is considered restricted, is reported as Deposits with brokers for swap contracts collateral on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Net change in unrealized appreciation/(depreciation) on swap contracts on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

Credit Default Swap Contracts–During the year, the Funds listed in the tables below entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/ moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with an identical reference obligation.

Interest Rate Swap Contracts–During the year, the Funds listed in the tables below entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of their portfolios. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.

Options–During the year, the Funds listed in the below table have purchased over-the-counter put or call options on securities, stock indices, currencies and other financial instruments for hedging purposes, to enhance portfolio returns and reduce overall volatility.

When a Fund writes (sells) an option, an amount equal to the premium received by each Fund is recorded as a liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, each Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by each Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.

Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that each Fund pays a premium whether or not the option is exercised. Additionally, each Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. Realized and net change in unrealized gains and losses on purchased options are included in Net realized and Net change in unrealized appreciation/(depreciation) on investments, respectively, in the Funds’ Statements of Operations.

Summary of Derivatives Information–As of July 31, 2025, the Funds in the tables below had the following derivatives at fair value, grouped into appropriate risk categories and respective location on the Statements of Assets and Liabilities:

The following tables present the effect of derivatives for each Fund on the Statements of Operations for the fiscal year ended July 31, 2025:

Disclosures About Offsetting Assets and Liabilities–The FASB requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the Statements of Assets and Liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by the counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the

agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty:

The Trust has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio. The management fee is accrued daily and payable monthly.

The management fee is based on each Fund’s average daily net assets at the following annual rates:

For the fiscal year ended July 31, 2025, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund’s average daily net assets:

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund’s average daily net assets. The fund administration fee is accrued daily and payable monthly.

For the fiscal year ended July 31, 2025 and continuing through November 30, 2025, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit the total net annual operating expenses, excluding certain of the Funds’ expenses, to the following annual rates:

All contractual fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Board.

Each Fund has adopted a distribution plan with respect to Class A, C, F, R3 and R4 shares pursuant to Rule 12b-1 under the 1940 Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.

The Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, during the fiscal year ended July 31, 2025:

The Distributor received the following amounts of CDSCs for the fiscal year ended July 31, 2025:

One Trustee and certain of the Trust’s officers have an interest in Lord Abbett.

Dividends are paid from net investment income, if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the fiscal year ended July 31, 2025 was as follows:

The tax character of distributions paid during the fiscal year ended July 31, 2024 was as follows:

As of July 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

Net capital losses recognized by the Funds may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:

At each Fund’s election, certain losses incurred within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. The Funds incurred and will elect to defer qualified late-year ordinary losses and/or post-October capital losses as follows:

As of July 31, 2025, the tax cost of investments and the breakdown of unrealized appreciation/ (depreciation) for each Fund are shown below.

Permanent items identified, as shown below, have been reclassified among the components of net assets based on their tax treatment. The permanent differences are primarily attributable to tax treatment of certain distributions and net operating loss.

Purchases and sales of investment securities (excluding short-term investments) during the fiscal year ended July 31, 2025 were as follows:

Each Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the 1940 Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the fiscal year ended July 31, 2025, the Funds did not engage in cross-trade purchases or sales.

The Trust’s officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees may elect to defer receipt of a portion of Trustees’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Funds. Such amounts and earnings accrued thereon are included in Trustees’ fees in the Statements of Operations and in Trustees’ fees payable in the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

For the period ended June 5, 2025, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) were party to a syndicated line of credit facility with various lenders for $1.6 billion (the “Syndicated Facility”) under which State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the fiscal year ended July 31, 2025, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”) certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the fiscal year ended July 31, 2025, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

SSB is the Funds’ custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.

The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds’ securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income in each Fund’s Statement of Operations.

The initial collateral received by the Funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Funds continue to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of July 31, 2025, the market value of securities loaned and collateral received were as follows:

Each of the Investment Grade Floating Rate Fund and Short Duration High Yield Fund is subject to the general risks and considerations associated with investing in debt securities and to the changing prospects of individual companies and/or sectors in which the Funds invest. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of debt securities are likely to decline; when rates fall, such prices tend to rise. Longer-term debt securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a debt security will fail to make timely payments of principal or interest to a Fund, a risk that is greater with high-yield securities (sometimes called “lower-rated bonds” or “junk bonds”), in which the Funds may substantially invest. Some issuers, particularly of high-yield securities, may default as to principal and/or interest payments after a fund purchases its securities. A default, or concerns in the market about an increase in the risk of default, may result in losses to the Funds. High-yield securities are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid, which may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

Each Fund is subject to the general risks and considerations associated with equity investing. The value of the Funds’ investments will fluctuate in response to movements in the equity securities markets in general and to the changing prospects of individual companies in which the Funds invest. If a Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market.

Large company stocks, in which the International Growth Fund may invest, may perform differently than the market as a whole and other types of stocks, such as small company stocks.

Each Fund is subject to the risks of investing in foreign securities. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations, economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, foreign taxes, and higher transaction costs. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions, threat thereof or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets. Foreign investments also may be affected by changes in currency rates or currency controls. These risks are generally greater for securities issued by companies in emerging market companies.

Each of the Investment Grade Floating Rate Fund and Short Duration High Yield Fund is subject to the risk of investing in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the

Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Funds may be required to look principally to the agency issuing or guaranteeing the obligation.

The mortgage-related and asset-backed securities in which the Investment Grade Floating Rate Fund and Short Duration High Yield Fund may invest may be particularly sensitive to changes in prevailing interest rates, and economic conditions, including delinquencies and/or defaults. These changes can affect the value, income, and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive a Fund of income payments above current market rates. Alternatively, rising interest rates may cause prepayments to occur at a slower-than expected rate, extending the duration of a security and typically reducing its value. The payment rate will thus affect the price and volatility of a mortgage-related security. In addition, a Fund may invest in non-agency asset backed and mortgage related securities, which are issued by private institutions, not by government-sponsored enterprises.

Each of the Emerging Markets Equity Fund and International Growth Fund is subject to the risks of investing in growth stocks. Growth stocks typically trade at higher multiples of current earnings than other stocks. Growth stocks often are more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, prices of growth stocks typically fall. Growth stocks may be more volatile than securities of slower-growing issuers.

The Short Duration High Yield Fund may invest in convertible securities, which have both equity and fixed income risk characteristics, including market, credit, liquidity, and interest rate risks. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a rising equity securities market than equity securities. They tend to be more volatile than other fixed income securities and the market for convertible securities may be less liquid than the markets for stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.

Each Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Funds’ returns since the Funds may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether a Fund’s use of derivatives is successful may depend on, among other things, the Fund’s ability to correctly forecast market movements and other factors. Losses may also arise from the failure of a derivative counterparty to meet its contractual obligations. If the Fund incorrectly forecasts these and other factors, its performance could suffer. The Fund’s use of derivatives could result in a loss exceeding the amount of the Fund’s investment in these instruments.

The Investment Grade Floating Rate Fund and Short Duration High Yield Fund may invest in loans, which include, among other things, loans to U.S. or foreign corporations, partnerships, other business entities, or to U.S. and non-U.S. governments. Each Fund may invest in fixed rate and variable rate loans and floating or adjustable rate loans, including bridge loans, novations, assignments, and participations, which are subject to increased credit and liquidity risks. Floating rate or adjustable rate senior loans are subject to increased credit and liquidity risks. The loans in which the Short Duration High Yield Fund invests will usually be rated below investment grade or may also be unrated. Below investment grade loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. The Short Duration High Yield Fund may also invest in, or obtain exposure to, obligations that may be “covenant-lite,” which means such obligations lack certain financial maintenance covenants. Should a loan held by the Fund begin to deteriorate in quality, the Fund’s ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may in turn delay the Fund’s ability to seek to recover its investment. The Investment Grade Floating Rate Fund may also invest in, or obtain exposure to, collateralized loan obligations (“CLOs”) and may be subject to the economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments’ reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of a Fund and its investments.

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example, the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have, a significant negative impact on the performance of each Fund’s investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund’s investments and negatively impact each Fund’s performance and your investment in each Fund.

We have audited the accompanying statements of assets and liabilities of Lord Abbett Trust I comprising the Lord Abbett Emerging Markets Equity Fund, Lord Abbett International Growth Fund, Lord Abbett Investment Grade Floating Rate Fund, and Lord Abbett Short Duration High Yield Fund (the “Funds”), including the schedules of investments, as of July 31, 2025, and the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for Lord Abbett Short Duration High Yield Fund, and for the periods indicated in the table below for Lord Abbett Emerging Markets Equity Fund, Lord Abbett International Growth Fund and Lord Abbett Investment Grade Floating Rate Fund, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting Lord Abbett Trust I as of July 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and counterparties; when replies were not received from counterparties, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Lord Abbett Family of Funds’ investment companies since 1932.

Remuneration paid to trustees, officers, and others is included in “Trustees’ Remuneration” under Item 7 of this Form N-CSR.

The Board, including all of the Trustees who are not “interested persons” of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of an appropriate benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Trustees also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board as to each Fund included, but were not limited to: (1) for each Fund, information provided by Broadridge Financial Solutions (“Broadridge”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of one or more appropriate benchmarks; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability to Lord Abbett of providing management and administrative services to the Fund; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett’s other advisory clients maintaining accounts with a similar investment strategy as the Fund (in the case of Short Duration High Yield Fund); and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to each Fund, including investment research, portfolio management and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that

Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate marketplaces. The Board considered the fact that in many instances, fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and an appropriate benchmark as of the one-year period ended June 30, 2024. As to each of the Short Duration High Yield Fund and International Growth Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one- and three-year periods. As to each of the Emerging Markets Equity Fund and Investment Grade Floating Rate Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year period. In each case, the Board considered Lord Abbett’s explanation of the Fund’s performance. The Board also considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that each Fund’s Agreement should be continued.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, the resources made available to them, Lord Abbett’s investment methodologies and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett’s supervision of third-party service providers, including each Fund’s transfer agent and custodian.

Expenses. The Board considered the expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how each of the expense level and the actual management fee rates of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each of Short Duration High Yield Fund, Emerging Markets Equity Fund, and International Growth Fund, the Board observed that the net total expense ratio and the actual management fee of the Fund were both below the median of the expense peer group. As to

Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

Investment Grade Floating Rate Fund, the Board observed that the net total expense ratio of the Fund was below the median of the expense peer group and that the actual management fee of the Fund was equal to the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for each Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett’s profit margins excluding Lord Abbett’s marketing and distribution expenses. The Board also considered Lord Abbett’s profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett’s ability to recruit and retain personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to each Fund was not excessive.

Economies of Scale. As to each Fund, the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered each Fund’s existing management fee schedule, with one or more contractual breakpoints in the level of management fee, and the Fund’s expense limitation agreement. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of each Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, that the Distributor may retain a portion of the 12b-1 fees it receives, and that the Distributor receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

Statement Regarding Basis for Approval of Investment Advisory Contract (concluded)

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

The following is a summary of the inputs used as of July 31, 2025 in valuing the Fund’s investments carried at fair value⁽¹⁾:

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the year in relation to the Fund’s net assets.

Lord Abbett Trust I (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and was organized as a Delaware statutory trust on May 1, 2001. The Trust consists of eight funds as of July 31, 2025. This report covers Lord Abbett Diversification Shares: Enhanced Municipal Yield Completion Fund (the “Fund”). The Fund is diversified within the meaning of the 1940 Act. The Fund commenced operations on April 9, 2024.

Shares of the Fund may be purchased only by or on behalf of separately managed account clients. Lord, Abbett & Co. LLC (“Lord Abbett”) has an agreement with the managed account program sponsor, or directly with the client, to provide advisory and administrative and other similar services for compensation to the managed account.

The Fund’s investment objective is to seek a high level of income exempt from U.S. federal income tax.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

An operating segment is defined in FASB Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280)-Improvements to Reportable Segment Disclosures (“ASU 2023-07”) as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Fund is Lord Abbett through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and that the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights.

The Fund does not pay a management fee to Lord Abbett under the management agreement between the Trust and Lord Abbett.

For the fiscal year ended July 31, 2025, Lord Abbett has contractually agreed to waive all fees and to bear and/or reimburse all expenses of the Fund, but excluding acquired fund fees and expenses, brokerage fees and commissions and other portfolio transaction expenses, investment-related expenses including, but not limited to costs of borrowing money and other leveraging methods, interest-related expenses, taxes, governmental fees, expenses related to litigation and potential litigation, and extraordinary expenses. This agreement will continue in effect, unless sooner terminated by the Trust’s Board, for so long as Lord Abbett serves as the investment adviser to the Fund pursuant to the management agreement between the Trust and Lord Abbett.

One Trustee and certain of the Trust’s officers have an interest in Lord Abbett.

The tax character of distributions paid during the fiscal year ended July 31, 2025 was as follows:

As of July 31, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

Net capital losses recognized by the Fund may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:

As of July 31, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for the Fund are shown below.

Purchases and sales of investment securities (excluding short-term investments) during the fiscal year ended July 31, 2025 were as follows:

There were no purchases or sales of U.S. Government securities during the fiscal year ended July 31, 2025.

The Trust’s officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of the fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees may elect to defer receipt of a portion of Trustees’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Trustees’ fees in the Statement of Operations and in Trustees’ fees payable, if any, in the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

For the period ended June 5, 2025, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) were party to a syndicated line of credit facility with various lenders for $1.6 billion (the “Syndicated Facility”) under which State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended June 5, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the “Bilateral Facility”). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the fiscal year ended July 31, 2025, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”) certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the fiscal year ended July 31, 2025, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

SSB is the Fund’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund’s NAV.

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund’s securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income, if any, in the Fund’s Statement of Operations.

The initial collateral received by the Fund is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

The Fund’s performance and the fair value of its investments will vary in response to changes in interest rates and other market factors. As interest rates rise, the Fund’s investments typically will lose value. This risk is usually greater for long-term bonds and particularly for TOB Residuals. As a result, the Fund, to the extent it invests in long-term bonds and TOB Residuals, is subject to such greater market risk. During periods of falling interest rates, the Fund’s investments may gain value.

There is the risk that an issuer of a municipal bond may fail to make timely payments of principal or interest to the Fund, a risk that is greater with municipal bonds rated below investment grade (sometimes called “lower rated bonds” or “junk bonds”). Some issuers, particularly of junk bonds, may default as to principal and/or interest payments after the Fund purchases their securities. A default, or concerns in the market about an increase in risk of default or the deterioration in the creditworthiness of an issuer, may result in losses to the Fund. Junk bonds are considered predominantly speculative by traditional investment standards. In addition, the market for lower rated municipal bonds generally is less liquid and more volatile than the market for higher rated bonds, subjecting them to greater price fluctuations which could result in losses.

The Fund may invest in private activity bonds (sometimes called “AMT paper”). The credit quality of AMT paper usually is directly related to the credit standing of the private user of the facilities.

The Fund may invest in TOB Residuals. A TOB Residual, sometimes referred to as an inverse floater or a residual interest bond, is a type of derivative debt instrument with a floating or variable interest rate that moves in the opposite direction of the interest rate on another specific fixed-rate security. Changes in 16the interest rate on the specific fixed-rate security inversely affect the residual interest paid on the TOB Residual, with the result that when interest rates rise, TOB Residuals’ interest payments are lowered and their value falls faster than securities similar to the specific fixed-rate security. When interest rates fall, not only do TOB Residuals generally provide interest payments that are higher than securities similar to the specific fixed-rate security, but their values generally also rise faster than such similar securities.

The Fund may purchase securities on a forward commitment or when-issued basis. Delivery and payment for such securities can take place a month or more after the transaction date. During this period such securities are subject to market fluctuations.

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example, the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have, a significant negative impact on the performance of the Fund’s investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. The foregoing could disrupt the operations of the Fund and its service providers, adversely affect the value and liquidity of the Fund’s investments and negatively impact the Fund’s performance and your investment in the Fund.

To the shareholders of Lord Abbett Diversification Shares: Enhanced Municipal Yield Completion Fund and the Board of Trustees of Lord Abbett Trust I

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Lord Abbett Diversification Shares: Enhanced Municipal Yield Completion Fund (the “Fund”), one of the funds constituting Lord Abbett Trust I, as of July 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets, and the financial highlights for the year then ended and the period from April 9, 2024 (commencement of operations) through July 31, 2024, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, and the changes in its net assets, and the financial highlights for the year then ended and for the period from April 9, 2024 (commencement of operations) through July 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

We have served as the auditor of one or more Lord Abbett Family of Funds’ investment companies since 1932.

Remuneration paid to trustees, officers, and others is included in “Trustees’ Remuneration” under Item 7 of this Form N-CSR.

The Board, including all of the Trustees who are not “interested persons” of the Fund or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), annually considers whether to approve the continuation of the existing management agreement between the Fund and Lord Abbett (the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Trustees also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board as to the Fund included, but were not limited to: (1) information provided by Broadridge Financial Solutions regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics (the “expense peer group”); (2) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (3) sales and redemption information for the Fund; (4) information regarding Lord Abbett’s financial condition; (5) an analysis of the relative profitability to Lord Abbett of providing management and administrative services to the Fund; and (6) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. Because the Fund commenced operations in April 2024, the Fund did not have investment performance for a full calendar year. The Board considered Lord Abbett’s performance

Statement Regarding Basis for Approval of Investment Advisory Contract (concluded)

and reputation generally and the performance of other Lord Abbett-managed funds overseen by the Board. After reviewing these and other factors, including those described below, the Board concluded that the Fund’s Agreement should be continued.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to the Fund, in light of its investment objective and discipline, and other services provided to the Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, the resources made available to them, Lord Abbett’s investment methodologies and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.

Expenses. The Board noted that the Fund is only available to separately managed account clients where Lord Abbett has an agreement with the separately managed account program sponsor, or directly with the client, to provide advisory and administrative and other similar services. The Board considered the expense level of the Fund and noted that the Fund does not pay a management or administrative fee to Lord Abbett. The Board also noted that Lord Abbett had agreed to waive fees and/or reimburse expenses of the Fund to the extent that expenses of the Fund (excluding certain items) exceed an annual rate of 0.00% of the Fund’s average net assets.

Profitability. The Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. The Board understood that, given that the Fund does not pay Lord Abbett an advisory or administrative fee and that Lord Abbett was obligated to pay certain expenses of the Fund, the Fund was not profitable to Lord Abbett based on revenues received from the Fund.

Economies of Scale. The Board understood that, given that the Fund does not pay Lord Abbett an advisory or administrative fee and that Lord Abbett was obligated to pay certain expenses of the Fund, the question of sharing of any economies of scale that might exist was not relevant.

Other Benefits to Lord Abbett. The Board considered the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund, including direct or indirect compensation by separately managed account program sponsors. The Board also observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

Alternative Arrangements. The Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. In considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

	(a)	In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”). The Code of Ethics was in effect during the fiscal year ended July 31, 2025 (the “Period”).

	(b)	Not applicable.

	(c)	The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.

	(d)	The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period.

	(e)	Not applicable.

	(f)	See Item 19(a)(1) concerning the filing of the Code of Ethics.

	Fiscal year ended:
	2025	2024
Audit Fees {a}	$253,250	$251,250
Audit-Related Fees	- 0 -	- 0 -
Total audit and audit-related fees	$253,250	$251,250

Tax Fees	- 0 -	- 0 -
All Other Fees {b}	- 0 -	- 0 -

Total Fees	$253,250	$251,250

	•	any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including the Registrant, and
	•	any audit-related, tax, and other services to be provided to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor’s independence.

Item 5:	Audit Committee of Listed Registrants.
	Not applicable.

Item 6:	Investments.
	The Registrant’s “Schedule I – Investments in securities of unaffiliated issuers” as of the close of the reporting period is included under Item 7 of this Form N-CSR.

		Schedules of Investments (Item 7):

1		Emerging Markets Equity Fund

6		International Growth Fund

10		Investment Grade Floating Rate Fund

55		Short Duration High Yield Fund

90		Statements of Assets and Liabilities (Item 7)

94		Statements of Operations (Item 7)

96		Statements of Changes in Net Assets (Item 7)

98		Financial Highlights (Item 7)

110		Notes to Financial Statements (Item 7)

135		Report of Independent Registered Public Accounting Firm (Item 7)

137		Changes in and Disagreements with Accountants (Item 8)

137		Proxy Disclosures (Item 9)

137		Remuneration Paid to Trustees, Officers, and Others (Item 10)

137		Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 97.73%

COMMON STOCKS 95.37%

Brazil 4.08%

Consumer Discretionary 1.23%
MercadoLibre, Inc.*		33	$	78,338

Financials 0.60%
B3 SA - Brasil Bolsa Balcao		17,157		38,545

Industrials 0.78%
Embraer SA		3,473		50,028

Materials 0.92%
Vale SA		6,118		58,410

Utilities 0.55%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		1,813		35,068
Total Brazil				260,389

Canada 0.48%

Materials 0.48%
Teck Resources Ltd. Class B		946		30,707

China 25.78%

Communication Services 8.25%
Tencent Holdings Ltd.		5,157		361,053
Tencent Music Entertainment Group ADR		2,847		59,759
NetEase, Inc.		2,703		70,662
Kuaishou Technology^†*		3,500		34,174

Consumer Discretionary 7.23%
Meituan Class B^†*		2,102		32,429
Alibaba Group Holding Ltd.		14,162		212,922
JD.com, Inc. Class A		1,152		18,158
BYD Co. Ltd. Class H		5,203		75,968
PDD Holdings, Inc. ADR*		201		22,803
ANTA Sports Products Ltd.		6,007		68,949
Trip.com Group Ltd.		479		29,738

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 1.78%

Repurchase Agreements 1.78%
Repurchase Agreement dated 7/31/2025, 4.000% due 8/1/2025 with Fixed Income Clearing Corp. collateralized by $113,400 of U.S. Treasury Note at 4.500% due 5/15/2027; value: $115,522; proceeds: $113,165 (cost $113,152)	$	113,152	$	113,152
Total Investments in Securities 99.51% (cost $4,747,845)				6,342,470
Other Assets and Liabilities – Net 0.49%				31,544
Net Assets 100.00%			$	6,374,014

ADR		American Depositary Receipt.
*		Non-income producing security.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At July 31, 2025, the total value of Rule 144A securities was $227,774, which represents 3.57% of net assets.

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Brazil	$	260,389	$	–	$	–	$	260,389
Canada		30,707		–		–		30,707
China		116,134		1,527,363		–		1,643,497
France		–		40,615		–		40,615
Greece		–		75,521		–		75,521
Hong Kong		–		128,948		–		128,948
Hungary		–		91,533		–		91,533
India		147,768		842,142		–		989,910
Indonesia		–		55,921		–		55,921
Mexico		166,311		–		–		166,311
Peru		79,632		–		–		79,632
Philippines		–		38,138		–		38,138
Poland		–		83,550		–		83,550
Singapore		66,263		–		–		66,263
South Africa		20,852		58,930		–		79,782
South Korea		–		786,994		–		786,994
Taiwan		–		1,094,985		–		1,094,985
Thailand		–		56,765		–		56,765
Turkey		–		43,201		–		43,201
United Arab Emirates		32,844		74,326		–		107,170
United Kingdom		17,344		30,902		–		48,246
United States		47,580		63,314		–		110,894
Preferred Stocks		98,649		51,697		–		150,346
Short-Term Investments
Repurchase Agreements		–		113,152		–		113,152
Total	$	1,084,473	$	5,257,997	$	–	$	6,342,470

⁽¹⁾		Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

Investments	Interest Rate		Maturity Date	Principal Amount^‡		Fair Value
LONG-TERM INVESTMENTS 103.71%

ASSET-BACKED SECURITIES 74.20%

Automobiles 7.42%
Ally Bank Auto Credit-Linked Notes Series 2024-A Class E^†	7.917%		5/17/2032	$	2,124,673	$	2,169,371
Ally Bank Auto Credit-Linked Notes Series 2024-B Class E^†	6.678%		9/15/2032		1,073,477		1,080,504
Bayview Opportunity Master Fund VII LLC Series 2024-CAR1 Class B^†	5.65% (30 day USD SOFR Average + 1.30%	)^#	12/26/2031		128,634		129,242
Bayview Opportunity Master Fund VII Trust Series 2024-SN1 Class E^†	8.00%		10/15/2029		2,000,000		2,060,753
CAL Receivables LLC Series 2022-1 Class B^†	8.69% (30 day USD SOFR Average + 4.35%	)^#	10/15/2026		2,054,603		2,051,571
Carmax Auto Owner Trust Series 2023-1 Class C	5.19%		1/16/2029		2,465,000		2,481,815
Carmax Auto Owner Trust Series 2023-3 Class C	5.61%		2/15/2029		5,000,000		5,087,696
Carvana Auto Receivables Trust Series 2023-N4 Class D^†	7.22%		2/11/2030		2,325,000		2,423,446
CPS Auto Receivables Trust Series 2022-A Class E^†	4.88%		4/16/2029		8,000,000		7,921,712
CPS Auto Receivables Trust Series 2022-B Class E^†	7.14%		10/15/2029		4,500,000		4,563,225
CPS Auto Receivables Trust Series 2023-A Class E^†	10.59%		8/15/2030		8,884,000		9,657,669
CPS Auto Receivables Trust Series 2023-C Class D^†	6.77%		10/15/2029		4,250,000		4,356,058
CPS Auto Receivables Trust Series 2024-D Class C^†	4.76%		1/15/2031		5,500,000		5,482,116
Drive Auto Receivables Trust Series 2024-1 Class C	5.43%		11/17/2031		2,330,000		2,353,637
Exeter Automobile Receivables Trust Series 2023-1A Class D	6.69%		6/15/2029		1,590,000		1,619,548
Exeter Automobile Receivables Trust Series 2023-1A Class E^†	12.07%		9/16/2030		5,900,000		6,700,602
Exeter Automobile Receivables Trust Series 2023-2A Class D	6.32%		8/15/2029		8,742,000		8,945,023
Exeter Automobile Receivables Trust Series 2023-3A Class D	6.68%		4/16/2029		2,416,000		2,467,701
Exeter Automobile Receivables Trust Series 2023-3A Class E^†	9.98%		1/15/2031		6,004,000		6,551,325
Exeter Automobile Receivables Trust Series 2023-5A Class C	6.85%		1/16/2029		6,515,000		6,641,620
Exeter Automobile Receivables Trust Series 2024-1A Class D	5.84%		6/17/2030		3,900,000		3,960,589

CAD	Canadian Dollar.
EUR	Euro.
EURIBOR	Euro Interbank Offered Rate.
REMICS	Real Estate Mortgage Investment Conduits.
SOFR	Secured Overnight Financing Rate.
STACR	Structured Agency Credit Risk.

^‡		Principal Amount is denominated in U.S. dollars unless otherwise noted.
^†		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At July 31, 2025, the total value of Rule 144A securities was $2,196,443,520, which represents 81.45% of net assets.
^#		Variable rate security. The interest rate represents the rate in effect at July 31, 2025.
^(a)		Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee.
^(b)		Securities purchased on a when-issued basis (See Note 2(i)).
^(c)		Interest Rate to be determined.
^(d)		Foreign security traded in U.S. dollars.
^(e)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(f)		Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at July 31, 2025.
^(g)		Security partially/fully unfunded (See Note 2(c)).
^(h)		Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.
⁽ⁱ⁾		Security was purchased with the cash collateral from loaned securities.
^(j)		Other Assets and Liabilities - Net include net unrealized appreciation/(depreciation) on forward foreign currency exchange contracts, futures contracts and swap contracts as follows:

Description	Counterparty	Number of Contracts	Expiration Date	Exercise Price	Notional Amount	Value
CDX.NA.IG.S44	Goldman Sachs	425,000,000	6/20/2030	$0.0075	$425,000,000	$	220,651
CDX.NA.IG.S44	Goldman Sachs	125,000,000	6/20/2030	0.007	125,000,000		137,405
Total OTC Options Purchased						$	358,056

⁽¹⁾		If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap contracts and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap contracts less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments paid (received) are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $1,277,141.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value			Unrealized Appreciation
Canadian dollar	Sell	Morgan Stanley	9/19/2025		1,682,000	$	1,242,237		$	1,216,823		$	25,414
Canadian dollar	Sell	Morgan Stanley	9/19/2025		17,700,000		12,975,625			12,804,851			170,774
Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts												$	196,188

EUR	Euro.
GBP	British Pound.
CMT	Constant Maturity Rate.
EURIBOR	Euro Interbank Offered Rate.
ICE	Intercontinental Exchange.
PIK	Payment-in-kind.
REITS	Real Estate Investment Trusts.
SOFR	Secured Overnight Financing Rate.

⁽¹⁾		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap contracts less the recovery value of the referenced obligation or underlying securities.
⁽²⁾		Upfront payments paid (received) are presented net of amortization.
⁽³⁾		Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $89,414. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0.
⁽⁴⁾		Central Clearinghouse: Intercontinental Exchange (ICE).

Type	Expiration	Contracts	Position	Notional Amount	Notional Value	Unrealized Appreciation
U.S. 10-Year Treasury Note	September 2025	643	Long	$71,305,257	$71,413,188			$107,931

Type	Expiration	Contracts	Position	Notional Amount	Notional Value	Unrealized Depreciation
U.S. 2-Year Treasury Note	September 2025	4,402	Long	$913,847,832	$911,145,223		$	(2,702,609	)
U.S. 5-Year Treasury Note	September 2025	4,000	Long	433,917,943	432,687,500			(1,230,443	)
Total Unrealized Depreciation on Futures Contracts							$	(3,933,052	)

	Emerging Markets Equity Fund		International Growth Fund
ASSETS:
Investments in securities, at cost	$	4,747,845	$	2,565,393
Investments in securities, at fair value including $0, $0, $856,913 and $268,650,784, respectively, of securities loaned	$	6,342,470	$	3,412,633
Cash		108		67,322
Cash at brokers for forwards and swap contracts collateral		–		–
Deposits with brokers for futures collateral		–		–
Deposits with brokers for forwards and swap contracts collateral		–		–
Foreign cash, at value (cost $10,112, $50,094, $5,701 and $8,680,125, respectively)		3,999		48,345
Receivables:
From advisor (See Note 4)		31,844		20,726
Investment securities sold		27,340		25,198
Interest and dividends		14,051		937
Capital shares sold		83		61
Variation margin for centrally cleared swap contracts agreements		–		–
Securities lending income		–		–
Unrealized appreciation on forward foreign currency exchange contracts		–		–
Unrealized appreciation on unfunded loan commitments		–		–
Prepaid expenses		63,413		77,103
Total assets		6,483,308		3,652,325
LIABILITIES:
Payables:
Investment securities purchased		27,783		43,099
Foreign capital gains taxes deferred		24,330		1,488
Management fee		3,525		1,355
Capital shares reacquired		2,000		–
12b-1 distribution plan		1,431		516
Trustees’ fees		773		1,140
Fund administration		217		120
To brokers for forwards and swap contracts collateral		–		–
Variation margin for futures contracts		–		–
To bank		–		–
Collateral due to broker for securities lending		–		–
Unrealized depreciation on forward foreign currency exchange contracts		–		–
Distributions payable		–		–
Accrued expenses and other liabilities		49,235		50,878
Total liabilities		109,294		98,596
Commitments and contingent liabilities		–		–
NET ASSETS	$	6,374,014	$	3,553,729
COMPOSITION OF NET ASSETS:
Paid-in capital	$	5,233,580	$	3,140,434
Total distributable earnings/(loss)		1,140,434		413,295
Net Assets	$	6,374,014	$	3,553,729

Investment Grade Floating Rate Fund			Short Duration High Yield Fund

$	2,855,668,012		$	8,849,819,177

$	2,858,228,448		$	8,885,212,425
	1,939,502			–
	300,000			50,000
	1,345,125			11,488,025
	3,851,909			4,052,147

	5,626			8,572,284

	345,210			486,434
	40,882,890			111,760,194
	11,840,419			152,278,957
	12,096,275			14,806,570
	47,256			20,716
	50			331,910

	196,188			11,194,905
	1,606			–
	272,321			289,814
	2,931,352,825			9,200,544,381

	225,997,914			271,190,680
	–			–
	491,743			2,263,168
	6,376,958			24,238,416
	67,740			55,920
	103			174,710
	85,576			287,638
	300,000			50,000
	14,196			331,880
	–			2,562,538
	884,000			283,088,623
	–			4,230,715
	12,739			2,505,603
	310,265			1,749,157
	234,541,234			592,729,048
	–			–
$	2,696,811,591		$	8,607,815,333

$	2,698,887,793		$	8,639,448,593
	(2,076,202	)		(31,633,260	)
$	2,696,811,591		$	8,607,815,333

	Emerging Markets Equity Fund		International Growth Fund
Net Assets by class:
Class A Shares	$	3,760,887	$	1,803,559
Class C Shares	$	737,421	$	137,322
Class F Shares	$	30,399	$	106,738
Class F3 Shares	$	303,972	$	10,671
Class I Shares	$	629,421	$	224,859
Class R3 Shares	$	–	$	15,555
Class R4 Shares	$	–	$	10,612
Class R5 Shares	$	–	$	10,643
Class R6 Shares	$	911,914	$	1,233,770
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		207,253		113,340
Class C Shares		41,000		8,780
Class F Shares		1,667		6,667
Class F3 Shares		16,667		667
Class I Shares		34,589		14,084
Class R3 Shares		–		980
Class R4 Shares		–		667
Class R5 Shares		–		667
Class R6 Shares		50,000		77,088
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):*
Class A Shares-Net asset value		$18.15		$15.91
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%, 5.75%, 2.25% and 2.25%, respectively)		$19.26		$16.88
Class C Shares-Net asset value		$17.99		$15.64
Class F Shares-Net asset value		$18.24		$16.01
Class F3 Shares-Net asset value		$18.24		$16.01
Class I Shares-Net asset value		$18.20		$15.96
Class R3 Shares-Net asset value		$ –		$15.87
Class R4 Shares-Net asset value		$ –		$15.92
Class R5 Shares-Net asset value		$ –		$15.96
Class R6 Shares-Net asset value		$18.24		$16.00

Investment Grade Floating Rate Fund		Short Duration High Yield Fund

$	221,468,311	$	886,415,311
$	41,983,381	$	310,004,243
$	74,847,319	$	102,054,160
$	66,473,485	$	439,455,927
$	2,292,016,434	$	6,853,399,910
$	–	$	921,416
$	–	$	94,433
$	10,632	$	3,344,099
$	12,029	$	12,125,834


	21,621,084		90,548,743
	4,098,349		31,669,078
	7,306,254		10,434,686
	6,489,614		44,872,290
	223,745,852		701,497,844
	–		94,135
	–		9,648
	1,038		341,660
	1,174		1,239,032


	$10.24		$ 9.79


	$10.48		$10.02
	$10.24		$ 9.79
	$10.24		$ 9.78
	$10.24		$ 9.79
	$10.24		$ 9.77
	$ –		$ 9.79
	$ –		$ 9.79
	$10.24		$ 9.79
	$10.24		$ 9.79

	Emerging Markets Equity Fund			International Growth Fund
Investment income:
Dividends (net of foreign withholding taxes of $17,636, $6,431, $0 and $0, respectively)	$	139,657		$	38,316
Securities lending net income		–			–
Interest and other (net of foreign withholding taxes of $3, $0, $0 and $97,432, respectively)		1,252			553
Total investment income		140,909			38,869
Expenses:
Management fee		37,735			14,313
12b-1 distribution plan–Class A		8,799			4,220
12b-1 distribution plan–Class C		6,240			1,324
12b-1 distribution plan–Class F		27			98
12b-1 distribution plan–Class R3		–			71
12b-1 distribution plan–Class R4		–			24
Registration		138,369			134,375
Professional		76,043			60,236
Custody		39,604			3,691
Fund administration		2,322			1,272
Shareholder servicing		2,115			1,687
Reports to shareholders		1,130			618
Trustees’ fees		521			521
Other		11,880			17,761
Gross expenses		324,785			240,211
Fees waived and expenses reimbursed (See Note 4)		(257,863	)		(212,614	)
Net expenses		66,922			27,597
Net investment income		73,987			11,272
Net realized and unrealized gain/(loss):
Net realized gain/(loss) on investments		141,565			141,877
Net realized gain/(loss) on futures contracts		–			–
Net realized gain/(loss) on forward foreign currency exchange contracts		–			–
Net realized gain/(loss) on swap contracts		–			–
Net realized gain/(loss) on foreign capital gains taxes		(11,610	)		(380	)
Net realized gain/(loss) on foreign currency related transactions		(11,643	)		(1,425	)
Net change in unrealized appreciation/(depreciation) on investments		699,144			237,583
Net change in unrealized appreciation/(depreciation) on futures contracts		–			–
Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts		–			–
Net change in unrealized appreciation/(depreciation) on swap contracts		–			–
Net change in unrealized appreciation/(depreciation) on deferred foreign capital gains taxes		7,248			525
Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies		3,560			1,539
Net change in unrealized appreciation/(depreciation) on unfunded loan commitments		–			–
Net realized and unrealized gain/(loss)		828,264			379,719
Net Increase in Net Assets Resulting From Operations	$	902,251		$	390,991

Investment Grade Floating Rate Fund			Short Duration High Yield Fund


$	–		$	319,214
	831			3,506,587

	69,528,334			599,132,005
	69,529,165			602,957,806

	2,543,983			22,970,727
	168,509			1,434,682
	145,408			2,295,742
	39,444			113,277
	–			4,425
	–			279
	506,643			1,460,481
	80,047			291,814
	5,286			140,402
	429,022			2,912,352
	895,882			6,385,811
	72,994			769,106
	7,843			305,422
	66,436			343,901
	4,961,497			39,428,421
	(895,014	)		(3,218,626	)
	4,066,483			36,209,795
	65,462,682			566,748,011

	(525,550	)		12,869,488
	(472,031	)		(16,188,224	)
	15,605			(22,579,259	)
	(1,985,412	)		5,323,247
	–			–
	(4,767	)		1,678,823
	2,445,393			(46,960,781	)
	(54,591	)		(2,630,996	)

	195,358			7,158,003
	(1,418,333	)		(457,769	)

	–			–

	(1,350	)		(82,137	)

	1,606			(3,960	)
	(1,804,072	)		(61,873,565	)
$	63,658,610		$	504,874,446

	Emerging Markets Equity Fund
INCREASE (DECREASE) IN NET ASSETS	For the Year Ended July 31, 2025			For the Year Ended July 31, 2024
Operations:
Net investment income	$	73,987		$	83,560
Net realized gain/(loss)		118,312			(46,990	)
Net change in unrealized appreciation/(depreciation)		709,952			522,902
Net increase in net assets resulting from operations		902,251			559,472
Distributions to Shareholders
Class A		(35,541	)		(43,887	)
Class C		(2,405	)		(3,450	)
Class F		(319	)		(368	)
Class F3		(3,441	)		(3,901	)
Class I		(6,567	)		(7,397	)
Class R3		—			—
Class R4		—			—
Class R5		—			—
Class R6		(10,325	)		(11,705	)
Total distribution to shareholders		(58,598	)		(70,708	)
Capital share transactions (See Note 13):
Net proceeds from sales of shares		384,785			189,535
Reinvestment of distributions		3,701			3,843
Cost of shares reacquired		(394,510	)		(93,588	)
Net increase (decrease) in net assets resulting from capital share transactions		(6,024	)		99,790
Net increase (decrease) in net assets		837,629			588,554
NET ASSETS:
Beginning of year	$	5,536,385		$	4,947,831
End of year	$	6,374,014		$	5,536,385

International Growth Fund						Investment Grade Floating Rate Fund						Short Duration High Yield Fund
For the Year Ended July 31, 2025			For the Year Ended July 31, 2024			For the Year Ended July 31, 2025			For the Year Ended July 31, 2024			For the Year Ended July 31, 2025			For the Year Ended July 31, 2024

$	11,272		$	13,709		$	65,462,682		$	932,440		$	566,748,011		$	235,349,481
	140,072			(25,854	)		(2,972,155	)		222,456			(18,895,925	)		21,759,355
	239,647			317,416			1,168,083			10,896			(42,977,640	)		73,922,028
	390,991			305,271			63,658,610			1,165,792			504,874,446			331,030,864

	(3,384	)		(7,180	)		(5,056,070	)		(213,308	)		(60,924,518	)		(21,136,831	)
	—			—			(803,556	)		(32,939	)		(18,774,936	)		(5,399,466	)
	(343	)		(515	)		(2,422,391	)		(9,124	)		(10,004,617	)		(4,440,104	)
	(44	)		(61	)		(639,479	)		(1,902	)		(29,770,687	)		(9,533,432	)
	(927	)		(1,440	)		(57,058,280	)		(627,023	)		(509,467,615	)		(200,687,533	)
	—			(30	)		—			—			(73,004	)		(10,588	)
	(20	)		(39	)		—			—			(9,452	)		(7,179	)
	(44	)		(59	)		(1,057	)		(1,884	)		(88,419	)		(5,208	)
	(4,126	)		(4,957	)		(38,328	)		(108,450	)		(890,856	)		(175,897	)
	(8,888	)		(14,281	)		(66,019,161	)		(994,630	)		(630,004,104	)		(241,396,238	)

	952,665			215,449			3,120,321,932			29,924,769			6,007,596,042			4,642,206,940
	2,703			5,023			65,680,433			224,593			605,777,606			238,040,808
	(709,888	)		(572,125	)		(527,756,974	)		(456,883	)		(3,079,874,612	)		(972,225,871	)

	245,480			(351,653	)		2,658,245,391			29,692,479			3,533,499,036			3,908,021,877
	627,583			(60,663	)		2,655,884,840			29,863,641			3,408,369,378			3,997,656,503

$	2,926,146		$	2,986,809		$	40,926,751		$	11,063,110		$	5,199,445,955		$	1,201,789,452
$	3,553,729		$	2,926,146		$	2,696,811,591		$	40,926,751		$	8,607,815,333		$	5,199,445,955

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:

	Net asset value, beginning of period		Net invest- ment income/ (loss)^(a)			Net realized and unrealized gain/(loss)			Total from invest- ment opera- tions			Net invest- ment income			Net asset value, end of period
Class A
7/31/2025	$	15.77	$	0.21		$	2.34		$	2.55		$	(0.17	)	$	18.15
7/31/2024		14.41		0.24			1.32			1.56			(0.20	)		15.77
7/31/2023		13.56		0.21			0.89			1.10			(0.25	)		14.41
3/2/2022 to 7/31/2022^(c)		15.00		0.17	^(d)		(1.61	)^(d)		(1.44	)		–			13.56
Class C
7/31/2025		15.65		0.09			2.31			2.40			(0.06	)		17.99
7/31/2024		14.30		0.13			1.32			1.45			(0.10	)		15.65
7/31/2023		13.52		0.11			0.88			0.99			(0.21	)		14.30
3/2/2022 to 7/31/2022^(c)		15.00		0.13	^(d)		(1.61	)^(d)		(1.48	)		–			13.52
Class F
7/31/2025		15.84		0.25			2.34			2.59			(0.19	)		18.24
7/31/2024		14.46		0.27			1.33			1.60			(0.22	)		15.84
7/31/2023		13.58		0.25			0.89			1.14			(0.26	)		14.46
3/2/2022 to 7/31/2022^(c)		15.00		0.19	^(d)		(1.61	)^(d)		(1.42	)		–			13.58
Class F3
7/31/2025		15.84		0.26			2.35			2.61			(0.21	)		18.24
7/31/2024		14.47		0.28			1.32			1.60			(0.23	)		15.84
7/31/2023		13.58		0.26			0.89			1.15			(0.26	)		14.47
3/2/2022 to 7/31/2022^(c)		15.00		0.19	^(d)		(1.61	)^(d)		(1.42	)		–			13.58
Class I
7/31/2025		15.81		0.26			2.34			2.60			(0.21	)		18.20
7/31/2024		14.45		0.27			1.32			1.59			(0.23	)		15.81
7/31/2023		13.58		0.25			0.88			1.13			(0.26	)		14.45
3/2/2022 to 7/31/2022^(c)		15.00		0.19	^(d)		(1.61	)^(d)		(1.42	)		–			13.58
Class R6
7/31/2025		15.84		0.26			2.35			2.61			(0.21	)		18.24
7/31/2024		14.47		0.28			1.32			1.60			(0.23	)		15.84
7/31/2023		13.58		0.26			0.89			1.15			(0.26	)		14.47
3/2/2022 to 7/31/2022^(c)		15.00		0.19	^(d)		(1.61	)^(d)		(1.42	)		–			13.58

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Class A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Commencement of operations was on 3/2/2022, SEC effective date and date shares first became available to the public was 3/10/2022.
^(d)	Net investment income and net realized and unrealized gain/(loss) amounted to less than $0.01 for the period 3/2/2022 through 3/10/2022.
^(e)	Total return for the period 3/10/2022 through 7/31/2022 was (9.41%) for Class A, (9.68%) for Class C, (9.35%) for Class F, (9.28%) for Class F3, (9.35%) for Class I, and (9.28%) for Class R6.
^(f)	Not annualized.
^(g)	Annualized.