FORMULAIRE 485BPOS LETTRES LORD ABBETT ® garantie entreprise

La mutuelle fédératif est mêmes buts que la complémentaire santé individuelle : elle vise à compléter, partiellement ou en totalité, les débours de santé qui ne sont pas remboursées pendant la Sécurité sociale. Les employés du secteur privé et employeurs sont concernés en la mutuelle collective, autrement appelée mutuelle d’entreprise ou mutuelle de groupe.

Rendues obligatoires à partir du 1er janvier 2016, mutuelles européen offrent beaucoup de avantages pour salariés. Elles sont avant tout moins onéreuses que les complémentaires de santé individuelle. De plus, une fraction des cotisations est prise en charge dans l’entreprise.

Les employeurs doivent veiller à allouer à leurs employés une mutuelle qui répond à un cahier des charges précis, prévu chez le législateur.

Qui est concerné pendant la mutuelle d’entreprise ?
Tous les employeurs du clientèle privée devront avoir souscrit or premier janvier 2016, une mutuelle fédératif pour salariés. Sont ainsi concernées :
les TPE et les PME
les grandes entreprises et pourquoi pas multinationales
congrégation
les fédérations
Les ayants droit du salarié, famille ou bien enfants, peuvent également bénéficier de la mutuelle collective. Si le contrat le prévoit, elles y être affiliés.

A l’inverse, la mutuelle fédératif ne concerne pas le secteur public. Les fonctionnaires ne peuvent donc pas y prétendre. Les prolétariat non employés ne sont pas plus concernés. Pour couvrir leurs mise de fonds de santé, ils peuvent s’orienter vers un contrat de prévoyance.

En principe, la mutuelle fédératif est obligatoire pour in extenso les salariés. Sous certaines conditions, le salarié refuser de s’y soumettre.

Quelles dépense de santé la mutuelle collective doit rembourser ?
L’Accord national interprofessionnel (ANI) du 14 juin 2013, qui fourni la mutuelle collectif obligatoire, émane de la loi sur la sécurisation de l’emploi. L’objectif indispensable est de permettre aux employés du clientèle privée d’accéder à une mutuelle de qualité. Ainsi, la mutuelle collective d’une entreprise assure un socle de garanties minimales, prévues par le législateur. Il s’agit :

de l’usage en charge de l’intégralité du bon modérateur pour les consultations, les offres et actes de qui sont remboursés parmi la Sécurité sociale
du remboursement de la totalité du forfait journalier hospitalier
de la prise en charge des frais dentaires à hauteur de 125% du tarif conventionnel
de la prise en charge des frais d’optique forfaitaire par période de 2 ans. Pour une correction simple, le minimum de prise en charge est fixé à 100 €
Ces garanties ont pour mission obligatoirement figurer dans le contrat de mutuelle collective. Il s’agit du panier de soins minimum. Légalement, l’employeur n’a pas le droit de proposer une mutuelle de laquelle garanties seraient inférieures à ce seuil de couverture. Il peut, en revanche, souscrire des garanties supplémentaires : une garantie d’assistance, une meilleure prise en charge pour l’optique ou le dentaire, le tiers payant… Le contrat de la mutuelle collectif a aussi l’obligation d’être responsable.

Qui finance cotisations de la mutuelle collective ?
Une partie des cotisations de la mutuelle collective est prise en charge dans l’employeur (la part patronale). En cela, employés sont avantagés. L’employeur prend en charge d’or moins 50% des cotisations de la mutuelle collective, pour la partie qui correspond or panier de soins minimum. Le reste des cotisations est à la charge de l’employé (la salariale).

Comment mettre à sa place la mutuelle fédératif obligatoire d’or sein de l’entreprise ?
Avant de souscrire une mutuelle d’entreprise, employeurs ont la possibilité de soumettre leur choix aux représentants du personnel. Ils aussi organiser un référendum en leurs salariés. En d’échec des négociations, l’employeur souscrit une mutuelle collectif sur décision unilatérale.

Employeurs, renseignez-vous auprès de votre branche pro ! Ces dernières vous recommander des mutuelles européen intéressantes, parfaitement adaptées à votre secteur d’activité (construction, hôtellerie, restauration, agriculture…) Négociés pendant la branche professionnelle, les contrats de mutuelle sont couramment super avantageux.

Depuis le premier janvier 2016, les offres de mutuelle collectif sont grandes sur le marché. Petites, moyennes ainsi qu’à grandes entreprises : les intermédiaire en toupet peuvent vous aider à trouver le contrat qui s’adapte le mieux à vos besoins. Contactez-nous !


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Tel que déposé auprès de US Securities and
Exchange Commission 2020 24 février

Numéro de la Loi sur les valeurs mobilières 002-10638

Loi sur les sociétés d'investissement no. 811-00005

LES ÉTATS-UNIS

COMMISSION SÉCURITÉ ET CHANGEMENT

Washington, D.C.20549

FORMULE N-1A

RAPPORT D'ENREGISTREMENT AVANT 1933 LOI SUR LES VALEURS MOBILIÈRES X
Amendement préliminaire no.
Amendement n. 119 X
et / ou
RAPPORT D'INSCRIPTION AVANT 1940 LOI SUR LES SOCIÉTÉS D'INVESTISSEMENT X
Amendement 119 X

FONDS LORD ABBETT SUSIJIL, INC.

(Le nom exact du déclarant tel que spécifié dans
Externalisation)

90 Hudson Street, Jersey City, New Jersey 07302-3973
(Adresse de la principale agence exécutive) (Code postal)

Numéro de téléphone du titulaire,
y compris l'indicatif régional: (888) 522-2388

John T. Fitzgerald, Esq.

Vice-président et secrétaire adjoint

90 Hudson Street, Jersey City, New Jersey
07302-3973

(Nom et adresse de l'agent de service)

Il est suggéré que cette application prenne effet (vérifier
case appropriée):

__ dépôt immédiat en vertu de l'alinéa b)
X sous b) en 2020. 1 mars
__ 60 jours à compter du dépôt d'une demande en vertu de l'alinéa a) (1)
__ (date) conformément au paragraphe a) 1)
__ 75 jours après le dépôt en vertu du point a) 2)
__ (date) conformément à la règle 485 a) 2)

Veuillez cocher cette case si nécessaire:

__ Cette modification, en vigueur après la date d'entrée en vigueur, spécifie une nouvelle date d'entrée en vigueur pour les modifications qui sont entrées en vigueur après la date d'entrée en vigueur.

Fondation liée à Lord Abbett

LE PROSPECTUS

2020 1 mars

CLASSE BILLETS CLASSE BILLETS
Un LAFFX R2 LAFQX
C LAFCX R3 LAFRX
F LAAFX R4 LAFSX
F3 LTFOX R5 LAFTX
Moi LAFYX R6 LAFVX
P LAFPX

La Securities and Exchange Commission des États-Unis n'a ni approuvé ni approuvé ces titres et n'a pas déterminé si ce prospectus est exact ou complet. Toute déclaration contraire est une infraction pénale.
INVESTISSEMENTS
ARTICLES: FDIK FDIK – INTERDITS – AUCUNE GARANTIE BANCAIRE – VALEUR MAI

Information importante:

Intention d'accepter le rapport d'un autre actionnaire

option selon SEC 30e – règle 3

À partir de 2021. Février, si la réglementation le permet, adopté
Les copies papier des rapports des actionnaires du Fonds ne seront plus envoyées à la Securities and Exchange Commission
sauf si vous demandez spécifiquement des copies papier des rapports du Fonds ou de votre intermédiaire financier
en tant que courtier, conseiller en placement ou banque. Au lieu de cela, les rapports seront disponibles sur le site Web de Lord Abbett
et vous serez averti par courrier chaque fois qu'un rapport est publié et vous recevrez un lien annexe pour accéder au rapport.

Si vous avez déjà choisi de recevoir les rapports aux actionnaires par voie électronique,
ce changement ne vous affectera pas et aucune action n'est requise. Actionnaires détenant directement des comptes
Le Fonds peut décider de recevoir les rapports aux actionnaires et autres communications du Fonds par voie électronique en se connectant
votre compte Lord Abbett en ligne sur lordabbett.com et en sélectionnant "Connexion". Pour plus d'informations,
vous pouvez également contacter la Fondation au (800) 821-5129. Les actionnaires titulaires de comptes par l’intermédiaire d’un intermédiaire financier
contactez-les directement.

Vous pouvez choisir de recevoir gratuitement tous les futurs rapports papier
en contactant la Fondation au (800) 821-5129. Votre choix de recevoir des rapports papier s'appliquera à tous les fonds dont vous disposez
Lord Abbett. Si vos parts de fonds appartiennent à un intermédiaire financier, contactez-les directement. Votre élection
s'applique à tous les fonds détenus par cet intermédiaire.

OBJECTIF D'INVESTISSEMENT

L'objectif d'investissement du Fonds est la croissance à long terme
capital et revenu sans fluctuations importantes de la valeur marchande.

TAXES ET DÉPENSES

Le tableau suivant décrit les frais et dépenses que vous pouvez payer
si vous achetez et détenez des Actions du Fonds. Si vous et certains membres de votre famille investissez, vous pourriez recevoir un remboursement de la taxe de vente,
ou acceptez d'investir au moins 50 000 $ dans le Lord Abbett Family Fund à l'avenir. Plus d'informations sur ces remises et autres
peuvent être achetés auprès de votre professionnel de la finance et dans la section Réduction et exonération de la taxe de vente à la page 33 du prospectus,
L'annexe A du Prospectus, intitulée «Réduction et exonération de la taxe de vente sur les intermédiaires» et «Achats,
Rachat, prix et paiements aux vendeurs "à la page 9-1 de la partie II du rapport d'information supplémentaire (" ISC ").

Honoraires des actionnaires(1) (Frais payés directement à partir de votre investissement)
Classe Un C F,
F3, I, P, R2, R3, R4, R5 et R6
Maximum
Taxe de vente (charge)

(en pourcentage de l'enchère)
5,75% Aucun Aucun
Maximum
Taxe de vente différée (charge)

(en pourcentage du produit de l'offre ou du rachat, le montant le plus bas étant retenu)
Aucun(2) 1,00%(3) Aucun

Annuel
Dépenses opérationnelles du Fonds
(Dépenses
que vous payez chaque année en pourcentage de la valeur de votre investissement)
Classe Un C F F3 Moi P
La gestion
Honoraires
0,32% 0,32% 0,32% 0,32% 0,32% 0,32%
Distribution
et frais de service (12b-1)
0,25% 1,00% 0,10 pour cent Aucun Aucun 0,45%
Autres
Coûts
0,14% 0,14% 0,14% 0,06% 0,14% 0,14%
Total
Coûts de fonctionnement annuels du Fonds
0,71% 1,46% 0,56% 0,38% 0,46% 0,91%

PROSPECTUS – Fonds connexe

2

Annuel
Dépenses opérationnelles du Fonds (suite)
(Dépenses
que vous payez chaque année en pourcentage de la valeur de votre investissement)
Classe R2 R3 R4 R5 R6
La gestion
Honoraires
0,32% 0,32% 0,32% 0,32% 0,32%
Distribution
et frais de service (12b-1)
0,60% 0,50% 0,25% Aucun Aucun
Autres dépenses 0,14% 0,14% 0,14% 0,14% 0,06%
Total des frais d'exploitation annuels du Fonds 1,06% 0,96% 0,71% 0,46% 0,38%

(1) Un actionnaire engagé dans des classes d'actions sans transaction préalable
la taxe de vente peut vous obliger à payer une commission à votre intermédiaire financier. Contactez votre intermédiaire financier
Pour plus d'informations sur la question de savoir si une telle commission peut s'appliquer à votre opération.
(2) Taxe de vente différée non définie («CDSC»)
1,00% de la valeur peut être évaluée pour certaines actions de catégorie A achetées ou acquises sans taxe de vente si elles ont été rachetées plus tôt
le premier jour du mois de l'anniversaire d'achat d'un an.
(3) Les actions de classe C peuvent être évaluées à 1,00% CDSC
si racheté avant le premier anniversaire de l'achat.

Un exemple

Cet exemple est destiné à vous aider à comparer les coûts d'investissement
investir dans d'autres fonds communs de placement. L'exemple suppose que vous investissez 10 000 $ dans le Fonds au fil du temps
racheter toutes vos actions pendant les périodes précisées ci-dessus et à la fin de ces périodes. L'exemple suppose également que votre investissement
rend 5% par an et que les frais d'exploitation du Fonds restent les mêmes. Bien que vos coûts réels puissent être plus élevés
ou moins, selon ces hypothèses, vos coûts seraient les suivants:

Classe Si
Les actions sont rachetées
Si
Les actions ne sont pas rachetées
1
Année
3
Année
5
Année
10e
Année
1
Année
3
Année
5
Année
10e
Année
Classe
Un partage
Dollars 643 Dollars 789 Dollars 947 Dollars 1,407 Dollars 643 Dollars 789 Dollars 947 Dollars 1,407
Classe
Actions C
Dollars 249 Dollars 462 Dollars 797 Dollars 1,746 Dollars 149 Dollars 462 Dollars 797 Dollars 1,746
Classe
Actions F
Dollars 57 Dollars 179 Dollars 313 Dollars 701 Dollars 57 Dollars 179 Dollars 313 Dollars 701
Classe
Actions F3
Dollars 39 Dollars 122 Dollars 213 Dollars 480 Dollars 39 Dollars 122 Dollars 213 Dollars 480
Classe
Je partage
Dollars 47 Dollars 148 Dollars 258 Dollars 579 Dollars 47 Dollars 148 Dollars 258 Dollars 579
Classe
Partages P
Dollars 93 Dollars 290 Dollars 504 Dollars 1120 Dollars 93 Dollars 290 Dollars 504 Dollars 1120
Classe
Actions de R2
Dollars 108 Dollars 337 Dollars 585 Dollars 1 294 Dollars 108 Dollars 337 Dollars 585 Dollars 1 294
Classe
Actions R3
Dollars 98 Dollars 306 Dollars 531 Dollars 1 178 Dollars 98 Dollars 306 Dollars 531 Dollars 1 178
Classe
Actions R4
Dollars 73 Dollars 227 Dollars 395 Dollars 883 Dollars 73 Dollars 227 Dollars 395 Dollars 883
Classe
Actions R5
Dollars 47 Dollars 148 Dollars 258 Dollars 579 Dollars 47 Dollars 148 Dollars 258 Dollars 579
Classe
Actions R6
Dollars 39 Dollars 122 Dollars 213 Dollars 480 Dollars 39 Dollars 122 Dollars 213 Dollars 480

Rotation du portefeuille. Le Fonds prend en charge les frais de l'opération,
par exemple, des commissions lors de l'achat et de la vente de titres (ou du «retournement» de votre portefeuille). Rotation du portefeuille plus élevée
Ce taux peut entraîner des coûts de transaction plus élevés et peut entraîner des frais plus élevés lorsque les actions du Fonds sont dans un compte imposable. Ces
les coûts qui ne sont pas reflétés dans les frais d'exploitation ou l'échantillon annuels du fonds ont une incidence sur le rendement du fonds.

PROSPECTUS – Fonds connexe

3

Par
au cours du dernier exercice, le taux de rotation du portefeuille du Fonds était de 55% de la valeur moyenne de son portefeuille.

STRATÉGIES D'INVESTISSEMENT CLÉS

Dans des circonstances normales, le Fonds investit au moins 80% du total
actif net plus montant du prêt investi dans des titres de participation de grandes sociétés. Grande entreprise
est définie comme une entreprise dont la capitalisation boursière au moment de l'achat se situe dans la fourchette de capitalisation boursière
Russell 1000 entreprises® Index. Lors de la sélection des investissements, l'équipe de gestion de portefeuille se concentre sur les États-Unis.
les sociétés qui versent des dividendes et recherchent des sociétés qui, selon eux, peuvent lever des capitaux.

Les titres de participation dans lesquels le Fonds peut investir sont d'ordre général
actions, actions privilégiées, parts de fiducies (y compris les fiducies de placement et les fiducies privées), sociétés de personnes,
coentreprises, sociétés à responsabilité limitée et véhicules ayant une structure juridique similaire, autres instruments convertibles ou utilisables
investissements présentant des caractéristiques économiques similaires à celles mentionnées ci-dessus.

Le Fonds peut investir jusqu'à 10% de son actif net dans des titres
les sociétés étrangères, y compris les sociétés des marchés émergents, les certificats américains de dépôt (ADR) et similaires
certificats de dépôt. Outre les ADR, le Fonds définit généralement les sociétés étrangères comme celles dont les titres sont principalement négociés
sur les bourses non américaines.

L'équipe d'investissement peut prendre en compte les aspects environnementaux, sociaux et
de gestion (ESG) dans les décisions d'investissement. Le Fonds peut vendre un titre s'il estime que le titre est moins probable
pour profiter du marché et de l'environnement économique actuels ou pour montrer des signes de détérioration des fondamentaux, entre autres raisons.
À des fins de défense temporaire, le Fonds peut s'écarter de la stratégie d'investissement décrite ci-dessus. Le fonds peut manquer certains investissements
opportunités si des stratégies défensives sont utilisées et peuvent donc ne pas atteindre leur objectif d'investissement.

PRINCIPAL RISQUE

Investissement dans un fonds commun de placement, comme tout investissement dans un fonds commun de placement
Le fonds est soumis à des risques, y compris le risque de rendement faible ou nul sur votre investissement. Lorsque vous faites racheter vos actions,
ils peuvent valoir plus ou moins que ce que vous avez payé, ce qui signifie que vous risquez de perdre tout ou partie de votre argent investi
fonds. Les principaux risques liés à un investissement dans un fonds qui peuvent affecter négativement sa performance sont:

· Risque de stratégie d'investissement: Si la recherche fondamentale et l'analyse quantitative du Fonds n'atteignent pas son objectif
par conséquent, le Fonds peut subir des pertes ou perdre son indice de référence ou d'autres fonds ayant le même objectif ou les mêmes stratégies de placement,
même dans un marché favorable. En outre, la stratégie du fonds consistant à se concentrer sur les sociétés versant des dividendes signifie que le fonds le fera
être plus exposé aux risques associés à ce segment de marché particulier qu'un fonds qui investit plus largement.

PROSPECTUS – Fonds connexe

4

· Risque de marché: Les valeurs boursières fluctueront, parfois fortement et de façon imprévisible dans l'ensemble de l'économie
conditions, actions ou ingérence du gouvernement, perturbation du marché causée par des différends commerciaux ou d'autres facteurs, évolution politique,
et d'autres facteurs. Les prix des actions ont tendance à augmenter et à baisser plus que les prix de la dette.
· Risque actions: Les actions ainsi que les titres assimilables à des actions tels que les titres de créance convertibles peuvent
vous rencontrez une forte volatilité. Ces titres pourraient chuter fortement en raison d'événements défavorables affectant tous les marchés,
la situation financière d'une industrie ou d'un secteur particulier ou d'une entreprise individuelle.
· Risque d'industrie et de secteur: Bien que le Fonds ne bénéficie pas d'activités industrielles ou sectorielles, ses activités sont spécifiques à l'industrie
si les secteurs augmenteront de temps à autre en fonction de la perception par l’équipe de gestion de portefeuille des opportunités d’investissement.
Si le Fonds surperforme l'indice de référence dans une industrie ou un secteur, le Fonds sera confronté à un risque accru de
la valeur de son portefeuille diminuera en raison d'événements affectant de manière disproportionnée cette industrie ou ce secteur. De plus, les investissements
certaines industries ou certains secteurs peuvent être plus volatils que le marché au sens large.
· Risque de dividende: Les titres de sociétés versant des dividendes qui répondent aux critères d'investissement du Fonds peuvent être moins étendus
cela peut limiter la capacité du Fonds à générer un revenu courant et augmenter la volatilité du rendement du Fonds.
Parfois, des gains de dividendesles sociétés payantes peuvent être à la traîne des performances d'autres sociétés
ou l'ensemble du marché plus large. En outre, les versements de dividendes des sociétés du portefeuille du Fonds peuvent varier dans le temps,
et rien ne garantit que la société paiera des dividendes.
· Risque lié aux grandes entreprises: Les entreprises plus grandes et plus établies peuvent avoir moins de réponses
rapidement à certains changements du marché. En outre, les grandes entreprises peuvent connaître des taux de croissance plus lents que les entreprises prospères,
cependant, les entreprises moins établies et plus petites, surtout en période de cycles de marché proportionnés aux périodes de développement économique.
· Risque d'entreprise moyen: Investir dans des entreprises de taille moyenne peut impliquer des risques plus élevés que d'investir dans des
des entreprises plus établies. Par rapport aux grandes entreprises, les moyennes entreprises peuvent avoir une expérience ou une profondeur de gestion limitée,
capacité limitée à générer ou emprunter du capital pour la croissance et des produits ou services limités ou à opérer dans des entreprises moins établies
marchés. En conséquence, les moyennes entreprises sont plus sensibles à l'évolution des conditions économiques, de marché et industrielles
et sont généralement plus volatils et moins liquides que les titres de participation de grandes sociétés, surtout à court terme. Valeurs mobilières
les moyennes entreprises ont tendance à commercer moins souvent que les grandes et les plus établies, ce qui peut avoir un impact négatif
le prix de ces titres et la possibilité de les vendre à l'avenir.

PROSPECTUS – Fonds connexe

5

· Risque sur les marchés étrangers et émergents: Investissements dans des sociétés étrangères et américaines avec des liens économiques
Les marchés étrangers comportent généralement des risques particuliers qui peuvent augmenter la probabilité que le Fonds perde de l'argent. Par exemple,
par rapport aux entreprises organisées et opérant aux États-Unis, ces entreprises peuvent être plus vulnérables aux facteurs économiques, politiques et
instabilité sociale et surveillance gouvernementale réduite, manque de transparence, normes réglementaires et comptables inadéquates,
et les impôts étrangers. En outre, les titres de sociétés étrangères peuvent également être soumis à une réglementation inadéquate en matière de contrôle des changes,
– l'imposition de sanctions économiques ou d'autres restrictions gouvernementales, des coûts de transaction et autres plus élevés, une liquidité réduite, et –
les retards de règlement dans la mesure où ils sont négociés sur des bourses ou des marchés non américains. Les titres de sociétés étrangères comprennent également les ADR.
Les ADR peuvent être moins liquides que leurs actions sous-jacentes sur le principal marché commercial. Les titres étrangers peuvent également faire l'objet du Fonds
investissements dans les variations des taux de change. Les titres des marchés émergents sont généralement plus volatils que les autres titres étrangers,
et ils font face à des risques de liquidité, réglementaires et politiques accrus. Investir dans les marchés émergents peut être considéré comme spéculatif
et sont généralement plus risqués que d'investir dans des marchés plus développés, car ces marchés ont tendance à se développer de manière inégale et ne peuvent jamais
de se développer pleinement. Les marchés émergents ont une hyperinflation et une dévaluation des devises plus élevées. Titres émergents
les sociétés de marché peuvent avoir des volumes de négociation beaucoup plus faibles et moins de liquidité que les émetteurs des marchés développés. Les entreprises
celles qui ont des liens économiques avec les marchés émergents peuvent faire face aux mêmes risques que les entreprises organisées sur les marchés émergents.
· Risque de change: Les titres en devises étrangères risquent
la valeur des devises diminuera par rapport au dollar américain ou, dans le cas de positions couvertes, le dollar américain diminuera
par rapport à la devise de couverture. Les taux de change peuvent fluctuer considérablement à court terme
le temps.
· Risque immobilier: Un investissement dans une FPI comporte généralement des risques qui affectent la valeur du sous-jacent
FPI immobilière ou hypothécaire. Ces risques comprennent la perte ou la condamnation, les changements dans l'offre et la demande, les intérêts
taux, lois de zonage, restrictions réglementaires sur le loyer, taxes foncières et frais d'exploitation. Autres facteurs qui peuvent vous nuire
Les FPI comprennent le travail inapproprié de la direction des FPI, les modifications des lois fiscales ou la non-conformité des FPI.
Traitement fiscal en vertu de la loi de 1986 Le code des impôts, tel que modifié ("le code") et les codes locaux, régionaux ou nationaux
conditions économiques générales.
· Risque de liquidité / de remboursement: La vente de titres à des moments inappropriés pour remplir les obligations des actionnaires peut entraîner une perte d'argent pour le Fonds
demandes de rachat. Le risque de perte peut augmenter en fonction de la taille et de la fréquence des demandes de rachat, que ce soit ou non
Les demandes sont faites dans le contexte de turbulences générales sur le marché ou de baisse des prix et si les titres sont destinés à la vente par le Fonds
déficience ou non liquide. Le fonds peut vendre moins illiquide

PROSPECTUS – Fonds connexe

6e

titres au moment ou au prix souhaité. Vous pouvez
Le Fonds a plus de difficulté à évaluer ses investissements dans des titres non liquides que dans des titres plus liquides.

L'investissement dans le Fonds n'est pas une contribution d'une banque et
n'est pas assuré ou garanti par une société fédérale d'assurance-dépôts ou un autre organisme gouvernemental. Pour en savoir plus
pour plus d'informations sur les risques fondamentaux du Fonds, lisez la section "Plus d'informations sur le fonds – Risques fondamentaux"
section du prospectus.

PERFORMANCE

Le graphique à barres et le tableau ci-dessous montrent quelques signes
il est risqué d'investir dans le Fonds, reflétant la volatilité du rendement du Fonds. Tout le monde pense que le dividende sera réinvesti
et les distributions. Le rendement passé du Fonds avant et après impôts ne reflète pas nécessairement le rendement du Fonds
donnera des concerts à l'avenir.

Le graphique à barres montre l'évolution de la performance du Fonds
Actions de catégorie A d'une année civile à une autre. Ce tableau ne représente pas la taxe de vente sur les actions de catégorie A.
Si la taxe de vente était reflétée, le rendement serait inférieur. Le rendement d'autres catégories d'actions du Fonds peut varier
coûts différents supportés par chaque classe. Des informations à jour sur les performances sont disponibles sur www.lordabbett.com ou en appelant le 888-522-2388.

Diagramme à barres (par année civile) – Actions de catégorie A

Meilleur trimestre 4th Q '10 + 13.36% Pire trimestre
3rd Q '11 -20,73%

Le tableau ci-dessous présente le rendement annuel moyen du Fonds
le rendement total par rapport à l'indice boursier dont les caractéristiques d'investissement sont similaires à celles du Fonds.
Le rendement annuel moyen du Fonds se compose des taxes de vente courantes.

Le tableau comprend les déclarations après impôt des actions de catégorie A
Les valeurs suivantes sont calculées à des taux d'imposition marginaux fédéraux élevés sur le revenu des particuliers et ne reflètent pas
taxes nationales et locales. Dans certains cas, un remboursement après impôt pour

PROSPECTUS – Fonds connexe

7e

La distribution et la vente d'actions du Fonds peuvent dépasser les rendements précédents
impôts provenant d'un crédit d'impôt pour pertes réelles sur la vente d'actions du Fonds à la fin de la période utilisée pour compenser
autres bénéfices. La déclaration de revenus réelle dépend de la situation fiscale de l'investisseur et peut différer de la déclaration de revenus. Après taxes
le rendement indiqué n'est pas pertinent pour les investisseurs qui détiennent des actions du Fonds dans le cadre d'incitations fiscales telles que les plans 401 (k)
ou Comptes de retraite individuels (IRA). Les autres classes d’actions après les déclarations de revenus ne figurent pas dans le tableau et
seront différents de ceux indiqués pour les actions de catégorie A.

Modéré
Rendement total annuel
(en raison de
périodes se terminant en 2019. 31 décembre)
Classe 1
Année
5
Année
10e
Année
La vie
cours
Accueil
Date
Performances
Classe
Un partage
Précédemment
Honoraires
18,07 pour cent 7,36% 9,94%
Après
Frais de distribution
16,83% 4,91% 8,38%
Après
Frais de distribution et de vente des actions du Fonds
11,49% 5,16% 7,79%
Classe
Actions C
23,37% 7,83% 9,81%
Classe
Actions F
25,50% 8,81% 10,80%
Classe
Actions F3
25,69% 10,20% 04/04/2017
Classe
Je partage
25,67% 8,92% 10,90%
Classe
Partages P
25,05% 8,57% 10,54%
Classe
Actions de R2
24,93% 8,28% 10,25%
Classe
Actions R3
25,02% 8,40% 10,37%
Classe
Actions R4
25,27% 9,85% 30/06/2015
Classe
Actions R5
25,57% 10,13% 30/06/2015
Classe
Actions R6
25,71% 10,21% 30/06/2015
Index
Russell
1000® Indice de valeur
26,54% 8,29% 11,80% 9,39% 30/06/2015
(reflète
taxes, frais ou honoraires non déductibles)
9,37% 04/04/2017
Lipper
Modéré
Lipper
Fonds de revenu moyen
24,42% 8,05% 10,74% 9,15% 30/06/2015
(reflète
ventes ou taxes non déduites)
9,67% 04/04/2017

GOUVERNANCE

Conseiller en investissement. Conseiller en placement du Fonds
est Lord, Abbett & Co. LLC ("Lord Abbett").

PROSPECTUS – Fonds connexe

8e

Gestionnaires de portefeuille.

Gestionnaires de portefeuille / Nom Membre
à propos
dossier
La gestion
Équipe de
Walter
H. Prahl, associé et directeur
2013 année
Marc
Pavese, associé et gestionnaire de portefeuille
2013 année
Darnell
C. Azeez, gestionnaire de portefeuille
L'année 2019
Servesh
Tiwari, gestionnaire de portefeuille
L'année 2019

ACHAT ET VENTE D'ACTIONS DE FONDS

Les montants initiaux et supplémentaires minimaux indiqués ci-dessous sont différents
en fonction de la classe d'actions achetées et du type de compte. Certains intermédiaires financiers peuvent imposer des restrictions différentes
que décrit ci-dessous. Pour les actions de catégorie I, l'investissement minimum ci-dessous s'applique à certains types d'investisseurs institutionnels,
toutefois, ne s'applique pas aux conseillers en placement inscrits ni aux régimes de retraite et d'avantages sociaux qui pourraient autrement investir dans des actions de catégorie I.
Les actions de catégorie P sont fermées à presque tous les nouveaux investisseurs. Voir aussi: "Choix de catégories d'actions – Montants d'investissement minimum"
voir le prospectus pour plus d'informations.

Investissement minimum – initial / supplémentaire
Investissements
Classe Un
et C(1)
F,
F3, P, R2, R3, R4, R5 et R6
Moi
Le général
et un IRA sans investissements Invest-A-Matic
1000 $ / Non.
minimum
Sans objet 1 $
millions / No.
minimum
Invest-A-Matic
Comptes(2)
250 $ / 50 $ Sans objet Sans objet
IRA,
Comptes SIMPLE et SEP avec retenues sur la paie
Non.
minimum
Sans objet Sans objet
Sur une base fiscale
Programmes consultatifs et régimes de retraite et d'avantages sociaux
Non.
minimum
Non.
minimum
Non.
minimum

(1) Il n'y a pas d'investissement minimum
pour les actions de catégorie A acquises par des investisseurs titulaires d'un compte auprès d'un intermédiaire financier ayant conclu
contrat avec Lord Abbett Distributor LLC (Lord Abbett Distributor) pour offrir gratuitement des Actions de Classe A
réseau ou plate-forme qui peut ou non facturer des frais de transaction.

(2) Il n'y a pas de minimum initial
Investissements dans des comptes Invest-A-Matic détenus directement auprès du Fonds, y compris les IRA.

Vous pouvez vendre (racheter) des actions via votre courtier en valeurs mobilières,
Le Fonds calcule sa valeur liquidative («VL») n'importe quel jour ouvrable en tant que financier professionnel ou intermédiaire financier.
Si vous avez les privilèges d'accès direct au compte, vous pouvez racheter vos actions en contactant le Fonds par écrit à P.O. Box 219336,
Kansas City, MO 64121 en appelant le 888-522-2388 ou en vous connectant à votre compte en ligne sur www.lordabbett.com.

PROSPECTUS – Fonds connexe

9e

INFORMATIONS FISCALES

Les distributions de fonds, le cas échéant, sont généralement imposables
comme un revenu ordinaire, des gains en capital ou une combinaison de ceux-ci, sauf si vous êtes un investisseur exonéré d'impôt ou
accord d'allégement fiscal, comme un plan 401 (k) ou un IRA. Toute dérogation à un tel régime fiscal préférentiel peut être imposable
pour toi.

PAIEMENTS À L'INTERMÉDIAIRE ET AUX VENDEURS
AUTRES INTERMÉDIAIRES FINANCIERS

Si vous achetez des actions du fonds par l’intermédiaire d’un courtier ou d’autres
un intermédiaire financier (comme une banque), le Fonds et le Distributeur du Fonds ou ses sociétés affiliées peuvent payer à l'intermédiaire pour:
Vente d'actions du Fonds et de services connexes. Ces paiements peuvent créer un conflit d'intérêts en affectant le courtier
ou un autre intermédiaire financier et votre professionnel financier peut recommander un autre investissement au Fonds. Demandez le vôtre
un professionnel financier individuel, ou visitez le site Web de l'intermédiaire financier pour plus d'informations.

PROSPECTUS – Fonds connexe

10e

PLUS D'INFORMATIONS SUR LE FONDS

OBJECTIF D'INVESTISSEMENT

L'objectif d'investissement du Fonds est la croissance à long terme
capital et revenu sans fluctuations importantes de la valeur marchande.

STRATÉGIES D'INVESTISSEMENT CLÉS

Dans des circonstances normales, le Fonds investit au moins 80% du total
actif net plus montant du prêt investi dans des titres de participation de grandes sociétés. Grande entreprise
est définie comme une entreprise dont la capitalisation boursière se situe dans la fourchette de capitalisation boursière au moment de l'achat
Russell 1000 entreprises® Indeksas, plačiai naudojamas etalonas, skirtas JAV didelių kapitalizacijos akcijų rezultatams. Parduotuvė
„Russell 1000“ kapitalizacijos diapazonas® Indeksas 2019 m. Birželio 30 d. Po paskutinio metinio jo atstatymo,
buvo maždaug nuo 643 iki 1 029 milijardų dolerių. Šis diapazonas kinta kiekvieną dieną. Pasirinkdama investicijas, portfelio valdymo komanda
daugiausia dėmesio skiria JAV bendrovėms, kurios moka dividendus, ir siekia išsiaiškinti įmones, kurios, jos manymu, gali padidinti kapitalą.

Nuosavybės vertybiniai popieriai, į kuriuos Fondas gali investuoti, yra bendrieji
akcijos, privilegijuotosios akcijos, nuosavybės dalis patikėjimo fonduose (įskaitant nekilnojamojo turto investicinius fondus („REIT“)) ir privačiai
siūlomi patikos fondai), bendrijos, bendros įmonės, ribotos atsakomybės bendrovės ir panašios teisinės struktūros transporto priemonės ir kita
instruments ayant des caractéristiques économiques similaires. Fondas taip pat mano, kad nuosavybės vertybiniai popieriai apima varantus, akcijų siūlymus,
konvertuojamus vertybinius popierius ir kitas investicijas, kurios yra konvertuojamos arba įgyvendinamos į aukščiau aprašytus nuosavybės vertybinius popierius.

Fondas gali investuoti iki 10% savo grynojo turto į vertybinius popierius
užsienio bendrovių, įskaitant kylančios rinkos bendroves, ADR, visuotinių depozitoriumo kvitų („GDR“) ir kitų panašių
depozitoriumo kvitai. The Fund generally defines foreign companies as those whose securities are traded primarily on non-U.S. securities
exchanges. Because ADRs represent exposure to foreign companies, the Fund deems them to be foreign investments even though they
trade on U.S. exchanges. Foreign securities may be denominated in the U.S. dollar or other currencies. The Fund may invest without
limitation in securities of companies that do not meet these criteria but represent economic exposure to foreign markets, including
securities of companies that are organized or operated in a foreign country but primarily trade on a U.S. securities exchange.

In selecting investments, the Fund’s portfolio management
team considers the following:

· Dividend Payment. Dividend-paying securities are securities issued by companies that pay out a portion of their
profits to shareholders instead of reinvesting all their profits in their businesses. Although issuers of dividend-paying securities
may include fast growing companies, they more commonly are

PROSPECTUS – Affiliated Fund

11

“value” companies whose securities the portfolio management
team believes have the potential for investment return because they are underpriced or undervalued according to certain financial
measurements of intrinsic worth or business prospects.
· Fundamental Analysis. The Fund’s investment process analyzes various measures of a company’s financial
condition. The Fund’s portfolio management team considers consensus expectations as well as proprietary fundamental analysis
regarding near-term earnings, long-term normalized earnings, and earnings growth rates. In addition, the portfolio management team
may consider other factors such as changes in economic and financial environment; new or improved products or services; changes
in management or structure of the company; price increases for the company’s products or services; and improved efficiencies
resulting from new technologies or changes in distribution.
· Quantitative Analysis. The Fund’s portfolio management team employs quantitative analysis, such as valuation
and risk models and other quantitative analytical tools. The portfolio management team may do so to analyze the effects of various
characteristics of the Fund’s overall portfolio and to assist in individual stock selection. Based on the portfolio management
team’s assessment of these portfolio characteristics, the Fund may buy or sell securities as it seeks to optimize overall
portfolio performance.

The investment team may also consider environmental, social,
and governance (ESG) factors in investment decisions.

The Fund may sell a security when the Fund believes the security
is less likely to benefit from the current market and economic environment, shows signs of deteriorating fundamentals, no longer
meets the Fund’s investment criteria, to increase cash, or to satisfy redemption requests, among other reasons. In considering
whether to sell a security, the Fund may evaluate factors including, but not limited to, the condition of the economy, changes
in the issuer’s competitive position or financial condition, changes in the outlook for the issuer’s industry, and
the Fund’s valuation target for the security.

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.

PROSPECTUS – Affiliated Fund

12

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. Before you invest in the Fund, you should carefully evaluate the risks in light of your investment goals. An investment
in the Fund held for longer periods over full market cycles typically provides more favorable results.

The principal risks you assume when investing in the Fundare
described below. The Fund attempts 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 the Fund and the risks associated with an investment
in the Fund.

· Investment Strategy Risk: The strategies used and securities selected by the Fund’s portfolio management team
may fail to produce the intended result and the Fund may not achieve its objective. Through the integration of fundamental research
and quantitative analysis, the Fund expects that stock selection is likely to be a primary driver of the Fund’s performance
relative to its benchmark index. In addition, there is no guarantee that the Fund’s use of quantitative analytic tools will
be successful. Factors that affect a security’s value can change over time and these changes may not be reflected in the
Fund’s quantitative models. Investments selected using these models may perform differently than expected as a result of
the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical
issues in the construction and implementation of the models. In addition, the Fund’s performance will reflect, in part, the
Fund’s portfolio management team’s ability to make active qualitative decisions and timely adjust the quantitative
models, including the models’ underlying metrics and data. As a result of the risks associated with the Fund’s investment
strategies, the Fund may underperform its benchmark or other funds with the same investment objective and which invest in large
companies, even in a favorable market. The Fund’s strategy of focusing on dividend-paying companies means the Fund will be
more exposed to risks associated with that particular market segment than a fund that invests more widely.
· 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

PROSPECTUS – Affiliated Fund

13

debt securities. Un
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.
· Equity Securities Risk: Investments in equity securities represent ownership in a company that fluctuates in value with
changes in the company’s financial condition. Stock markets may experience significant volatility at times and may fall sharply
in response to adverse events. Certain segments of the stock market may react differently than other segments and U.S. markets
may react differently than foreign markets. Individual stock prices also may experience dramatic movements in price. Price movements
may result from factors affecting individual companies, sectors, or industries selected for the Fund’s portfolio or the securities
market as a whole, including periods of slower growth or recessionary economic conditions, future expectations of poor economic
conditions, changes in political or social conditions, and lack of investor confidence. In addition, individual stocks may be adversely
affected by factors such as reduced sales, increased costs, or a negative outlook for the future performance of the company. As
compared with preferred stock and debt, common stock generally involves greater risk and has lower priority when liquidation, bankruptcy,
and dividend payments are made. Preferred stock may be subordinated to bonds or other debt instruments in a company’s capital
structure and is typically less liquid than common stock. Because convertible securities have certain features that are common
to fixed-income securities and may be exchanged for common stock, they are subject to the risks affecting both equity and fixed
income securities, including market, credit and interest rate risk.
· 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

PROSPECTUS – Affiliated Fund

14

sectors may be disproportionately susceptible to losses even if not overweighted.
· Dividend Risk: Depending on market conditions, securities of dividend-paying companies that meet the Fund’s investment
criteria may not be widely available. At times, the performance of dividendpaying companies may
lag the performance of other companies or the broader market as a whole. In addition, the dividend payments of the Fund’s
portfolio companies may vary over time, and there is no guarantee that a company will pay a dividend at all. The reduction or elimination
of dividends in the stock market as a whole may limit the Fund’s ability to produce current income. If dividendpaying
companies are highly concentrated in only a few market sectors, then the Fund’s portfolio may become less diversified, and
the Fund’s return may become more volatile.
· Large Company Risk: Larger, more established companies may be less able to respond quickly to certain market developments.
In addition, larger companies may have slower rates of growth as compared to successful, but less well-established, smaller companies,
especially during market cycles corresponding to periods of economic expansion. Large companies also may fall out of favor relative
to smaller companies in certain market cycles, causing the Fund to incur losses or underperform.
· Mid-Sized Company Risk: Investments in mid-sized companies may involve greater risks than investments in larger,
more established companies. As compared to larger companies, mid-sized companies may have limited management experience or depth,
limited ability to generate or borrow capital needed for growth, and limited products or services, or operate in less established
markets. Accordingly, securities of mid-sized companies tend to be more sensitive to changing economic, market, and industry conditions
and tend to be more volatile and less liquid than equity securities of larger companies, especially over the short term. The securities
of mid-sized companies tend to trade less frequently than those of larger, more established companies, which can adversely affect
the pricing of these securities and the ability to sell these securities in the future. Mid-sized companies also may fall out of
favor relative to larger companies in certain market cycles, causing the Fund to incur losses or underperform.
· 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

PROSPECTUS – Affiliated Fund

15

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, 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 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

PROSPECTUS – Affiliated Fund

16

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.
risks associated with exposure to emerging market currencies may be heightened in comparison to those associated with exposure
to developed market currencies.
· Real Estate Risk: An investment in a REIT generally is subject to the risks that impact the value of the underlying
properties or mortgages of the REIT. These risks include loss to casualty or condemnation, and changes in supply and demand, interest
rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. Other factors that may adversely affect
REITs include poor performance by management of the REIT, extended vacancies, failure to collect rents, the ability of the company
to finance property purchases and renovations, changes to the tax laws, failure by the REIT to qualify for favorable tax treatment
under the Code, and changes in local, regional, or general economic conditions. REITs also are subject to default or prepayments
by borrowers and self-liquidation, and are heavily dependent on cash flow. Some REITs lack diversification because they invest
in a limited number of properties, a narrow geographic area, or a single type of property. Mortgage REITs may be impacted by the
quality of the credit extended. REITs may be more volatile and/or more illiquid than other types of equity securities. In addition,
the Fund’s shareholders will indirectly bear their proportionate share of the REIT’s fees and expenses, as well as
their proportionate share of the Fund’s fees and expenses.
· 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 – Affiliated Fund

17

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 circumstances where investor redemptions from the mutual funds may be higher than normal, causing
increased supply in the market due to selling activity.

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 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

PROSPECTUS – Affiliated Fund

18

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 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

PROSPECTUS – Affiliated Fund

19

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.
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 or natural disasters could result in unplanned or significant securities market closures. 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.

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. In March 2017, the United Kingdom (“UK”) commenced the formal process
of withdrawing from the EU (commonly known as “Brexit”). The European Parliament formally approved the withdrawal on
January 30, 2020, and the withdrawal agreement between the UK and EU became effective January 31, 2020. At this time, the UK is
no longer a member of the EU. An eleven-month transition period will take place, ending December 31, 2020, during which the UK
will negotiate its

PROSPECTUS – Affiliated Fund

20

future relationship with the EU. During this time, the UK will remain subject to the EUs rules, but will have
no role in the EU’s law-making process. 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 negatively impact the Fund.

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 and systemic market dislocations of the kind surrounding the insolvency of Lehman Brothers in 2008, if repeated,
would be 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.

· 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 Fund’s policies and procedures regarding
the disclosure of the Fund’s portfolio holdings is available in the SAI. Further information is available at www.lordabbett.com.

MANAGEMENT AND ORGANIZATION
OF THE FUND

Board of Directors. The Board oversees the management
of the business and affairs of the Fund. The Board appoints officers who are responsible for the day-to-day

PROSPECTUS – Affiliated Fund

21

operations of the Fund
and who execute policies authorized by the Board. At least 75 percent of the Board members are not “interested persons”
(as defined in the Investment Company Act of 1940, as amended) of the Fund.

Investment Adviser. The Fund’s 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 $205.2 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 December 31, 2019.

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

Walter H. Prahl, Partner and Director, heads the Fund’s
team. Mr. Prahl joined Lord Abbett in 1997. Additional members of the team are Marc Pavese, Partner and Portfolio Manager, Darnell
C. Azeez, Portfolio Manager, and Servesh Tiwari, Portfolio Manager. Messrs. Pavese, Azeez, and Tiwari joined Lord Abbett in 2008,
2002, and 2015, respectively. Mr. Tiwari was formerly a Vice President at Goldman Sachs from 2007 to 2015. Messrs. Prahl, Pavese,
Azeez, and Tiwari 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 the Fund’s average daily net assets. The management fee is accrued daily and payable monthly as calculated at
the following annual rates:

0.50% on the first $200 million of average daily
net assets;

0.40% on the next $300 million of average daily
net assets;

0.375% on the next $200 million of average daily
net assets;

0.35% on the next $200 million of average daily
net assets; et

0.30% on the Fund’s average daily
net assets over $900 million.

For the fiscal year ended October 31, 2019, the effective
annual rate of the fee paid to Lord Abbett was 0.32% of the Fund’s average daily net assets.

In addition, Lord Abbett provides certain administrative services
to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of 0.04% of the Fund’s
average daily net assets. The 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 Fund and Lord Abbett. A discussion regarding the
basis for the Board’s approval is available in the Fund’s semiannual report to shareholders for the six-month period
ended April 30des milliers.

PROSPECTUS – Affiliated Fund

22

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; et
· 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 – Affiliated Fund

23

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 5.75%; reduced or waived
    for large purchases and certain investors; eliminated for purchases of $1 million or more
CDSC 1.00% on redemptions made within
    one year following purchases of $1 million or more; waived under certain circumstances
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 A shares of most Lord Abbett
    Funds
Classe
    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)
1.00% of the Fund’s average
    daily net assets, comprised of:
Service Fee: 0.25%
Distribution Fee: 0.75%
Automatic
    Conversion
Automatic conversion into Class
    A shares the month following the tenth anniversary of purchase(4)
Exchange
    Privilege(3)
Class C shares of most Lord Abbett
    Funds
Classe
    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

PROSPECTUS – Affiliated Fund

24

Classe
    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
Classe
    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
Classe
    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
Classe
    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

PROSPECTUS – Affiliated Fund

25

Classe
    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
Classe
    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
Classe
    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.
(4) Class C shares will convert automatically into Class A shares on the 25des milliers day of the month (or, if the 25des milliers
is not a business day, the next business day thereafter) following the tenth 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 ten 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,

PROSPECTUS – Affiliated Fund

26

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
Classe Un
    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 Fund’s principal underwriter.

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

PROSPECTUS – Affiliated Fund

27

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.

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.

PROSPECTUS – Affiliated Fund

28

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 non 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 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

PROSPECTUS – Affiliated Fund

29

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.

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

PROSPECTUS – Affiliated Fund

30

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.

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.

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Front-End Sales Charge — Class A
    Shares
Your
Investment
Front-End
Ventes
Charge as a % of
Offering Price
Front-End
Ventes
Charge as a % of Your
Investment
À qui
    Compute Offering
Price Divide NAV by
Maximum
    Dealer’s
Concession as a % of
Offering Price
Less
    than $50,000
5.75% 6.10% .9425 5.00%
$50,000
    to $99,999
4.75% 4.99% .9525 4.00%
$100,000
    to $249,999
3.95% 4.11% .9605 3.25%
$250,000
    to $499,999
2.75% 2.83% .9725 2.25%
$500,000
    to $999,999
1.95% 1.99% .9805 1.75%
$1,000,000
    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); et

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 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.

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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 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.

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· 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
Un
    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 $1 million or more (may be subject to a CDSC);

· 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);

PROSPECTUS – Affiliated Fund

34

· 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 investor purchases subsequent to the original concurrent transactions
will be at the applicable public offering price, which may include a sales charge;

· purchases by non-U.S. pension funds or insurance companies by or through local intermediaries, provided that Class A shares
have been approved by and/or registered with a relevant local authority and that Lord Abbett Distributor has entered into special
arrangements with a local financial intermediary in connection with the distribution or placement of such shares; et

PROSPECTUS – Affiliated Fund

35

· 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 Partagez
    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
Un
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
Un
Classe
    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. Classe
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 – Affiliated Fund

36

· 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 90des milliers
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:

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Classe
Le bilan(1) Un(2) C(2) F(3) F3 I P R2 R3 R4 R5 R6
Le service 0,25% 0,25% 0,25% 0,25% 0,25% 0,25%
Distribution 0.75% 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) 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.

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.

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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 $1 million 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.

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:
Classe
    A Investments*
Front-End Sales
    Charge**
Dealer’s
    Concession
$1
    million 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.

PROSPECTUS – Affiliated Fund

39

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 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

PROSPECTUS – Affiliated Fund

40

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 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;

PROSPECTUS – Affiliated Fund

41

· providing client account statements; et

· 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.

Lord Abbett Affiliated 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.

PROSPECTUS – Affiliated Fund

42

· 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).

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.
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 Fund may, however, accept purchases from U.S. citizens resident
outside the United States who meet applicable eligibility requirements and furnish any requested documentation.

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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.

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., reclassified
as) 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. In addition,
Class C shares are not permitted to convert to Class A shares unless the conversion is made to facilitate the shareholder’s
participation in a fee-based advisory program. No sales charge will be imposed on converted shares. The financial intermediary
making the

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44

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. 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

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45

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);

· 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

PROSPECTUS – Affiliated Fund

46

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.

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.

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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.

· 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.

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48

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. À l'intérieur
event the NYSE is closed on a day it normally would be open for business for any reason (including, 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

PROSPECTUS – Affiliated Fund

49

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
La Fondation. 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
La Fondation. The Fund determines fair value in a manner that 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.

PROSPECTUS – Affiliated Fund

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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.

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

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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 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

PROSPECTUS – Affiliated Fund

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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 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

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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:

· 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

PROSPECTUS – Affiliated Fund

54

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.

The Fund expects to pay dividends from its net investment income
quarterly and to distribute any 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.

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

PROSPECTUS – Affiliated Fund

55

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 the Fund from sources
within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties between certain
countries and the U.S. may reduce or eliminate such taxes. Shareholders generally will not be entitled to claim a credit or deduction
with respect to foreign taxes incurred by the Fund. This will decrease the Fund’s yield on securities subject to such taxes.

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 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

PROSPECTUS – Affiliated Fund

56

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 – Affiliated Fund

57

FINANCIAL HIGHLIGHTS

These tables describe the Fund’s performance for the fiscal
periods indicated. “Total Return” shows how much your investment in the Fund 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 Fund’s independent registered public accounting
firm, in conjunction with their annual audit of the Fund’s 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 – Affiliated Fund

58

FINANCIAL HIGHLIGHTS

Per Share Operating Performance:
Investment Operations: Distributions to
shareholders from:
Net asset
value,
beginning
of period
Net
investment
income
(loss)(a)
Net
realized
et
unrealized
gain (loss)
Total
from
invest-
ment
opera-
tions
Net
investment
income
Net
realized
gain
Total
distri-
butions
Class A
10/31/2019 $ 15.41 $ 0.29 $ 1.21 $ 1.50 $ (0.33 ) $ (1.22 ) $ (1.55 )
10/31/2018 16.65 0.40 0.23 0.63 (0.33 ) (1.54 ) (1.87 )
10/31/2017 15.03 0.36 2.45 2.81 (0.37 ) (0.82 ) (1.19 )
10/31/2016 15.70 0.37 0.46 0.83 (0.35 ) (1.15 ) (1.50 )
10/31/2015 16.65 0.36 (0.15 ) 0,21 (0.36 ) (0.80 ) (1.16 )
Class C
10/31/2019 15.45 0.18 1.21 1.39 (0.22 ) (1.22 ) (1.44 )
10/31/2018 16.65 0.26 0.26 0.52 (0.18 ) (1.54 ) (1.72 )
10/31/2017 15.03 0.24 2.45 2.69 (0.25 ) (0.82 ) (1.07 )
10/31/2016 15.70 0.26 0.46 0.72 (0.24 ) (1.15 ) (1.39 )
10/31/2015 16.64 0.24 (0.14 ) 0.10 (0.24 ) (0.80 ) (1.04 )
Class F
10/31/2019 15.42 0.31 1.21 1.52 (0.35 ) (1.22 ) (1.57 )
10/31/2018 16.64 0,43 0.25 0.68 (0.36 ) (1.54 ) (1.90 )
10/31/2017 15.03 0.38 2.45 2.83 (0.40 ) (0.82 ) (1.22 )
10/31/2016 15.70 0.39 0.47 0.86 (0.38 ) (1.15 ) (1.53 )
10/31/2015 16.65 0.38 (0.14 ) 0.24 (0.39 ) (0.80 ) (1.19 )
Class F3
10/31/2019 15.52 0.34 1.22 1.56 (0.37 ) (1.22 ) (1.59 )
10/31/2018 16.74 0.46 0.24 0.70 (0.38 ) (1.54 ) (1.92 )
4/4/2017 to 10/31/2017(c) 15.94 0.11 0.89 1.00 (0.20 ) (0.20 )
Class I
10/31/2019 15.48 0.32 1.22 1.54 (0.37 ) (1.22 ) (1.59 )
10/31/2018 16.71 0.45 0.23 0.68 (0.37 ) (1.54 ) (1.91 )
10/31/2017 15.09 0.41 2.44 2.85 (0.41 ) (0.82 ) (1.23 )
10/31/2016 15.75 0.40 0.48 0.88 (0.39 ) (1.15 ) (1.54 )
10/31/2015 16.70 0.41 (0.16 ) 0.25 (0.40 ) (0.80 ) (1.20 )
Class P
10/31/2019 15.38 0.26 1.20 1.46 (0.30 ) (1.22 ) (1.52 )
10/31/2018 16.62 0.39 0.23 0.62 (0.32 ) (1.54 ) (1.86 )
10/31/2017 15.01 0.36 2.44 2.80 (0.37 ) (0.82 ) (1.19 )
10/31/2016 15.68 0.37 0.46 0.83 (0.35 ) (1.15 ) (1.50 )
10/31/2015 16.62 0.36 (0.14 ) 0.22 (0.36 ) (0.80 ) (1.16 )

PROSPECTUS – Affiliated Fund

59

FINANCIAL HIGHLIGHTS (CONTINUED)

Ratios to Average Net Assets: Supplemental Data:
Net
asset
value,
end of
period
Total
return(b)
(%)
Total
expenses,
including
expense
reduction
(%)
Total
expenses,
excluding
expense
reduction
(%)
Net
investment
income
(loss)
(%)
Net
assets,
end of
period
(000)
Portfolio
turnover
rate
(%)
Class A
10/31/2019 $ 15.36 10.77 0.71 0.72 1.96 $5,540,059 55
10/31/2018 15.41 4.10 0.71 0.71 2.55 5,540,007 62
10/31/2017 16.65 19.54 0.70 0.70 2.26 5,774,835 69
10/31/2016 15.03 5.81 0.74 0.74 2.51 5,347,367 73
10/31/2015 15.70 1.26 0.74 0.74 2.22 5,663,305 66
Class C
10/31/2019 15.40 9.88 1.46 1.47 1.21 117,135 55
10/31/2018 15.45 3.34 1.46 1.46 1.66 133,507 62
10/31/2017 16.65 18.62 1.45 1.45 1.53 334,809 69
10/31/2016 15.03 5.03 1.48 1.48 1.77 382,356 73
10/31/2015 15.70 0,55 1.49 1.49 1.48 422,766 66
Class F
10/31/2019 15.37 10.93 0.56 0.57 2.11 325,597 55
10/31/2018 15.42 4.38 0.56 0.56 2.69 314,764 62
10/31/2017 16.64 19.66 0,55 0,55 2.36 362,708 69
10/31/2016 15.03 5.97 0.59 0.59 2.66 188,161 73
10/31/2015 15.70 1.42 0.59 0.59 2.37 156,842 66
Class F3
10/31/2019 15.49 11.13 0.39 0.40 2.28 109,040 55
10/31/2018 15.52 4.49 0.39 0.39 2.88 103,179 62
4/4/2017 to 10/31/2017(c) 16.74 6.30 (d) 0.38 (e) 0.38 (e) 1.15 (e) 90,582 69
Class I
10/31/2019 15.43 10.99 0.46 0.47 2.17 117,734 55
10/31/2018 15.48 4.40 0.46 0.46 2.83 120,897 62
10/31/2017 16.71 19.74 0.46 0.46 2.56 68,197 69
10/31/2016 15.09 6.12 0.49 0.49 2.76 137,838 73
10/31/2015 15.75 1.51 0.49 0.49 2.52 131,435 66
Class P
10/31/2019 15.32 10.49 0.91 0.92 1.76 13,475 55
10/31/2018 15.38 4.03 0.79 0.79 2.46 14,703 62
10/31/2017 16.62 19.48 0.71 0.71 2.27 17,375 69
10/31/2016 15.01 5.81 0.74 0.74 2.52 19,648 73
10/31/2015 15.68 1.31 0.74 0.74 2.22 22,407 66

PROSPECTUS – Affiliated Fund

60

FINANCIAL HIGHLIGHTS (CONTINUED)

Per Share Operating Performance:
Investment Operations: Distributions to
shareholders from:
Net asset
value,
beginning
of period
Net
investment
income
(loss)(a)
Net
realized
et
unrealized
gain (loss)
Total
from
invest-
ment
opera-
tions
Net
investment
income
Net
realized
gain
Total
distri-
butions
Class R2
10/31/2019 $ 15.43 $ 0.23 $ 1.21 $ 1.44 $ (0.28 ) $ (1.22 ) $ (1.50 )
10/31/2018 16.65 0.34 0.26 0.60 (0.28 ) (1.54 ) (1.82 )
10/31/2017 15.04 0.29 2.46 2.75 (0.32 ) (0.82 ) (1.14 )
10/31/2016 15.71 0.32 0.46 0.78 (0.30 ) (1.15 ) (1.45 )
10/31/2015 16.61 0.31 (0.14 ) 0.17 (0.27 ) (0.80 ) (1.07 )
Class R3
10/31/2019 15.40 0.25 1.21 1.46 (0.29 ) (1.22 ) (1.51 )
10/31/2018 16.63 0.36 0.24 0.60 (0.29 ) (1.54 ) (1.83 )
10/31/2017 15.02 0.32 2.44 2.76 (0.33 ) (0.82 ) (1.15 )
10/31/2016 15.69 0.33 0.47 0.80 (0.32 ) (1.15 ) (1.47 )
10/31/2015 16.63 0.32 (0.13 ) 0.19 (0.33 ) (0.80 ) (1.13 )
Class R4
10/31/2019 15.39 0.29 1.20 1.49 (0.33 ) (1.22 ) (1.55 )
10/31/2018 16.63 0.40 0.24 0.64 (0.34 ) (1.54 ) (1.88 )
10/31/2017 15.03 0.33 2.48 2.81 (0.39 ) (0.82 ) (1.21 )
10/31/2016 15.70 0.36 0.47 0.83 (0.35 ) (1.15 ) (1.50 )
6/30/2015 to 10/31/2015(f) 15.95 0.12 (0.28 ) (0.16 ) (0.09 ) (0.09 )
Class R5
10/31/2019 15.49 0.32 1.22 1.54 (0.37 ) (1.22 ) (1.59 )
10/31/2018 16.72 0.45 0.23 0.68 (0.37 ) (1.54 ) (1.91 )
10/31/2017 15.09 0.40 2.46 2.86 (0.41 ) (0.82 ) (1.23 )
10/31/2016 15.75 0.40 0.48 0.88 (0.39 ) (1.15 ) (1.54 )
6/30/2015 to 10/31/2015(f) 16.00 0.13 (0.28 ) (0.15 ) (0.10 ) (0.10 )
Class R6
10/31/2019 15.51 0.33 1.23 1.56 (0.37 ) (1.22 ) (1.59 )
10/31/2018 16.74 0.46 0.23 0.69 (0.38 ) (1.54 ) (1.92 )
10/31/2017 15.10 0.38 2.50 2.88 (0.42 ) (0.82 ) (1.24 )
10/31/2016 15.76 0.42 0.47 0.89 (0.40 ) (1.15 ) (1.55 )
6/30/2015 to 10/31/2015(f) 16.00 0.14 (0.28 ) (0.14 ) (0.10 ) (0.10 )
(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.
(f) Commenced on June 30, 2015.

PROSPECTUS – Affiliated Fund

61

FINANCIAL HIGHLIGHTS (CONCLUDED)

Ratios to Average Net Assets: Supplemental Data:
Net
asset
value,
end of
period
Total
return(b)
(%)
Total
expenses,
including
expense
reduction
(%)
Total
expenses,
excluding
expense
reduction
(%)
Net
investment
income
(loss)
(%)
Net
assets,
end of
period
(000)
Portfolio
turnover
rate
(%)
Class R2
10/31/2019 $ 15.37 10.29 1.06 1.07 1.60 $ 1,205 55
10/31/2018 15.43 3.85 1.06 1.06 2.16 1,340 62
10/31/2017 16.65 19.10 1.05 1.05 1.81 1,751 69
10/31/2016 15.04 5.41 1.09 1.09 2.17 480 73
10/31/2015 15.71 0.99 1.09 1.09 1.90 624 66
Class R3
10/31/2019 15.35 10.49 0.96 0.97 1.71 44,424 55
10/31/2018 15.40 3.91 0.96 0.96 2.29 41,776 62
10/31/2017 16.63 19.20 0.93 0.93 2.04 46,658 69
10/31/2016 15.02 5.57 0.97 0.97 2.28 52,793 73
10/31/2015 15.69 1.09 0.98 0.98 1.99 55,901 66
Class R4
10/31/2019 15.33 10.71 0.71 0.72 1.96 7,687 55
10/31/2018 15.39 4.12 0.71 0.71 2.56 8,434 62
10/31/2017 16.63 19.54 0.69 0.69 2.01 5,220 69
10/31/2016 15.03 5.82 0.72 0.72 2.46 19 73
6/30/2015 to 10/31/2015(f) 15.70 (0.95 )(d) 0.72 (e) 0.72 (e) 2.25 (e) 10e 66
Class R5
10/31/2019 15.44 10.99 0.46 0.47 2.16 231 55
10/31/2018 15.49 4.39 0.46 0.46 2.83 47 62
10/31/2017 16.72 19.82 0.44 0.44 2.48 18 69
10/31/2016 15.09 6.13 0.47 0.47 2.77 11 73
6/30/2015 to 10/31/2015(f) 15.75 (0.88 )(d) 0.47 (e) 0.47 (e) 2.50 (e) 10e 66
Class R6
10/31/2019 15.48 11.14 0.39 0.40 2.20 79,093 55
10/31/2018 15.51 4.42 0.39 0.39 2.89 26,184 62
10/31/2017 16.74 19.91 0.39 0.39 2.32 23,836 69
10/31/2016 15.10 6.17 0.37 0.37 2.87 18 73
6/30/2015 to 10/31/2015(f) 15.76 (0.82 )(d) 0.38 (e) 0.38 (e) 2.59 (e) 10e 66

PROSPECTUS – Affiliated Fund

62

APPENDIX A

INTERMEDIARY-SPECIFIC SALES CHARGE
REDUCTIONS AND WAIVERS

Specific intermediaries may have different policies and procedures
regarding the availability of sales charge reductions and waivers, which are discussed below. 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 sales charge 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 such reductions or waivers. Please see the section of the prospectus titled “Information for Managing Your Account
– Sales Charge Reductions and Waivers” for more information regarding sales charge reductions and waivers available
for different classes.

MERRILL LYNCH

Shareholders purchasing Fund shares through a Merrill Lynch platform
or account are eligible only for the following sales charge reductions and waivers (front-end sales charge waivers and contingent
deferred, or back-end, sales charge waivers), which may differ from those disclosed elsewhere in the Fund’s prospectus or
SAI.

Front-End Sales Charge Waivers on Class A Shares Available at
Merrill Lynch

· Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
· Shares purchased by or through a 529 Plan
· Shares purchased through a Merrill Lynch affiliated investment advisory program
· Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform
· Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)
· Shares exchanged from Class C (i.e., level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date
· Employees and registered representatives of Merrill Lynch or its affiliates and their family members

APPENDIX

A-1

· Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the this prospectus
· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)

CDSC Waivers on Class A, B, and C Shares Available at Merrill
Lynch

· Death or disability of the shareholder
· Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus
· Return of excess contributions from an IRA Account
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½
· Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch
· Shares acquired through a right of reinstatement
· Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to a fee based account or platform (applicable to A and C shares only)

Front-End Sales Charge Reductions Available at Merrill Lynch:
Breakpoints, Rights of Accumulation, and Letters of Intent

· Breakpoints as described in this prospectus.
· Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the
aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund
family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial
advisor about such assets.
· Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill
Lynch, over a 13-month period of time (if applicable)

MORGAN STANLEY

Shareholders purchasing Fund shares through a Morgan Stanley Wealth
Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class
A shares, which may differ from and may be more limited than those disclosed elsewhere in the Fund’s prospectus or SAI.

APPENDIX

A-2

Front-end Sales Charge Waivers on Class A Shares available at
Morgan Stanley Wealth Management

· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing
and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans
do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
· Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules
· Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund
· Shares purchased through a Morgan Stanley self-directed brokerage account
· Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted
to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program
· Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90
days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject
to a front-end or deferred sales charge

AMERIPRISE

Class A Share Front-End Sales Charge Waivers Available at Ameriprise
Financial:

The following information applies to Class A shares purchases
if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:
Shareholders purchasing Fund shares
through an Ameriprise Financial platform or account are eligible for the following front-end sales charge waivers and discounts,
which may differ from those disclosed elsewhere in the Fund’s prospectus or SAI:

· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing
and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans
do not include SEP IRAs, Simple IRAs or SAR-SEPs.
· Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such
investment advisory program is not available).
· Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s
platform (if an Advisory or similar share class for such investment advisory program is not available).

APPENDIX

A-3

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the
same Fund (but not any other fund within the same fund family).
· Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase
date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding
period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides
for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.
· Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.
· Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs
subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor
and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother,
great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson,
great granddaughter) or any spouse of a covered family member who is a lineal descendant.
· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90
days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject
to a front-end or deferred sales load (i.e., Rights of Reinstatement).

RAYMOND JAMES

Intermediary-Defined Sales Charge Waiver Policies

The availability of certain initial or deferred sales charge waivers
and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares.

Intermediaries may have different policies and procedures regarding
the availability of front-end sales load waivers or contingent deferred (back-end) sales load (“CDSC”) waivers, which
are discussed below. In all instances, it is the purchaser’s responsibility to notify the fund or the purchaser’s financial
intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts.
For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly
from the fund or through another intermediary to receive these waivers or discounts.

Raymond James & Associates, Inc., Raymond James Financial
Services, Inc. and each entity’s affiliates (“Raymond James”)

Effective March 1, 2019, shareholders purchasing fund shares through
a Raymond James platform or account, or through an introducing broker-dealer or independent

APPENDIX

A-4

registered investment adviser for which Raymond James provides trade
execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers
and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this
fund’s prospectus or SAI.

Front-end sales load waivers on Class A shares available at Raymond
Džeimsas

Shares purchased in an investment advisory program.

· Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.
· Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond
James.
· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90
days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject
to a front-end or deferred sales load (known as Rights of Reinstatement).
· A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or
the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies
and procedures of Raymond James.

CDSC Waivers on Classes A and C shares available at Raymond James

· Death or disability of the shareholder
· Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.
· Return of excess contributions from an IRA Account.
· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age
70½ as described in the fund’s prospectus.
· Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.
· Shares acquired through a right of reinstatement.

Front-end load discounts available at Raymond James: breakpoints,
rights of accumulation, and/or letters of intent

· Breakpoints as described in this prospectus.
· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets
not held at Raymond James may be included in the calculation

APPENDIX

A-5

of rights of accumulation calculation
only if the shareholder notifies his or her financial advisor about such assets.
· Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month
time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only
if the shareholder notifies his or her financial advisor about such assets.

EDWARD JONES

Sales Waivers and Reductions in Sales Charges

Effective on or after May 1, 2020, clients of Edward Jones (also
referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible
only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from
breakpoints and waivers described elsewhere in the mutual fund prospectus or SAI or through another broker-dealer. In all instances,
it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Lord
Abbett Family of Funds or other facts qualifying the purchaser for breakpoints or waivers. Edward Jones can ask for documentation
of such circumstance.

Breakpoints

Rights of Accumulation (ROA)

· The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except
any money market funds and retirement plan share classes) of the Lord Abbett Family of Funds held by the shareholder or in an account
grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”).
This includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund
family assets in the rights of accumulation calculation is dependent on the shareholder notifying his or her financial advisor
of such assets at the time of calculation.
· ROA is determined by calculating the higher of cost or market value (current shares x NAV).

Letter of Intent (LOI)

· Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make
over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or
market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a
13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during
that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible
fund family assets in the LOI calculation is dependent on the shareholder

APPENDIX

A-6

notifying his or her financial advisor
of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not covered under the
LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

Sales Charge Waivers

Sales charges are waived for the following shareholders and in the
following situations:

· Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by
Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s
life if the associate retires from Edward Jones in good-standing.
· Shares purchased in an Edward Jones fee-based program.
· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.
· Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met:
1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share
class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement
account.
· Shares exchanged into class A shares from another share class so long as the exchange is into the same fund and was initiated
at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund
company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.
· Exchanges from class C shares to class A shares of the same fund, generally, in the 84des milliers month following the anniversary
of the purchase date or earlier at the discretion of Edward Jones.

Contingent Deferred Sales Charge (CDSC) Waivers

If the shareholder purchases shares that are subject to a CDSC and
those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

· The death or disability of the shareholder
· Systematic withdrawals with up to 10% per year of the account value
· Return of excess contributions from an Individual Retirement Account (IRA)
· Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after
the year the shareholder reaches qualified age based on applicable IRS regulations

APPENDIX

A-7

· Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones
· Shares exchanged in an Edward Jones fee-based program
· Shares acquired through NAV reinstatement

Other Important Information

1.1 Minimum Purchase Amounts

· $250 initial purchase minimum
· $50 subsequent purchase minimum

1.2 Minimum Balances

· Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples
of accounts that are not included in this policy:
o A fee-based account held on an Edward Jones platform
o A 529 account held on an Edward Jones platform
o An account with an active systematic investment plan or letter of intent (LOI)

1.3 Changing Share Classes

· At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s
holdings in a fund to Class A shares.

JANNEY

Effective May 1, 2020, if you purchase fund shares through a Janney
Montgomery Scott LLC (“Janney”) brokerage account, you will be eligible for the following load waivers (front-end sales
charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which
may differ from those disclosed elsewhere in this fund’s Prospectus or SAI.

Front-end sales charge* waivers on Class A shares available at
Janney

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the
same fund (but not any other fund within the fund family).
· Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated
by Janney.
· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety
(90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject
to a front-end or deferred sales load (i.e., right of reinstatement).

APPENDIX

A-8

· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money
purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include
SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.
· Shares acquired through a right of reinstatement.
· Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the
same fund pursuant to Janney’s policies and procedures.

CDSC waivers on Class A and C shares available at Janney

· Shares sold upon the death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the fund’s Prospectus.
· Shares purchased in connection with a return of excess contributions from an IRA account.
· Shares sold as part of a required minimum distribution for IRA and other retirement accounts due to the shareholder reaching
age 70½ as described in the fund’s Prospectus.
· Shares sold to pay Janney fees but only if the transaction is initiated by Janney.
· Shares acquired through a right of reinstatement.
· Shares exchanged into the same share class of a different fund.

Front-end sales charge* discounts available at Janney: breakpoints,
rights of accumulation, and/or letters of intent

· Breakpoints as described in the fund’s Prospectus.
· Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated
based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Janney. Eligible
fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial
advisor about such assets.
· Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month
time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent
only if the shareholder notifies his or her financial advisor about such assets.

*Also referred to as an “initial sales charge.”

APPENDIX

A-9

D.A. DAVIDSON

Effective 05/01/2020, shareholders purchasing fund shares including
existing fund shareholders through a D.A. Davidson &. Co. (“D.A. Davidson”) platform or account, or through
an introducing broker-dealer or independent registered investment advisor for which D.A. Davidson provides trade execution, clearance,
and/or custody services, will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent
deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus
or SAI.

· Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.
· Employees and registered representatives of D.A. Davidson or its affiliates and their family members as designated by D.A.
Davidson.
· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90
days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject
to a front-end or deferred sales charge (known as Rights of Reinstatement).
· A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or
the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is consistent with D.A.
Davidson’s policies and procedures.

CDSC Waivers on Classes A and C shares available at D.A. Davidson

· Death or disability of the shareholder.
· Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.
· Return of excess contributions from an IRA Account.
· Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts as described in the
fund’s prospectus beginning in the calendar year the shareholder turns age 72.
· Shares acquired through a right of reinstatement.

Front-end sales charge discounts available at D.A. Davidson:
breakpoints, rights of accumulation and/or letters of intent

· Breakpoints as described in this prospectus.
· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated
holding of fund family assets held by accounts within the purchaser’s household at D.A. Davidson. Eligible fund family assets
not held at D.A. Davidson may be included in the calculation of rights of accumulation only if the shareholder notifies his or
her financial advisor about such assets.

APPENDIX

A-10

Letters of intent which allow for breakpoint discounts based on
anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at D.A. Davidson
may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such
assets.

APPENDIX

A-11

To Obtain Information:

By telephone. For shareholder account inquiries
        and for literature requests call the Fund at 888-522-2388.

By mail. Write to the Fund at:
The Lord Abbett Family of Funds
90 Hudson Street
Jersey City, NJ 07302-3973

Via the Internet. Lord, Abbett &
        Co. LLC
www.lordabbett.com

Text only versions of Fund documents can be viewed
        online or downloaded from the SEC: http://www.sec.gov.

You can also obtain copies by sending your request
        and a duplicating fee to publicinfo@sec.gov.

ADDITIONAL INFORMATION

Appendix A of this prospectus, titled
        “Intermediary-Specific Sales Charge Reductions and Waivers,” contains information about sales charge reductions and
        waivers available through certain financial intermediaries that differ from the sales charge reductions and waivers disclosed elsewhere
        in this prospectus and the related statement of additional information. More information on the Fund is available free upon request,
        including the following:

ANNUAL/SEMIANNUAL REPORTS

The Fund’s annual and semiannual
        reports contain more information about the Fund’s investments and performance. The annual report also includes details about
        the market conditions and investment strategies that had a significant effect on the Fund’s performance during the last fiscal
        year. The reports are available free of charge at www.lordabbett.com, and through other means, as indicated on the left.

STATEMENT OF ADDITIONAL INFORMATION (“SAI”)

The SAI provides more details about
        the Fund and its policies. A current SAI is on file with the SEC and is incorporated by reference into (or legally considered part
        of) this prospectus. The SAI is available free of charge at www.lordabbett.com, and through other means, as indicated on the left.

Lord Abbett Affiliated
Fund, Inc.

Lord Abbett Mutual Fund shares
    are distributed by: LORD ABBETT DISTRIBUTOR LLC
LAA-1
(03/20)
Investment
    Company Act File Number: 811-00005

Statement
of Additional Information

march 1, 2020

Lord
Unbbett Affiliated Fund, Inc.

CLASSE TICKER CLASSE TICKER
Class A LAFFX Class R2 LAFQX
Class C LAFCX Class R3 LAFRX
Class F LAAFX Class R4 LAFSX
Class F3 LTFOX Class R5 LAFTX
Class I LAFYX Class R6 LAFVX
Class P LAFPX

This SAI is not a prospectus. A prospectus
may be obtained from your financial intermediary or from the Distributor at 90 Hudson Street, Jersey City, NJ 07302-3973. This
SAI is divided into two Parts – Part I and Part II. Part I contains information that is particular to the Fund offered in this
SAI, and should be read in conjunction with the prospectus for Lord Abbett Affiliated Fund, Inc. (the “Fund”), dated
March 1, 2020, as supplemented from time to time. Part I includes information about the Fund, including investment policies, management
fees paid by the Fund, and information about other fees applicable to and services provided to the Fund. Part II contains additional
information that more generally applies to the Lord Abbett Funds.

The Fund’s audited financial statements
are incorporated into this SAI by reference to the Fund’s most recent annual report. The Fund’s annual and semiannual
reports to shareholders are available without charge, upon request by calling 888-522-2388. In addition, you can make inquiries
through your financial intermediary.

PART I

TABLE OF
CONTENTS

1.
GLOSSARY

Lord Abbett Affiliated Fund, Inc.: Affiliated
Fund

Lord Abbett Funds are comprised of the
following management investment companies:

Affiliated Fund

Lord Abbett Bond Debenture Fund, Inc.:
Bond Debenture Fund

Lord Abbett Credit Opportunities Fund:
Credit Opportunities Fund

Lord Abbett Developing Growth Fund,
Inc.: Developing Growth Fund

Lord Abbett Global Fund, Inc.: Global
Fund

Lord Abbett Investment Trust: Investment
Trust

Lord Abbett Mid Cap Stock Fund, Inc.:
Mid Cap Stock Fund

Lord Abbett Municipal Income Fund,
Inc.: Municipal Income Fund

Lord Abbett Research Fund, Inc.: La recherche
Fund

Lord Abbett Securities Trust: Securities
Trust

Lord Abbett Series Fund, Inc.: Series
Fund

Lord Abbett Trust I, formerly Lord
Abbett Equity Trust
: Trust I

Lord Abbett U.S. Government &
Government Sponsored Enterprises Money Market Fund, Inc.: Money Market Fund

1933 Act Securities Act of 1933, as amended
1940 Act Investment Company Act of 1940, as amended
Board Board of Directors
Board Member(s) Directors of the Board
CDSC Contingent deferred sales charge
CEA Commodity Exchange Act, as amended
CPO Commodity pool operator
Distributor Lord Abbett Distributor LLC
Fund Affiliated Fund
Independent Board Member(s) Directors of the Board who are not “interested persons,”
    as defined in the 1940 Act, of the Fund
Interested Board Member(s) Directors of the Board who are not Independent Board Members
Lord Abbett Lord, Abbett & Co. LLC
NYSE New York Stock Exchange
Registrant Affiliated Fund
Rule 12b-1 Plan

Distribution and/or Shareholder Service Plan adopted
        under Rule 12b-1 (under the 1940 Act)

SAI Statement of Additional Information
SEC United States Securities and Exchange
    Commission

2.
FUND INFORMATION

The Registrant is an open-end management investment company registered
under the 1940 Act. The Fund is diversified within the meaning of the 1940 Act. The table below sets forth information about the
Registrant’s organization.

Registrant Organization

Registrant Form of Organization Date of Organization Number of
Funds
Shares Available for
Issuance
Affiliated Fund Maryland corporation November 26, 1975* 1 9.6 billion shares, $0.001 par value

* Affiliated Fund was reincorporated under Maryland
law in 1975, but was initially organized in 1934.

3.

INVESTMENT
POLICIES

Fundamental Investment Restrictions. The Fund’s
investment objective cannot be changed without the approval of a “majority of the Fund’s outstanding shares.”1
The Fund also is subject to the following fundamental investment restrictions that cannot be changed without the approval of a
majority of the Fund’s outstanding shares.

The Fund may not:

1. borrow
                                         money, except that (i) it may borrow from banks (as defined in the 1940 Act)2
in amounts up to 33⅓% of its total assets (including the amount borrowed), (ii)
                                         it may borrow up to an additional 5% of its total assets for temporary purposes, (iii)
                                         it may obtain such short-term credit as may be necessary for the clearance of purchases
                                         and sales of portfolio securities, (iv) it may purchase securities on margin to the extent
                                         permitted by applicable law,3 and (v) it may borrow money from other Lord
                                         Abbett Funds to the extent permitted by applicable law and any exemptive relief obtained
                                         by the Fund;
2. pledge
                                         its assets (other than to secure borrowings, or to the extent permitted by the Fund’s
                                         investment policies as permitted by applicable law);4
3. engage
                                         in the underwriting of securities, except pursuant to a merger or acquisition or to the
                                         extent that, in connection with the disposition of its portfolio securities, it may be
                                         deemed to be an underwriter under federal securities laws;
4. make
                                         loans to other persons, except that (i) the acquisition of bonds, debentures or other
                                         corporate debt securities and investments in government obligations, commercial paper,
                                         pass-through instruments, certificates of deposit, bankers’ acceptances, repurchase
                                         agreements or any similar instruments shall not be subject to this limitation, and (ii)
                                         the Fund may lend its portfolio securities, provided that the lending of portfolio securities
                                         may be made only in accordance with applicable law, and (iii) the Fund may lend money
                                         to other Lord Abbett Funds to the extent permitted by applicable law and any exemptive
                                         relief obtained by the Fund;
5. buy
                                         or sell real estate (except that the Fund may invest in securities directly or indirectly
                                         secured by real estate or interests therein or issued by companies which invest in real
                                         estate or interests therein) or commodities or commodity contracts (except to the extent
                                         the Fund may do so in accordance with applicable law and without registering as a CPO
                                         under the CEA as, for example, with futures contracts);
6e with
                                         respect to 75% of the gross assets of the Fund, buy securities of one issuer representing
                                         more than (i) 5% of the Fund’s gross assets, except securities issued or guaranteed
                                         by the U.S. Government, its agencies or instrumentalities or (ii) 10% of the voting securities
                                         of such issuer;

1 A “majority of the Fund’s outstanding shares” means the vote of the lesser of (1) 67% or more of the voting securities present at a shareholder meeting, provided that more than 50% of the outstanding voting securities of the Fund are present at the meeting or represented by proxy, or (2) more than 50% of the outstanding voting securities of the Fund regardless of whether such shareholders are present at the meeting (or represented by proxy).
2 The term “bank” is defined in Section 2(a)(5) of the 1940 Act.
3 SEC staff guidance currently prohibits the Fund from purchasing any security on margin, except such short-term credits as are necessary for the clearance of transactions.
4 For the purpose of this restriction the deposit of assets in a segregated account with the Fund’s custodian in connection with any of the Fund’s investment transactions is not considered to be a pledge of the Fund’s assets.

7e invest more than 25% of its assets, taken at market value, in the securities
of issuers in any particular industry (excluding securities of the U.S. Government, its agencies and instrumentalities); or
8e issue senior securities to the extent such issuance would violate applicable
law.5

Compliance with these fundamental investment restrictions will
be determined at the time of the purchase or sale of the security, except in the case of the first fundamental investment restriction,
with which the Fund must comply on a continuous basis.

Non-Fundamental Investment Restrictions. The Fund also
is subject to the following non-fundamental investment restriction that may be changed by the Registrant’s Board without
shareholder approval.

The Fund may not invest in securities issued by other investment
companies as defined in the 1940 Act, except to the extent permitted by applicable law. The Fund may not, however, rely on Sections
12(d)(1)(F) and 12(d)(1)(G) of the 1940 Act.

5 Current federal securities laws prohibit the Fund from issuing senior securities (which generally are defined as securities representing indebtedness), except that the Fund may borrow money from banks in amounts of up to 33⅓% of its total assets (including the amount borrowed).

4.

FUND
INVESTMENTS

The following table identifies the investment
types and techniques that Lord Abbett may use in managing the Fund. A more detailed description of these investment types and techniques,
along with the risks associated with each, is contained in the “Additional Information on Portfolio Investments, Risks, and
Techniques” section of Part II. The Fund may use any or all of these investment types and techniques indicated below at any
one time, and the fact that the Fund may use a particular investment type or technique does not mean that it will be used.
Fund’s transactions in a particular investment type or use of a particular technique is subject to the limitations imposed
by the Fund’s investment objective, policies, and restrictions described in the Fund’s prospectus and in this SAI,
as well as the federal securities laws. The Fund may receive instruments or investments not contemplated herein through the conversion
or exchange of a permissible investment or as a result of the reorganization or bankruptcy of the issuer of an otherwise permissible
investment, and the Fund may hold or dispose of these instruments or investments at its discretion.

Please refer to the Fund’s prospectus
and the fundamental and non-fundamental investment restrictions in the “Investment Policies” section of Part I for
more information on any applicable limitations.

Investment
    Type
Bank Loans
Cash/Short-Term Instruments and
    Money Market Investments
Convertible Securities
Synthetic
    Convertible Securities
Debt Securities
High-Yield
    Debt Securities
Municipal
Obligations
Non-U.S.
    Gov’t and Supranational Debt Securities
U.S. Government
    Securities
Zero Coupon
Obligations
Depositary Receipts
Derivatives
Commodity-Related
    Investments
Credit
    Default Swaps and Similar Instruments
Forward
    Contracts
Futures
    Contracts
Options
    Contracts
Swap Agreements
Equity Securities
Common
    Stocks
IPOs
Preferred
    Stocks
Warrants
    and Rights
Foreign Currency Transactions
Foreign Securities
Emerging
    Market Securities
Illiquid Securities
Mortgage-Related and Asset-Backed
    Securities and Other Collateralized Obligations
Other Investment Companies
REITs

Investment
    Type
Short Sales
Structured Notes and Other Hybrid
    Instruments

Related Additional Investment Restrictions

In addition to the principal investment strategies (and related
restrictions) discussed in the Fund’s prospectus, the Fund may use other investment techniques in seeking to achieve its
investment objective, as set forth in the table above. The applicable investment restrictions associated with such other investment
techniques are set forth below. Please see “Additional Information on Portfolio Investments, Risks, and Techniques”
in Part II of the SAI for more information on these and the other investment techniques that may be used by the Fund.

Borrowing Money. The Fund may borrow money to the
extent permitted by its investment policies and restrictions and applicable law. When the Fund borrows money or otherwise leverages
its portfolio, the value of an investment in the Fund may be more volatile and other investment risks will tend to be compounded.
The Fund will not purchase additional securities while outstanding borrowings exceed 5% of its total assets.

The Fund may engage in other transactions that may have the effect
of creating leverage in the Fund’s portfolio, including, by way of example, derivatives transactions and reverse repurchase
agreements. The Fund will generally not treat such transactions as borrowings of money, including for purposes of the 5% policy
above.

Illiquid Securities. The Fund may invest up to
15% of its net assets in illiquid securities. An illiquid security is a security that the Fund reasonably expects cannot be sold
or disposed of in then-current market conditions in seven calendar days or less without the sale or disposition significantly changing
the market value of the security. In determining the liquidity of an investment, the Fund may consider, among other things, the
relevant market, trading and investment specific considerations of the security, including anticipated trading sizes.

Reverse Repurchase Agreements. The Fund may enter
into reverse repurchase agreements, which are a form of borrowing. In a reverse repurchase agreement, the Fund sells a security
to a securities dealer or bank for cash and also agrees to repurchase the same security at an agreed upon price on an agreed upon
date. Reverse repurchase agreements expose the Fund to credit risk (that is, the risk that the counterparty will fail to resell
the security to the Fund). Engaging in reverse repurchase agreements also may involve the use of leverage, in that the Fund may
reinvest the cash it receives in additional securities. The Fund’s investments in reverse repurchase agreements will not
exceed 20% of the Fund’s net assets.

Short Sales. The Fund may engage in “short
sales against the box.” The Fund may not engage in any other type of short selling and does not intend to have more than
5% of its net assets (determined at the time of the short sale) subject to short sales. This limit does not apply to the Fund’s
use of short positions in futures contracts, including U.S. Treasury note futures, securities index futures, other futures contracts
or currency forwards, or other short positions in derivatives.

When-Issued or Forward Transactions. The Fund may
purchase portfolio securities on a when-issued or forward basis. When-issued or forward transactions involve a commitment by the
Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure
what is considered to be an advantageous price or yield at the time of entering into the transaction. When-issued purchases and
forward transactions are negotiated directly with the other party, and such commitments are not traded on exchanges. The Fund also
may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date.

5.

BOARD
MEMBERS

The Board Members of the Registrant are also
Board Members of each of the Lord Abbett Funds, which collectively consist of 57 funds. For more information on the Board Members,
please see the “Management of the Funds” section of Part II.

Compensation

The following table sets forth the compensation
accrued by the Registrant for the Independent Board Members and the total compensation paid by all Lord Abbett Funds to the Independent
Board Members, including amounts payable but deferred at the option of each Independent Board Member. No Interested Board Member
or officer of the Lord Abbett Funds received any compensation from the Funds for acting as a Board Member or officer. The Lord
Abbett Funds currently do not offer a bonus, pension, profit-sharing, or retirement plan.

Board Members

For the Fiscal Year Ended

October 31, 2019

Aggregate Compensation Accrued by the Registrant1

Total Compensation Paid by the Lord Abbett Funds2
Eric C. Fast3 $14,152 $348,250
Evelyn E. Guernsey 16,516 408,250
Julie A. Hill 15,013 369,250
Kathleen M. Lutito 14,233 350,250
James M. McTaggart 14,407 356,250
Charles O. Prince4 2,606 123,250
Karla M. Rabusch 14,399 356,250
Mark A. Schmid 14,399 356,250
James L.L. Tullis 20,033 495,250

1 Independent Board Members’ fees, including attendance fees
    for Board and committee meetings, are allocated among all Lord Abbett Funds based on the net assets of each Fund. A portion
    of the fees payable by each Fund to its Independent Board Members may be deferred at the option of a Board Member under an
    equity-based plan (the “equity-based plan”) that deems the deferred amounts to be invested in shares of a Fund
    for later distribution to the Board Members. In addition, $25,000 of each Board Member’s retainer must be deferred and
    is deemed invested in shares of the Fund and other Lord Abbett Funds under the equity-based plan. The total deferred amounts
    for Mr. Fast, Ms. Guernsey, Ms. Hill, Ms. Lutito, Mr. McTaggart, Mr. Prince, Ms. Rabusch, Mr. Schmid, and Mr. Tullis are $14,152,
    $1,014, $3,138, $14,233, $8,115, $1,571, $14,399, $14,399, and $11,889, respectively.
2 The second column shows total compensation, including the types of compensation
    described in the “For the Fiscal Year Ended October 31, 2019 Aggregate Compensation Accrued by the Registrant”
    column, accrued by all Lord Abbett Funds during the year ended December 31, 2019, including fees Independent Board Members
    have chosen to defer.
3 Mr. Fast retired from the Board and the Board of Directors/Trustees of each of
    the other Lord Abbett Funds effective January 30, 2020.
4 Mr. Prince was appointed to the Board of Trustees of Lord Abbett Credit Opportunities Fund and
    elected to the Board and the Board of Directors/Trustees of each of the other Lord Abbett Funds effective September 12, 2019.

Fund Ownership

The following table sets forth certain information
about the dollar range of equity securities beneficially owned by each Board Member in the Registrant and all other Lord Abbett
Funds as of December 31, 2019. The amounts shown include deferred compensation (including interest) to the Board Members deemed
invested in Fund shares. The amounts ultimately received by the Board Members under the deferred compensation plan will be directly
linked to the investment performance of the Lord Abbett Funds.

Board Members

Dollar Range of Equity

Securities in the Fund

Aggregate Dollar Range of Equity
Securities in Lord Abbett Funds
Interested Director
Douglas B. Sieg Over $100,000 Over $100,000
Independent Directors
Evelyn E. Guernsey $10,001-$50,000 Over $100,000
Julie A. Hill Over $100,000 Over $100,000
Kathleen M. Lutito $1-$10,000 Over $100,000
James M. McTaggart $10,001-$50,000 Over $100,000
Charles O. Prince1 $10,001-$50,000 $50,001-$100,000
Karla M. Rabusch Over $100,000 Over $100,000
Mark A. Schmid $1-$10,000 Over $100,000
James L.L. Tullis Over $100,000 Over $100,000

1 Mr. Prince was appointed to the Board of Trustees of Lord Abbett Credit Opportunities
Fund and elected to the Board and the Board of Directors/Trustees of each of the other Lord Abbett Funds effective September 12,
2019.

Committee Meetings

The following table sets forth the number of
times each committee of the Board met during the most recent fiscal year:

Fiscal Year Ended Audit Committee Proxy Committee Nominating and
Governance
Committee
Contract Committee
October 31, 2019 3 1 7e 7e

6e

INVESTMENT
ADVISORY AND OTHER SERVICES, FEES, AND EXPENSES

For more information on Lord
Abbett, please see the “Investment Adviser” section of Part II.

Lord Abbett is the Fund’s investment adviser. Lord Abbett
is a privately held investment adviser. Lord Abbett’s address is 90 Hudson Street, Jersey City, NJ 07302-3973.

Under the Management Agreement between Lord Abbett and the Fund,
Lord Abbett is entitled to an annual management fee based on the Fund’s average daily net assets. The management fee is allocated
to each class of shares based upon the relative proportion of the Fund’s net assets represented by that class.

The Fund pays all expenses attributable to its operations not
expressly assumed by Lord Abbett, including, without limitation, Rule 12b-1 Plan expenses, Independent Board Members’ fees
and expenses, association membership dues, legal and auditing fees, taxes, transfer and dividend disbursing agent fees, shareholder
servicing costs, expenses relating to shareholder meetings, expenses of registering its shares under federal and state securities
laws, expenses of preparing, printing and mailing prospectuses and shareholder reports to existing shareholders, insurance premiums,
and other expenses connected with executing portfolio transactions.

Management Fee Rates

The management fee is accrued daily, payable
monthly, and calculated at the following annual rates:

First $200 million 0.50%
Next $300 million 0.40%
Next $200 million 0.375%
Next $200 million 0.35%

Over $900 million

0.30%

Management Fees Paid to Lord Abbett

The following tables set forth the management
fees the Fund paid to Lord Abbett (taking into account any management fee waivers) for the last three fiscal years ended October
31St.:

2017
Gross Management Fees Management Fees Waived Net Management Fees
$20,705,620 $0 $20,705,620
L'année 2018
Gross Management Fees Management Fees Waived Net Management Fees
$20,968,045 $0 $20,968,045
L'année 2019
Gross Management Fees Management Fees Waived Net Management Fees
$19,472,401 $0 $19,472,401

Administrative Services Fees Paid to Lord Abbett

Pursuant to an Administrative Services Agreement with the Fund,
Lord Abbett provides certain administrative services not involving the provision of investment advice to the Fund.

The following table sets forth the administrative
services fees the Fund paid to Lord Abbett for the last three fiscal years ended October 31St.:

2017 L'année 2018 L'année 2019
$2,634,083 $2,669,073 $2,469,653

Distributor

For additional information on the Distributor, please see the
“Investment Advisory and Other Services, Fees, and Expenses – Distributor” section of Part II. The Distributor
received no other compensation (including compensation on redemption and repurchase and brokerage commissions in connections with
Fund transactions) apart from that reflected below.

The following table sets forth the net sales
charge received (after allowance of a portion of the sales charge to independent dealers) by the Distributor, as the Registrant’s
principal underwriter, for the last three fiscal years ended October 31St.:

2017 L'année 2018 L'année 2019
Gross sales charge $4,241,763 $2,240,007 $2,236,341
Amount allowed to dealers 3,580,863 1,891,778 1,889,428
Net commissions received by the Distributor 660,900 348,229 346,913

The following table sets forth the CDSC received
by the Distributor for the last three fiscal years ended October 31St.:

2017 L'année 2018 L'année 2019
CDSC received by the Distributor $62,435 $33,052 $18,196

Rule 12b-1 Plan

For additional information, please see the
“Investment Advisory and Other Services, Fees, and Expenses – Rule 12b-1 Plan” section of Part II.

The following table sets forth the amounts
paid by each applicable class of the Fund to the Distributor pursuant to the Rule 12b-1 Plan for the fiscal year ended October
31, 2019:

Class A Class C Class F Class P Class R2 Class R3 Class R4
$13,441,418 $1,243,121 $307,845 $61,048 $8,154 $207,031 $19,829

Brokerage Commissions

The Fund’s policy with respect to portfolio
transactions and brokerage is set forth under the “Brokerage Allocation and Other Practices” section of Part II.

Brokerage Commissions Paid to Independent
Broker-Dealer Firms.
The following table sets forth the total brokerage commissions on transactions of securities the Fund
paid to independent broker-dealer firms for the last three fiscal years ended October 31St.:

2017 L'année 2018 L'année 2019
$2,862,725 $2,682,057 $2,133,045

The amount of brokerage commissions paid by the Fund may change
from year to year because of changing asset levels, shareholder activity, and portfolio turnover, among other factors.

In addition to the purchase of research services
through “commission sharing arrangements,” Lord Abbett purchased third party research services with its own resources
during the past three fiscal years ended October 31St..

The following table sets forth the amount of
portfolio transactions directed by the Fund to broker-dealers that provided research services for the fiscal year ended October
31, 2019, for which the Fund paid the brokerage commissions indicated:

Transactions Commissions
$6,092,432,830 $1,865,685

Regular Broker-Dealers

During the fiscal year ended October 31, 2019, the Fund acquired
securities of its “regular brokers or dealers,” as that term is defined in Rule 10b-1 under the 1940 Act, that derived,
or have a parent that derived more than 15% of its gross revenues from the business of a broker, a dealer, an underwriter or an
investment adviser, as follows:

Regular Broker or Dealer Value of the Fund’s
Aggregate Holdings of the
Regular Broker’s or
Dealer’s or Parent’s
Securities

Ameriprise Financial, Inc.

Bank of America Corp.

JPMorgan Chase & Co.

LPL Investment Holdings, Inc.

Wells Fargo & Co.

$71,853,818

140,186,537

141,739,479

40,492,756

63,876,636

7e

PORTFOLIO
MANAGER INFORMATION

Other Accounts Managed

The following table sets forth information
about the other accounts managed by the Fund’s portfolio managers as of the Fund’s fiscal year ended October 31, 2019
(or another date, if indicated).1 For more information, please see the “Portfolio Management Information”
section of Part II. The data shown below are approximate.

Included in the Registered Investment Companies
category are those U.S.-registered funds managed or sub-advised by Lord Abbett, including funds underlying variable annuity contracts
and variable life insurance policies offered through insurance companies. The Other Pooled Investment Vehicles category includes
collective investment funds, offshore funds and similar non-registered investment vehicles. Lord Abbett does not manage any hedge
funds. The Other Accounts category encompasses retirement and benefit plans (including both defined contribution and defined benefit
plans) sponsored by various corporations and other entities, individually managed institutional accounts of various corporations,
other entities and individuals, and separately managed accounts in so-called wrap fee programs sponsored by financial intermediaries
unaffiliated with Lord Abbett.

Number of Registered Investment Companies

Total Assets ($MM)

Number of Other Pooled Investment Vehicles

Total Assets ($MM)

Number of Other Accounts

Total Assets ($MM)

Walter H. Prahl 2 1,912.3 0 0 0 0
Marc Pavese 2 1,912.3 0 0 0 0
Darnell C. Azeez 2 1,912.3 0 0 0 0
Servesh Tiwari 2 1,912.3 0 0 0 0

1 Data is as of November
29, 2019.

Holdings of Portfolio Managers

The following table indicates the dollar range
of securities beneficially owned by each portfolio manager in the Fund as of October 31, 2019 (or another date, if indicated).1
This table includes the value of securities beneficially owned by such portfolio managers through 401(k) plans and certain other
plans or accounts, if any.

Ownership of Securities Aggregate Dollar Range of Securities
Walter H. Prahl Over $1,000,000
Marc Pavese $100,001-$500,000
Darnell C. Azeez $500,001-$1,000,000
Servesh Tiwari $0

1 Data is as of November
        29, 2019.

8e

CONTROL
PERSONS AND PRINCIPAL SHAREHOLDERS

Shareholders beneficially owning more than
25% of outstanding shares may be in control and may be able to affect the outcome of certain matters presented for a shareholder
vote. As of January 31, 2020, to the best of the Fund’s knowledge, no persons or entities owned of record or were known by
the Fund to beneficially own more than 25% of the Fund’s outstanding shares.

EDWARD D JONES & CO
FOR  THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO  63131-3710
27.99%

As of January 31, 2020, to the best of the
Fund’s knowledge, the following persons or entities owned of record or were known by the Fund to beneficially own 5% or more
of the specified class of the Fund’s outstanding shares:

CLASS A EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
29.90%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
5.74%
CLASS C EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
10.15%
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
11.23%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
7.69%
WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
12.37%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
9.87%

MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1901
5.52%
CLASS F NATIONAL FINANCIAL SERVICES LLC
FEBO CUSTOMERS
MUTUAL FUNDS
200 LIBERTY ST # 1WFC
NEW YORK NY 10281-1003
9.88%
MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
19.74%
PERSHING LLC
1 PERSHING PLZ
JERSEY CITY NJ 07399-0002
9.33%
LPL FINANCIAL
–OMNIBUS CUSTOMER ACCOUNT–
9785 TOWNE CENTRE DR
SAN DIEGO CA 92121-1968
7.67%
AMERICAN ENTERPRISE INVESTMENT SVC
707 2ND AVE S
MINNEAPOLIS MN 55402-2405
5.14%
UBS WM USA
OMNI ACCOUNT M/F
SPEC CDY A/C EBOC UBSFSI
1000 HARBOR BLVD
WEEHAWKEN NJ 07086-6761
11.60%
RBC CAPITAL MARKETS LLC
MUTUAL FUND OMNIBUS PROCESSING
510 MARQUETTE AVE S
MINNEAPOLIS MN 55402-1110
7.17%
RAYMOND JAMES
OMNIBUS FOR MUTUAL FUNDS
880 CARILLON PKWY
ST PETERSBURG FL 33716-1100
8.60%

MORGAN STANLEY SMITH BARNEY LLC
FOR THE EXCLUSIVE BENE OF ITS CUST
1 NEW YORK PLZ FL 12
NEW YORK NY 10004-1901

12.26%

CLASS F3 EDWARD D JONES & CO
FOR THE BENEFIT OF CUSTOMERS
12555 MANCHESTER RD
SAINT LOUIS MO 63131-3710
99.45%
CLASS I WELLS FARGO CLEARING SERVICES LLC
SPECIAL CUSTODY ACCT FOR THE
EXCLUSIVE BENEFIT OF CUSTOMER
2801 MARKET ST
SAINT LOUIS MO 63103-2523
32.36%
CHARLES SCHWAB & CO INC
SPECIAL CUSTODY ACCOUNT FOR
BENEFIT OF CUSTOMERS
211 MAIN STREET
SAN FRANCISCO CA 94105-1905
8.95%
ANB 400 & CO
PO BOX 1
AMARILLO TX 79105-0001
44.53%
CLASS P TALCOTT RESOLUTION LIFE INSURANCE CO
PO BOX 5051
HARTFORD CT 06102-5051
75.92%
CLASS R2 PAI TRUST COMPANY, INC.
RIGGINS CO., L.C. 401(K) PROFIT SHA
1300 ENTERPRISE DR
DE PERE WI 54115-4934
53.36%
MATRIX TRUST COMPANY CUST FBO
MICHAEL S BURTT PA 401(K) PLAN
717 17TH ST STE 1300
DENVER CO 80202-3304
10.72%
K MEASEL R MEASEL S MEASEL TTEE FBO
ACE CUTTING EQUIP & SUPPLY INC 401K
C/O FASCORE LLC
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO 80111-5002
31.45%
CLASS R3 VOYA RETIREMENT INS AND ANNUITY CO
SEPARATE A/C F
ONE ORANGE WAY, B3N
WINDSOR CT 06095-4773
7.47%
TALCOTT RESOLUTION LIFE INSURANCE
COMPANY
PO BOX 5051
HARTFORD CT 06102-5051
31.38%

CLASS R4 MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
46.37%
FIIOC FBO C.E. TOLAND & SON PROFIT
SHARING
100 MAGELLAN WAY KWIC
COVINGTON KY 41015-1987
13.96%
GREAT-WEST TRUST COMPANY LLC FBO
EMPLOYEE BENEFITS CLIENTS 401K
8515 E ORCHARD RD 2T2
GREENWOOD VILLAGE CO 80111-5002
6.13%
JOHN HANCOCK TRUST COMPANY LLC
690 CANTON ST STE 100
WESTWOOD MA 02090-2324
5.83%
CLASS R5 MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
5.67%
NATIONWIDE TRUST CO FSB
C/O IPO PORTFOLIO ACCOUNTING
PO BOX 182029
COLUMBUS OH 43218-2029
59.43%
FIIOC FBO ALPHADYNE ASSET
MANAGEMENT LP INCENTIVE
SAVINGS TRUST
100 MAGELLAN WAY # KW1C
COVINGTON KY 41015-1987
31.82%
CLASS R6 MLPF&S FOR THE SOLE BENEFIT
OF ITS CUSTOMERS
4800 DEER LAKE DR E FL 3
JACKSONVILLE FL 32246-6484
16.86%
TIAA, FSB CUST/TTEE FBO:
RETIREMENT PLANS FOR WHICH
TIAA ACTS AS RECORDKEEPER
211 N BROADWAY STE 1000
SAINT LOUIS MO 63102-2748
9.53%
NATIONAL FINANCIAL SERVICES LLC
499 WASHINGTON BLVD
JERSEY CITY NJ 07310-1995
11.57%

MATRIX TRUST COMPANY CUST FBO
AMARILLO COLLEGE 403(B) PLAN
717 17TH ST STE 1300
DENVER CO 80202-3304
9.66%
GREAT-WEST TRUST COMPANY LLC TTEE F
SAN DIEGO COUNTY SCHOOLS FRINGE 403
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO 80111-5002
24.16%
GREAT-WEST TRUST COMPANY LLC TTEE F
SAN DIEGO COUNTY SCHOOLS FRINGE 457
8515 E ORCHARD RD # 2T2
GREENWOOD VLG CO 80111-5002
14.95%

As of January 31, 2020, the officers and Board
Members, as a group, owned less than 1% of each class of the Fund’s outstanding shares.

9e
FINANCIAL STATEMENTS

The financial statements are incorporated into
this SAI by reference to the Fund’s most recent annual report to shareholders, which has been audited by Deloitte & Touche
LLP, an independent registered public accounting firm, as stated in their report, based on their authority as experts in accounting
and auditing.

PART II

Part II describes policies and practices that
apply to each Lord Abbett Fund other than Lord Abbett Credit Opportunities Fund. Part II is not a standalone document and must
be read in conjunction with Part I. The Lord Abbett Funds are comprised of Investment Trust, Securities Trust, and Trust I, each
a Delaware statutory trust; and Affiliated Fund, Bond Debenture Fund, Developing Growth Fund, Global Fund, Mid Cap Stock Fund,
Municipal Income Fund, Research Fund, Series Fund, and Money Market Fund, each a Maryland corporation.

Note: Updated SAIs for each Fund will be filed
    with the SEC in accordance with each Fund’s regularly scheduled annual update cycle. References in this Part II to Funds
    that have not yet filed an updated SAI do not supersede the currently effective SAI for those Funds.

TABLE OF
CONTENTS

1.
GLOSSARY

For purposes of this Part II, Lord Abbett
Funds
are comprised of the following management investment companies:

Lord Abbett Affiliated Fund, Inc.:
Affiliated Fund

Lord Abbett Bond Debenture Fund, Inc.:
Bond Debenture Fund

Lord Abbett Developing Growth Fund,
Inc.: Developing Growth Fund

Lord Abbett Global Fund, Inc.: Global
Fund

Lord Abbett Investment Trust: Investment
Trust

Lord Abbett Mid Cap Stock Fund, Inc.:
Mid Cap Stock Fund

Lord Abbett Municipal Income Fund,
Inc.: Municipal Income Fund

Lord Abbett Research Fund, Inc.: La recherche
Fund

Lord Abbett Securities Trust: Securities
Trust

Lord Abbett Series Fund, Inc.: Series
Fund

Lord Abbett Trust I, formerly Lord
Abbett Equity Trust
: Trust

Lord Abbett U.S. Government &
Government Sponsored Enterprises Money Market Fund, Inc.: Money Market Fund

1933 Act Securities Act of 1933, as amended
1940 Act Investment Company Act of 1940, as amended
Board Board of Directors or Trustees
Board Member(s) Director(s) or Trustee(s) of the Board
Calibrated Dividend Growth Fund Lord Abbett Calibrated Dividend Growth Fund
CDSC Contingent deferred sales charge
CEA Commodity Exchange Act,
    as amended
Code Internal Revenue Code of
    1986, as amended
Convertible Fund Lord Abbett Convertible Fund
CPO Commodity pool operator
Le dépositaire State Street Bank and Trust
Compagnie
Declaration Declaration and Agreement of Trust
Distribution Agreement Distribution Agreement for each Fund, as described in this SAI
Distribution Fees Fees used to support the Fund’s marketing and distribution efforts,
    such as compensating financial intermediaries, advertising and promotion
Distributor Lord Abbett Distributor LLC
Emerging Markets Corporate Debt Fund Lord Abbett Emerging Markets Corporate Debt Fund
Emerging Markets Bond Fund Lord Abbett Emerging Markets Bond Fund
Fitch Fitch Ratings, Inc.
Focused Small Cap Value Fund Lord Abbett Focused Small Cap Value Fund, formerly, Lord Abbett Micro Cap
    Value Fund
Fundamental Equity Fund Lord Abbett Fundamental Equity Fund
Fund(s) Each separate investment portfolio of a Lord Abbett Fund or, if a Lord Abbett
    Fund has only a single investment portfolio, the Lord Abbett Fund
Fund(s)-of-Funds Collectively, Lord Abbett
     Multi-Asset Balanced Opportunity Fund, Lord Abbett  Multi-Asset Income Fund, and Lord Abbett Alpha Strategy
    Fund
Global Bond Fund Lord Abbett Global Bond Fund
Global Equity Research Fund Lord Abbett Global Equity
    Research Fund
Growth Leaders Fund Lord Abbett Growth Leaders
    Fund

High Yield Municipal Fund Lord Abbett High Yield Municipal
    Bond Fund
Independent Board Member(s) Director(s) or Trustee(s) of the Board who are not “interested persons”
    as defined in the 1940 Act, of each Fund
Inflation Focused Fund Lord Abbett Inflation Focused Fund
Interested
    Board Member(s)
Director(s) or Trustee(s) of
    the Board who are not Independent Board Members
International Equity Fund Lord Abbett International
    Equity Fund
International Opportunities Fund Lord Abbett International
    Opportunities Fund
International Value Fund Lord Abbett International
    Value Fund
IRS Internal Revenue Service
Micro Cap Growth Lord Abbett Micro Cap Growth Fund
Lord Abbett Lord, Abbett & Co. LLC
Moody’s Moody’s Investors Service, Inc.
NASDAQ National Association of Securities Dealers Automated Quotations exchange
NAV Net asset value
NRSRO Nationally Recognized Statistical Rating Organization
NYSE New York Stock Exchange
OTC Over-the-counter
Rule 12b-1 Plan

Distribution and/or Shareholder Service Plan adopted under Rule

12b-1 (under the 1940 Act)

S&P S&P Global Ratings
SAI Statement of Additional
    Information
SEC United States Securities and Exchange Commission
Short Duration High Yield Municipal Bond Fund Lord Abbett Short Duration High Yield Municipal Bond Fund
Small Cap Value Fund Lord Abbett Small-Cap Value Series
SWP Systematic Withdrawal Plan
Ultra Short Bond Fund Lord Abbett Ultra Short Bond Fund
Underlying Funds Other affiliated mutual funds managed by Lord Abbett in which the Fund(s)-of-Funds
    may invest
Value Opportunities Fund Lord Abbett Value Opportunities Fund

2.
ADDITIONAL
INFORMATION ON PORTFOLIO INVESTMENTS, RISKS, AND TECHNIQUES

This section provides further information on
certain types of investments and investment techniques that each Fund may use and some of the risks associated with such investments
and techniques. When used in this section, “the Fund” refers to any Fund that can use the investments and techniques
described below, as specified in the “Fund Investments” section of the SAI or in the Fund’s prospectus, unless
otherwise discussed. The composition of the Fund’s portfolio and the investments and techniques that the Fund uses in seeking
its investment objective and employing its investment strategies will vary over time. The Fund may use the investments and techniques
described below at all times, at some times, or not at all.

Direct Investments by Funds-of-Funds.
In the case of the Funds-of-Funds, references to each “Fund” or the “Funds” include each Fund-of-Funds
as well as certain or all of the Underlying Funds, to the extent permitted by the applicable Underlying Fund’s respective
prospectus and SAI. Funds-of-Funds may invest directly in securities and non-securities consistent with the Fund’s investment
objectives, policies, and restrictions.

Duration. Duration is a measure of the
expected life of a bond or other fixed income instrument on a present value basis. Duration incorporates the bond’s or other
fixed income instrument’s yield, coupon interest payments, final maturity, and call features into one measure. Duration allows
an investment adviser to make certain predictions as to the effect that changes in the level of interest rates will have on the
value of the Fund’s portfolio of bonds or other fixed income instruments. However, various factors, such as changes in anticipated
prepayment rates, qualitative considerations, and market supply and demand, can cause particular securities to respond somewhat
differently to changes in interest rates. Moreover, in the case of mortgage-backed and other complex securities, duration calculations
are estimates and are not precise. This is particularly true during periods of market volatility.

The Fund’s portfolio will have a duration
that is equal to the weighted average of the durations of the bonds or other fixed income instruments in its portfolio. The longer
the Fund’s portfolio’s duration, the more sensitive it is to interest rate risk. The shorter the Fund’s portfolio’s
duration, the less sensitive it is to interest rate risk. For example, the value 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 the value of a portfolio with
a duration of two years would be expected to fall approximately two percent if interest rates rose by one percentage point.

Some securities may have periodic interest
rate adjustments based upon an index such as the 90-day Treasury Bill rate. This periodic interest rate adjustment tends to lessen
the volatility of the security’s price. With respect to securities with an interest rate adjustment period of one year or
less, the Fund will, when determining average- weighted duration, treat such a security’s maturity as the amount of time
remaining until the next interest rate adjustment.

Instruments such as securities guaranteed by
the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie
Mae”), and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and similar securities backed by amortizing
loans generally have shorter effective maturities than their stated maturities. This is due to changes in amortization caused by
demographic and economic forces such as interest rate movements. These effective maturities are calculated based upon historical
payment patterns and, therefore, have a shorter duration than would be implied by their stated final maturity. For purposes of
determining the Fund’s average maturity, the maturities of such securities will be calculated based upon the issuing agency’s
payment factors using industry accepted valuation models.

Borrowing Money. The Fund may borrow
money. In addition, as described more fully below under “Interfund Lending,” the Fund (provided applicable criteria
are met) may borrow from certain other Funds in interfund lending transactions. If the Fund borrows money and experiences a decline
in its NAV, the borrowing will increase the effect of its losses on the value of the Fund’s shares.

Cash Management Practices. La Fondation
receives cash as a result of investments in the Fund’s shares, from the sale of the Fund’s investments, and from any
income or dividends generated by its portfolio investments and may

handle that cash in different ways. La Fondation
may maintain a cash balance pending investments in other securities, payment of dividends or redemptions, or in other circumstances
where the Fund’s portfolio management team believes additional liquidity is necessary or advisable. To the extent that the
Fund maintains a cash balance, that portion of the Fund’s portfolio will not be exposed to the potential returns (positive
or negative) of the market in which the Fund typically invests. The Fund may invest its cash balance in short-term investments,
such as repurchase agreements.

Consistent with its investment objective, policies,
and restrictions, however, the Fund also may invest in securities, such as exchange-traded funds (“ETFs”), or derivatives
related to its cash balance. For example, the Fund may buy index futures with an aggregate notional amount that approximately offsets
its cash balance to efficiently provide investment exposure while maintaining liquidity or accumulating cash pending purchases
of individual securities. In addition, the Fund may buy or sell futures contracts in response to purchases or redemptions of Fund
shares in order to maintain market exposure consistent with the Fund’s investment objective and strategies. When investing
in this manner, the Fund may maintain a net short position with respect to futures, but would segregate liquid assets to cover
its net payment obligations.

These cash management practices are ancillary
to, and not part of, the Fund’s principal investment strategies. As such, the Fund does not intend to invest substantially
in this manner under normal circumstances.

Bank Loans. The Fund may invest in direct
debt instruments, which are interests in amounts owed to lenders or lending syndicates, to suppliers of goods or services, or to
other parties by a corporate, governmental, or other borrower. Accordingly, the Fund may invest in senior loans and other bank
loans and loan interests. Senior loans primarily include senior floating rate loans, first and second lien loans, and secondarily
senior floating rate debt obligations (including those issued by an asset-backed pool), and interests therein. Loan interests may
take the form of direct interests acquired during a primary distribution and also may take the form of assignments of, novations
of, or participations in, a bank loan acquired in secondary markets. The loans the Fund generally invests in are originated, negotiated,
and structured by a U.S. or foreign commercial bank, insurance company, finance company, or other financial institution (collectively,
the “Agent”) for a group of loan investors (“Loan Investors”). The Agent typically administers and enforces
the loan on behalf of the other Loan Investors in the syndicate. In addition, an institution, typically but not always the Agent,
holds any collateral on behalf of the Loan Investors.

Purchasers of forms of direct indebtedness,
such as senior loans and other bank loans, depend primarily upon the creditworthiness of the corporate or other borrower for payment
of principal and interest, and adverse changes in the creditworthiness of the borrower may affect its ability to pay principal
and interest. Investment in the indebtedness of borrowers with low creditworthiness involves substantially greater risks, and may
be highly speculative. In the event of non-payment of interest or principal, loans that are secured by collateral offer the Fund
more protection than comparable unsecured loans. However, no assurance can be given that the collateral for a secured loan can
be liquidated or that the proceeds will satisfy the borrower’s obligation.

Senior loans and interests in other bank loans
may not be readily marketable and may be subject to restrictions on resale. Senior loans and other bank loans may not be considered
“securities,” and investors in these loans may not be entitled to rely on anti-fraud and other protections under the
federal securities laws. In some cases, negotiations involved in disposing of indebtedness may require weeks to complete. Consequently,
some indebtedness may be difficult or impossible to dispose of readily at what Lord Abbett believes to be a fair price. In addition,
valuation of illiquid indebtedness involves a greater degree of judgment in determining the Fund’s NAV than if that value
were based on available market quotations, and could result in significant variations in the Fund’s daily NAV. At the same
time, some loan interests are traded among certain financial institutions and accordingly may be deemed liquid. Further, the settlement
period (the period between the execution of the trade and the delivery of cash to the purchaser) for some senior loans and other
bank loans transactions may be significantly longer than the settlement period for other investments, and in some case may take
longer than seven days . Requirements to obtain the consent of the borrower and/or Agent can delay or impede the Fund’s ability
to sell loans and can adversely affect the price that can be obtained. As a result, it is possible the Fund may not receive the
proceeds from a sale of a loan for a significant period of time, which may affect the Fund’s ability to repay

debt, to fund redemptions, to pay dividends,
to pay expenses, or to take advantage of new investment opportunities.

Prepayment. Senior loans may
require or permit, in addition to scheduled payments of interest and principal, the prepayment of the senior loan from free cash
flow. The degree to which borrowers prepay senior loans, whether as a contractual requirement or at their election, is unpredictable.
Upon a prepayment, either in part or in full, the actual outstanding debt on which the Fund derives interest income will be reduced,
and the Fund may decide to invest in lower yielding investments. However, the Fund may receive both a prepayment penalty fee from
the prepaying borrower and a facility fee upon the purchase of a new senior loan with the proceeds from the prepayment of the former.
The effect of prepayments on the Fund’s performance may be mitigated by the receipt of prepayment fees and the Fund’s
ability to reinvest prepayments in other senior loans that have similar or identical yields.

Bridge Loans. Bridge loans are
short-term loan arrangements (typically 12 to 18 months) usually made by a Borrower in anticipation of receipt of intermediate-term
or long-term permanent financing. Most bridge loans are structured as floating-rate debt with “step-up” provisions
under which the interest rate on the bridge loan rises (or “steps up”) the longer the loan remains outstanding. À
addition, bridge loans commonly contain a conversion feature that allows the bridge Loan Investor to convert its interest to senior
exchange notes if the loan has not been prepaid in full on or before its maturity date. Bridge loans may be subordinate to other
debt and may be secured or undersecured.

Assignments. An investor in senior
loans typically purchases “Assignments” from the Agent or other Loan Investors and, by doing so, typically becomes
a Loan Investor under the loan agreement with the same rights and obligations as the assigning Loan Investor. Assignments may,
however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations
acquired by the purchaser of an Assignment may differ from, and be more limited than, those held by the assigning Loan Investor.

Participations. “Participations”
in a Loan Investor’s portion of a senior loan typically will result in the investing Fund having a contractual relationship
only with such Loan Investor, rather than with the borrower. As a result, the Fund may have the right to receive payments of principal,
interest, and any fees to which it is entitled only from the Loan Investor selling the Participation and only upon receipt by such
Loan Investor of such payments from the borrower. In connection with purchasing Participations, the Fund generally will have no
right to enforce compliance by the borrower with the terms of the loan agreement and the Fund may not directly benefit from the
collateral supporting the senior loan in which it has purchased the Participation. As a result, the Fund may assume the credit
risk of both the borrower and the Loan Investor selling the Participation. If a Loan Investor selling a Participation becomes insolvent,
the Fund may be treated as a general creditor of such Loan Investor.

Revolving Credit Facility Loans.
For some loans, such as revolving credit facility loans (“revolvers”), a Loan Investor may be obligated under the
loan agreement to, among other things, make additional loans in certain circumstances. The Fund generally will place assets in
reserve for these contingent obligations by segregating or otherwise designating a sufficient amount of permissible liquid assets.
Delayed draw term loans are similar to revolvers, except that, once drawn upon by the borrower during the commitment period, they
remain permanently drawn and become term loans. A prefunded letter of credit (L/C) term loan is a facility created by the borrower
in conjunction with an Agent, with the loan backed by letters of credit. Each participant in a prefunded L/C term loan fully funds
its commitment amount to the Agent for the facility.

Convertible Securities. Convertible
securities are preferred stocks or debt obligations that may be converted into or exchanged for shares of common stock (or cash
or other securities) of the same or a different issuer at a stated price or exchange ratio. Convertible securities generally rank
senior to common stock in a corporation’s capital structure but usually are subordinated to comparable non-convertible securities.
A convertible security entitles the holder to receive a dividend or interest that generally is paid or accrued on the underlying
security until the convertible security matures or is redeemed, converted, or exchanged. While convertible securities generally
do not participate directly in any dividend increases or decreases of the underlying securities, market prices of convertible securities
may be affected by such dividend changes or other changes in the underlying securities. À

addition, if the market price of the common
stock underlying a convertible security approaches or exceeds the conversion price of the convertible security, the convertible
security tends to reflect the market price of the underlying common stock. Alternatively, a convertible security may lose much
or all of its value if the value of the underlying common stock falls below the conversion price of the security.

Convertible securities have both equity and
fixed income risk characteristics. A significant portion of convertible securities have below investment grade credit ratings and
are subject to increased credit and liquidity risks. 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 it 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.

Synthetic Convertible Securities.

Synthetic convertible securities are derivative instruments comprising two or more securities whose combined investment characteristics
resemble those of a convertible security. A typical convertible security combines fixed income securities or preferred stock with
an equity component, such as a warrant, which offers the potential to own the underlying equity security. The value of a synthetic
convertible security may respond differently to market fluctuations than the value of a traditional convertible security in response
to the same market fluctuations.

Contingent Convertible Securities (“CoCos”).
CoCos are typically issued by non-U.S. issuers and are subordinated instruments that are designed to behave like bonds or preferred
equity in times of economic health yet absorb losses when a pre-determined trigger event occurs. CoCos are either convertible into
equity at a predetermined share price or written down in value based on the specific terms of the individual security if a pre-specified
trigger event occurs. Trigger events vary by instrument and are defined by the documents governing the contingent convertible security.
Such trigger events may include a decline in the issuer’s capital below a specified threshold level, an increase in the issuer’s
risk-weighted assets, the share price of the issuer falling to a particular level for a certain period of time and certain regulatory
events. In addition, CoCos have no stated maturity and have fully discretionary coupons.

Credit Rating Agencies. Credit rating
agencies are companies that assign credit ratings, which operate as a preliminary evaluation of the credit risk of a prospective
debtor. Credit rating agencies include, but are not limited to, S&P, Moody’s, and Fitch. Credit ratings are provided
by credit rating agencies that specialize in evaluating credit risk, but there is no guarantee that a highly rated debt instrument
will not default or be downgraded. Credit ratings issued by these agencies are designed to evaluate the safety of principal and
interest payments of rated securities. They do not evaluate the market risk and, therefore, may not fully reflect the true risks
of an investment. In addition, credit rating agencies may not make timely changes in a rating to reflect changes in the economy
or in the conditions of the issuer that affect the market value of the security. Consequently, credit ratings are used only by
Lord Abbett, the Fund’s investment adviser, as a preliminary indicator of investment quality. Lord Abbett may use any NRSRO
when evaluating investment quality. Each agency applies its own methodology in measuring creditworthiness and uses a specific rating
scale to publish its ratings opinions. More information on credit rating agency ratings is located in Appendix D.

Debt Securities. Debt securities are
used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest and typically must repay
the amount borrowed at the maturity of the instrument. Debt securities include, but are not limited to, bonds, debentures, government
obligations, commercial paper, repurchase agreements, and pass-through instruments. A debt security is typically considered “investment
grade” if it is rated BBB/Baa or higher by a rating agency or if Lord Abbett determines the security to be of comparable
quality. For a discussion of the specific risks associated with debt securities not considered “investment grade,”
please see “High-Yield or Lower-Rated Debt Securities” below.

Risks Affecting Debt Securities. Prices
of debt securities fluctuate and, in particular, are subject to several key risks including, but not limited to, interest rate
risk, credit risk, prepayment risk, extension risk, and spread risk.

When interest rates rise or the issuer’s
or the counterparty’s financial condition worsens or is perceived by the market to be at greater risk, the value of debt
securities typically declines. Investments in debt securities may face a heightened level of interest rate risk, especially because
the Federal Reserve Board has begun to raise rates after a period of historically low rates. While fixed income securities with
longer final maturities often have higher yields than those with shorter maturities, their prices are usually more sensitive to
changes in interest rates and other factors.

Credit risk, also known as default risk, represents
the possibility that an issuer may be unable to meet scheduled interest and principal payment obligations. If the market perceives
a deterioration in the creditworthiness of an issuer, the value and liquidity of debt securities issued by that issuer may decline.
Spread risk is the potential for the value of the Fund’s debt security investments to fall due to the widening of spreads.
Debt securities generally compensate for greater credit risk by paying interest at a higher rate. The difference (or “spread”)
between the yield of a security and the yield of a benchmark, such as a U.S. Treasury security with a comparable maturity, measures
the additional interest paid for such greater credit risk. As the spread on a security widens (or increases), the price (or value)
of the security falls. Spread widening may occur, among other reasons, as a result of market concerns over the stability of the
market, excess supply, general credit concerns in other markets, security- or market-specific credit concerns, or general reductions
in risk tolerance.

Prepayment risk, also known as call risk, arises
due to the issuer’s ability to prepay all or most of the debt security before the stated final maturity date. Prepayments
generally rise in response to a decline in interest rates as debtors take advantage of the opportunity to refinance their obligations.
This risk often is associated with mortgage securities where the underlying mortgage loans can be refinanced, although it also
can be present in corporate or other types of bonds with call provisions. When a prepayment occurs, the Fund may be forced to reinvest
in lower yielding debt securities. Extension risk is the chance that, during periods of rising interest rates, certain debt obligations
will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk
generally is low for short-term bond funds, moderate for intermediate-term bond funds, and high for long-term bond funds.

Debt securities trade on an OTC basis in which
parties buy and sell securities through bilateral transactions. While the total amount of assets invested in debt markets has grown
in recent years, the capacity for traditional dealer counterparties to engage in debt trading has not kept pace and has decreased,
in part due to regulations and capital requirements applicable to these entities. As a result, because market makers provide stability
to a market through their intermediary services, a significant reduction in dealer inventories has decreased liquidity and potentially
could increase volatility in the debt markets. Such issues may be exacerbated during periods of economic uncertainty or market
volatility.

Economic, political, and other events also
may affect the prices of broad debt markets, although the risks associated with such events are transmitted to the market via changes
in the prevailing levels of interest rates, credit risk, prepayment risk, or spread risk.

Many debt securities use or may use a floating
rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits
between major international banks. On July 27, 2017, the head of the United Kingdom’s (“UK”) Financial Conduct
Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization
of LIBOR and the nature of any replacement rate. As such, the potential effect of a transition away from LIBOR on the Fund or the
debt securities or other instruments in which the Fund invests cannot yet be determined. The transition process might lead to increased
volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. It could also lead to a reduction
in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments.
Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior and/or
subsequent to the end of 2021.

Depositary Receipts. The Fund may invest
in American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and similar depositary receipts.
ADRs typically are trust receipts issued by a U.S. bank or trust company or other financial institution (a “depositary”)
that evidence an indirect interest in underlying securities issued by a

foreign entity and deposited with the depositary.
Prices of ADRs are quoted in U.S. dollars, and ADRs are listed and traded in the United States. GDRs typically are issued by non-U.S.
banks or financial institutions (a “foreign depositary”) to evidence an interest in underlying securities issued by
either a U.S. or a non-U.S. entity and deposited with the foreign depositary. Ownership of ADRs and GDRs entails similar investment
risks to direct ownership of foreign securities traded outside the United States, including increased market, liquidity, currency,
political, information, and other risks. To the extent the Fund acquires depositary receipts through banks that do not have a contractual
relationship to issue and service unsponsored depositary receipts with the foreign issuer of the underlying security underlying
the depositary receipts, there is an increased possibility that the Fund will not become aware of, and, thus, be able to respond
to, corporate actions such as stock splits or rights offerings involving the issuer in a timely manner. In addition, the lack of
information may affect the accuracy of the valuation of such instruments. The market value of depositary receipts is dependent
upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the depositary
receipts and the underlying securities are quoted. However, by investing in certain depositary receipts, such as ADRs, which are
quoted in U.S. dollars, the Fund may avoid currency risks during the payment and delivery (“settlement”) period for
purchases and sales.

Defaulted Bonds and Distressed Debt.
Defaulted bonds are subject to greater risk of loss of income and principal than higher rated securities and are considered speculative.
In the event of a default, the Fund may incur additional expenses to seek recovery. The repayment of defaulted bonds is subject
to significant uncertainties, and, in some cases, there may be no recovery of repayment. Further, defaulted bonds might be repaid
only after lengthy workout or bankruptcy proceedings, during which the issuer might not make any interest or other payments. Workout
or bankruptcy proceedings typically result in only partial recovery of cash payments or an exchange of the defaulted bond for other
securities of the issuer or its affiliates. Often, the securities received are illiquid or speculative. Investments in securities
following a workout or bankruptcy proceeding typically entail a higher degree of risk than investments in securities that have
not recently undergone a reorganization or restructuring. Moreover, these securities can be subject to heavy selling or downward
pricing pressure after the completion of a workout or bankruptcy proceeding. If the Fund’s evaluation of the anticipated
outcome of an investment should prove inaccurate, the Fund could experience a loss. Such securities obtained in exchange may include,
but are not limited to, equity securities, warrants, rights, participation interests in sales of assets, and contingent interest
obligations.

The Fund may hold securities of issuers that
are, or are about to be, involved in reorganizations, financial restructurings, or bankruptcy (also known as “distressed
debt”). Defaulted bonds and distressed debt securities are speculative and involve substantial risks in addition to
the risks of investing in junk bonds. To the extent that the Fund holds distressed debt, that Fund will be subject to the risk
that it may lose a portion or all of its investment in the distressed debt and may incur higher expenses trying to protect its
interests in distressed debt. The prices of distressed bonds are likely to be more sensitive to adverse economic changes or individual
issuer developments than the prices of higher rated securities. During an economic downturn or substantial period of rising interest
rates, distressed security issuers may experience financial stress that would adversely affect their ability to service their principal
and interest payment obligations, to meet their projected business goals, or to obtain additional financing. The Fund may invest
in additional securities of a defaulted issuer to retain a controlling stake in any bankruptcy proceeding or workout. Even if the
Fund invests in tax-exempt bonds, it may receive taxable bonds in connection with the terms of a restructuring deal, which could
result in taxable income to investors. In addition, any distressed securities or any securities received in exchange for such securities
may be subject to restrictions on resale. In any reorganization or liquidation proceeding, the Fund may lose its entire investment
or may be required to accept cash or securities with a value less than its original investment. Moreover, it is unlikely that a
liquid market will exist for the Fund to sell its holdings in distressed debt securities.

Derivatives. The Fund may invest in,
or enter into, derivatives for a variety of reasons, including to hedge certain market or interest rate risks, to provide a substitute
for purchasing or selling particular securities, or to increase potential returns. Generally, derivatives are financial contracts
whose values depend upon, or are derived from, the value of an underlying asset, reference rate or index, and may relate to stocks,
bonds, interest rates, currencies or currency exchange rates, commodities and other assets, and related indices. Examples of derivative
instruments

the Fund may use include options contracts,
futures contracts, options on futures contracts, forward contracts, forward currency contracts, structured notes, swap agreements,
and credit derivatives. Derivatives may provide a cheaper, quicker, or more efficient or specifically focused way for the Fund
to invest or to hedge than “traditional” securities would. The Fund’s portfolio management team, however, may
decide not to employ some or all of these strategies. Similarly, suitable derivatives transactions may not be available or available
on the terms desired, and derivatives transactions may not perform as intended. There is no assurance that any derivatives strategy
used by the Fund will succeed.

Derivatives can be volatile and involve various
types and degrees of risk, depending upon the characteristics of the particular derivative and the portfolio as a whole. Derivatives
permit the Fund to increase or decrease the level of risk, or change the character of the risk, to which its portfolio is exposed
in much the same way as the Fund can increase or decrease the level of risk, or change the character of the risk, of its portfolio
by making investments in specific securities. However, derivatives may entail investment exposures that are greater than their
cost or notional value would suggest, meaning that a small investment in derivatives could have a large potential impact on the
Fund’s performance. The Fund’s notional derivatives exposure and/or the percentage of total investment exposure may
be greater than the total value of its assets, which would have the result of leveraging the Fund.

If the Fund invests in derivatives at inopportune
times or judges market conditions incorrectly, such investments may lower the Fund’s return or result in a loss. La Fondation
also could experience losses if its derivatives were poorly correlated with its other investments (or not correlated as expected),
or if the Fund were unable to liquidate its position because of an illiquid secondary market. The market for many derivatives is,
or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid, and unpredictable changes in the prices
for derivatives.

Derivatives may be purchased on established
exchanges or through privately negotiated transactions (referred to as “OTC derivatives”). Exchange-traded derivatives
generally are guaranteed by the clearing agency that is the issuer or counterparty to such derivatives. This guarantee usually
is supported by a daily variation margin system operated by the clearing agency in order to reduce overall credit risk. As a result,
unless the clearing agency defaults, there is relatively little counterparty credit risk associated with derivatives purchased
on an exchange. In contrast, many OTC derivatives are not guaranteed by a clearing agency and are therefore not subject to the
same level of credit evaluation and regulatory oversight as are centrally cleared derivatives. Accordingly, each party to an OTC
derivative that is not centrally cleared bears the risk that the counterparty will default. Accordingly, Lord Abbett will consider
the creditworthiness of counterparties to non-centrally cleared OTC derivatives in the same manner as it would review the credit
quality of a security to be purchased by the Fund. OTC derivatives generally are less liquid than exchange-traded derivatives.

New requirements also may result in increased
uncertainty about counterparty credit risk, and they also may limit the flexibility of the Fund to protect its interests in the
event of an insolvency of a derivatives counterparty. In the event of a counterparty’s (or its affiliate’s) insolvency,
the Fund’s ability to exercise remedies, such as the termination of transactions, netting of obligations and realization
of collateral, could be stayed or eliminated under new special resolution regimes adopted in the United States, the European Union
and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial
institution is experiencing financial difficulty and may prohibit the Fund from exercising termination rights based on the financial
institution’s insolvency. In particular, with respect to counterparties who are subject to such proceedings in the European
Union, the liabilities of such counterparties to the Fund could be reduced, eliminated, or converted to equity in such counterparties
(sometimes referred to as a “bail in”).

Asset Coverage. The Fund will
be required to “set aside” liquid assets (often referred to as “asset segregation”), or engage in other
SEC staff-approved measures (such as entering into offsetting transactions) to “cover” open positions with respect
to certain kinds of derivatives. The amount and type of assets set aside will depend on the nature and type of the transaction,
the Fund’s current and potential obligations under the transaction, and other factors considered by Lord Abbett, and may
not equal the amount of the derivative’s full notional value. To the extent the Fund sets aside assets equal to only its
net obligations under a derivative, the Fund may be employing

leverage to a greater extent than if the Fund
were to segregate assets equal to the full notional value of such transactions. The Fund reserves the right to modify its asset
segregation policies in the future.

Regulatory and Market Considerations.

New U.S. and non-U.S. rules and regulations could, among other things, further restrict the Fund’s ability to engage in,
or increase the cost to the Fund of, derivatives transactions by, for example, making some types of derivatives no longer available
to the Fund or making them less liquid. The implementation of the clearing requirement has increased the costs of derivatives transactions
for the Fund, because the Fund has to pay fees to its clearing members and is typically required to post more margin for cleared
derivatives than it has historically posted for bilateral derivatives. The costs of derivatives transactions are expected to increase
further as clearing members raise their fees to cover the costs of additional capital requirements and other regulatory changes
applicable to the clearing members. These rules and regulations are new and evolving, so their potential impact on the Fund and
the financial system are not yet known. While the new rules and regulations and central clearing of some derivatives transactions
are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause them
to suffer liquidity, solvency, or other challenges simultaneously), there is no assurance that they will achieve that result, and,
in the meantime, central clearing and related requirements expose the Fund to new kinds of costs and risks.

Credit Derivatives. La Fondation
may engage in credit derivative transactions, such as those involving default price risk derivatives and market spread derivatives.
Default price risk derivatives are linked to the price of reference securities or loans after a default by the issuer or borrower,
respectively. Market spread derivatives are based on the risk that changes in certain market factors, such as credit spreads, can
cause a decline in the value of a security, loan, or index. There are three basic transactional forms for credit derivatives: swaps,
options, and structured instruments. The use of credit derivatives is a highly specialized activity that involves strategies and
risks different from those associated with ordinary portfolio security transactions. If Lord Abbett is incorrect in its forecasts
of default risks, market spreads, or other applicable factors, the investment performance of the Fund would diminish compared with
what it would have been if these techniques were not used. Moreover, even if Lord Abbett is correct in its forecasts, there is
a risk that a credit derivative position may correlate imperfectly with the price of the asset or liability being hedged. The Fund’s
risk of loss in a credit derivative transaction varies with the form of the transaction. For example, if the Fund purchases a default
option on a security, and, if no default occurs, with respect to the security, the Fund’s loss is limited to the premium
it paid for the default option. In contrast, if there is a default by the grantor of a default option, the Fund’s loss will
include both the premium it paid for the option and the decline in value of the underlying security that the default option hedged.
If the Fund “writes” (sells) protection, it may be liable for the entire value of the security underlying the derivative.
For more information about the Fund’s investments in credit default swaps, please see “Credit Default Swaps and Similar
Instruments” below.

Combined Transactions. La Fondation
may enter into multiple transactions, including multiple options transactions, multiple futures transactions, multiple currency
transactions including forward currency contracts and multiple interest rate transactions, swaps, structured notes, and any combination
of futures, options, swaps, currency, and interest rate transactions (“component transactions”), instead of a single
transaction, as part of a single or combined strategy when, in the opinion of Lord Abbett, it is in the best interests of the Fund
to do so. A combined transaction will usually contain elements of risk that are present in each of its component transactions.
Although combined transactions normally are entered into based on Lord Abbett’s judgment that the combined strategies will
reduce risk or otherwise more effectively achieve the desired portfolio management goal, it is possible that the combination instead
will increase such risks or hinder achievement of the portfolio management objective.

Commodity-Related Investments.

Commodity-related investments provide exposure to the investment returns of the commodities markets, without investing directly
in physical commodities. Commodities include assets that have tangible properties, such as oil, metals, and agricultural products.
Commodity-related investments include, for example, commodity index-linked notes, swap agreements, commodity options, futures,
and options on futures. Commodity-related investments may subject the Fund to greater volatility than investments in traditional
securities, particularly if the instruments involve leverage. The value of commodity-related investments may be affected by changes
in overall market movements, commodity index volatility, changes in interest rates, or factors

affecting a particular industry or commodity,
such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory
developments. Use of leveraged commodity-related investments creates the possibility for greater loss (including the likelihood
of greater volatility of the Fund’s NAV), and there can be no assurance that the Fund’s use of leverage will be successful.
Tax considerations and position limits established by the commodities exchanges may limit the Fund’s ability to pursue investments
in commodity-related investments.

Options Contracts on Securities and Securities
Indices.
The Fund may purchase call and put options and write covered call and put option contracts. A call option gives
the purchaser of the option the right to buy, and obligates the writer to sell, the underlying security or securities at the exercise
price at any time during the option period or at a specific date depending on the terms of the option. Conversely, a put option
gives the purchaser of the option the right to sell, and obligates the writer to buy, the underlying security or securities at
the exercise price at any time during the option period or at a specific date depending on the terms of the option. The Fund also
may enter into “closing purchase transactions” in order to terminate its obligation to deliver the underlying security.
A closing purchase transaction is the purchase of a call option (at a cost that may be more or less than the premium received for
writing the original call option) on the same security, with the same exercise price and call period as the option previously written.
If the Fund is unable to enter into a closing purchase transaction, it may be required to hold a security that it otherwise might
have sold to protect against depreciation. Certain “European” options only permit exercise on the exercise date. Options
that are not exercised or closed out before their expiration date will expire worthless.

A “covered call option” written
by the Fund is a call option with respect to which the Fund owns the underlying security. A put option written 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 principal reason for writing covered
call and put options is to realize, through the receipt of premiums, a greater return than would be realized on the underlying
securities alone. The Fund receives a premium from writing covered call or put options, which it retains whether or not the option
is exercised. However, the Fund also may realize a loss on the transaction greater than the premium received.

There is no assurance that sufficient trading
interest to create a liquid secondary market on a securities exchange will exist for any particular option or at any particular
time, and, for some options, no such secondary market may exist. A liquid secondary market in an option may cease to exist for
a variety of reasons. In the past, for example, higher than anticipated trading activity or order flow, or other unforeseen events,
at times have rendered certain of the clearing facilities inadequate and resulted in the institution of special procedures, such
as trading rotations, restrictions on certain types of orders, trading halts, or suspensions in one or more options. Similar events,
or events that may otherwise interfere with the timely execution of customers’ orders, may recur in the future. In such event,
it might not be possible to effect closing transactions in particular options. If, as a covered call option writer, the Fund is
unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying security until
the option expires or it delivers the underlying security upon exercise, or it otherwise covers its position.

The securities exchanges generally have established
limits on the maximum number of options an investor or group of investors acting in concert may write. The Fund, Lord Abbett, and
other funds advised by Lord Abbett may constitute such a group. These limits could restrict the Fund’s ability to purchase
or write options on a particular security.

Specific Options Transactions.

Examples of the types of options the Fund may purchase and sell include call and put options in respect of specific securities
(or groups or “baskets” of specific securities) such as U.S. Government securities, mortgage-related securities, asset-backed
securities, foreign sovereign debt, corporate debt securities, equity securities (including convertible securities), and Eurodollar
instruments that are traded on U.S. or foreign securities exchanges or in the OTC market, or securities indices, currencies, or
futures.

An option on an index is similar to an option
in respect of specific securities, except that settlement does not occur by delivery of the securities comprising the index. Instead,
the option holder receives an amount of cash if the closing level of the index upon which the option is based is greater than in
the case of a call, or less than in the case of a put, the exercise price of the option. Thus, the effectiveness of purchasing
or writing index options will depend upon price movements in the level of the index rather than the price of a particular security.

The Fund may purchase and sell call and put
options on foreign currencies. These options convey the right to buy or sell the underlying currency at a price that is expected
to be lower or higher than the spot price of the currency at the time the option is exercised or expires.

Successful use by the Fund of options and options
on futures will be subject to Lord Abbett’s ability to predict correctly movements in the prices of individual securities,
the relevant securities market generally, foreign currencies, or interest rates. To the extent Lord Abbett’s predictions
are incorrect, the Fund may incur losses. The use of options also can increase the Fund’s transaction costs.

OTC Options. OTC options contracts
(“OTC options”) differ from exchange-traded options in several respects. OTC options are transacted directly with dealers
and not with a clearing corporation and there is a risk of nonperformance by the dealer as a result of the insolvency of the dealer
or otherwise, in which event the Fund may experience material losses. Because there is no exchange, pricing normally is done by
reference to information from the counterparty or other market participants.

In the case of OTC options, there can be no
assurance that a liquid secondary market will exist for any particular option at any given time. Consequently, the Fund may be
able to realize the value of an OTC option it has purchased only by exercising it or entering into a closing sale transaction with
the dealer that issued it. Similarly, when the Fund writes an OTC option, generally it can close out that option before its expiration
only by entering into a closing purchase transaction with the dealer to which the Fund originally wrote it. If a covered call option
writer cannot effect a closing transaction, it cannot sell the underlying security until the option expires or the option is exercised.
Therefore, a covered call option writer of an OTC option may not be able to sell an underlying security even though it otherwise
might be advantageous to do so. Likewise, a put writer of an OTC option may be unable to sell the securities segregated to cover
the put for other investment purposes while it is obligated as a put writer. Similarly, a purchaser of such put or call option
also might find it difficult to terminate its position on a timely basis in the absence of a secondary market.

Foreign Currency Options. Fund may take positions in options on foreign currencies. For example, if the Fund were to enter into a contract to purchase securities
denominated in a foreign currency, it effectively could fix the maximum U.S. dollar cost of the securities by purchasing call options
on that foreign currency. Similarly, if the Fund held securities denominated in a foreign currency and anticipated a decline in
the value of that currency against the U.S. dollar, it could hedge against such a decline by purchasing a put option on the currency
involved. The Fund’s ability to establish and close out positions in such options is subject to the maintenance of a liquid
secondary market. There can be no assurance that a liquid secondary market will exist for a particular option at any specific time.
In addition, options on foreign currencies are affected by all of those factors that influence foreign exchange rates and investments
generally. Option markets may be closed while non-U.S. securities markets or round-the-clock interbank currency markets are open,
and this can create price and rate discrepancies.

The value of a foreign currency option depends
on, among other factors, the value of the underlying currency, relative to the U.S. dollar. Other factors affecting the value of
an option are the time remaining until expiration, the relationship of the exercise price to market price, the historical price
volatility of the underlying currency and general market conditions. As a result, changes in the value of an option position may
have no relationship to the investment merit of the foreign currency. Whether a profit or loss is realized on a closing transaction
depends on the price movement of the underlying currency and the market value of the option.

There can be no assurance that the Fund will
be able to liquidate an option at a favorable price at any time before expiration. In the event of insolvency of the counterparty,
the Fund may be unable to liquidate a foreign currency

option. Accordingly, it may not be possible
to effect closing transactions with respect to certain options, with the result that the Fund would have to exercise those options
that it had purchased in order to realize any profit.

Yield Curve Options. Options
on the yield spread or differential between two securities are commonly referred to as “yield curve” options. In contrast
to other types of options, a yield curve option is based on the difference between the yields of designated securities, rather
than the prices of the individual securities, and is settled through cash payments. Accordingly, a yield curve option is profitable
to the holder if this differential widens (in the case of a call) or narrows (in the case of a put), regardless of whether the
yields of the underlying securities increase or decrease.

The trading of yield curve options is subject
to all of the risks associated with the trading of other types of options. In addition, such options present a risk of loss even
if the yield of one of the underlying securities remains constant, or if the spread moves in a direction or to an extent that was
not anticipated.

Forward Contracts. A forward
contract is a contract to buy or sell an underlying security or currency at a pre-determined price on a specific future date.
initial terms of the contract are set so that the contract has no value at the outset. Forward prices are obtained by taking the
spot price of a security or currency and adding it to the cost of carry. No money is transferred upon entering into a forward contract
and the trade is delayed until the specified date when the underlying security or currency is exchanged for cash. As the price
of the underlying security or currency moves, the value of the contract also changes, generally in the same direction. A relatively
small price movement in a forward contract may result in substantial losses to the Fund, exceeding the amount of the margin paid.
Forward contracts increase the Fund’s risk exposure to the underlying references and their attendant risks, including but
not limited to, credit, market, foreign currency and interest rate risks, while also exposing the Fund to correlation, counterparty,
hedging, leverage, liquidity, pricing, and volatility risks.

Forward contracts generally involve the same
characteristics and risks as futures contracts, except for several differences. Forward contracts are generally OTC contracts,
meaning they are not market traded, and are not necessarily marked to market on a daily basis. They settle only at the pre-determined
settlement date, which can result in deviations between forward prices and futures prices, especially in circumstances where interest
rates and futures prices are positively correlated. In addition, in the absence of exchange trading and involvement of clearing
houses, there are no standardized terms for forward contracts. As a result, the parties are free to establish such settlement times
and underlying amounts of a security or currency as desirable, which may vary from the standardized terms available through any
futures contract. Lastly, forward contracts, as two-party obligations for which there is no secondary market, involve counterparty
credit risk that is not present with futures. For more information about forward currency contracts, please see “Foreign
Currency Transactions” below.

Futures Contracts and Options on Futures
Contracts.
As discussed under “Cash Management Practices,” the Fund may buy and sell index futures contracts
to manage cash. For example, the Fund may gain exposure to an index or to a basket of securities by entering into futures contracts
rather than buying securities in a rising market.

In addition to investing in futures for cash
management purposes, the Fund may engage in futures and options on futures transactions in accordance with its investment objective
and policies, for example, to hedge risk or to efficiently gain desired investment exposure. Futures are standardized, exchange-traded
contracts to buy or sell a specified quantity of an underlying reference instrument at a specified price at a specified future
date. In most cases, the contractual obligation under a futures contract may be offset or “closed out” before the settlement
date so that the parties do not have to make or take delivery. The Fund usually closes out a futures contract by buying or selling,
as the case may be, an identical, offsetting futures contract. This transaction, which is effected through an exchange, cancels
the obligation to make or take delivery of the underlying reference instrument. An option on a futures contract gives the purchaser
the right (and the writer of the option the obligation) to assume a position in a futures contract at a specified exercise price
within a specified period of time. In the United States, a clearing organization associated with the exchange on which futures
are traded assumes responsibility for closing out transactions and guarantees that, as between the clearing members of an exchange,
the sale and purchase obligations will be performed with regard to all positions that remain open at the termination of the contract.

Thus, each holder of such a futures contract
bears the credit risk of the clearinghouse (and has the benefit of its financial strength) rather than that of a particular counterparty.

When the Fund enters into a futures contract
or writes an option, it generally must deposit collateral or “initial margin” equal to a percentage of the contract
valeurs. Each day thereafter until the futures contract or option is closed out, matures, or expires, the Fund will pay or receive
additional “variation margin” depending on, among other factors, changes in the price of the underlying reference instrument.
When the futures contract is closed out, if the Fund experiences a loss equal to or greater than the margin amount, the Fund will
pay the margin amount plus any amount in excess of the margin amount. If the Fund experiences a loss of less than the margin amount,
the Fund receives the difference. Likewise, if the Fund experiences a gain, the Fund receives the margin amount and any gain in
excess of the margin amount.

Although some futures contracts call for making
or taking delivery of the underlying securities, commodities, or other assets, generally these obligations are closed out before
delivery by offsetting purchases or sales of matching futures contracts (same exchange, delivery month, and underlying security,
asset, or index). Certain futures contracts may permit cash settlement. If an offsetting purchase price is less than the original
sale price, the Fund realizes a gain, or if it is more, the Fund realizes a loss. Conversely, if an offsetting sale price is more
than the original purchase price, the Fund realizes a gain, or if it is less, the Fund realizes a loss. The Fund will also incur
transaction costs.

The Fund may enter into futures contracts in
U.S. domestic markets or on exchanges located outside the United States. Foreign markets may offer advantages such as trading opportunities
or arbitrage possibilities not available in the United States. Foreign markets, however, may have greater risk potential than domestic
markets. For example, some foreign exchanges are principal markets so that no common clearing facility exists and an investor may
look only to the broker for performance of the contract. In addition, adverse changes in the currency exchange rate could eliminate
any profits that the Fund might realize in trading and could cause the Fund to incur losses.

Futures contracts and options on futures contracts
present substantial risks, including the following:

· Unanticipated
                                                                                                                                                     market
                                                                                                                                                     movements
                                                                                                                                                     may
                                                                                                                                                     cause
                                                                                                                                                     the
                                                                                                                                                     Fund
à
                                                                                                                                                     experience
                                                                                                                                                     substantial
                                                                                                                                                     losses.
· There
                                                                                                                                                     may
                                                                                                                                                     be
                                                                                                                                                     an
                                                                                                                                                     imperfect
                                                                                                                                                     correlation
                                                                                                                                                     between
                                                                                                                                                     the
                                                                                                                                                     change
à
                                                                                                                                                     the
                                                                                                                                                     market
                                                                                                                                                     value
à propos
                                                                                                                                                     the
                                                                                                                                                     underlying
                                                                                                                                                     reference
                                                                                                                                                     instrument
et
                                                                                                                                                     the
                                                                                                                                                     price
à propos
                                                                                                                                                     the
                                                                                                                                                     futures
                                                                                                                                                     contract.
· loss
                                                                                                                                                     that
                                                                                                                                                     the
                                                                                                                                                     Fund
                                                                                                                                                     may
                                                                                                                                                     incur
à
                                                                                                                                                     entering
                                                                                                                                                     into
                                                                                                                                                     futures
                                                                                                                                                     contracts
et
à
                                                                                                                                                     writing
                                                                                                                                                     call
                                                                                                                                                     options
                                                                                                                                                     on
                                                                                                                                                     futures
                                                                                                                                                     is
                                                                                                                                                     potentially
                                                                                                                                                     unlimited
et
                                                                                                                                                     may
                                                                                                                                                     exceed
                                                                                                                                                     the
                                                                                                                                                     amount
à propos
                                                                                                                                                     the
                                                                                                                                                     premium
                                                                                                                                                     received.
· Futures
                                                                                                                                                     markets
                                                                                                                                                     are
                                                                                                                                                     highly
                                                                                                                                                     volatile,
et
                                                                                                                                                     the
                                                                                                                                                     use
à propos
                                                                                                                                                     futures
                                                                                                                                                     may
                                                                                                                                                     increase
                                                                                                                                                     the
                                                                                                                                                     volatility
à propos
                                                                                                                                                     the
                                                                                                                                                     Fund’s
                                                                                                                                                     NAV.
· Nes
à propos
                                                                                                                                                     low
                                                                                                                                                     initial
                                                                                                                                                     margin
                                                                                                                                                     requirements,
                                                                                                                                                     futures
et
                                                                                                                                                     options
                                                                                                                                                     on
                                                                                                                                                     futures
                                                                                                                                                     trading
                                                                                                                                                     involve
                                                                                                                                                     a
                                                                                                                                                     high
                                                                                                                                                     degree
à propos
                                                                                                                                                     leverage.
                                                                                                                                                     As
                                                                                                                                                     a
                                                                                                                                                     result,
                                                                                                                                                     a
                                                                                                                                                     relatively
                                                                                                                                                     small
                                                                                                                                                     price
                                                                                                                                                     movement
à
                                                                                                                                                     a
                                                                                                                                                     contract
                                                                                                                                                     can
                                                                                                                                                     cause
                                                                                                                                                     substantial
                                                                                                                                                     losses
à
                                                                                                                                                     the
La Fondation.
· There
                                                                                                                                                     may
non
                                                                                                                                                     be
                                                                                                                                                     a
                                                                                                                                                     liquid
                                                                                                                                                     secondary
                                                                                                                                                     trading
                                                                                                                                                     market
à cause de
                                                                                                                                                     a
                                                                                                                                                     futures
                                                                                                                                                     contract
                                                                                                                                                     or
                                                                                                                                                     related
                                                                                                                                                     options,
                                                                                                                                                     limiting
                                                                                                                                                     the
                                                                                                                                                     Fund’s
                                                                                                                                                     ability
à
                                                                                                                                                     close
                                                                                                                                                     out
                                                                                                                                                     a
                                                                                                                                                     contract
                                                                                                                                                     when
                                                                                                                                                     desired.
· clearinghouse
                                                                                                                                                     on
                                                                                                                                                     which
                                                                                                                                                     a
                                                                                                                                                     futures
                                                                                                                                                     contract
                                                                                                                                                     or
                                                                                                                                                     option
                                                                                                                                                     on
                                                                                                                                                     a
                                                                                                                                                     futures
                                                                                                                                                     contract
                                                                                                                                                     is
                                                                                                                                                     traded
                                                                                                                                                     may
                                                                                                                                                     fail
à
                                                                                                                                                     perform
                                                                                                                                                     its
                                                                                                                                                     obligations.

Index and Interest Rate Futures Transactions.

An index future obligates the Fund to pay or receive an amount of cash equal to a fixed dollar amount specified in the futures
contract multiplied by the difference between the settlement price of the contract on the contract’s last trading day and
the value of the index based on the prices of the securities that comprise the index at the opening of trading in such securities
on the next business day.

The market value of a stock index futures contract
is based primarily on the value of the underlying index. Changes in the value of the index will cause roughly corresponding changes
in the market price of the futures contract. If a stock index is established that is made up of securities whose market characteristics
closely parallel the market characteristics of the securities in the Fund’s portfolio, then the market value of a futures
contract on that index should fluctuate in a way closely resembling the market fluctuation of the portfolio. Thus, for example,
if the Fund sells futures contracts, a decline in the market value of the portfolio will be offset by an increase in the value
of the short futures position to the extent of the hedge (i.e., the size of the futures position). However, if the market
value of the portfolio were to increase, the Fund would lose money on the futures contracts. Stock index futures contracts are
subject to the same risks as other futures contracts.

An interest rate future generally obligates
the Fund to purchase or sell an amount of a specific debt security. Such purchase or sale will take place at a future date at a
specific price established by the terms of the futures contract.

Participation Notes. Participation
notes (“P-notes”), which are a type of structured note, are instruments that may be used by a Fund to provide exposure
to equity or debt securities, currencies, or markets. P-notes are typically used when a direct investment in the underlying security
is either unpermitted or restricted due to country-specific regulations or other restrictions. Generally, local banks and broker-dealers
associated with non-U.S.-based brokerage firms buy securities listed on certain foreign exchanges and then issue P-notes which
are designed to replicate the performance of certain issuers and markets. The performance results of P-notes will not replicate
exactly the performance of the issuers or markets that the notes seek to replicate due to transaction costs and other expenses.
P-notes are similar to depositary receipts except that: (1) broker-dealers, not U.S. banks, are depositories for the securities;
and (2) noteholders may remain anonymous to market regulators.

The price, performance, and liquidity of the
P-note are all linked directly to the underlying securities. If a P-note were held to maturity, the issuer would pay to, or receive
from, the purchaser the difference between the nominal value of the underlying instrument at the time of purchase and that instrument’s
value at maturity. The holder of a P-note that is linked to a particular underlying security or instrument may be entitled to receive
any dividends paid in connection with that underlying security or instrument, but typically does not receive voting rights as it
would if it directly owned the underlying security or instrument. P-notes involve transaction costs. Investments in P-notes involve
the same risks associated with a direct investment in the underlying security or instrument that they seek to replicate. The foreign
investments risk associated with P-notes is similar to those of investing in depositary receipts. However, unlike depositary receipts,
P-notes are subject to counterparty risk based on the uncertainty of the counterparty’s (i.e., the broker’s) ability
to meet its obligations.

In addition to providing access to otherwise
closed or restricted markets, P-notes also can provide a less expensive option to direct investment, where ownership by foreign
investors is permitted, by reducing registration and transaction costs in acquiring and selling local registered shares. P-notes
can offer greater liquidity in markets that restrict the ability of a Fund to dispose of an investment by either restricting transactions
by size or requiring registration and/or regulatory approvals.

Additionally, while P-notes may be listed on
an exchange, there is no guarantee that a liquid market will exist or that the counterparty or issuer of a P-note will be willing
to repurchase such instrument when a Fund wishes to sell it. Therefore, the Fund may be exposed to the risks of mispricing or improper
valuation and to the extent a P-note is determined to be illiquid, it would be subject to the Fund’s limitation on investments
in illiquid securities.

Swap Agreements. The Fund may
enter into interest rate, equity index, credit default, currency, Consumer Price Index (“CPI”), total return, municipal
default, and other types of swap agreements. The Fund may also enter into swaptions (options on swaps). A swap transaction involves
an agreement between two parties to exchange different types of 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 securities, currencies, or indices. The Fund may enter into OTC swap
transactions and may also enter into swaps that are traded on exchanges and are subject to

central clearing. OTC swaps are subject to
the credit risk of the counterparty, as well as the risks associated with the swap itself.

Specific Types of Swaps.

Interest Rate Swaps.

In an interest rate swap, the Fund may agree to either make or receive payments that are equivalent to a fixed rate of interest
on the specified notional amount in exchange for payments that are equivalent to a variable rate of interest (based on a specified
index) on the same notional amount. Interest rate swaps may enable the Fund to either increase or reduce its interest rate risk
or adjust the duration of its bond portfolio.

Credit Default Swaps
and Similar Instruments.
In a credit default swap, one party agrees to make one or more premium payments in exchange for
the agreement of its counterparty to pay an amount equal to the decrease in value of a specified bond or a basket of debt securities
upon the occurrence of a default or other “credit event” relating to the issuers of the specified bond or debt. À
such transactions, the first party effectively acquires protection from default by the issuer. The Fund also may be the protection
buyer or seller in a credit default swap. A credit default swap is a type of credit derivative. For more information about the
Fund’s investments in credit derivatives, please see “Credit Derivatives” above.

Currency Swaps. Currency
swaps involve the exchange of cash flows on a notional amount of two or more currencies based on their relative future values.

CPI Swaps. Un
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 generally are based on a notional amount of principal. Some CPI swaps are
on a zero coupon basis, meaning that the floating rate will be based on the cumulative CPI during the life of the contract, and
the fixed rate will compound until the swap’s maturity date, at which point the payments are netted. The Fund also may enter
into CPI swaps on a year-over-year basis, in which one party pays an annual fixed rate on some notional amount at specified intervals
(e.g., monthly, annually, etc.), while the other party pays the annual year-over-year inflation rate at specified intervals.

Total Return Swaps.
In a total return swap, the Fund may agree to make payments in exchange for the right to receive payments equivalent to
any appreciation in the value of an underlying security, index, or other asset, as well as payments equivalent to any distributions
made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term
of the swap, the Fund also may be required to pay an amount equal to that decline in value to its counterparty. The Fund also may
be the seller of a total return swap, in which case it would receive premium payments and an amount equal to any decline in value
of the underlying asset over the term of the swap, but it would be obligated to pay its counterparty an amount equal to any appreciation.

Municipal Default
Swaps.
In a municipal default swap, the Fund agrees to make one or more premium payments in exchange for the agreement
of its counterparty to pay an amount equal to the decrease in value of a specified bond or a basket of debt securities upon the
occurrence of a default or other “credit event” relating to the issuers of the debt. In such transactions, the Fund
effectively acquires protection from the municipal default swap counterparty from decreases in the creditworthiness of the debt
issuers. In addition to investing in municipal default swaps, the Fund also may invest in an index whose underlying (or reference)
assets are municipal default swaps.

Swaptions. Fund also may purchase and write options contracts on swaps, commonly known as “swaptions.” A swaption is an option
to enter into a swap agreement. As with other types of options, the buyer of a swaption pays a non-refundable premium for the option
and obtains the right, but not the obligation, to enter into an underlying swap on agreed upon terms. The seller of a swaption
receives the premium in exchange for the obligation to enter into the agreed upon underlying swap if the option is exercised.

Interest Rate Caps,
Floors, and Collars.
The Fund also may purchase or sell interest rate caps, floors, and collars. The purchaser of an interest
rate cap is entitled to receive payments only to the extent that a specified index exceeds a predetermined interest rate. The purchaser
of an interest floor is entitled to receive payments only to the extent that a specified index is below a predetermined interest
rate. A collar effectively combines a cap and a floor so that the purchaser receives payments only when market interest rates are
within a specified range of interest rates.

Additional Risks Associated with Swaps.

The use of swaps is a highly specialized activity that involves investment techniques and risks that are different from those associated
with ordinary portfolio securities transactions. If Lord Abbett is incorrect in its forecasts of the interest rates, currency exchange
rates, or market values, or its assessments of the credit risks, the investment performance of the Fund may be less favorable than
it would have been if the Fund had not entered into them. Because many of these arrangements are bilateral agreements between the
Fund and its counterparty, each party is exposed to the risk of default by the other. In addition, they may involve a small investment
of cash compared to the risk assumed with the result that small changes may produce disproportionate and substantial gains or losses
to the Fund. The Fund’s obligations under swap agreements generally are collateralized by cash or government securities based
on the amount by which the value of the payments that the Fund is required to make exceeds the value of the payments that its counterparty
is required to make. Conversely, the Fund requires its counterparties to provide collateral on a comparable basis, except in those
instances in which Lord Abbett is satisfied with the claims-paying ability of the counterparty without such collateral.

Future Developments. La Fondation
may take advantage of opportunities in options, futures contracts, options on futures contracts, and any other derivatives, including
derivatives that are not presently contemplated for use by the Fund and derivatives that are not currently available but that may
be developed, to the extent such opportunities are both consistent with the Fund’s investment objective and legally permissible
for the Fund.

Equity Securities. Equity securities
generally represent equity or ownership interests in an issuer. These include common stocks, preferred stocks, convertible preferred
stocks, warrants, and similar instruments. The value of equity securities fluctuates based on changes in a company’s financial
condition, and on market, economic, and political conditions, as well as changes in inflation and consumer demand.

Common Stocks. Common stocks
represent an ownership interest in a company. The prices of common stocks generally fluctuate more than the prices of other securities
and reflect changes in, among other things, a company’s financial condition and in overall market, economic, and political
conditions, changes in inflation, and consumer demand. A company’s common stock generally is a riskier investment than its
fixed income securities, and it is possible that the Fund may experience a substantial or complete loss on an individual equity
investment.

Initial Public Offering (“IPO”).

The Fund may purchase securities of companies that are offered pursuant to an IPO. IPOs are typically new issues of equity and
fixed income securities. IPOs have many of the same risks as small company stocks and bonds. IPOs do not have trading history,
and information about the company may be available only for recent periods. The Fund’s purchase of shares or bonds issued
in IPOs also exposes it to the risks inherent in those sectors of the market where these new issuers operate. The market for IPO
issuers has been volatile and share and bond prices of newly priced companies have fluctuated in significant amounts over short
periods of time. The Fund may be limited in the quantity of IPO and secondary offering shares and bonds that it may buy at the
offering price, or the Fund may be unable to buy any shares or bonds of an IPO or secondary offering at the offering price.
Fund’s investment return earned during a period of substantial investment in IPOs may not be sustained during other periods
when the Fund makes more limited, or no, investments in IPOs. As the size of the Fund increases, the impact of IPOs on the Fund’s
performance generally would decrease; conversely, as the size of the Fund decreases, the impact of IPOs on the Fund’s performance
generally would increase.

Master Limited Partnerships (“MLPs”). Investments
in MLPs involve risks different from those of investing in common stock including risks related to limited control and limited
rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general
partner, cash flow risks, dilution risks and risks related to the general partner’s limited call right. MLPs are generally
considered interest-

rate sensitive investments. During periods of interest rate volatility,
these investments may not provide attractive returns. Depending on the state of interest rates in general, the use of MLPs could
enhance or harm the overall performance of the Fund.

Preferred Stocks. Preferred stocks
are securities that evidence ownership in a corporation and pay a fixed or variable stream of dividends. These stocks represent
an ownership interest and provide the holder with claims on the issuer’s earnings and assets, which generally come before
common stockholders but after bond holders and other creditors. The obligations of an issuer of preferred stock, including dividend
and other payment obligations, typically may not be accelerated by the holders of such preferred stock on the occurrence of an
event of default or other non-compliance by the issuer. Investments in preferred stock are also subject to market and liquidity
risks. The value of a preferred stock may be highly sensitive to the economic condition of the issuer, and markets for preferred
stock may be less liquid than the market for the issuer’s common stock.

Warrants and Rights. Warrants
and rights are types of securities that give a holder a right to purchase shares of common stock. Warrants are options to buy from
the issuer a stated number of shares of common stock at a specified price, usually higher than the market price at the time of
issuance, until a stated expiration date. Rights represent a privilege offered to holders of record of issued securities to subscribe
(usually on a pro rata basis) for additional securities of the same class, of a different class or of a different issuer, usually
at a price below the initial offering price of the common stock and before the common stock is offered to the general public.
holders of warrants and rights have no voting rights, receive no dividends and have no rights with respect to the assets of the
issuer. Warrants and rights may be transferable. The value of a warrant or right may not necessarily change with the value of the
underlying securities. The risk of investing in a warrant or a right is that the warrant or the right may expire before the market
value of the common stock exceeds the price specified by the warrant or the right. If not exercised before their stated expiration
date, warrants and rights cease to have value and may result in a total loss of the money invested. Investments in warrants and
rights are considered speculative.

Foreign Currency Transactions. La Fondation
may enter into foreign currency transactions for a variety of purposes, including: to fix in U.S. dollars, between trade and settlement
date, the value of a security the Fund has agreed to buy or sell; to hedge the U.S. dollar value of securities the Fund already
owns, particularly if it expects a decrease in the value of the currency in which the foreign security is denominated; or to gain
or reduce exposure to the foreign currency for investment purposes.

The Fund also may invest directly in foreign
currencies or hold financial instruments that provide exposure to foreign currencies or may invest in securities that trade in,
or receive revenues in, foreign currencies. To the extent the Fund invests in such currencies, it will be subject to the risk that
those currencies will decline in value relative to the U.S. dollar. Foreign currency exchange rates may fluctuate significantly
over short periods of time. Fund assets that are denominated in foreign currencies may be devalued against the U.S. dollar, resulting
in a loss. A U.S. dollar investment in depositary receipts or shares of foreign issuers traded on U.S. exchanges may be impacted
differently by currency fluctuations than would an investment made in a foreign currency on a foreign exchange in shares of the
same issuer. Foreign currencies also are subject to the risks described under “Foreign and Emerging Market Company Risk”
and/or “Foreign Currency Risk” in the applicable Fund’s prospectus, such as inflation, interest and taxation
rates, budget deficits and low savings rates, political factors, and government control.

The Fund may engage in “spot” (cash
or currency) transactions and also may use forward contracts. For more information about forward contracts, generally, please see
“Forward Contracts” above. A forward contract on foreign currencies, which is also known as a forward currency contract,
involves obligations of one party to purchase, and another party to sell, a specific currency at a future date (which may be any
fixed number of days from the date of the contract agreed upon by the parties), at a price set at the time the contract is entered
into. These contracts typically are traded in the OTC derivatives market and entered into directly between financial institutions
or other currency traders and their customers. The cost to the Fund of engaging in forward currency contracts varies with factors
such as the currencies involved, the length of the contract period, and the market conditions then prevailing, among others.
use of forward currency contracts does not eliminate fluctuations in

the prices of the underlying securities the
Fund owns or intends to acquire, but it does fix a rate of exchange in advance. In addition, although forward currency contracts
limit the risk of loss due to a decline in the value of the hedged currencies, at the same time they limit any potential gain that
might result should the value of the currencies increase.

The Fund may enter into forward currency contracts
with respect to specific transactions. For example, when the Fund enters into a contract for the purchase or sale of a security
denominated in a foreign currency, or when the Fund anticipates the receipt in a foreign currency of dividend or interest payments
on a security that it holds, the Fund may desire to “lock in” the U.S. dollar price of the security or the U.S. dollar
equivalent of the payment, by entering into a forward currency contract for the purchase or sale, for a fixed amount of U.S. dollars
or foreign currency, of the amount of foreign currency involved in the underlying transaction. If the transaction went as planned,
the Fund would be able to protect itself against a possible loss resulting from an adverse change in the relationship between the
currency exchange rates during the period between the date on which the security is purchased or sold, or on which the payment
is declared, and the date on which such payments are made or received.

The Fund also may use forward currency contracts
in connection with existing portfolio positions to lock in the U.S. dollar value of those positions, 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. For example, when Lord Abbett believes that the currency
of a particular foreign country may suffer a substantial decline relative to the U.S. dollar or another currency, it may enter
into a forward currency contract to sell the former foreign currency. This investment practice generally is referred to as “cross-hedging”
if two non- U.S. currencies are used. However, the Fund’s foreign currency transactions are not limited to transactions that
involve a sale or purchase of a security.

The Fund may also enter into forward currency
contracts that are contractually required to, or may, settle in cash, including non-deliverable forward currency contracts (“NDFs”).
Cash-settled forward currency contracts, including NDFs, generally require the netting of the parties’ liabilities. Under
a cash-settled forward currency contract that requires netting, the Fund or its counterparty to the contract is required only to
deliver a cash payment in the amount of its net obligation in settlement of the contract. Forward currency contracts are marked-to-market
on a daily basis, and the Fund may be required to post collateral to a counterparty pursuant to the terms of a forward currency
contract if the Fund has a net obligation under the contract. Likewise, the Fund may be entitled to receive collateral under the
terms of a forward contract if the counterparty has a net obligation under the contract. A forward contract generally requires
the delivery of initial margin by the Fund. Forward currency contracts, including NDFs, typically have maturities of approximately
one to three months but may have maturities of up to six months or more.

The precise matching of the forward currency
contract amounts and the value of the securities involved generally will not be possible because the future value of such securities
in foreign currencies will change as a consequence of market movements in the value of those securities between the date the forward
currency contract is entered into and the date it matures. Accordingly, it may be necessary for the Fund to purchase additional
foreign currency on the spot market (and bear the expense of such purchase) if the market value of the security is less than the
amount of foreign currency the Fund is obligated to deliver and if a decision is made to sell the security and make delivery of
the foreign currency. Conversely, it may be necessary to sell on the spot market some of the foreign currency received upon the
sale of the portfolio security if its market value exceeds the amount of foreign currency the Fund is obligated to deliver.
projection of short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging
strategy is highly uncertain. Forward currency contracts involve the risk that anticipated currency movements may not be accurately
predicted, causing the Fund to sustain losses on these contracts and transaction costs.At or before the maturity date of a forward
currency contract that requires the Fund to sell a currency, the Fund may either sell a portfolio security and use the sale proceeds
to make delivery of the currency or retain the security and offset its contractual obligation to deliver the currency by purchasing
a second contract pursuant to which the Fund will obtain, on the same maturity date, the same amount of the currency that it is
obligated to deliver. Similarly, the Fund may close out a forward currency contract

requiring it to purchase a specified currency
by entering into a second contract entitling it to sell the same amount of the same currency on the maturity date of the first
contract. The Fund would realize a gain or loss as a result of entering into such an offsetting forward currency contract under
either circumstance to the extent the exchange rate between the currencies involved moved between the execution dates of the first
and second contracts. On the delivery date, a forward currency contract can be settled by physical delivery.

There is no systematic reporting of last sale
information for foreign currencies or any regulatory requirement that quotations be firm or revised on a timely basis. Quotation
information generally is representative of very large transactions in the interbank market and may not reflect smaller transactions
where rates may be less favorable.

Foreign Securities. Investment in foreign
securities may involve special risks that typically are not associated with investments in U.S. securities. Foreign investment
risks may be greater in developing and emerging markets than in developed markets. The risks associated with foreign securities
include, among other things, the following:

· prices of foreign securities
                                                                                                           may be adversely affected
                                                                                                           by changes in currency
                                                                                                           exchange rates, changes
                                                                                                           in foreign or U.S.
                                                                                                           laws or restrictions
                                                                                                           applicable to foreign
                                                                                                           securities, and changes
                                                                                                           in exchange control
                                                                                                           regulations (i.e.,
                                                                                                           currency blockage).
                                                                                                           A decline in the exchange
                                                                                                           rate of the foreign
                                                                                                           currency in which a
                                                                                                           portfolio security
                                                                                                           is quoted or denominated
                                                                                                           relative to the U.S.
                                                                                                           dollar would reduce
                                                                                                           the U.S. dollar value
                                                                                                           of the portfolio security.
                                                                                                           Currency exchange rates
                                                                                                           may fluctuate significantly
                                                                                                           over short periods
                                                                                                           of time, for a number
                                                                                                           of reasons.
· Brokerage
                                                                                                           commissions, custodial
                                                                                                           services, and other
                                                                                                           costs relating to investment
                                                                                                           in foreign securities
                                                                                                           markets generally are
                                                                                                           more expensive than
                                                                                                           in the United States.
· Clearance
                                                                                                           and settlement procedures
                                                                                                           may be different in
                                                                                                           foreign countries and,
                                                                                                           in certain markets,
                                                                                                           such procedures may
                                                                                                           be unable to keep pace
                                                                                                           with the volume of
                                                                                                           securities transactions,
                                                                                                           thus making it difficult
                                                                                                           to conduct such transactions.
· Issuers
                                                                                                           of non-U.S. securities
                                                                                                           are subject to different,
                                                                                                           often less comprehensive,
                                                                                                           accounting, custody,
                                                                                                           reporting, and disclosure
                                                                                                           requirements than U.S.
                                                                                                           issuers, and Funds
                                                                                                           investing in foreign
                                                                                                           securities may be affected
                                                                                                           by delayed settlements
                                                                                                           in some non-U.S. markets.
                                                                                                           Additionally, there
                                                                                                           may be less publicly
                                                                                                           available information
                                                                                                           about a foreign issuer
                                                                                                           than about a comparable
                                                                                                           U.S. issuer.
· There
                                                                                                           generally is less government
                                                                                                           regulation of foreign
                                                                                                           markets, companies,
                                                                                                           and securities dealers
                                                                                                           than in the United
                                                                                                           States. Consequently,
                                                                                                           the investor protections
                                                                                                           that are in place may
                                                                                                           be less stringent than
                                                                                                           in the United States.
· Foreign
                                                                                                           securities markets
                                                                                                           may have substantially
                                                                                                           less trading volume
                                                                                                           than U.S. securities
                                                                                                           markets, and securities
                                                                                                           of many foreign issuers
                                                                                                           are less liquid and
                                                                                                           more volatile than
                                                                                                           securities of comparable
                                                                                                           domestic issuers.
· Foreign
                                                                                                           securities may trade
                                                                                                           on days when the Fund
                                                                                                           does not sell shares.
                                                                                                           As a result, the value
                                                                                                           of the Fund’s
                                                                                                           portfolio securities
                                                                                                           may change materially
                                                                                                           on days an investor
                                                                                                           may not be able to
                                                                                                           purchase or redeem
                                                                                                           Fund shares. For information
                                                                                                           about “time zone
                                                                                                           arbitrage,” please
                                                                                                           see “Excessive
                                                                                                           Trading and Market
                                                                                                           Timing” in the
                                                                                                           prospectus.
· Avec
                                                                                                           respect to certain
                                                                                                           foreign countries,
                                                                                                           there is a possibility
                                                                                                           of nationalization,
                                                                                                           expropriation or confiscatory
                                                                                                           taxation, imposition
                                                                                                           of withholding or other
                                                                                                           taxes on dividend or