DEVELOPING GROWTH FUND RECEIVES 2010 LIPPER FUND AWARD FOR EXCELLENCE

Jersey City, NJ – May 28, 2010 – Lord, Abbett & Co. LLC (“Lord Abbett”), an independent, privately held investment management firm, today announced that the Lord Abbett Developing Growth Fund (Class I shares) was the recipient of the 2010 Lipper Fund Award for excellence—designated the best fund among 392 peer funds for the highest risk-adjusted returns for the five-year period ended December 31, 2009. It is the second time that this Fund and Portfolio Manager, Tom O’Halloran, have been singled out for recognition. In 2008, Lord Abbett Developing Growth Fund (Class I shares) was recognized as the best (out of 471 funds) in the Lipper Small-Cap Growth category for the three years ended December 31, 2007.

Daria Foster, Managing Partner of Lord Abbett, said: “We are delighted that Tom O’Halloran and our small cap growth team have been recognized for their hard work and commitment to consistent, competitive performance. At Lord Abbett, we have always maintained that the most important responsibility we have as an asset management firm is to add value to our client’s portfolios.”

Tom Roseen, Lipper’s research manager for the United States and Latin America at Thomson Reuters, said: “The companies we are honoring with a Lipper Fund Award have proven to be first rate in managing client assets. These award-winning funds are subject to an exacting methodology to distinguish the leaders from their competitors and are to be congratulated for delivering consistently strong risk-adjusted performance.”

About the Lipper Awards
The Lipper Fund Awards annually recognize the top fund in each Lipper category for the three-, five-, and 10-year periods based on risk-adjusted, consistent returns compared with its peers. The awards are based on the specified share class. Other share classes may have different performance characteristics and fees.

About Lord Abbett

Lord, Abbett & Co. LLC is an independent, privately held firm with a singular focus on the management of money. As one of the oldest money management firms in the United States, we have consistently provided generations of clients and their financial advisors with a quality investment experience since 1929. We approach our business as a craft, driven by core fundamentals: an unwavering discipline and commitment to a reproducible process; integrity that is as much an asset as the portfolios we manage; accountability for every decision we make; dedication to the prudent stewardship of our clients’ assets; and intellectual rigor across all aspects of our business. Lord Abbett manages approximately $95.2 billion in assets (as of March 31, 2010) across a full range of mutual funds, institutional and separately managed accounts, including $3.3 billion for which Lord Abbett provides investment models to managed account sponsors.

Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month-end, call Lord Abbett at 888-522-2388 or refer to our Website at www.LordAbbett.com.

Lipper Fund Award winners are selected using the Lipper Leader rating for Consistent Return for funds with at least 36 months of performance history as of end of evaluation year 12/31/09. Lipper Leader for Consistent Return is a fund that has provided superior consistency and risk-adjusted returns when compared to a group of similar funds. The ratings are based on an equal-rated average of percentile ranks for the total return metrics over three- five and ten-year periods (as applicable). Although a fund may outperform peers within the peer group, its returns for that time period may still be negative. Lipper rankings are not intended to predict future results.

© Reuters 2010. All rights reserved. Lipper, a wholly owned subsidiary of Reuters, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries, and media organizations. Any copying, republication, or redistribution of Lipper content is expressly prohibited without prior written consent of Lipper. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data, the accuracy is not guaranteed by Lipper.

A Note about Risk: The Lord Abbett Developing Growth Fund invests primarily in small cap growth company stocks, which tend to be more volatile and can be less liquid than other types of stocks. Small cap companies may also have more limited product lines, markets, or financial resources and typically experience a higher risk of failure than large cap companies. These factors can affect Fund performance.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Lord Abbett funds. This and other important information is contained in a fund’s summary prospectus and/or prospectus. To obtain a prospectus or summary prospectus on any Lord Abbett mutual fund, contact your investment professional or Lord Abbett Distributor LLC at (888) 522-2388, or visit us at www.lordabbett.com. Read the prospectus carefully before investing.

Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC.

Shares of Lord Abbett mutual funds are not deposits or obligations of any bank, are not guaranteed by any bank, and are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of principal amount invested.