June 13, 2024

Costaalegre Restaurant

Learn marketing business

Form 497 LORD ABBETT GLOBAL FUND

221 min read

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.


         
 
Lord Abbett Global Fund
 
PROSPECTUS
 
MAY 1, 2021
                       
                   
      CLASS TICKER   CLASS TICKER   CLASS TICKER  
  LORD ABBETT   A LDMAX   I LDMYX   R4 LDMSX  
  EMERGING MARKETS   C LDMCX   P LDMPX   R5 LDMTX  
  BOND FUND   F LDMFX   R2 N/A   R6 LDMVX  
      F3 LODMX   R3 LDMRX        
                       
                       
  LORD ABBETT   A LCDAX   I LCDIX   R5 LCDTX  
  EMERGING MARKETS   C LEDCX   R2 N/A   R6 LCDVX  
  CORPORATE DEBT FUND   F LCDFX   R3 LCDRX        
      F3 LCDOX   R4 LCDSX        
                       
  LORD ABBETT   A LAGGX   I LGBYX   R5 LGBVX  
  GLOBAL BOND FUND   C LGFCX   R2 LGBQX   R6 LGBWX  
      F LGBFX   R3 LGBRX        
      F3 LGBOX   R4 LGBUX        
                   
                       
  The U.S. Securities and Exchange Commission has not approved or disapproved of these securities or determined whether this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.  
                       
  INVESTMENT PRODUCTS: NOT FDIC INSURED–NO BANK GUARANTEE–MAY LOSE VALUE  
     
       
         
                             

 

 

 

 

 

 

Emerging Markets Bond Fund

 

INVESTMENT OBJECTIVE

 

The Fund’s investment objective is to seek high total return.

 

FEES AND EXPENSES

 

This table describes the fees and expenses that you may pay if you
buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries,
which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and certain members
of your family invest, or agree to invest in the future, at least $100,000 in the Lord Abbett Family of Funds. More information
about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers”
on page 90 of the prospectus, Appendix A to the prospectus, titled “Intermediary-Specific Sales Charge Reductions and Waivers,”
and “Purchases, Redemptions, Pricing, and Payments to Dealers” on page 9-1 of Part II of the statement of additional
information (“SAI”).

 

Shareholder
Fees(1)
(Fees paid directly from your investment)
Class A C F,
F3, I, P, R2, R3, R4, R5, and R6
Maximum
Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
2.25% None None
Maximum
Deferred Sales Charge (Load)
(as a percentage of offering price or redemption proceeds, whichever is lower)
None(2) 1.00%(3) None

 

Annual
Fund Operating Expenses
(Expenses
that you pay each year as a percentage of the value of your investment)
Class A C F F3 I P
Management
Fees
0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Distribution
and Service (12b-1) Fees
0.20% 0.83%(4) 0.10% None None 0.45%
Other
Expenses
0.21% 0.21% 0.21% 0.20% 0.21% 0.21%
Total
Annual Fund Operating Expenses
0.91% 1.54% 0.81% 0.70% 0.71% 1.16%
Fee
Waiver and/or Expense Reimbursement
None None (0.10)%(5) None None None
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
0.91% 1.54% 0.71% 0.70% 0.71% 1.16%

 

PROSPECTUS – Emerging Markets Bond
Fund

2

Annual
Fund Operating Expenses (continued)
(Expenses
that you pay each year as a percentage of the value of your investment)
Class R2 R3 R4 R5 R6
Management
Fees
0.50% 0.50% 0.50% 0.50% 0.50%
Distribution
and Service (12b-1) Fees
0.60% 0.50% 0.25% None None
Other
Expenses
0.21% 0.21% 0.21% 0.21% 0.20%
Total
Annual Fund Operating Expenses
1.31% 1.21% 0.96% 0.71% 0.70%
Fee
Waiver and/or Expense Reimbursement
None None None None None
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
1.31% 1.21% 0.96% 0.71% 0.70%

 

(1) A shareholder transacting in share classes without a front-end sales charge
may be required to pay a commission to its financial intermediary. Please contact your financial intermediary for more information
about whether such a commission may apply to your transaction.
   
(2) A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain
Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month of the
one-year anniversary of the purchase.
   
(3) A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first
anniversary of their purchase.
   
(4)  The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based
on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80%
of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of
the Fund will bear 12b-1 fees at the same rate.
   
(5) For the period from May 1, 2021 through April 30, 2022, Lord Abbett Distributor LLC (“Lord
Abbett Distributor”) has contractually agreed to waive the Fund’s 0.10% Rule 12b-1 fee for Class F shares. This agreement
may be terminated only by the Fund’s Board of Directors.

 

 

Example

 

This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time
periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Fund’s operating expenses remain the same, giving effect to the fee waiver and expense
reimbursement arrangement described above. Class C shares automatically convert to Class A shares after eight years. The expense
example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although
your actual costs may be higher or lower, based on these assumptions your costs would be:

 

PROSPECTUS – Emerging Markets Bond
Fund

3

Class   If Shares Are Redeemed   If Shares Are Not Redeemed
    1 Year   3
Years
  5
Years
  10
Years
  1
Year
  3
Years
  5
Years
  10
Years
Class A Shares   $ 316     $ 509     $ 718     $ 1,319     $ 316     $ 509     $ 718     $ 1,319  
Class C Shares   $ 257     $ 486     $ 839     $ 1,665     $ 157     $ 486     $ 839     $ 1,665  
Class F Shares   $ 73     $ 249     $ 440     $ 992     $ 73     $ 249     $ 440     $ 992  
Class F3 Shares   $ 72     $ 224     $ 390     $ 871     $ 72     $ 224     $ 390     $ 871  
Class I Shares   $ 73     $ 227     $ 395     $ 883     $ 73     $ 227     $ 395     $ 883  
Class P Shares   $ 118     $ 368     $ 638     $ 1,409     $ 118     $ 368     $ 638     $ 1,409  
Class R2 Shares   $ 133     $ 415     $ 718     $ 1,579     $ 133     $ 415     $ 718     $ 1,579  
Class R3 Shares   $ 123     $ 384     $ 665     $ 1,466     $ 123     $ 384     $ 665     $ 1,466  
Class R4 Shares   $ 98     $ 306     $ 531     $ 1,178     $ 98     $ 306     $ 531     $ 1,178  
Class R5 Shares   $ 73     $ 227     $ 395     $ 883     $ 73     $ 227     $ 395     $ 883  
Class R6 Shares   $ 72     $ 224     $ 390     $ 871     $ 72     $ 224     $ 390     $ 871  

 

 

 

Portfolio Turnover. The Fund pays transaction costs, such
as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the
most recent fiscal year, the Fund’s portfolio turnover rate was 49% of the average value of its portfolio.

 

PRINCIPAL INVESTMENT STRATEGIES

 

To pursue its objective, under normal circumstances, the Fund invests
at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt securities that are tied economically
to emerging market countries and derivative instruments that are intended to provide economic exposure to such securities. For
purposes of this policy, the Fund considers emerging market countries to include every nation in the world except the United States,
Canada, Japan, Australia, New Zealand, and most countries located in Western Europe.

 

The Fund may invest in all types of debt securities and derivative
instruments, including, among others, corporate debt securities, government securities (including sovereign and quasi-sovereign
bonds), loans, convertible securities, mortgage-related and other asset-backed securities, inflation-linked investments, structured
notes, hybrid or “indexed” securities, event-linked bonds, and derivatives based on the return of debt securities.
The Fund may invest in derivatives, consisting principally of swaps, options, forwards, and futures, for hedging or non-hedging
purposes as a substitute for investing directly in emerging market debt securities.

 

The Fund may invest without limit in securities denominated in non-U.S.
currencies.

 

The Fund may invest in securities of any credit quality, maturity,
or duration. The Fund may invest without limitation in high-yield debt securities (commonly referred to as “below investment
grade” or “junk” bonds). High-yield debt securities are rated

 

PROSPECTUS – Emerging Markets Bond
Fund

4

BB/Ba or lower at the time of purchase by an independent rating
agency, or are unrated but deemed by Lord, Abbett & Co. LLC (“Lord Abbett”) to be of comparable quality.

 

The Fund’s assets will be invested across different industries,
sectors, countries, and regions. However, the Fund’s portfolio management team may invest a significant percentage of the
Fund’s assets in issuers in a single industry, sector, country, or region. The Fund is non-diversified under the Investment
Company Act of 1940, as amended (the “1940 Act”), and may invest a greater percentage of its assets in a single issuer
or in fewer issuers than a diversified mutual fund.

 

The portfolio management team buys and sells securities using a
relative value-oriented investment process and combines bottom-up and top-down analysis to construct its portfolio. In selecting
securities, the portfolio management team may overweight or underweight individual issuers, industries, sectors, countries, or
regions relative to the benchmark. In evaluating a particular country, the portfolio management team may evaluate the country’s
internal political, market, and economic factors, such as public finances, monetary policy, financial markets, foreign investment
regulations, exchange rate policy and labor conditions, among others. The investment team may also consider the risks and return
potential presented by environmental, social, and governance (ESG) factors in investment decisions. The Fund may engage in active
and frequent trading of its portfolio securities.

 

The Fund may sell a security when the Fund believes the security
is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among
other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may
miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.

 

PRINCIPAL RISKS

 

As with any investment in a mutual fund, investing in the Fund involves
risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be
worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the
Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:

 

  · Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective or strategies, even in a favorable market.
     
  · Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors,

 

PROSPECTUS – Emerging Markets Bond
Fund

5

    political developments, and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.

 

· Fixed Income Securities Risk: The Fund is subject to the general risks and considerations associated with investing
in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether.
Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative
issuer developments or general economic news than higher rated securities. In addition, as interest rates rise, the Fund’s
investments typically will lose value.
     
· Foreign and Emerging Market Company Risk: Investments in foreign companies and in U.S. companies with economic ties
to foreign markets generally involve special risks that can increase the likelihood that the Fund will lose money. For example,
as compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political, and
social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards,
and foreign taxes. In addition, the securities of foreign companies also may be subject to inadequate exchange control regulations,
the imposition of economic sanctions or other government restrictions, higher transaction and other costs, reduced liquidity, and
delays in settlement to the extent they are traded on non-U.S. exchanges or markets. Foreign company securities also include American
Depositary Receipts (“ADRs”). ADRs may be less liquid than the underlying shares in their primary trading market. Foreign
securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally
are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments
in emerging markets may be considered speculative and generally are riskier than investments in more developed markets because
such markets tend to develop unevenly and may never fully develop. Emerging markets are more likely to experience hyperinflation
and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities
of issuers in developed markets. Companies with economic ties to emerging markets may be susceptible to the same risks as companies
organized in emerging markets.

 

· Foreign Currency Risk: Investments in securities denominated in foreign currencies are subject to the risk that those
currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline
in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods
of time.

 

· Derivatives Risk: The risks associated with derivatives may be different from and greater than the risks associated
with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its

 

PROSPECTUS – Emerging Markets Bond
Fund

6

    returns. The risks associated with derivatives include, among other things, the following:

 

· The risk that the value of a derivative may not correlate with the value of the underlying asset, rate, or index in the manner
anticipated by the portfolio management team and may be more sensitive to changes in economic or market conditions than anticipated.

 

· Derivatives may be difficult to value, especially under stressed or unforeseen market conditions.

 

· The risk that the counterparty may fail to fulfill its contractual obligations under the derivative contract. Central clearing
of derivatives is intended to decrease counterparty risk but does not eliminate it.

 

· The Fund may be required to segregate permissible liquid assets to cover its obligations under these transactions and may have
to liquidate positions before it is desirable to do so to fulfill its segregation requirements.

 

· The risk that there may not be a liquid secondary trading market for the derivative, or that the Fund may otherwise be unable
to sell or otherwise close a derivatives position when desired, exposing the Fund to additional losses.

 

· Because derivatives generally involve a small initial investment relative to the risk assumed (known as leverage), derivatives
can magnify the Fund’s losses and increase its volatility.

 

· The Fund’s use of derivatives may affect the amount, timing, and character of distributions, and may cause the Fund to
realize more short-term capital gain and ordinary income than if the Fund did not use derivatives.

 

Derivatives may not perform as expected
and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful will depend on, among
other things, the portfolio managers’ ability to correctly forecast market movements and other factors. If the portfolio
managers incorrectly forecast these and other factors, the Fund’s performance could suffer. In addition, given their complexity,
derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.

 

· Convertible Securities Risk: Convertible securities are subject to the risks affecting both equity and fixed income
securities, including market, credit, liquidity, and interest rate risk. Convertible securities tend to be more volatile than other
fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds.
To the extent that the Fund invests in convertible securities and the investment value of the convertible security is greater than
its conversion value, its price will likely increase when interest rates fall and decrease when interest rates rise. If the conversion
value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the
underlying equity
     

PROSPECTUS – Emerging Markets Bond
Fund

7

    security. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.

 

· Sovereign Debt Risk: Sovereign debt securities are subject to the risk that the relevant sovereign government or governmental
entity may delay or refuse to pay interest or repay principal on its debt, due to, for example, cash flow problems, insufficient
foreign currency reserves, political considerations, the size of its debt relative to the economy, or the failure to put in place
economic reforms required by the International Monetary Fund or other multilateral agencies. There is no legal process for collecting
sovereign debt that is not repaid, nor are there bankruptcy proceedings through which all or part of the unpaid sovereign debt
may be collected.

 

· Loan Risk: Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan
prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below
investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive,
although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be
subject to structural subordination and may be subordinated to other obligations of the borrower
or its subsidiaries.

 

· Government Securities Risk: The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies
and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage
Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie
Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are
not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide
financial support.

 

· Mortgage-Related and Other Asset-Backed Securities Risk: Mortgage-related securities, including commercial mortgage-backed
securities and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive
to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.
The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments,
can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall
in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market
interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government
or private support, but there is no assurance that such support will remain in place.
     

PROSPECTUS – Emerging Markets Bond
Fund

8

· Commercial Mortgage-Backed Securities Risk: Commercial mortgage-backed securities (“CMBS”) include securities
that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in
CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects
of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of
a property to attract and retain tenants. CMBS may be less liquid and exhibit greater price volatility than other types of mortgage-
or asset-backed securities.

 

· High Yield Securities Risk: High yield securities (commonly referred to as “junk” bonds) typically pay a
higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment
grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative
perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult
to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market
decline.

 

· Non-Diversification Risk: The Fund is a non-diversified mutual fund under the 1940 Act. This means that the Fund may
invest a greater portion of its assets in, and own a greater amount of the voting securities of, a single issuer or guarantor than
a diversified fund. As a result, the value of the Fund’s investments may be more adversely affected by a single economic,
political or regulatory event than the value of the investments of a diversified mutual fund.

 

· Geographic Focus Risk: To the extent the Fund focuses its investments in a single country or only a few countries in
a particular geographic region, economic, political, regulatory or other conditions affecting such region may have a greater impact
on Fund performance.

 

· Leverage Risk: Certain of the Fund’s transactions (including, among others, forward foreign currency contracts
and other derivatives, reverse repurchase agreements, and the use of when-issued, delayed delivery or forward commitment transactions)
may give rise to leverage risk. Leverage may increase volatility in the Fund by magnifying the effect of changes in the value of
the Fund’s holdings. The use of leverage may cause the Fund to lose more money in adverse environments than would have been
the case in the absence of leverage. There is no assurance that the Fund will be able to employ leverage successfully.

 

· Credit Risk: Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest
and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the
creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the
Fund holds below investment
     

PROSPECTUS – Emerging Markets Bond
Fund

9

    grade securities, these risks may be heightened. Insured debt securities have the credit risk of the insurer in addition to the credit risk of the underlying investment being insured.

 

· Interest Rate Risk: As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing
the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased
liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate
instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price
of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including
central bank monetary policy, rising inflation, and changes in general economic conditions. To the extent the Fund invests in floating
rate instruments, changes in short-term market interest rates may affect the yield on those investments. If short-term market interest
rates fall, the yield on the Fund’s shares will also fall. Conversely, when short-term market interest rates rise, because
of the lag between changes in such short- term rates and the resetting of the floating rates on the floating rate debt in the Fund’s
portfolio, the impact of rising rates may be delayed. To the extent the Fund invests in fixed rate instruments, fluctuations in
the market price of such investments may not affect interest income derived from those instruments, but may nonetheless affect
the Fund’s net asset value (“NAV”), especially if the instrument has a longer maturity. Substantial increases in
interest rates may cause an increase in issuer defaults, as issuers may lack resources to meet higher debt service requirements.
In recent years, the U.S. has experienced historically low interest rates, increasing the exposure of bond investors to the risks
associated with rising interest rates.

 

· Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder
redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption
requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have
decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may
be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.

 

· Potential Changes in Tax Treatment Risk: The Fund intends to continue to qualify as a “regulated investment company”
under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Under subchapter M, at least 90% of
the Fund’s gross income for each taxable year must be “qualifying income.” The Fund believes that its investment
strategies with respect to foreign currencies will generate qualifying income under current U.S. federal income tax law. The Code,
however, expressly provides the U.S. Treasury Department with authority to issue regulations that would exclude foreign currency
gains

 

PROSPECTUS – Emerging Markets Bond
Fund

10

    from qualifying income if such gains are not directly related to the Fund’s business of investing in stock or securities (or options and futures with respect thereto). As of the date of this prospectus, the U.S. Treasury Department has not exercised this regulatory authority; however, there can be no assurance that it will not issue regulations in the future (possibly with retroactive effect) that would treat some or all of the Fund’s foreign currency gains as nonqualifying income.

 

· High Portfolio Turnover Risk: High portfolio turnover may result in increased transaction costs, reduced investment
performance, and higher taxes resulting from increased realized capital gains, including short-term capital gains taxable as ordinary
income when distributed to shareholders.

 

An investment in the Fund is not a deposit of any bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For more information on the
principal risks of the Fund, please see the “More Information About the Funds – Principal Risks”
section in the prospectus.

 

PERFORMANCE

 

The bar chart and table below provide some indication of the risks
of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and
distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will
perform in the future. No performance is shown for Class P and R2 shares because the Fund has no Class P and R2 shares outstanding.
Class R2 shares of the Fund are not currently offered.

 

The bar chart shows changes in the performance of the Fund’s
Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares.
If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due
to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.

 

The Fund implemented its present investment strategy effective August
1, 2018. Performance for earlier periods reflects the Fund’s prior investment strategy.

 

PROSPECTUS – Emerging Markets Bond
Fund

11

Bar Chart (per calendar year) – Class A Shares

 

 

 

 

 

Best Quarter 2nd Q 2020+14.01%

Worst Quarter1st Q 2020-15.41%

 

 

 

The table below shows how the Fund’s average annual total
returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund. The Fund’s
average annual total returns include applicable sales charges.

 

The after-tax returns of Class A shares included in the table below
are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state
and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes
due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other
gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns
shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual
Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from
those shown for Class A shares.

 

PROSPECTUS – Emerging Markets Bond
Fund

12

Average
Annual Total Returns
(for
the periods ended December 31, 2020)
Class 1
Year
5
Years
10
Years
Life
of Class
Inception
Date for
Performance
Class A Shares          
  Before Taxes 2.66% 5.39% 1.21%  
  After Taxes on Distributions 0.80% 3.33% -0.20%  
  After Taxes on Distributions
and Sale of Fund Shares
1.49% 3.19% 0.28%  
Class
C Shares(1)
3.13% 5.22% 0.81%  
Class
F Shares
5.17% 6.02% 1.57%  
Class
F3 Shares
5.01% 5.15% 4/4/2017
Class
I Shares
5.19% 6.09% 1.65%  
Class
R3 Shares
4.68% 5.57% 1.16%  
Class
R4 Shares
4.74% 5.80% 3.99% 6/30/2015
Class
R5 Shares
5.22% 6.11% 4.29% 6/30/2015
Class
R6 Shares
5.01% 6.14% 4.32% 6/30/2015
Index          
JPMorgan
EMBI Global Diversified Index
5.26% 7.08% 6.22% 6.32% 6/30/2015
(reflects
no deduction for fees, expenses, or taxes)
5.66% 4/4/2017

 

(1) Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares.

 

MANAGEMENT

 

Investment Adviser. The Fund’s investment adviser is
Lord Abbett.

 

Portfolio Managers.

 

Portfolio Managers/Title Member of
the Portfolio
Management
Team Since
John J. Morton, Portfolio Manager and Director of Investments 2018
Steven F. Rocco, Partner and Co-Head of Taxable Fixed Income 2018
Mila Skulkina, Portfolio Manager 2020

 

PURCHASE AND SALE OF FUND SHARES

 

The minimum initial and additional amounts shown below vary depending
on the class of shares you buy and the type of account. Certain financial intermediaries may impose different restrictions than
those described below. For Class I shares, the

 

PROSPECTUS – Emerging Markets Bond
Fund

13

minimum investment shown below applies to certain types of institutional
investors, but does not apply to registered investment advisers or retirement and benefit plans otherwise eligible to invest in
Class I shares. Class P shares are closed to substantially all new investors See “Choosing a Share Class – Investment
Minimums” in the prospectus for more information. Class R2 shares of the Fund are not currently offered.

 

Investment Minimums — Initial/Additional Investments
Class A and C(1) F, F3, P, R2, R3, R4, R5, and R6 I
General and IRAs without Invest-A-Matic Investments $1,000/No
minimum
N/A $1 million/No minimum
Invest-A-Matic Accounts(2) $250/$50 N/A N/A
IRAs, SIMPLE and SEP Accounts with Payroll Deductions No minimum N/A N/A
Fee-Based Advisory Programs and Retirement and Benefit Plans No minimum No minimum No minimum

(1) There is
no investment minimum for Class A shares purchased by investors maintaining an account with a financial intermediary that has entered
into an agreement with Lord Abbett Distributor to offer Class A shares through a load-waived network or platform, which may or
may not charge transaction fees.

(2) There is
no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs.

 

 

 

You may sell (redeem) shares through your securities broker, financial
professional or financial intermediary on any business day the Fund calculates its NAV. If you have direct account access privileges,
you may redeem your shares by contacting the Fund in writing at P.O. Box 219336, Kansas City, MO 64121, by calling 888-522-2388
or by accessing your account online at www.lordabbett.com.

 

PROSPECTUS – Emerging Markets Bond
Fund

14

OTHER IMPORTANT INFORMATION REGARDING FUND SHARES

 

For important information about taxes and payments to broker-dealers
and other financial intermediaries, please turn to the “Tax Information” and “Payments to
Broker-Dealers and Other Financial Intermediaries” sections of the prospectus.

 

PROSPECTUS – Emerging Markets Bond
Fund

15

 

Emerging Markets Corporate Debt Fund

 

INVESTMENT OBJECTIVE

 

The Fund’s investment objective is total return.

 

FEES AND EXPENSES

 

This table describes the fees and expenses that you may pay if you
buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries,
which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and certain members
of your family invest, or agree to invest in the future, at least $100,000 in the Lord Abbett Family of Funds. More information
about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions and Waivers”
on page 90 of the prospectus, Appendix A to the prospectus, titled “Intermediary-Specific Sales Charge Reductions and Waivers,”
and “Purchases, Redemptions, Pricing, and Payments to Dealers” on page 9-1 of Part II of the statement of additional
information (“SAI”).

 

Shareholder Fees(1) (Fees paid directly from your investment)
Class   A C F, F3, I, R2, R3, R4, R5, and R6
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
2.25% None None
Maximum
Deferred Sales Charge (Load)

(as a percentage of
offering price or redemption proceeds, whichever is lower)
None(2) 1.00%(3) None

 

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Class A C F F3 I
Management Fees 0.70% 0.70% 0.70% 0.70% 0.70%
Distribution and Service (12b-1) Fees 0.20% 0.86%(4) 0.10% None None
Other Expenses 0.57% 0.57% 0.57% 0.40% 0.57%
Total Annual Fund Operating Expenses 1.47% 2.13% 1.37% 1.10%(5) 1.27%
Fee Waiver and/or Expense Reimbursement(6) (0.42)% (0.42)% (0.42)% (0.42)% (0.42)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement(6) 1.05% 1.71% 0.95% 0.68% 0.85%

 

PROSPECTUS – Emerging Markets Corporate
Debt Fund

16

Annual Fund Operating Expenses (continued)
(Expenses that you pay each year as a percentage of the value of your investment)
Class R2 R3 R4 R5 R6
Management Fees 0.70% 0.70% 0.70% 0.70% 0.70%
Distribution and Service (12b-1) Fees 0.60% 0.50% 0.25% None None
Other Expenses 0.57% 0.57% 0.57% 0.57% 0.40%
Total Annual Fund Operating Expenses 1.87% 1.77% 1.52% 1.27% 1.10%
Fee Waiver and/or Expense Reimbursement(6) (0.42)% (0.42)% (0.42)% (0.42)% (0.42)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement(6) 1.45% 1.35% 1.10% 0.85% 0.68%

 

(1) A shareholder transacting in share classes without a front-end sales charge may be required to pay a commission to its financial intermediary. Please contact your financial intermediary for more information about whether such a commission may apply to your transaction.
(2) A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month of the one-year anniversary of the purchase.
(3) A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase.
(4) The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate.
   
(5) This amount has been updated from fiscal year amounts to reflect current fees and expenses.
(6) For the period from May 1, 2021 through April 30, 2022, Lord, Abbett & Co. LLC (“Lord Abbett”) has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding any applicable 12b-1 fees, acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 0.68% for each of Class F3 and R6 shares and to an annual rate of 0.85% for each other class. This agreement may be terminated only by the Fund’s Board of Directors.

 

 

Example

 

This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time
periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Fund’s operating expenses remain the same, giving effect to the fee waiver and expense
reimbursement arrangement described above. Class C shares automatically convert to Class A shares after eight years. The expense
example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although
your actual costs may be higher or lower, based on these assumptions your costs would be:

 

PROSPECTUS – Emerging Markets Corporate Debt Fund

17

Class   If Shares Are Redeemed   If Shares Are Not Redeemed
    1 Year   3 Years   5 Years   10 Years   1 Year   3 Years   5 Years   10 Years
Class A Shares   $ 330     $ 639     $ 971     $ 1,908     $ 330     $ 639     $ 971     $ 1,908  
Class C Shares   $ 274     $ 627     $ 1,106     $ 2,260     $ 174     $ 627     $ 1,106     $ 2,260  
Class F Shares   $ 97     $ 392     $ 710     $ 1,610     $ 97     $ 392     $ 710     $ 1,610  
Class F3 Shares   $ 69     $ 308     $ 566     $ 1,302     $ 69     $ 308     $ 566     $ 1,302  
Class I Shares   $ 87     $ 361     $ 657     $ 1,497     $ 87     $ 361     $ 657     $ 1,497  
Class R2 Shares   $ 148     $ 547     $ 972     $ 2,156     $ 148     $ 547     $ 972     $ 2,156  
Class R3 Shares   $ 137     $ 516     $ 920     $ 2,049     $ 137     $ 516     $ 920     $ 2,049  
Class R4 Shares   $ 112     $ 439     $ 789     $ 1,777     $ 112     $ 439     $ 789     $ 1,777  
Class R5 Shares   $ 87     $ 361     $ 657     $ 1,497     $ 87     $ 361     $ 657     $ 1,497  
Class R6 Shares   $ 69     $ 308     $ 566     $ 1,302     $ 69     $ 308     $ 566     $ 1,302  

 

Portfolio Turnover. The Fund pays transaction costs, such
as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During the
most recent fiscal year, the Fund’s portfolio turnover rate was 66% of the average value of its portfolio.

 

PRINCIPAL INVESTMENT STRATEGIES

 

To pursue its investment objective, under normal circumstances,
the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in corporate debt securities
that are tied economically to emerging market countries and derivative instruments that are intended to provide economic exposure
to such securities. For purposes of this policy, the Fund considers emerging market countries to include every nation in the world
except the United States, Canada, Japan, Australia, New Zealand, and most countries located in Western Europe.

 

The Fund may invest in U.S. dollar-denominated or non-U.S. dollar
denominated securities without limit. The Fund may invest in derivatives consisting principally of swaps, options, forwards, and
futures, for hedging or non-hedging purposes, or as a substitute for investing directly in emerging market debt securities.

 

The Fund may invest in all types of emerging market debt securities
and derivative instruments, including corporate debt securities, government securities, loans, convertible securities, mortgage-backed
and other asset-backed securities, inflation-linked investments, sovereign and quasi-sovereign bonds, structured notes, hybrid
or “indexed” securities, event-linked bonds, and government-sponsored enterprises, debentures, and derivatives based
on the return of debt securities.

 

The Fund may invest in securities of any credit quality, maturity,
or duration. Although Lord Abbett expects to maintain an average duration for the Fund that generally is consistent with those
of intermediate- to long-term debt funds, there are

 

PROSPECTUS – Emerging Markets Corporate Debt Fund

18

no duration restrictions on the Fund’s individual investments or its
overall portfolio. The Fund may invest without limitation in high-yield debt securities (commonly referred to as “below investment
grade” or “junk” bonds). High-yield debt securities are rated BB/Ba or lower at the time of purchase by an independent
rating agency, or are unrated but deemed by Lord Abbett to be of comparable quality.

 

Under normal circumstances, the Fund will invest in securities economically
tied to at least three emerging market countries. However, from time to time the Fund may invest more than 25% of its assets in
securities tied economically to one country, including the U.S., to respond to adverse market, economic, political, or other conditions.

 

The portfolio management team buys and sells securities using a
relative value-oriented investment process and combines bottom-up and top-down analysis to construct its portfolio. In selecting
securities, the portfolio management team may overweight or underweight individual issuers, industries, sectors, countries, or
regions relative to the benchmark. The investment team may also consider the risks and return potential presented by environmental,
social, and governance (ESG) factors in investment decisions. The Fund may engage in active and frequent trading of its portfolio
securities.

 

The Fund may sell a security when the Fund believes the security
is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among
other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may
miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.

 

PRINCIPAL RISKS

 

As with any investment in a mutual fund, investing in the Fund involves
risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they may be
worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested in the
Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:

 

· Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management
team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective
or strategies, even in a favorable market.
     
· Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic
conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments,
and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.

 

PROSPECTUS – Emerging Markets Corporate Debt Fund

19

· Fixed Income Securities Risk: The Fund is subject to the general risks and considerations associated with investing
in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether.
Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative
issuer developments or general economic news than higher rated securities. In addition, as interest rates rise, the Fund’s
investments typically will lose value.
     
· Foreign and Emerging Market Company Risk: Investments in foreign companies and in U.S. companies with economic ties
to foreign markets generally involve special risks that can increase the likelihood that the Fund will lose money. For example,
as compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political, and
social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards,
and foreign taxes. In addition, the securities of foreign companies also may be subject to inadequate exchange control regulations,
the imposition of economic sanctions or other government restrictions, higher transaction and other costs, reduced liquidity, and
delays in settlement to the extent they are traded on non-U.S. exchanges or markets. Foreign company securities also include American
Depositary Receipts (“ADRs”). ADRs may be less liquid than the underlying shares in their primary trading market. Foreign
securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally
are more volatile than other foreign securities, and are subject to greater liquidity, regulatory, and political risks. Investments
in emerging markets may be considered speculative and generally are riskier than investments in more developed markets because
such markets tend to develop unevenly and may never fully develop. Emerging markets are more likely to experience hyperinflation
and currency devaluations. Securities of emerging market companies may have far lower trading volumes and less liquidity than securities
of issuers in developed markets. Companies with economic ties to emerging markets may be susceptible to the same risks as companies
organized in emerging markets.
     
· Foreign Currency Risk: Investments in securities denominated in foreign currencies are subject to the risk that those
currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline
in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods
of time.
     
· Sovereign Debt Risk: Sovereign debt securities are subject to the risk that the relevant sovereign government or governmental
entity may delay or refuse to pay interest or repay principal on its debt, due to, for example, cash flow problems, insufficient
foreign currency reserves, political considerations, the size of its debt relative to the economy, or the failure to put in place
economic reforms required by the International Monetary Fund or other multilateral agencies. There is no legal process for collecting
sovereign debt that is not

 

PROSPECTUS – Emerging Markets Corporate Debt Fund

20

    repaid, nor are there bankruptcy proceedings through which all or part of the unpaid sovereign debt
may be collected.
     
· Derivatives Risk: The risks associated with derivatives may be different from and greater than the risks associated
with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its
returns. The risks associated with derivatives include, among other things, the following:
     
· The risk that the value of a derivative may not correlate with the value of the underlying asset, rate, or index in the manner
anticipated by the portfolio management team and may be more sensitive to changes in economic or market conditions than anticipated.
     
· Derivatives may be difficult to value, especially under stressed or unforeseen market conditions.
     
· The risk that the counterparty may fail to fulfill its contractual obligations under the derivative contract. Central clearing
of derivatives is intended to decrease counterparty risk but does not eliminate it.
     
· The Fund may be required to segregate permissible liquid assets to cover its obligations under these transactions and may have
to liquidate positions before it is desirable to do so to fulfill its segregation requirements.
     
· The risk that there may not be a liquid secondary trading market for the derivative, or that the Fund may otherwise be unable
to sell or otherwise close a derivatives position when desired, exposing the Fund to additional losses.
     
· Because derivatives generally involve a small initial investment relative to the risk assumed (known as leverage), derivatives
can magnify the Fund’s losses and increase its volatility.
     
· The Fund’s use of derivatives may affect the amount, timing, and character of distributions, and may cause the Fund to
realize more short-term capital gain and ordinary income than if the Fund did not use derivatives.
     

Derivatives may not perform as expected
and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful will depend on, among
other things, the portfolio managers’ ability to correctly forecast market movements and other factors. If the portfolio
managers incorrectly forecast these and other factors, the Fund’s performance could suffer. In addition, given their complexity,
derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.

 

· High Yield Securities Risk: High yield securities (commonly referred to as “junk” bonds) typically pay a
higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment
grade securities. The market for high yield securities may be less

 

PROSPECTUS – Emerging Markets Corporate Debt Fund

21

    liquid due to such factors as interest rate sensitivity, negative
perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult
to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market
decline.
     
· Convertible Securities Risk: Convertible securities are subject to the risks affecting both equity and fixed income
securities, including market, credit, liquidity, and interest rate risk. Convertible securities tend to be more volatile than other
fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds.
To the extent that the Fund invests in convertible securities and the investment value of the convertible security is greater than
its conversion value, its price will likely increase when interest rates fall and decrease when interest rates rise. If the conversion
value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the
underlying equity security. A significant portion of convertible securities have below investment grade credit ratings and are
subject to increased credit and liquidity risks.
     
· Credit Risk: Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest
and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the
creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the
Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the
insurer in addition to the credit risk of the underlying investment being insured.
     
· Interest Rate Risk: As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing
the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased
liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate
instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price
of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including
central bank monetary policy, rising inflation, and changes in general economic conditions. To the extent the Fund invests in floating
rate instruments, changes in short-term market interest rates may affect the yield on those investments. If short-term market interest
rates fall, the yield on the Fund’s shares will also fall. Conversely, when short-term market interest rates rise, because
of the lag between changes in such short- term rates and the resetting of the floating rates on the floating rate debt in the Fund’s
portfolio, the impact of rising rates may be delayed. To the extent the Fund invests in fixed rate instruments, fluctuations in
the market price of such investments may not affect interest income derived from those instruments, but may nonetheless affect
the

 

PROSPECTUS – Emerging Markets Corporate Debt Fund

22

    Fund’s net asset value (“NAV”), especially if the instrument has a longer maturity. Substantial increases in
interest rates may cause an increase in issuer defaults, as issuers may lack resources to meet higher debt service requirements.
In recent years, the U.S. has experienced historically low interest rates, increasing the exposure of bond investors to the risks
associated with rising interest rates.
     
· Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder
redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption
requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have
decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may
be more difficult for the Fund to value its investments in illiquid securities than more liquid securities.
     
· Loan Risk: Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan
prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below
investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive,
although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be
subject to structural subordination and may be subordinated to other obligations of the borrower
or its subsidiaries.
     
· Leverage Risk: Certain of the Fund’s transactions (including, among others, forward foreign currency contracts
and other derivatives, reverse repurchase agreements, and the use of when-issued, delayed delivery or forward commitment transactions)
may give rise to leverage risk. Leverage may increase volatility in the Fund by magnifying the effect of changes in the value of
the Fund’s holdings. The use of leverage may cause the Fund to lose more money in adverse environments than would have been
the case in the absence of leverage. There is no assurance that the Fund will be able to employ leverage successfully.
     
· Geographic Focus Risk: To the extent the Fund focuses its investments in a single country or only a few countries in
a particular geographic region, economic, political, regulatory or other conditions affecting such region may have a greater impact
on Fund performance.
     
· Potential Changes in Tax Treatment Risk: The Fund intends to continue to qualify as a “regulated investment company”
under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Under subchapter M, at least 90% of
the Fund’s gross income for each taxable year must be “qualifying income.” The Fund believes that its investment
strategies with respect to foreign currencies will generate qualifying income under current U.S. federal income

 

PROSPECTUS – Emerging Markets Corporate Debt Fund

23

    tax law. The Code,
however, expressly provides the U.S. Treasury Department with authority to issue regulations that would exclude foreign currency
gains from qualifying income if such gains are not directly related to the Fund’s business of investing in stock or securities
(or options and futures with respect thereto). As of the date of this prospectus, the U.S. Treasury Department has not exercised
this regulatory authority; however, there can be no assurance that it will not issue regulations in the future (possibly with retroactive
effect) that would treat some or all of the Fund’s foreign currency gains as nonqualifying income.
     
· High Portfolio Turnover Risk: High portfolio turnover may result in increased transaction costs, reduced investment
performance, and higher taxes resulting from increased realized capital gains, including short-term capital gains taxable as ordinary
income when distributed to shareholders.
     

An investment in the Fund is not a deposit of any bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For more information on the
principal risks of the Fund, please see the “More Information About the Funds – Principal Risks”
section in the prospectus.

 

PERFORMANCE

 

The bar chart and table below provide some indication of the risks
of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends and
distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will
perform in the future. No performance is shown for Class R2 shares because the Fund has no Class R2 shares outstanding. Class R2
shares of the Fund are not currently offered.

 

The bar chart shows changes in the performance of the Fund’s
Class A shares from calendar year to calendar year. This chart does not reflect the sales charge applicable to Class A shares.
If the sales charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due
to the different expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.

 

PROSPECTUS – Emerging Markets Corporate Debt Fund

24

Bar Chart (per calendar year) – Class A Shares

 

 

 

Best Quarter 2nd Q 2020+12.02%

Worst Quarter1st Q 2020-12.98%

 

The table below shows how the Fund’s average annual total
returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund. The Fund’s
average annual total returns include applicable sales charges.

 

The after-tax returns of Class A shares included in the table below
are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state
and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before taxes
due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset other
gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns
shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans or Individual
Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and will vary from
those shown for Class A shares.

 

PROSPECTUS – Emerging Markets Corporate Debt Fund

25

Average Annual Total Returns
(for the periods ended December 31, 2020)
Class 1 Year 5 Years Life of Class Inception
Date for
Performance
Class A Shares       12/31/2013
  Before Taxes 3.38% 6.01% 5.50%  
  After Taxes on Distributions 1.68% 4.04% 3.34%  
  After Taxes on Distributions and Sale of Fund Shares 1.93% 3.73% 3.23%  
Class C Shares(1) 4.09% 5.79% 5.12% 12/31/2013
Class F Shares 5.87% 6.58% 5.93% 12/31/2013
Class F3 Shares 6.16% 5.70% 4/4/2017
Class I Shares 5.90% 6.67% 6.03% 12/31/2013
Class R3 Shares 5.46% 6.50% 5.91% 12/31/2013
Class R4 Shares 5.74% 6.43% 5.57% 6/30/2015
Class R5 Shares 5.99% 6.71% 5.85% 6/30/2015
Class R6 Shares 6.16% 6.86% 5.98% 6/30/2015
Index        
    7.13% 7.12% 5.96% 12/31/2013
J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI BD) 6.00% 6/30/2015
(reflects no deduction for fees, expenses, or taxes) 6.08% 4/4/2017

 

(1) Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares.

 

MANAGEMENT

 

Investment Adviser. The Fund’s investment adviser is
Lord Abbett.

 

PROSPECTUS – Emerging Markets Corporate Debt Fund

26

Portfolio Managers.

 

Portfolio Managers/Title Member of
the Portfolio
Management
Team Since
John J. Morton, Portfolio Manager and Director of Investments 2016
Steven F. Rocco, Partner and Co-Head of Taxable Fixed Income 2017
Mila Skulkina, Portfolio Manager 2020

 

PURCHASE AND SALE OF FUND SHARES

 

The minimum initial and additional amounts shown below vary depending
on the class of shares you buy and the type of account. Certain financial intermediaries may impose different restrictions than
those described below. For Class I shares, the minimum investment shown below applies to certain types of institutional investors,
but does not apply to registered investment advisers or retirement and benefit plans otherwise eligible to invest in Class I shares.
See “Choosing a Share Class – Investment Minimums” in the prospectus for more information. Class R2 shares of
the Fund are not currently offered.

 

Investment Minimums — Initial/Additional Investments
Class A and C(1) F, F3, R2, R3, R4, R5, and R6 I
General and IRAs without Invest-A-Matic Investments $1,000/No
minimum
N/A $1 million/No minimum
Invest-A-Matic Accounts(2) $250/$50 N/A N/A
IRAs, SIMPLE and SEP Accounts with Payroll Deductions No minimum N/A N/A
Fee-Based Advisory Programs and Retirement and Benefit Plans No minimum No minimum No minimum

(1)  There is
no investment minimum for Class A shares purchased by investors maintaining an account with a financial intermediary that has entered
into an agreement with Lord Abbett Distributor LLC (“Lord Abbett Distributor”) to offer Class A shares through a load-waived
network or platform, which may or may not charge transaction fees.

(2)  There is
no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs.

 

You may sell (redeem) shares through your securities broker, financial
professional or financial intermediary on any business day the Fund calculates its NAV. If you have direct account access privileges,
you may redeem your shares by contacting the Fund in writing at P.O. Box 219336, Kansas City, MO 64121, by calling 888-522-2388
or by accessing your account online at www.lordabbett.com.

 

PROSPECTUS – Emerging Markets Corporate Debt Fund

27

OTHER IMPORTANT INFORMATION REGARDING FUND SHARES

 

For important information about taxes and payments to broker-dealers
and other financial intermediaries, please turn to the “Tax Information” and “Payments to
Broker-Dealers and Other Financial Intermediaries” sections of the prospectus.

 

PROSPECTUS – Emerging Markets Corporate Debt Fund

28

 

Global Bond Fund

 

INVESTMENT OBJECTIVE

 

The Fund’s investment objective is total return.

 

FEES AND EXPENSES

 

This table describes the fees and expenses that you may pay
if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and
certain members of your family invest, or agree to invest in the future, at least $100,000 in the Lord Abbett Family of Funds.
More information about these and other discounts is available from your financial intermediary and in “Sales Charge Reductions
and Waivers” on page 90 of the prospectus, Appendix A to the prospectus, titled “Intermediary-Specific Sales Charge
Reductions and Waivers,” and “Purchases, Redemptions, Pricing, and Payments to Dealers” on page 9-1 of Part II
of the statement of additional information (“SAI”).

 

Shareholder Fees(1) (Fees paid directly from your investment)  
Class   A C F, F3, I, R2, R3, R4, R5, and R6
Maximum Sales Charge (Load) Imposed on Purchases                             
(as a percentage of offering price)
2.25% None None
Maximum Deferred Sales Charge (Load)                                   
(as a percentage of offering price or redemption                                   
proceeds, whichever is lower)
None(2) 1.00%(3) None

 

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Class A   C F F3   I
Management Fees 0.43% 0.43% 0.43% 0.43% 0.43%
Distribution and Service (12b-1) Fees 0.20% 0.81%(4) 0.10% None None
Other Expenses 1.81% 1.81% 1.81% 1.80% 1.81%
Total Annual Fund Operating Expenses 2.44% 3.05% 2.34%(5) 2.23% 2.24%
Fee Waiver and/or Expense Reimbursement(6) (1.66)% (1.66)% (1.76)%(7) (1.66)% (1.66)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement(6) 0.78% 1.39% 0.58% 0.57%(5) 0.58%

PROSPECTUS – Global Bond Fund
29

 

Annual Fund Operating Expenses (continued)
(Expenses that you pay each year as a percentage of the value of your investment)
Class R2 R3 R4 R5 R6
Management Fees 0.43% 0.43% 0.43% 0.43% 0.43%
Distribution and Service (12b-1) Fees 0.60% 0.50% 0.25% None None
Other Expenses 2.40% 1.81% 1.81% 1.81% 1.80%
Total Annual Fund Operating Expenses 3.43% 2.74% 2.49% 2.24% 2.23%
Fee Waiver and/or Expense Reimbursement(6) (2.25)% (1.66)% (1.66)% (1.66)% (1.66)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement(6) 1.18% 1.08% 0.83% 0.58% 0.57%(5)

 

(1) A shareholder transacting in share classes without a front-end sales charge may be required to pay a commission to its financial intermediary. Please contact your financial intermediary for more information about whether such a commission may apply to your transaction.
(2) A contingent deferred sales charge (“CDSC”) of 1.00% may be assessed on certain Class A shares purchased or acquired without a sales charge if they are redeemed before the first day of the month of the one-year anniversary of the purchase.
(3) A CDSC of 1.00% may be assessed on Class C shares if they are redeemed before the first anniversary of their purchase.
(4) The 12b-1 fee the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate.

 

(5) This amount has been updated from fiscal year amounts to reflect current fees and expenses.
(6) For the period from May 1, 2021 through April 30, 2022, Lord, Abbett & Co. LLC (“Lord Abbett”) has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding any applicable 12b-1 fees, acquired fund fees and expenses, interest-related expenses, taxes, expenses related to litigation and potential litigation, and extraordinary expenses, to an annual rate of 0.57% for each of Class F3 and R6 shares and to an annual rate of 0.58% for each other class. This agreement may be terminated only by the Fund’s Board of Directors.
(7) For the period from May 1, 2021 through April 30, 2022, Lord Abbett Distributor LLC (“Lord Abbett Distributor”) has contractually agreed to waive the Fund’s 0.10% Rule 12b-1 fee for Class F shares. This agreement may be terminated only by the Fund’s Board of Directors.

 

Example

 

This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time
periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment
has a 5% return each year and that the Fund’s operating expenses remain the same, giving effect to the fee waiver and expense
reimbursement arrangement described above. Class C shares automatically convert to Class A shares after eight years. The expense
example for Class C shares for the ten-year period reflects the conversion to Class A shares. Although
your actual costs may be higher or lower, based on these assumptions your costs would be:

PROSPECTUS – Global Bond Fund
30

Class If Shares Are Redeemed If Shares Are Not Redeemed
  1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
 Class A Shares $ 303 $ 813 $ 1,349 $ 2,815 $ 303 $ 813 $ 1,349 $ 2,815
 Class C Shares $ 242 $ 786 $ 1,456 $ 3,104 $ 142 $ 786 $ 1,456 $ 3,104
 Class F Shares $ 59 $ 561 $ 1,090 $ 2,540 $ 59 $ 561 $ 1,090 $ 2,540
 Class F3 Shares $ 58 $ 537 $ 1,043 $ 2,435 $ 58 $ 537 $ 1,043 $ 2,435
 Class I Shares $ 59 $ 540 $ 1,048 $ 2,445 $ 59 $ 540 $ 1,048 $ 2,445
 Class R2 Shares $ 120 $ 844 $ 1,590 $ 3,561 $ 120 $ 844 $ 1,590 $ 3,561
 Class R3 Shares $ 110 $ 693 $ 1,302 $ 2,949 $ 110 $ 693 $ 1,302 $ 2,949
 Class R4 Shares $ 85 $ 617 $ 1,176 $ 2,700 $ 85 $ 617 $ 1,176 $ 2,700
 Class R5 Shares $ 59 $ 540 $ 1,048 $ 2,445 $ 59 $ 540 $ 1,048 $ 2,445
 Class R6 Shares $ 58 $ 537 $ 1,043 $ 2,435 $ 58 $ 537 $ 1,043 $ 2,435

 

Portfolio Turnover. The Fund pays transaction costs,
such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These
costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. During
the most recent fiscal year, the Fund’s portfolio turnover rate was 239% of the average value of its portfolio.

 

PRINCIPAL INVESTMENT STRATEGIES

 

The Fund seeks to achieve its investment objective by investing
across multiple sectors in developed and emerging markets located throughout the world. To pursue its objective, under normal conditions,
the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds and other
fixed income securities and derivative instruments intended to provide economic exposure to such securities.

 

Under normal conditions, the Fund’s investments consist
of the following types of U.S. and foreign (including emerging market) securities and other financial instruments:

 

 

· investment grade fixed income securities;

 

· mortgage-backed, mortgage-related, and other asset-backed securities;

 

· high-yield fixed income securities (commonly referred to as “below investment grade” or “junk” bonds);

 

· inflation-linked instruments;

 

· loans, including bridge loans, novations, assignments, and participations; and

 

· convertible securities.

PROSPECTUS – Global Bond Fund
31

Investment grade fixed income securities are rated, at the time
of purchase, within the four highest grades assigned by an independent rating agency, or are unrated but determined by Lord Abbett
to be of comparable quality. The Fund may invest in individual securities of any credit quality, maturity, or duration. The Fund
may invest without limit in high-yield debt securities (commonly referred to as “below investment grade” or “junk”
bonds).

 

Under normal conditions, the Fund will invest at least 40% of
its net assets, unless conditions are deemed to be unfavorable, in which case the Fund will invest at least 30% of its net assets,
in securities of issuers economically tied to countries outside the U.S. The Fund will deem an issuer to be economically tied to
a non-U.S. country by looking at a number of factors, including its country of domicile, the primary stock exchange on which it
trades, the location from which the majority of its revenue comes, and its reporting currency. The Fund normally will invest in
companies located in at least three countries outside of the U.S. The Fund may invest a substantial part of its assets in just
one country and is not required to allocate its investments in any set percentages in any particular countries. The Fund may hold
non-U.S. currencies without holding any bonds or other income-producing securities denominated in those currencies. The Fund may
invest in U.S. dollar-denominated or non-U.S. dollar denominated securities without limit.

 

The Fund may use derivatives to hedge against risk or to gain
investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options,
and swaps. At its discretion, the Fund may engage in a variety of foreign currency-related transactions, including entering into
forward foreign currency contracts to hedge against foreign currency fluctuations or to gain exposure to foreign currencies. The
Fund is not required to hedge its non-dollar investments back to the U.S. dollar through the use of derivatives, but may do so
from time to time as part of its strategy. The Fund may use derivatives to seek to enhance returns, to attempt to hedge some of
its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument
is based, or for cash management purposes.

 

The portfolio management team selects securities through identification
of top-down themes and bottom-up, fundamental research. Top-down analysis includes assessment of global economic and capital market
conditions, while bottom-up research includes analysis of an issuer’s management quality, credit risk, relative market position,
and industry dynamics. The portfolio management team attempts to reduce risk through portfolio diversification, credit analysis,
and attention to current developments and trends in interest rates and economic conditions. The investment team may also consider
the risks and return potential presented by environmental, social, and governance (ESG) factors in investment decisions. The Fund
may engage in active and frequent trading of its portfolio securities.

 

The Fund may sell a security when the Fund believes the security
is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among
other reasons. The Fund may deviate from the

PROSPECTUS – Global Bond Fund
32

investment strategy described above for temporary defensive
purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment
objective.

 

PRINCIPAL RISKS

 

As with any investment in a mutual fund, investing in the Fund
involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they
may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested
in the Fund. The principal risks of investing in the Fund, which could adversely affect its performance, include:

 

· Portfolio Management Risk: If the strategies used and investments selected by the Fund’s portfolio management
team fail to produce the intended result, the Fund may suffer losses or underperform other funds with the same investment objective
or strategies, even in a favorable market.

 

· Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic
conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments,
and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt securities.

 

 

· Fixed Income Securities Risk: The Fund is subject to the general risks and considerations associated with investing
in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether.
Lower-rated securities in which the Fund may invest may be more volatile and may decline more in price in response to negative
issuer developments or general economic news than higher rated securities. In addition, as interest rates rise, the Fund’s
investments typically will lose value.

 

· Foreign and Emerging Market Company Risk: Investments in foreign companies and in U.S. companies with economic ties
to foreign markets generally involve special risks that can increase the likelihood that the Fund will lose money. For example,
as compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic, political, and
social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards,
and foreign taxes. In addition, the securities of foreign companies also may be subject to inadequate exchange control regulations,
the imposition of economic sanctions or other government restrictions, higher transaction and other costs, reduced liquidity, and
delays in settlement to the extent they are traded on non-U.S. exchanges or markets. Foreign company securities also include American
Depositary Receipts (“ADRs”). ADRs may be less liquid than the underlying shares in their primary trading market. Foreign
securities also may subject the Fund’s investments to changes in currency exchange rates. Emerging market securities generally
are more volatile than other foreign securities, and are

PROSPECTUS – Global Bond Fund
33

subject to greater liquidity, regulatory,
and political risks. Investments in emerging markets may be considered speculative and generally are riskier than investments in
more developed markets because such markets tend to develop unevenly and may never fully develop. Emerging markets are more likely
to experience hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes
and less liquidity than securities of issuers in developed markets. Companies with economic ties to emerging markets may be susceptible
to the same risks as companies organized in emerging markets.

 

· Foreign Currency Risk: Investments in securities denominated in foreign currencies are subject to the risk that those
currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline
in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate significantly over short periods
of time.

 

· High Yield Securities Risk: High yield securities (commonly referred to as “junk” bonds) typically pay a
higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment
grade securities. The market for high yield securities may be less liquid due to such factors as interest rate sensitivity, negative
perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult
to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market
decline.

 

· Credit Risk: Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest
and principal payments as they become due or may default altogether. In addition, if the market perceives a deterioration in the
creditworthiness of an issuer, the value and liquidity of securities issued by that issuer may decline. To the extent that the
Fund holds below investment grade securities, these risks may be heightened. Insured debt securities have the credit risk of the
insurer in addition to the credit risk of the underlying investment being insured.

 

· Interest Rate Risk: As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing
the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased
liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate
instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price
of fixed income securities with longer durations. A wide variety of market factors can cause interest rates to rise, including
central bank monetary policy, rising inflation, and changes in general economic conditions. To the extent the Fund invests in floating
rate instruments, changes in short-term market interest rates may affect the yield on those investments. If short-term market interest
rates fall, the yield on the Fund’s

PROSPECTUS – Global Bond Fund
34

shares will also fall. Conversely,
when short-term market interest rates rise, because of the lag between changes in such short- term rates and the resetting of the
floating rates on the floating rate debt in the Fund’s portfolio, the impact of rising rates may be delayed. To the extent
the Fund invests in fixed rate instruments, fluctuations in the market price of such investments may not affect interest income
derived from those instruments, but may nonetheless affect the Fund’s net asset value (“NAV”), especially if
the instrument has a longer maturity. Substantial increases in interest rates may cause an increase in issuer defaults, as issuers
may lack resources to meet higher debt service requirements. In recent years, the U.S. has experienced historically low interest
rates, increasing the exposure of bond investors to the risks associated with rising interest rates.

 

· Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder
redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption
requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have
decreased in value or are illiquid. The Fund may be less able to sell illiquid securities at its desired time or price. It may
be more difficult for the Fund to value its investments in illiquid securities than more liquid securities. Illiquidity can be
caused by a variety of factors, including economic conditions, market events, events relating to the issuer of the securities,
a drop in overall market trading volume, an inability to find a ready buyer, or legal restrictions on the securities’ resale.
Certain securities that are liquid when purchased may later become illiquid, particularly in times of overall economic distress.
Liquidity risk may be magnified in a rising interest rate environment or other circumstances where investor redemptions from the
mutual funds may be higher than normal, causing increased supply in the market due to selling activity.

 

· Industry and Sector Risk: Although the Fund does not employ an industry or sector focus, its exposure to specific industries
or sectors will increase from time to time based on the portfolio management team’s perception of investment opportunities.
If the Fund overweights a single industry or sector relative to its benchmark index, the Fund will face an increased risk that
the value of its portfolio will decrease because of events disproportionately affecting that industry or sector. Furthermore, investments
in particular industries or sectors may be more volatile than the broader market as a whole.

 

· Government Securities Risk: The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies
and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage
Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie
Mae securities, securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are
not backed by the full faith and credit of

PROSPECTUS – Global Bond Fund
35

the U.S. Government and no assurance
can be given that the U.S. Government would provide financial support.

 

· Mortgage-Related and Other Asset-Backed Securities Risk: Mortgage-related securities, including commercial mortgage-backed
securities and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive
to changes in prevailing interest rates and economic conditions, including delinquencies and defaults.
The prices of mortgage-related and other asset-backed securities, depending on their structure and the rate of payments,
can be volatile. They are subject to prepayment risk (higher than expected prepayment rates of mortgage obligations due to a fall
in market interest rates) and extension risk (lower than expected prepayment rates of mortgage obligations due to a rise in market
interest rates). These risks increase the Fund’s overall interest rate risk. Some mortgage-related securities receive government
or private support, but there is no assurance that such support will remain in place.

 

· Commercial Mortgage-Backed Securities Risk: CMBS include securities that reflect an interest in, and are secured by,
mortgage loans on commercial real property (such as office properties, retail properties, hospitality properties, industrial properties,
healthcare-related properties or other types of income producing real property). Many of the risks of investing in CMBS reflect
the risks of investing in the real estate securing the underlying mortgage loans, which include
the risks associated with the effects of local and other economic conditions on real estate markets, the ability of tenants to
make loan payments, increases in interest rates, real estate tax rates and other operating expenses, changes in governmental rules,
regulations and fiscal policies, and the ability of a property to attract and retain tenants. CMBS
depend on cash flows generated by underlying commercial real estate loans, receivables, and other assets, and can be significantly
affected by changes in market and economic conditions, the availability of information regarding the underlying assets and their
structures, and the creditworthiness of the borrowers or tenants. CMBS may be less liquid and exhibit greater price volatility
than other types of mortgage- or asset-backed securities. CMBS issued by private issuers may offer higher yields than CMBS issued
by government issuers, but also may be subject to greater volatility than CMBS issued by government issuers. In addition, the CMBS
market in recent years has experienced substantially lower valuations and greatly reduced liquidity, and current economic and market
conditions suggest that this trend for CMBS may continue. CMBS held by the Fund may be subordinated to one or more other classes
of securities of the same series for purposes of, among other things, establishing payment priorities and offsetting losses and
other shortfalls with respect to the related underlying mortgage loans. There can be no assurance that the subordination will be
sufficient on any date to offset all losses or expenses incurred by the underlying trust.

PROSPECTUS – Global Bond Fund
36

· Convertible Securities Risk: Convertible securities are subject to the risks affecting both equity and fixed income
securities, including market, credit, liquidity, and interest rate risk. Convertible securities tend to be more volatile than other
fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds.
To the extent that the Fund invests in convertible securities and the investment value of the convertible security is greater than
its conversion value, its price will likely increase when interest rates fall and decrease when interest rates rise. If the conversion
value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the
underlying equity security. A significant portion of convertible securities have below investment grade credit ratings and are
subject to increased credit and liquidity risks.

 

· Inflation-Linked Investments Risk: Unlike traditional fixed income securities, the principal and interest payments of
inflation-linked investments are adjusted periodically based on the inflation rate. The value of the Fund’s inflation-linked
investments may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund’s
use of these instruments will be successful.

 

· Loan Risk: Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan
prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. Below
investment grade loans, like high-yield debt securities, or junk bonds, usually are more credit sensitive than interest rate sensitive,
although the value of these instruments may be affected by interest rate swings in the overall fixed income market. Loans may be
subject to structural subordination and may be subordinated to other obligations of the borrower
or its subsidiaries.

 

· Sovereign Debt Risk: Sovereign debt securities are subject to the risk that the relevant sovereign government or governmental
entity may delay or refuse to pay interest or repay principal on its debt, due to, for example, cash flow problems, insufficient
foreign currency reserves, political considerations, the size of its debt relative to the economy, or the failure to put in place
economic reforms required by the International Monetary Fund or other multilateral agencies. There is no legal process for collecting
sovereign debt that is not repaid, nor are there bankruptcy proceedings through which all or part of the unpaid sovereign debt
may be collected.

 

· Derivatives Risk: The risks associated with derivatives may be different from and greater than the risks associated
with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its
returns. The risks associated with derivatives include, among other things, the following:

PROSPECTUS – Global Bond Fund
37

· The risk that the value of a derivative may not correlate with the value of the underlying asset, rate, or index in the manner
anticipated by the portfolio management team and may be more sensitive to changes in economic or market conditions than anticipated.

 

· Derivatives may be difficult to value, especially under stressed or unforeseen market conditions.

 

· The risk that the counterparty may fail to fulfill its contractual obligations under the derivative contract. Central clearing
of derivatives is intended to decrease counterparty risk but does not eliminate it.

 

· The Fund may be required to segregate permissible liquid assets to cover its obligations under these transactions and may have
to liquidate positions before it is desirable to do so to fulfill its segregation requirements.

 

· The risk that there may not be a liquid secondary trading market for the derivative, or that the Fund may otherwise be unable
to sell or otherwise close a derivatives position when desired, exposing the Fund to additional losses.

 

· Because derivatives generally involve a small initial investment relative to the risk assumed (known as leverage), derivatives
can magnify the Fund’s losses and increase its volatility.

 

· The Fund’s use of derivatives may affect the amount, timing, and character of distributions, and may cause the Fund to
realize more short-term capital gain and ordinary income than if the Fund did not use derivatives.

 

Derivatives may not perform as expected
and the Fund may not realize the intended benefits. Whether the Fund’s use of derivatives is successful will depend on, among
other things, the portfolio managers’ ability to correctly forecast market movements and other factors. If the portfolio
managers incorrectly forecast these and other factors, the Fund’s performance could suffer. In addition, given their complexity,
derivatives are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.

 

· Geographic Focus Risk: To the extent the Fund focuses its investments in a single country or only a few countries in
a particular geographic region, economic, political, regulatory or other conditions affecting such region may have a greater impact
on Fund performance.

 

· High Portfolio Turnover Risk: High portfolio turnover may result in increased transaction costs, reduced investment
performance, and higher taxes resulting from increased realized capital gains, including short-term capital gains taxable as ordinary
income when distributed to shareholders.

 

An investment in the Fund is not a deposit of any bank and is
not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. For more information on
the principal risks of the Fund, please see the “More Information About the Funds – Principal Risks”
section in the prospectus.

PROSPECTUS – Global Bond Fund
38

PERFORMANCE

 

The bar chart and table below provide some indication of the
risks of investing in the Fund by illustrating the variability of the Fund’s returns. Each assumes reinvestment of dividends
and distributions. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund
will perform in the future.

 

The bar chart shows changes in the performance of the Fund’s
Class A shares for its first calendar year. This chart does not reflect the sales charge applicable to Class A shares. If the sales
charge were reflected, returns would be lower. Performance for the Fund’s other share classes will vary due to the different
expenses each class bears. Updated performance information is available at www.lordabbett.com or by calling 888-522-2388.

 

Bar Chart (per calendar year) – Class A Shares

 

 
Best
Quarter
2nd Q 2020 +6.41%
Worst
Quarter
1st Q 2020 -7.75%
 

 

The table below shows how the Fund’s average annual total
returns compare to the returns of a securities market index with investment characteristics similar to those of the Fund. The Fund’s
average annual total returns include applicable sales charges.

 

The after-tax returns of Class A shares included in the table
below are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of
state and local taxes. In some cases, the return after taxes on distributions and sale of Fund shares may exceed the return before
taxes due to a tax benefit resulting from realized losses on a sale of Fund shares at the end of the period that is used to offset
other gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax
returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements such as 401(k) plans
or Individual Retirement Accounts (“IRAs”). After-tax returns for other share classes are not shown in the table and
will vary from those shown for Class A shares.

PROSPECTUS – Global Bond Fund
39

Average Annual Total Returns
(for the periods ended December 31, 2020)
Class 1 Year Life of Class Inception
Date for
Performance
Class A Shares     7/31/2018
  Before Taxes 5.78% 5.15%  
  After Taxes on Distributions 4.47% 3.70%  
  After Taxes on Distributions and Sale of Fund Shares 3.36% 3.29%  
Class C Shares(1) 6.52% 5.39% 7/31/2018
Class F Shares 8.39% 6.35% 7/31/2018
Class F3 Shares 8.37% 6.42% 7/31/2018
Class I Shares 8.29% 6.32% 7/31/2018
Class R3 Shares 7.75% 5.79% 7/31/2018
Class R4 Shares 8.13% 6.09% 7/31/2018
Class R5 Shares 8.29% 6.32% 7/31/2018
Class R6 Shares 8.37% 6.42% 7/31/2018
Index      
Bloomberg Barclays Global Aggregate Bond Index 9.20% 6.77% 7/31/2018
(reflects no deduction for fees, expenses, or taxes)
(1) Class C shares convert to Class A shares eight years after purchase. Class C share performance does not reflect the impact of such conversion to Class A shares.

 

MANAGEMENT

 

Investment Adviser. The Fund’s investment adviser
is Lord Abbett.

PROSPECTUS – Global Bond Fund
40

Portfolio Managers.

 

Portfolio Managers/Title Member of
the Portfolio
Management
Team Since
Leah G. Traub, Partner and Portfolio Manager 2018
Andrew H. O’Brien, Partner and Portfolio Manager 2018
Steven F. Rocco, Partner and Co-Head of Taxable Fixed Income 2018
Kewjin Yuoh, Partner and Portfolio Manager 2018
Annika M. Lombardi, Portfolio Manager 2019

 

PURCHASE AND SALE OF FUND SHARES

 

The minimum initial and additional amounts shown below vary
depending on the class of shares you buy and the type of account. Certain financial intermediaries may impose different restrictions
than those described below. For Class I shares, the minimum investment shown below applies to certain types of institutional investors,
but does not apply to registered investment advisers or retirement and benefit plans otherwise eligible to invest in Class I shares.
See “Choosing a Share Class – Investment Minimums” in the prospectus for more information.

 

Investment Minimums — Initial/Additional Investments
Class A and C(1) F, F3, R2, R3, R4, R5, and R6 I
General and IRAs without Invest-A-Matic Investments $1,000/No minimum N/A $1 million/No minimum
Invest-A-Matic Accounts(2) $250/$50 N/A N/A
IRAs, SIMPLE and SEP Accounts with Payroll Deductions No minimum N/A N/A
Fee-Based Advisory Programs and Retirement and Benefit Plans No minimum No minimum No minimum

(1)  There
is no investment minimum for Class A shares purchased by investors maintaining an account with a financial intermediary that has
entered into an agreement with Lord Abbett Distributor to offer Class A shares through a load-waived network or platform, which
may or may not charge transaction fees.

(2)  There
is no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs.

 

You may sell (redeem) shares through your securities broker,
financial professional or financial intermediary on any business day the Fund calculates its NAV. If you have direct account access
privileges, you may redeem your shares by contacting the Fund in writing at P.O. Box 219336, Kansas City, MO 64121, by calling
888-522-2388 or by accessing your account online at www.lordabbett.com.

PROSPECTUS – Global Bond Fund
41

OTHER IMPORTANT INFORMATION REGARDING FUND SHARES

 

For important information about taxes and payments to broker-dealers
and other financial intermediaries, please turn to the “Tax Information” and “Payments to
Broker-Dealers and Other Financial Intermediaries” sections of the prospectus.

PROSPECTUS – Global Bond Fund
42

TAX INFORMATION

 

A Fund’s distributions, if any, generally are taxable
to you as ordinary income, capital gains or a combination of the two, unless you are a tax-exempt investor or investing through
a tax-advantaged arrangement, such as a 401(k) plan or an IRA. Any withdrawals from such a tax-advantaged arrangement may be taxable
to you.

 

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

 

If you purchase Fund shares through a broker-dealer or other
financial intermediary (such as a bank), the Fund and the Fund’s distributor or its affiliates may pay the intermediary for
the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer
or other financial intermediary and your individual financial professional to recommend the Fund over another investment. Ask your
individual financial professional or visit your financial intermediary’s website for more information.

PROSPECTUS – THE FUNDS
43

MORE INFORMATION ABOUT THE FUNDS

 

INVESTMENT OBJECTIVES

 

Emerging Markets Bond Fund

 

The Fund’s investment objective is to seek high total
return.

 

Emerging Markets Corporate Debt Fund

 

The Fund’s investment objective is total return.

 

Global Bond Fund

 

The Fund’s investment objective is total return.

 

PRINCIPAL INVESTMENT STRATEGIES

 

Emerging Markets Bond Fund

 

To pursue its objective, under normal circumstances, the Fund
invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt securities that are
tied economically to emerging market countries and derivative instruments that are intended to provide economic exposure to such
securities. The Fund will provide shareholders with at least 60 days’ notice of a change in this policy. Emerging market
countries generally include those countries that major international financial institutions, such as the World Bank or its related
organizations, or the United Nations or its authorities, consider to be less economically mature than developed nations. For purposes
of the 80% policy stated above, the Fund considers emerging market countries to include every nation in the world except the United
States, Canada, Japan, Australia, New Zealand, and most countries located in Western Europe.

 

A security will be considered to be economically tied to an
emerging market country if:

 

· the issuer is organized under the laws of, or maintains its principal place of business in, an emerging market country;

 

· the securities of the issuer are traded principally in an emerging market country; or

 

· the issuer, during its most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold,
investments made, or services performed in an emerging market country, or has at least 50% of its assets in an emerging market
country.

 

Consistent with its principal investment strategies, the Fund
may invest in all types of debt securities and derivative instruments, including: corporate debt securities, government securities
(including sovereign and quasi-sovereign bonds), loans,

PROSPECTUS – THE FUNDS
44

convertible securities, mortgage-related and other asset-backed
securities, inflation-linked investments, structured notes, hybrid or “indexed” securities, event-linked bonds, and
derivatives based on the return of debt securities. The Fund may invest in fixed rate and floating or variable rate debt securities
and investments, and may invest in private placements. The Fund may invest in securities of any credit quality, maturity, or duration.
The Fund’s assets will be invested across different industries, sectors, countries, and regions. However, the Fund’s
portfolio management team may invest a significant percentage of the Fund’s assets in issuers in a single industry, sector,
country, or region.

 

Instead of investing directly in emerging market debt securities,
the Fund may invest in derivatives and other instruments based on, or that are intended to provide economic exposure to, emerging
market debt securities. These instruments are taken into account when determining compliance with the 80% investment policy described
above. In addition, to the extent cash or debt investments are used to satisfy the Fund’s “coverage” obligations
under those derivatives and other instruments, as described in more detail below, the value of such cash and debt investments also
will be counted for purposes of the Fund’s 80% policy. The 80% policy is applied at the time the Fund makes an investment.

 

The Fund may invest without limitation in securities denominated
in non-U.S. currencies. At its discretion, the Fund may engage in a variety of foreign currency related transactions, including:
investing directly in foreign currencies; engaging in foreign currency transactions on a spot (cash) basis; entering into forward
foreign currency futures contracts; investing in options on foreign currencies and futures; obtaining market exposure to the securities
in which it primarily invests by entering into a series of purchase and sale contracts, or by using investment techniques, including
buy backs and dollar rolls; investing in currency derivatives to manage its duration; and investing in other types of debt securities
or instruments that may not be denominated in the currencies of emerging market countries and may not provide investment exposure
to the currencies of emerging market countries. The Fund may, but is not required to, limit its foreign currency exposure by entering
into certain hedging transactions. The extent to which the Fund engages in foreign currency transactions and hedges its foreign
currency exposure will vary over time and will depend on the portfolio management team’s view of prevailing economic and
financial conditions and conditions in the relevant debt and currency markets.

 

The Fund may invest in debt securities or other obligations
issued by national governments or their agencies, instrumentalities, or political subdivisions, provinces or local governments
and their subdivisions, agencies, and authorities.

 

The Fund may invest in both investment grade and below investment
grade debt securities. The Fund may invest without limitation in high-yield debt securities (commonly referred to as “below
investment grade” or “junk” bonds), including unrated securities that Lord Abbett deems to be of comparable quality.
Investment grade debt securities are securities that, at the time of purchase, are rated within the four highest grades assigned
by an independent rating agency such as Moody’s

PROSPECTUS – THE FUNDS
45

Investors Service, Inc. (Aaa, Aa, A, Baa) or S&P Global
Ratings (AAA, AA, A, BBB), or are unrated but deemed by Lord Abbett to be of comparable quality. High-yield debt securities are
debt securities that are rated BB/Ba or lower at the time of purchase by an independent rating agency, or are unrated but deemed
by Lord Abbett to be of comparable quality.

 

Although Lord Abbett expects to maintain an average duration
for the Fund that generally is consistent with those of intermediate- to long-term debt funds, there are no duration restrictions
on the Fund’s individual investments or its overall portfolio. The Fund’s actual average duration will vary based on
the portfolio management team’s forecast of interest rates and its assessment of prevailing financial market conditions.
Duration is a mathematical concept that measures a portfolio’s exposure to interest rate changes. The longer an investment
portfolio’s duration, the more sensitive it is to interest rate risk. The shorter an investment portfolio’s duration,
the less sensitive it is to interest rate risk. For example, the price of a portfolio with a duration of five years would be expected
to fall approximately five percent if interest rates rose by one percentage point, and a portfolio with a duration of two years
would be expected to fall approximately two percent if interest rates rose by one percentage point.

 

The Fund may use derivatives for any purpose, and such instruments
may satisfy the Fund’s 80% policy as described above. Derivatives are financial instruments that derive their value from
the value of an underlying asset, reference rate, or index. The Fund may use derivatives for hedging purposes, including protecting
the Fund’s unrealized gains by hedging against possible adverse fluctuations in the securities markets or changes in interest
rates or currency exchange rates that may reduce the market value of the Fund’s investment portfolio. The Fund also may use
derivatives for non-hedging purposes to seek to enhance the Fund’s returns, spreads or gains, or to efficiently invest excess
cash or quickly gain market exposure. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index
futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for
other portfolio management reasons. The Fund may engage in derivative transactions on an exchange or in the over-the-counter (“OTC”)
market. Lord Abbett is registered with the U.S. Commodity Futures Trading Commission as a commodity pool operator (“CPO”)
under the Commodity Exchange Act (“CEA”). However, with respect to the Fund, Lord Abbett has filed a claim of exclusion
from the definition of the term CPO and therefore, Lord Abbett is not subject to registration or regulation as a pool operator
under the CEA.

 

The types of derivative instruments that the Fund may use include:

 

· Forward Contracts: A forward contract involves obligations of one party to purchase, and another party to sell, a specific
amount of a currency (or a security or other financial instrument) at a future date, at a price established in the contract. A
forward foreign currency contract reduces the Fund’s exposure to changes in the value of the currency it will deliver and
increases its exposure to changes in the value of the currency it will receive for the duration of the

PROSPECTUS – THE FUNDS
46

contract. The effect on the value
of the Fund is similar to selling securities denominated in one currency and purchasing securities denominated in another currency.
Forward contracts also may be structured for cash settlement, rather than physical delivery. The Fund may enter into non-deliverable
currency forward contracts, which are a particular type of cash-settled forward contract that may be used to gain exposure to a
nonconvertible or relatively thinly traded foreign currency. Forward contracts typically are traded in the OTC market.

 

· Futures and Options on Futures: The Fund may enter into futures contracts and options on futures contracts, which involve
the purchase or sale of a contract to buy or sell a specified security or other financial instrument at a specific future date
and price on an exchange or the OTC market. An option on a futures contract gives the purchaser the right to buy or sell a futures
contract in exchange for the payment of a premium. The Fund may enter into such contracts as a substitute for taking a position
in any underlying asset or to increase returns.

 

· Options: The Fund may purchase call and put options and write (i.e., sell) covered call and put option contracts
in accordance with its investment objective and policies. A “call option” is a contract sold for a price giving its
holder the right to buy a specific number of securities at a specific price prior to a specified date. A “covered call option”
is a call option issued on securities already owned by the writer of the call option for delivery to the holder upon the exercise
of the option. A “put option” gives the purchaser of the option the right to sell, and obligates the writer to buy,
the underlying securities at the exercise price at any time during the option period. A put option sold by the Fund is covered
when, among other things, the Fund segregates permissible liquid assets having a value equal to or greater than the exercise price
of the option to fulfill the obligation undertaken or otherwise covers the transaction.

 

The Fund may purchase and sell call
and put options in respect of specific securities (or groups or “baskets” of specific securities) or securities indices,
currencies, or futures. The Fund also may enter into OTC options contracts, which are available for a greater variety of securities,
and a wider range of expiration dates and exercise prices, than are exchange-traded options. Successful use by the Fund of options
and options on futures will depend on Lord Abbett’s ability to predict correctly movements in the prices of individual securities,
the relevant securities market generally, foreign currencies or interest rates.

 

· Swaps: The Fund may enter into interest rate, equity index, credit, currency, and total return swap agreements, and
swaptions (options on swaps) and similar transactions. The Fund may enter into these swap transactions for hedging purposes or
in an attempt to obtain a particular return when it is considered desirable to do so. An OTC swap transaction involves an agreement
between two parties to exchange different cash flows based on a specified or “notional” amount. The cash flows exchanged
in a specific transaction may be, among

PROSPECTUS – THE FUNDS
47

other things, payments that are the
equivalent of interest on a principal amount, payments that would compensate the purchaser for losses on a defaulted security or
basket of securities, or payments reflecting the performance of one or more specified currencies, securities or indices. The Fund
may enter into OTC swap transactions with counterparties that generally are banks, securities dealers or their respective affiliates.
Certain types of swaps, such as interest rate swaps, are cleared through clearing houses.

 

· Asset Coverage for Derivatives: To the extent that the Fund is obligated under a derivatives contract to make a future
payment, the Fund will be required to segregate or earmark on its books cash or other liquid assets to cover the Fund’s future
obligations under the contract. This setting aside of assets generally is referred to as asset segregation. With respect to futures
and forward contracts that are contractually required to cash settle, the Fund is permitted to set aside liquid assets in an amount
equal to the Fund’s daily marked-to-market net obligation (i.e., the Fund’s daily net liability) under the contracts,
if any, rather than such contract’s full notional value. In the case of futures and forward contracts that are not contractually
required to cash settle, the Fund is required to set aside liquid assets equal to such contract’s full notional value (generally,
the total numerical value of the asset underlying the contract at the time of valuation) during the period in which the relevant
positions are open. By setting aside assets equal to only its net obligations under cash-settled futures and forward contracts,
the Fund will have the ability to employ leverage to a greater extent than if the Fund were required to segregate assets equal
to the full notional value of such contracts.

 

The Fund is non-diversified under 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 portfolio management team buys and sells securities using
a relative value-oriented investment process and combines bottom-up and top-down analysis to construct its portfolio, meaning that
the portfolio management team generally seeks more investment exposure to securities believed to be undervalued and less investment
exposure to securities believed to be overvalued. To evaluate the relative attractiveness of individual securities in each country,
the portfolio management team performs a top-down analysis of other criteria, including a country’s internal political, market,
and economic factors, such as public finances, monetary policy, financial markets, foreign investment regulations, exchange rate
policy and labor conditions, among others. Based on these considerations in the aggregate, the portfolio management team may overweight
or underweight individual issuers, industries, sectors, countries, or regions relative to the benchmark. The investment team may
also consider the risks and return potential presented by environmental, social, and governance (ESG) factors in investment decisions.
The Fund may engage in active and frequent trading of its portfolio securities.

PROSPECTUS – THE FUNDS
48

The Fund may sell a security if it no longer meets the Fund’s
investment criteria or for a variety of other reasons, such as to secure gains, limit losses, maintain its duration, redeploy assets
into opportunities believed to be more promising, increase cash, or satisfy redemption requests, among others. The Fund will not
be required to sell a security that has been downgraded after purchase; however, in these cases, the Fund will monitor the situation
to determine whether it is advisable for the Fund to continue to hold the security. In considering whether to sell a security,
the Fund may evaluate factors including, but not limited to, the condition of the economy, changes in the issuer’s competitive
position or financial condition, changes in the outlook for the issuer’s industry, the Fund’s valuation target for
the security, and the impact of the security’s duration on the Fund’s overall duration.

 

Temporary Defensive Strategies. The Fund seeks to remain
fully invested in accordance with its investment objective. However, in an attempt to respond to adverse market, economic, political,
or other conditions, the Fund may take a temporary defensive position that is inconsistent with its principal investment strategies
by holding some or all of its assets in short-term investments. These investments include cash, commercial paper, money market
instruments, repurchase agreements, and U.S. Government securities. The Fund also may hold these types of investments while looking
for suitable investment opportunities or to manage liquidity. Taking a temporary defensive position could prevent the Fund from
achieving its investment objective.

 

Emerging Markets Corporate Debt Fund

 

To pursue its investment objective, under normal circumstances,
the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in corporate debt securities
that are tied economically to emerging market countries and derivative instruments that are intended to provide economic exposure
to such securities. The Fund will provide shareholders with at least 60 days’ notice of a change in this policy.

 

For purposes of the Fund’s 80% policy, emerging market
countries generally include those countries that major international financial institutions, such as the World Bank or its related
organizations, or the United Nations or its authorities, consider to be less economically mature than developed nations. For purposes
of the 80% policy stated above, the Fund considers emerging market countries to include every nation in the world except the United
States, Canada, Japan, Australia, New Zealand, and most countries located in Western Europe.

 

A security will be considered to be economically tied to an
emerging market country if:

 

· the issuer is organized under the laws of, or maintains its principal place of business in, an emerging market country;

 

· the securities of the issuer are traded principally in an emerging market country; or

PROSPECTUS – THE FUNDS
49

· the issuer, during its most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold,
investments made, or services performed in an emerging market country, or has at least 50% of its assets in an emerging market
country.

 

Consistent with its principal investment strategies, the Fund
may invest in all types of emerging market debt securities and derivative instruments, including: corporate debt securities, convertible
securities, mortgage-backed and other asset-backed securities, inflation-linked investments, sovereign and quasi-sovereign bonds,
structured notes (including hybrid or “indexed” securities and event-linked bonds), loans (including bridge loans,
novations, assignments, and participations), government-sponsored enterprises, debentures, and derivatives based on the return
of debt securities. The Fund may invest in fixed rate and floating or variable rate debt securities and investments, and may invest
in private placements. The Fund may invest in securities of any credit quality, maturity, or duration.

 

Instead of investing directly in emerging market debt securities,
the Fund may invest in derivatives and other instruments based on, or that are intended to provide economic exposure to, emerging
market debt securities. These instruments are taken into account when determining compliance with the 80% investment policy described
above. In addition, to the extent cash or debt investments are used to satisfy the Fund’s “coverage” obligations
under those derivatives and other instruments, as described in more detail below, the value of such cash and debt investments also
will be counted for purposes of the Fund’s 80% policy. The 80% policy is applied at the time the Fund makes an investment.

 

The Fund may invest in U.S. dollar-denominated or non-U.S. dollar
denominated securities without limit. At its discretion, the Fund may engage in a variety of foreign currency related transactions,
including: investing directly in foreign currencies; engaging in foreign currency transactions on a spot (cash) basis; entering
into forward foreign currency futures contracts; investing in options on foreign currencies and futures; obtaining market exposure
to the securities in which it primarily invests by entering into a series of purchase and sale contracts, or by using investment
techniques, including buy backs and dollar rolls; investing in currency derivatives to manage its duration; and investing in other
types of debt securities or instruments that may not be denominated in the currencies of emerging market countries and may not
provide investment exposure to the currencies of emerging market countries. The Fund may, but is not required to, limit its foreign
currency exposure by entering into certain hedging transactions. The extent to which the Fund engages in foreign currency transactions
and hedges its foreign currency exposure will vary over time and will depend on the portfolio management team’s view of prevailing
economic and financial conditions and conditions in the relevant debt and currency markets.

 

The Fund may invest in debt securities or other obligations
issued by national governments or their agencies, instrumentalities, or political subdivisions, provinces or local governments
and their subdivisions, agencies, and authorities.

PROSPECTUS – THE FUNDS
50

The Fund may invest in both investment grade and below investment
grade debt securities of any credit quality, maturity, or duration. The Fund may invest without limitation in high-yield debt securities
(commonly referred to as “below investment grade” or “junk” bonds), including unrated securities that Lord
Abbett deems to be of comparable quality. Investment grade debt securities are securities that, at the time of purchase, are rated
within the four highest grades assigned by an independent rating agency such as Moody’s Investors Service, Inc. (Aaa, Aa,
A, Baa) or S&P Global Ratings (AAA, AA, A, BBB), or are unrated but deemed by Lord Abbett to be of comparable quality. High-yield
debt securities are debt securities that are rated BB/Ba or lower at the time of purchase by an independent rating agency, or are
unrated but deemed by Lord Abbett to be of comparable quality.

 

Under normal circumstances, the Fund will invest in securities
economically tied to at least three emerging market countries. However, from time to time, the Fund may invest more than 25% of
its assets in securities tied economically to one country, including the U.S., to respond to adverse market, economic, political
or other conditions.

 

Although Lord Abbett expects to maintain an average duration
for the Fund that generally is consistent with those of intermediate- to long-term debt funds, there are no duration restrictions
on the Fund’s individual investments or its overall portfolio. The Fund’s actual average duration will vary based on
the portfolio management team’s forecast of interest rates and its assessment of prevailing financial market conditions.
Duration is a mathematical concept that measures a portfolio’s exposure to interest rate changes. The longer an investment
portfolio’s duration, the more sensitive it is to interest rate risk. The shorter an investment portfolio’s duration,
the less sensitive it is to interest rate risk. For example, the price of a portfolio with a duration of five years would be expected
to fall approximately five percent if interest rates rose by one percentage point, and a portfolio with a duration of two years
would be expected to fall approximately two percent if interest rates rose by one percentage point.

 

The Fund may use derivatives for any purpose, and such instruments
may satisfy the Fund’s 80% policy as described above. Derivatives are financial instruments that derive their value from
the value of an underlying asset, reference rate, or index. The Fund may use derivatives for hedging purposes, including protecting
the Fund’s unrealized gains by hedging against possible adverse fluctuations in the securities markets or changes in interest
rates or currency exchange rates that may reduce the market value of the Fund’s investment portfolio. The Fund also may use
derivatives for non-hedging purposes to seek to enhance the Fund’s returns, spreads or gains, or to efficiently invest excess
cash or quickly gain market exposure. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index
futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for
other portfolio management reasons. The Fund may engage in derivative transactions on an exchange or in the over-the-counter (“OTC”)
market. Lord Abbett is registered with the U.S. Commodity Futures Trading Commission as a CPO under the CEA. However, with respect
to the Fund, Lord Abbett has filed a

PROSPECTUS – THE FUNDS
51

claim of exclusion from the definition of the term CPO and therefore,
Lord Abbett is not subject to registration or regulation as a pool operator under the CEA.

 

The types of derivative instruments that the Fund may use include:

 

· Forward Contracts: A forward contract involves obligations of one party to purchase, and another party to sell, a specific
amount of a currency (or a security or other financial instrument) at a future date, at a price established in the contract. A
forward foreign currency contract reduces the Fund’s exposure to changes in the value of the currency it will deliver and
increases its exposure to changes in the value of the currency it will receive for the duration of the contract. The effect on
the value of the Fund is similar to selling securities denominated in one currency and purchasing securities denominated in another
currency. Forward contracts also may be structured for cash settlement, rather than physical delivery. The Fund may enter into
non-deliverable currency forward contracts, which are a particular type of cash-settled forward contract that may be used to gain
exposure to a nonconvertible or relatively thinly traded foreign currency. Forward contracts typically are traded in the OTC market.

 

· Futures and Options on Futures: The Fund may enter into futures contracts and options on futures contracts, which involve
the purchase or sale of a contract to buy or sell a specified security or other financial instrument at a specific future date
and price on an exchange or the OTC market. An option on a futures contract gives the purchaser the right to buy or sell a futures
contract in exchange for the payment of a premium. The Fund may enter into such contracts as a substitute for taking a position
in any underlying asset or to increase returns.

 

· Options: The Fund may purchase call and put options and write (i.e., sell) covered call and put option contracts
in accordance with its investment objective and policies. A “call option” is a contract sold for a price giving its
holder the right to buy a specific number of securities at a specific price prior to a specified date. A “covered call option”
is a call option issued on securities already owned by the writer of the call option for delivery to the holder upon the exercise
of the option. A “put option” gives the purchaser of the option the right to sell, and obligates the writer to buy,
the underlying securities at the exercise price at any time during the option period. A put option sold by the Fund is covered
when, among other things, the Fund segregates permissible liquid assets having a value equal to or greater than the exercise price
of the option to fulfill the obligation undertaken or otherwise covers the transaction.

 

The Fund may purchase and sell call
and put options in respect of specific securities (or groups or “baskets” of specific securities) or securities indices,
currencies, or futures. The Fund also may enter into OTC options contracts, which are available for a greater variety of securities,
and a wider range of expiration dates and exercise prices, than are exchange-traded options. Successful use by the Fund of options
and options on futures will depend on Lord Abbett’s ability to predict correctly movements in the prices of individual

PROSPECTUS – THE FUNDS
52

securities, the relevant securities
market generally, foreign currencies or interest rates.

 

· Swaps: The Fund may enter into interest rate, equity index, credit, currency, and total return swap agreements, and
swaptions (options on swaps) and similar transactions. The Fund may enter into these swap transactions for hedging purposes or
in an attempt to obtain a particular return when it is considered desirable to do so. An OTC swap transaction involves an agreement
between two parties to exchange different cash flows based on a specified or “notional” amount. The cash flows exchanged
in a specific transaction may be, among other things, payments that are the equivalent of interest on a principal amount, payments
that would compensate the purchaser for losses on a defaulted security or basket of securities, or payments reflecting the performance
of one or more specified currencies, securities or indices. The Fund may enter into OTC swap transactions with counterparties that
generally are banks, securities dealers or their respective affiliates. Certain types of swaps, such as interest rate swaps, are
cleared through clearing houses.

 

· Asset Coverage for Derivatives: To the extent that the Fund is obligated under a derivatives contract to make a future
payment, the Fund will be required to segregate or earmark on its books cash or other liquid assets to cover the Fund’s future
obligations under the contract. This setting aside of assets generally is referred to as asset segregation. With respect to futures
and forward contracts that are contractually required to cash settle, the Fund is permitted to set aside liquid assets in an amount
equal to the Fund’s daily marked-to-market net obligation (i.e., the Fund’s daily net liability) under the contracts,
if any, rather than such contract’s full notional value. In the case of futures and forward contracts that are not contractually
required to cash settle, the Fund is required to set aside liquid assets equal to such contract’s full notional value (generally,
the total numerical value of the asset underlying the contract at the time of valuation) during the period in which the relevant
positions are open. By setting aside assets equal to only its net obligations under cash-settled futures and forward contracts,
the Fund will have the ability to employ leverage to a greater extent than if the Fund were required to segregate assets equal
to the full notional value of such contracts.

 

The portfolio management team buys and sells securities using
a relative value-oriented investment process and combines bottom-up and top-down analysis to construct its portfolio, meaning that
the portfolio management team generally seeks more investment exposure to securities believed to be undervalued and less investment
exposure to securities believed to be overvalued. This process focuses on an in-depth, bottom-up analysis of an issuer’s
fundamental credit metrics, including business prospects, management, profitability, cash flow, leverage, and competitive environment.
To evaluate the relative attractiveness of individual securities in each country, the portfolio management team performs a top-down
analysis of other criteria, including relative interest rates, inflation rates, exchange rates, monetary and fiscal policies, and
trade and current account balances. Based on these considerations

PROSPECTUS – THE FUNDS
53

in the aggregate, the portfolio management team may overweight
or underweight individual issuers, industries, sectors, countries, or regions relative to the benchmark. The investment team may
also consider the risks and return potential presented by environmental, social, and governance (ESG) factors in investment decisions.
The Fund may engage in active and frequent trading of its portfolio securities.

 

The Fund may sell a security if it no longer meets the Fund’s
investment criteria or for a variety of other reasons, such as to secure gains, limit losses, maintain its duration, redeploy assets
into opportunities believed to be more promising, increase cash, or satisfy redemption requests, among others. The Fund will not
be required to sell a security that has been downgraded after purchase; however, in these cases, the Fund will monitor the situation
to determine whether it is advisable for the Fund to continue to hold the security. In considering whether to sell a security,
the Fund may evaluate factors including, but not limited to, the condition of the economy, changes in the issuer’s competitive
position or financial condition, changes in the outlook for the issuer’s industry, the Fund’s valuation target for
the security, and the impact of the security’s duration on the Fund’s overall duration.

 

Temporary Defensive Strategies. The Fund seeks to remain
fully invested in accordance with its investment objective. However, in an attempt to respond to adverse market, economic, political,
or other conditions, the Fund may take a temporary defensive position that is inconsistent with its principal investment strategies
by holding some or all of its assets in short-term investments. These investments include cash, commercial paper, money market
instruments, repurchase agreements, and U.S. Government securities. The Fund also may hold these types of investments while looking
for suitable investment opportunities or to manage liquidity. Taking a temporary defensive position could prevent the Fund from
achieving its investment objective.

 

Global Bond Fund

 

The Fund seeks to achieve its investment objective by investing
across multiple sectors in developed and emerging markets located throughout the world. To pursue its objective, under normal conditions,
the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds and other
fixed income securities and derivative instruments intended to provide economic exposure to such securities. The Fund will provide
shareholders with at least 60 days’ notice of a change in this policy. For purposes of this policy, the Fund considers bonds
and other fixed income securities to include, among other types of investments, investment grade debt securities, high-yield securities
(commonly referred to as “below investment grade” or “junk” bonds), foreign (including emerging market)
debt securities, loans (including bridge loans, novations, assignments, and participations), all types of mortgage-backed, mortgage-related
and other asset-backed securities, debt securities issued or guaranteed by the U.S. Government or government sponsored enterprises,
debt securities issued or guaranteed by non-U.S. governments and their political subdivisions, inflation-linked instruments, and

PROSPECTUS – THE FUNDS
54

equity-related debt securities such as convertible bonds and
debt securities issued with warrants.

 

Under normal conditions, the Fund’s investments consist
of the following types of U.S. and foreign (including emerging market) securities and other financial instruments:

 

· government securities, which include U.S. Government and non-U.S. sovereign government securities. The Fund’s
investments in U.S. Government securities may include debt securities issued or guaranteed by the U.S. Government or its agencies
and instrumentalities. The Fund’s investments in non-U.S. sovereign government securities may include debt securities issued
or guaranteed by non-U.S. sovereign governments, their agencies, authorities, political subdivisions, or instrumentalities, and
supranational agencies. Supranational agencies are organizations that are designed or supported by one or more governments or governmental
agencies to promote economic development. Examples of supranational agencies include the Asian Development Bank, the European Bank
for Reconstruction and Development, and the World Bank.

 

· investment grade fixed income securities, which are rated, at the time of purchase, within the four highest grades assigned
by an independent rating agency such as Moody’s Investors Service, Inc. (“Moody’s”) (Aaa, Aa, A, Baa),
S&P Global Ratings (“S&P”) (AAA, AA, A, BBB), or Fitch Ratings (AAA, AA, A, BBB), or are unrated but determined
by Lord Abbett to be of comparable quality.

 

· mortgage-backed, mortgage-related, and other asset-backed securities, which are securities that directly or indirectly
represent a participation in, or are secured by and payable from, mortgage loans, real property, or other assets. The Fund’s
investments in mortgage-backed, mortgage-related, and other asset-backed securities may include securities issued by government,
government-related, and/or private entities, including commercial mortgage-backed securities (“CMBS”).

 

· high-yield fixed income securities (commonly referred to as “below investment grade” or “junk” bonds),
which are debt securities that are rated BB/Ba or lower by an independent rating agency, such as Moody’s, S&P, or Fitch,
or that are unrated but determined by Lord Abbett to be of comparable quality.

 

· inflation-linked instruments, which are securities whose interest and/or principal value are periodically adjusted according
to the rate of inflation. The Fund’s investments in inflation-linked instruments may include inflation-indexed fixed income
securities and inflation-linked derivatives.

 

· loans, including bridge loans, novations, assignments, and participations, which include, among other things, loans
to U.S. or foreign corporations,

PROSPECTUS – THE FUNDS
55

partnerships, other business entities,
or to U.S. and non-U.S. governments. The Fund’s investments in loans may include senior loans, second lien or other subordinated
loans, and may be in fixed rate and variable or floating rate loans.

 

· convertible securities, which are corporate securities, usually preferred stocks or bonds, that are exchangeable at
the option of the holder for a fixed number of other securities, usually common stocks, at a set price or formula (the “conversion
price”). Convertible securities may provide investors the opportunity to participate in rising markets and potential protection
in declining markets.

 

The Fund’s investments in government securities, mortgage-backed,
mortgage-related, and other asset-backed securities, inflation-linked instruments, loans, and convertible securities may include
investments in investment grade or below investment grade securities. The Fund may invest in individual securities of any credit
quality, maturity, or duration. The Fund may invest without limit in high-yield debt securities (commonly referred to as “below
investment grade” or “junk” bonds). The Fund also may invest in exchange-traded funds (“ETFs”).

 

Under normal conditions, the Fund will invest at least 40% of
its net assets, unless conditions are deemed to be unfavorable, in which case the Fund will invest at least 30% of its net assets,
in securities of issuers economically tied to countries outside the U.S. The Fund will deem an issuer to be economically tied to
a non-U.S. country by looking at a number of factors, including its country of domicile, the primary stock exchange on which it
trades, the location from which the majority of its revenue comes, and its reporting currency. The Fund normally will invest in
companies located in at least three countries outside of the U.S. The Fund normally allocates its investments across different
countries and regions, but may invest a significant percentage of the Fund’s investments in a single country, region, or
geographic area. The Fund may invest a substantial part of its assets in just one country and is not required to allocate its investments
in any set percentages in any particular countries.

 

The Fund may invest in inflation-linked fixed income securities,
which are securities whose principal and/or interest payments are adjusted for inflation, unlike traditional fixed income securities
that make fixed or variable principal and interest payments. The Fund may invest in Treasury Inflation Protected Securities (“TIPS”),
which are U.S. Government bonds whose principal automatically is adjusted for inflation as measured by the Consumer Price Index
(“CPI”) for All Urban Consumers, and other inflation-indexed securities issued by the U.S. Department of the Treasury.
In addition to investing in TIPS, the Fund also may invest in sovereign inflation-indexed fixed income securities (sometimes referred
to as “linkers”) issued by non-U.S. governments. The Fund may also invest in inflation-linked derivatives, including
CPI swaps. A CPI swap is a contract in which one party agrees to pay a fixed rate in exchange for a variable rate, which is the
rate of change in the CPI during the life of the contract. Payments are based on a specified notional amount of principal. The
Fund will be required to segregate permissible liquid assets, or engage

PROSPECTUS – THE FUNDS
56

in other measures to cover its obligations relating to CPI swaps
and other derivative actions.

 

The Fund may invest in floating or adjustable rate loans, including
bridge loans, novations, assignments, and participations. The interest rates on floating or adjustable rate loans periodically
are adjusted to a generally recognized base rate such as the London Interbank Offered Rate (LIBOR) or the prime rate as set by
the Federal Reserve. The Fund’s investments in loans may include senior loans, second lien, or other subordinated loans.

 

The Fund may hold non-U.S. currencies without holding any bonds
or other income-producing securities denominated in those currencies. The Fund may invest in U.S. dollar-denominated or non U.S.-dollar
denominated securities without limit.

 

Although the Fund is not required to hedge its exposure to any
currency, it may choose to do so. The Fund may engage in foreign currency transactions on a spot (cash) basis, and enter into foreign
exchange forward contracts and invest in foreign currency futures contracts and options on foreign currencies and futures. The
Fund may use these currency-related transactions to hedge the risk to the portfolio that foreign exchange price movements will
be unfavorable for U.S. investors. Generally, these instruments allow the Fund to lock in a specified exchange rate for a period
of time. They also may be used to increase the Fund’s exposure to foreign currencies that the portfolio management team believes
may rise in value relative to the U.S. dollar or to shift the Fund’s exposure to foreign currency fluctuations from one country
to another.

 

The Fund may use derivatives, which are financial instruments
that derive their value from the value of an underlying asset, reference rate, or index. The Fund may use derivatives for hedging
purposes, including protecting the Fund’s unrealized gains by hedging against possible adverse fluctuations in the securities
markets or changes in interest rates or currency exchange rates that may reduce the market value of the Fund’s investment
portfolio. The Fund also may use derivatives for non-hedging purposes to seek to enhance the Fund’s returns, spreads or gains,
or to efficiently invest excess cash or quickly gain market exposure. For example, the Fund may invest in or sell short U.S. Treasury
futures, securities index futures, other futures, and/or currency forwards to adjust the Fund’s exposure to the direction
of interest rates, or for other portfolio management reasons. The Fund may engage in derivative transactions on an exchange or
in the over-the-counter (“OTC”) market. Lord Abbett is registered with the U.S. Commodity Futures Trading Commission
as a CPO under the CEA. However, with respect to the Fund, Lord Abbett has filed a claim of exclusion from the definition of the
term CPO and therefore, Lord Abbett is not subject to registration or regulation as a pool operator under the CEA.

 

The types of derivative instruments that the Fund may use include:

 

· Futures and Options on Futures: The Fund may enter into futures contracts and options on futures contracts, which involve
the purchase or sale of a contract to buy or sell a specified security or other financial instrument at a

PROSPECTUS – THE FUNDS
57

specific future date and price on
an exchange or the OTC market. An option on a futures contract gives the purchaser the right to buy or sell a futures contract
in exchange for the payment of a premium. The Fund may enter into such contracts as a substitute for taking a position in any underlying
asset or to increase returns.

 

· Foreign Currency Forward Contracts and Options: The Fund may use foreign currency forward contracts and options to hedge
the risk to the portfolio that foreign exchange price movements will be unfavorable for U.S. investors. Under some circumstances,
the Fund may commit a substantial portion or the entire value of its portfolio to the completion of forward contracts. Generally,
these instruments allow the Fund to lock in a specified exchange rate for a period of time. Foreign currency forward contracts
also may be used to increase the Fund’s exposure to foreign currencies that Lord Abbett believes may rise in value relative
to the U.S. dollar or to shift the Fund’s exposure to foreign currency fluctuations from one country to another.

 

· Options: The Fund may purchase call and put options and write (i.e., sell) covered call and put option contracts
in accordance with its investment objective and policies. A “call option” is a contract sold for a price giving its
holder the right to buy a specific number of securities at a specific price prior to a specified date. A “covered call option”
is a call option issued on securities already owned by the writer of the call option for delivery to the holder upon the exercise
of the option. A “put option” gives the purchaser of the option the right to sell, and obligates the writer to buy,
the underlying securities at the exercise price at any time during the option period. A put option sold by the Fund is covered
when, among other things, the Fund segregates permissible liquid assets having a value equal to or greater than the exercise price
of the option to fulfill the obligation undertaken or otherwise covers the transaction.

 

The Fund may purchase and sell call
and put options in respect of specific securities (or groups or “baskets” of specific securities) or securities indices,
currencies, or futures. The Fund also may enter into OTC options contracts, which are available for a greater variety of securities,
and a wider range of expiration dates and exercise prices, than are exchange-traded options. Successful use by the Fund of options
and options on futures will depend on Lord Abbett’s ability to predict correctly movements in the prices of individual securities,
the relevant securities market generally, foreign currencies, or interest rates.

 

· Swaps: The Fund may enter into interest rate, equity index, credit, currency, and total return swap agreements, and
swaptions (options on swaps) and similar transactions. The Fund may enter into these swap transactions for hedging purposes or
in an attempt to obtain a particular return when it is considered desirable to do so. An OTC swap transaction involves an agreement
between two parties to exchange different cash flows based on a specified or “notional” amount. The cash flows exchanged
in a specific transaction may be, among

PROSPECTUS – THE FUNDS
58

other things, payments that are the
equivalent of interest on a principal amount, payments that would compensate the purchaser for losses on a defaulted security or
basket of securities, or payments reflecting the performance of one or more specified currencies, securities or indices. The Fund
may enter into OTC swap transactions with counterparties that generally are banks, securities dealers or their respective affiliates.
Certain types of swaps, such as interest rate swaps, are cleared through clearing houses.

 

The Fund seeks total return derived from an actively managed,
diversified portfolio of investments. Higher yields on debt securities may be available during periods of high inflation when the
demand for borrowed money is high. Also, buying below investment grade bonds when the credit risk is likely to decrease may generate
higher returns. Although the Fund is diversified across many industries and sectors, its assets may, from time to time, be overweighted
or underweighted to certain industries and sectors relative to its benchmark index.

 

The portfolio management team selects securities through identification
of top-down themes and bottom-up fundamental research. Top-down analysis includes assessment of global economic and capital market
conditions, while bottom-up research includes analysis of an issuer’s management quality, credit risk, and relative market
position, and industry dynamics. The portfolio management team seeks to reduce risk through portfolio diversification, credit analysis,
and attention to current developments and trends in interest rates and economic conditions. The portfolio management team has broad
discretion to invest across asset classes, sectors and geographies and the Fund may at times have significant exposure to a specific
asset class, sector or region. The investment team may also consider the risks and return potential presented by environmental,
social, and governance (ESG) factors in investment decisions. The Fund may engage in active and frequent trading of its portfolio
securities.

 

The Fund may sell a security if it no longer meets the Fund’s
investment criteria or for a variety of other reasons, such as to secure gains, limit losses, maintain its duration, redeploy assets
into opportunities believed to be more promising, increase cash, or satisfy redemption requests, among others. The Fund will not
be required to sell a security that has been downgraded after purchase; however, in these cases, the Fund will monitor the situation
to determine whether it is advisable for the Fund to continue to hold the security. In considering whether to sell a security,
the Fund may evaluate factors including, but not limited to, the condition of the economy, changes in the issuer’s competitive
position or financial condition, changes in the outlook for the issuer’s industry, the Fund’s valuation target for
the security, and the impact of the security’s duration on the Fund’s overall duration.

 

Temporary Defensive Strategies. The Fund seeks to remain
fully invested in accordance with its investment objective. However, in an attempt to respond to adverse market, economic, political,
or other conditions, the Fund may take a temporary defensive position that is inconsistent with its principal investment strategies
by holding some or all of its assets in short-term investments. These

PROSPECTUS – THE FUNDS
59

investments include cash, commercial paper, money market instruments,
repurchase agreements, and U.S. Government securities. The Fund also may hold these types of investments while looking for suitable
investment opportunities or to manage liquidity. Taking a temporary defensive position could prevent the Fund from achieving its
investment objective.

 

PRINCIPAL RISKS

 

As with any investment in a mutual fund, investing in a Fund
involves risk, including the risk that you may receive little or no return on your investment. When you redeem your shares, they
may be worth more or less than what you paid for them, which means that you may lose a portion or all of the money you invested
in a Fund. Before you invest in a Fund, you should carefully evaluate the risks in light of your investment goals. An investment
in a Fund held for longer periods over full market cycles typically provides more favorable results.

 

The principal risks you assume when investing in each Fund are
described below. The Funds attempt to manage these risks through careful security selection, portfolio diversification, and continual
portfolio review and analysis, but there can be no assurance or guarantee that these strategies will be successful in reducing
risk. Please see the SAI for a further discussion of strategies employed by each Fund and the risks associated with an investment
in the Fund.

 

All Funds

 

· Portfolio Management Risk: The strategies used and investments selected by the Fund’s portfolio management team
may fail to produce the intended result and the Fund may not achieve its objective. The securities selected for the Fund may not
perform as well as other securities that were not selected for the Fund. As a result, the Fund may suffer losses or underperform
other funds with the same investment objective or strategies, and may generate losses even in a favorable market.

 

· Market Risk: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic
conditions, governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments,
and other factors. Changes in the financial condition of a single issuer can impact a market as a whole. In addition, data imprecision,
technology malfunctions, operational errors, and similar factors may adversely affect a single issuer, a group of issuers, an industry,
or the market as a whole. Prices of equity securities tend to rise and fall more dramatically than those of debt securities. A
slower-growth or recessionary economic environment could have an adverse effect on the prices of the various securities held by
the Fund. Economies and financial markets throughout the world are becoming increasingly interconnected, which raises the likelihood
that events or conditions in one country or region will adversely affect markets or issuers in other countries or regions.

PROSPECTUS – THE FUNDS
60

· Fixed Income Securities Risk: The Fund is subject to the general risks and considerations associated with investing
in debt securities, including the risk that issuers will fail to make timely payments of principal or interest or default altogether.
Typically, shorter-term bonds are less volatile than longer-term bonds; however, longer-term bonds typically offer higher yields
and more stable interest income than shorter-term bonds due to their longer term and extended fixed payment schedule. Lower-rated
securities in which the Fund may invest may be more volatile and may decline more in price in response to negative issuer developments
or general economic news than higher rated securities. In addition, as interest rates rise, the Fund’s investments typically
will lose value.

 

· Foreign and Emerging Market Company Risk: Investments in foreign (including emerging market) companies and in U.S. companies
with economic ties to foreign markets generally involve special risks that can increase the likelihood that the Fund will lose
money. For example, as compared with companies organized and operated in the U.S., these companies may be more vulnerable to economic,
political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting
standards, and foreign taxes. In addition, the securities of foreign companies also may be subject to inadequate exchange control
regulations (including limitations on currency movements and exchanges), the imposition of economic sanctions or other government
restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges
or markets. Investments in foreign companies also may be adversely affected by governmental actions such as the nationalization
of companies or industries, expropriation of assets, or confiscatory taxation. Foreign company securities also include ADRs, Global
Depositary Receipts (“GDRs”), and other similar depositary receipts. ADRs, GDRs, and other similar depositary receipts
may be less liquid than the underlying shares in their primary trading market.

 

Foreign company securities also may
be subject to thin trading volumes and reduced liquidity, which may lead to greater price fluctuation. A change in the value of
a foreign currency relative to the U.S. dollar will change the value of securities held by the Fund that are denominated in that
foreign currency, including the value of any income distributions payable to the Fund as a holder of such securities. Currency
exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates
and the overall economic health of the issuer. Devaluation of a currency by a country’s government or banking authority also
will have an adverse impact on the U.S. dollar value of any investments denominated in that currency. These and other factors can
materially adversely affect the prices of securities the Fund holds, impair the Fund’s ability to buy or sell securities
at their desired price or time, or otherwise adversely affect the Fund’s operations. The Fund may invest in securities of
issuers, including emerging market issuers, whose economic fortunes are linked to non-U.S. markets, but which principally are traded
on a U.S. securities market or exchange and denominated in U.S. dollars. To the

PROSPECTUS – THE FUNDS
61

extent the Fund invests in this manner,
the percentage of the Fund’s assets that is exposed to the risks associated with foreign companies may exceed the percentage
of the Fund’s assets that is invested in foreign securities that are principally traded outside of the U.S.

 

The Fund’s investments in emerging
market companies generally are subject to heightened risks compared to its investments in developed market companies. Investments
with economic exposure to emerging markets may be considered speculative and generally are riskier than investments in more developed
markets because such markets tend to develop unevenly and may never fully develop. Emerging markets are more likely to experience
hyperinflation and currency devaluations. Securities of emerging market companies may have far lower trading volumes, tend to be
less liquid, subject to greater price volatility, have a smaller market capitalization, have less government regulation and may
not be subject to as extensive and frequent accounting, financial and other reporting requirements as securities issued in more
developed countries. Further, investing in the securities of issuers with economic exposure to emerging countries may present a
greater risk of loss resulting from problems in security registration and custody or substantial economic or political disruptions.
The Fund may invest in securities of companies whose economic fortunes are linked to emerging markets but which principally are
traded on a non-emerging market exchange. Such investments do not meet the Fund’s definition of an emerging market security.
To the extent the Fund invests in this manner, the percentage of the Fund’s portfolio that is exposed to emerging market
risks may be greater than the percentage of the Fund’s assets that the Fund defines as representing emerging market securities.

 

· Foreign Currency Risk: Investments in securities that are denominated or receiving revenues in foreign currencies are
subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions,
that the U.S. dollar will decline in value relative to the currency being hedged. Foreign currency exchange rates may fluctuate
significantly over short periods of time. A decline in the value of foreign currencies relative to the U.S. dollar will reduce
the value of securities that are denominated in those currencies. The Fund may engage in foreign currency hedging transactions
to attempt to protect the Fund from adverse currency movements. Such transactions include the risk that Lord Abbett will not accurately
predict currency movements. As a result, the Fund may experience significant losses or see its return reduced. Also, it may be
difficult or impractical to hedge currency risk in many developing or emerging markets. The risks associated with exposure to emerging
market currencies may be heightened in comparison to those associated with exposure to developed market currencies.

 

· Derivatives Risk: The risks associated with derivatives may be different from and greater than the risks associated
with directly investing in securities and other investments. Derivatives may increase the Fund’s volatility and reduce its

PROSPECTUS – THE FUNDS
62

returns. The risks associated with
derivatives include, among other things, the following:

 

· The risk that the value of a derivative may not correlate with the value of the underlying asset, rate, or index in the manner
anticipated by the portfolio management team and may be more sensitive to changes in economic or market conditions than anticipated.

 

· Derivatives may be difficult to value, especially under stressed or unforeseen market conditions.

 

· The risk that the counterparty may fail to fulfill its contractual obligations under the derivative contract. Central clearing
of derivatives is intended to decrease counterparty risk but does not eliminate it.

 

· The Fund may be required to segregate permissible liquid assets to cover its obligations under these transactions and may have
to liquidate positions before it is desirable to do so to fulfill its segregation requirements.

 

· The risk that there may not be a liquid secondary trading market for the derivative, or that the Fund may otherwise be unable
to sell or otherwise close a derivatives position when desired, exposing the Fund to additional losses.

 

· Because derivatives generally involve a small initial investment relative to the risk assumed (known as leverage), derivatives
can magnify the Fund’s losses and increase its volatility.

 

· The Fund’s use of derivatives may affect the amount, timing, and character of distributions, and may cause the Fund to
realize more short-term capital gain and ordinary income than if the Fund did not use derivatives.

 

There is no assurance that the Fund
will be able to employ its derivatives strategies successfully. Derivatives may not perform as expected and the Fund may not realize
the intended benefits. Whether the Fund’s use of derivatives is successful will depend on, among other things, the portfolio
managers’ ability to correctly forecast market movements, company and industry valuation levels and trends, changes in foreign
exchange and interest rates, and other factors. If the portfolio managers incorrectly forecast these and other factors, the Fund’s
performance could suffer. Although hedging may reduce or eliminate losses, it also may reduce or eliminate gains. When used for
hedging purposes, the changes in value of a derivative may not correlate as expected with the currency, security, portfolio, or
other risk being hedged. When used as an alternative or substitute for, or in combination with, direct investments, the return
provided by the derivative may not provide the same return as direct investment. In addition, given their complexity, derivatives
are subject to the risk that improper or misunderstood documentation may expose the Fund to losses.

 

The U.S. Government has enacted legislation
that provides for new regulation of the derivatives market, including clearing, margin, reporting, and registration

PROSPECTUS – THE FUNDS
63

requirements. The European Union
and other countries are implementing similar requirements, which will affect the Fund when it enters into a derivatives transaction
with a counterparty organized in such a country or otherwise subject to that country’s derivatives regulations. Because these
requirements are new and evolving, their ultimate impact on the Fund remains unclear. It is possible that government regulation
of various types of derivative instruments could potentially limit or restrict the ability of the Fund to use these instruments
as a part of its investment strategy, increase the costs of using these instruments, make them less effective, or otherwise adversely
affect their value. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative transactions
also could prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments.

 

· Convertible Securities Risk: Convertible securities are subject to the risks affecting both equity and fixed income
securities, including market, credit, liquidity, and interest rate risk. Convertible securities generally offer lower interest
or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a
rising stock market than equity securities. They tend to be more volatile than other fixed income securities, and the markets for
convertible securities may be less liquid than markets for common stocks or bonds. A significant portion of convertible securities
have below investment grade credit ratings and are subject to increased credit and liquidity risks. Synthetic convertible securities
and convertible structured notes may present a greater degree of market risk, and may be more volatile, less liquid and more difficult
to price accurately than less complex securities. These factors may cause the Fund to perform poorly compared to other funds, including
funds that invest exclusively in fixed income securities. In addition, a convertible security may be subject to redemption at the
option of the issuer at a price established in the convertible security’s governing instrument. If a convertible security
held by the Fund is called for redemption, the Fund will be required to convert the security into the underlying common stock,
sell it to a third party, or permit the issuer to redeem the security. Any of these actions could have an adverse effect on the
Fund’s ability to achieve its investment objective, which, in turn, could result in losses to the Fund.

 

· Sovereign Debt Risk: Sovereign debt securities are subject to the risk that the relevant sovereign government or governmental
entity may delay or refuse to pay interest or repay principal on its debt, due to, for example, cash flow problems, insufficient
foreign currency reserves, political considerations, the size of its debt relative to the economy, or the failure to put in place
economic reforms required by the International Monetary Fund or other multilateral agencies. If a sovereign government or governmental
entity defaults, it may ask for maturity extensions, interest rate reductions, or additional loans. There is no legal process for
collecting sovereign debt that is not repaid, nor are there bankruptcy proceedings through which all or part of the unpaid sovereign
debt may be collected.

PROSPECTUS – THE FUNDS
64

· High Yield Securities Risk: High yield securities (commonly referred to as “junk” bonds) typically pay a
higher yield than investment grade securities, but may have greater price fluctuations and have a higher risk of default than investment
grade securities. The market for high yield securities may be less liquid due to such factors as specific industry developments,
interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity, and may
be subject to greater credit risk than investment grade securities. Below investment grade securities may be highly speculative
and have poor prospects for reaching investment grade standing. Issuers of below investment grade securities generally are not
as strong financially as those issuers with higher credit ratings, and are more likely to encounter financial difficulties, especially
during periods of rising interest rates or other unfavorable economic or market conditions. Below investment grade securities are
subject to the increased risk of an issuer’s inability to meet principal and interest obligations and a greater risk of default.
Some issuers of below investment grade securities may be more likely to default as to principal or interest payments after the
Fund purchases their securities. A default, or concerns in the market about an increase in risk of default or the deterioration
in the creditworthiness of an issuer, may result in losses to the Fund. The Fund may incur higher expenses to protect its interests
in such securities and may lose its entire investment in defaulted bonds.

 

The secondary market for high yield securities is concentrated
in relatively few market makers and is dominated by institutional investors, including mutual funds, insurance companies, and other
financial institutions. As a result, the secondary market for such securities is not as liquid as, and is more volatile than, the
secondary market for higher rated securities. In addition, market trading volume for lower rated securities is generally lower
and the secondary market for such securities could shrink or disappear suddenly and without warning as a result of adverse market
or economic conditions, independent of any specific adverse changes in the condition of a particular issuer. Because of the lack
of sufficient market liquidity, the Fund may incur losses because it may be required to effect sales at a disadvantageous time
and then only at a substantial drop in price. These factors may have an adverse effect on the market price and the Fund’s
ability to dispose of particular portfolio investments. A less liquid secondary market also may make it more difficult for the
Fund to obtain precise valuations of the below investment grade securities in its portfolio.

 

· Geographic Focus Risk: To the extent the Fund focuses its investments in a single country or only a few countries in
a particular geographic region (and its political subdivisions, agencies, instrumentalities, and public authorities), economic,
political, regulatory or other conditions affecting such region may have a greater impact on Fund performance.

PROSPECTUS – THE FUNDS
65

· Credit Risk: Debt securities are subject to the risk that the issuer or guarantor of a security may not make interest
and principal payments as they become due or may default altogether. Litigation, legislation or other political events, business
or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments
of principal and interest. In addition, if the market perceives a deterioration in the creditworthiness of an issuer, the value
and liquidity of securities issued by that issuer may decline. Credit risk varies based on the economic and fiscal conditions of
each issuer. As noted above, to the extent the Fund holds below investment grade securities, these risks may be heightened. The
credit quality of the Fund’s portfolio securities or instruments may meet the Fund’s credit quality requirements at
the time of purchase but then deteriorate thereafter, and such a deterioration can occur rapidly. In certain instances, the downgrading
or default of a single holding or guarantor of the Fund’s holding may impair the Fund’s liquidity and have the potential
to cause significant NAV deterioration. Insurance or other credit enhancements supporting the Fund’s investment may be provided
by either U.S. or foreign entities. These securities have the credit risk of the entity providing the credit support in addition
to the credit risk of the underlying investment that is being enhanced. Credit support provided by foreign entities may be less
certain because of the possibility of adverse foreign economic, political or legal developments that may affect the ability of
the entity to meet its obligations. A change in the credit rating or the market’s perception of the creditworthiness of any
of the bond insurers that insure securities in the Fund’s portfolio may affect the value
of the securities they insure, the Fund’s share prices, and Fund performance. A downgrading of an insurer’s credit
rating or a default by the insurer could reduce the credit rating of an insured bond and, therefore, its value. The Fund also may
be adversely affected by the inability of an insurer to meet its insurance obligations.

 

· Interest Rate Risk: As interest rates rise, prices of bonds (including tax-exempt bonds) generally fall, typically causing
the Fund’s investments to lose value. Additionally, rising interest rates or lack of market participants may lead to decreased
liquidity in fixed income markets. Interest rate changes generally have a more pronounced effect on the market value of fixed-rate
instruments, such as corporate bonds, than they have on floating rate instruments, and typically have a greater effect on the price
of fixed income securities with longer durations. Interest rate changes can be sudden and unpredictable, and the Fund may lose
money as a result of movements in interest rates. A wide variety of market factors can cause interest rates to rise, including
central bank monetary policy, rising inflation, and changes in general economic conditions. To the extent the Fund invests in floating
rate instruments, changes in short-term market interest rates may affect the yield on those investments. If short-term market interest
rates fall, the yield on the Fund’s shares will also fall. Conversely, when short-term market interest rates rise, because
of the lag between changes in such short-term rates and the resetting of the floating rates on the floating rate debt in the Fund’s
portfolio, the impact of rising rates may

PROSPECTUS – THE FUNDS
66

be delayed. To the extent the Fund
invests in fixed rate instruments, fluctuations in the market price of such investments may not affect interest income derived
from those instruments, but may nonetheless affect the Fund’s NAV, especially if the instrument has a longer maturity. Substantial
increases in interest rates may cause an increase in issuer defaults, as issuers may lack resources to meet higher debt service
requirements. In recent years, the U.S. has experienced historically low interest rates, increasing the exposure of bond investors
to the risks associated with rising interest rates.

 

· Loan Risk: Investments in floating or adjustable rate loans are subject to increased credit and liquidity risks. Loan
prices also may be adversely affected by supply-demand imbalances caused by conditions in the loan market or related markets. The
frequency and magnitude of such changes cannot be predicted. Below investment grade loans, like high -yield debt securities, or
junk bonds, usually are more credit sensitive than interest rate sensitive, although the value of these instruments may be affected
by interest rate swings in the overall fixed income market. Loans may be subject to structural subordination and
may be subordinated to other obligations of the borrower or its subsidiaries. In some cases, no active trading market may
exist for certain loans, which may impair the ability of the Fund to realize full value in the event of the need to sell a loan
and may make it difficult for the Fund to value loans.

 

Compared to securities and to certain
other types of financial assets, purchases and sales of loans take longer to settle. This extended settlement process can (i) increase
the counterparty risk borne by the Fund; (ii) leave the Fund unable to timely exercise voting and other rights as a holder of loans
it has agreed to purchase; (iii) delay the Fund from realizing the proceeds of a sale of a loan; (iv) inhibit the Fund’s
ability to re-sell a loan that it has agreed to purchase if conditions change (leaving the Fund more exposed to price fluctuations);
(v) prevent the Fund from timely collecting principal and interest payments; and (vi) expose the Fund to adverse tax or regulatory
consequences. To the extent the extended loan settlement process gives rise to short-term liquidity needs, such as the need to
satisfy redemption requests, the Fund may hold cash, sell investments, or temporarily borrow from banks or other lenders.

 

In certain circumstances, loans may
not be considered securities, and in the event of fraud or misrepresentation by a borrower or an arranger, the Fund will not have
the protection of the anti-fraud provisions of the federal securities laws, as would be the case for bonds or stocks. Instead,
in such cases, the Fund generally will rely on the contractual provisions in the loan agreement itself, and common-law fraud protections
under applicable state law.

 

· Liquidity/Redemption Risk: The Fund may lose money when selling securities at inopportune times to fulfill shareholder
redemption requests. The risk of loss may increase depending on the size and frequency of redemption requests, whether the redemption
requests occur in times of overall market turmoil or declining prices, and whether the securities the Fund intends to sell have

PROSPECTUS – THE FUNDS
67

decreased in value or are illiquid.
The Fund may be less able to sell illiquid securities at its desired time or price. It may be more difficult for the Fund to value
its investments in illiquid securities than more liquid securities. Illiquidity can be caused by a variety of factors, including
economic conditions, market events, events relating to the issuer of the securities, a drop in overall market trading volume, an
inability to find a ready buyer, or legal restrictions on the securities’ resale. Certain securities that are liquid when
purchased may later become illiquid, particularly in times of overall economic distress. Liquidity risk may be magnified in a rising
interest rate environment or other circumstances where investor redemptions from the mutual funds may be higher than normal, causing
increased supply in the market due to selling activity.

 

· High Portfolio Turnover Risk: High portfolio turnover may result in increased transaction costs. These costs are not
reflected in the Fund’s annual operating expenses or in the expense example in the prospectus and shareholder reports, but
they can reduce the Fund’s investment performance. If the Fund realizes capital gains when it sells investments, it generally
must distribute those gains to shareholders, resulting in higher taxes to shareholders when Fund shares are held in a taxable account.
Realized capital gains that are considered “short term” for tax purposes result in higher taxes to shareholders when
distributed than long term capital gains.

 

Emerging Markets Bond Fund

 

· Government Securities Risk: The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies
and instrumentalities (such as Ginnie Mae, Fannie Mae or Freddie Mac securities). Securities issued or guaranteed by Ginnie Mae,
Fannie Mae or Freddie Mac are not issued directly by the U.S. Government. Ginnie Mae is a wholly-owned U.S. corporation that is
authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest of
its securities. By contrast, securities issued or guaranteed by U.S. Government related organizations, such as Fannie Mae and Freddie
Mac, are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government would
provide financial support to its agencies and instrumentalities if not required to do so by law.

 

· Mortgage-Related and Other Asset-Backed Securities Risk: Mortgage-related securities, including commercial mortgage-backed
securities and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive
to changes in prevailing interest rates and economic conditions, including delinquencies and defaults. The prices of mortgage-related
and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. Like other debt securities,
when interest rates rise, the value of mortgage-related and other asset-backed securities generally will decline; however, when
interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other
fixed income securities. Alternatively, rising interest rates may

PROSPECTUS – THE FUNDS
68

cause prepayments to occur at a slower-than-expected
rate, extending the duration of a security and typically reducing its value. Early repayment of principal on some mortgage-related
securities may deprive the Fund of income payments above current market rates. The payment rate thus will affect the price and
volatility of a mortgage-related security. The value of some mortgage-related and other asset-backed securities may fluctuate in
response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related
securities generally are supported by some form of government or private guarantee and/or insurance, there is no assurance that
private guarantors or insurers will meet their obligations.

 

· Commercial Mortgage-Backed Securities Risk: CMBS include securities that reflect an interest in, and are secured by,
mortgage loans on commercial real property (such as office properties, retail properties, hospitality properties, industrial properties,
healthcare-related properties or other types of income producing real property). Many of the risks of investing in CMBS reflect
the risks of investing in the real estate securing the underlying mortgage loans, which include
the risks associated with the effects of local and other economic conditions on real estate markets, the ability of tenants to
make loan payments, increases in interest rates, real estate tax rates and other operating expenses, changes in governmental rules,
regulations and fiscal policies, and the ability of a property to attract and retain tenants. CMBS
depend on cash flows generated by underlying commercial real estate loans, receivables, and other assets, and can be significantly
affected by changes in market and economic conditions, the availability of information regarding the underlying assets and their
structures, and the creditworthiness of the borrowers or tenants. CMBS may be less liquid and exhibit greater price volatility
than other types of mortgage- or asset-backed securities. CMBS issued by private issuers may offer higher yields than CMBS issued
by government issuers, but also may be subject to greater volatility than CMBS issued by government issuers. In addition, the CMBS
market in recent years has experienced substantially lower valuations and greatly reduced liquidity, and current economic and market
conditions suggest that this trend for CMBS may continue. CMBS held by the Fund may be subordinated to one or more other classes
of securities of the same series for purposes of, among other things, establishing payment priorities and offsetting losses and
other shortfalls with respect to the related underlying mortgage loans. There can be no assurance that the subordination will be
sufficient on any date to offset all losses or expenses incurred by the underlying trust.

 

· Non-Diversification Risk: The Fund is a non-diversified mutual fund under the 1940 Act. This means that the Fund may
invest a greater portion of its assets in, and own a greater amount of the voting securities of, a single issuer or guarantor than
a diversified fund. As a result, the value of the Fund’s investments may be more adversely affected by a single economic,
political or regulatory event than the value of the investments of a diversified mutual fund.

PROSPECTUS – THE FUNDS
69

· Leverage Risk: Certain of the Fund’s transactions (including, among others, forward foreign currency contracts
and other derivatives, reverse repurchase agreements, and the use of when-issued, delayed delivery or forward commitment
transactions) may give rise to leverage risk. Leverage, including borrowing, may increase volatility in the Fund by magnifying
the effect of changes in the value of the Fund’s holdings. The use of leverage may cause the Fund to lose more money in adverse
environments than would have been the case in the absence of leverage. The Fund will be required to segregate permissible liquid
assets to cover its obligations under these transactions and may have to liquidate positions before it is desirable to do so to
fulfill its segregation requirements. By setting aside assets equal to only its net obligations under cash-settled futures and
forwards contracts, the Fund may employ leverage to a greater extent than if the Fund were required to segregate assets equal to
the full notional value of such contracts. There is no assurance that the Fund will be able to employ leverage successfully.

 

· Potential Changes in Tax Treatment Risk: The Fund intends to continue to qualify as a “regulated investment company”
under subchapter M of the Code. Under subchapter M, at least 90% of the Fund’s gross income for each taxable year must be
“qualifying income.” The Fund believes that its investment strategies with respect to foreign currencies will generate
qualifying income under current U.S. federal income tax law. The Code, however, expressly provides the U.S. Treasury Department
with authority to issue regulations that would exclude foreign currency gains from qualifying income if such gains are not directly
related to the Fund’s business of investing in stock or securities (or options and futures with respect thereto). As of the
date of this prospectus, the U.S. Treasury Department has not exercised this regulatory authority; however, there can be no assurance
that it will not issue regulations in the future (possibly with retroactive effect) that would treat some or all of the Fund’s
foreign currency gains as nonqualifying income.

 

Emerging Markets Corporate Debt Fund

 

· Leverage Risk: Certain of the Fund’s transactions (including, among others, forward foreign currency contracts
and other derivatives, reverse repurchase agreements, and the use of when-issued, delayed delivery or forward commitment
transactions) may give rise to leverage risk. Leverage, including borrowing, may increase volatility in the Fund by magnifying
the effect of changes in the value of the Fund’s holdings. The use of leverage may cause the Fund to lose more money in adverse
environments than would have been the case in the absence of leverage. The Fund will be required to segregate permissible liquid
assets to cover its obligations under these transactions and may have to liquidate positions before it is desirable to do so to
fulfill its segregation requirements. By setting aside assets equal to only its net obligations under cash-settled futures and
forwards contracts, the Fund may employ leverage to a greater extent than if the Fund were required to segregate

PROSPECTUS – THE FUNDS
70

assets equal to the full notional
value of such contracts. There is no assurance that the Fund will be able to employ leverage successfully.

 

· Potential Changes in Tax Treatment Risk: The Fund intends to continue to qualify as a “regulated investment company”
under subchapter M of the Code. Under subchapter M, at least 90% of the Fund’s gross income for each taxable year must be
“qualifying income.” The Fund believes that its investment strategies with respect to foreign currencies will generate
qualifying income under current U.S. federal income tax law. The Code, however, expressly provides the U.S. Treasury Department
with authority to issue regulations that would exclude foreign currency gains from qualifying income if such gains are not directly
related to the Fund’s business of investing in stock or securities (or options and futures with respect thereto). As of the
date of this prospectus, the U.S. Treasury Department has not exercised this regulatory authority; however, there can be no assurance
that it will not issue regulations in the future (possibly with retroactive effect) that would treat some or all of the Fund’s
foreign currency gains as nonqualifying income.

 

Global Bond Fund

 

 

· Industry and Sector Risk: Although the Fund does not employ an industry or sector focus, the percentage of the Fund’s
assets invested in specific industries or sectors will increase from time to time based on the portfolio management team’s
perception of investment opportunities. The Fund may be overweight in certain industries and sectors at various times relative
to its benchmark index. If the Fund invests a significant portion of its assets in a particular industry or sector, the Fund is
subject to the risk that companies in the same industry or sector are likely to react similarly to legislative or regulatory changes,
adverse market conditions, increased competition, or other factors generally affecting that market segment. In such cases, the
Fund would be exposed to an increased risk that the value of its overall portfolio will decrease because of events that disproportionately
affect certain industries and/or sectors. The industries and sectors in which the Fund may be overweighted will vary. Furthermore,
investments in particular industries or sectors may be more volatile than the broader market as a whole, and the Fund’s investments
in these industries and sectors may be disproportionately susceptible to losses even if not overweighted.

 

· Inflation-Linked Investments Risk: Unlike traditional fixed income securities, the principal and interest payments of
inflation-linked investments are adjusted periodically based on the inflation rate. As inflation increases, the value of the Fund’s
assets can decline as can the value of the Fund’s distributions. Although the Fund invests in inflation-linked investments,
the value of its securities may be vulnerable to changes in expectations of inflation or interest rates. Although inflation-linked
investments are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline
in value. If interest rates rise because of reasons other than inflation (for example,

PROSPECTUS – THE FUNDS
71

because of changes in currency exchange
rates), investors in these securities may not be protected to the extent that the increase is not reflected in the security’s
inflation measure. There is no guarantee that the Fund will generate returns that exceed the rate of inflation in the U.S. economy
over time. There is no guarantee that the Fund’s use of inflation-linked investments will be successful. Furthermore, during
periods of deflation or periods when the actual rate of inflation is lower than anticipated, the Fund is likely to underperform
funds that hold fixed income securities similar to those held by the Fund but do not hold inflation-linked investments.

 

· Government Securities Risk: The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies
and instrumentalities (such as Ginnie Mae, Fannie Mae or Freddie Mac securities). Securities issued or guaranteed by Ginnie Mae,
Fannie Mae or Freddie Mac are not issued directly by the U.S. Government. Ginnie Mae is a wholly-owned U.S. corporation that is
authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest of
its securities. By contrast, securities issued or guaranteed by U.S. Government related organizations, such as Fannie Mae and Freddie
Mac, are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government would
provide financial support to its agencies and instrumentalities if not required to do so by law.

 

· Mortgage-Related and Other Asset-Backed Securities Risk: Mortgage-related securities, including commercial mortgage-backed
securities and other privately issued mortgage-related securities, and other asset-backed securities may be particularly sensitive
to changes in prevailing interest rates and economic conditions, including delinquencies and defaults. The prices of mortgage-related
and other asset-backed securities, depending on their structure and the rate of payments, can be volatile. Like other debt securities,
when interest rates rise, the value of mortgage-related and other asset-backed securities generally will decline; however, when
interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as other
fixed income securities. Alternatively, rising interest rates may cause prepayments to occur at a slower-than-expected rate, extending
the duration of a security and typically reducing its value. Early repayment of principal on some mortgage-related securities may
deprive the Fund of income payments above current market rates. The payment rate thus will affect the price and volatility of a
mortgage-related security. The value of some mortgage-related and other asset-backed securities may fluctuate in response to the
market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities
generally are supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors
or insurers will meet their obligations.

PROSPECTUS – THE FUNDS
72

· Commercial Mortgage-Backed Securities Risk: CMBS include securities that reflect an interest in, and are secured by,
mortgage loans on commercial real property (such as office properties, retail properties, hospitality properties, industrial properties,
healthcare-related properties or other types of income producing real property). Many of the risks of investing in CMBS reflect
the risks of investing in the real estate securing the underlying mortgage loans, which include
the risks associated with the effects of local and other economic conditions on real estate markets, the ability of tenants to
make loan payments, increases in interest rates, real estate tax rates and other operating expenses, changes in governmental rules,
regulations and fiscal policies, and the ability of a property to attract and retain tenants. CMBS
depend on cash flows generated by underlying commercial real estate loans, receivables, and other assets, and can be significantly
affected by changes in market and economic conditions, the availability of information regarding the underlying assets and their
structures, and the creditworthiness of the borrowers or tenants. CMBS may be less liquid and exhibit greater price volatility
than other types of mortgage- or asset-backed securities. CMBS issued by private issuers may offer higher yields than CMBS issued
by government issuers, but also may be subject to greater volatility than CMBS issued by government issuers. In addition, the CMBS
market in recent years has experienced substantially lower valuations and greatly reduced liquidity, and current economic and market
conditions suggest that this trend for CMBS may continue. CMBS held by the Fund may be subordinated to one or more other classes
of securities of the same series for purposes of, among other things, establishing payment priorities and offsetting losses and
other shortfalls with respect to the related underlying mortgage loans. There can be no assurance that the subordination will be
sufficient on any date to offset all losses or expenses incurred by the underlying trust.

 

As used in the remaining portion of this prospectus, the terms “a
Fund,” “each Fund,” and “the Fund” refer to each Fund individually or the Funds collectively,
as the context may require, unless reference to a specific Fund is provided.

 

ADDITIONAL OPERATIONAL RISKS

 

In addition to the principal investment risks described above,
the Fund also may be subject to certain operational risks, including:

 

· Cyber Security Risk: As the use of technology has become more prevalent in the course of business, Lord Abbett and other
service providers have become more susceptible to operational and information security risks. Cyber incidents can result from deliberate
attacks or unintentional events and include, but are not limited to, gaining unauthorized access to electronic systems for purposes
of misappropriating assets, personally identifiable information (“PII”) or proprietary information (e.g.,
trading models and algorithms), corrupting data, or causing operational disruption, for example, by compromising trading systems
or accounting platforms. Other ways in which the business operations of Lord Abbett, other service providers,
or issuers of securities in which Lord

PROSPECTUS – THE FUNDS
73

Abbett invests a shareholder’s assets may be impacted include interference with a
shareholder’s ability to value its portfolio, the unauthorized release of PII or confidential information, and violations
of applicable privacy, recordkeeping and other laws. A shareholder and/or its account could be negatively impacted as a result.

 

While Lord Abbett has established
internal risk management security protocols designed to identify, protect against, detect, respond to and recover from cyber security
incidents, there are inherent limitations in such protocols including the possibility that certain threats and vulnerabilities
have not been identified or made public due to the evolving nature of cyber security threats. Furthermore, Lord Abbett cannot control
the cyber security systems of third party service providers or issuers. There currently is no insurance policy available to cover
all of the potential risks associated with cyber incidents. Unless specifically agreed by Lord Abbett separately or required by
law, Lord Abbett is not a guarantor against, or obligor for, any damages resulting from a cyber security-related incident.

 

· Large Shareholder Risk: To the extent a large number of shares of the Fund is held by a single shareholder or group
of related shareholders (e.g., an institutional investor, another Lord Abbett Fund or multiple accounts advised by a common
adviser) or a group of shareholders with a common investment strategy, the Fund is subject to the risk that a redemption by those
shareholders of all or a large portion of their Fund shares will adversely affect the Fund’s performance by forcing the Fund
to sell portfolio securities, potentially at disadvantageous prices, to raise the cash needed to satisfy the redemption request.
In addition, the funds and other accounts over which Lord Abbett has investment discretion that invest in the Fund may not be limited
in how often they may purchase or sell Fund shares. Certain Lord Abbett Funds or accounts may hold substantial percentages of the
shares of the Fund, and asset allocation decisions by Lord Abbett may result in substantial redemptions from (or investments in)
the Fund. These transactions may adversely affect the Fund’s performance to the extent that the Fund is required to sell
investments (or invest cash) when it would not otherwise do so. Redemptions of a large number of shares also may increase transaction
costs or, by necessitating a sale of portfolio securities, have adverse tax consequences for Fund shareholders. Additionally, redemptions
by a large shareholder also potentially limit the use of any capital loss carryforwards and other losses to offset future realized
capital gains (if any) and may limit or prevent the Fund’s use of tax equalization.

 

· Operational Risk: The Fund also is subject to the risk of loss as a result of other services provided by Lord Abbett
and other service providers, including pricing, administrative, accounting, tax, legal, custody, transfer agency, and other services.
Operational risk includes the possibility of loss caused by inadequate procedures and controls, human error, and system failures
by a service provider, each of which may negatively affect the Fund’s performance. For example, trading delays or errors
could prevent the Fund from benefiting

PROSPECTUS – THE FUNDS
74

from potential investment gains or avoiding losses. In addition, a service provider may
be unable to provide an NAV for the Fund or share class on a timely basis. Similar types of operational risks also are present
for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers, and
may cause the Fund’s investment in such securities to lose value.

 

· Business Continuity Risk: Lord Abbett has developed a Business Continuity Program (the “Program”)
that is designed to minimize the disruption of normal business operations in the event of an adverse incident impacting Lord Abbett,
its affiliates, or the Fund. While Lord Abbett believes that the Program should enable it to reestablish normal business operations
in a timely manner in the event of an adverse incident, there are inherent limitations in such programs (including the possibility
that contingencies have not been anticipated and procedures do not work as intended) and, under some circumstances, Lord Abbett,
its affiliates, and any vendors used by Lord Abbett, its affiliates, or the Fund could be prevented or hindered from providing
services to the Fund for extended periods of time. These circumstances may include, without limitation, acts of God, acts of governments,
any act of declared or undeclared war or of a public enemy (including acts of terrorism), power shortages or failures, utility
or communication failure or delays, labor disputes, strikes, shortages, supply shortages, system failures or malfunctions. The
Fund’s ability to recover any losses or expenses it incurs as a result of a disruption of business operations may be limited
by the liability, standard of care, and related provisions in its contractual arrangements with Lord Abbett and other service providers.

 

· Market Disruption and Geopolitical Risk: Geopolitical and other events (e.g., wars, terrorism or natural
disasters) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of
the Fund’s investments. Sudden or significant changes in the supply or prices of commodities or other economic inputs
(e.g., the marked decline in oil prices that began in late 2014) may have material and unexpected effects on both
global securities markets and individual countries, regions, sectors, companies, or industries, which could significantly
reduce the value of the Fund’s investments. Terrorist attacks, natural disasters, epidemics or pandemics could result
in unplanned or significant securities market closures or declines. Securities markets also may be susceptible to market
manipulation (e.g., the manipulation of the London Interbank Offered Rate (LIBOR)) or other fraudulent trading
practices, which could disrupt the orderly functioning of markets, increase overall market volatility, or reduce the value of
investments traded in them, including investments of the Fund. Instances of fraud and other deceptive practices committed by
senior management of certain companies in which the Fund invests may undermine Lord Abbett’s due diligence efforts with
respect to such companies, and if such fraud is discovered, negatively affect the value of the Fund’s investments. Financial
fraud also may impact the rates or indices underlying the Fund’s investments.

PROSPECTUS – THE FUNDS
75

While the U.S. Government has always
honored its credit obligations, a default by the U.S. Government (as has been threatened in recent years) would be highly disruptive
to the U.S. and global securities markets and could significantly reduce the value of the Fund’s investments. Similarly,
political events within the United States at times have resulted, and may in the future result, in a shutdown of government services,
which could adversely affect the U.S. economy, decrease the value of many Fund investments, and increase uncertainty in or impair
the operation of the U.S. or other securities markets. Uncertainty surrounding the sovereign debt of several European Union (“EU”)
countries, as well as the continued existence of the EU itself, has disrupted and may continue to disrupt markets in the United
States and around the world. If a country changes its currency or leaves the EU or if the EU dissolves, the world’s securities
markets likely will be significantly disrupted. The United Kingdom (“UK”) left the EU (commonly known as “Brexit”)
on January 31, 2020. An agreement between the UK and the EU governing their future trade relationship became effective January
1, 2021. Significant uncertainty remains in the market regarding the ramifications of the withdrawal of the UK from the EU, and
the range and potential implications of possible political, regulatory, economic and market outcomes are difficult to predict.
The world’s securities markets may be significantly disrupted and adversely affected by the withdrawal.

 

Substantial government interventions
(e.g., currency controls) also could adversely affect the Fund. War, terrorism, economic uncertainty, and related geopolitical
events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on
U.S. and world economies and markets generally. Likewise, natural and environmental disasters, such as the earthquake and tsunami
in Japan in early 2011, epidemics or pandemics, such as the COVID-19 outbreak which began in late 2019, and systemic market dislocations
of the kind surrounding the insolvency of Lehman Brothers in 2008, have been highly disruptive to economies and markets, adversely
affecting individual companies and industries, securities markets, interest rates, credit ratings, inflation, investor sentiment,
and other factors affecting the value of the Fund’s investments. During such market disruptions, the Fund’s exposure
to the risks described elsewhere in the “Principal Risks” section of the prospectus will likely increase.
Market disruptions, including sudden government interventions, can also prevent the Fund from implementing its investment strategies
and achieving its investment objective. To the extent the Fund has focused its investments in the stock index of a particular region,
adverse geopolitical and other events in that region could have a disproportionate impact on the Fund.

 

The transmission of COVID-19 and
efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and
disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer
demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other

PROSPECTUS – THE FUNDS
76

changes, significant
challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty.
The impact of the COVID-19 outbreak could negatively affect the global economy, the economies of individual countries, and the
financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways.
The COVID-19 pandemic and its effects may be short term or may last for an extended period of time, and in either case could result
in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default
rates, and a substantial economic downturn or recession. The foregoing could disrupt the operations of the Fund and its service
providers, adversely affect the value and liquidity of the Fund’s investments, and negatively impact the Fund’s performance
and your investment in the Fund.

 

· Valuation Risk: The valuation of the Fund’s investments involves subjective judgment. There can be no assurance
that the Fund will value its investments in a manner that accurately reflects their current market values or that the Fund will
be able to sell any investment at a price equal to the valuation ascribed to that investment for purposes of calculating the Fund’s
NAV. Incorrect valuations of the Fund’s portfolio holdings could result in the Fund’s shareholder transactions being
effected at an NAV that does not accurately reflect the underlying value of the Fund’s portfolio, resulting in the dilution
of shareholder interests.

 

DISCLOSURE OF PORTFOLIO HOLDINGS

 

A description of the Funds’ policies and procedures regarding
the disclosure of the Funds’ portfolio holdings is available in the SAI. Further information is available at www.lordabbett.com.

 

MANAGEMENT AND ORGANIZATION OF THE FUNDS

 

Board of Directors. The Board oversees the management
of the business and affairs of the Funds. The Board appoints officers who are responsible for the day-to-day operations of the
Funds and who execute policies authorized by the Board. At least 75 percent of the Board members are not “interested persons”
(as defined in the 1940 Act, as amended) of the Funds.

 

Investment Adviser. The Funds’ investment adviser
is Lord Abbett, which is located at 90 Hudson Street, Jersey City, NJ 07302-3973. Founded in 1929, Lord Abbett manages one of the
nation’s oldest mutual fund complexes and manages approximately $234.5 billion in assets across a full range of mutual funds,
institutional accounts, and separately managed accounts, including $1.1 billion for which Lord Abbett provides investment models
to managed account sponsors as of March 31, 2021.

 

Portfolio Managers. The Funds are managed by experienced
portfolio managers responsible for investment decisions together with a team of investment

PROSPECTUS – THE FUNDS
77

professionals who provide issuer, industry,
sector and macroeconomic research and analysis. The SAI contains additional information about portfolio manager compensation, other
accounts managed, and ownership of Fund shares.

 

Emerging Markets Bond Fund. John J. Morton, Portfolio
Manager and Director of Investments, heads the Fund’s team. Mr. Morton joined Lord Abbett in 2016. Mr. Morton was formerly
the Chief Investment Officer of Emerging Market Debt at Fischer, Francis, Trees, and Watts from 2012 to 2015. Additional members
of the Fund’s team are Steven F. Rocco, Partner and Co-Head of Taxable Fixed Income, and Mila Skulkina, Portfolio Manager.
Mr. Rocco and Ms. Skulkina joined Lord Abbett in 2004 and 2013, respectively. Messrs. Morton and Rocco and Ms. Skulkina are jointly
and primarily responsible for the day-to-day management of the Fund.

 

Emerging Markets Corporate Debt Fund. John J. Morton,
Portfolio Manager and Director of Investments, heads the Fund’s team. Mr. Morton joined Lord Abbett in 2016. Mr. Morton was
formerly the Chief Investment Officer of Emerging Market Debt at Fischer, Francis, Trees, and Watts from 2012 to 2015. Additional
members of the Fund’s team are Steven F. Rocco, Partner and Co-Head of Taxable Fixed Income, and Mila Skulkina, Portfolio
Manager. Mr. Rocco and Ms. Skulkina joined Lord Abbett in 2004 and 2013, respectively. Messrs. Morton and Rocco and Ms. Skulkina
are jointly and primarily responsible for the day-to-day management of the Fund.

 

Global Bond Fund. Leah G. Traub, Partner and Portfolio
Manager, heads the Fund’s team. Ms. Traub joined Lord Abbett in 2007. Additional members of the Fund’s team are Andrew
H. O’Brien, Partner and Portfolio Manager, Steven F. Rocco, Partner and Co-Head of Taxable Fixed Income, Kewjin Yuoh, Partner
and Portfolio Manager, and Annika M. Lombardi, Portfolio Manager. Messrs. O’Brien, Rocco, and Yuoh joined Lord Abbett in
1998, 2004, and 2010, respectively. Ms. Lombardi joined Lord Abbett in 2017. Ms. Lombardi was formerly a Portfolio Manager and
Research Analyst at Janus Capital International from 2013 to 2017. Mses. Traub and Lombardi and Messrs. O’Brien, Rocco, and
Yuoh are jointly and primarily responsible for the day-to-day management of the Fund.

 

Management Fee. Lord Abbett is entitled to a management
fee based on each Fund’s average daily net assets. The management fee is accrued daily and payable monthly.

 

Lord Abbett is entitled to a management fee for Emerging Markets
Bond Fund as calculated at the following annual rates:

 

0.50% on the first $1 billion of average daily net
assets; and
0.45% on the Fund’s average daily net assets over $1 billion.

 

For the fiscal year ended December 31, 2020, the effective annual
rate of the management fee paid to Lord Abbett, net of any applicable waivers or reimbursements, was 0.50% of Emerging Markets Bond Fund’s
average daily net assets.

PROSPECTUS – THE FUNDS
78

Lord Abbett is entitled to a management fee for Emerging Markets
Corporate Debt Fund as calculated at the following annual rates:

 

0.70% on the first $2 billion of average daily net
assets;
0.65% on the next $3 billion of average daily net assets; and
0.60% on the Fund’s average daily net assets over $5 billion.

 

For the fiscal year ended December 31, 2020, the effective annual
rate of the management fee paid to Lord Abbett, net of any applicable waivers or reimbursements, was 0.30% of Emerging Markets
Corporate Debt Fund’s average daily net assets.

 

Lord Abbett is entitled to a management fee for Global Bond
Fund as calculated at the following annual rates:

 

0.43% on the first $3 billion of average daily net
assets; and
0.40% on the Fund’s average daily net assets over $3 billion.

 

For the fiscal year ended December 31, 2020, the effective annual
rate of the management fee paid to Lord Abbett, net of any applicable waivers or reimbursements, was 0% of Global Bond Fund’s
average daily net assets.

 

In addition, Lord Abbett provides certain administrative services
to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of 0.04% of each Fund’s
average daily net assets. Each Fund pays all of its expenses not expressly assumed by Lord Abbett.

 

Each year the Board considers whether to approve the continuation
of the existing management and administrative services agreements between the Funds and Lord Abbett. A discussion regarding the
basis for the Board’s approval is available in the Funds’ annual report to shareholders for the fiscal year ended December
31st.

PROSPECTUS – THE FUNDS
79

INFORMATION FOR MANAGING YOUR FUND
ACCOUNT

 

CHOOSING A SHARE CLASS

 

Each class of shares represents an investment in the same portfolio
of securities, but each has different availability and eligibility criteria, sales charges, expenses, and dividends, allowing you
to choose the available class that best meets your needs. You should read this section carefully to determine which class of shares
is best for you and discuss your selection with your financial intermediary. Factors you should consider in choosing a share class
include:

 

  the amount you plan to invest;
  the length of time you expect to hold your investment;
  the total costs associated with your investment, including any sales charges that you may pay
when you buy or sell your Fund shares and expenses that are paid out of Fund assets over time;
  whether you qualify for any reduction or waiver of sales charges;
  whether you plan to take any distributions in the near future;
  the availability of the share class;
  the services that will be available to you; and
  the amount of compensation that your financial intermediary will receive.

 

If you plan to invest a large amount and your investment horizon
is five years or more, as between Class A and C shares, Class A shares may be more advantageous than Class C shares. The higher
ongoing annual expenses of Class C shares may cost you more over the long term than the front-end sales charge you would pay on
larger purchases of Class A shares.

 

Retirement and Benefit Plans and Fee-Based Programs
The availability of share classes and certain features of share classes may depend on the
type of financial intermediary through which you invest, including retirement and benefit plans and fee-based programs. As
used in this prospectus, the term “retirement and benefit plans” refers to qualified and non-qualified retirement
plans, deferred compensation plans and other employer-sponsored retirement, savings or benefit plans, such as defined benefit
plans, 401(k) plans, 457 plans, 403(b) plans, profit-sharing plans, and money purchase pension plans, but does not include
IRAs, unless explicitly stated elsewhere in the prospectus. As used in this prospectus, the term “fee-based programs”
refers to programs sponsored by financial intermediaries that provide fee-based investment advisory programs or services (including
mutual fund wrap programs) or a bundled suite of services, such as brokerage, investment advice, research, and account management,
for which the client pays a fee based on the total asset value of the client’s account for all or a specified number
of transactions, including mutual fund purchases, in the account during a certain period.

 

Key Features of Share Classes. The following table compares
key features of each share class. You should review the fee table and example at the front of this

PROSPECTUS – THE FUNDS
80

prospectus carefully before choosing your share class. For more
information, please see the section of the prospectus titled “Choosing a Share Class –Additional Information about
the Availability of Share Classes.” As a general matter, share classes with relatively lower expenses tend to have relatively
higher dividends. Your financial intermediary can help you decide which class meets your goals. Not all share classes may be available
for purchase in all states or available through your financial intermediary. Please check with your financial intermediary for
more information about the availability of share classes. Your financial intermediary may receive different compensation depending
upon which class you choose.

 

Class A Shares
Availability Available through financial intermediaries to individual investors, certain retirement
and benefit plans, and fee-based advisory programs(1)
Front-End Sales Charge Up to 2.25%; reduced or waived for large purchases and certain investors; eliminated for
purchases of $500,000 or more
CDSC 1.00% on redemptions made within one year following purchases of $500,000 or more; waived
under certain circumstances
Distribution and Service (12b-1) Fee(2) 0.20% of the Fund’s average daily net assets, comprised of:
Service Fee: 0.15%
Distribution Fee: 0.05%
Automatic Conversion None
Exchange Privilege(3) Class A shares of most Lord Abbett Funds
Class C Shares
Availability Available through financial intermediaries to individual investors and certain retirement
and benefit plans; purchases generally must be under $500,000
Front-End Sales Charge None
CDSC 1.00% on redemptions made before the first anniversary of purchase; waived under certain
circumstances
Distribution and Service (12b-1) Fee(2) Each Fund is subject to Class C service and distribution fees at a blended rate calculated
based on (i) a service fee of 0.25% and a distribution fee of 0.75% of the Fund’s average daily net assets attributable
to shares held for less than one year and (ii) a service fee of 0.25% and a distribution fee of 0.55% of the Fund’s
average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear
service and distribution fees at the same rate
Automatic Conversion Automatic conversion into Class A shares the month following the eighth anniversary of
purchase (4)
Exchange Privilege(3) Class C shares of most Lord Abbett Funds

PROSPECTUS – THE FUNDS
81

Class F Shares
Availability Available only to eligible fee-based advisory programs, clients of certain registered investment
advisers, and other specified categories of eligible investors
Front-End Sales Charge None
CDSC None
Distribution and Service (12b-1) Fee(2) 0.10% of the Fund’s average daily net assets, comprised of:
Service Fee: None
Distribution Fee: 0.10%(5)
Automatic Conversion None
Exchange Privilege(3) Class F shares of most Lord Abbett Funds
Class F3 Shares
Availability Available only to eligible fee-based advisory programs, clients of certain registered investment
advisers, and other specified categories of eligible investors
Front-End Sales Charge None
CDSC None
Distribution and Service (12b-1) Fee(2) None
Automatic Conversion None
Exchange Privilege(3) Class F3 shares of most Lord Abbett Funds
Class I Shares
Availability Available only to eligible investors
Front-End Sales Charge None
CDSC None
Distribution and Service (12b-1) Fee(2) None
Automatic Conversion None
Exchange Privilege(3) Class I shares of most Lord Abbett Funds
Class P Shares
Availability Available on a limited basis through certain financial intermediaries and
retirement and benefit plans(6)
Front-End Sales Charge None
CDSC None
Distribution and Service (12b-1) Fee(2) 0.45% of the Fund’s average daily net assets, comprised of:
Service Fee: 0.25%
Distribution Fee: 0.20%
Automatic Conversion None
Exchange Privilege(3) Class P shares of most Lord Abbett Funds

PROSPECTUS – THE FUNDS
82

Class R2 Shares
Availability Available only to eligible retirement and benefit plans
Front-End Sales Charge None
CDSC None
Distribution and Service (12b-1) Fee(2) 0.60% of the Fund’s average daily net assets, comprised of:
Service Fee: 0.25%
Distribution Fee: 0.35%
Automatic Conversion None
Exchange Privilege(3) Class R2 shares of most Lord Abbett Funds
Class R3 Shares
Availability Available only to eligible retirement and benefit plans
Front-End Sales Charge None
CDSC None
Distribution and Service (12b-1) Fee(2) 0.50% of the Fund’s average daily net assets, comprised of:
Service Fee: 0.25%
Distribution Fee: 0.25%
Automatic Conversion None
Exchange Privilege(3) Class R3 shares of most Lord Abbett Funds
Class R4 Shares
Availability Available only to eligible retirement and benefit plans
Front-End Sales Charge None
CDSC None
Distribution and Service (12b-1) Fee(2) 0.25% of the Fund’s average daily net assets, comprised of:
Service Fee: 0.25%
Distribution Fee: None
Automatic Conversion None
Exchange Privilege(3) Class R4 shares of most Lord Abbett Funds
Class R5 and R6 Shares
Availability Available only to eligible retirement and benefit plans
Front-End Sales Charge None
CDSC None
Distribution and Service (12b-1) Fee(2) None
Automatic Conversion None
Exchange Privilege(3) Class R5 or R6 shares, as applicable, of most Lord Abbett Funds

 

(1) Class A shares are not available for purchase by retirement and benefit plans, except as described
in “Additional Information about the Availability of Share Classes.”
(2) The 12b-1 plan provides that the maximum payments that may be authorized by the Board are: for Class A and R4 shares,
0.50%; for Class P shares, 0.75%; and for Class C, F, R2, and R3 shares, 1.00%. The rates shown in the table above are the
12b-1 rates currently authorized by the Board for each share class and may be changed only upon authorization of the Board.
The 12b-1 plan does not permit any payments for Class F3, I, R5, or R6 shares.
(3) Ask your financial intermediary about the Lord Abbett Funds available for exchange.

PROSPECTUS – THE FUNDS
83

(4) Class C shares will convert automatically into Class A shares on the 25th day of the month
(or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary
of the month on which the purchase order was accepted, provided that the Fund or the financial intermediary through which
a shareholder purchased Class C shares has records verifying that the Class C shares have been held for at least eight years.
(5) The 0.10% Class F share 12b-1 fee may be designated as a service fee in limited circumstances as described in “Financial
Intermediary Compensation.”.
(6) Class P shares are closed to substantially all new investors.

 

Investment Minimums. The minimum initial and additional amounts
shown below vary depending on the class of shares you buy and the type of account. Certain financial intermediaries may impose
different restrictions than those described below. Consult your financial intermediary for more information. For Class I shares,
the minimum investment shown below applies to certain types of institutional investors, but does not apply to registered investment
advisers or retirement and benefit plans otherwise eligible to invest in Class I shares. Class P shares are closed to substantially
all new investors.

 

Investment Minimums — Initial/Additional Investments
Class A and C(1) F, F3, P, R2, R3, R4, R5, and R6 I
General and IRAs without Invest-A-Matic Investments $1,000/No minimum N/A See below
Invest-A-Matic Accounts(2) $250/$50 N/A N/A
IRAs, SIMPLE and SEP Accounts with Payroll Deductions No minimum N/A N/A
Fee-Based Advisory Programs and Retirement and Benefit Plans No minimum No minimum No minimum

(1)  There is no investment minimum for Class A shares purchased by investors maintaining an account with a financial intermediary that has entered into an agreement with Lord Abbett Distributor to offer Class A shares through a load-waived network or platform, which may or may not charge transaction fees.

(2)  There is no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs.

 

Class I Share Minimum Investment. Unless otherwise provided,
the minimum amount of an initial investment in Class I shares is $1 million. There is no minimum initial investment for (i) purchases
through or by registered investment advisers, bank trust departments, and other financial intermediaries otherwise eligible to
purchase Class I shares that charge a fee for services that include investment advisory or management services or (ii) purchases
by retirement and benefit plans meeting the Class I eligibility requirements described below. There is no investment minimum for
additional investments in Class I shares. These investment minimums may be suspended, changed, or withdrawn by Lord Abbett Distributor,
the Funds’ principal underwriter.

PROSPECTUS – THE FUNDS
84

Additional Information about the Availability
of Share Classes.

 

Eligible Fund
An Eligible Fund is any Lord Abbett Fund except for (1) 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 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 the fund’s shares.

 

Class A Shares. Class A shares are available for investment
by retirement and benefit plans only under the following circumstances: (i) the retirement and benefit plans have previously invested
in Class A shares of the Fund as of the close of business on December 31, 2015; (ii) the retirement and benefit plan investments
are subject to a front-end sales charge and, with respect to retirement or benefit plans serviced by a recordkeeping platform,
such recordkeeping platform is able to apply properly a sales charge on such investments by the plan; or (iii) the retirement and
benefit plan investments are eligible for a Class A sales charge waiver under Appendix A to this prospectus. Class A shares remain
available to retail non-retirement accounts, traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE
IRAs, individual 403(b) plans, and 529 college savings plans.

 

Class C Shares. The Fund will not accept purchases of Class
C shares of $500,000 or more, or in any amount that, when combined with the value of all shares of Eligible Funds under the terms
of rights of accumulation, would result in the investor holding more than $500,000 of shares of Eligible Funds at the time of such
purchase, unless an appropriate representative of the investor’s broker-dealer firm (or other financial intermediary, as
applicable) provides written authorization for the transaction. Please contact Lord Abbett Distributor with any questions regarding
eligibility to purchase Class C shares based on the prior written authorization from the investor’s broker-dealer firm or
other financial intermediary.

 

With respect to qualified retirement plans, the Fund will not reject
a purchase of Class C shares by such a plan in the event that a purchase amount, when combined with the value of all shares of
Eligible Funds under the terms of rights of accumulation, would result in the plan holding more than $500,000 of shares of Eligible
Funds at the time of the purchase. Any subsequent purchase orders submitted by the plan, however, would be subject to the Class
C share purchase limit policy described above. Such subsequent purchases would be considered purchase orders for Class R3 shares.

 

Class F Shares. Class F shares generally are available (1)
to investors participating in fee-based advisory programs that have (or whose trading agents have) an agreement with Lord Abbett
Distributor, (2) to investors that are clients of certain registered investment advisers that have an agreement with Lord Abbett
Distributor, if it so deems appropriate, and (3) to individual investors through financial intermediaries that offer Class F shares.

PROSPECTUS – THE FUNDS
85

Class F3 Shares. Class F3 shares are available (1) for orders
made by or on behalf of financial intermediaries for clients participating in fee-based advisory programs that have entered into
special arrangements with the Fund and/or Lord Abbett Distributor specifically for such orders, (2) to investors that are clients
of certain registered investment advisers that have an agreement with Lord Abbett Distributor, if it so deems appropriate, (3)
to individual investors through financial intermediaries that offer Class F3 shares, (4) to state sponsored 529 college savings
plans, (5) to institutional investors, including companies, foundations, endowments, municipalities, trusts (other than individual
or personal trusts established for estate or financial planning purposes), and other entities determined by Lord Abbett Distributor
to be institutional investors, making an initial minimum purchase of Class F3 shares of at least $1 million in the Fund in which
the institutional investor purchases Class F3 shares, and (6) to other programs and platforms that have an agreement with the Fund
and/or Lord Abbett Distributor.

 

Class I Shares. Class I shares are available for purchase
by the entities identified below. An investor that is eligible to purchase Class I shares under one of the categories below need
not satisfy the requirements of any other category.

 

  Institutional investors, including companies, foundations, endowments, municipalities, trusts (other than individual or personal trusts established for estate or financial planning purposes), and other entities determined by Lord Abbett Distributor to be institutional investors, making an initial minimum purchase of Class I shares of at least $1 million in the Fund in which the institutional investor purchases Class I shares. Such institutional investors may purchase Class I shares directly or through a registered broker-dealer, provided that such purchases are not made by or on behalf of institutional investors that are participants in a fee-based program the participation in which is available to non-institutional investors, as described below.
  Institutional investors purchasing Class I shares in fee-based investment advisory programs the participants of which are limited solely to institutional investors otherwise eligible to purchase Class I shares and where the program sponsor has entered into a special arrangement with the Fund and/or Lord Abbett Distributor specifically for such purchases. Institutional investors investing through such an investment advisory program are not subject to the $1 million minimum initial investment.
  Registered investment advisers investing on behalf of their advisory clients may purchase Class I shares without any minimum initial investment, provided that Class I shares are not available for purchase by or on behalf of:
    o Participants in fee-based broker-dealer-sponsored investment advisory programs or services (other
than as described above), including mutual fund wrap programs, or a bundled suite of services, such as brokerage, investment
advice, research, and account management, for which the participant pays for all or a specified number of transactions, including

PROSPECTUS – THE FUNDS
86

      mutual fund purchases, in the participant’s account during a certain period; or
    o Non-institutional advisory clients of a registered investment adviser that also is a registered
broker-dealer and where the firm has entered into any agreement or arrangement whereby Lord Abbett makes payments to the firm
out of its own resources for various services, such as marketing support, training and education activities, and other services
for which Lord Abbett may make such revenue sharing payments to the firm.
  Notwithstanding the foregoing, at the discretion of Lord Abbett Distributor, participants in a bank-offered fee-based program may purchase Class I shares without any minimum initial investment if: (i) the program is part of a research-driven discretionary advisory platform offered through affiliated distribution channels including, at a minimum, private bank, broker-dealer, and independent registered investment advisor channels; and (ii) the program uses institutional mutual fund share classes exclusively.
  Bank trust departments and trust companies purchasing shares for their clients may purchase Class I shares without any minimum initial investment, provided that the bank or trust company (and its trading agent, if any) has entered into a special arrangement with the Fund and/or Lord Abbett Distributor specifically for such purchases. This provision does not extend to bank trust departments acting on behalf of retirement and benefit plans, which are subject to separate eligibility criteria as discussed immediately below.
  Retirement and benefit plans investing directly or through an intermediary may purchase Class I shares without any minimum initial investment, provided that in the case of an intermediary, the intermediary has entered into a special arrangement with the Fund and/or Lord Abbett Distributor specifically for such purchases subject to the following limitations. Class I shares are closed to substantially all new retirement and benefit plans. However, retirement and benefit plans that have invested in Class I shares as of the close of business on December 31, 2015, may continue to hold Class I shares and may make additional purchases of Class I shares, including purchases by new plan participants.
  Each registered investment company within the Lord Abbett Family of Funds that operates as a fund-of-funds and, at the discretion of Lord Abbett Distributor, other registered investment companies that are not affiliated with Lord Abbett and operate as funds-of-funds, may purchase Class I shares without any minimum initial investment.

 

Shareholders who do not meet the above criteria but currently hold
Class I shares may continue to hold, purchase, exchange, and redeem Class I shares, provided that there has been no change in the
account since purchasing Class I shares. Financial intermediaries should contact Lord Abbett Distributor to determine whether the
financial intermediary may be eligible for such purchases.

PROSPECTUS – THE FUNDS
87

Class P Shares. Class P shares are closed to substantially
all new investors. Existing shareholders holding Class P shares may continue to hold their Class P shares and make additional purchases,
redemptions, and exchanges. Class P shares also are available for orders made by or on behalf of a financial intermediary for clients
participating in an IRA rollover program sponsored by the financial intermediary that operates the program in an omnibus recordkeeping
environment and has entered into special arrangements with the Fund and/or Lord Abbett Distributor specifically for such orders.

 

Class R2, R3, R4, R5, and R6 (collectively referred to as “Class
R”) Shares.
Class R shares generally are available through:

 

  employer-sponsored retirement and benefit plans where the employer, administrator,
recordkeeper, sponsor, related person, financial intermediary, or other appropriate party has entered into an agreement with
the Fund or Lord Abbett Distributor to make Class R shares available to plan participants; or
  dealers that have entered into certain approved agreements with Lord Abbett Distributor.

 

Class R shares also are available for orders made by or on behalf
of a financial intermediary for clients participating in an IRA rollover program sponsored by the financial intermediary that operates
the program in an omnibus recordkeeping environment and has entered into special arrangements with the Fund and/or Lord Abbett
Distributor specifically for such orders.

 

Class R shares generally are not available to retail non-retirement
accounts, traditional and Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, individual 403(b) plans,
or 529 college savings plans.

 

SALES CHARGES

 

The availability of certain sales charge reductions and waivers may depend on whether you purchase
your shares directly from the Fund or through a financial intermediary. Different intermediaries may impose different
sales charges (including potential reductions in or waivers of sales charges) other than those listed below. Such intermediary-specific
sales charge variations are described in Appendix A to this prospectus, titled “Intermediary-Specific Sales Charge
Reductions and Waivers.” Appendix A is part of this prospectus.

 

In all instances, it is the shareholder’s responsibility to notify the Fund or the shareholder’s
financial intermediary at the time of purchase of any relationship or other facts qualifying the shareholder for sales
charge reductions or waivers. For reductions and waivers not available through a particular intermediary, shareholders
will have to purchase Fund shares directly from the Fund or through another intermediary to receive these reductions or
waivers.

PROSPECTUS – THE FUNDS
88

As an investor in the Fund, you may pay one of two types of sales
charges: a front-end sales charge that is deducted from your investment when you buy Fund shares or a CDSC that applies when you
sell Fund shares.

 

Class A Share Front-End Sales Charge. Front-end sales charges
are applied only to Class A shares. You buy Class A shares at the offering price, which is the NAV plus a sales charge. You pay
a lower rate as the size of your investment increases to certain levels called breakpoints. You do not pay a sales charge on the
Fund’s distributions or dividends you reinvest in additional Class A shares. The table below shows the rate of sales charge
you pay (expressed as a percentage of the offering price and the net amount you invest), depending on the class and amount you
purchase.

 

Front-End Sales Charge — Class A Shares
Your
Investment
Front-End Sales
Charge as a % of
Offering Price
Front-End Sales
Charge as a % of Your
Investment
To Compute Offering
Price Divide NAV by
Maximum Dealer’s
Concession as a % of
Offering Price
Less than $100,000 2.25% 2.30% .9775 2.00%
$100,000 to $249,999 1.75% 1.78% .9825 1.50%
$250,000 to $499,999 1.25% 1.26% .9875 1.00%
$500,000 and over No Sales Charge No Sales Charge 1.0000

†  See “Dealer Concessions on Class A Share Purchases Without a Front-End Sales Charge.”

    Note: The above percentages may vary for particular investors due to rounding.

 

CDSC. Regardless of share class, the CDSC is not charged
on shares acquired through reinvestment of dividends or capital gain distributions and is charged on the original purchase cost
or the current market value of the shares at the time they are redeemed, whichever is lower. In addition, repayment of loans under
certain retirement and benefit plans will constitute new sales for purposes of assessing the CDSC. To minimize the amount of any
CDSC, the Fund redeems shares in the following order:

 

  1. shares acquired by reinvestment of dividends and capital gain distributions (always
free of a CDSC);
  2. shares held for one year or more (Class A and C); and
  3. shares held before the first anniversary of their purchase (Class A and C).

 

If you acquire Fund shares through an exchange from another Lord
Abbett Fund that originally were purchased subject to a CDSC and you redeem before the applicable CDSC period has expired, you
will be charged the CDSC (unless a CDSC waiver applies). The CDSC will be remitted to the appropriate party. Class F, F3, I, P,
R2, R3, R4, R5, and R6 shares are not subject to a CDSC.

 

Class A Share CDSC. If you buy Class A shares of the Fund
under certain purchases at NAV (without a front-end sales charge) or if you acquire Class A shares

PROSPECTUS – THE FUNDS
89

of the Fund in exchange for Class A shares of another Lord Abbett
Fund subject to a CDSC, and you redeem any of the Class A shares before the first day of the month in which the one-year anniversary
of your purchase falls, a CDSC of 1% normally will be collected.

 

Class C Share CDSC. The 1% CDSC for Class C shares normally
applies if you redeem your shares before the first anniversary of your purchase. The CDSC will be remitted to Lord Abbett Distributor.

 

SALES CHARGE REDUCTIONS AND WAIVERS

 

Please inform the Fund 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. More information about sales charge reductions and waivers
is available free of charge at www.lordabbett.com/flyers/breakpoints_info.pdf.

 

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 in other accounts with your financial intermediary
or with other financial intermediaries that may be combined with your current purchase in determining the sales charge as described
below, you must let the Fund or your financial intermediary know. 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 the 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 any of the following conditions:

 

  Larger Purchases – You may reduce or eliminate your Class A front-end
sales charge by purchasing Class A shares in greater quantities. The breakpoint discounts offered by the Fund are indicated
in the table under “Sales Charges – Class A Share Front-End Sales Charge.”
  Rights of Accumulation –A Purchaser (as defined below) may combine the value of
Class A, A1, 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 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 of Class A, A1, 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, A1, C, F, and P shares of Eligible Funds; or (2) the aggregate amount you invested in such shares (including dividend

PROSPECTUS – THE FUNDS
90

    reinvestments but excluding capital appreciation) less any redemptions. 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 the Fund and/or your financial intermediary at the time of purchase if you
believe your purchase qualifies for a reduced sales charge and 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, A1, 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 the Fund, and the Purchaser must tell the Fund that later purchases are subject
to the Letter of Intention. Purchases submitted prior to the date the Letter of Intention is received by the 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 F3, I, R2, R3, R4, R5, and R6 share holdings 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
and may be redeemed to cover the additional sales charges payable if the intended purchases under the Letter of Intention
are not completed. The Letter of Intention is neither a binding obligation on you to buy, nor on the Fund to sell, 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 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, non-profit 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; or a trust established by the
individual as grantor.  An individual may include under item (1) his or her holdings in Eligible Funds as described
below 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 pre-tax salary deferrals are made. An individual, his or her spouse, and domestic
partner 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.

 

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

 

  purchases of $500,000 or more (may be subject to a CDSC);

PROSPECTUS – THE FUNDS
91

  purchases by retirement and benefit plans with at least 100 eligible employees, if
such retirement and benefit plan held Class A shares of the Fund as of the close of business on December 31, 2015 (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, if such retirement and benefit plan held Class A
shares of the Fund as of the close of business on December 31, 2015 (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 a fee-based advisory program;

 

  purchases by investors maintaining a brokerage account with a registered broker-dealer that has
entered into an agreement with Lord Abbett Distributor to offer Class A shares through a load-waived network or platform,
which may or may not charge transaction fees;

 

  purchases by insurance companies and/or their separate accounts to fund variable insurance contracts,
provided that the insurance company provides recordkeeping and related administrative services to the contract owners;

 

  purchases by employees of eligible institutions under Section 403(b)(7) of the Code, maintaining
individual custodial accounts held by a broker-dealer that has entered into or is in the process of negotiating a settlement
agreement with the Financial Industry Regulatory Authority or another regulatory body regarding the availability of Class
A shares for purchase without a front-end sales charge or CDSC;

 

  purchases made with dividends and distributions on Class A shares of another Eligible Fund;
  purchases representing repayment under the loan feature of the Lord Abbett prototype 403(b) plan
for Class A shares;
  purchases by employees of any consenting securities dealer having a sales agreement with Lord
Abbett Distributor;
  purchases by trustees or custodians of any pension or profit sharing plan or payroll deduction
IRA for the employees of any consenting securities dealer having a sales agreement with Lord Abbett Distributor;
  purchases involving the concurrent sale of Class C shares of the Fund by a broker-dealer in connection
with a settlement agreement or settlement agreement negotiations between the broker-dealer and a regulatory body relating
to share class suitability. These sales transactions will be subject to the assessment of any applicable CDSCs (although the
broker-dealer may pay on behalf of the investor or reimburse the investor for any such CDSC), and any

PROSPECTUS – THE FUNDS
92

    investor purchases subsequent to the original concurrent transactions will be at
the applicable public offering price, which may include a sales charge; and
  purchases by Board members, Fund officers, and employees and partners of Lord Abbett (including
retired persons who formerly held such positions and family members of such purchasers).

 

CDSC Waivers. The CDSC generally will not be assessed on
the redemption of Class A or C shares under the circumstances listed in the table below. Documentation may be required and some
limitations may apply.

 

CDSC Waivers Share Class(es)
Benefit payments under retirement and benefit plans in connection
with loans, hardship withdrawals, death, disability, retirement, separation from service, or any excess distribution under
retirement and benefit plans
A, C
Eligible mandatory distributions under the Code A, C
Redemptions by retirement and benefit plans made through financial
intermediaries, provided the plan has not redeemed all, or substantially all, of its assets from the Lord Abbett Funds
A
Redemptions by retirement and benefit plans made through financial
intermediaries that have special arrangements with the Fund and/or Lord Abbett Distributor that include the waiver of CDSCs
and that initially were entered into before December 2002
A
Class A and C shares that are subject to a CDSC and held by certain
401(k) plans for which the Fund’s transfer agent provides plan administration and recordkeeping services and which offer
Lord Abbett Funds as the only investment options to the plan’s participants no longer will be subject to the CDSC upon
the 401(k) plan’s transition to a financial intermediary that: (1) provides recordkeeping services to the plan; (2)
offers other mutual funds in addition to the Lord Abbett Funds as investment options for the plan’s participants; and
(3) has entered into a special arrangement with Lord Abbett to facilitate the 401(k) plan’s transition to the financial
intermediary
A, C
Death of the shareholder A, C
Redemptions under Systematic Withdrawal Plans (up to 12% per year) A, C
Redemptions under Div-Move C

 

Concurrent Sales. A broker-dealer may pay on behalf of an
investor or reimburse an investor for a CDSC otherwise applicable in the case of transactions involving purchases through such
broker-dealer where the investor concurrently is selling his or her holdings in Class C shares of the Fund and buying Class A shares
of the Fund, provided that the purchases are related to the requirements of a settlement agreement that the broker-dealer entered
into with a regulatory body relating to share class suitability.

 

Sales Charge Waivers on Transfers between Accounts. Class
A shares can be purchased at NAV under the following circumstances:

 

  Transfers of Lord Abbett Fund shares from an IRA or other qualified retirement plan
account to a taxable account in connection with a required minimum distribution; or

PROSPECTUS – THE FUNDS
93

  Transfers of Lord Abbett Fund shares held in a taxable account to an IRA or other
qualified retirement plan account for the purpose of making a contribution to the IRA or other qualified retirement plan account.

 

A CDSC will not be imposed at the time of the transaction under
such circumstances; instead, the date on which such shares were initially purchased will be used to calculate any applicable CDSC
when the shares are redeemed. You must inform the Fund and/or your financial intermediary at the time of purchase if you believe
your purchase qualifies for a reduced sales charge and 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.

 

Reinvestment Privilege. If you redeem Class A or C shares
of the Fund, you may reinvest some or all of the proceeds in the same class of any Eligible Fund on or before the 90th
day after the redemption without a sales charge unless the reinvestment would be prohibited by the Fund’s frequent trading
policy. Special tax rules may apply. If you paid a CDSC when you redeemed your shares, you will be credited with the amount of
the CDSC. All accounts involved must have the same registration. This privilege does not apply to purchases made through Invest-A-Matic
or other automatic investment services. The reinvestment privilege only applies to your Fund’s shares if you previously paid
a front-end sales charge in connection with your purchase of such shares.

 

FINANCIAL INTERMEDIARY COMPENSATION

 

As part of a plan for distributing shares, authorized financial
intermediaries that sell the Fund’s shares and service its shareholder accounts receive sales and service compensation. Additionally,
authorized financial intermediaries may charge a fee to effect transactions in Fund shares.

 

Sales compensation originates from sales charges that are paid directly
by shareholders and 12b-1 distribution fees that are paid by the Fund out of share class assets. Service compensation originates
from 12b-1 service fees. Because 12b-1 fees are paid on an ongoing basis, over time the payment of such fees will increase the
cost of an investment in the Fund, which may be more than the cost of other types of sales charges. The Fund accrues 12b-1 fees
daily at annual rates shown in the “Fees and Expenses” table above based upon average daily net assets. The portion
of the distribution and service (12b-1) fees that Lord Abbett Distributor pays to financial intermediaries for each share class
is as follows:

PROSPECTUS – THE FUNDS
94

Class
Fee(1) A(2) C(2)(3) F(4) F3 I P R2 R3 R4 R5 R6
Service 0.15% 0.25% 0.25% 0.25% 0.25% 0.25%
Distribution 0.50% 0.20% 0.35% 0.25%

(1)  The Fund may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.

(2)  For purchases of Class A shares without a front-end sales charge and for which Lord Abbett Distributor pays distribution-related compensation, and for all purchases of Class C shares, the 12b-1 payments shall commence 13 months after purchase.

(3)  Assumes a Class C share 12b-1 rate of 1.00%. The 12b-1 fee that the Fund will pay on Class C shares will be a blended rate calculated based on (i) 1.00% of the Fund’s average daily net assets attributable to shares held for less than one year and (ii) 0.80% of the Fund’s average daily net assets attributable to shares held for one year or more. All Class C shareholders of the Fund will bear 12b-1 fees at the same rate.

(4)  The Fund generally designates the entire Class F share Rule 12b-1 fee as attributable to distribution activities conducted by Lord Abbett Distributor. Lord Abbett Distributor therefore generally retains the Class F share Rule 12b-1 fee and does not pay it to a financial intermediary. However, Lord Abbett Distributor in its sole discretion may pay to a financial intermediary directly all or a portion of the Class F share Rule 12b-1 fee upon request, provided that (i) the financial intermediary’s fee-based advisory program has invested at least $1 billion in Class F shares across the Lord Abbett Family of Funds at the time of the request, (ii) the financial intermediary converted its fee-based advisory program holdings from Class A shares to Class F shares no more than three months before making the request, and (iii) the financial intermediary has a practice of, in effect, reducing the advisory fee it receives from its fee-based program participants by an amount corresponding to any Rule 12b-1 fee revenue it receives.

 

Lord Abbett Distributor may pay 12b-1 fees to authorized financial
intermediaries or use the fees for other distribution purposes, including revenue sharing. The amounts paid by the Fund need not
be directly related to expenses. If Lord Abbett Distributor’s actual expenses exceed the fee paid to it, the Fund will not
have to pay more than that fee. Conversely, if Lord Abbett Distributor’s expenses are less than the fee it receives, Lord
Abbett Distributor will keep the excess amount of the fee.

 

Sales Activities. The Fund may use 12b-1 distribution fees
to pay authorized financial intermediaries to finance any activity that primarily is intended to result in the sale of shares.
Lord Abbett Distributor uses its portion of the distribution fees attributable to the shares of a particular class for activities
that primarily are intended to result in the sale of shares of such class. These activities include, but are not limited to, printing
of prospectuses and statements of additional information and reports for anyone other than existing shareholders, preparation and
distribution of advertising and sales material, expenses of organizing and conducting sales seminars, additional payments to authorized
financial intermediaries, maintenance of shareholder accounts, the cost necessary to provide distribution-related services or personnel,
travel, office expenses, equipment and other allocable overhead.

 

Service Activities. Lord Abbett Distributor may pay 12b-1
service fees to authorized financial intermediaries for any activity that primarily is intended to result in personal service and/or
the maintenance of shareholder accounts or certain retirement and benefit plans. Any portion of the service fees paid to Lord Abbett
Distributor will be used to service and maintain shareholder accounts.

PROSPECTUS – THE FUNDS
95

Dealer Concessions on Class A Share Purchases With a Front-End
Sales Charge.
See “Sales Charges – Class A Share Front-End Sales Charge” for more information.

 

Dealer Concessions on Class A Share Purchases Without a Front-End
Sales Charge.
Except as otherwise set forth in the following paragraphs, Lord Abbett Distributor may pay Dealers distribution-related
compensation (i.e., concessions) according to the schedule set forth below under the following circumstances (may be subject
to a CDSC):

 

  purchases of $500,000 or more;
  purchases by certain retirement and benefit plans with at least 100 eligible employees; or
  purchases for certain retirement and benefit plans made through financial intermediaries that
perform participant recordkeeping or other administrative services for the plans in connection with multiple fund family recordkeeping
platforms and have entered into special arrangements with the Fund and/or Lord Abbett Distributor specifically for such purchases
(“Alliance Arrangements”).

 

Dealers receive concessions described below on purchases made within
a 12-month period beginning with the first NAV purchase of Class A shares for the account. The concession rate resets on each anniversary
date of the initial NAV purchase, provided that the account continues to qualify for treatment at NAV. Current holdings of Class
C and P shares of Eligible Funds will be included for purposes of calculating the breakpoints in the schedule below and the amount
of the concessions payable with respect to the Class A share investment. Concessions may not be paid with respect to Alliance Arrangements
unless Lord Abbett Distributor can monitor the applicability of the CDSC.

 

Financial intermediaries should contact Lord Abbett Distributor
for more complete information on the commission structure.

PROSPECTUS – THE FUNDS
96

Dealer Concession Schedule —
Class A Shares for Certain Purchases Without a Front-End Sales Charge
The dealer concession received is based on the amount of the Class A share investment as follows:
Class A Investments* Front-End Sales Charge** Dealer’s Concession
$500,000 to $5 million None 1.00%
Next $5 million above that None 0.55%
Next $40 million above that None 0.50%
Over $50 million None 0.25%

*     Assets initially purchased into Class A shares of Lord Abbett Ultra Short Bond Fund that were purchased without the application of a front-end sales charge are excluded for purposes of calculating the amount of any Dealer’s Concession.

**   Class A shares purchased without a sales charge will be subject to a 1% CDSC if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. For Alliance Arrangements involving financial intermediaries offering multiple fund families to retirement and benefit plans, the CDSC normally will be collected only when a plan effects a complete redemption of all or substantially all shares of all Lord Abbett Funds in which the plan is invested.

 

Dealer Concessions on Class C Shares. Lord Abbett Distributor
may pay financial intermediaries selling Class C shares a sales concession of up to 1.00% of the purchase price of the Class C
shares and Lord Abbett Distributor will collect and retain any applicable CDSC.

 

Dealer Concessions on Class F, F3, I, P, R2, R3, R4, R5, and
R6 Shares.
Class F, F3, I, P, R2, R3, R4, R5, and R6 shares are purchased at NAV with no front-end sales charge and no CDSC
when redeemed. Accordingly, there are no dealer concessions on these shares.

 

Revenue Sharing and Other Payments to Dealers and Financial Intermediaries.
Lord Abbett (the term “Lord Abbett” in this section also refers to Lord Abbett Distributor unless the context requires
otherwise) may make payments to certain financial intermediaries for marketing and distribution support activities. Lord Abbett
makes these payments, at its own expense, out of its own resources (including revenues from advisory fees and 12b-1 fees), and
without any additional costs to the Fund or the Fund’s shareholders.

 

These payments, which may include amounts that sometimes are referred
to as “revenue sharing” payments, are in addition to the Fund’s fees and expenses described in this prospectus.
In general, these payments are intended to compensate or reimburse financial intermediary firms for certain activities, including:
promotion of sales of Fund shares, such as placing the Lord Abbett Family of Funds on a preferred list of fund families; making
Fund shares available on certain platforms, programs, or trading venues; educating a financial intermediary firm’s sales
force about the Lord Abbett Funds; providing services to shareholders; and various other promotional efforts and/or costs. The
payments made to financial intermediaries may be used to cover costs and expenses related to these promotional efforts, including
travel, lodging, entertainment, and meals, among other things. In addition, Lord Abbett may provide payments to a financial intermediary
in connection with Lord

PROSPECTUS – THE FUNDS
97

Abbett’s participation in or support of conferences and other
events sponsored, hosted, or organized by the financial intermediary. The aggregate amount of these payments may be substantial
and may exceed the actual costs incurred by the financial intermediary in engaging in these promotional activities or services
and the financial intermediary firm may realize a profit in connection with such activities or services.

 

Lord Abbett may make such payments on a fixed or variable basis
based on Fund sales, assets, transactions processed, and/or accounts attributable to a financial intermediary, among other factors.
Lord Abbett determines the amount of these payments in its sole discretion. In doing so, Lord Abbett may consider a number of factors,
including: a financial intermediary’s sales, assets, and redemption rates; the nature and quality of any shareholder services
provided by the financial intermediary; the quality and depth of the financial intermediary’s existing business relationships
with Lord Abbett; the expected potential to expand such relationships; and the financial intermediary’s anticipated growth
prospects. Not all financial intermediaries receive revenue sharing payments and the amount of revenue sharing payments may vary
for different financial intermediaries. Lord Abbett may choose not to make payments in relation to certain of the Lord Abbett Funds
or certain classes of shares of any particular Fund.

 

In some circumstances, these payments may create an incentive for
a broker-dealer or its investment professionals to recommend or sell Fund shares to you. Lord Abbett may benefit from these payments
to the extent the broker-dealers sell more Fund shares or retain more Fund shares in their clients’ accounts because Lord
Abbett receives greater management and other fees as Fund assets increase. For more specific information about these payments,
including revenue sharing arrangements, made to your broker-dealer or other financial intermediary and the conflicts of interest
that may arise from such arrangements, please contact your investment professional. In addition, please see the SAI for more information
regarding Lord Abbett’s revenue sharing arrangements with financial intermediaries.

 

Payments for Recordkeeping, Networking, and Other Services.
In addition to the payments from Lord Abbett or Lord Abbett Distributor described above, from time to time, Lord Abbett and Lord
Abbett Distributor may have other relationships with financial intermediaries relating to the provision of services to the Fund,
such as providing omnibus account services or executing portfolio transactions for the Fund. The Fund generally may pay recordkeeping
fees for services provided to plans where the account is a plan-level or fund-level omnibus account and plan participants have
the ability to determine their investments in particular mutual funds. If your financial intermediary provides these services,
Lord Abbett or the Fund may compensate the financial intermediary for these services. In addition, your financial intermediary
may have other relationships with Lord Abbett or Lord Abbett Distributor that are not related to the Fund.

 

For example, the Lord Abbett Funds may enter into arrangements with
and pay fees to financial intermediaries that provide recordkeeping or other subadministrative

PROSPECTUS – THE FUNDS
98

services to certain groups of investors in the Lord Abbett Funds,
including participants in retirement and benefit plans, investors in mutual fund advisory programs, investors in variable insurance
products and clients of financial intermediaries that operate in an omnibus environment (collectively, “Investors”).
The recordkeeping services typically include: (a) establishing and maintaining Investor accounts and records; (b) recording Investor
account balances and changes thereto; (c) arranging for the wiring of funds; (d) providing statements to Investors; (e) furnishing
proxy materials, periodic Lord Abbett Fund reports, prospectuses and other communications to Investors as required; (f) transmitting
Investor transaction information; and (g) providing information in order to assist the Lord Abbett Funds in their compliance with
state securities laws. The fees that the Lord Abbett Funds pay are designed to compensate financial intermediaries for such services.

 

The Lord Abbett Funds also may pay fees to broker-dealers for networking
services. Networking services may include but are not limited to:

 

  establishing and maintaining individual accounts and records;
  providing client account statements; and
  providing 1099 forms and other tax statements.

 

The networking fees that the Lord Abbett Funds pay to broker-dealers
normally result in reduced fees paid by the Fund to the transfer agent, which otherwise would provide these services.

 

Financial intermediaries may charge additional fees or commissions
other than those disclosed in this prospectus, such as a transaction based fee or other fee for its service, and may categorize
and disclose these arrangements differently than described in the discussion above and in the SAI. You may ask your financial intermediary
about any payments it receives from Lord Abbett or the Fund, as well as about fees and/or commissions it charges.

 

PURCHASES

 

Initial Purchases. Lord Abbett Distributor acts as an agent
for the Fund to work with financial intermediaries that buy and sell shares of the Fund on behalf of their clients. Generally,
Lord Abbett Distributor does not sell Fund shares directly to investors. Initial purchases of Fund shares may be made through any
financial intermediary that has a sales agreement with Lord Abbett Distributor. Unless you are investing in the Fund through a
retirement and benefit plan, fee-based program or other financial intermediary, you and your investment professional may fill out
the application and send it to the Fund at the address below. To open an account through a retirement and benefit plan, fee-based
program or other type of financial intermediary, you should contact your financial intermediary for instructions on opening an
account.

PROSPECTUS – THE FUNDS
99

[Name of Fund]
P.O. Box 219336
Kansas City, MO 64121

 

Please do not send account applications or purchase, exchange,
or redemption orders to Lord Abbett’s offices in Jersey City, NJ.

 

Additional Purchases. You may make additional purchases of
Fund shares by contacting your investment professional or financial intermediary. If you have direct account privileges with the
Fund, you may make additional purchases by:

 

  Telephone. If you have established a bank account of record, you may purchase
Fund shares by telephone. You or your investment professional should call the Fund at 888-522-2388.
  Online. If you have established a bank account of record, you may submit a request online
to purchase Fund shares by accessing your account online. Please log onto www.lordabbett.com and enter your account information
and personal identification data.
  Mail. You may submit a written request to purchase Fund shares by indicating the name(s)
in which the account is registered, the Fund’s name, the class of shares, your account number, and the dollar amount
you wish to purchase. Please include a check for the amount of the purchase, which may be subject to a sales charge. If purchasing
Fund shares by mail, your purchase order will not be accepted or processed until such orders are received by the Fund at P.O.
Box 219336, Kansas City, MO 64121.
  Wire. You may purchase Fund shares via wire by sending your purchase amount to: UMB, N.A.,
Kansas City, routing number: 101000695, bank account number: 987800033-3, FBO: (your account name) and (your Lord Abbett account
number). Specify the complete name of the Fund and the class of shares you wish to purchase.

 

Good Order. “Good order” generally means that
your purchase request includes: (1) the name of the Fund; (2) the class of shares to be purchased; (3) the dollar amount of shares
to be purchased; (4) your properly completed account application or investment stub; and (5) a check payable to the name of the
Fund or a wire transfer received by the Fund. In addition, for your purchase request to be considered in good order, you must satisfy
any eligibility criteria and minimum investment requirements applicable to the Fund and share class you are seeking to purchase.
An initial purchase order submitted directly to the Fund, or the Fund’s authorized agent (or the agent’s designee),
must contain: (1) an application completed in good order with all applicable requested information; and (2) payment by check or
instructions to debit your checking account along with a canceled check containing account information. Additional purchase requests
must include all required information and the proper form of payment (i.e., check or wired funds).

PROSPECTUS – THE FUNDS
100

See “Account Services and Policies – Procedures Required
by the USA PATRIOT Act” for more information.

 

Initial and additional purchases of Fund shares are executed at
the NAV next determined after the Fund or the Fund’s authorized agent receives your purchase request in good order. The Fund
reserves the right to modify, restrict or reject any purchase order (including exchanges). All purchase orders are subject to acceptance
by the Fund.

 

Insufficient Funds. If you request a purchase and your bank
account does not have sufficient funds to complete the transaction at the time it is presented to your bank, your requested transaction
will be reversed and you will be subject to any and all losses, fees and expenses incurred by the Fund in connection with processing
the insufficient funds transaction. The Fund reserves the right to liquidate all or a portion of your Fund shares to cover such
losses, fees and expenses.

 

Non-U.S. Investors. The Lord Abbett Family of Funds are not
offered to investors resident outside the United States. The Funds may, however, accept purchases from U.S. citizens resident outside
the United States who meet applicable eligibility requirements and furnish any requested documentation.

 

EXCHANGES

 

You or your investment professional may instruct the Fund to exchange
shares of any class for shares of the same class of any other Lord Abbett Fund (except for Lord Abbett Credit Opportunities Fund),
provided that the fund shares to be acquired in the exchange are available to new investors in such other fund. For investors investing
through retirement and benefit plans or fee-based programs, you should contact the financial intermediary that administers your
plan or sponsors the fee-based program to request an exchange.

 

If you have direct account privileges with the Fund, you may request
an exchange transaction by:

 

  Telephone. You or your investment professional should call the Fund at 888-522-2388.
  Online. You may submit a request online to exchange your Fund shares by accessing your
account online. Please log onto www.lordabbett.com and enter your account information and personal identification data.
  Mail. You may submit a written request to exchange your Fund shares by indicating the
name(s) in which the account is registered, the Fund’s name, the class of shares, your account number, the dollar amount
or number of shares you wish to exchange, and the name(s) of the Eligible Fund(s) into which you wish to exchange your Fund
shares. If submitting a written request to exchange Fund shares, your exchange request will not be processed until the Fund
receives the request in good order at P.O. Box 219336, Kansas City, MO 64121.

PROSPECTUS – THE FUNDS
101

The Fund may revoke the exchange privilege for all shareholders
upon 60 days’ written notice. In addition, there are limitations on exchanging Fund shares for a different class of shares,
and moving shares held in certain types of accounts to a different type of account or to a new account maintained by a financial
intermediary. Please speak with your financial intermediary if you have any questions.

 

An exchange of Fund shares for shares of another Lord Abbett Fund
will be treated as a sale of Fund shares and any gain on the transaction may be subject to federal income tax. You should read
the current prospectus for any Lord Abbett Fund into which you are exchanging.

 

Conversions at the Request of a Financial Intermediary. Subject
to the conditions set forth in this paragraph, shares of one class of the Fund may be converted into (i.e., exchanged for)
shares of a different class of the Fund at the request of a shareholder’s financial intermediary. To qualify for a conversion,
the shareholder must satisfy the conditions for investing in the class into which the conversion is sought (as described in this
prospectus and the SAI). Also, shares are not eligible to be converted until any applicable CDSC period has expired. No sales charge
will be imposed on converted shares. The financial intermediary making the conversion request must submit the request in writing.
In addition, the financial intermediary or other responsible party must process and report the transaction as a conversion.

 

The value of the shares received during a conversion will be based
on the relative NAV of the shares being converted and the shares received as a result of the conversion. It generally is expected
that conversions will not result in taxable gain or loss.

 

REDEMPTIONS

 

You may redeem your Fund shares by contacting your investment professional
or financial intermediary. For shareholders investing through retirement and benefit plans or fee-based programs, you should contact
the financial intermediary that administers your plan or sponsors the fee-based program to redeem your shares. You may be required
to provide the Fund with certain legal or other documents completed in good order before your redemption request will be processed.

 

If you have direct account privileges with the Fund, you may redeem
your Fund shares by:

 

  Telephone. You may redeem $100,000 or less from your account by telephone.
You or your representative should call the Fund at 888-522-2388.
  Online. You may submit a request online to redeem your Fund shares by accessing your account
online. Please log onto www.lordabbett.com and enter your account information and personal identification data.
  Mail. You may submit a written request to redeem your Fund shares by indicating the name(s)
in which the account is registered, the Fund’s name, your account number, and the dollar amount or number of shares
you wish to redeem.

PROSPECTUS – THE FUNDS
102

    If submitting a written request to redeem your shares, your redemption will not be
processed until the Fund receives the request in good order at P.O. Box 219336, Kansas City, MO 64121.

 

Insufficient Account Value. If you request a redemption transaction
for a specific amount and your account value at the time the transaction is processed is less than the requested redemption amount,
the Fund will deem your request as a request to liquidate your entire account.

 

Redemption Payments. Redemptions of Fund shares are executed
at the NAV next determined after the Fund or your financial intermediary receives your request in good order. Normally, redemption
proceeds are paid within three (but no more than seven) days after your redemption request is received in good order. If you redeem
shares that were recently purchased, the Fund may delay the payment of the redemption proceeds until your check, bank draft, electronic
funds transfer or wire transfer has cleared, which may take several days. This process may take up to 15 calendar days for purchases
by check to clear. The Fund may postpone payment for more than seven days or suspend redemptions (i) during any period that the
New York Stock Exchange (“NYSE”) is closed, or trading on the NYSE is restricted as determined by the U.S. Securities
and Exchange Commission (“SEC”); (ii) during any period when an emergency exists as determined by the SEC as a result
of which it is not practicable for the Fund to dispose of securities it owns, or fairly to determine the value of its assets; and/or
(iii) for such other periods as the SEC may permit.

 

If you have direct account access privileges, the redemption proceeds
will be paid by electronic transfer via an automated clearing house deposit to your bank account on record with the Fund. If there
is no bank account on record, your redemption proceeds normally will be paid by check payable to the registered account owner(s)
and mailed to the address to which the account is registered.

 

You may request that your redemption proceeds of at least $1,000
be disbursed by wire to your bank account of record by contacting the Fund and requesting the redemption and wire transfer and
providing the proper wiring instructions for your bank account of record.

 

You may request that redemption proceeds be made payable and disbursed
to a person or account other than the shareholder(s) of record, provided that you provide a signature guarantee by an eligible
guarantor, including a broker or bank that is a member of the medallion stamp program. Please note that a notary public is not
an eligible guarantor.

 

A guaranteed signature by an eligible guarantor is designed to protect
you from fraud. The Fund generally will require a guaranteed signature by an eligible guarantor on requests for redemption that:

 

  Are signed by you in your legal capacity to sign on behalf of another person or entity
(i.e., on behalf of an estate);

PROSPECTUS – THE FUNDS
103

  Request a redemption check to be payable to anyone other than the shareholder(s)
of record;
  Request a redemption check to be mailed to an address other than the address of record;
  Request redemption proceeds to be payable to a bank other than the bank account of record; or
  Total more than $100,000.

 

Institutional investors eligible to purchase Class I shares may
redeem shares in excess of $100,000 in accounts held directly with the Fund without a guaranteed signature, provided that the proceeds
are payable to the bank account of record and the redemption request otherwise is in good order.

 

Liquidity Management. The Fund has implemented measures designed
to enable it to pay redemption proceeds in a timely fashion while maintaining adequate liquidity. The Fund’s portfolio management
team continually monitors portfolio liquidity and adjusts the Fund’s cash level based on portfolio composition, redemption
rates, market conditions, and other relevant criteria. Under normal circumstances, the Fund’s portfolio management team may
meet redemption requests and manage liquidity by selling portfolio securities. Under certain circumstances, including stressed
market conditions, the Fund’s portfolio management team may meet redemption requests and manage liquidity by (i) borrowing
from a bank under a line of credit or from another Lord Abbett Fund (to the extent permitted under any SEC exemptive relief and
the Fund’s investment restrictions, in each case as stated in the Fund’s SAI and/or prospectus, as applicable), (ii)
transacting in exchange-traded funds and/or derivatives, or (iii) paying redemption proceeds in kind, as discussed below.

 

Despite the Fund’s reasonable best efforts, however, there
can be no assurance that the Fund will manage liquidity successfully in all market environments. As a result, the Fund may not
be able to pay redemption proceeds in a timely fashion because of unusual market conditions, an unusually high volume of redemption
requests, or other factors.

 

Redemptions in Kind. The Fund reserves the right to pay redemption
proceeds in whole or in part by distributing liquid securities from the Fund’s portfolio. It is not expected that the Fund
would pay redemptions by an in kind distribution except in unusual and/or stressed circumstances. If the Fund pays redemption proceeds
by distributing securities in kind, you could incur brokerage or other charges, and tax liability, and you will bear market risks
until the distributed securities are converted into cash.

 

You should note that your purchase, exchange, and redemption requests
may be subject to review and verification on an ongoing basis.

PROSPECTUS – THE FUNDS
104

ACCOUNT SERVICES AND POLICIES

 

Certain of the services and policies described below may not be
available through certain financial intermediaries. Contact your financial intermediary for services and policies applicable to
you.

 

Account Services

 

Automatic Services for Fund Investors. You may buy or sell
shares automatically with the services described below. With each service, you select a schedule and amount, subject to certain
restrictions. You may set up most of these services when filling out the application or by calling 888-522-2388.

 

For investing

Invest-A-Matic(1)(2)

(Dollar-cost averaging)

You can make fixed, periodic investments ($250 initial and $50 subsequent
minimum) into your Fund account by means of automatic money transfers from your bank checking account. See the application
for instructions.
Div-Move(1) You may automatically reinvest the dividends
and distributions from your account into another account in any Lord Abbett Fund available for purchase ($50 minimum).

(1)  In the case of financial intermediaries maintaining accounts in omnibus recordkeeping environments or in nominee name that aggregate the underlying accounts’ purchase orders for Fund shares, the minimum subsequent investment requirements described above will not apply to such underlying accounts.

(2)  There is no minimum initial investment for Invest-A-Matic accounts held directly with the Fund, including IRAs.

 

For selling shares
Systematic Withdrawal Plan (“SWP”) You can make regular withdrawals from most Lord Abbett Funds. Automatic
cash withdrawals will be paid to you from your account in fixed or variable amounts. To establish a SWP, the value of your
shares for Class A or C must be at least $10,000, except in the case of a SWP established for certain retirement and benefit
plans, for which there is no minimum. Your shares must be in non-certificate form.
Class A and C Shares The CDSC will be waived on redemptions of up to 12% of the current value
of your account at the time of your SWP request. For SWP redemptions over 12% per year, the CDSC will apply to the entire
redemption. Please contact the Fund for assistance in minimizing the CDSC in this situation. Redemption proceeds due to a
SWP for Class A and C shares will be redeemed in the order described under “CDSC” under “Sales Charges.”

 

Telephone and Online Purchases and Redemptions. Submitting
transactions by telephone or online may be difficult during times of drastic economic or market changes or during other times when
communications may be under unusual stress. When initiating a transaction by telephone or online, shareholders should be aware
of the following considerations:

 

  Security. The Fund and its service providers employ verification and security
measures for your protection. For your security, telephone and online transaction requests are recorded. You should note,
however, that any person with access to your account and other personal information (including personal identification number)
may be able to submit instructions by telephone or online. The Fund will not be liable for relying on instructions submitted
by telephone or online that the Fund reasonably believes to be genuine.

 

PROSPECTUS – THE FUNDS
105

 

  Online Confirmation. The Fund is not responsible for online transaction requests
that may have been sent but not received in good order. Requested transactions received by the Fund in good order are confirmed
at the completion of the order and your requested transaction will not be processed unless you receive the confirmation message.
  No Cancellations. You will be asked to verify the requested transaction and may cancel
the request before it is submitted to the Fund. The Fund will not cancel a submitted transaction once it has been received
(in good order) and is confirmed at the end of the telephonic or online transaction.

 

Householding. We have adopted a policy that allows us to
send only one copy of the prospectus, proxy materials, annual report and semiannual report to certain shareholders residing at
the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional
copies or do not want your mailings to be “householded,” please call us at 888-522-2388 or send a written request with
your name, the name of your fund or funds, and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336,
Kansas City, MO 64121.

 

Account Statements. Every investor automatically receives
quarterly account statements.

 

Account Changes. For any changes you need to make to your
account, consult your investment professional or call the Fund at 888-522-2388.

 

Systematic Exchange. You or your investment professional
can establish a schedule of exchanges between the same classes of any other Lord Abbett Fund, provided that the fund shares to
be acquired in the exchange are available to new investors in such other fund.

 

Account Policies

 

Pricing of Fund Shares. Under normal circumstances, NAV per
share is calculated each business day at the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time, on each day
on which the NYSE is open for trading. The most recent NAV per share for the Fund is available at www.lordabbett.com. Purchases
and sales (including exchanges) of Fund shares are executed at the NAV (subject to any applicable sales charges) next determined
after the Fund or the Fund’s authorized agent receives your order in good order. In the case of purchase, redemption, or
exchange orders placed through your financial intermediary, when acting as the Fund’s authorized agent (or the agent’s
designee), the Fund will be deemed to have received the order when the agent or designee receives the order in good order.

 

Purchase and sale orders must be placed by the close of trading
on the NYSE in order to receive that day’s NAV; orders placed after the close of trading on the NYSE will receive the next
business day’s NAV. Fund shares will not be priced on holidays or other days when the NYSE is closed for trading. In the
event the NYSE is closed on a day it normally would be open for business for any reason (including,

PROSPECTUS – THE FUNDS
106

but not limited to, technology problems or inclement weather), or
the NYSE has an unscheduled early closing on a day it has opened for business, the Fund reserves the right to treat such day as
a business day. In such cases, the Fund would accept purchase and redemption orders until, and calculate its NAV as of, the normally
scheduled close of regular trading on the NYSE for that day, so long as Lord Abbett believes there generally remains an adequate
market to obtain reliable and accurate market quotations.

 

In calculating NAV, securities listed on any recognized U.S. or
non-U.S. exchange (including NASDAQ) are valued at the market closing price on the exchange or system on which they are principally
traded. Unlisted equity securities are valued at the last transaction price, or, if there were no transactions that day, at the
mean between the most recently quoted bid and asked prices. Unlisted fixed income securities (other than those with remaining maturities
of 60 days or less) are valued at prices supplied by independent pricing services, which prices are broker/dealer-supplied valuations
or evaluated or “matrix” prices based on electronic data processing techniques. Such valuations are based on the mean
between the bid and asked prices, when available, and are based on the bid price when no asked price is available. Unlisted fixed
income securities (other than senior loans) having remaining maturities of 60 days or less are valued at their amortized cost.
The principal markets for non-U.S. securities and U.S. fixed income securities also generally close prior to the close of the NYSE.
Consequently, values of non-U.S. investments and U.S. fixed income securities will be determined as of the earlier closing of such
exchanges and markets unless the Fund prices such a security at its fair value. This may allow significant events, including broad
market moves that occur in the interim, to affect the values of non-U.S. securities and U.S. fixed income securities held by the
Fund. These timing differences may allow a shareholder to exploit differences in the Fund’s share prices that are based on
closing prices of non-U.S. securities and U.S. fixed-income securities that are determined before the Fund calculates its NAV per
share. For more information, please see the section “Excessive Trading and Market Timing” below.

 

Securities for which prices or market quotations are not readily
available, do not accurately reflect fair value in Lord Abbett’s opinion, or have been materially affected by events occurring
after the close of the market on which the security is principally traded but before 4:00 p.m. Eastern time are valued by Lord
Abbett under fair value procedures approved by and administered under the supervision of the Fund’s Board. These circumstances
may arise, for instance, when trading in a security is suspended, the market on which a security is traded closes early, or demand
for a security (as reflected by its trading volume) is insufficient and thus calls into question the reliability of the quoted
or computed price, or the security is relatively illiquid. The Fund may use fair value pricing more frequently for securities primarily
traded on foreign exchanges. Because many foreign markets close hours before the Fund values its foreign portfolio holdings, significant
events, including broad market moves, may occur in the interim potentially affecting the values of foreign securities held by the
Fund. The Fund determines fair value in a manner that

PROSPECTUS – THE FUNDS
107

fairly reflects the market value of the security on the valuation
date based on consideration of any information or factors it deems appropriate. These may include recent transactions in comparable
securities, information relating to the specific security, developments in the markets and their performance, and current valuations
of relevant general and sector indices. The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from
the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that
the fair value determined for a security may be materially different from the value that could be realized upon the sale of that
security.

 

Certain securities that are traded primarily on foreign exchanges
may trade on weekends or days when the NAV is not calculated. As a result, the value of securities may change on days when shareholders
are not able to purchase or sell Fund shares.

 

Excessive Trading and Market Timing. The Fund is not designed
for short-term investors and is not intended to serve as a vehicle for frequent trading in response to short-term swings in the
market. Excessive, short-term or market timing trading practices (“frequent trading”) may disrupt management of the
Fund, raise its expenses, and harm long-term shareholders in a variety of ways. For example, volatility resulting from frequent
trading may cause the Fund difficulty in implementing long-term investment strategies because it cannot anticipate the amount of
cash it will have to invest. The Fund may find it necessary to sell portfolio securities at disadvantageous times to raise cash
to meet the redemption demands resulting from such frequent trading. Each of these, in turn, could increase tax, administrative,
and other costs, and reduce the Fund’s investment return.

 

To the extent the Fund invests in foreign securities, the Fund may
be particularly susceptible to frequent trading because many foreign markets close hours before the Fund values its portfolio holdings.
This may allow significant events, including broad market moves that occur in the interim, to affect the values of foreign securities
held by the Fund. The time zone differences among foreign markets may allow a shareholder to exploit differences in the Fund’s
share prices that are based on closing prices of foreign securities determined before the Fund calculates its NAV per share (known
as “time zone arbitrage”). To the extent the Fund invests in securities that are thinly traded or relatively illiquid,
the Fund also may be particularly susceptible to frequent trading because the current market price for such securities may not
accurately reflect current market values. A shareholder may attempt to engage in frequent trading to take advantage of these pricing
differences (known as “price arbitrage”). The Fund has adopted fair value procedures that allow the Fund to use values
other than the closing market prices of these types of securities to reflect what the Fund reasonably believes to be their fair
value at the time it calculates its NAV per share. The Fund expects that the use of fair value pricing will reduce a shareholder’s
ability to engage successfully in time zone arbitrage and price arbitrage to the detriment of other Fund shareholders, although
there is no assurance that fair value pricing will do so. For more information about these procedures, see “Pricing of Fund
Shares” above.

PROSPECTUS – THE FUNDS
108

The Fund’s Board has adopted additional policies and procedures
that are designed to prevent or stop frequent trading. We recognize, however, that it may not be possible to identify and stop
or avoid every instance of frequent trading in Fund shares. For this reason, the Fund’s policies and procedures are intended
to identify and stop frequent trading that we believe may be harmful to the Fund. For this purpose, we consider frequent trading
to be harmful if, in general, it is likely to cause the Fund to incur additional expenses or to sell portfolio holdings for other
than investment strategy-related reasons. Toward this end, we have procedures in place to monitor the purchase, sale and exchange
activity in Fund shares by investors and financial intermediaries that place orders on behalf of their clients, which procedures
are described below. The Fund may modify its frequent trading policy and monitoring procedures from time to time without notice
as and when deemed appropriate to enhance protection of the Fund and its shareholders.

 

Frequent Trading Policy and Procedures. We have procedures
in place designed to enable us to monitor the purchase, sale and exchange activity in Fund shares by investors and financial intermediaries
that place orders on behalf of their clients in order to attempt to identify activity that is potentially harmful to the Fund.
If, based on these monitoring procedures, we believe that an investor is engaging in, or has engaged in, frequent trading that
may be harmful to the Fund, normally, we will notify the investor (and/or the investor’s financial professional) to cease
all such activity in the account. If the activity occurs again, we will place a block on all further purchases or exchanges of
the Fund’s shares in the investor’s account and inform the investor (and/or the investor’s financial professional)
to cease all such activity in the account. The investor then has the option of maintaining any existing investment in the Fund,
exchanging Fund shares for shares of Money Market Fund, or redeeming the account. Investors electing to exchange or redeem Fund
shares under these circumstances should consider that the transaction may be subject to a CDSC or result in tax consequences. As
stated above, although we generally notify the investor (and/or the investor’s financial professional) to cease all activity
indicative of frequent trading prior to placing a block on further purchases or exchanges, we reserve the right to immediately
place a block on an account or take other action without prior notification when we deem such action appropriate in our sole discretion.
While we attempt to apply the policy and procedures uniformly to detect frequent trading practices, there can be no assurance that
we will succeed in identifying all such practices or that some investors will not employ tactics that evade our detection. Money
Market Fund and Lord Abbett Ultra Short Bond Fund are not subject to the frequent trading policy and procedures.

 

Lord Abbett Distributor may review the frequent trading policies
and procedures that an individual financial intermediary is able to put in place to determine whether its policies and procedures
are consistent with the protection of the Fund and its investors, as described above. Lord Abbett Distributor also will seek the
financial intermediary’s agreement to cooperate with Lord Abbett Distributor’s efforts to (1) monitor the financial
intermediary’s adherence to its policies and procedures and/or receive an amount and level of information regarding trading
activity that Lord

PROSPECTUS – THE FUNDS
109

Abbett Distributor in its sole discretion deems adequate, and (2)
stop any trading activity Lord Abbett Distributor identifies as frequent trading. Nevertheless, these circumstances may result
in a financial intermediary’s application of policies and procedures that are less effective at detecting and preventing
frequent trading than the policies and procedures adopted by Lord Abbett Distributor and by certain other financial intermediaries.
If an investor would like more information concerning the policies, procedures and restrictions that may be applicable to his or
her account, the investor should contact the financial intermediary placing purchase orders on his or her behalf. A substantial
portion of the Fund’s shares may be held by financial intermediaries through omnibus accounts or in nominee name.

 

With respect to monitoring of accounts maintained by a financial
intermediary, to our knowledge, in an omnibus environment or in nominee name, Lord Abbett Distributor will seek to receive sufficient
information from the financial intermediary to enable it to review the ratio of purchase versus redemption activity of each underlying
sub-account or, if such information is not readily obtainable, in the overall omnibus account(s) or nominee name account(s). If
we identify activity that we believe may be indicative of frequent trading activity, we normally will notify the financial intermediary
and request it to provide Lord Abbett Distributor with additional transaction information so that Lord Abbett Distributor may determine
if any investors appear to have engaged in frequent trading activity. Lord Abbett Distributor’s monitoring activity normally
is limited to review of historic account activity. This may result in procedures that may be less effective at detecting and preventing
frequent trading than the procedures Lord Abbett Distributor uses in connection with accounts not maintained in an omnibus environment
or in nominee name.

 

If an investor related to an account maintained in an omnibus environment
or in nominee name is identified as engaging in frequent trading activity, we normally will request that the financial intermediary
take appropriate action to curtail the activity and will work with the relevant party to do so. Such action may include actions
similar to those that Lord Abbett Distributor would take, such as issuing warnings to cease frequent trading activity, placing
blocks on accounts to prohibit future purchases and exchanges of Fund shares, or requiring that the investor place trades through
the mail only, in each case either indefinitely or for a period of time. Again, we reserve the right to immediately attempt to
place a block on an account or take other action without prior notification when we deem such action appropriate in our sole discretion.
If we determine that the financial intermediary has not demonstrated adequately that it has taken appropriate action to curtail
the frequent trading, we may consider seeking to prohibit the account or sub-account from investing in the Fund and/or also may
terminate our relationship with the financial intermediary. As noted above, these efforts may be less effective at detecting and
preventing frequent trading than the policies and procedures Lord Abbett Distributor uses in connection with accounts not maintained
in an omnibus environment or in nominee name. The nature of these relationships also may inhibit or prevent Lord Abbett Distributor
or the Fund from assuring the uniform assessment of CDSCs on

PROSPECTUS – THE FUNDS
110

investors, even though financial intermediaries operating in omnibus
environments typically have agreed to assess the CDSCs or assist Lord Abbett Distributor or the Fund in assessing them.

 

Procedures Required by the USA PATRIOT Act. To help the government
fight the funding of terrorism and money laundering activities, federal law requires all financial institutions, including the
Fund, to obtain, verify, and record information that identifies each person who opens an account. What this means for you –
when you open an account, we will ask for your name, address, date and place of organization or date of birth, and taxpayer identification
number or Social Security number, and we may ask for other information that will allow us to identify you. We will ask for this
information in the case of persons who will be signing on behalf of certain entities that will own the account. We also may ask
for copies of documents. If we are unable to obtain the required information within a short period of time after you try to open
an account, we will return your purchase order or account application. Your monies will not be invested until we have all required
information. You also should know that we may verify your identity through the use of a database maintained by a third party or
through other means. If we are unable to verify your identity, we may liquidate and close the account. This may result in adverse
tax consequences. In addition, the Fund reserves the right to reject purchase orders or account applications accompanied by cash,
cashier’s checks, money orders, bank drafts, traveler’s checks, and third party or double-endorsed checks, among others.

 

Small Account Closing Policy. The Fund has established a
minimum account balance of $1,000. The Fund may redeem your account (without charging a CDSC) if the NAV of your account falls
below $1,000. The Fund will provide you with at least 60 days’ prior written notice before doing so, during which time you
may avoid involuntary redemption by making additional investments to satisfy the minimum account balance.

 

How to Protect Your Account from State Seizure. Under state
law, mutual fund accounts can be considered “abandoned property.” The Fund may be required by state law to forfeit
or pay abandoned property to the state government if you have not accessed your account for a period specified by the state of
your domicile. Depending on the state, in most cases, a mutual fund account may be considered abandoned and forfeited to the state
if the account owner has not initiated any activity in the account or contacted the fund company holding the account for as few
as three or as many as five years. Because the Fund is legally required to send the state the assets of accounts that are considered
“abandoned,” the Fund will not be liable to shareholders for good faith compliance with these state laws. If you invest
in the Fund through a financial intermediary, we encourage you to contact the financial intermediary regarding applicable state
abandoned property laws.

 

If you hold your account directly with the Fund (rather than through
an intermediary), we strongly encourage you to contact us at least once each year. Below are ways in which you can assist us in
safeguarding your Fund investments:

PROSPECTUS – THE FUNDS
111

  Log into your account at www.lordabbett.com. Please note that, by contrast, simply
visiting our public website will not constitute contact with us under state abandoned property rules; instead, an account
login is required.
  Call our 24-hour automated service line at 800-865-7582 and use your Personal Identification
Number (PIN). If you have never used this system, you will need your account number to establish a PIN.
  Call one of our customer service representatives at 800-821-5129 Monday through Friday from 8:00
am to 5:00 pm Eastern time. To establish contact with us under certain states’ abandoned property rules, you will need
to provide your name, account number, and other identifying information.
  Promptly notify us if your name, address, or other account information changes.
  Promptly vote on proxy proposals related to any Lord Abbett Fund you hold.
  Promptly take action on letters you receive in the mail from the Fund concerning account inactivity,
outstanding dividend and redemption checks, and/or abandoned property and follow the directions in these letters.

 

Additional Information. This prospectus and the SAI do not
purport to create any contractual obligations between the Fund and shareholders. Further, shareholders are not intended third-party
beneficiaries of any contracts entered into by (or on behalf of) the Fund, including contracts with Lord Abbett or other parties
who provide services to the Fund.

 

DISTRIBUTIONS AND TAXES

 

The following discussion is general. Because everyone’s tax
situation is unique, you should consult your tax advisor regarding the effect that an investment in the Fund may have on your particular
tax situation, including the treatment of distributions under the federal, state, local, and foreign tax rules that apply to you,
as well as the tax consequences of gains or losses from the sale, redemption, or exchange of your shares.

 

Each Fund expects
to declare dividends from their net investment income daily and to pay such dividends monthly.
Each Fund expects to distribute
any of its net capital gains annually. All distributions, including dividends from net investment income, will be reinvested in
Fund shares unless you instruct the Fund to pay them to you in cash. Your election to receive distributions in cash and payable
by check will apply only to distributions totaling $10.00 or more. Accordingly, any distribution totaling less than $10.00 will
be reinvested in Fund shares and will not be paid to you by check. This policy does not apply to you if you have elected to receive
distributions that are directly deposited into your bank account. Retirement and benefit plan accounts may not receive distributions
in cash. There are no sales charges on reinvestments.

PROSPECTUS – THE FUNDS
112

For U.S. federal income tax purposes, the Fund’s distributions
generally are taxable to shareholders, other than tax-exempt shareholders and shareholders investing through tax-advantaged arrangements
(including certain retirement and benefit plan shareholders, as discussed below), regardless of whether paid in cash or reinvested
in additional Fund shares. Distributions of net investment income and short-term capital gains are taxable as ordinary income;
however, certain qualified dividends that the Fund receives and distributes may be subject to a reduced tax rate if you meet holding
period and certain other requirements. Distributions of net long-term capital gains properly reported by the Fund as capital gain
dividends are taxable as long-term capital gains, regardless of how long you have owned Fund shares. Any gain resulting from a
sale, redemption, or exchange of Fund shares generally will also be taxable to you as either short-term or long-term capital gain,
depending upon how long you have held such shares.

 

An additional 3.8% Medicare contribution tax generally will be imposed
on the net investment income of U.S. individuals, estates and trusts whose income exceeds certain threshold amounts. For this purpose,
net investment income generally will include distributions from the Fund and capital gains attributable to the sale, redemption
or exchange of Fund shares.

 

If you buy shares after the Fund has realized income or capital
gains but prior to the record date for the distribution of such income or capital gains, you will be “buying a dividend”
by paying the full price for shares and then receiving a portion of the price back in the form of a potentially taxable dividend.

 

Shareholders that are exempt from U.S. federal income tax or that
invest through tax-advantaged arrangements, such as retirement and benefit plans that are qualified under Section 401 of the Code,
generally are not subject to U.S. federal income tax on Fund dividends or distributions or on sales or exchanges of Fund shares.
However, distributions from a retirement and benefit plan or other tax-advantaged arrangement generally are taxable to recipients
as ordinary income.

 

Income, proceeds and gains received by a Fund from sources within
foreign countries may be subject to withholding and other taxes imposed by such countries. This will decrease the Fund’s
yield on securities subject to such taxes. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes.
If a Fund meets certain requirements relating to its asset holdings, and the Fund elects to pass through to its shareholders foreign
tax credits or deductions, then taxable shareholders generally will be entitled to claim a credit or deduction with respect to
these foreign taxes. Even if a Fund elects to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders
and those who invest in the Fund through tax-advantaged accounts such as IRAs will not benefit from any such tax credit or deduction.

 

You must provide your Social Security number or other taxpayer identification
number to the Fund along with certifications required by the Internal Revenue Service when you open an account. If you do not or
the Fund is otherwise legally

PROSPECTUS – THE FUNDS
113

required to do so, the Fund will withhold a “backup withholding”
tax from your distributions, sale proceeds, and any other taxable payments to you.

 

Certain tax reporting information concerning the tax treatment of
Fund distributions, including the source of dividends and distributions of capital gains by the Fund, will be provided to shareholders
each year.

 

Mutual funds are required to report to you and the Internal Revenue
Service the “cost basis” of your shares acquired after January 1, 2012 and that are subsequently redeemed. These requirements
generally do not apply to investments held in a tax-advantaged account or to certain types of entities (such as C corporations).

 

If you hold Fund shares through a broker (or another nominee), please
contact that broker (nominee) with respect to the reporting of cost basis and available elections for your account. If you are
a direct shareholder, you may request that your cost basis reported on Form 1099-B be calculated using any one of the alternative
methods offered by the Fund. Please contact the Fund to make, revoke, or change your election. If you do not affirmatively elect
a cost basis method, the Fund will use the average cost basis method.

 

Please note that you will continue to be responsible for calculating
and reporting gains and losses on redemptions of shares purchased prior to January 1, 2012. You are encouraged to consult your
tax advisor regarding the application of the cost basis reporting rules and, in particular, which cost basis calculation method
you should elect.

PROSPECTUS – THE FUNDS
114

 

 

FINANCIAL HIGHLIGHTS

 

These tables describe the Funds’ performance for the fiscal
periods indicated. “Total Return” shows how much your investment in the Funds would have increased or decreased during
each period without considering the effects of sales loads and assuming you had reinvested all dividends and distributions. These
Financial Highlights have been audited by Deloitte & Touche LLP, the Funds’ independent registered public accounting
firm, in conjunction with their annual audit of the Funds’ financial statements. Financial statements and the report of
the independent registered public accounting firm thereon appear in the most recent annual report to shareholders and are incorporated
by reference in the SAI, which is available upon request. Certain information reflects financial results for a single Fund share.
Financial Highlights are provided for each class of shares with operations during the fiscal periods indicated and shares outstanding
as of the end of the most recent fiscal period.

PROSPECTUS – THE FUNDS
115

EMERGING
MARKETS BOND FUND

 

FINANCIAL HIGHLIGHTS

 

        Per Share Operating Performance:
        Investment Operations:   Distributions to
shareholders from:
    Net asset
value,
beginning
of period
  Net
invest-
ment
income(a)
  Net
realized
and
unrealized
gain (loss)
  Total
from
invest-
ment
opera-
tions
  Net
investment
income
  Return
of
capital
  Total
distri-
butions
Class A                                                        
12/31/2020   $ 5.29     $ 0.21     $ 0.03     $ 0.24     $ (0.22 )   $     $ (0.22 )
12/31/2019     4.80       0.25       0.50       0.75       (0.26 )           (0.26 )
12/31/2018     5.42       0.18       (0.53 )     (0.35 )     (0.22 )     (0.05 )     (0.27 )
12/31/2017     5.11       0.10       0.44       0.54       (0.23 )           (0.23 )
12/31/2016     5.10       0.08       0.21       0.29       (0.28 )           (0.28 )
Class C                                                        
12/31/2020     5.33       0.19       0.01       0.20       (0.19 )           (0.19 )
12/31/2019     4.83       0.22       0.51       0.73       (0.23 )           (0.23 )
12/31/2018     5.45       0.15       (0.53 )     (0.38 )     (0.20 )     (0.04 )     (0.24 )
12/31/2017     5.14       0.07       0.44       0.51       (0.20 )           (0.20 )
12/31/2016     5.13       0.05       0.21       0.26       (0.25 )           (0.25 )
Class F                                                        
12/31/2020     5.29       0.22       0.03       0.25       (0.23 )           (0.23 )
12/31/2019     4.80       0.26       0.50       0.76       (0.27 )           (0.27 )
12/31/2018     5.42       0.17       (0.51 )     (0.34 )     (0.24 )     (0.04 )     (0.28 )
12/31/2017     5.11       0.10       0.45       0.55       (0.24 )           (0.24 )
12/31/2016     5.10       0.08       0.21       0.29       (0.28 )           (0.28 )
Class F3                                                        
12/31/2020     5.29       0.22       0.03       0.25       (0.24 )           (0.24 )
12/31/2019     4.80       0.26       0.50       0.76       (0.27 )           (0.27 )
12/31/2018     5.41       0.20       (0.53 )     (0.33 )     (0.23 )     (0.05 )     (0.28 )
4/4/2017 to 12/31/2017(c)     5.31       0.08       0.21       0.29       (0.19 )           (0.19 )
Class I                                                        
12/31/2020     5.28       0.22       0.03       0.25       (0.23 )           (0.23 )
12/31/2019     4.80       0.26       0.49       0.75       (0.27 )           (0.27 )
12/31/2018     5.41       0.20       (0.53 )     (0.33 )     (0.23 )     (0.05 )     (0.28 )
12/31/2017     5.10       0.11       0.44       0.55       (0.24 )           (0.24 )
12/31/2016     5.09       0.09       0.21       0.30       (0.29 )           (0.29 )
Class R3                                                        
12/31/2020     5.28       0.20       0.03       0.23       (0.21 )           (0.21 )
12/31/2019     4.80       0.24       0.49       0.73       (0.25 )           (0.25 )
12/31/2018     5.41       0.17       (0.52 )     (0.35 )     (0.22 )     (0.04 )     (0.26 )
12/31/2017     5.10       0.08       0.44       0.52       (0.21 )           (0.21 )
12/31/2016     5.09       0.06       0.21       0.27       (0.26 )           (0.26 )

PROSPECTUS – THE FUNDS
116

EMERGING MARKETS
BOND FUND

 

FINANCIAL HIGHLIGHTS (CONTINUED)

 

            Ratios
to Average Net Assets:
  Supplemental
Data:
                             
    Net
asset
value,
end of
period
  Total
return(b)
(%)
  Total
expenses
after
waivers
and/or reim-
bursements
(%)
  Total
expenses
(%)
  Net
invest-
ment
income
(%)
  Net
assets,
end of
period
(000)
  Portfolio
turnover
rate
(%)
Class A                        
12/31/2020   $ 5.31       4.99       0.90       0.91       4.22     $ 13,811       49  
12/31/2019     5.29       15.91       0.96       0.96       4.89       13,433       47  
12/31/2018     4.80       (6.55 )     0.98       0.98       3.41       9,636       135  
12/31/2017     5.42       10.73       0.94       0.94       1.84       17,746       35  
12/31/2016     5.11       5.68       0.99       0.99       1.51       18,357       90  
Class C                                                        
12/31/2020     5.34       4.13       1.54       1.55       3.68       1,074       49  
12/31/2019     5.33       15.34       1.58       1.58       4.32       1,441       47  
12/31/2018     4.83       (7.06 )     1.59       1.59       2.84       1,769       135  
12/31/2017     5.45       10.03       1.55       1.55       1.22       3,158       35  
12/31/2016     5.14       5.03       1.60       1.60       0.91       4,025       90  
Class F                                                        
12/31/2020     5.31       5.17       0.70       0.81       4.37       2,802       49  
12/31/2019     5.29       16.08       0.76       0.86       5.02       5,064       47  
12/31/2018     4.80       (6.44 )     0.84       0.87       3.36       3,821       135  
12/31/2017     5.42       10.83       0.84       0.84       1.94       7,311       35  
12/31/2016     5.11       5.79       0.89       0.89       1.61       7,366       90  
Class F3                                                        
12/31/2020     5.30       5.01       0.70       0.71       4.45       694       49  
12/31/2019     5.29       16.15       0.75       0.75       5.08       710       47  
12/31/2018     4.80       (6.19 )     0.76       0.76       3.84       429       135  
4/4/2017 to 12/31/2017(c)      5.41       5.45 (d)      0.75 (e)      0.75 (e)      2.06 (e)      457       35  
Class I                                                        
12/31/2020     5.30       5.19       0.70       0.71       4.36       282,521       49  
12/31/2019     5.28       15.92       0.76       0.76       5.13       160,122       47  
12/31/2018     4.80       (6.19 )     0.78       0.78       3.81       164,990       135  
12/31/2017     5.41       10.96       0.74       0.74       2.03       189,184       35  
12/31/2016     5.10       5.90       0.79       0.79       1.71       356,968       90  
Class R3                                                        
12/31/2020     5.30       4.68       1.21       1.22       3.92       198       49  
12/31/2019     5.28       15.59       1.26       1.26       4.63       194       47  
12/31/2018     4.80       (6.85 )     1.28       1.28       3.39       255       135  
12/31/2017     5.41       10.42       1.23       1.23       1.55       264       35  
12/31/2016     5.10       5.38       1.28       1.28       1.22       296       90  

PROSPECTUS – THE FUNDS
117

EMERGING MARKETS
BOND FUND

 

FINANCIAL HIGHLIGHTS (CONTINUED)

 

        Per Share Operating Performance:
        Investment Operations:   Distributions
to
shareholders from:
    Net asset
value,
beginning
of period
  Net
invest-
ment
income(a)
  Net
realized
and
unrealized
gain (loss)
  Total
from
invest-
ment
opera-
tions
  Net
investment
income
  Return
of
capital
  Total
distri-
butions
Class R4                                                        
12/31/2020   $ 5.29     $ 0.22     $ 0.01     $ 0.23     $ (0.22 )   $     $ (0.22 )
12/31/2019     4.80       0.25       0.50       0.75       (0.26 )           (0.26 )
12/31/2018     5.42       0.18       (0.53 )     (0.35 )     (0.22 )     (0.05 )     (0.27 )
12/31/2017     5.11       0.10       0.44       0.54       (0.23 )           (0.23 )
12/31/2016     5.10       0.08       0.21       0.29       (0.28 )           (0.28 )
Class R5                                                        
12/31/2020     5.28       0.22       0.04       0.26       (0.24 )           (0.24 )
12/31/2019     4.80       0.26       0.49       0.75       (0.27 )           (0.27 )
12/31/2018     5.41       0.20       (0.52 )     (0.32 )     (0.24 )     (0.05 )     (0.29 )
12/31/2017     5.10       0.11       0.44       0.55       (0.24 )           (0.24 )
12/31/2016     5.09       0.09       0.21       0.30       (0.29 )           (0.29 )
Class R6                                                        
12/31/2020     5.29       0.22       0.03       0.25       (0.24 )           (0.24 )
12/31/2019     4.80       0.26       0.50       0.76       (0.27 )           (0.27 )
12/31/2018     5.41       0.19       (0.51 )     (0.32 )     (0.24 )     (0.05 )     (0.29 )
12/31/2017     5.10       0.11       0.44       0.55       (0.24 )           (0.24 )
12/31/2016     5.09       0.10       0.20       0.30       (0.29 )           (0.29 )

 

 

(a) Calculated using
average shares outstanding during the period.
(b) Total return for
Classes A and C does not consider the effects of sales loads and assumes the reinvestment
of all distributions. Total return for all other classes assumes the reinvestment of
all distributions.
   
(c) Commenced on April
4, 2017.
(d) Not annualized.
(e) Annualized.

PROSPECTUS – THE FUNDS
118

EMERGING MARKETS
BOND FUND

 

FINANCIAL HIGHLIGHTS (CONCLUDED)

 

            Ratios
to Average Net Assets:
  Supplemental
Data:
                             
    Net
asset
value,
end of
period
  Total
return(b)
(%)
  Total
expenses
after
waivers
and/or reim-
bursements
(%)
  Total
expenses
(%)
  Net
invest-
ment
income
(%)
  Net
assets,
end of
period
(000)
  Portfolio
turnover
rate
(%)
Class R4                                                        
12/31/2020   $ 5.30       4.74       0.96       0.97       4.32     $ 71       49  
12/31/2019     5.29       15.85       1.02       1.02       4.81       138       47  
12/31/2018     4.80       (6.60 )     1.03       1.03       3.53       55       135  
12/31/2017     5.42       10.67       0.99       0.99       1.83       27       35  
12/31/2016     5.11       5.67       1.01       1.01       1.50       10       90  
Class R5                                                        
12/31/2020     5.30       5.22       0.68       0.69       4.47       12       49  
12/31/2019     5.28       15.92       0.74       0.74       5.14       12       47  
12/31/2018     4.80       (6.17 )     0.76       0.76       4.03       18       135  
12/31/2017     5.41       10.97       0.73       0.73       2.06       11       35  
12/31/2016     5.10       5.94       0.75       0.75       1.76       10       90  
Class R6                                                        
12/31/2020     5.30       5.01       0.70       0.71       4.46       363       49  
12/31/2019     5.29       16.15       0.75       0.75       5.11       430       47  
12/31/2018     4.80       (6.17 )     0.76       0.76       3.74       317       135  
12/31/2017     5.41       10.99       0.74       0.74       2.11       524       35  
12/31/2016     5.10       6.04       0.66       0.66       1.85       10       90  

PROSPECTUS – THE FUNDS
119

EMERGING MARKETS
CORPORATE DEBT FUND

 

FINANCIAL HIGHLIGHTS

 

        Per Share Operating Performance:
        Investment Operations:   Distributions
to
shareholders from:
    Net asset
value,
beginning
of period
  Net
invest-
ment
income(a)
  Net
realized
and
unrealized
gain (loss)
  Total
from
invest-
ment
opera-
tions
  Net
investment
income
  Net
realized
gain
  Total
distri-
butions
Class A                                                        
12/31/2020   $ 15.54     $ 0.56     $ 0.29 (c)    $ 0.85     $ (0.61 )   $     $ (0.61 )
12/31/2019     14.31       0.64       1.27       1.91       (0.68 )           (0.68 )
12/31/2018     15.54       0.61       (1.16 )     (0.55 )     (0.65 )     (0.03 )     (0.68 )
12/31/2017     15.08       0.59       0.67       1.26       (0.64 )     (0.16 )     (0.80 )
12/31/2016     14.45       0.61       0.68       1.29       (0.66 )           (0.66 )
Class C                                                        
12/31/2020     15.54       0.46       0.29 (c)      0.75       (0.51 )           (0.51 )
12/31/2019     14.31       0.55       1.26       1.81