Short Duration High Yield Fund

LSYAX

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Daily price w/o sales charge as of 10/28/2020

$10.58

$0.06

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Summary

What is the Short Duration High Yield Fund?

The Fund’s investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.

Yield

Dividend Yield ¹ as of 10/28/2020

	Subsidized³	Un-Subsidized⁴
w/o sales charge	6.10%	5.92%
w/ sales charge	5.96%	5.79%

30-Day Standardized Yield ² as of 09/30/2020

4.06%

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

Expense Ratioas of 09/30/2020

Expense ratio details, Click here.

The net expense ratio is based on estimates for the current fiscal year and takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place for the period through 11/30/2021. For periods when fees and expenses were waived and/or reimbursed, the Fund benefited by not bearing such expenses. Without such fee waivers/reimbursements, performance would have been lower.

Fund Basicsas of 09/30/2020

Total Net Assets: $6.31 M
Inception Date: 05/01/2020
Dividend Frequency: Monthly (Daily Accrual)
Number of Holdings: 342
Minimum Initial Investment: $1,500+

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 04/30/2020

w/o sales charge	-	-	-	-	-	8.14%
Lipper Category Avg. Short High Yield Funds	-	-	-	-	-	-
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD	-	-	-	-	-	8.51%
w/ sales charge	-	-	-	-	-	5.71%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 04/30/2020

w/o sales charge	-	-	-	-	-	8.14%
Lipper Category Avg. Short High Yield Funds	-	-	-	-	-	-
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD	-	-	-	-	-	8.51%
w/ sales charge	-	-	-	-	-	5.71%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

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.

INVESTMENT TEAM

Steven F. Rocco, CFA

Partner & Co-Director of Taxable Fixed Income

19 Years of Industry Experience

Christopher Gizzo, CFA

Managing Director & Portfolio Manager

12 Years of Industry Experience

Supported By 64 Investment Professionals with 16 Years Avg. Industry Experience

Contact a Representative

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Performance

Dividend Yield ¹ as of 10/28/2020

	Subsidized³	Un-Subsidized⁴
w/o sales charge	6.10%	5.92%
w/ sales charge	5.96%	5.79%

30-Day Standardized Yield ² as of 09/30/2020

	Subsidized³	Un-Subsidized⁴
w/o sales charge	4.06%	4.06%

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

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 04/30/2020

w/o sales charge	-	-	-	-	-	8.14%
Lipper Category Avg. Short High Yield Funds	-	-	-	-	-	-
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD	-	-	-	-	-	8.51%
w/ sales charge	-	-	-	-	-	5.71%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 04/30/2020

w/o sales charge	-	-	-	-	-	8.14%
Lipper Category Avg. Short High Yield Funds	-	-	-	-	-	-
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD	-	-	-	-	-	8.51%
w/ sales charge	-	-	-	-	-	5.71%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

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

NAV Historical Prices

Date	Net Asset Value

Portfolio

Rating	Assets
High Yield Corporate
Bank Loans
Investment Grade Corporate
CMBS
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
1-3 years
3-5 years
5-7 years
7-10 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 09/30/2020

Rating	Assets
AA
BBB
BB
B
CCC
<CCC
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 average rating based on numeric values assigned to each rating. 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.

PORTFOLIO DETAILS as of 09/30/2020

Total Net Assets: $6.31 M
Number of Issues: 342
Average Coupon: 6.05%
Average Maturity: 2.87 Years
Average Effective Duration: 2.11 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 Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

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

Ford Motor Co	9.000%	04/22/2025	3.8%
Sprint Corp.	7.625%	02/15/2025	2.2%
Cogent Communications Group, Inc.	4.375%	06/30/2024	1.9%
Mclaren Finance PLC	5.000%	08/01/2022	1.8%
HCA, Inc.	7.500%	12/15/2023	1.6%
Navient Corp.	7.250%	01/25/2022	1.4%
CIT Group, Inc.	5.000%	08/01/2023	1.2%
Tenet Healthcare Corp.	4.625%	09/01/2024	1.0%
Carnival Corp.	11.500%	04/01/2023	1.0%
Altice France Holding SA	10.500%	05/15/2027	0.9%

% of Total Assets			16.8%

Holding	Coupon	Maturity	Assets

Ford Motor Co.	9.000%	04/22/2025	3.9%
Sprint Corp.	7.625%	02/15/2025	2.3%
Cogent Communications Group, Inc.	4.375%	06/30/2024	2.1%
Mclaren Finance PLC	5.000%	08/01/2022	1.9%
HCA, Inc.	7.500%	12/15/2023	1.7%
Navient Corp.	7.250%	01/25/2022	1.5%
CIT Group, Inc.	5.000%	08/01/2023	1.3%
Tenet Healthcare Corp.	4.625%	09/01/2024	1.1%
Altice France Holding SA	10.500%	05/15/2027	1.0%
Tenet Healthcare Corp.	8.125%	04/01/2022	0.9%
DISH DBS Corp.	5.875%	07/15/2022	0.9%
Lennar Corp.	4.750%	11/15/2022	0.9%
Colt Merger Sub Inc	6.250%	07/01/2025	0.9%
Carnival Corp.	11.500%	04/01/2023	0.9%
Reynolds Group Issuer, Inc.	5.125%	07/15/2023	0.9%
Freeport-McMoRan, Inc.	4.550%	11/14/2024	0.8%
Springleaf Finance Corp.	8.250%	10/01/2023	0.8%
Occidental Petroleum Corp.	2.700%	08/15/2022	0.8%
Netflix, Inc.	5.500%	02/15/2022	0.7%
MEG Energy Corp.	7.000%	03/31/2024	0.7%
NextEra Energy Operating Partners LP	4.250%	09/15/2024	0.7%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell o	5.000%	06/01/2024	0.7%
Hilton Domestic Operating Co, Inc.	4.250%	09/01/2024	0.7%
First Cash Financial Services, Inc.	5.375%	06/01/2024	0.6%
Albertsons Cos Inc / Safeway Inc / New Albertsons	6.625%	06/15/2024	0.6%
Tesla Motors, Inc.	5.300%	08/15/2025	0.6%
Springleaf Finance Corp.	8.875%	06/01/2025	0.6%
Netflix, Inc.	3.625%	06/15/2025	0.6%
HAT Holdings I LLC / HAT Holdings II LLC	6.000%	04/15/2025	0.5%
Coeur Mining, Inc.	5.875%	06/01/2024	0.5%
Univision Communications, Inc.	5.125%	02/15/2025	0.5%
Occidental Petroleum Corp.	2.900%	08/15/2024	0.5%
Magnolia Oil & Gas Operating LLC / Magnolia Oil &	6.000%	08/01/2026	0.5%
Atlantica Sustainable Infrastructure Jersey Ltd	4.000%	07/15/2025	0.5%
ADT Corp.	3.500%	07/15/2022	0.5%
Marriott International, Inc.	5.750%	05/01/2025	0.5%
MPH Acquisition Holdings LLC	7.125%	06/01/2024	0.5%
Acrisure LLC / Acrisure Finance Inc	8.125%	02/15/2024	0.5%
Patrick Industries, Inc.	1.000%	02/01/2023	0.5%
PDC Energy, Inc.	6.125%	09/15/2024	0.5%
Buckeye Partners L.P.	4.150%	07/01/2023	0.5%
Diamondback Energy, Inc.	2.875%	12/01/2024	0.5%
Sensata Technologies BV	4.875%	10/15/2023	0.5%
Warrior Met Coal Inc	8.000%	11/01/2024	0.5%
Cenovus Energy, Inc.	3.800%	09/15/2023	0.5%
Centene Corp.	4.750%	01/15/2025	0.5%
Hillman Group, Inc.	6.375%	07/15/2022	0.5%
EnerSys	5.000%	04/30/2023	0.5%
Louisiana-Pacific Corp.	4.875%	09/15/2024	0.5%
Mattel, Inc.	3.150%	03/15/2023	0.5%
Great Lakes Dredge & Dock Corp.	8.000%	05/15/2022	0.4%
CDW Corp.	4.125%	05/01/2025	0.4%
Hughes Satellite Systems Corp.	7.625%	06/15/2021	0.4%
Beacon Roofing Supply, Inc.	4.875%	11/01/2025	0.4%
FMG Finance Pty Ltd.	4.750%	05/15/2022	0.4%
XPO Logistics, Inc.	6.250%	05/01/2025	0.4%
Newell Rubbermaid, Inc.	4.000%	06/15/2022	0.4%
TerraForm Power Operating LLC	4.250%	01/31/2023	0.4%
KGA Escrow LLC	7.500%	08/15/2023	0.4%
Hill-Rom Holdings, Inc.	5.000%	02/15/2025	0.4%
Citgo Holding, Inc.	9.250%	08/01/2024	0.4%
Continental Resources, Inc.	4.500%	04/15/2023	0.4%
Shea Homes LP / Shea Homes Funding Corp.	6.125%	04/01/2025	0.4%
Western Gas Partners L.P.	3.950%	06/01/2025	0.4%
CSC Holdings LLC	5.250%	06/01/2024	0.4%
JBS USA LLC/JBS USA Finance, Inc.	5.750%	06/15/2025	0.4%
CrownRock L.P./CrownRock Finance, Inc.	5.625%	10/15/2025	0.4%
Quicken Loans LLC	5.750%	05/01/2025	0.4%
AMC Networks, Inc.	4.750%	08/01/2025	0.4%
Western Gas Partners L.P.	4.000%	07/01/2022	0.4%
Southwestern Energy Co.	6.450%	01/23/2025	0.4%
JPMorgan Chase & Co.	4.000%	12/31/2099	0.4%
Century Communities, Inc.	5.875%	07/15/2025	0.4%
ESH Hospitality, Inc.	5.250%	05/01/2025	0.4%
Apache Corp.	4.625%	11/15/2025	0.4%
Continental Resources, Inc.	5.000%	09/15/2022	0.4%
Delta Air Lines, Inc.	7.000%	05/01/2025	0.4%
American Axle & Manufacturing, Inc.	6.250%	04/01/2025	0.4%
Hospitality Properties Trust	5.000%	08/15/2022	0.4%
Norbord, Inc.	6.250%	04/15/2023	0.4%
Parsley Energy LLC	5.375%	01/15/2025	0.4%
Centene Corp.	4.750%	05/15/2022	0.4%
Mack-Cali Realty L.P.	4.500%	04/18/2022	0.4%
GCI LLC	6.625%	06/15/2024	0.4%
Las Vegas Sands Corp.	2.900%	06/25/2025	0.4%
Oceaneering International, Inc.	4.650%	11/15/2024	0.4%
Adient US LLC	7.000%	05/15/2026	0.3%
Tronox Finance PLC	5.750%	10/01/2025	0.3%
Grinding Media, Inc. / MC Grinding Media Canada, I	7.375%	12/15/2023	0.3%
Seven Generations Energy Ltd.	6.750%	05/01/2023	0.3%
Allison Transmission, Inc.	5.000%	10/01/2024	0.3%
Clearway Energy Operating LLC	5.750%	10/15/2025	0.3%
PTC, Inc.	3.625%	02/15/2025	0.3%
Petroleos Mexicanos	4.875%	01/24/2022	0.3%
Buena Vista Gaming Authority	13.000%	04/01/2023	0.3%
XPO Logistics, Inc.	6.750%	08/15/2024	0.3%
Nexstar Broadcasting, Inc.	2.406%	01/17/2024	0.3%
New Gold, Inc.	6.375%	05/15/2025	0.3%
Playtika Holding Corp	7.072%	12/03/2024	0.3%
Wyndham Worldwide Corp.	5.400%	04/01/2024	0.3%
NCL Corp. Ltd.	12.250%	05/15/2024	0.3%
Hillenbrand Inc.	5.750%	06/15/2025	0.3%
Core & Main Holdings LP	8.625%	09/15/2024	0.3%
Aircastle Ltd.	5.250%	08/11/2025	0.3%
Ashton Woods USA LLC / Ashton Woods Finance Co.	6.750%	08/01/2025	0.3%
ChampionX Corp	6.375%	05/01/2026	0.3%
SunPower Corp.	4.000%	01/15/2023	0.3%
Performance Food Group, Inc.	5.500%	06/01/2024	0.3%
Veritas US Inc / Veritas Bermuda Ltd	7.500%	09/01/2025	0.3%
Compass Minerals International, Inc.	4.875%	07/15/2024	0.3%
Caesars Resort Collection LLC / CRC Finco Inc	5.250%	10/15/2025	0.3%
Teva Pharmaceutical Finance Co. B.V.	2.950%	12/18/2022	0.3%
Indigo Natural Resources LLC	6.875%	02/15/2026	0.3%
Taylor Morrison Communities Inc / Taylor Morrison	5.875%	04/15/2023	0.3%
SSL Robotics LLC	9.750%	12/31/2023	0.3%
Sally Holdings LLC / Sally Capital, Inc.	8.750%	04/30/2025	0.3%
GCP Applied Technologies, Inc.	5.500%	04/15/2026	0.3%
WPX Energy, Inc.	8.250%	08/01/2023	0.3%
Scientific Games International, Inc.	8.625%	07/01/2025	0.3%
Boyd Gaming Corp.	8.625%	06/01/2025	0.3%
Deliver Buyer, Inc. (aka MHS Holdings, Inc.)	5.308%	05/01/2024	0.3%
1011778 BC ULC / New Red Finance, Inc.	5.000%	10/15/2025	0.3%
Sirius XM Radio, Inc.	4.625%	07/15/2024	0.3%
Chemours Co.	7.000%	05/15/2025	0.3%
Hess Corp.	3.500%	07/15/2024	0.3%
TRI Pointe Group Inc / TRI Pointe Homes Inc	5.875%	06/15/2024	0.3%
Royal Caribbean Cruises Ltd.	11.500%	06/01/2025	0.3%
Forestar Group, Inc.	8.000%	04/15/2024	0.3%
Clarios Global LP	6.750%	05/15/2025	0.3%
Ball Corp.	5.000%	03/15/2022	0.3%
Intertape Polymer Group Inc	7.000%	10/15/2026	0.3%
Select Medical Corp.	6.250%	08/15/2026	0.3%
Weight Watchers International, Inc.	8.625%	12/01/2025	0.3%
Consolidated Communications, Inc.	6.500%	10/01/2022	0.3%
Molina Healthcare, Inc.	5.375%	11/15/2022	0.3%
VeriSign, Inc.	5.250%	04/01/2025	0.3%
JetBlue Airways Corp	6.250%	06/12/2024	0.3%
WESCO Distribution, Inc.	5.375%	06/15/2024	0.3%
Ritchie Bros Auctioneers, Inc.	5.375%	01/15/2025	0.3%
PetSmart, Inc.	7.125%	03/15/2023	0.3%
Eclipse Resources Corp.	8.875%	07/15/2023	0.3%
MEDNAX, Inc.	5.250%	12/01/2023	0.3%
Popular, Inc.	6.125%	09/14/2023	0.3%
Navistar International Corp.	9.500%	05/01/2025	0.3%
TransDigm, Inc.	6.500%	07/15/2024	0.3%
MGM Resorts International	6.000%	03/15/2023	0.3%
EPR Properties	5.250%	07/15/2023	0.3%
Air Medical Group Holdings, Inc.	6.375%	05/15/2023	0.3%
JP Morgan Chase Commercial Mortgage Securities Tru	1.462%	06/15/2032	0.3%
ACProducts Inc	7.500%	08/13/2025	0.3%
VF Holding Corp	5.576%	07/02/2025	0.3%
KB Home	7.000%	12/15/2021	0.2%
TopBuild Corp.	5.625%	05/01/2026	0.2%
Veoneer Inc	4.000%	06/01/2024	0.2%
Tronox Inc	6.500%	04/15/2026	0.2%
Laredo Petroleum Holdings, Inc.	9.500%	01/15/2025	0.2%
WP CityMD Bidco LLC	5.536%	08/06/2026	0.2%
Ingles Markets, Inc.	5.750%	06/15/2023	0.2%
Topgolf International, Inc.	7.430%	02/09/2026	0.2%
Buckeye Partners L.P.	6.375%	01/22/2078	0.2%
MGM Growth Properties Operating Partnership LP / M	5.625%	05/01/2024	0.2%
Wabash National Corp.	5.500%	10/01/2025	0.2%
Great Wolf Trust 2019-WOLF	1.496%	12/15/2036	0.2%
Endeavor Energy Resources L.P.	5.500%	01/30/2026	0.2%
Centennial Resource Production LLC	8.000%	06/01/2025	0.2%
Stars Group Holdings BV / Stars Group US Co-Borrow	7.000%	07/15/2026	0.2%
Ally Financial, Inc.	3.875%	05/21/2024	0.2%
Wynn Las Vegas LLC	4.250%	05/30/2023	0.2%
Sugarhouse HSP Gaming Prop Mezz LP/Fin Corp.	5.875%	05/15/2025	0.2%
Fairstone Financial Inc	7.875%	07/15/2024	0.2%
ADT Corp.	4.125%	06/15/2023	0.2%
Teva Pharmaceutical Finance Netherlands III BV	2.800%	07/21/2023	0.2%
CIT Group, Inc.	3.929%	06/19/2024	0.2%
Itron, Inc.	5.000%	01/15/2026	0.2%
Fresh Market, Inc.	9.750%	05/01/2023	0.2%
Enterprise Development Authority/The	12.000%	07/15/2024	0.2%
Lennar Corp.	4.750%	05/30/2025	0.2%
Boeing Co.	4.875%	05/01/2025	0.2%
Taylor Morrison Communities Inc / Taylor Morrison	5.625%	03/01/2024	0.2%
WEX, Inc.	4.750%	02/01/2023	0.2%
Group 1 Automotive, Inc.	5.000%	06/01/2022	0.2%
Laureate Education, Inc.	8.250%	05/01/2025	0.2%
Vail Resorts, Inc.	6.250%	05/15/2025	0.2%
Kaiser Aluminum Corp.	6.500%	05/01/2025	0.2%
Arcor	6.000%	07/06/2023	0.2%
PolyOne Corp.	5.750%	05/15/2025	0.2%
Royal Caribbean Cruises Ltd.	9.125%	06/15/2023	0.2%
Kratos Defense & Security Solutions Inc	6.500%	11/30/2025	0.2%
Citigroup, Inc.	5.950%	12/31/2099	0.2%
Pulte Group, Inc.	4.250%	03/01/2021	0.2%
Expedia, Inc.	6.250%	05/01/2025	0.2%
Plains All American Pipeline L.P.	6.125%	12/31/2099	0.2%
New Fortress Energy Inc	6.750%	09/15/2025	0.2%
Avis Budget Car Rental LLC / Avis Budget Finance,	6.375%	04/01/2024	0.2%
MGM Resorts International	6.750%	05/01/2025	0.2%
Carvana Co	8.875%	10/01/2023	0.2%
Chobani LLC / Chobani Finance Corp Inc	7.500%	04/15/2025	0.2%
Drive Chassis Holdco LLC	8.518%	04/10/2026	0.2%
Leslies Poolmart, Inc.	3.656%	08/09/2023	0.2%
HD Supply Inc.	3.750%	08/01/2024	0.2%
Portfolio Recovery Associates, Inc.	7.375%	09/01/2025	0.2%
Jeld Wen, Inc.	3.727%	12/14/2024	0.2%
US Renal Care Inc.	5.188%	06/13/2026	0.2%
LGI Homes, Inc.	6.875%	07/15/2026	0.2%
Capitol Investment Merger Sub 2 LLC	10.000%	08/01/2024	0.2%
Navient Corp.	6.750%	06/25/2025	0.2%
EQT Corp.	7.875%	02/01/2025	0.2%
Credit Acceptance Corp.	5.125%	12/31/2024	0.2%
United Natural Foods Inc	4.406%	10/22/2025	0.2%
Sealed Air Corp.	5.125%	12/01/2024	0.2%
Nissan Motor Acceptance Corp.	2.800%	01/13/2022	0.2%
Range Resources Corp.	5.000%	08/15/2022	0.2%
Ellie Mae Inc	6.625%	04/17/2026	0.2%
VF Holding Corp	9.576%	07/02/2026	0.2%
Hayward Acquisition Corp.	3.656%	08/05/2024	0.2%
GLP Capital L.P. / GLP Financing II, Inc.	5.375%	11/01/2023	0.2%
Ccs-Cmgc Holdings Inc	6.267%	10/01/2025	0.2%
Enviva Partners LP / Enviva Partners Finance Corp	6.500%	01/15/2026	0.2%
Fastlane Parent Company, Inc.	4.656%	12/19/2025	0.2%
Fair Isaac Corp.	5.250%	05/15/2026	0.2%
Sophia LP / Sophia Finance, Inc.	9.000%	09/30/2023	0.2%
Central Garden & Pet Co.	6.125%	11/15/2023	0.2%
Barminco Finance Pty Ltd.	6.625%	05/15/2022	0.2%
Cedar Fair L.P.	5.375%	06/01/2024	0.2%
NEP/NCP Holdco Inc	3.406%	10/05/2025	0.2%
RegionalCare Hospital Partners Holdings Inc / Life	9.750%	12/01/2026	0.2%
Banijay Group US Holding	3.906%	02/04/2025	0.2%
Granite Holdings US Acquisition	7.067%	09/25/2026	0.2%
Advisor Group, Inc.	5.156%	07/31/2026	0.2%
Hospitality Properties Trust	4.350%	10/01/2024	0.2%
APX Group, Inc.	7.625%	09/01/2023	0.2%
Simmons Foods, Inc.	7.750%	01/15/2024	0.2%
Cinemark USA, Inc.	5.125%	12/15/2022	0.2%
Canopy Growth Corp	4.250%	07/15/2023	0.2%
IRB Holding Corp	6.750%	02/15/2026	0.2%
Cinemark USA, Inc.	4.875%	06/01/2023	0.2%
Midas Intermediate Holdco II LLC / Midas Intermedi	7.875%	10/01/2022	0.2%
Apex Tool Group LLC / BC Mountain Finance Inc	9.000%	02/15/2023	0.2%
Gap, Inc.	8.875%	05/15/2027	0.2%
Bob's Discount Furniture	6.250%	02/12/2021	0.2%
Atlantic Aviation FBO Inc.	3.920%	11/30/2025	0.2%
Matador Resources Co.	5.875%	09/15/2026	0.2%
Hadrian Merger Sub Inc	8.500%	05/01/2026	0.1%
Wynn Las Vegas LLC	5.250%	05/15/2027	0.1%
Sensata Technologies BV	5.625%	11/01/2024	0.1%
ASURION LLC	3.163%	11/03/2024	0.1%
American Airlines, Inc.	11.750%	07/15/2025	0.1%
CWGS Group, LLC (aka Camping World, Inc.)	3.500%	11/08/2023	0.1%
Truck Hero Inc	8.500%	04/21/2024	0.1%
Hilcorp Energy L.P. / Hilcorp Finance Co.	5.750%	10/01/2025	0.1%
Boyne USA Inc	7.250%	05/01/2025	0.1%
Weibo Corp.	1.250%	11/15/2022	0.1%
Mattel, Inc.	6.750%	12/31/2025	0.1%
Clark Equipment Co	5.875%	06/01/2025	0.1%
Diamond BC BV	3.260%	09/06/2024	0.1%
Mohegan Tribal Gaming Authority	7.875%	10/15/2024	0.1%
MGM Growth Properties Operating Partnership LP / M	4.625%	06/15/2025	0.1%
Chefs' Warehouse, Inc.	1.875%	12/01/2024	0.1%
Tenneco Inc.	3.158%	06/18/2025	0.1%
SL Green Realty Corp.	4.500%	12/01/2022	0.1%
Barracuda Networks, Inc.	4.250%	02/12/2025	0.1%
Tempo Acquisition LLC / Tempo Acquisition Finance	6.750%	06/01/2025	0.1%
Rain CII Carbon LLC	7.250%	04/01/2025	0.1%
Landry's Restaurants Inc.	4.717%	10/04/2023	0.1%
Southern Star Central Corp.	5.125%	07/15/2022	0.1%
Herbalife Nutrition Ltd / HLF Financing Inc	7.875%	09/01/2025	0.1%
Occidental Petroleum Corp.	1.684%	08/13/2021	0.1%
Western Digital Corp.	1.500%	02/01/2024	0.1%
Guidehouse LLP	4.667%	05/01/2025	0.1%
William Carter Co.	5.500%	05/15/2025	0.1%
Hub International Ltd.	7.000%	05/01/2026	0.1%
Scorpio Tankers, Inc.	3.000%	05/15/2022	0.1%
Gap, Inc.	8.625%	05/15/2025	0.1%
Ahern Rentals, Inc.	7.375%	05/15/2023	0.1%
Trident TPI Holdings Inc	9.250%	08/01/2024	0.1%
Brand Energy & Infrastructure Services, Inc. (fka	5.250%	06/21/2024	0.1%
CD&R Smokey Buyer Inc	6.750%	07/15/2025	0.1%
Colt Merger Sub Inc	8.125%	07/01/2027	0.1%
Rattler Midstream LP	5.625%	07/15/2025	0.1%
BCD Acquisition, Inc.	9.625%	09/15/2023	0.1%
Navistar International Corp.	6.625%	11/01/2025	0.1%
Global Aircraft Leasing Co Ltd	6.500%	09/15/2024	0.1%
Lamar Media Corp.	5.000%	05/01/2023	0.1%
Rite Aid Corp.	8.000%	11/15/2026	0.1%
Citgo Petroleum Corp.	7.000%	06/15/2025	0.1%
Insmed, Inc.	1.750%	01/15/2025	0.1%
Avon International Capital PLC	6.500%	08/15/2022	0.1%
Penske Automotive Group, Inc.	3.500%	09/01/2025	0.1%
Occidental Petroleum Corp.	3.125%	02/15/2022	0.1%
Seven Generations Energy Ltd.	5.375%	09/30/2025	0.1%
Clear Channel Worldwide Holdings, Inc.	9.250%	02/15/2024	0.1%
Delta Air Lines, Inc.	3.800%	04/19/2023	0.1%
Hilcorp Energy L.P. / Hilcorp Finance Co.	5.000%	12/01/2024	0.1%
Viking Cruises Ltd.	13.000%	05/15/2025	0.1%
Solera Finance, Inc.	10.500%	03/01/2024	0.1%
MPT Operating Partnership L.P.	6.375%	03/01/2024	0.1%
DPL, Inc.	4.125%	07/01/2025	0.1%
Gray Television, Inc.	5.125%	10/15/2024	0.1%
Mission Broadcasting, Inc.	2.406%	01/17/2024	0.1%
Cenovus Energy, Inc.	5.375%	07/15/2025	0.1%
Forterra, Inc.	4.000%	10/25/2023	0.1%
PBF Finance Corp.	9.250%	05/15/2025	0.1%
PetVet Care Centers, LLC	2.906%	02/14/2025	0.1%
National Fuel Gas Co.	5.500%	01/15/2026	0.1%
L Brands, Inc.	6.875%	07/01/2025	0.1%
IRB Holding Corp	7.000%	06/15/2025	0.1%
Picasso Finance Sub Inc	6.125%	06/15/2025	0.1%
Endeavor Energy Resources L.P.	6.625%	07/15/2025	0.1%
Avon International Operations Inc	7.875%	08/15/2022	0.1%
Occidental Petroleum Corp.	2.700%	02/15/2023	0.1%
Colt Merger Sub Inc	5.750%	07/01/2025	0.1%
Avis Budget Car Rental LLC / Avis Budget Finance,	5.250%	03/15/2025	0.0%
Newell Rubbermaid, Inc.	4.875%	06/01/2025	0.0%
Range Resources Corp.	5.000%	03/15/2023	0.0%
Range Resources Corp.	4.875%	05/15/2025	0.0%
PetVet Care Centers, LLC	3.685%	02/14/2025	0.0%
Revlon Consumer Products Corp.	5.750%	02/15/2021	0.0%
Daseke Companies, Inc.	6.851%	02/27/2024	0.0%
FX USD/EUR 09/20	0.000%	09/04/2020	0.0%
FX USD/GBP 09/20	0.000%	09/08/2020	0.0%
FX USD/CAD 10/20	0.000%	10/20/2020	0.0%
FX USD/GBP 09/20	0.000%	09/08/2020	0.0%
FX USD/GBP 09/20	0.000%	09/08/2020	0.0%
FX USD/GBP 09/20	0.000%	09/08/2020	0.0%
FX USD/GBP 09/20	0.000%	09/08/2020	-0.1%
FX USD/EUR 09/20	0.000%	09/04/2020	-0.1%

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.

Fees & Expenses

Sales Charge Schedule as of 10/28/2020

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $100,000	2.25%	2.00%	$10.82
$100,000 to $249,999	1.75%	1.50%	$10.77
$250,000 to $499,999	1.25%	1.00%	$10.71
$500,000 to $999,999	0.00%	1.00%	$10.58
$1,000,000 to $5,000,000	0.00%	1.00%	$10.58

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 (as defined below) may combine thevalue of Class A, A1, C, F, and P shares of any Eligible Fund currentlyowned with a new purchase of Class A shares of any Eligible Fund in orderto reduce the sales charge on the new purchase. Class F3, I, R2, R3, R4, R5,and R6 share holdings may not be combined for these purposes.To the extent that your financial intermediary is able to do so, the value ofClass A, A1, C, F, and P shares of Eligible Funds determined for the purposeof reducing the sales charge of a new purchase under the Rights ofAccumulation will be calculated at the higher of: (1) the aggregate currentmaximum offering price of your existing Class A, A1, C, F, and P shares ofEligible Funds; or (2) the aggregate amount you invested in such shares(including dividend reinvestments but excluding capital appreciation) less anyredemptions. You should retain any information and account recordsnecessary to substantiate the historical amounts you and any relatedPurchasers have invested in Eligible Funds. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe yourpurchase qualifies for a reduced sales charge and you may be requested toprovide documentation of your holdings in order to verify your eligibility. Ifyou do not do so, you may not receive all sales charge reductions for whichyou are eligible.
Letter of Intention — In order to reduce your Class A front-end salescharge, a Purchaser may combine purchases of Class A, A1, C, F, and Pshares of any Eligible Fund the Purchaser intends to make over the next13 months in determining the applicable sales charge. The 13-month Letterof Intention period commences on the day that the Letter of Intention isreceived by the Fund, and the Purchaser must tell the Fund that laterpurchases are subject to the Letter of Intention. Purchases submitted prior tothe date the Letter of Intention is received by the Fund are not countedtoward the sales charge reduction. Current holdings under Rights ofAccumulation may be included in a Letter of Intention in order to reduce thesales charge for purchases during the 13-month period covered by the Letterof Intention. Shares purchased through reinvestment of dividends ordistributions are not included. Class F3, I, R2, R3, R4, R5, and R6 shareholdings may not be combined for these purposes. Class A and A1 shares valued at up to 5% of the amount of intended purchases are escrowed andmay be redeemed to cover the additional sales charges payable if the intendedpurchases under the Letter of Intention are not completed. The Letter ofIntention is neither a binding obligation on you to buy, nor on the Fund tosell, any or all of the intended purchase amount.

Purchaser — A Purchaser includes: (1) an individual; (2) an individual, his or her spouse, domestic partner, and childrenunder the age of 21; (3) retirement and benefit plansincluding a 401(k) plan, profit-sharing plan, moneypurchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, non-profitorganization, school district or church to which employer contributions are made, as well as SIMPLE IRAplans and SEP-IRA plans; or (4) a trustee or other fiduciary purchasing shares for a single trust, estate orsingle fiduciary account or a trust established by the individual as grantor. An individual may include underitem (1) his or her holdings in Eligible Funds as described below in IRAs, as a sole participant of aretirement and benefit plan sponsored by the individual’s business, and as a participant in a 403(b) plan towhich only pre-tax salary deferrals are made. An individual, his or her spouse, and domestic partner mayinclude under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit planssponsored 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 singlebank 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 09/30/2020

Expense ratio details, Click here.

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
	Fact Sheet 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.

IMPORTANT INFORMATION

New Fund Risk: The Fund is newly organized. There can be no assurance that the Fund will reach or maintain a sufficient asset size to effectively implement its investing strategy

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The value of your investment will change as interest rates fluctuate and in response to market movements. When interest rates fall, the prices of debt securities tend to rise, and when interest rates rise, the prices of debt securities are likely to decline. The Fund invests primarily in high-yield, lower-rated securities, sometimes called junk bonds. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. 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.

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.

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.

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 ICE BofA HY U.S. Corp, Cash Pay, BB-B 1-5 YR USD Index consists of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.

Source: ICE Data Indices, LLC.

Source ICE Data Indices, LLC (“ICE”), used with permission. ICE PERMITS USE OF THE ICE BofAML INDICES AND RELATED DATA ON AN "AS IS" BASIS, MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE ICE BofAML INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THE USE OF THE FOREGOING, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND LORD ABBETT, OR ANY OF ITS PRODUCTS OR SERVICES.

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.

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 Short Duration High Yield Fund?

The Fund’s investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.

Yield

Dividend Yield 1 as of 10/28/2020

30-Day Standardized Yield 2 as of 09/30/2020

Expense Ratioas of 09/30/2020

Fund Basicsas of 09/30/2020

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

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Performance

Performance

Dividend Yield 1 as of 10/28/2020

30-Day Standardized Yield 2 as of 09/30/2020

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

Fund Expense Ratio :

Gross 0.89%

Net 0.71%

NAV Historical Prices

Portfolio

Portfolio

Credit Quality Distribution as of 09/30/2020

PORTFOLIO DETAILS as of 09/30/2020

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 10/28/2020

Expense Ratioas of 09/30/2020

Fund Documents

Fund Documents

Dividend Yield ¹ as of 10/28/2020

30-Day Standardized Yield ² as of 09/30/2020

Dividend Yield ¹ as of 10/28/2020

30-Day Standardized Yield ² as of 09/30/2020