short_duration_high_yield_fund_statutory

THE LORD ABBETT FAMILY OF FUNDS

Supplement date

January 13

202

to the Prospectuses

Effective

January 13, 2025

The following

replaces, in its entirety, the

section

titled

“

Appendix A:

Intermediary

Specific Sales Charge Policies and Waivers

---

STIFEL, NICOLAUS & COMPANY, Incorporated and its broker

dealer

affiliates (“Stifel”)

”

in each Fund’s prospectus

STIFEL

Effective

January 13, 2025

shareholders purchasing or holding

und

shares,

including existing

und

shareholders, through a Stifel or

affiliated platform that

provides trade execution, clearance, and/or custody services, will be eligible for the

following sales charge load waivers (including front

end sales charge waivers and

contingent deferred, or back

end, (CDSC) sales charge waivers)

and discounts,

which may differ from those disclosed elsewhere in this prospectus or the Fund’s

SAI.

CLASS A SHARES

As described elsewhere in this prospectus, Stifel may receive compensation out of

the front

end sales charge if you purchase Class A

shares through Stifel.

Rights of accumulation

Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on

front

end sales charges will be calculated by Stifel based on the aggregated holding

of eligible assets in the

Lord Abbett Fam

ily of Funds

eld by accounts within the

purchaser’s household at Stifel. Ineligible assets include class A Money Market

Funds not assessed a sales charge.

Lord Abbett Family of Funds

assets not held at

Stifel may be included in the calculation of ROA only

if the shareholder notifies his

or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to

establish or change ROA for the IRA accounts associated with the plan to a plan

level grouping as oppo

sed to including all share classes at a shareholder or pricing

group level.

This supplement does not apply to the followin

g Funds:

Lord Abbett Credit Opportunities Fund,

Lord Abbett Flexible

Income Fund, Lord Abbett Floating Rate High Income Fund, Lord Abbett Municipal Opportunities Fund,

Lord Abbett

Special Situations Income Fund,

Lord Abbett U.S. Government & Government Spo

nsored Enterprises Money Market

Fund

any Funds within Lord Abbett Series Fund

, Lord Abbett Diversification Share

: Enhanced Municipal Yield

Completion Fund, Lord Abbett Diversification Share

: Core Completion Fund, Lord Abbett Diversification Share

: Core

Plus Completion Fund, and Lord Abbett Diversification Share

: Short Duration Completion Fund.

Front

end sales charge waivers on Class A shares available at Stifel

Sales charges may be waived for the following shareholders and in the following

situations:

•

Class C shares that have been held for more than seven (7) years may be

converted to Class A shares or other front

end share class(es) of the same

und

pursuant to Stifel’s policies and procedures. To the extent that this

prospectus elsewhere provides for

a waiver with respect to the exchange or

conversion of such shares following a shorter holding period, those

provisions shall continue to apply.

•

Shares purchased by employees and registered representatives of Stifel or

its affiliates and their family memb

ers as designated by Stifel.

•

Shares purchased in a Stifel fee

based advisory program, often referred to

as a “wrap” program.

•

Shares purchased through reinvestment of capital gains distributions and

dividend reinvestment when purchasing shares of the same

or other

und

within the

Lord Abbett Family of Funds

•

Shares purchased from the proceeds of redeemed shares of

the same

Lord

Abbett Family of Funds

so long as the proceeds are from the sale of shares

from an account with the same owner/beneficiary within 90 days of the

purchase. For the absence of doubt, automated transactions (i.e. systematic

purchases, including salary deferral transactions and wit

hdrawals) and

purchases made after shares are sold to cover Stifel

’s

account maintenance

fees are not eligible for rights of reinstatement.

•

Shares from rollovers into Stifel from retirement plans to IRAs.

•

Shares exchanged into Class A shares from another

share class so long as

the exchange is into the same

und

and was initiated at the direction of

Stifel. Stifel is responsible for any remaining CDSC due to the fund

company, if applicable. Any future purchases are subject to the applicable

sales charge as

disclosed in this prospectus.

•

Purchases of Class 529

A shares through a rollover from another 529 plan.

•

Purchases of Class 529

A shares made for reinvestment of refunded

amounts.

•

Employer

sponsored retirement plans (e.g., 401(k) plans, 457 plans,

emplo

yer

sponsored 403(b) plans, profit sharing and money purchase

pension plans and defined benefit plans). For purposes of this provision,

employer sponsored retirement plans do not include SEP IRAs, Simple

IRAs or SAR

SEPs.

Contingent Deferred Sales Charges

Waivers on Class A and C Shares

•

Death or disability of the shareholder or, in the case of 529 plans, the

account beneficiary.

•

Shares sold as part of a systematic withdrawal plan not to exceed 12%

annually.

•

Return of excess contributions from an IRA

Account.

•

Shares sold as part of a required minimum distribution for IRA and

retirement accounts due to the shareholder reaching the qualified age based

on applicable IRS regulations.

•

Shares acquired through a right of reinstatement.

•

Shares sold to pay S

tifel fees or costs in such cases where the transaction is

initiated by Stifel.

•

Shares exchanged or sold in a Stifel fee

based program.

Share Class Conversions in Advisory Accounts

•

Stifel continually looks to provide our clients with the lowest cost

class available based on account type. Stifel reserves the right to convert

shares to the lowest cost share class available at Stifel upon transfer of

shares into an advisory program.

Capitalized terms used in this Supplement shall, unless

otherwise defined herein,

have the same meaning as given in the Prospectuses.

Please retain this document for your future reference.

Lord Abbett Trust I

PROSPECTUS

DECEMBER 1, 2024

CLASS

TICKER

CLASS

TICKER

CLASS

TICKER

A....................

CFBAX

I .....................

CFLIX

R5 .................

CFBTX

C ...................

CFBCX

R2 .................

N/A

R6 .................

CFBUX

LORD ABBETT

CLIMATE FOCUSED BOND

FUND

F....................

CFLFX

R3 .................

CFLQX

F3..................

CFLNX

R4 .................

CFBRX

A....................

LGRAX

I .....................

LGRYX

R5 .................

IGRSX

C ...................

IGRCX

R2 .................

N/A

R6 .................

LGRUX

LORD ABBETT

INVESTMENT GRADE

FLOATING RATE FUND

F....................

LGRFX

R3 .................

N/A

F3..................

IGRNX

R4 .................

N/A

A....................

LSYAX

I .....................

LSYIX

R5 .................

LSYTX

C ...................

LSYCX

R2 .................

N/A

R6 .................

LSYUX

LORD ABBETT

SHORT DURATION HIGH

YIELD FUND

F....................

LSYFX

R3 .................

LSYQX

F3..................

LSYNX

R4 .................

LSYSX

The U.S. Securities and Exchange Commission has not approved or disapproved of these

securities or determined whether this prospectus is accurate or complete. Any representation

to the contrary is a criminal offense.

INVESTMENT PRODUCTS: NOT FDIC INSURED–NO BANK GUARANTEE–MAY LOSE VALUE

TABLE OF CONTENTS

FUND SUMMARY

Climate Focused Bond Fund

Investment Grade Floating Rate Fund

Short Duration High Yield Fund

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

MORE INFORMATION ABOUT THE FUNDS

Investment Objectives

Principal Investment Strategies

Principal Risks

Additional Information About Investment and Operational Risks

Disclosure of Portfolio Holdings

Management and Organization of the Fund

INFORMATION FOR MANAGING YOUR FUND ACCOUNT

Choosing a Share Class

Sales Charges

Sales Charge Reductions and Waivers

Financial Intermediary Compensation

Purchases

Exchanges

Redemptions

Account Services and Policies

Distributions and Taxes

106

FINANCIAL INFORMATION

Climate Focused Bond Fund

109

Investment Grade Floating Rate Fund

113

Short Duration High Yield Fund

115

APPENDIX A

Intermediary-Specific Sales Charge

Reductions and Waivers

A-1

PROSPECTUS – Climate Focused Bond Fund

FUND SUMMARY

Climate Focused Bond Fund

INVESTMENT OBJECTIVE

The Fund’s investment objective is total return.

FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy, hold, and

sell shares of the Fund.

You may pay other fees, such as brokerage commissions

and other fees to financial intermediaries, which are not reflected in the tables

and examples below.

You may qualify for sales charge discounts if you and certain

members of your family invest, or agree to invest in the future, at least $100,000 in

the Lord Abbett Family of Funds. More information about these and other discounts

is available from your financial intermediary and in “Sales Charge Reductions and

Waivers” on page 82 of the prospectus, Appendix A to the prospectus, titled

“Intermediary-Specific Sales Charge Reductions and Waivers,” and “Purchases,

Redemptions, Pricing, and Payments to Dealers” on page 9-1 of Part II of the

statement of additional information (“SAI”).

Shareholder Fees

(1)

(Fees paid directly from your investment)

Class

F, F3, I, R2, R3, R4, R5, and R6

Maximum Sales Charge (Load) Imposed on Purchases

(as a percentage of offering price)

2.25%

None

Maximum Deferred Sales Charge (Load)

(as a percentage of offering price or redemption

proceeds, whichever is lower)

None

(2)

1.00%

(3)

None

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

Class

Management Fees

0.35%

Distribution and Service (12b-1) Fees

0.20%

0.81%

(4)

0.10%

None

Other Expenses

1.17%

1.14%

1.17%

Total Annual Fund Operating Expenses

1.72%

2.33%

1.62%

1.49%

1.52%

Fee Waiver and/or Expense Reimbursement

(5)

(1.07)%

(1.17)%

(6)

(1.07)%

Total Annual Fund Operating Expenses After Fee Waiver

and/or Expense Reimbursement

(5)

0.65%

1.26%

0.45%

0.42%

0.45%

PROSPECTUS – Climate Focused Bond Fund

Annual Fund Operating Expenses

(continued)

(Expenses that you pay each year as a percentage of the value of your investment)

Class

Management Fees

0.35%

Distribution and Service (12b-1) Fees

0.60%

0.50%

0.25%

None

Other Expenses

1.17%

1.14%

Total Annual Fund Operating Expenses

2.12%

2.02%

1.77%

1.52%

1.49%

Fee Waiver and/or Expense Reimbursement

(5)

(1.07)%

Total Annual Fund Operating Expenses After Fee Waiver and/or

Expense Reimbursement

(5)

1.05%

0.95%

0.70%

0.45%

0.42%

(1)

A shareholder transacting in share classes without a front-end sales charge may be required to pay a commission to its

financial intermediary. Please contact your financial intermediary for more information about whether such a commission

may apply to your transaction.

(2)

A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or

acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary

of the purchase falls.

(3)

A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their

purchase.

(4)

The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s

average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net

assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the

same rate.

(5)

For the period from December 1, 2024 through November 30, 2025, Lord, Abbett & Co. LLC (“Lord Abbett”) has

contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating

expenses, excluding any applicable 12b-1 fees, acquired fund fees and expenses, interest-related expenses, taxes,

expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 0.42% for each of

Class F3 and R6 shares and to an annual rate of 0.45% for each other class. This agreement may be terminated only by

the Fund’s Board of Trustees.

(6)

For the period from December 1, 2024 through November 30, 2025, Lord Abbett Distributor LLC (“Lord Abbett

Distributor”) has contractually agreed to waive the Fund’s 0.10% Rule 12b-1 fee for Class F shares. This agreement may

be terminated only by the Fund’s Board of Trustees.

Example

This Example is intended to help you compare the cost of investing in the Fund with

the cost of investing in other mutual funds. The Example assumes that you invest

$10,000 in the Fund for the time periods indicated and then redeem all of your shares

at the end of those periods. The Example also assumes that your investment has a

5% return each year and that the Fund’s operating expenses remain the same, giving

effect to the fee waiver and expense reimbursement arrangement described above.

Class C shares automatically convert to Class A shares after eight years. The

expense example for Class C shares for the ten-year period reflects the conversion to

Class A shares. Although your actual costs may be higher or lower, based on these

assumptions your costs would be:

PROSPECTUS – Climate Focused Bond Fund

Class

If Shares Are Redeemed

If Shares Are Not Redeemed

1 Year

3 Years

5 Years

10 Years

1 Year

3 Years

5 Years

10 Years

Class A Shares

290

652

1,039

2,122

290

652

1,039

2,122

Class C Shares

228

625

1,148

2,430

128

625

1,148

2,430

Class F Shares

396

771

1,823

396

771

1,823

Class F3 Shares

366

711

1,688

366

711

1,688

Class I Shares

375

727

1,721

375

727

1,721

Class R2 Shares

107

561

1,041

2,367

107

561

1,041

2,367

Class R3 Shares

530

989

2,262

530

989

2,262

Class R4 Shares

453

859

1,995

453

859

1,995

Class R5 Shares

375

727

1,721

375

727

1,721

Class R6 Shares

366

711

1,688

366

711

1,688

Portfolio Turnover.

The Fund pays transaction costs, such as commissions, when it

buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover

rate may indicate higher transaction costs and may result in higher taxes when Fund

shares are held in a taxable account. These costs, which are not reflected in the

annual fund operating expenses or in the example, affect the Fund’s performance.

During the most recent fiscal year, the Fund’s portfolio turnover rate was 59% of the

average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

Under normal conditions, the Fund invests at least 80% of its net assets, plus the

amount of any borrowings for investment purposes, in bonds and other fixed income

securities. The Fund considers bonds and other fixed income securities to include,

among other types of investments, investment grade debt securities, debt securities

issued by public sector or government sponsored entities, corporate debt securities,

high-yield securities (commonly referred to as “below investment grade” or “junk”

bonds), loans (including bridge loans, novations, assignments, and participations),

which may be fixed or floating rate, foreign (including emerging market) debt

securities, all types of mortgage-related and other asset-backed securities, including

those that are non-investment grade, which may be backed by a government agency

or privately-issued, and equity-related debt securities such as convertible bonds,

preferred stocks, and debt securities with warrants.

The Fund will invest in the securities of issuers the Fund’s portfolio management

team believes have, or will have, a positive impact on the climate through an issuer’s

operations or the products and services provided by the issuer. When considering a

potential investment and its impact on the climate, Lord Abbett may consider a

variety of factors, including whether an issuer contributes to efforts relating to clean

energy, energy efficiency, sustainable transportation, clean water and resource

management, or low carbon solutions, or such other factors that the portfolio

management team may determine are relevant. The factors Lord Abbett considers

can change over time. In its evaluation of these factors, Lord Abbett may utilize its

PROSPECTUS – Climate Focused Bond Fund

internal research relating to climate factors, third party research and data providers,

its assessment of an issuer’s alignment with international commitments deemed

relevant by Lord Abbett, and information made available by the issuer such as

carbon emissions and intensity data. Lord Abbett will use its own assessments of

environmental and climate-oriented issues and may also reference standards as set

forth by recognized global organizations.

The Fund’s investments will generally include labeled and unlabeled “green” bonds,

which may be issued by sovereigns, government-related entities, and corporates

(non-government). Labeled green bonds are bonds that earmark proceeds for climate

and environmental projects. Labeled green bonds are often verified by a third party,

which certifies that the bond will fund projects that include environmental benefits.

Unlabeled green bonds (or climate-aligned bonds) are securities whose proceeds are

supposed to be used for climate-aligned projects and initiatives but are issued

without formal certifications.

Lord Abbett may also consider other environmental, social, and governance (“ESG”)

factors in investment decisions. The Fund generally will not invest in the securities

of any issuer determined by Lord Abbett to be engaged principally in the fossil fuel

and natural gas-related production or distribution sectors, including

distribution/retail, equipment and services, extraction and production,

petrochemicals, pipelines and transportation and refining, and the production or

distribution of coal and coal fired generation. However, green labeled bonds from

issuers involved in fossil fuel and natural gas-related sectors may be permitted. The

Fund will also not invest in the securities of any issuer determined by Lord Abbett to

be engaged principally in the manufacture of alcoholic beverages, tobacco products

or military equipment, the operation of gambling casinos, or in the production or

trade of pornographic materials.

Following an assessment of climate impact, the portfolio management team will

select securities using a bottom-up analysis of an issuer’s management quality, credit

risk, and relative market position, industry dynamics, and its evaluation of conditions

within the broader economy. The portfolio management team develops a

macroeconomic outlook of the current economic environment and credit markets and

allocates the Fund’s assets using fundamental research and quantitative tools. The

portfolio management team attempts to reduce risk through portfolio diversification,

credit analysis and attention to current developments and trends in interest rates and

economic conditions. The Fund may engage in active and frequent trading of its

portfolio securities.

The Fund may sell a security when the Fund believes the security is less likely to

benefit from the current market and economic environment, shows signs of

deteriorating fundamentals, no longer meets the Fund’s investment criteria, to

increase cash, or to satisfy redemption requests, among other reasons. In considering

whether to sell a security, the Fund may evaluate factors including, but not limited

to, the condition of the economy, changes in the issuer’s competitive position or

financial condition, changes in the outlook for the issuer’s industry, the Fund’s

PROSPECTUS – Climate Focused Bond Fund

valuation target for the security, and the impact of the security’s duration on the

Fund’s overall duration.

The Fund may invest up to 30% of its net assets in high-yield securities (commonly

referred to as “below investment grade” or “junk” bonds). High-yield securities are

debt securities that are rated BB/Ba or lower by an independent rating agency, or

that are unrated but determined by Lord Abbett to be of comparable quality. The

Fund does not have any maturity or duration restrictions and may invest in securities

of any maturity or duration.

The Fund may use derivatives to hedge against risk or to gain investment exposure.

Currently, the Fund expects to invest in derivatives consisting principally of futures,

forwards, options, and swaps. The Fund may engage in a variety of foreign currency

related transactions, including entering into forward foreign currency contracts to

hedge against foreign currency fluctuations or to gain exposure to foreign currencies.

The Fund is not required to hedge its non-dollar investments back to the U.S. dollar

through the use of derivatives, but may do so as part of its strategy. The Fund may

use derivatives to seek to enhance returns, to attempt to hedge some of its investment

risk, to manage portfolio duration, as a substitute for holding the underlying asset on

which the derivative instrument is based, or for cash management purposes. The

market value of derivatives providing economic exposure substantially similar to the

securities referenced in the Fund’s 80% policy, as described above, will be counted

for purposes of measuring the Fund’s compliance with its 80% policy.

PRINCIPAL RISKS

As with any investment in a mutual fund, investing in the Fund involves risk,

including the risk that you may receive little or no return on your investment. When

you redeem your shares, they may be worth more or less than what you paid for

them, which means that you may lose a portion or all of the money you invested in

the Fund. The principal risks of investing in the Fund, which could adversely affect

its performance, include:

•

Portfolio Management Risk:

If the strategies used and investments selected by

the Fund’s portfolio management team fail to produce the intended result, the

Fund may suffer losses or underperform other funds with the same investment

objective or strategies, even in a favorable market.

•

Market Risk:

The market values of securities will fluctuate, sometimes sharply

and unpredictably, based on overall economic conditions, governmental actions

or intervention, market disruptions caused by trade disputes or other factors,

political developments, and other factors. Prices of equity securities tend to rise

and fall more dramatically than those of debt securities.

•

Climate-Focused Investing Risk:

The Fund is subject to the risk that its

climate-focused investment strategy may select or exclude securities of certain

issuers for reasons other than investment performance considerations. As a

result, the Fund may underperform funds that do not utilize a climate-focused

PROSPECTUS – Climate Focused Bond Fund

investment strategy. Certain climate-focused investments may be dependent on

government policies and subsidies, which are subject to change or elimination.

There can be no assurance that the operations of a given issuer in which the

Fund invests will in fact have a positive impact on the climate. Successful

application of the Fund’s climate-focused investment strategy will depend on

Lord Abbett’s skill in properly identifying and analyzing material climate-

related issues and related business practices, and there can be no assurance that

the strategy or techniques employed will be successful.

•

Fixed Income Securities Risk:

The Fund is subject to the general risks and

considerations associated with investing in debt securities, including the risk

that issuers will fail to make timely payments of principal or interest or default

altogether. Lower-rated securities in which the Fund may invest may be more

volatile and may decline more in price in response to negative issuer

developments or general economic news due to their increased credit risk

relative to other fixed-income investments. In addition, as interest rates rise, the

Fund’s investments typically will lose value.

•

High Yield Securities Risk:

High yield securities (commonly referred to as

“junk” bonds) typically pay a higher yield than investment grade securities, but

may have greater price fluctuations and have a higher risk of default than

investment grade securities. The market for high yield securities may be less

liquid due to such factors as interest rate sensitivity, negative perceptions of the

junk bond markets generally, and less secondary market liquidity. This 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.

•

Credit Risk:

Debt securities are subject to the risk that the issuer or guarantor

of a security may not make interest and principal payments as they become due

or may default altogether. In addition, if the market perceives a deterioration in

the creditworthiness of an issuer, the value and liquidity of securities issued by

that issuer may decline. To the extent that the Fund holds below investment

grade securities, these risks may be heightened. Insured debt securities have the

credit risk of the insurer in addition to the credit risk of the underlying

investment being insured.

•

Interest Rate Risk:

As interest rates rise, prices of bonds (including tax-exempt

bonds) generally fall, typically causing the Fund’s investments to lose value.

Additionally, rising interest rates or lack of market participants may lead to

decreased liquidity in fixed income markets. Interest rate changes generally

have a more pronounced effect on the market value of fixed-rate instruments,

such as corporate bonds, than they have on floating rate instruments, and

typically have a greater effect on the price of fixed income securities with longer

durations. A wide variety of market factors can cause interest rates to rise,

including central bank monetary policy, rising inflation, and changes in general

economic conditions.

PROSPECTUS – Climate Focused Bond Fund

•

Foreign and Emerging Market Company Risk:

Investments in foreign

companies and in U.S. companies with economic ties to foreign markets

generally involve special risks. These companies may be more vulnerable to

economic, political, and social instability and subject to less government

supervision, lack of transparency, inadequate regulatory and accounting

standards, and foreign taxes. Foreign company securities also include American

Depositary Receipts (“ADRs”), which may be less liquid than the underlying

shares in their primary trading market. Foreign securities also may subject the

Fund’s investments to changes in currency exchange rates. Emerging market

securities generally are more volatile than other foreign securities, and are

subject to greater liquidity, regulatory, and political risks. Investments in

emerging markets may be considered speculative and generally are riskier than

investments in more developed markets. Emerging markets are more likely to

experience hyperinflation and currency devaluations. Securities of emerging

market companies may have far lower trading volumes and less liquidity than

securities of issuers in developed markets. In certain emerging market countries,

governments participate to a significant degree in their respective economies.

Action by these governments could have a significant adverse effect on market

prices of securities and payment of dividends. Companies with economic ties to

emerging markets may be susceptible to the same risks as companies organized

in emerging markets.

•

Sovereign Debt Risk:

Sovereign debt securities are subject to the risk that the

relevant sovereign government or governmental entity may delay or refuse to

pay interest or repay principal on its debt. There is no legal process for

collecting sovereign debt that is not repaid, nor are there bankruptcy

proceedings through which all or part of the unpaid sovereign debt may be

collected.

•

Foreign Currency Risk:

Investments in securities that are denominated or

receiving revenues in foreign currencies are subject to the risk that those

currencies will decline in value relative to the U.S. dollar, or, in the case of

hedged positions, that the U.S. dollar will decline in value relative to the

currency being hedged. Foreign currency exchange rates may fluctuate

significantly over short periods of time.

•

Liquidity/Redemption Risk:

The Fund may lose money when selling securities

at inopportune times to fulfill shareholder redemption requests. The risk of loss

may increase depending on the size and frequency of redemption requests,

whether the redemption requests occur in times of overall market turmoil or

declining prices, and whether the securities the Fund intends to sell have

decreased in value or are illiquid. The Fund may be less able to sell illiquid

securities at its desired time or price. It may be more difficult for the Fund to

value its investments in illiquid securities than more liquid securities.

•

Industry and Sector Risk:

Although the Fund does not employ an industry or

sector focus, its exposure to specific industries or sectors will increase from time

PROSPECTUS – Climate Focused Bond Fund

to time based on the portfolio management team’s perception of investment

opportunities. If the Fund is overweight in a single industry or sector relative to

its benchmark index, the Fund will face an increased risk that the value of its

portfolio will decrease because of events disproportionately affecting that

industry or sector. Furthermore, investments in particular industries or sectors

may be more volatile than the broader market as a whole.

•

Loan Risk:

Investments in floating or adjustable rate loans are subject to

increased credit and liquidity risks. Loan prices also may be adversely affected

by supply-demand imbalances caused by conditions in the loan market or

related markets. Below investment grade loans, like high-yield debt securities,

or junk bonds, usually are more credit sensitive than interest rate sensitive,

although the value of these instruments may be affected by interest rate swings

in the overall fixed income market. Loans may be subject to structural

subordination and may be subordinated to other obligations of the borrower or

its subsidiaries.

•

Mortgage-Related and Other Asset-Backed Securities Risk:

Mortgage-

related securities, including commercial mortgage-backed securities (“CMBS”)

and other privately issued mortgage-related securities, and other asset-backed

securities may be particularly sensitive to changes in prevailing interest rates

and economic conditions, including delinquencies and defaults. The prices of

mortgage-related and other asset-backed securities, depending on their structure

and the rate of payments, can be volatile. They are subject to prepayment risk

(higher than expected prepayment rates of mortgage obligations due to a fall in

market interest rates) and extension risk (lower than expected prepayment rates

of mortgage obligations due to a rise in market interest rates). These risks

increase the Fund’s overall interest rate risk. Some mortgage-related securities

receive government or private support, but there is no assurance that such

support will remain in place.

•

Convertible Securities Risk:

Convertible securities are subject to the risks

affecting both equity and fixed income securities, including market, credit,

liquidity, and interest rate risk. Convertible securities tend to be more volatile

than other fixed income securities, and the markets for convertible securities

may be less liquid than markets for common stocks or bonds. A significant

portion of convertible securities have below investment grade credit ratings and

are subject to increased credit and liquidity risks.

•

Equity Securities Risk:

Equity securities, as well as equity-like securities such

as convertible debt securities, may experience significant volatility. Such

securities may fall sharply in response to adverse events affecting overall

markets, a particular industry or sector, or an individual company’s financial

condition.

•

Derivatives Risk:

The risks associated with derivatives may be different from

and greater than the risks associated with directly investing in securities and

PROSPECTUS – Climate Focused Bond Fund

other investments. Derivatives may increase the Fund’s volatility and reduce its

returns. Derivatives may not perform as expected and the Fund may not realize

the intended benefits. Whether the Fund’s use of derivatives is successful may

depend on, among other things, the portfolio managers’ ability to correctly

forecast market movements, company and industry valuation levels and trends,

changes in foreign exchange and interest rates, and other factors. If the portfolio

managers incorrectly forecast these and other factors, the Fund’s performance

could suffer. In addition, given their complexity, derivatives are subject to the

risk that improper or misunderstood documentation may expose the Fund to

losses.

An investment in the Fund is not a deposit of any bank and is not insured or

guaranteed by the Federal Deposit Insurance Corporation or any other government

agency. For more information on the principal risks of the Fund, please see the

“More Information About the Funds – Principal Risks” section in the prospectus.

PERFORMANCE

The bar chart and table below provide some indication of the risks of investing in the

Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment

of dividends and distributions. The Fund’s past performance, before and after taxes,

is not necessarily an indication of how the Fund will perform in the future. No

performance is shown for Class R2 shares because the Fund has no Class R2 shares

outstanding.

The bar chart shows changes in the performance of the Fund’s Class A shares from

calendar year to calendar year. This chart does not reflect the sales charge applicable

to Class A shares. If the sales charge were reflected, returns would be lower.

Performance for the Fund’s other share classes will vary due to the different

expenses each class bears. Updated performance information is available at

www.lordabbett.com or by calling 888-522-2388.

PROSPECTUS – Climate Focused Bond Fund

Bar Chart (per calendar year) - Class A Shares*

Best

Quarter

4th

2023

+6.22%

Worst

Quarter

2nd

2022

-5.89%

The total return for the Fund’s Class A shares for the nine-month period from January 1, 2024 to September 30, 2024 was

4.06%.

The table below shows how the Fund’s average annual total returns compare to the

returns of securities market indices with investment characteristics similar to those

of the Fund as well as to a broad-based securities market index.

The Fund’s average

annual total returns include applicable sales charges.

The after-tax returns of Class A shares included in the table below are calculated

using the historical highest individual federal marginal income tax rates and do not

reflect the impact of state and local taxes. In some cases, the return after taxes on

distributions and sale of Fund shares may exceed the return before taxes due to a tax

benefit resulting from realized losses on a sale of Fund shares at the end of the

period that is used to offset other gains. Actual after-tax returns depend on an

investor’s tax situation and may differ from those shown. The after-tax returns

shown are not relevant to investors who hold their Fund shares through tax-

advantaged arrangements such as 401(k) plans or Individual Retirement Accounts

(“IRAs”). After-tax returns for other share classes are not shown in the table and will

vary from those shown for Class A shares.

The Fund has adopted the Bloomberg U.S. Aggregate Bond Index as its broad-based securities market index.

PROSPECTUS – Climate Focused Bond Fund

Average Annual Total Returns

(for the periods ended December 31, 2023)

Class

1 Year

Life of Class

Inception

Date for

Performance

Class A Shares

5/28/2020

Before Taxes

5.95%

-0.62%

After Taxes on Distributions

3.99%

-2.50%

After Taxes on Distributions and Sale of Fund Shares

3.48%

-1.24%

Class C Shares

(1)

6.76%

-0.65%

5/28/2020

Class F Shares

8.63%

0.23%

5/28/2020

Class F3 Shares

8.64%

0.28%

5/28/2020

Class I Shares

8.63%

0.23%

5/28/2020

Class R3 Shares

8.10%

-0.27%

5/28/2020

Class R4 Shares

8.36%

-0.02%

5/28/2020

Class R5 Shares

8.63%

0.23%

5/28/2020

Class R6 Shares

8.64%

0.28%

5/28/2020

Index

ICE BofA Green Bond Index (USD Hedged)

(reflects no deduction for fees, expenses, or taxes)

9.49%

-1.76%

5/28/2020

Bloomberg Global Aggregate Bond Index (USD Hedged)

(reflects no deduction for fees, expenses, or taxes)

7.15%

-1.14%

5/28/2020

Bloomberg U.S. Aggregate Bond Index

(reflects no deduction for fees, expenses, or taxes)

5.53%

-2.17%

5/28/2020

(1)

Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the

impact of such conversion to Class A shares.

MANAGEMENT

Investment Adviser.

The Fund’s investment adviser is Lord Abbett.

PROSPECTUS – Climate Focused Bond Fund

Portfolio Managers.

Portfolio Managers/Title

Member of

the Portfolio

Management

Team Since

Leah G. Traub, Partner and Portfolio Manager

2024

Steven F. Rocco, Partner and Co-Head of Taxable Fixed Income

2020

Andrew H. O’Brien, Partner and Portfolio Manager

2020

PURCHASE AND SALE OF FUND SHARES

The minimum initial and additional amounts shown below vary depending on the

class of shares you buy and the type of account. Certain financial intermediaries may

impose different restrictions than those described below. For Class I shares, the

minimum investment shown below applies to certain types of institutional investors,

but does not apply to registered investment advisers or retirement and benefit plans

otherwise eligible to invest in Class I shares. Class R2 shares of the Fund are not

currently offered. See “Choosing a Share Class – Investment Minimums” in the

prospectus for more information.

Investment Minimums — Initial/Additional Investments

Class

(1)

and C

F, F3, R2, R3, R4, R5, and R6

General and IRAs without Invest-A-

Matic Investments

Initial: $1,500

Additional: No minimum

N/A

Initial: $1 million

Additional: No minimum

Invest-A-Matic Accounts

(2)

Initial: $250

Additional: $50

N/A

IRAs, SIMPLE and SEP Accounts

with Payroll Deductions

No minimum

N/A

Fee-Based Advisory Programs and

Retirement and Benefit Plans

No minimum

(1)

There is no investment minimum for Class A shares purchased by investors maintaining an account with a financial

intermediary that has entered into an agreement with Lord Abbett Distributor to offer Class A shares through a load-

waived network or platform, which may or may not charge transaction fees.

(2)

There is no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including Individual

Retirement Accounts (“IRAs”).

You may sell (redeem) shares through your securities broker, financial professional

or financial intermediary on any business day the Fund calculates its NAV. If you

have direct account access privileges, you may redeem your shares by contacting the

Fund in writing at Lord Abbett Funds Service Center, P.O. Box 534489, Pittsburgh,

PA 15253-4489 (regular mail) or Attention: 534489, 500 Ross Street 154-0520,

Pittsburgh, PA 15262 (overnight mail), by calling 888-522-2388 or by accessing

your account online at www.lordabbett.com.

PROSPECTUS – Climate Focused Bond Fund

OTHER IMPORTANT INFORMATION REGARDING FUND

For important information about taxes and payments to broker-dealers and other

financial intermediaries, please turn to the “Tax Information” and “Payments to

Broker-Dealers and Other Financial Intermediaries” sections of the prospectus.

PROSPECTUS – Investment Grade Floating Rate Fund

FUND SUMMARY

Investment Grade Floating Rate Fund

INVESTMENT OBJECTIVE

The Fund’s investment objective is to seek a high level of current income.

FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy, hold, and

sell shares of the Fund.

You may pay other fees, such as brokerage commissions

and other fees to financial intermediaries, which are not reflected in the tables

and examples below.

You may qualify for sales charge discounts if you and certain

members of your family invest, or agree to invest in the future, at least $100,000 in

the Lord Abbett Family of Funds. More information about these and other discounts

is available from your financial intermediary and in “Sales Charge Reductions and

Waivers” on page 82 of the prospectus, Appendix A to the prospectus, titled

“Intermediary-Specific Sales Charge Reductions and Waivers,” and “Purchases,

Redemptions, Pricing, and Payments to Dealers” on page 9-1 of Part II of the

statement of additional information (“SAI”).

Shareholder Fees

(1)

(Fees paid directly from your investment)

Class

F, F3, I, R2, R3, R4, R5, and R6

Maximum Sales Charge (Load) Imposed on Purchases

(as a percentage of offering price)

2.25%

None

Maximum Deferred Sales Charge (Load)

(as a percentage of offering price or redemption

proceeds, whichever is lower)

None

(2)

1.00%

(3)

None

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

Class

Management Fees

0.25%

Distribution and Service (12b-1) Fees

0.20%

1.00%

(4)

0.10%

None

Other Expenses

1.05%

1.04%

1.05%

Total Annual Fund Operating Expenses

1.50%

2.30%

(5)

1.40%

(5)

1.29%

(5)

1.30%

(5)

Fee Waiver and/or Expense Reimbursement

(6)

(0.95)%

(1.05)%

(7)

(0.95)%

Total Annual Fund Operating Expenses After Fee Waiver

and/or Expense Reimbursement

(6)

0.55%

1.35%

0.35%

0.34%

(5)

0.35%

PROSPECTUS – Investment Grade Floating Rate Fund

Annual Fund Operating Expenses

(continued)

(Expenses that you pay each year as a percentage of the value of your investment)

Class

Management Fees

0.25%

Distribution and Service (12b-1) Fees

0.60%

0.50%

0.25%

None

Other Expenses

1.05%

1.04%

Total Annual Fund Operating Expenses

1.90%

1.80%

1.55%

1.30%

(5)

1.29%

(5)

Fee Waiver and/or Expense Reimbursement

(6)

(0.95)%

Total Annual Fund Operating Expenses After Fee Waiver and/or

Expense Reimbursement

(6)

0.95%

0.85%

0.60%

0.35%

0.34%

(5)

(1)

A shareholder transacting in share classes without a front-end sales charge may be required to pay a commission to its

financial intermediary. Please contact your financial intermediary for more information about whether such a commission

may apply to your transaction.

(2)

A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or

acquired without a sales charge if they are redeemed before the first day of the month in which the one-year anniversary

of the purchase falls.

(3)

A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their

purchase.

(4)

The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s

average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net

assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the

same rate.

(5)

These amounts have been updated from fiscal year amounts to reflect current fees and expenses.

(6)

For the period from December 1, 2024 through November 30, 2025, Lord, Abbett & Co. LLC (“Lord Abbett”) has

contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating

expenses, excluding any applicable 12b-1 fees, acquired fund fees and expenses, interest-related expenses, taxes,

expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 0.34% for each of

Class F3 and R6 shares and to an annual rate of 0.35% for each other class. This agreement may be terminated only by

the Fund’s Board of Trustees.

(7)

For the period from December 1, 2024 through November 30, 2025, Lord Abbett Distributor LLC (“Lord Abbett

Distributor”) has contractually agreed to waive the Fund’s 0.10% Rule 12b-1 fee for Class F shares. This agreement may

be terminated only by the Fund’s Board of Trustees.

Example

This Example is intended to help you compare the cost of investing in the Fund with

the cost of investing in other mutual funds. The Example assumes that you invest

$10,000 in the Fund for the time periods indicated and then redeem all of your shares

at the end of those periods. The Example also assumes that your investment has a

5% return each year and that the Fund’s operating expenses remain the same, giving

effect to the fee waiver and expense reimbursement arrangement described above.

Although your actual costs may be higher or lower, based on these assumptions your

costs would be:

PROSPECTUS – Investment Grade Floating Rate Fund

Class

If Shares Are Redeemed

If Shares Are Not Redeemed

1 Year

3 Years

5 Years

10 Years

1 Year

3 Years

5 Years

10 Years

Class A Shares

280

597

937

1,896

280

597

937

1,896

Class C Shares

237

627

1,144

2,360

137

627

1,144

2,360

Class F Shares

339

665

1,589

339

665

1,589

Class F3 Shares

315

616

1,473

315

616

1,473

Class I Shares

318

622

1,484

318

622

1,484

Class R2 Shares

505

938

2,145

505

938

2,145

Class R3 Shares

474

886

2,038

474

886

2,038

Class R4 Shares

396

755

1,765

396

755

1,765

Class R5 Shares

318

622

1,484

318

622

1,484

Class R6 Shares

315

616

1,473

315

616

1,473

Portfolio Turnover.

The Fund pays transaction costs, such as commissions, when it

buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover

rate may indicate higher transaction costs and may result in higher taxes when Fund

shares are held in a taxable account. These costs, which are not reflected in the

annual fund operating expenses or in the example, affect the Fund’s performance.

During the most recent fiscal year, the Fund’s portfolio turnover rate was 171% of

the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund will invest in various types of high quality, investment grade debt (or fixed

income) securities. Under normal conditions, the Fund will pursue its investment

objective by investing at least 80% of its net assets, plus the amount of any

borrowings for investment purposes, in floating or adjustable rate instruments and

derivatives and other instruments that effectively enable the Fund to achieve a

floating rate of income. In addition, under normal conditions, the Fund will invest at

least 80% of its net assets, plus the amount of any borrowings for investment

purposes, in investment grade debt securities. Investment grade debt securities are

securities that are rated within the four highest grades (at the time of purchase)

assigned by a nationally recognized statistical rating organization such as Moody’s

Investors Service, Inc. (Aaa, Aa, A, Baa), S&P Global Ratings (AAA, AA, A, BBB),

or Fitch Ratings (AAA, AA, A, BBB), or are unrated but determined by Lord Abbett

to be of comparable quality.

The floating or adjustable rate instruments in which the Fund may invest include, but

are not limited to:

•

floating rate corporate debt securities of U.S. issuers;

•

floating rate corporate debt securities of non-U.S. (including emerging market)

issuers;

PROSPECTUS – Investment Grade Floating Rate Fund

•

securities issued or guaranteed by the U.S. Government, its agencies and

instrumentalities;

•

senior secured or unsecured floating rate loans or debt;

•

floating-rate structured (or securitized) products and other hybrid instruments,

including, but not limited to, U.S. and non-U.S. instruments and collateralized

loan obligations; and

•

mortgage-backed, mortgage-related, and other asset-backed securities, including

privately issued mortgage-related securities and commercial mortgage-backed

securities.

The other instruments that effectively enable the Fund to achieve a floating rate of

income may include, but are not limited to:

•

fixed-rate loans or debt with respect to which the Fund has entered into

derivative instruments to effectively convert the fixed-rate interest payments

into floating or adjustable rate interest payments; and

•

money market investment companies.

The Fund seeks to manage interest rate risk through its management of the average

duration of the securities in its portfolio.

The Fund may invest up to 20% of its net assets in securities rated below investment

grade, including in high-yield debt securities (commonly referred to as “lower-rated”

or “junk” bonds).

The Fund may invest in non-U.S. dollar-denominated loans or securities and in loans

and securities issued by issuers organized in a country outside of the U.S. or

economically tied to a country outside of the U.S., including in emerging markets.

The Fund invests in derivative instruments. Currently, the Fund expects to invest in

derivatives consisting principally of futures, forwards, options, and swaps. The Fund

may use derivatives to effectively convert the fixed-rate interest payments of a debt

security held by the Fund into floating or adjustable rate interest payments; as a

substitute for holding the underlying asset on which the derivative instrument is

based; for cash management purposes; to manage portfolio duration; to attempt to

hedge elements of its investment risk, on both a security- or portfolio-level basis;

and to seek to enhance returns.

The portfolio management team buys, holds and sells securities using a relative

value-oriented investment process, meaning the portfolio management team

generally seeks more investment exposure to securities it believes to be undervalued

and less investment exposure to securities it believes to be overvalued. The portfolio

management team combines top-down and bottom-up analysis to construct its

portfolio, using a blend of quantitative and fundamental research. As part of its top-

down analysis, the portfolio management team evaluates global economic

conditions, including monetary, fiscal, and regulatory policy, as well as the political

PROSPECTUS – Investment Grade Floating Rate Fund

and geopolitical environment, in order to identify and assess opportunities and risks

across different segments of the fixed income market. The portfolio management

team employs bottom-up analysis to identify and select securities for investment by

the Fund based on in-depth company, industry, and market research and analysis.

The portfolio management team may actively rotate sector exposure based on its

assessment of relative value. The investment team may also consider the risks and

return potential presented by environmental, social, and governance (“ESG”) factors

in investment decisions. The Fund may engage in active and frequent trading of its

portfolio securities.

The Fund may sell a security when the Fund believes the security is less likely to

benefit from the current market and economic environment, or shows signs of

deteriorating fundamentals, among other reasons. The Fund may deviate from the

investment strategy described above for temporary defensive purposes. The Fund

may miss certain investment opportunities if defensive strategies are used and thus

may not achieve its investment objective.

PRINCIPAL RISKS

As with any investment in a mutual fund, investing in the Fund involves risk,

including the risk that you may receive little or no return on your investment. When

you redeem your shares, they may be worth more or less than what you paid for

them, which means that you may lose a portion or all of the money you invested in

the Fund. The principal risks of investing in the Fund, which could adversely affect

its performance, include:

•

New Fund Risk:

The Fund is recently organized. There can be no assurance

that the Fund will reach or maintain a sufficient asset size to effectively

implement its investment strategy. In addition, until the Fund achieves sufficient

scale, a Fund shareholder may experience proportionally higher Fund expenses

than would be experienced by shareholders of a fund with a larger asset base.