Fund Description

The fund was incepted in December 1998 and managed by Lord Abbett and Co. The objective of the fund is to seek high current income and the opportunity for capital appreciation to produce a high total returns. The fund invests in high-yield debt securities, sometimes called 'lower-rated bonds' or 'junk bonds' that entail greater risk than investment in higher-rated or investment grade-debt securities. The fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purpose, in low rated debt securities, some of which are convertible into common stocks or have warrants to purchase common stocks. The dividends are offered monthly and capital gains annually.