Jersey City, NJ – April 15, 2010 – Lord, Abbett & Co. LLC (“Lord Abbett”), an independent, privately held investment management firm, today announced it is permanently extending the free IRA program which has been running since January 1, 2010 and was set to expire today. Under the "Easy IRA" program, the firm waives (or otherwise pays) the annual custodial fee for every new IRA account and includes payment of FedEx shipping charges with the submission of paperwork to open each new account (fund sales charges may apply). Participating advisors will continue to receive the added benefits of consulting with Lord Abbett’s most senior retirement experts and accessing online resources.

Lord Abbett also announced a new addition to the program: Electronic funding of new IRAs through the use of Automated Clearing House (ACH) transactions, which electronically transfers assets to an account. Electronic funding will facilitate investors’ same-day funding of their IRA accounts using ACH (in lieu of a check). This announcement marks another step in Lord Abbett’s strategic focus on the retirement market, where the firm has identified IRAs as a key growth segment.

“IRA assets are expected to grow by approximately $2 trillion over the next five years,” said Mike Weldon, Lord Abbett Partner & Director of Marketing. “We believe we can better participate in that growth by offering investors programs such as ‘Easy IRA,’ which are designed to help them save for retirement. ‘Easy IRA’ will also allow financial advisors to capture more of this business and ultimately deliver a quality investment management experience for our clients.”

Lord Abbett will continue to offer advisors one-on-one consultations with the firm’s retirement experts about Roth conversions and other IRA topics—a popular component of the "Easy IRA" program to date. Advisors will also have access to the "Easy IRA" online tool-kit, which includes videos, articles, and literature on the Lord Abbett financial advisor Website.

For more information on the program or to explore the online resource center, visit
www.lordabbett.com/advisor/freeira.

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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 $92 billion in assets (as of March 31, 2010) across a full range of mutual funds, institutional and separately managed accounts, including $3 billion for which Lord Abbett provides investment models to managed account sponsors.

We strongly suggest you contact your financial advisor before making any investment decision.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Lord Abbett Funds. This and other important information is contained in the 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.

Media Inquiries:
Jim Sansevero
201-827-2774
jsansevero@lordabbett.com