THE LORD ABBETT FAMI
LY OF FUNDS
1
Supplement dated
December 5,
20
2
4
to the Statements of Additional Information
Effective
December 31, 2024
,
James M. McTaggart
and
James
L.L.
Tullis
will
each
retire
from
his
service as Trustee
/Director
of
the
Boards of
Tr
ustees
/Directors
of the Funds
(
collectively, the “Board
”)
.
All
r
eferences
to M
r
.
McTaggart and Mr. Tullis
as a Trustee/Director
throughout the Funds’ statement
s of
additional information
are
hereby removed
following the effective date of
their
retirement.
The
Board has appointed
Peter J. McNamara
to serve on the Board effective
January 1, 2025
as
an
independent Directors/Trustees of the Funds. Mr.
McNamara
will serve on the Audit
and
Investment
Committees.
Effective
January 1,
2025
, t
he
following sente
nc
e replaces in its entirety the
first sentence
under
Section 4
–
“Management of the Funds
–
Board Leadership Structure” in Part II
:
The Board currently has
nine
Board Members,
eight
of whom are Independent Board Members
.
Effective
January 1,
2025
, t
he
f
ollowing information about Mr.
McNamara
is added to the
corresponding sections
under Section 4
–
“Management of the Funds
–
Board Members
” and
“
Management of the Funds
–
Qualifications of Board Members
”
in Part II
:
Qualifica
tions of Board Members
Independent Board Members:
•
Peter J. McNamara
.
Board tenure with the Funds (since 2025),
f
inancial services industry
experience, financial expertise, legal and regulatory experience, and leadership experience.
Please retain this
document for your future reference.
1
When used in this supplement, the term “Fund” refers to each of the Lord Abbett open
-
end mutual funds.
Name
(Year of Birth)
Position Held
Year
Elected
as Board
Member
Principal Occupation(s)
During Past 5 Years
Other Directorships
Held During Past 5
Years
Independent Board Members
Peter J. McNamara
(
1964
)
Board Member
2025
Partner,
PricewaterhouseCoopers LLP
(
retired 2024).
None
STATEMENT OF ADDITIONAL INFORMATION
DECEMBER 1, 2024
LORD ABBETT DEVELOPING GROWTH FUND, INC.
CLASS
TICKER
CLASS
TICKER
A
LAGWX
R2
LADQX
C
LADCX
R3
LADRX
F
LADFX
R4
LADSX
F3
LOGWX
R5
LADTX
I
LADYX
R6
LADVX
P
LADPX
This SAI is not a prospectus. A prospectus may be obtained from your financial intermediary or from the
Distributor at 30 Hudson Street, Jersey City, NJ 07302-4804. This SAI is divided into two Parts - Part I
and Part II. Part I contains information that is particular to the Fund offered in this SAI, and should be read
in conjunction with the prospectus for the Fund offered in this SAI, dated December 1, 2024, as
supplemented from time to time. Part I includes information about the Fund, including investment policies,
management fees paid by the Fund, and information about other fees applicable to and services provided
to the Fund. Part II contains additional information that more generally applies to the Lord Abbett Funds.
The Fund’s
audited financial statements are incorporated into this SAI by reference to the Fund’s most
recent Form N-CSR. The Fund’s annual and semiannual reports to shareholders and Form N-CSR are
available without charge, upon request by calling 888-522-2388. In addition, you can make inquiries
through your financial intermediary.
PART I
TABLE OF CONTENTS
PAGE
1.
GLOSSARY
1-1
2.
FUND INFORMATION
2-1
3.
INVESTMENT POLICIES
3-1
4.
FUND INVESTMENTS
4-1
5.
BOARD MEMBERS
5-1
6.
INVESTMENT ADVISORY AND OTHER SERVICES, FEES, AND EXPENSES
6-1
7.
PORTFOLIO MANAGER INFORMATION
7-1
8.
SECURITIES LENDING
8-1
9.
CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS
9-1
10.
FINANCIAL STATEMENTS
10-1
Part I
1-1
1.
GLOSSARY
Lord Abbett Funds
are comprised of the following management investment companies:
Lord Abbett Affiliated Fund, Inc.:
Affiliated Fund
Lord Abbett Bond Debenture Fund, Inc.:
Bond Debenture Fund
Lord Abbett Developing Growth Fund, Inc.:
Developing Growth Fund
Lord Abbett Global Fund, Inc.:
Global Fund
Lord Abbett Investment Trust:
Investment Trust
Lord Abbett Mid Cap Stock Fund, Inc.:
Mid Cap Stock Fund
Lord Abbett Municipal Income Fund, Inc.:
Municipal Income Fund
Lord Abbett Research Fund, Inc.:
Research Fund
Lord Abbett Securities Trust:
Securities Trust
Lord Abbett Series Fund, Inc.:
Series Fund
Lord Abbett Trust I:
Trust I
Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc.:
Money Market Fund
1933 Act
Securities Act of 1933, as amended
1940 Act
Investment Company Act of 1940, as amended
Board
Board of Directors
Board Member(s)
Director(s) of the Board
CDSC
Contingent deferred sales charge
CEA
Commodity Exchange Act, as amended
CPO
Commodity pool operator
Distributor
Lord Abbett Distributor LLC
Fund
Developing Growth Fund
Independent Board Member(s)
Director(s) of the Board who are not “interested persons”
as defined in the 1940 Act, of the Fund
Interested Board Member(s)
Director(s) of the Board who are not Independent Board
Members
Lord Abbett
Lord, Abbett & Co. LLC
NYSE
New York Stock Exchange
Registrant
Developing Growth Fund
Rule 12b-1 Plan
Distribution and/or Shareholder Service Plan adopted
under Rule 12b-1 (under the 1940 Act)
SAI
Statement of Additional Information
SEC
United States Securities and Exchange Commission
Part I
2-1
2.
FUND INFORMATION
The Registrant is an open-end management investment company registered under the 1940 Act. The
Fund is diversified within the meaning of the 1940 Act. The table below sets forth information about the
Registrant’s organization.
Registrant Organization
Registrant
Form of Organization
Date of Organization
Number of
Funds
Shares Available
for Issuance
Developing
Growth Fund
Maryland corporation
August 21, 1978
1
2.235 billion
shares, $0.001 par
value
Part I
3-1
3.
INVESTMENT POLICIES
Fundamental Investment Restrictions.
The Fund’s investment objective cannot be changed without
the approval of a “majority of the Fund’s outstanding shares.”
1
The Fund also is subject to the following
fundamental investment restrictions that cannot be changed without the approval of a majority of the
Fund’s outstanding shares.
The Fund may not:
1. borrow money, except that (i) it may borrow from banks (as defined in the 1940 Act)
2
in amounts
up to
33⅓%
of its total assets (including the amount borrowed), (ii) it may borrow up to an
additional 5% of its total assets for temporary purposes, (iii) it may obtain such short-term credit
as may be necessary for the clearance of purchases and sales of portfolio securities, (iv) it may
purchase securities on margin to the extent permitted by applicable law,
3
and (v) it may borrow
money from other Lord Abbett Funds to the extent permitted by applicable law and any exemptive
relief obtained by the Fund;
2. pledge its assets (other than to secure borrowings, or to the extent permitted by the Fund’s
investment policies as permitted by applicable law);
4
3. engage in the underwriting of securities, except pursuant to a merger or acquisition or to the
extent that, in connection with the disposition of its portfolio securities, it may be deemed to be an
underwriter under federal securities laws;
4. make loans to other persons, except that (i) the acquisition of bonds, debentures or other
corporate debt securities and investments in government obligations, commercial paper, pass-
through instruments, certificates of deposit, bankers’ acceptances, repurchase agreements or any
similar instruments shall not be subject to this limitation, and (ii) the Fund may lend its portfolio
securities, provided that the lending of portfolio securities may be made only in accordance with
applicable law, and (iii) the Fund may lend money to other Lord Abbett Funds to the extent
permitted by applicable law and any exemptive relief obtained by the Fund;
5. buy or sell real estate (except that the Fund may invest in securities directly or indirectly secured
by real estate or interests therein or issued by companies that invest in real estate or interests
therein), or commodities or commodity contracts (except to the extent the Fund may do so in
accordance with applicable law and without registering as a CPO under the CEA as, for example,
with futures contracts);
6. with respect to 75% of its gross assets (i) buy securities of one issuer representing more than 5%
of the Fund’s gross assets, except securities issued or guaranteed by the U.S. Government, its
agencies or instrumentalities or (ii) 10% of the voting securities of such issuer;
7. invest more than 25% of its assets, taken at market value, in the securities of issuers in any
particular industry (excluding securities of the U.S. Government, its agencies and
instrumentalities); or
1
A “majority of the Fund’s outstanding shares” means the vote of the lesser of (1) 67% or more of the voting securities present at a
shareholder meeting, provided that more than 50% of the outstanding voting securities of the Fund are present at the meeting or
represented by proxy, or (2) more than 50% of the outstanding voting securities of the Fund regardless of whether such
shareholders are present at the meeting (or represented by proxy).
2
The term “bank” is defined in Section 2(a)(5) of the 1940 Act.
3
SEC staff guidance currently prohibits the Fund from purchasing any security on margin, except such short-term credits as are
necessary for the clearance of transactions.
4
For the purpose of this restriction, the deposit of assets in a segregated account with the Fund’s custodian in connection with any
of the Fund’s investment transactions is not considered to be a pledge of the Fund’s assets.
Part I
3-2
8. issue senior securities to the extent such issuance would violate applicable law.
5
Compliance with these fundamental investment restrictions will be determined at the time of the purchase
or sale of the security, except in the case of the first fundamental investment restriction, with which the
Fund must comply on a continuous basis.
Non-Fundamental Investment Restrictions.
The Fund also is subject to the following non-fundamental
investment restriction that may be changed by the Registrant’s Board without shareholder approval.
The Fund may not invest in securities issued by other investment companies as defined in the 1940 Act,
except to the extent permitted by applicable law. The Fund may not, however, rely on Sections
12(d)(1)(F) and 12(d)(1)(G) of the 1940 Act.
5
Current federal securities laws prohibit the Fund from issuing senior securities (which generally are defined as securities
representing indebtedness), except that the Fund may borrow money from banks in amounts of up to
33⅓%
of its total assets
(including the amount borrowed).
Part I
4-1
4.
FUND INVESTMENTS
The following table identifies the investment types and techniques that Lord Abbett may use in managing
the Fund. A more detailed description of these investment types and techniques, along with the risks
associated with each, is contained in the “Additional Information on Portfolio Investments, Risks, and
Techniques” section of Part II. The Fund may use any or all of these investment types and techniques
indicated below at any one time, and the fact that the Fund may use a particular investment type or
technique does not mean that it will be used. The Fund’s transactions in a particular investment type or
use of a particular technique is subject to the limitations imposed by the Fund’s investment objective,
policies, and restrictions described in the Fund’s prospectus and in this SAI, as well as the federal
securities laws. The Fund may make other types of investments provided the investments are consistent
with the Fund's investment objective and policies and the Fund's investment restrictions do not expressly
prohibit it from doing so.
In addition, the Fund may receive instruments or investments not contemplated
herein through the conversion or exchange of a permissible investment or as a result of the
reorganization or bankruptcy of the issuer of an otherwise permissible investment, and the Fund may hold
or dispose of these instruments or investments at its discretion.
Please refer to the Fund’s prospectus and the fundamental and non-fundamental investment restrictions
in the “Investment Policies” section of Part I for more information on any applicable limitations.
Investment Types and Techniques
Cash Balance Management Practices
X
Convertible Securities
X
Synthetic Convertible Securities
Contingent Convertible Securities
Debt Securities
X
High-Yield or Lower-Rated Debt Securities
Defaulted Bonds and Distressed Debt
Depositary Receipts
X
Derivatives
X
Combined Transactions
Commodity-Related Investments
Credit Derivatives
X
Forward Contracts
X
Futures Contracts
X
Options Contracts
X
Participation Notes
Swap Agreements
X
Equity Securities
X
Common Stocks
X
Initial Public Offerings
X
Master Limited Partnerships
Preferred Stocks
X
Warrants and Rights
X
Foreign Currency Transactions
X
Foreign Securities
X
Emerging Market Securities
X
Illiquid Securities
X
Inflation-Indexed Securities
Investments in Other Investment Companies
X
Loans
Mortgage-Related and Asset-Backed Securities and Other Collateralized
Obligations
Municipal Bonds