THE LORD ABBETT FAMI
LY OF FUNDS
1
Supplement dated
December 5,
20
2
4
to the Statements of Additional Information
Effective
December 31, 2024
,
James M. McTaggart
and
James
L.L.
Tullis
will
each
retire
from
his
service as Trustee
/Director
of
the
Boards of
Tr
ustees
/Directors
of the Funds
(
collectively, the “Board
”)
.
All
r
eferences
to M
r
.
McTaggart and Mr. Tullis
as a Trustee/Director
throughout the Funds’ statement
s of
additional information
are
hereby removed
following the effective date of
their
retirement.
The
Board has appointed
Peter J. McNamara
to serve on the Board effective
January 1, 2025
as
an
independent Directors/Trustees of the Funds. Mr.
McNamara
will serve on the Audit
and
Investment
Committees.
Effective
January 1,
2025
, t
he
following sente
nc
e replaces in its entirety the
first sentence
under
Section 4
–
“Management of the Funds
–
Board Leadership Structure” in Part II
:
The Board currently has
nine
Board Members,
eight
of whom are Independent Board Members
.
Effective
January 1,
2025
, t
he
f
ollowing information about Mr.
McNamara
is added to the
corresponding sections
under Section 4
–
“Management of the Funds
–
Board Members
” and
“
Management of the Funds
–
Qualifications of Board Members
”
in Part II
:
Qualifica
tions of Board Members
Independent Board Members:
•
Peter J. McNamara
.
Board tenure with the Funds (since 2025),
f
inancial services industry
experience, financial expertise, legal and regulatory experience, and leadership experience.
Please retain this
document for your future reference.
1
When used in this supplement, the term “Fund” refers to each of the Lord Abbett open
-
end mutual funds.
Name
(Year of Birth)
Position Held
Year
Elected
as Board
Member
Principal Occupation(s)
During Past 5 Years
Other Directorships
Held During Past 5
Years
Independent Board Members
Peter J. McNamara
(
1964
)
Board Member
2025
Partner,
PricewaterhouseCoopers LLP
(
retired 2024).
None
STATEMENT OF ADDITIONAL INFORMATION
DECEMBER 1, 2024
LORD ABBETT TRUST I
Lord Abbett Climate Focused Bond
Fund
Lord Abbett Investment Grade
Floating Rate Fund
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A
CFBAX
R2
N/A
A
LGRAX
R2
N/A
C
CFBCX
R3
CFLQX
C
IGRCX
R3
N/A
F
CFLFX
R4
CFBRX
F
LGRFX
R4
N/A
F3
CFLNX
R5
CFBTX
F3
IGRNX
R5
IGRSX
I
CFLIX
R6
CFBUX
I
LGRYX
R6
LGRUX
Lord Abbett Emerging Markets
Equity Fund
Lord Abbett Short Duration High
Yield Fund
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
CLASS
TICKER
A
EAMAX
R2
N/A
A
LSYAX
R2
N/A
C
ELMCX
R3
N/A
C
LSYCX
R3
LSYQX
F
ELMFX
R4
N/A
F
LSYFX
R4
LSYSX
F3
EMOLX
R5
N/A
F3
LSYNX
R5
LSYTX
I
EMILX
R6
EMWLX
I
LSYIX
R6
LSYUX
Lord Abbett International Growth
Fund
CLASS
TICKER
CLASS
TICKER
A
LAAGX
R2
N/A
C
LCAGX
R3
LRAGX
F
LAFGX
R4
LASGX
F3
LOAGX
R5
LTAGX
I
LIAGX
R6
LAVGX
This SAI is not a prospectus. A prospectus may be obtained from your financial intermediary or from the
Distributor at 30 Hudson Street, Jersey City, NJ 07302-4804. This SAI is divided into two Parts - Part I
and Part II. Part I contains information that is particular to the Funds offered in this SAI, and should be
read in conjunction with the prospectus for the Funds offered in this SAI, dated December 1, 2024, as
supplemented from time to time. Part I includes information about the Funds, including investment
policies, management fees paid by the Funds, and information about other fees applicable to and
services provided to the Funds. Part II contains additional information that more generally applies to the
Lord Abbett Funds.
Each Fund’s
audited financial statements are incorporated into this SAI by reference to the Funds' most
recent Form N-CSR. The Funds' annual and semiannual reports to shareholders and Form N-CSR are
available without charge, upon request by calling 888-522-2388. In addition, you can make inquiries
through your financial intermediary.
PART I
TABLE OF CONTENTS
PAGE
1.
GLOSSARY
1-1
2.
FUND INFORMATION
2-1
3.
INVESTMENT POLICIES
3-1
4.
FUND INVESTMENTS
4-1
5.
BOARD MEMBERS
5-1
6.
INVESTMENT ADVISORY AND OTHER SERVICES, FEES, AND EXPENSES
6-1
7.
PORTFOLIO MANAGER INFORMATION
7-1
8.
SECURITIES LENDING
8-1
9.
CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS
9-1
10.
FINANCIAL STATEMENTS
10-1
Part I
1-1
1.
GLOSSARY
Lord Abbett Trust I is comprised of the following Funds:
Lord Abbett Climate Focused Bond Fund:
Climate Focused Bond Fund
Lord Abbett Emerging Markets Equity Fund:
Emerging Markets Equity Fund
Lord Abbett International Growth Fund:
International Growth Fund
Lord Abbett Investment Grade Floating Rate Fund:
Investment Grade Floating Rate Fund
Lord Abbett Short Duration High Yield Fund:
Short Duration High Yield Fund
Lord Abbett Diversification Shares: Core Completion Fund:
LADS: Core Completion Fund
Lord Abbett Diversification Shares: Core Plus Completion Fund:
LADS: Core Plus Completion Fund
Lord Abbett Diversification Shares: Enhanced Municipal Yield Completion Fund:
LADS: Enhanced
Municipal Yield Completion Fund
Lord Abbett Diversification Shares: Short Duration Completion Fund:
LADS: Short Duration Completion
Fund
Lord Abbett Funds
are comprised of the following management investment companies:
Lord Abbett Affiliated Fund, Inc.:
Affiliated Fund
Lord Abbett Bond Debenture Fund, Inc.:
Bond Debenture Fund
Lord Abbett Developing Growth Fund, Inc.:
Developing Growth Fund
Lord Abbett Global Fund, Inc.:
Global Fund
Lord Abbett Investment Trust:
Investment Trust
Lord Abbett Mid Cap Stock Fund, Inc.:
Mid Cap Stock Fund
Lord Abbett Municipal Income Fund, Inc.:
Municipal Income Fund
Lord Abbett Research Fund, Inc.:
Research Fund
Lord Abbett Securities Trust:
Securities Trust
Lord Abbett Series Fund, Inc.:
Series Fund
Lord Abbett Trust I:
Trust I
Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc.:
Money Market Fund
1933 Act
Securities Act of 1933, as amended
1940 Act
Investment Company Act of 1940, as amended
Board
Board of Trustees
Board Member(s)
Trustee(s) of the Board
CDSC
Contingent deferred sales charge
CEA
Commodity Exchange Act, as amended
CPO
Commodity pool operator
Distributor
Lord Abbett Distributor LLC
Fund(s)
Each separate investment portfolio of a Registrant or, if a
Registrant has only a single investment portfolio, the Registrant
Independent Board Member(s)
Trustee(s) of the Board who are not “interested persons” as
defined in the 1940 Act, of the Funds
Interested Board Member(s)
Trustee(s) of the Board who are not Independent Board
Members
Lord Abbett
Lord, Abbett & Co. LLC
NYSE
New York Stock Exchange
Registrant
Trust I
Rule 12b-1 Plan
Distribution and/or Shareholder Service Plan adopted under
Rule 12b-1 (under the 1940 Act)
SAI
Statement of Additional Information
SEC
United States Securities and Exchange Commission
Part I
2-1
2.
FUND INFORMATION
The Registrant is an open-end management investment company registered under the 1940 Act. Each
Fund other than the Emerging Markets Equity Fund is diversified within the meaning of the 1940 Act. The
Emerging Markets Equity Fund is non-diversified within the meaning of the 1940 Act. That means that the
Fund may invest a greater portion of its assets in the securities of a single issuer or in the securities of
fewer issuers than a diversified mutual fund. The table below sets forth information about the Registrant’s
organization.
Registrant Organization
Registrant
Form of Organization
Date of
Organization
Number
of Funds
Shares
Available for
Issuance
Trust I
Delaware statutory trust
May 1, 2001
9*
Unlimited
*Trust I has 9 funds or series, five of which are offered in this SAI.
Portfolio Turnover
Fund
Fiscal Year 2023
Turnover Rate
Fiscal Year 2024
Turnover Rate
Investment Grade Floating Rate Fund
39%
171%
Short Duration High Yield Fund
65%
160%
The changes in portfolio turnover over the last two fiscal years for each Fund included in the table above
were primarily due to trading strategies employed by the Fund’s portfolio management team in response
to market conditions and shareholder cash flow activity, and not reflective of a material change in the
Fund’s principal investment strategies. Investment Grade Floating Rate Fund is recently organized and
reflects a full year of activity compared to the prior fiscal period of May 1, 2023 to July 31, 2023.