LORD ABBETT ANNUAL REPORT

LORD ABBETT ANNUAL REPORT

Lord Abbett

Convertible Fund Core Fixed Income Fund Core Plus Bond Fund Corporate Bond Fund Floating Rate Fund High Yield Fund Income Fund Inflation Focused Fund Short Duration Core Bond Fund Short Duration Income Fund Total Return Fund Ultra Short Bond Fund

For the fiscal year ended November 30, 2023

Table of Contents

1 A Letter to Shareholders 17 Investment Comparisons 40 Information About Your Fund's Expenses and Holdings

Presented by Sector Schedules of Investments: 65 Convertible Fund 71 Core Fixed Income Fund 93 Core Plus Bond Fund 122 Corporate Bond Fund 134 Floating Rate Fund 171 High Yield Fund 202 Income Fund 222 Inflation Focused Fund 251 Short Duration Core Bond Fund 277 Short Duration Income Fund 330 Total Return Fund 353 Ultra Short Bond Fund 372 Statements of Assets and Liabilities 382 Statements of Operations 388 Statements of Changes in Net Assets 396 Financial Highlights 444 Notes to Financial Statements 503 Report of Independent Registered Public Accounting Firm 504 Supplemental Information to Shareholders

Lord Abbett Investment Trust Lord Abbett Convertible Fund, Lord Abbett Core Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett Corporate Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord Abbett Short Duration Income Fund, Lord Abbett Total Return Fund, and Lord Abbett Ultra Short Bond Fund Annual Report

For the fiscal year ended November 30, 2023

Dear Shareholders: We are pleased to provide you

with this overview of the performance of the Funds for

the fiscal year ended November 30, 2023. On this page

and the following pages, we discuss the major factors

that influenced fiscal year performance. For detailed

and more timely information about the Funds, please

visit our website at , where you

also can access the quarterly commentaries that

provide updates on each Fund's performance and other

portfolio related updates.

Thank you for investing in Lord Abbett mutual

funds. We value the trust that you place in us and look

From left to right: Evelyn E. Guernsey, Independent Chair of the Lord Abbett Funds and Douglas B. Sieg Trustee, President, and Chief Executive Officer of the Lord Abbett Funds.

forward to serving your investment needs in the years to come. Best regards,

Douglas B. Sieg Trustee, President and Chief Executive Officer

Lord Abbett Convertible Fund

For the fiscal year ended November 30, 2023, the Fund returned -1.00%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions

reinvested, compared to its benchmark, the ICE BofA U.S. Convertibles Index*, which returned 3.25% over the same period.

Markets had to endure through a number of countervailing forces over the trailing 12 months, leading to periods of volatility and a wide dispersion of returns.

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On the positive side, market expectations of a soft landing in the U.S. economy were backed by falling inflation data, a tight labor market, a resilient consumer, and optimism regarding the potential impacts of artificial intelligence. While there were concerns that corporate earnings could deteriorate, aggregate earnings results were better than expected as cost-cutting measures, strength in services sectors, and supply chain improvements generally benefitted companies.1

Amid these positive trends, investors had concerns about aggressive U.S. Federal Reserve (Fed) monetary policy and fear of a potential policy mistake leading to a recession. Investor sentiment was also negatively impacted by several factors, including narrow market breadth, an underwhelming China recovery from the COVID-19 pandemic, geopolitical tensions, and rising energy prices. Markets also had to grapple with the ripple effects of the turmoil in the banking sector, which led to regulatory shutdowns and interventions by the Fed, FDIC, and U.S. Treasury.1

Against this backdrop, U.S. equities delivered positive returns over the period, as measured by the S&P 500 Index, which returned 13.8%. However, performance was primarily driven by a handful of large cap companies, and there was a great deal of dispersion below the surface. For example, large cap stocks2 outperformed small cap stocks3 (13.6% vs -2.6%, respectively), while growth stocks4 outperformed value stocks5 (24.6% vs 1.0%, respectively). Within credit, the Bloomberg U.S. Aggregate Bond Index12 returned 1.2%, while high yield corporate bonds6 outperformed investment grade corporate bonds7 (8.7% vs 3.6%, respectively).

Security selection within the Health Care sector was a primary detractor from relative performance over the period. Within the sector, shares of Apellis Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, fell in the third quarter of 2023 in response to a disappointing clinical trial readout, where a very small population of candidates being treated for eye disease experienced blindness.

Within the industrials sector, the Fund's position in Chart Industries, Inc., a global manufacturer of equipment in the clean energy and industrial gas markets, also detracted from relative performance over the period. Shares fell in the fourth quarter of 2022 in reaction to the company's announcement to acquire Howden, a global provider of air and gas handling products and services, for $4.4B. Management said it would create a new class of preferred stock to fund the deal, which raised concern.

Conversely, within the Consumer Discretionary sector, the Fund's position in MercadoLibre, Inc., Latin America's largest e-commerce company, contributed to relative performance. After suffering losses in recent years due to investments in fulfilment and distribution capabilities, the company has begun to see the benefits of those investments as profitability returned in recent quarters. Bottom line results have also been positively impacted by strength in their credit and advertising segments.

Also within the Consumer Discretionary sector, the Fund's position in Royal Caribbean Cruises Ltd., an international cruise line, was a standout contributor over the period. Shares rallied on the back of the company reporting a much narrower-than-expected quarterly

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loss in the second quarter of 2023. Management also raised its full-year profit outlook.

The Fund's portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

* The ICE BofA U.S. Convertibles Index contains issues that have a greater than $50 million aggregate market value. The issues are U.S. dollar-denominated, sold into the U.S. market and publicly traded in the United States.

Lord Abbett Core Fixed Income Fund

For the fiscal year ended November 30, 2023, the Fund returned 1.52%, reflecting performance at the net asset value ("NAV") of Class A shares with all distributions reinvested, compared to its benchmark, the Bloomberg U.S. Aggregate Bond Index*, which returned 1.18%.

Markets had to endure through a number of countervailing forces over the trailing 12 months, leading to periods of volatility and a wide dispersion of returns. On the positive side, market expectations of a soft landing in the U.S. economy were backed by falling inflation data, a tight labor market, a resilient consumer, and optimism regarding the potential impacts of artificial intelligence. While there were concerns corporate earnings could deteriorate, aggregate earnings results were better than expected as cost-cutting measures, strength in services sectors, and supply chain improvements generally benefitted companies.1

Amid these positive trends, investors had concerns about aggressive U.S. Federal Reserve (Fed) monetary policy and fear of a potential policy mistake leading to a

recession. Investor sentiment was also negatively impacted by an underwhelming China recovery from the COVID-19 pandemic, geopolitical tensions, and rising energy prices. In addition, markets had to grapple with the ripple effects of the turmoil in the banking sector, which led to regulatory shutdowns and interventions by the Fed, FDIC, and U.S. Treasury.1

While there was significant rate volatility throughout the year, the 2-year Treasury yield1 rose from 4.38% to 4.73% while the 10-year Treasury yield1 rose from 3.68% to 4.37% by the end of the period. Against this backdrop, the Bloomberg U.S. Aggregate Bond Index12 returned 1.2%, while high yield bonds6 outperformed investment grade bonds7 (8.7% vs 3.6%, respectively), partially due to the higher yield and lower duration of the high yield market.

The primary contributor to relative performance was security selection within investment grade corporate bonds. In particular, selection within the Utility, Energy and Technology sectors led to a positive impact on performance. At points throughout the year, the Utility sector had high levels of new issuance, which led to wider credit spreads. We bought into this weakness, capturing attractive yields in a defensive sector.

Security selection within asset-backed securities (ABS) also led to a positive impact on relative performance, mainly within the Auto Loan, Consumer Loan and Credit Card segments. Within the asset class, we focused on issues that demonstrated robust credit fundamentals, including well behaved delinquency and loss trends, consistent collateral quality, and strong stress tested structures.

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