Summary

• The first quarter was defined by a balance between economic resilience and rising geopolitical and macro uncertainty.
• The Lord Abbett Bond Debenture Fund returned -0.78% reflecting performance at the net asset value (NAV) of Class I shares with all distributions reinvested for the quarter ended March 31, 2026.
• The Fund underperformed its benchmark over the quarter, with relative returns primarily driven by allocations to corporate credit.
• Lord Abbett modestly reduced portfolio risk exposure as near-term tail risks increased around U. S. macroeconomic uncertainty, reflected by a reduction in the portfolio's allocation to credit sensitive sectors.
• Lord Abbett remains constructive on the overall credit environment, specifically for U. S. high yield credit, which has continued to benefit from a higher quality composition and solid earnings environment.

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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