ADMINISTRATIVE SERVICES AGREEMENT





     This Administrative Services Agreement ("Agreement") is made as of December

12, 2002 by and among each of the investment companies in the Lord Abbett Family

of Funds, as set forth on Exhibit 1 hereto, and each new Lord Abbett Fund added

as a party to this Agreement pursuant to section 9, (each, a "Fund" or

collectively, the "Funds") and Lord, Abbett & Co. LLC, a Delaware limited

liability company ("Lord Abbett").



                                    RECITALS



       A. WHEREAS, Lord Abbett has entered into a Management Agreement with each

  Fund whereby Lord Abbett provides investment management services to each Fund.



       B. WHEREAS, each Fund desires to retain Lord Abbett to provide certain

  administrative services and Lord Abbett is willing to provide, or arrange to

  have provided, such services upon the terms and conditions as hereinafter

  provided.



       NOW THEREFORE, in consideration of the mutual covenants and of other good

  and valuable consideration, receipt of which is hereby acknowledged, it is

  agreed as follows:



       1.   AGREEMENT TO PERFORM ADMINISTRATIVE SERVICES. Each Fund hereby

employs Lord Abbett under the terms and conditions of this Agreement, and Lord

Abbett hereby accepts such employment and agrees to perform the administrative

services described below. It is understood that the persons employed by Lord

Abbett to assist in the performance of its duties hereunder will not devote

their full time to such services, and may in fact devote a substantial portion

of their time to the performance of duties relating to Lord Abbett's provision

of services to other clients, and nothing herein shall be deemed to limit or

restrict the right of Lord Abbett, its affiliates, and their respective

employees, to engage in and devote time and attention to other business or to

render services of whatever kind or nature to Lord Abbett's other clients.



       2.   LORD ABBETT SERVICES AND DUTIES. Lord Abbett will provide, or

arrange to have provided in accordance with section 3 below, for each Fund those

facilities, equipment, and personnel to carry out the administrative services

which are described in Exhibit 2 hereto ("Administrative Services"). Lord Abbett

represents that it has sufficient personnel and experience to perform the

Administrative Services, and agrees to perform such Administrative Services in

accordance with industry standards for mutual fund administrators.



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       In performing its duties under this Agreement, Lord Abbett agrees that it

shall observe and be bound by all of the provisions of (1) each Fund's Articles

of Incorporation/Declaration and Agreement of Trust and By-laws (including any

amendments thereto) which in any way limit or restrict or prohibit or otherwise

regulate any action by Lord Abbett, (2) each Fund's registration statement, and

(3) the instructions and directions of the Boards of Directors/Trustees of each

Fund. In addition, Lord Abbett agrees and warrants that it will use its best

efforts to conform to and comply with the requirements of the Investment Company

Act of 1940, as amended ("1940 Act") and all other applicable federal and state

laws and regulations.



       3.   LORD ABBETT SUBCONTRACTORS. It is understood that Lord Abbett may

from time to time employ or associate with such person or persons

("Subcontractors") as Lord Abbett may believe to be particularly fitted to

assist in its performance of this Agreement; provided, however, that the

compensation of such Subcontractors shall be paid by Lord Abbett and that Lord

Abbett shall be as fully responsible to each Fund for the acts and omissions of

any Subcontractor as it is for its own acts and omissions. Lord Abbett shall use

its best efforts to ensure that any Subcontractor complies with the provisions

of section 2 above.



       4.   EXPENSES ASSUMED. Except as otherwise set forth in this section 4 or

as otherwise approved by the Funds' Boards of Directors/Trustees, Lord Abbett

shall pay all expenses incurred by it in performing the Administrative Services,

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