Lord Abbett Fundamental
Value Fund
1996 ANNUAL REPORT
[Graphic of an open compass]
A portfolio designed to help you
grow your capital and income
<PAGE>
[Photo of Robert S. Dow, Chairman]
ROBERT S. DOW
CHAIRMAN
July 12, 1996
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We would like to thank all shareholders who voted their proxy ballots. We are
pleased to announce that, on June 19, 1996, shareholders approved all the
proposals recommended by your Board of Directors. As a result, effective July
15, 1996, your Fund will be known as Lord Abbett Securities Trust - Growth &
Income Series Class A.
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Report to Shareholders
For the Fiscal Year Ended June 30, 1996
Shareholders recently approved the merging of your Fund into Lord Abbett
Securities Trust - Growth & Income Series, effective July 15, 1996. Therefore,
future communications and reports you receive will be from the Growth & Income
Series. The Series focuses on the stocks of the 1,000 largest U.S. companies
which are selling at attractive prices, utilizing the same value discipline
employed in the management of Fundamental Value Fund.
Lord Abbett Fundamental Value Fund completed its fiscal year on June 30, 1996
with a net asset value of $14.86 per share, versus $12.85 one year before (the
latter figure has been adjusted for capital gains distributions totaling $.75
paid the previous August and December). During the year, the Fund paid dividends
totaling $.21 per share. Your Fund produced a total return of 17.1% for fiscal
1996. (Total return is the percent change in net asset value assuming the
reinvestment of all distributions.)
The Fund's fiscal year can be divided into two distinct periods. The first half
of the year was characterized by modest economic growth and low inflation. By
February, economic growth began to pick up, and strong corporate earnings pushed
the broad stock market averages moderately higher. The stock market's response,
however, was inhibited by concerns that faster growth would lead to higher
inflation which, ultimately, would cause the Federal Reserve to raise short-term
interest rates. These same fears caused long-term bond rates to rise sharply in
March and April.
The volatility in long-term interest rates impacted your Fund's performance.
When compared to the unmanaged S&P 500, your Fund had larger holdings of
financial companies (such as banks and insurance companies) which are sensitive
to interest-rate fluctuations. Consequently, the performance of these stocks was
limited; although, based on our outlook for declining long-term interest rates,
we believe these stocks will provide the opportunity for strong price
appreciation. The Fund also had a high percentage of holdings in select cyclical
companies (which tend to rise when the economy expands and fall when the economy
slows). Technology stocks, which were strong performers early in the Fund's
fiscal year, were not heavily represented in your Fund's portfolio. While this
position did not help the Fund's performance in the first half of the year, the
recent volatility in technology stocks suggests this underweighting will benefit
shareholders in the future.
We believe the U.S. economy will slow later in the year and in early 1997 to a
sustainable rate of about 2 1/4%, with inflation remaining close to 3%. This
environment would allow for a decline in long-term interest rates, which would
act to calm the equity markets. We expect 1996's corporate earnings will be
little changed from last year's; and with few broad sectors of the market
representing compelling value, your Fund's performance will be driven mainly by
individual stock selection.
Shareholders should understand that the equity market's high returns over the
last 18 months were well above the long-term average, and probably are not
sustainable now that corporate earnings are peaking. We are confident, however,
that our disciplined, value-oriented investment style will help shareholders
earn competitive returns while reducing volatility.
We regret to inform you that Ronald P. Lynch, Chairman of your Fund, passed away
on June 27, 1996. Mr. Lynch had been with the Firm since 1965. He will be sorely
missed. Your Fund's Board of Directors has elected Robert S. Dow as the new
Chairman of your Fund.
We welcome the opportunity to manage your assets in the Growth & Income Series
and thank you for your continued trust and confidence.
<PAGE>
Statement of Net Assets June 30, 1996
<TABLE>
<CAPTION>
Number of Market Value
Security Shares (Note 1a)
<S> <C> <C> <C>
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INVESTMENTS IN COMMON STOCKS AND CONVERTIBLE SECURITIES 96.72%
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Aerospace Boeing Co.-World's leading commercial aircraft manufacturer 8,000 $ 697,000
2.80%
Rockwell International Corp.-Leading producer of space systems
and electrical and electronic products including defense,
telecommunications and factory automation systems 10,000 572,500
Total 1,269,500
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Agricultural Products
1.75% Pioneer Hi-Bred International, Inc.-Leading U.S. supplier
of hybrid seed 15,000 793,125
---------
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Airlines .94% British Airways plc ADR-One of the world's largest international airlines 5,000 428,750
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Auto Parts 1.00% Genuine Parts Company-National distributor of automotive replacement parts 10,000 457,500
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Automotive Snap-On, Inc.-Manufactures and distributes hand tools and diagnostic
1.56% equipment for the automotive industry 15,000 710,625
---------
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Banks: Money Center
2.80% Chase Manhattan Corp.-Major money-center bank holding company 18,000 1,271,250
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Banks: Regional Bank of Boston Corp.-Leading New England regional bank 15,000 742,500
4.39% Comerica Inc.-Midwestern regional bank holding company 15,000 669,375
KeyCorp-Multi-regional bank holding company serving the Northwest U.S. 15,000 581,250
Total 1,993,125
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Building Materials Masco Corp.-Manufactures home furnishings, kitchen and bathroom
.33% products and other building and home improvement products 5,000 151,250
---------
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Chemicals 1.73% Hanna, M.A. Co.-Leading producer and distributor of plastic compounds,
resins and additives 37,500 782,812
---------
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Containers Sonoco Products Co. $2.25 Conv. Pfd. -A leading U.S. producer of
1.97% specialty paper and plastic packaging components 31,500 893,813
---------
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Data Processing Hewlett-Packard Co.-Leading manufacturer of computer products including
Equipment printers, servers, workstations and PCs 8,000 797,000
2.70%
International Business Machines Corp.-Largest computer maker 4,300 425,700
Total 1,222,700
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Data Processing Services
1.78% Electronic Data Systems Corp.-Leading computer services company 15,000 806,250
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Drugs/Health Care Baxter International Inc.-World's leading distributor and major
Products manufacturer of hospital supplies and related medical equipment 10,000 472,500
9.46%
Mallinckrodt Group Inc.-Producer of medical products, specialty chemicals
and veterinary supplies 30,000 1,166,250
Merck & Co., Inc.-Nation's largest ethical drug manufacturer 5,000 323,125
SmithKline Beecham plc ADS-United Kingdom-based health care
company providing prescription and over-the-counter drugs and
clinical laboratory services 15,000 815,625
Tambrands Inc.-Manufacturer of feminine healthcare products 15,000 613,125
Warner-Lambert Co.-Drugs and consumer products manufacturer 16,400 902,000
Total 4,292,625
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Electric Power Carolina Power & Light Co.-Electric utility company serving North and South 25,000 950,000
6.98%
Central & South West Corp.-integrated Electric Utility Holding Company 16,200 469,800
CINergy Corp.-Supplier of electricity and natural gas in southwestern
Ohio and adjacent Kentucky and Indiana territories 30,000 960,000
Ipalco Enterprises Inc.-Major midwestern electric utility holding company 30,000 787,500
Total 3,167,300
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Electrical Equipment Emerson Electric Co.-Diversified manufacturer of consumer and industrial
4.13% electrical components 15,000 1,355,625
Raytheon Company-A leading factor in air-defense missiles and military
electronic products 10,000 516,250
Total 1,871,875
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Electronics:
Communications
2.02% Harris Corp.-Manufacturer of advanced electronic systems and communications
equipment 15,000 915,000
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Electronics: Components
1.33% AMP Inc.-World's leading producer of electronic connection devices 15,000 601,875
---------
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</TABLE>
1
<PAGE>
Statement of Net Assets June 30, 1996
<TABLE>
<CAPTION>
Number of Market Value
Security Shares (Note 1a)
<S> <C> <C> <C>
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Financial: Miscellaneous
.79% American Express Co.-Operates largest travel and entertainment charge card 8,000 $ 357,000
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Food Conagra Inc.-Major producer of agricultural and consumer products 25,000 1,134,375
7.77% Hershey Foods Corp.-Major U.S. maker of chocolate and confectionary product 10,000 733,750
Sara Lee Corp.-A diversified maker of branded food products, apparel
and household consumer products 20,000 647,500
Supervalu Inc.-Second largest U.S. food wholesaler 32,000 1,008,000
Total 3,523,625
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Health Care Products Kimberly Clark Corp.-Major producer of consumer and personal care products
1.36% (recently purchased Scott Paper) 8,000 618,000
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Household Products National Service Industries, Inc.-Diversified manufacturer of lighting
2.16% equipment, rental uniforms and specialty chemicals 25,000 978,125
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Insurance Aetna Life & Casualty Co.-Major multi-line insurer 8,500 607,750
5.92% Chubb Corp.-Broad-based property and casualty insurance organization 20,000 997,500
Cincinnati Financial-Midwest-based specialty insurer 8,000 459,000
SAFECO Corp.-Insurance and financial services 17,600 622,600
Total 2,686,850
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Machinery: Diversified Deere & Co.-Largest manufacturer of farm equipment and construction machine 10,000 400,000
2.01% Goulds Pumps, Inc.-Largest U.S. producer of industrial and residential
pump systems 20,000 512,500
Total 912,500
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Miscellaneous Minnesota Mining & Mfg. Co.-Diversified global manufacturer of value-added
1.22% industrial, consumer and medical products 8,000 552,000
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Oil: Domestic
1.60% Amoco Corp.-Major integrated petroleum and natural gas company with sizable
interests in chemicals 10,000 723,750
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Oil: International Chevron Corp.-Worldwide petroleum company with important interests in chemicals
4.23% and minerals 10,000 590,000
Exxon Corp.-World's largest integrated oil company 4,000 347,500
Mobil Corp.-Large international oil company 6,000 672,750
Royal Dutch Petroleum Co.-Major international oil company 2,000 307,500
Total 1,917,750
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Paper and Forest Products
1.98% Westvaco Corporation-Major producer of paper and paperboard products 30,000 896,250
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Paper: Miscellaneous James River Corp.-Producer of paper-based consumer products, packaging and
2.04% communication papers 35,000 923,125
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Printing and Publishing
.92% Donnelley, R.R. & Sons Co.-Largest commercial printer in the U.S. 12,000 418,500
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Restaurants
.85% Brinker International Inc.-Major developer and operator of casual dining 25,700 385,500
restaurants ---------
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Retail Jostens Inc.-Produces class rings, yearbooks and recognition products for
5.28% schools and businesses 25,000 493,750
Nordstrom Inc.-Major operator of specialty, upscale department stores 15,000 667,500
Sears, Roebuck & Co.-Major U.S. Retailer 16,000 778,000
Toys R Us Inc.-Discount toy supermarts; department stores 16,000 456,000
Total 2,395,250
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Savings and Loan 1.70% Standard Federal Bancorporation Inc.-Regional savings and loan company 20,000 770,000
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Telecommunications AT&T Corp.-Global telecom giant 4,400 272,800
1.73% MCI Communications Corp.-Long distance telecom provider 20,000 512,500
Total 785,300
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Textiles: Apparel
1.58% VF Corp.-Leading producer of blue jeans and other apparel 12,000 715,500
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Tire and Rubber Goods Cooper Tire & Rubber Company-Major manufacturer of replacement tires and
1.47% inner tubes for cars, trucks and buses 30,000 667,500
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Tobacco 1.00% American Brands Inc.-Consumer products conglomerate 10,000 453,750
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</TABLE>
2
<PAGE>
Statement of Net Assets June 30, 1996
<TABLE>
<CAPTION>
Number
of Shares
or Principal Market Value
Security Amount (Note 1a)
<S> <C> <C> <C>
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Waste Management Browning Ferris Industries Inc.-A leading international provider of
3.44% solid waste disposal services 20,000 $ 580,000
WMX Technologies Inc.-A leading international provider of solid waste
disposal and other environmental services 30,000 982,500
Total 1,562,500
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Total Investments in Common Stocks and Convertible Securities (Cost $35,655,884) 43,872,150
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OTHER ASSETS, LESS LIABILITIES 3.28%
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Corporate American Express Credit Corp. 5.45% due 7/1/1996 325M 325,000
Obligations, General Electric Capital Corp. 5.20% due 7/2/1996 1,225M 1,225,000
at Cost
Total Corporate Obligations 1,550,000
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Cash and Receivables, Net of Liabilities (60,552)
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Total Other Assets, Less Liabilities 1,489,448
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Net Assets (equivalent to $14.86 a share on 3,052,233 shares of $.10 par value capital stock
100.00% outstanding; authorized, 150,000,000 shares) $45,361,598
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The descriptions of the companies shown in the portfolio which were obtained from published
reports and other sources believed to be reliable, are supplemental and are not covered by
the Independent Auditors' Report.
See Notes to Financial Statements.
<CAPTION>
Statement of Operations For the Year Ended June 30, 1996
Investment Income
<S> <C> <C> <C>
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Income Dividends $ 1,081,720
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Interest 161,825
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Total income $ 1,243,545
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Expenses Management fee (Note 5) 317,740
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12b-1 distribution plan (Note 5) 91,223
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Shareholder servicing 60,000
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Reports to shareholders 34,000
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Registration expense 30,600
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Legal and audit 29,600
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Other 23,783
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Total expenses 586,946
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Net investment income 656,599
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Net Realized and Unrealized Gain on Investments (Note 4)
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Net realized gain from securities transactions (excluding short-term securities)
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Proceeds from sales 16,613,049
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Cost of securities sold 13,515,899
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Net realized gain 3,097,150
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Net unrealized appreciation of investments
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Beginning of year 5,439,276
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End of year 8,216,266
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Net unrealized appreciation 2,776,990
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Net realized and unrealized gain on investments 5,874,140
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Net Increase in Net Assets Resulting from Operations $6,530,739
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</TABLE>
See Notes to Financial Statements.
3
<PAGE>
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended June 30,
Increase in Net Assets 1996 1995
<S> <C> <C> <C>
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Operations Net investment income $ 656,599 $ 625,160
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Net realized gain from securities transactions 3,097,150 2,762,332
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Net unrealized appreciation of investments 2,776,990 2,972,645
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Net increase in net assets resulting from operations 6,530,739 6,360,137
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Undistributed net investment income included in price of shares sold (reacquired) (Note 1d) 83,382 41,884
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Distributions to shareholders from (Note 2)
-------------------------------------------------------------------------- --------------- -------------
Net investment income (604,701) (499,978)
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Net realized gain from securities transactions (2,132,817) (2,715,942)
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Total distributions (2,737,518) (3,215,920)
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Capital share transactions
-------------------------------------------------------------------------- --------------- -------------
Net proceeds from sales of 555,163 and 630,907 shares, respectively 7,700,030 7,724,276
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Net asset value of 185,196 and 243,978 shares, respectively, issued
to shareholders in reinvestment of net investment income and realized
gain from securities transactions 2,461,456 2,855,092
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Total 10,161,486 10,579,368
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Cost of 469,339 and 697,373 shares reacquired, respectively (6,514,668) (8,490,607)
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Increase in net assets derived from capital share transactions
(net increase of 271,020 and 177,512 shares, respectively) 3,646,818 2,088,761
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Increase in net assets 7,523,421 5,274,862
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Net Assets
Beginning of year 37,838,177 32,563,315
-------------------------------------------------------------------------- --------------- -------------
End of year (including undistributed net investment income of $1,093,716
and $958,436, respectively) $45,361,598 $37,838,177
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</TABLE>
See Notes to Financial Statements.
Financial Highlights
<TABLE>
<CAPTION>
Year Ended June 30,
Per Share Operating Performance: 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C> <C>
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Net asset value, beginning of year $ 13.60 $ 12.51 $ 14.17 $ 13.11 $ 12.22
------------------------------------------------------------------------- ----------- --------- --------- -------- ------------
Income from investment operations
-------------------------------------------------- ----------- --------- --------- -------- ------------
Net investment income .22 .23 .21 .20 .22
-------------------------------------------------- ----------- --------- --------- -------- ------------
Net realized and unrealized
gain on investments 2.00 2.0825 .12 1.86 1.36
-------------------------------------------------- ----------- --------- --------- -------- ------------
Total from investment operations 2.22 2.3125 .33 2.06 1.58
------------------------------------------------------------------------- ----------- --------- --------- -------- ------------
Distributions
Dividends from net investment income (.21) (.19) (.19) (.22) (.27)
-------------------------------------------------- ----------- --------- --------- -------- ------------
Distributions from net realized gain (.75) (1.0325) (1.80) (.78) (.42)
- ------------------------------------------------------------------------------ ----------- --------- --------- -------- ------------
Net asset value, end of year $ 14.86 $ 13.60 $ 12.51 $ 14.17 $ 13.11
- ------------------------------------------------------------------------------ ----------- --------- --------- -------- ------------
Total Return* 17.10% 20.15% 2.64% 16.95% 13.46%
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Ratios/Supplemental Data:
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Net assets, end of year (000) $ 45,362 $ 37,838 $ 32,563 $ 30,403 $ 25,827
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Ratios to Average Net Assets:
------------------------------------------------------------------------- ----------- --------- --------- -------- ------------
Expenses 1.39% 1.38% 1.28% 1.60% 1.60%
-------------------------------------------------- ----------- --------- --------- -------- ------------
Net investment income 1.55% 1.84% 1.83% 1.61% 1.85%
------------------------------------------------------------------------- ----------- --------- --------- -------- ------------
Portfolio turnover rate 41.94% 51.35% 67.88% 82.48% 57.86%
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</TABLE>
*Total return does not consider the effects of sales loads.
See Notes to Financial Statements.
4
<PAGE>
Notes to Financial Statements
1. Significant Accounting Policies The Company is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The following is a summary of significant accounting policies
consistently followed by the Company. The policies are in conformity with
generally accepted accounting principles. (a) Market value is determined as
follows: Securities listed or admitted to trading privileges on any national
securities exchange are valued at the last sales price on the principal
securities exchange on which such securities are traded, or, if there is no
sale, at the mean between the last bid and asked price on such exchange.
Securities traded in the over-the-counter market are valued at the mean between
the last bid and asked price in such market, except that securities admitted to
trading on the NASDAQ National Market System are valued at the last sales price
if it is determined that such price more accurately reflects the value of such
securities. Securities for which market quotations are not available are valued
at fair value under procedures approved by the Board of Directors; such
procedures require the use of estimates. (b) It is the policy of the Company to
meet the requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income in taxable
distributions. Therefore, no federal income tax provision is required. (c)
Security transactions are accounted for on the date that the securities are
purchased or sold (trade date). Dividend income and distributions to
shareholders are recorded on the ex-dividend date. (d) A portion of proceeds
from sales and costs of repurchases of capital shares, equivalent to the amount
of distributable net investment income on the date of the transaction, is
credited or charged to undistributed income. Undistributed net investment income
per share thus is unaffected by sales or repurchases of shares. (e) Certain
amounts of the components of net assets in prior periods have been reclassified
to conform the presentation of such components to that reported in the current
period. 2. Distributions Net realized gains from securities transactions are
expected to be declared and distributed to shareholders in July and December. At
June 30, 1996, the accumulated undistributed net realized gain for financial
reporting purposes, which is substantially the same as for federal income tax
purposes, aggregated $2,555,790. A distribution of $.8275 a share aggregating
$2,526,230 was declared on July 9, 1996 from net realized gains from sales of
securities and paid July 15, 1996 to each shareholder of record on July 9, 1996.
A dividend of $.08 a share from net investment income aggregating $244,356 was
declared on July 9, 1996 and paid July 15, 1996 to each shareholder of record on
July 9, 1996. Income and capital gains distributions are determined in
accordance with income tax regulations which may differ from methods used to
determine the corresponding income and capital gains amounts in accordance with
generally accepted accounting principles. These differences are primarily caused
by differences in the timing of recognition of certain components of income,
expense or capital gain. Where such differences are permanent in nature, they
are reclassified in the Sources of Net Assets based upon their ultimate
characterization for federal income tax purposes. Any such reclassifications
will have no effect on net assets, results of operations or net asset value of
the Fund. 3. Capital Paid In At June 30, 1996, capital paid in aggregated
$33,495,826. 4. Purchases and Sales of Securities Purchases and sales of
investment securities (other than short-term investments) aggregated $19,758,967
and $16,613,049, respectively. Security gains and losses are computed on the
identified cost basis. As of June 30, 1996, net unrealized appreciation for
federal income tax purposes aggregated $8,216,266, of which $8,830,580 related
to appreciated securities and $614,314 related to depreciated securities. For
federal income tax purposes, the identified cost of investments owned at June
30, 1996 was substantially the same as the cost for financial reporting
purposes. 5. Management Fee and Other Transactions with Affiliates Lord, Abbett
& Co. received a management fee of $317,740 for which it supplied investment
management, research, statistical and advisory services and paid officers'
remuneration and certain other expenses of the Company. The management fee is
based on average daily net assets at the following annual rates: .75 of 1% on
the first $200 million; .65 of 1% on the next $300 million; and .50 of 1% on the
excess over $500 million. Lord, Abbett & Co. also received $17,379 representing
payment of commissions on sales of capital stock of the Company after deducting
$159,720 allowed to authorized distributors as concessions. Certain of the
Company's officers and directors have an interest in Lord, Abbett & Co. The
Company has a Rule 12b-1 Plan providing for (a) the payment of a service fee at
the annual rate of .25% of the average daily net asset value of shares sold by
dealers and (b) a one-time 1% distribution fee at the time of sale on shares
sold at net asset value of $1 million or more. 6. Directors' Remuneration The
Directors of the Company associated with Lord, Abbett & Co. and all officers of
the Company receive no compensation from the Company for acting as such. Outside
Directors' fees, including attendance fees for board and committee meetings, and
outside Directors' retirement costs, are allocated among all funds in the Lord
Abbett group based on net assets of each fund. The direct remuneration accrued
during the period for outside Directors of the Company as a group was $759
(exclusive of expenses), a portion of which has been deemed invested in shares
of the Company under a deferred compensation plan contemplating future payment
of the value of those shares. As of June 30, 1996, the aggregate amount in
Directors' accounts maintained under the plan was $86,582. Retirement costs
accrued during the period amounted to $370. 7. Subsequent Events On June 19,
1996 the Fund's shareholders approved the acquisition of the Fund by the Lord
Abbett Securities Trust-Growth & Income Series. On July 12, 1996 the Fund's net
assets were acquired by the Lord Abbett Securities Trust-Growth & Income Series
in exchange for 6,695,536 shares of the newly-issued Class A Shares. There was
no impact on the net asset value of the Fund's previously issued shares, which
will now be designated as Class A shares.
Copyright (C) 1996 by Lord Abbett Fundamental Value Fund, Inc., 767 Fifth
Avenue, New York, NY 10153-0203
This publication, when not used for the general information of shareholders of
Lord Abbett Fundamental Value Fund, Inc. (on and after July 12, 1996 such Fund
will have been acquired by Lord Abbett Securities Trust-Growth & Income Series),
is to be distributed only if preceded or accompanied by a current prospectus
which includes information concerning the Fund's investment objectives and
policies, sales charges and other matters. There is no guarantee that the
forecasts contained within this publication will come to pass. All rights
reserved. Printed in the U.S.A.
<PAGE>
Independent Auditors' Report
The Board of Directors and Shareholders,
Lord Abbett Fundamental Value Fund, Inc.:
We have audited the accompanying statement of net assets of Lord Abbett
Fundamental Value Fund, Inc. as of June 30, 1996, the related statements of
operations for the year then ended and of changes in net assets for each of the
years in the two-year period then ended, and the financial highlights for each
of the years in the five-year period then ended. These financial statements and
the financial highlights are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements and the
financial highlights based on our audits. We conducted our audits in accordance
with generally accepted auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned at June 30, 1996 by correspondence with the custodian and
brokers; where replies were not received from brokers, we performed other
auditing procedures. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion. In our opinion, such financial statements and
financial highlights present fairly, in all material respects, the financial
position of Lord Abbett Fundamental Value Fund, Inc. at June 30, 1996, the
results of its operations, the changes in its net assets and the financial
highlights for the above-stated periods in conformity with generally accepted
accounting principles.
/S/ Deloitte & Touche LLP
Deloitte & Touche LLP
New York, New York
July 29, 1996
Our Management
Investment Manager and
Underwriter
Lord, Abbett & Co. and
Lord Abbett Distributor LLC
The General Motors Building
767 Fifth Avenue
New York, NY 10153-0203
212-848-1800
Custodian
The Bank of New York
New York, NY
Transfer Agent
United Missouri Bank of
Kansas City, N.A.
Shareholder Servicing Agent
DST Systems, Inc.
P.O. Box 419100
Kansas City, MO 64141
800-821-5129
Auditors
Deloitte & Touche LLP
New York, NY
Counsel
Debevoise & Plimpton
New York, NY
Numbers to Keep Handy
For Literature: 800-874-3733
For Account Information: 800-821-5129
For Fund Information: 800-426-1130
[LOGO] Lord, Abbett & Company
Investment Management
A Tradition of Performance Through Disciplined Investing
LORD ABBETT DISTRIBUTOR LLC
The GM Building. 767 Fifth Avenue, New York, NY 10153-0203
