Lord Abbett is expanding its management structure in response to overall asset growth. Robert Dow, currently managing partner and chief investment officer will take on the newly created role of senior partner and will focus on the strategic direction of the organization. Daria Foster will assume the role of managing partner, she is currently president and director of the Lord Abbett Family of Mutual Funds. Foster has also in turn named Robert Gerber as the new CIO; Gerber currently heads the investment grade taxable fixed-income area. All appointments take effect on October 1, 2007.

Robert S. Dow, Managing Partner and Chief Investment Officer of Lord Abbett & Co. LLC, announces an expansion of the firm�s executive management structure. This decision is a reflection of the growth of Lord Abbett�s overall assets under management to position the firm for further growth. Mr. Dow will fill the newly created role of Senior Partner, focusing on the strategic direction of the organization. Daria L. Foster will assume the role of Managing Partner, responsible for the day-to-day management of the firm. These appointments are effective October 1, 2007.

Under Mr. Dow�s leadership as Managing Partner since 1996, Lord Abbett grew from $18 billion in assets under management to more than $113 billion (as of August 30, 2007). Mr. Dow began his investment career with Lord Abbett in the early 1970s, when he joined the firm as a Research Analyst. He has served in a number of key investment positions, including Portfolio Manager for several Lord Abbett funds, and overseeing the fixed income area, as well as Chief Investment Officer. Mr. Dow also will continue to serve as the Chairman of the Board of the Lord Abbett Family of Mutual Funds.

Mr. Dow said, �Consistent leadership and diligent succession planning have been hallmarks of Lord Abbett; therefore, it gives me great pleasure to announce these changes.� Mr. Dow further stated, �Throughout Daria�s career, she has demonstrated an unwavering commitment to the firm�s values of integrity, teamwork, and partnership.�

Ms. Foster becomes the firm�s ninth managing partner in Lord Abbett�s 78-year history. Being responsible for the day-to-day management of the firm, she will manage the investment, distribution and infrastructure divisions of the firm. In addition, Ms. Foster will continue to serve as President and Director of the Lord Abbett Family of Mutual Funds, roles she has held since 2006. Ms. Foster has nearly 30 years of financial services industry experience, and has been with Lord Abbett since 1990, and a Partner since 1996.

Ms. Foster is credited with developing Lord Abbett�s institutional business. She joined Lord Abbett as Director of Fixed Income Marketing, and was appointed Director of Institutional Marketing two years later; and in 2005, she became responsible for the firm�s sales and marketing efforts in the institutional and retail areas, which have been integral in the development of the firm�s investment capabilities.

Daria Foster Appoints Robert Gerber as Chief Investment Officer

Robert I. Gerber, Ph.D., joined Lord Abbett in 1997 and became a Partner in 1998. He currently is responsible for the investment grade taxable fixed-income area. Effective October 1, 2007, as CIO, Mr. Gerber will oversee 18 distinct investment capabilities, with more than 120 investment professionals averaging 17 years of industry experience � 25 of whom are Partners within the firm.

Ms. Foster stated, �Bob [Gerber] demonstrates the qualities valued in a CIO. He is actively engaged in our investment activities, and encourages communication and dialogue among investment professionals. He is open to exploring new investment tools and technology to enhance our capabilities, and understands our competitive positioning, striving for nothing less than excellence.�

Robert A. Lee, a Partner, will fill Robert Gerber�s previous position as Director of Taxable Fixed Income, having day-to-day responsibility for managing the high-grade taxable portfolio teams.

About Lord Abbett

Lord, Abbett & Co. LLC is an independent, privately held firm with a singular focus on the management of money. As a trusted steward and one of the oldest money management firms in the United States managing two of the nation�s oldest mutual funds, we manage approximately $113 billion in assets as of August 30, 2007, through a full range of mutual funds, institutional, and individually managed accounts. Lord Abbett has 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.

For more information on Lord Abbett mutual funds, please call 888-522-2388 or visit our Website at www.lordabbett.com for a prospectus. Read the prospectus carefully before investing.

Edited by: Erin Kello

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