Summary

• The U. S. high yield bond market was negative for the quarter amidst elevated volatility, returning approximately -0.55%.
• The Lord Abbett High Yield Fund returned -0.68%, reflecting performance at the net asset value of Class I shares with all distributions reinvested for the quarter ended March 31, 2026.
• Within Capital Goods, the Fund held overweight positions in the Aerospace and Defense subsector that outperformed, driven by strong earnings and improved financial outlooks.
• The Fund modestly reduced Fund risk exposure as near-term tail risks increased around U. S. macroeconomic uncertainty, reflected by a reduction in the Fund's overweight allocation to CCCs.
• The Fund increased exposure to the Energy and Capital Goods sectors, specifically within Exploration & Production and Oil Field Equipment & Services.

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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