Summary

• The Fund returned -3.58%, reflecting performance at the NAV of Class I shares with all distributions reinvested for the quarter ended March 31, 2026.
• Security selection within the Consumer Discretionary sector detracted from relative performance over the period, driven by an allocation to Persimmon Plc (1.6%), a U.K.-based homebuilder.
• Security selection within the Information Technology sector contributed to relative performance, driven by an allocation to Asia Vital Components Co., Ltd. (2.4%), a Tawain-based electronics manufacturing company.
• Lord Abbett finds global markets remain compelling as stimulus efforts in Germany, the EU, China, and Japan are supporting a rebound in earnings growth across Europe and Asia-Pacific.
• Lord Abbett believes that quality metrics, such as strong return on equity, free cash flow, and prudent balance sheet management, will prove to be key factors allowing companies to outperform.

Market Review

• The first quarter was defined by a balance between economic resilience and rising geopolitical and macro uncertainty. Market performance faced headwinds from weakness in Technology/Software (driven by AI disruption concerns) and escalating geopolitical tensions, though supportive macroeconomic

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