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





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Administrative Services, and agrees to perform such Administrative Services in

accordance with industry standards for mutual fund administrators.



     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")

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