Summary

• Lord Abbett Ultra Short Bond Fund returned 0.75%, reflecting performance at NAV of Class I shares with all distributions reinvested, for the quarter ended March 31st , 2026.
• The portfolio's allocation to fixed-rate corporate bonds detracted from relative performance.
• The portfolio's allocation to commercial paper was the primary contributor to relative performance given the sector's greater carry over Treasury bills.

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

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