Company Press Release

Jersey City, NJ – April 2, 2009 – Lord, Abbett & Co. LLC ("Lord Abbett"), an independent, privately held investment management firm, announced a significant milestone in its taxable fixed-income franchise: the Lord Abbett High Yield Fund A (LHYAX) attained its 10-year performance record with top quartile performance (22nd percentile in the Lipper High Yield category/44 out of 201 funds),* as of December 31, 2008. In addition, the firm announced that effective March 1, 2009, the net expense ratio on the High Yield Fund’s Class A shares was reduced to 0.98 percent, lower than both its Morningstar and Lipper category averages. The lower expense ratio will provide investors with a higher dividend yield and the potential for higher income during a time when Lord Abbett sees long-term credit opportunity in the high-yield market.

Since the High Yield Fund’s inception in 1998, it has been led by Michael Goldstein, Partner and Portfolio Manager, and Christopher Towle, Partner and Director of High Yield and Convertible Investments, and is supported by a group of 10 credit analysts with an average of 15 years experience. “In difficult markets, our rigorous approach to credit research and the seasoned judgment of our investment team can make the difference in identifying opportunities in this distinct asset class,” said Goldstein. "We also have an intense focus on minimizing our exposures to unattractive credits and have a tradition of responding rapidly when a company’s credit situation deteriorates."

The High Yield Fund is a core component of Lord Abbett’s suite of high-yield/convertible fixed-income strategies, including high-yield corporate debt, bank loans, and convertible bonds managed for institutions and individual investors. The insights gained from this broad view of a company’s capital structure, combined with the judgment of the Fund’s portfolio team, have been key factors in the Fund’s success. Lord Abbett was a pioneer in high-yield investing, and has been managing high-yield bonds since 1971, when it established the Lord Abbett Bond Debenture Fund, one of the industry’s first multi-sector bond funds.