Due to a printing error, the chart on page 4, "Consistency of Performance...Over
the Long Term", of the Bond-Debenture Annual Report contains incorrect
information and should be disregarded.
The chart should read as follows:
The Fund produced positive total returns 18 out of the last
20 calendar years(1)(2)
Consistency of Performance...
Over the Short Term: Over the last 20 calendar years between 1979 and 1999, Lord
Abbett Bond-Debenture Fund shareholders holding the Fund for any 3-year period
earned a positive total return.(1)
Over the Long Term: Over the last 20 calendar years between 1979 and 1999, Lord
Abbett Bond-Debenture Fund shareholders holding the Fund for any 10-year period
earned average annual total returns of at least 9% per year.(1)
Average Annual Total Returns for 10-Year Periods Ending December 31:(2)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1979- 1980- 1981- 1982- 1983- 1984- 1985- 1986- 1987- 1988- 1989- 1990-
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
11.0% 10.8 9.0% 12.0% 11.0% 10.9% 9.9% 9.6% 9.6% 10.7% 9.8% 10.2%
</TABLE>
(1) All periods end December 31. Assumes investment in Class A shares at
maximum offering price. Total return is the percent change in value,
assuming the reinvestment of all distributions.
(2) At Net Asset Value. Past performance does not guarantee future results.
Should you have any questions, please contact Lord Abbett at 1-888-L-ABBETT
(888-522-2388).
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