Lord Abbett Announces Addition of New Municipal Bond Portfolio Manager

JERSEY CITY, N.J., May 4, 2011 /PRNewswire/ -- Lord, Abbett & Co. LLC ("Lord Abbett"), an independent, privately held investment management firm, today announced that Reid Smith has joined the firm as a Portfolio Manager on its Municipal Bond investment team. Mr. Smith reports to Daniel Solender, Partner & Director of Municipal Bonds, and will be actively involved in developing and implementing investment strategies for the firm's tax-free assets.

"Part of our commitment to excellence in managing money for our clients includes finding and adding the right talent to our investment teams," said Mr. Solender. "Having previously worked with Reid, I am confident that his talent and experience will further strengthen Lord Abbett's tax-free investment team. We look forward to his contributions."

Mr. Smith has more than 20 years of experience managing municipal portfolios. Prior to joining Lord Abbett, Mr. Smith was a Portfolio Manager at RBC Global Asset Management. His previous experience also includes Principal at Charlestown Partners and more than 15 years at Vanguard Group, as both Principal and Portfolio Manager, managing several funds, including Vanguard's High Yield Municipal Bond Fund.  

The addition of Mr. Smith brings Lord Abbett's Municipal Bond team to a total of 12 investment professionals, which includes portfolio managers, research analysts, and traders who average more than 13 years of investment experience.

Since 2007, Lord Abbett has implemented several strategic changes to its suite of tax-free offerings in an effort to better meet client needs.  These changes include the introduction of a Short Duration Tax Free and a National AMT Free Fund, the repositioning of some existing products, and the reduction of shareholder expense ratios and sales charges. The result of these ongoing efforts has been notable asset growth in the firm's tax-free mutual funds and separately managed accounts -- from $8.7 billion on December 31, 2007, to $13.4 billion today (as of March 31, 2011).

For more information on Lord Abbett's tax-free offerings, please visit www.lordabbett.com/advisor/taxfreesolutions.

A NOTE ABOUT RISK:

The value of an investment in fixed-income securities will change as interest rates fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. High-yielding non-investment-grade bonds involve higher risk than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on the securities. There is a risk that a bond issued as tax-exempt may be reclassified by the IRS as taxable, creating taxable rather than tax-exempt income. In addition, bonds are subject to other types of risks, such as call, credit, liquidity, interest rate, and general market risks. The Lord Abbett AMT Free Municipal Bond Fund does not invest in any AMT-triggering private activity bonds. Although the Fund seeks income that is federally tax-free, a portion of the Fund's distribution may be subject to federal, state, and local taxes. For all other Lord Abbett tax-free funds, a portion of the income derived from a tax-free fund's portfolio may be subject to the alternative minimum tax and any capital gains realized may be subject to taxation. In addition, federal, state, and local taxes may apply.

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, Lord Abbett has consistently provided generations of clients and their financial advisors with a quality investment experience since 1929. Lord Abbett manages approximately $113.7 billion in assets (as of March 31, 2011) 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.

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.

SOURCE Lord, Abbett & Co. LLC