Core Fixed Income Fund

LCRAX

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Daily price w/o sales charge as of 01/17/2020

$11.12

$0.01

YTD Returns w/o sales charge as of 01/17/2020

0.63%

Please click here for performance current to the most recent quarter-end and month-end.

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Summary

What is the Core Fixed Income Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in U.S. investment grade corporate, government, and mortgage- and asset-backed securities.

Yield

Dividend Yield ¹ as of 01/17/2020

w/o sales charge	2.07%
w/ sales charge	2.02%

30-Day Standardized Yield ² as of 12/31/2019

1.69%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Expense Ratioas of 12/31/2019

Fund Basicsas of 12/31/2019

Total Net Assets: $1.51 B
Inception Date: 08/31/2000
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 368
Minimum Initial Investment: $1,500+

Fund Expense Ratio :

0.62%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 08/31/2000

w/o sales charge	7.83%	7.83%	3.50%	2.52%	3.62%	4.83%
Lipper Category Avg. Core Bond Funds	8.70%	8.70%	3.80%	2.86%	3.79%	-
Bloomberg Barclays U.S. Aggregate Bond Index	8.72%	8.72%	4.03%	3.05%	3.75%	4.87%
w/ sales charge	5.43%	5.43%	2.71%	2.05%	3.38%	4.71%

Fund Expense Ratio :

0.62%

Fund Expense Ratio :

0.62%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 08/31/2000

w/o sales charge	7.83%	7.83%	3.50%	2.52%	3.62%	4.83%
Lipper Category Avg. Core Bond Funds	8.70%	8.70%	3.80%	2.86%	3.79%	-
Bloomberg Barclays U.S. Aggregate Bond Index	8.72%	8.72%	4.03%	3.05%	3.75%	4.87%
w/ sales charge	5.43%	5.43%	2.71%	2.05%	3.38%	4.71%

Fund Expense Ratio :

0.62%

Returns with sales charges reflect a maximum sales charge of 2.25%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

Type	Assets
U.S. Government Related
MBS
ABS
CMBS
Sovereign
Corporates
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Maturity	Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 12/31/2019 View Portfolio

Rating	Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the median, but if there are only two ratings, the lower rating is used. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Investment Team

Kewjin Yuoh

Partner & Portfolio Manager

25 Years of Industry Experience

Andrew H. O'Brien, CFA

Partner & Portfolio Manager

21 Years of Industry Experience

Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Supported By 65 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Dividend Yield ¹ as of 01/17/2020

w/o sales charge	2.07%
w/ sales charge	2.02%

30-Day Standardized Yield ² as of 12/31/2019

	Subsidized⁵	Un-Subsidized⁶
w/o sales charge	1.69%	1.69%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

0.62%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 08/31/2000

w/o sales charge	7.83%	7.83%	3.50%	2.52%	3.62%	4.83%
Lipper Category Avg. Core Bond Funds	8.70%	8.70%	3.80%	2.86%	3.79%	-
Bloomberg Barclays U.S. Aggregate Bond Index	8.72%	8.72%	4.03%	3.05%	3.75%	4.87%
w/ sales charge	5.43%	5.43%	2.71%	2.05%	3.38%	4.71%

Fund Expense Ratio :

0.62%

Fund Expense Ratio :

0.62%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 08/31/2000

w/o sales charge	7.83%	7.83%	3.50%	2.52%	3.62%	4.83%
Lipper Category Avg. Core Bond Funds	8.70%	8.70%	3.80%	2.86%	3.79%	-
Bloomberg Barclays U.S. Aggregate Bond Index	8.72%	8.72%	4.03%	3.05%	3.75%	4.87%
w/ sales charge	5.43%	5.43%	2.71%	2.05%	3.38%	4.71%

Fund Expense Ratio :

0.62%

Returns with sales charges reflect a maximum sales charge of 2.25%.

Year	Fund Returns	Bloomberg Barclays U.S. Aggregate Bond Index

2019	7.83%	8.72%
2018	-0.43%	0.01%
2017	3.25%	3.54%
2016	2.71%	2.65%
2015	-0.54%	0.55%
2014	6.13%	5.97%
2013	-2.28%	-2.02%
2012	5.84%	4.22%
2011	7.60%	7.84%
2010	6.66%	6.54%
2009	12.49%	-
2008	1.12%	-
2007	6.15%	-
2006	3.97%	-
2005	2.14%	-
2004	3.71%	-
2003	3.82%	-
2002	9.30%	-
2001	9.45%	-
2000	5.70%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2020	-	-	-	-	0.65%
2019	2.83%	2.89%	2.04%	-0.12%	7.83%
2018	-1.39%	-0.34%	0.03%	1.29%	-0.43%
2017	0.85%	1.32%	0.75%	0.29%	3.25%
2016	2.65%	2.37%	0.75%	-2.99%	2.71%
2015	1.36%	-1.66%	0.62%	-0.85%	-0.54%
2014	2.10%	2.17%	0.12%	1.61%	6.13%
2013	0.00%	-2.72%	0.36%	0.10%	-2.28%
2012	1.11%	2.06%	1.97%	0.57%	5.84%
2011	0.58%	2.19%	3.56%	1.09%	7.60%
2010	2.16%	3.13%	2.67%	-1.40%	6.66%
2009	2.40%	3.95%	5.43%	0.24%	12.49%
2008	1.19%	-0.08%	-1.27%	1.30%	1.12%
2007	1.36%	-0.74%	2.79%	2.65%	6.15%
2006	-0.56%	-0.27%	3.75%	1.06%	3.97%
2005	-0.20%	2.87%	-0.90%	0.39%	2.14%
2004	2.37%	-2.39%	2.96%	0.81%	3.71%
2003	1.18%	2.68%	-0.26%	0.19%	3.82%
2002	0.00%	2.80%	3.86%	2.38%	9.30%
2001	3.27%	0.53%	5.03%	0.37%	9.45%
2000	-	-	-	4.71%	5.70%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

Growth of $10,000 as of 12/31/2019

The chart begins on the Fund's inception date of 08/31/2000.

Based on a hypothetical Class A share investment of $10,000 on 08/31/2000 without sales charge and includes the reinvestment of all distributions.

NAV Historical Prices

Date	Net Asset Value

Portfolio

Rating	Assets
U.S. Government Related
MBS
ABS
CMBS
Sovereign
Corporates
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Rating	Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 12/31/2019

Rating	Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Portfolio Positioning as of 12/31/2019

Over the quarter, we decreased the portfolio’s allocation to investment-grade corporate credit given softer economic data and tighter spreads.
We reallocated proceeds from sales within corporate credit and increased the portfolio’s allocation to sectors in the fixed income market which we believe had better relative value in the face of corporate spread tightening– namely commercial mortgage-backed securities (CMBS). Our team continues to favor SASB (single-asset / single-borrower) CMBS deals across the credit spectrum, which have had superior underwriting and, in some cases, lower spread volatility, than conduit deals.
We maintained our overweight to asset-backed securities (ABS) over the period. We continue to favor the liquidity that ABS provide, and have found unique pockets of relative value and appealing risk-adjusted spread, primarily in credit card and auto-related ABS.
We continue to emphasize liquidity and flexibility within the portfolio and are tactically adjusting risk exposure to favor asset classes that offer the best risk-adjusted carry opportunities and that have lagged within the recent spread tightening.

Portfolio Details as of 12/31/2019

Total Net Assets: $1.51 B
Number of Issues: 368
Average Coupon: 2.63%
Average Life: 7.37 Years
Average Effective Duration: 5.93 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Life - Measures how long it will take, on average, to receive the repayment of the principal amount on a debt security. Average life is often used in connection with mortgage-backed securities as a measurement of the length of time, on average, before the underlying mortgages are paid, refinanced, or otherwise retired.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

Holding	Coupon	Maturity	Assets

30-YR UMBS-TBA PROD JAN	3.500%	03/01/2049	29.3%
United States Treasury Bill	0.000%	01/30/2020	14.8%
United States Treasury Bill	0.000%	05/07/2020	8.3%
30-YR UMBS-TBA PROD JAN	3.000%	05/01/2049	4.8%
U.S. Treasury Note/Bond	2.500%	01/31/2021	4.5%
U.S. Treasury Note	0.625%	04/15/2023	4.4%
Japan Treasury Discount Bill	0.000%	01/27/2020	3.9%
30-YR UMBS-TBA PROD JAN	4.000%	03/01/2049	3.5%
U.S. Treasury Note/Bond	3.625%	08/15/2043	3.1%
U.S. Treasury Note/Bond	2.750%	11/15/2047	2.3%

% of Total Assets			78.9%

Holding	Coupon	Maturity	Assets

30-YR UMBS-TBA PROD DEC	3.500%	03/01/2049	28.0%
United States Treasury Bill	0.000%	12/03/2019	13.1%
United States Treasury Bill	0.000%	01/30/2020	8.5%
30-YR UMBS-TBA PROD DEC	3.000%	05/01/2049	4.9%
U.S. Treasury Note/Bond	2.500%	01/31/2021	4.5%
Federal Home Loan Bank	0.000%	12/06/2019	4.4%
U.S. Treasury Note	0.625%	04/15/2023	3.9%
Japan Treasury Discount Bill	0.000%	01/27/2020	3.9%
30-YR UMBS-TBA PROD DEC	4.000%	03/01/2049	3.5%
U.S. Treasury Note/Bond	2.250%	08/15/2049	3.5%
U.S. Treasury Note/Bond	3.625%	08/15/2043	3.2%
U.S. Treasury Note/Bond	2.750%	11/15/2047	2.4%
U.S. Treasury Note/Bond	1.750%	11/15/2029	2.0%
U.S. Treasury Note/Bond	1.500%	11/30/2024	1.9%
U.S. Treasury Note/Bond	1.500%	11/30/2021	1.3%
Bank of America Corp.	3.593%	07/21/2028	0.9%
J.P.Morgan Securities LLC	0.010%	-	0.8%
JPMorgan Chase & Co.	3.782%	02/01/2028	0.7%
Citigroup, Inc.	3.887%	01/10/2028	0.6%
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worl	4.700%	02/01/2036	0.5%
Ford Credit Auto Owner Trust 2015-REV1	2.120%	07/15/2026	0.5%
Wells Fargo Bank, N.A.	5.850%	02/01/2037	0.5%
Toronto-Dominion Bank	3.625%	09/15/2031	0.4%
Synchrony Credit Card Master Note Trust	2.370%	03/15/2023	0.4%
VEREIT Operating Partnership L.P.	4.875%	06/01/2026	0.4%
Santander Drive Auto Receivables Trust 2015-4	4.540%	11/15/2022	0.4%
Japan Bank for International Cooperation/Japan	2.125%	02/10/2025	0.4%
ENI SpA	5.700%	10/01/2040	0.4%
TD Securities (USA) LLC	0.010%	-	0.4%
Morgan Stanley	3.875%	01/27/2026	0.4%
Morgan Stanley	4.000%	07/23/2025	0.4%
Teachers Insurance & Annuity Association of Americ	4.900%	09/15/2044	0.4%
General Motors Co.	6.600%	04/01/2036	0.4%
Cox Communications, Inc.	8.375%	03/01/2039	0.4%
Drive Auto Receivables Trust	5.300%	07/15/2024	0.4%
Santander Drive Auto Receivables Trust 2016-2	4.380%	09/15/2023	0.4%
CarMax Auto Owner Trust 2017-3	1.970%	04/15/2022	0.4%
Norfolk Southern Corp.	5.590%	05/17/2025	0.4%
Avolon Holdings Funding Ltd	5.250%	05/15/2024	0.4%
Japan Bank for International Cooperation/Japan	2.500%	05/23/2024	0.3%
Barclays Dryrock Issuance Trust	2.065%	05/15/2023	0.3%
Federal National Mortgage Assoc.	4.000%	01/01/2048	0.3%
JP Morgan Chase Commercial Mortgage Securities Tru	2.724%	07/05/2033	0.3%
Time Warner Cable LLC	7.300%	07/01/2038	0.3%
Park Aerospace Holdings Ltd	5.500%	02/15/2024	0.3%
Royal Caribbean Cruises Ltd.	3.700%	03/15/2028	0.3%
SCF Equipment Leasing 2019-1 LLC	3.920%	11/20/2026	0.3%
Credit Acceptance Auto Loan Trust 2019-3	2.860%	01/16/2029	0.3%
Santander Drive Auto Receivables Trust 2016-1	5.020%	06/15/2023	0.3%
NextGear Floorplan Master Owner Trust	3.690%	10/15/2023	0.3%
OHA Loan Funding 2016-1 Ltd	3.766%	01/20/2028	0.3%
Baker Hughes a GE Co LLC / Baker Hughes Co-Obligor	4.080%	12/15/2047	0.3%
Ford Credit Floorplan Master Owner Trust A	2.160%	09/15/2022	0.3%
Drive Auto Receivables Trust 2017-2	3.490%	09/15/2023	0.3%
Saudi Government International Bond	3.250%	10/26/2026	0.3%
COMM 2014-UBS4 Mortgage Trust	4.863%	08/10/2047	0.3%
Hilton Orlando Trust 2018-ORL	2.535%	12/15/2034	0.3%
BX Commercial Mortgage Trust 2018-BIOA	2.436%	03/15/2037	0.3%
Honda Auto Receivables 2019-1 Owner Trust	2.750%	09/20/2021	0.3%
AmeriCredit Automobile Receivables 2016-1	3.590%	02/08/2022	0.3%
SOUND POINT CLO XVII	3.566%	10/20/2030	0.3%
Tencent Holdings Ltd.	3.595%	01/19/2028	0.3%
Ecopetrol S.A.	4.125%	01/16/2025	0.3%
Federal Home Loan Mortgage Corp.	4.000%	10/01/2049	0.3%
Shackleton 2019-XIV Clo Ltd	4.178%	07/20/2030	0.3%
AmeriCredit Automobile Receivables Trust 2015-3	3.340%	08/08/2021	0.3%
Government National Mortgage Association	2.700%	08/16/2058	0.3%
Halliburton Co.	7.450%	09/15/2039	0.3%
Tralee CLO III Ltd	2.996%	10/20/2027	0.2%
COMM Mortgage Trust	4.584%	07/10/2050	0.2%
Benefit Street Partners CLO IV Ltd	3.216%	01/20/2029	0.2%
Anglo American Capital plc	4.750%	04/10/2027	0.2%
Qtel International Finance Ltd.	3.750%	06/22/2026	0.2%
Macquarie Group Ltd.	4.654%	03/27/2029	0.2%
Ford Motor Co.	7.450%	07/16/2031	0.2%
Nvent Finance Sarl	4.550%	04/15/2028	0.2%
Apache Corp.	4.750%	04/15/2043	0.2%
BAT Capital Corp	4.390%	08/15/2037	0.2%
Berkshire Hathaway Energy Co.	3.800%	07/15/2048	0.2%
ALM VII Ltd	3.851%	07/15/2029	0.2%
SCF Equipment Leasing 2019-2 LLC	2.760%	08/20/2026	0.2%
UBS AG	7.625%	08/17/2022	0.2%
Broadcom Inc	3.625%	10/15/2024	0.2%
Government National Mortgage Association	2.600%	06/16/2057	0.2%
Ohio Edison Co.	8.250%	10/15/2038	0.2%
American Express Credit Account Master Trust	1.930%	09/15/2022	0.2%
Goldman Sachs Group, Inc.	6.750%	10/01/2037	0.2%
EPR Properties	4.950%	04/15/2028	0.2%
JP Morgan Chase Commercial Mortgage Securities Tru	2.765%	06/15/2032	0.2%
Santander Drive Auto Receivables Trust 2018-1	2.630%	07/15/2022	0.2%
BX Trust 2018-GW	2.565%	05/15/2035	0.2%
Government National Mortgage Association	2.900%	02/16/2049	0.2%
Westlake Automobile Receivables Trust 2019-2	3.060%	02/15/2023	0.2%
American Express Credit Account Master Trust	1.770%	11/15/2022	0.2%
Santander UK plc	7.950%	10/26/2029	0.2%
Hyundai Auto Receivables Trust 2017-A	2.530%	11/15/2023	0.2%
GE Capital International Funding Co.	4.418%	11/15/2035	0.2%
WEA Finance LLC	3.500%	06/15/2029	0.2%
Ford Credit Floorplan Master Owner Trust A	2.390%	08/15/2022	0.2%
AerCap Ireland Capital Ltd.	3.500%	01/15/2025	0.2%
IFM US Colonial Pipeline 2 LLC	6.450%	05/01/2021	0.2%
ICG US CLO 2015-2 Ltd	2.851%	01/16/2028	0.2%
AT&T, Inc.	6.250%	03/29/2041	0.2%
AT&T, Inc.	6.000%	08/15/2040	0.2%
Capital Auto Receivables Asset Trust 2018-1	2.790%	01/20/2022	0.2%
COMM 2015-DC1 Mortgage Trust	4.408%	02/10/2048	0.2%
Dell International LLC / EMC Corp.	8.350%	07/15/2046	0.2%
JPMBB Commercial Mortgage Securities Trust	4.410%	07/15/2048	0.2%
SLC Student Loan Trust 2008-1	3.719%	12/15/2032	0.2%
JP Morgan Chase Commercial Mortgage Securities Tru	3.065%	06/15/2032	0.2%
Citigroup Commercial Mortgage Trust 2016-GC36	2.850%	02/10/2049	0.2%
Shell International Finance BV	6.375%	12/15/2038	0.2%
Perimeter Master Note Business Trust	4.310%	12/15/2022	0.2%
Republic of Indonesia	3.400%	09/18/2029	0.2%
Hardee's Funding LLC	4.959%	06/20/2048	0.2%
Drive Auto Receivables Trust 2018-2	4.140%	08/15/2024	0.2%
JFIN CLO 2014 Ltd	3.416%	04/21/2025	0.2%
Glencore Finance Canada Ltd.	5.550%	10/25/2042	0.2%
National Oilwell Varco, Inc.	3.600%	12/01/2029	0.2%
Oracle Corp.	6.125%	07/08/2039	0.2%
AerCap Ireland Capital Ltd.	3.875%	01/23/2028	0.2%
Hudsons Bay Simon JV Trust	4.666%	08/05/2034	0.2%
SCF Equipment Leasing 2019-2 LLC	3.110%	06/21/2027	0.2%
World Omni Auto Receivables Trust 2017-A	1.930%	09/15/2022	0.2%
TAL Advantage VI LLC	4.500%	04/20/2042	0.2%
Flagship Credit Auto Trust 2018-3	3.070%	02/15/2023	0.2%
Wells Fargo Bank, N.A.	6.600%	01/15/2038	0.2%
Aqua America, Inc.	3.566%	05/01/2029	0.2%
Dell International LLC / EMC Corp	6.020%	06/15/2026	0.2%
Occidental Petroleum Corp.	7.875%	09/15/2031	0.2%
California Republic Auto Receivables Trust 2018-1	3.560%	03/15/2023	0.2%
Wells Fargo Commercial Mortgage Trust 2016-C35	4.176%	07/15/2048	0.1%
World Financial Network Credit Card Master Trust	2.660%	08/15/2024	0.1%
Mercedes-Benz Auto Lease Trust 2018-B	3.040%	12/15/2020	0.1%
Avid Automobile Receivables Trust 2019-1	2.620%	02/15/2024	0.1%
BAT Capital Corp	3.557%	08/15/2027	0.1%
American Credit Acceptance Receivables Trust 2019-	3.050%	05/12/2023	0.1%
Hudsons Bay Simon JV Trust	5.331%	08/05/2034	0.1%
BSPRT 2018-FL4 Issuer Ltd	2.815%	09/15/2035	0.1%
Ares XLI Clo Ltd	3.801%	01/15/2029	0.1%
CIFC Funding 2017-I Ltd	3.326%	04/23/2029	0.1%
KKR CLO 18 Ltd	3.703%	07/18/2030	0.1%
Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.625%	01/15/2024	0.1%
Drive Auto Receivables Trust 2019-3	2.630%	09/15/2022	0.1%
TPG Real Estate Finance 2018-FL2 Issuer LTD	3.008%	11/15/2037	0.1%
Americredit Automobile Receivables Trust 2018-2	2.860%	11/18/2021	0.1%
Saudi Arabian Oil Co	2.875%	04/16/2024	0.1%
Drive Auto Receivables Trust	3.720%	09/16/2024	0.1%
SURA Asset Management SA	4.875%	04/17/2024	0.1%
Catholic Health Initiatives	3.347%	10/01/2029	0.1%
Orec 2018-CRE1 Ltd	2.945%	06/15/2036	0.1%
Dominion Gas Holdings LLC	4.600%	12/15/2044	0.1%
DBWF 2018-GLKS Mortgage Trust	2.763%	11/19/2035	0.1%
Wells Fargo Commercial Mortgage Trust	4.244%	05/15/2048	0.1%
UBS AG Registered Shares	5.125%	05/15/2024	0.1%
Baker Hughes a GE Co LLC / Baker Hughes Co-Obligor	3.138%	11/07/2029	0.1%
Hardee's Funding LLC	5.710%	06/20/2048	0.1%
Schlumberger Holdings Corp.	4.300%	05/01/2029	0.1%
BMW Vehicle Lease Trust 2019-1	2.790%	03/22/2021	0.1%
Bank of America Corp.	4.000%	01/22/2025	0.1%
Foursight Capital Automobile Receivables Trust 201	3.240%	09/15/2022	0.1%
Drive Auto Receivables Trust 2017-1	5.170%	09/16/2024	0.1%
Towd Point Mortgage Trust 2019-HY2	2.708%	05/25/2058	0.1%
Pennsylvania Electric Co.	3.600%	06/01/2029	0.1%
Palmer Square Loan Funding 2018-1 Ltd	2.601%	04/15/2026	0.1%
ME Funding LLC 2019-1	6.448%	07/30/2049	0.1%
Longtrain Leasing III LLC 2015-1	4.060%	01/15/2045	0.1%
Government National Mortgage Association	2.750%	02/16/2058	0.1%
Jamestown CLO IX Ltd	4.616%	10/20/2028	0.1%
PFP 2019-6 Ltd	0.000%	04/14/2037	0.1%
DRB Prime Student Loan Trust	3.200%	01/25/2040	0.1%
Statoil ASA	7.150%	11/15/2025	0.1%
Exelon Generation Co. LLC	5.600%	06/15/2042	0.1%
CF Trust 2019-BOSS	4.953%	12/15/2021	0.1%
AmeriCredit Automobile Receivables Trust 2017-2	2.970%	03/20/2023	0.1%
CSAIL 2019-C18 Commercial Mortgage Trust	3.321%	12/15/2052	0.1%
Towd Point Asset Trust 2018-SL1	2.308%	01/25/2046	0.1%
Jamestown CLO VII Ltd.	4.540%	07/25/2027	0.1%
Carnival plc	7.875%	06/01/2027	0.1%
SCF Equipment Leasing 2018-1 LLC	3.630%	10/20/2024	0.1%
Federal Home Loan Mortgage Corp.	2.231%	02/25/2032	0.1%
Northwoods Capital Corp / Northwoods Capital Ltd	0.000%	01/25/2030	0.1%
First Investors Auto Owner Trust 2019-2	2.710%	12/15/2025	0.1%
KVK CLO 2016-1 Ltd	5.151%	01/15/2029	0.1%
Sound Point Clo XII Ltd	4.566%	10/20/2028	0.1%
JP Morgan Chase Commercial Mortgage Securities Tru	3.865%	06/15/2032	0.1%
South Carolina Electric & Gas Co.	6.050%	01/15/2038	0.1%
JPMorgan Chase & Co.	3.540%	05/01/2028	0.1%
Wells Fargo Commercial Mortgage Trust 2016-NXS5	5.037%	01/15/2059	0.1%
Citigroup, Inc.	4.450%	09/29/2027	0.1%
TCF Auto Receivables Owner Trust 2016-PT1	2.920%	10/17/2022	0.1%
Avery Point VII CLO Ltd	3.751%	01/15/2028	0.1%
BBCMS 2019-BWAY Mortgage Trust	2.756%	11/25/2034	0.1%
Government National Mortgage Association	2.700%	07/16/2057	0.1%
Chesapeake Funding II LLC	1.910%	08/15/2029	0.1%
Vistra Operations Co LLC	4.300%	07/15/2029	0.1%
Americredit Automobile Receivables Trust 2019-1	2.023%	06/20/2022	0.1%
Capital Auto Receivables Asset Trust 2018-2	3.690%	12/20/2023	0.1%
Mountain View CLO X Ltd	3.351%	10/13/2027	0.1%
Flagship Credit Auto Trust 2018-3	3.590%	12/16/2024	0.1%
Planet Fitness Master Issuer LLC	3.858%	12/05/2049	0.1%
PayPal Holdings, Inc.	2.850%	10/01/2029	0.1%
COMM Mortgage Trust	4.584%	07/10/2050	0.1%
Northwoods Capital Corp / Northwoods Capital Ltd	0.000%	01/25/2030	0.1%
U.S. Treasury Note/Bond	2.875%	10/31/2020	0.1%
Burlington Northern Santa Fe LLC	5.750%	05/01/2040	0.1%
GS Mortgage Securities Corp Trust 2018-RIVR	2.715%	07/15/2035	0.1%
Entergy Texas, Inc.	4.000%	03/30/2029	0.1%
ReadyCap Commercial Mortgage Trust 2019-6	2.832%	10/25/2052	0.1%
Americredit Automobile Receivables Trust 2019-1	2.930%	06/20/2022	0.1%
Banco de Credito e Inversiones	3.500%	10/12/2027	0.1%
CNAC HK Finbridge Co Ltd	3.500%	07/19/2022	0.1%
Westlake Automobile Receivables Trust 2019-2	3.200%	11/15/2024	0.1%
Government National Mortgage Association	2.750%	02/16/2058	0.1%
First Investors Auto Owner Trust	2.410%	12/15/2022	0.1%
General Electric Co.	2.667%	05/05/2026	0.1%
Genesis Sales Finance Master Trust Series 2019-A	4.680%	08/20/2023	0.1%
Neuberger Berman Group LLC	4.500%	03/15/2027	0.1%
Palmer Square Loan Funding 2017-1 Ltd	3.701%	10/15/2025	0.1%
Wells Fargo Commercial Mortgage Trust 2017-C41	3.785%	11/15/2050	0.1%
Textainer Marine Containers VII Ltd	3.960%	04/20/2044	0.1%
Oklahoma Gas and Electric	3.300%	03/15/2030	0.1%
Cedar Funding VI CLO Ltd	3.566%	10/20/2028	0.1%
Drive Auto Receivables Trust 2019-2	2.930%	03/15/2022	0.1%
Drive Auto Receivables Trust	4.160%	05/15/2024	0.1%
Government National Mortgage Association	2.700%	04/16/2057	0.1%
Atrium Hotel Portfolio Trust 2018-ATRM	2.715%	06/15/2035	0.1%
Navient Private Education Refi Loan Trust 2018-D	4.000%	12/15/2059	0.1%
Sound Point Clo XV Ltd	4.434%	01/23/2029	0.1%
Morgan Stanley	3.625%	01/20/2027	0.1%
Government National Mortgage Association	2.600%	07/16/2058	0.1%
Entergy Louisiana LLC	4.000%	03/15/2033	0.1%
Ashtead Capital, Inc.	4.250%	11/01/2029	0.1%
PFS Financing Corp.	3.080%	02/15/2023	0.1%
Shackleton 2016-IX CLO Ltd	3.866%	10/20/2028	0.1%
Bank of America Corp.	4.450%	03/03/2026	0.1%
Massachusetts Educational Financing Authority	2.890%	04/25/2038	0.1%
J.P. Morgan Chase Commercial Mortgage SecuritiesTr	2.934%	11/15/2035	0.1%
CarMax Auto Owner Trust	2.880%	10/15/2021	0.1%
Avery Point VII CLO Ltd	4.451%	01/15/2028	0.1%
DLL 2018-2 LLC	3.140%	10/20/2020	0.1%
EPR Properties	4.750%	12/15/2026	0.1%
CPS Auto Receivables Trust 2018-B	4.260%	03/15/2024	0.1%
Interest Rate Swap	0.000%	06/07/2021	0.1%
Foursight Capital Automobile Receivables Trust 201	3.530%	04/17/2023	0.1%
World Omni Select Auto Trust 2018-1	3.240%	04/15/2022	0.1%
Cleco Corp.	4.973%	05/01/2046	0.1%
Palmer Square Loan Funding 2018-1 Ltd	3.051%	04/15/2026	0.1%
Qatar Government International Bond	5.103%	04/23/2048	0.1%
Regatta VI Funding Ltd	4.016%	07/20/2028	0.1%
Abu Dhabi Crude Oil Pipeline LLC	4.600%	11/02/2047	0.1%
Northern Natural Gas	4.300%	01/15/2049	0.1%
General Electric Co.	6.150%	08/07/2037	0.1%
EPR Properties	4.500%	06/01/2027	0.1%
JB y Co SA de CV	3.750%	05/13/2025	0.1%
PHEAA Student Loan Trust I	2.210%	04/25/2038	0.1%
Westlake Automobile Receivables Trust 2018-1	2.670%	05/17/2021	0.1%
Carmax Auto Owner Trust 2019-4	2.600%	09/15/2025	0.1%
South Carolina Electric & Gas Co.	6.625%	02/01/2032	0.1%
Bayer Corp	6.650%	02/15/2028	0.1%
Affiliated Managers Group, Inc.	4.250%	02/15/2024	0.1%
Interest Rate Swap	0.000%	04/01/2021	0.1%
OHA Loan Funding Ltd.	0.000%	11/15/2032	0.1%
Citigroup Commercial Mortgage Trust	1.345%	05/10/2047	0.1%
Clear Creek CLO	4.916%	10/20/2030	0.1%
American Credit Acceptance Receivables Trust 2018-	3.380%	12/13/2021	0.1%
Flagship Credit Auto Trust 2017-3	2.590%	07/15/2022	0.1%
World Financial Network Credit Card Master Trust	2.030%	04/15/2025	0.1%
First Investors Auto Owner Trust 2018-2	3.230%	12/15/2022	0.1%
Avery Point CLO Ltd.	3.540%	04/25/2026	0.0%
Minejesa Capital BV	4.625%	08/10/2030	0.0%
GS Mortgage Securities Trust	4.557%	07/10/2048	0.0%
Regatta XVI Funding Ltd	0.000%	01/15/2033	0.0%
Adani Ports & Special Economic Zone Ltd	4.000%	07/30/2027	0.0%
COMM 2016-COR1 Mortgage Trust	3.494%	10/10/2049	0.0%
Neuberger Berman Group LLC	4.875%	04/15/2045	0.0%
Westgate Resorts 2018-1 LLC	3.380%	12/20/2031	0.0%
Americredit Automobile Receivables Trust 2018-3	3.110%	01/18/2022	0.0%
Americredit Automobile Receivables Trust 2018-3	2.013%	01/18/2022	0.0%
Wheels SPV 2 LLC	3.060%	04/20/2027	0.0%
Diamond Resorts Owner Trust	4.110%	10/22/2029	0.0%
Bancorp Commercial Mortgage 2018-CRE3 Trust/The	2.615%	01/15/2033	0.0%
Palmer Square Loan Funding 2018-1 Ltd	3.401%	04/15/2026	0.0%
CPS Auto Trust	3.430%	07/15/2022	0.0%
Ares XXIX CLO Ltd.	3.192%	04/17/2026	0.0%
Universal Health Services, Inc.	5.000%	06/01/2026	0.0%
Empresas Publicas de Medellin ESP	4.250%	07/18/2029	0.0%
Regatta XVI Funding Ltd	0.000%	01/15/2033	0.0%
COMM Mortgage Trust	4.584%	07/10/2050	0.0%
Pennsylvania	5.350%	05/01/2030	0.0%
BBCMS 2019-BWAY Mortgage Trust	3.110%	11/25/2034	0.0%
Drive Auto Receivables Trust	4.180%	03/15/2024	0.0%
Avid Automobile Receivables Trust 2019-1	2.820%	07/15/2026	0.0%
Chesapeake Funding II LLC	1.990%	05/15/2029	0.0%
FX USD/JPY 01/20	0.000%	01/27/2020	0.0%
Citigroup Commercial Mortgage Trust 2016-P3	2.804%	04/15/2049	0.0%
Flagship Credit Auto Trust 2018-1	2.590%	06/15/2022	0.0%
Government National Mortgage Association	2.900%	02/16/2053	0.0%
CPS Auto Receivables Trust 2018-A	2.770%	04/18/2022	0.0%
Mexichem SAB de CV	4.875%	09/19/2022	0.0%
Enterprise Fleet Financing LLC	2.870%	10/20/2023	0.0%
California Republic Auto Receivables Trust 2017-1	2.910%	12/15/2022	0.0%
CPS Auto Receivables Trust	6.580%	03/15/2022	0.0%
WFRBS Commercial Mortgage Trust	0.715%	10/15/2057	0.0%
SCF Equipment Leasing 2017-2 LLC	3.410%	12/20/2023	0.0%
Apidos CLO XVI	4.966%	01/19/2025	0.0%
Providence St Joseph Health Obligated Group	2.532%	10/01/2029	0.0%
Galaxy XXI CLO Ltd	2.986%	04/20/2031	0.0%
Palmer Square Loan Funding 2018-5 Ltd	3.366%	01/20/2027	0.0%
WFRBS Commercial Mortgage Trust	0.307%	10/15/2057	0.0%
Santander Drive Auto Receivables Trust 2017-3	2.760%	12/15/2022	0.0%
Foursight Capital Automobile Receivables Trust 201	3.680%	08/15/2023	0.0%
Halcyon Loan Advisors Funding Ltd.	4.090%	07/25/2027	0.0%
Drive Auto Receivables Trust	3.340%	09/15/2022	0.0%
California Republic Auto Receivables Trust	2.700%	09/15/2021	0.0%
Affiliated Managers Group, Inc.	3.500%	08/01/2025	0.0%
Voya CLO 2019-1 Ltd	5.301%	04/15/2029	0.0%
CPS Auto Trust	2.870%	09/15/2021	0.0%
KKR CLO 18 Ltd	5.603%	07/18/2030	0.0%
Csail Commercial Mortgage Trust	4.332%	06/15/2057	0.0%
Flagship Credit Auto Trust 2017-4	2.070%	04/15/2022	0.0%
Sequoia Mortgage Trust 2012-4	2.069%	09/25/2042	0.0%
American Credit Acceptance Receivables Trust 2016-	6.090%	05/12/2022	0.0%
SFAVE Commercial Mortgage Securities Trust	4.144%	01/05/2043	0.0%
WFRBS Commercial Mortgage Trust	1.124%	05/15/2047	0.0%
Ascentium Equipment Receivables 2016-2 Trust	2.500%	09/12/2022	0.0%
Ascentium Equipment Receivables 2017-1 Trust	2.290%	06/10/2021	0.0%
OneMain Financial Issuance Trust 2016-1A	3.660%	02/20/2029	0.0%
Chrysler Capital Auto Receivables Trust 2016-A	3.250%	06/15/2022	0.0%
Enterprise Fleet Financing LLC	2.130%	07/20/2022	0.0%
Carmax Auto Owner Trust	1.390%	05/17/2021	0.0%
Drive Auto Receivables Trust 2017-2	2.750%	09/15/2023	0.0%
COMM Mortgage Trust	1.191%	08/10/2047	0.0%
Diamond Resorts Owner Trust	3.080%	11/20/2028	0.0%
Foursight Capital Automobile Receivables Trust 201	2.870%	10/15/2021	0.0%
Flagship Credit Auto Trust 2017-3	1.880%	10/15/2021	0.0%
Government National Mortgage Association	2.200%	04/16/2047	0.0%
Mercedes-Benz Auto Receivables Trust 2016-1	1.260%	02/16/2021	0.0%
Access Point Funding I 2017-1 LLC	3.060%	04/15/2029	0.0%
JPMBB Commercial Mortgage Securities Trust	0.909%	04/15/2047	0.0%
WFRBS Commercial Mortgage Trust	0.734%	05/15/2047	0.0%
California Republic Auto Receivables Trust 2018-1	2.860%	03/15/2021	0.0%
JPMBB Commercial Mortgage Securities Trust	0.441%	04/15/2047	0.0%
SLM Private Education Loan Trust	5.015%	05/16/2044	0.0%
US 10YR ULTRA FUT MAR20	0.000%	03/31/2020	0.0%
US 2YR NOTE (CBT) MAR20	0.000%	04/03/2020	0.0%
US LONG BOND(CBT) MAR20	0.000%	03/31/2020	0.0%
US ULTRA BOND CBT MAR20	0.000%	03/31/2020	0.0%
US 5YR NOTE (CBT) MAR20	0.000%	04/03/2020	0.0%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 01/17/2020: $0
Dividend Frequency: Monthly (Daily Accrual)

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
Daily	Daily	12/31/2019	$0.01915	$11.06
Daily	Daily	11/30/2019	$0.01885	$11.10
Daily	Daily	10/31/2019	$0.01902	$11.13
Daily	Daily	09/30/2019	$0.02165	$11.13
Daily	Daily	08/31/2019	$0.01939	$11.22
Daily	Daily	07/31/2019	$0.02265	$10.98
Daily	Daily	06/30/2019	$0.02593	$10.97
Daily	Daily	05/31/2019	$0.02743	$10.87
Daily	Daily	04/30/2019	$0.02573	$10.72
Daily	Daily	03/31/2019	$0.02890	$10.74
Daily	Daily	02/28/2019	$0.02334	$10.57
Daily	Daily	01/31/2019	$0.02476	$10.60

Upcoming Dividend Payment Dates

Record Date	Ex-Dividend Date	Reinvest & Payable Date
Daily	Daily	01/31/2020
Daily	Daily	02/29/2020
Daily	Daily	03/31/2020
Daily	Daily	04/30/2020
Daily	Daily	05/31/2020
Daily	Daily	06/30/2020
Daily	Daily	07/31/2020
Daily	Daily	08/31/2020
Daily	Daily	09/30/2020
Daily	Daily	10/31/2020
Daily	Daily	11/30/2020
Daily	Daily	12/31/2020

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
12/17/2015	12/18/2015	$0.0064	$0.0168	$0.0232	$10.79

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor.

Upcoming Capital Gain Distribution

Record Date	Ex-Dividend Date
12/17/2020	12/18/2020

Fees & Expenses

Sales Charge Schedule as of 01/17/2020

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$11.38
$100,000 to $249,999	1.75%	1.50%	$11.32
$250,000 to $499,999	1.25%	1.00%	$11.26
$500,000 to $999,999	0.00%	1.00%	$11.12
$1,000,000 to $5,000,000	0.00%	1.00%	$11.12

The 12b-1 trail commission is 0.15% (accrues immediately) for all fixed-income and municipal income funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers Click here.

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

Rights of Accumulation - A purchaser may combine the value of Class A, B, C, F, and P shares of any eligible fund currently owned with a new purchase of Class A shares of any eligible fund in order to reduce the sales charge on the new purchase. Class I, R2, and R3 share holdings may not be combined for these purposes.

To the extent that your financial intermediary is able to do so, the value of Class A, B, C, F, and P shares of eligible funds determined for the purpose of reducing the sales charge of a new purchase under the Rights of Accumulation will be calculated at the higher of: 1) the aggregate current maximum offering price of your existing Class A, B, C, F, and P shares of eligible funds or 2) the aggregate amount you invested in such shares (including dividend reinvestments but excluding capital appreciation) less any withdrawals. You should retain any information and account records necessary to substantiate the historical amounts you and any related purchasers have invested in eligible funds. You must inform a fund and/or your financial intermediary at the time of purchase if you believe your purchase qualifies for a reduced sales charge; you may be requested to provide documentation of your holdings in order to verify your eligibility. If you do not do so, you may not receive all sales charge reductions for which you are eligible.
Letter of Intention — In order to reduce your Class A front-end sales charge, a purchaser may combine purchases of Class A, B, C, F, and P shares of any eligible fund the purchaser intends to make over the next 13 months in determining the applicable sales charge. The 13-month Letter of Intention period commences on the day that the Letter of Intention is received by a fund, and the purchaser must tell a fund that later purchases are subject to the Letter of Intention. Purchases submitted prior to the date the Letter of Intention is received by a fund are not counted toward the sales charge reduction. Current holdings under Rights of Accumulation may be included in a Letter of Intention in order to reduce the sales charge for purchases during the 13-month period covered by the Letter of Intention. Shares purchased through reinvestment of dividends or distributions are not included. Class I, R2, and R3 share holdings may not be combined for these purposes. Class A shares valued at 5% of the amount of intended purchases are escrowed and may be redeemed to cover the additional sales charges payable if the intended purchases under the Letter of Intention is not completed. The Letter of Intention is neither a binding obligation on you to buy nor on a fund to sell any or all of an intended purchase amount.

Purchaser — A purchaser includes: 1) an individual; 2) an individual, his or her spouse, and children under the age of 21; 3) retirement and benefit plans, including a 401(k) plan, profit-sharing plan, money purchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, nonprofit organization, school district, or church to which employer contributions are made, as well as SIMPLE IRA plans and SEP-IRA plans; or 4) a trustee or other fiduciary purchasing shares for a single trust, estate, or single fiduciary account. An individual may include under item (1) his or her holdings in eligible funds as described above in IRAs, as a sole participant of a retirement and benefit plan sponsored by the individual's business, and as a participant in a 403(b) plan to which only pretax salary deferrals are made. An individual and his or her spouse may include under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit plans sponsored by a business owned by either or both of them. A retirement and benefit plan under item (3) includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries, and all qualified retirement and benefit plans of multiple employers registered in the name of a single bank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

purchases of $1 million or more (may be subject to a CDSC);
purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

Expense Ratioas of 12/31/2019

Fund Documents

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	Summary Prospectus Publish Date:11/03/2015
n/a	Statutory Prospectus Publish Date:11/03/2015
n/a	Prospectus (XBRL) Publish Date:11/03/2015
	SAI Publish Date:11/03/2015
	Annual Report Publish Date:11/03/2015
	Semi-Annual Report Publish Date:11/03/2015
	Fact Sheet Publish Date:11/03/2015
	Fixed Income Combo Flyer Publish Date:11/03/2015
	Flyer Publish Date:11/03/2015

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Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.

Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to value with maximum sales charges and without sales charges. The dividend yield is calculated by annualizing the last dividend and dividing it by the fund’s net asset value with maximum sales charges and without sales charges.

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

The Fund’s Dividend Yield, 12-Month Dividend Yield and 7 Day Yield are shown with and without sales charges and with maximum sales charges. The Fund’s Subsidized Dividend yield takes into account any fee waiver or expense limitation arrangements, if any. Without such fee waivers or expense limitation arrangements, the Fund’s dividend yield would have been lower. Information regarding any fee waivers or expense limitation arrangements applicable to the Fund is provided with the Fund’s expense ratio information.

The Fund’s Unsubsidized Dividend yield is shown without sales charges and with maximum sales charges. The Fund’s unsubsidized dividend yield reflects what the yield would have been without the effect of fee waivers or expense limitation arrangements.

The 30-day Standardized Subsidized yield reflects fee waivers in effect. Without such fee waivers, yields would be reduced.

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

IMPORTANT INFORMATION

A Note about Risk: The Fund is subject to the general risks associated with investing in fixed income securities, including market, credit, liquidity, and interest rate risk. The value of an investment in the Fund will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. The Fund may invest in Treasury Inflation Protected Securities and other inflation-indexed securities, which are subject to greater inflation rate and interest rate volatility. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.

Class A Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

Returns shown at less than a year reflect aggregate total returns.

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.

The Barclays U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund's three-, five-, and 10-year (as applicable) Morningstar RatingTM metrics. © Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Morningstar proprietary ratings reflect historical risk-adjusted performance. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Load-waived ratings do not include any front-end sales charges (which are only available for certain defined contribution plans and certain mutual fund advisory programs) and should only be considered by investors who are not subject to sales loads. Not all funds with a load-waived rating may waive their front-end load. An investor should check with their advisor to determine if they are eligible to purchase the load-waived Class A share. The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Overall Morningstar rating is a weighted average of funds' three-, five-, and 10-year (as applicable) ratings. Past performance is no guarantee of future results. Morningstar Rating is for the Class A share only; other classes may have different performance characteristics.

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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Summary

Summary

What is the Core Fixed Income Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in U.S. investment grade corporate, government, and mortgage- and asset-backed securities.

Yield

Dividend Yield 1 as of 01/17/2020

30-Day Standardized Yield 2 as of 12/31/2019

Expense Ratioas of 12/31/2019

Fund Basicsas of 12/31/2019

Fund Expense Ratio :

0.62%

Fund Expense Ratio :

0.62%

Fund Expense Ratio :

0.62%

Fund Expense Ratio :

0.62%

Credit Quality Distribution as of 12/31/2019 View Portfolio

Investment Team

Contact a Representative

Performance

Performance

Dividend Yield 1 as of 01/17/2020

30-Day Standardized Yield 2 as of 12/31/2019

Fund Expense Ratio :

0.62%

Fund Expense Ratio :

0.62%

Fund Expense Ratio :

0.62%

Fund Expense Ratio :

0.62%

Growth of $10,000 as of 12/31/2019

NAV Historical Prices

Portfolio

Portfolio

Credit Quality Distribution as of 12/31/2019

Portfolio Positioning as of 12/31/2019

Portfolio Details as of 12/31/2019

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Upcoming Dividend Payment Dates

Capital Gains Distributions

Upcoming Capital Gain Distribution

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 01/17/2020

Expense Ratioas of 12/31/2019

Fund Documents

Fund Documents

Dividend Yield ¹ as of 01/17/2020

30-Day Standardized Yield ² as of 12/31/2019

Dividend Yield ¹ as of 01/17/2020

30-Day Standardized Yield ² as of 12/31/2019