Lord Abbett Receives 2011 Lipper Awards for Excellence

JERSEY CITY, N.J., April 1, 2011 /PRNewswire/ -- Lord, Abbett & Co. LLC ("Lord Abbett"), an independent, privately held investment management firm, today announced that two Lord Abbett funds have been recognized at the 2011 Lipper Fund Awards for Excellence. The Lord Abbett Intermediate Tax Free Fund (Class F shares) has been designated the best among 129 peer funds for the highest risk-adjusted returns in the Lipper Intermediate Municipal Debt Funds category, for the three-year period ended December 31, 2010. The Fund's Class A shares also were recognized for the five-year period out of 120 peer funds. In addition, the Lord Abbett Diversified Income Strategy Fund (Class I shares) was selected as the best fund among 393 peers for the highest risk-adjusted returns in the Lipper Mixed Asset Target Allocation Conservative Funds category, for the three-year period ended December 31, 2010.

Daria Foster, Lord Abbett Managing Partner, said: "At Lord Abbett, we have long maintained that in order to deliver a quality investment experience to our clients, we must provide both consistent and competitive long-term performance. The prestigious awards given to these two funds and their respective portfolio management teams are testament to our investment approach."

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, Lord Abbett has consistently provided generations of clients and their financial advisors with a quality investment experience since 1929. Lord Abbett manages approximately $109.8 billion in assets (as of December 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 12/31/10. 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.

Source: Lipper, Inc. Rankings are based on total return and do not reflect the effect of sales charges.  Each fund is ranked within a universe of funds similar in investment objective.

© Reuters 2011. 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:

Lord Abbett Intermediate Tax-Free Fund: The value of an investment in the Fund 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. A portion of the income derived from the Fund's portfolio may be subject to the alternative minimum tax. Any capital gains realized may be subject to taxation. Federal, state, and local taxes may apply. 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, the Fund is subject to other types of risks such as call, credit, liquidity, interest rate, and general market risks. Stockholders should consult with their tax advisors for more specific information on taxation.

The Lord Abbett Diversified Income Strategy Fund invests in underlying funds that may engage in a variety of investment strategies involving certain risks; this fund of funds may be subject to those particular risks of the underlying funds in proportion to which the Fund invests in them. Because the Fund will be more heavily invested in fixed-income funds than equity funds, it will be more affected by the risks associated with debt securities.

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