Lord Abbett Developing Growth Fund Inc.

04/02/2026 | Press release | Distributed by Public on 04/02/2026 09:06

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02871

LORD ABBETT DEVELOPING GROWTH FUND, INC.

(Exact name of Registrant as specified in charter)

30 Hudson Street, Jersey City, New Jersey 07302-4804

(Address of principal executive offices) (Zip code)

Randolph A. Stuzin, Esq.

Vice President and Assistant Secretary

30 Hudson Street, Jersey City, New Jersey 07302-4804

(Name and address of agent for service)

Registrant's telephone number, including area code: (888) 522-2388

Date of fiscal year end: 7/31

Date of reporting period: 1/31/2026

Item 1: Report(s) to Shareholders.

Class A

LAGWX

Lord Abbett Developing Growth Fund

Semi-Annual Shareholder Report

January 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Developing Growth Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class A
$50
0.92%Footnote Reference(a)
Footnote Description
Footnote(a)
Annualized.

What did the Fund invest in?

(as of January 31, 2026)

Key Fund Statistics

(as of January 31, 2026)

Total Net Assets
$2,029,025,985
# of Portfolio Holdings
87
Portfolio Turnover Rate
45%
Portfolio Holdings Presented by SectorFootnote Reference*
% Footnote Reference**
Communication Services
1.41%
Consumer Discretionary
3.37%
Consumer Staples
0.88%
Financials
3.94%
Health Care
27.71%
Industrials
31.28%
Information Technology
24.47%
Materials
0.46%
Repurchase Agreements
2.69%
Money Market FundsFootnote Reference(a)
3.41%
Time DepositsFootnote Reference(a)
0.38%
Total
100.00%
Footnote Description
Footnote*
A sector may comprise several industries.
Footnote**
Represents percent of total investments, which excludes derivatives.
Footnote(a)
Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

TSR-SA-14-A

03/26

Class C

LADCX

Lord Abbett Developing Growth Fund

Semi-Annual Shareholder Report

January 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Developing Growth Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class C
$91
1.67%Footnote Reference(a)
Footnote Description
Footnote(a)
Annualized.

What did the Fund invest in?

(as of January 31, 2026)

Key Fund Statistics

(as of January 31, 2026)

Total Net Assets
$2,029,025,985
# of Portfolio Holdings
87
Portfolio Turnover Rate
45%
Portfolio Holdings Presented by SectorFootnote Reference*
% Footnote Reference**
Communication Services
1.41%
Consumer Discretionary
3.37%
Consumer Staples
0.88%
Financials
3.94%
Health Care
27.71%
Industrials
31.28%
Information Technology
24.47%
Materials
0.46%
Repurchase Agreements
2.69%
Money Market FundsFootnote Reference(a)
3.41%
Time DepositsFootnote Reference(a)
0.38%
Total
100.00%
Footnote Description
Footnote*
A sector may comprise several industries.
Footnote**
Represents percent of total investments, which excludes derivatives.
Footnote(a)
Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

TSR-SA-662-C

03/26

Class F

LADFX

Lord Abbett Developing Growth Fund

Semi-Annual Shareholder Report

January 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Developing Growth Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class F
$42
0.77%Footnote Reference(a)
Footnote Description
Footnote(a)
Annualized.

What did the Fund invest in?

(as of January 31, 2026)

Key Fund Statistics

(as of January 31, 2026)

Total Net Assets
$2,029,025,985
# of Portfolio Holdings
87
Portfolio Turnover Rate
45%
Portfolio Holdings Presented by SectorFootnote Reference*
% Footnote Reference**
Communication Services
1.41%
Consumer Discretionary
3.37%
Consumer Staples
0.88%
Financials
3.94%
Health Care
27.71%
Industrials
31.28%
Information Technology
24.47%
Materials
0.46%
Repurchase Agreements
2.69%
Money Market FundsFootnote Reference(a)
3.41%
Time DepositsFootnote Reference(a)
0.38%
Total
100.00%
Footnote Description
Footnote*
A sector may comprise several industries.
Footnote**
Represents percent of total investments, which excludes derivatives.
Footnote(a)
Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

TSR-SA-1005-F

03/26

Class F3

LOGWX

Lord Abbett Developing Growth Fund

Semi-Annual Shareholder Report

January 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Developing Growth Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class F3
$32
0.59%Footnote Reference(a)
Footnote Description
Footnote(a)
Annualized.

What did the Fund invest in?

(as of January 31, 2026)

Key Fund Statistics

(as of January 31, 2026)

Total Net Assets
$2,029,025,985
# of Portfolio Holdings
87
Portfolio Turnover Rate
45%
Portfolio Holdings Presented by SectorFootnote Reference*
% Footnote Reference**
Communication Services
1.41%
Consumer Discretionary
3.37%
Consumer Staples
0.88%
Financials
3.94%
Health Care
27.71%
Industrials
31.28%
Information Technology
24.47%
Materials
0.46%
Repurchase Agreements
2.69%
Money Market FundsFootnote Reference(a)
3.41%
Time DepositsFootnote Reference(a)
0.38%
Total
100.00%
Footnote Description
Footnote*
A sector may comprise several industries.
Footnote**
Represents percent of total investments, which excludes derivatives.
Footnote(a)
Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

TSR-SA-8967-F3

03/26

Class I

LADYX

Lord Abbett Developing Growth Fund

Semi-Annual Shareholder Report

January 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Developing Growth Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class I
$37
0.67%Footnote Reference(a)
Footnote Description
Footnote(a)
Annualized.

What did the Fund invest in?

(as of January 31, 2026)

Key Fund Statistics

(as of January 31, 2026)

Total Net Assets
$2,029,025,985
# of Portfolio Holdings
87
Portfolio Turnover Rate
45%
Portfolio Holdings Presented by SectorFootnote Reference*
% Footnote Reference**
Communication Services
1.41%
Consumer Discretionary
3.37%
Consumer Staples
0.88%
Financials
3.94%
Health Care
27.71%
Industrials
31.28%
Information Technology
24.47%
Materials
0.46%
Repurchase Agreements
2.69%
Money Market FundsFootnote Reference(a)
3.41%
Time DepositsFootnote Reference(a)
0.38%
Total
100.00%
Footnote Description
Footnote*
A sector may comprise several industries.
Footnote**
Represents percent of total investments, which excludes derivatives.
Footnote(a)
Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

TSR-SA-690-I

03/26

Class P

LADPX

Lord Abbett Developing Growth Fund

Semi-Annual Shareholder Report

January 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Developing Growth Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class P
$61
1.12%Footnote Reference(a)
Footnote Description
Footnote(a)
Annualized.

What did the Fund invest in?

(as of January 31, 2026)

Key Fund Statistics

(as of January 31, 2026)

Total Net Assets
$2,029,025,985
# of Portfolio Holdings
87
Portfolio Turnover Rate
45%
Portfolio Holdings Presented by SectorFootnote Reference*
% Footnote Reference**
Communication Services
1.41%
Consumer Discretionary
3.37%
Consumer Staples
0.88%
Financials
3.94%
Health Care
27.71%
Industrials
31.28%
Information Technology
24.47%
Materials
0.46%
Repurchase Agreements
2.69%
Money Market FundsFootnote Reference(a)
3.41%
Time DepositsFootnote Reference(a)
0.38%
Total
100.00%
Footnote Description
Footnote*
A sector may comprise several industries.
Footnote**
Represents percent of total investments, which excludes derivatives.
Footnote(a)
Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

TSR-SA-695-P

03/26

Class R2

LADQX

Lord Abbett Developing Growth Fund

Semi-Annual Shareholder Report

January 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Developing Growth Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class R2
$70
1.27%Footnote Reference(a)
Footnote Description
Footnote(a)
Annualized.

What did the Fund invest in?

(as of January 31, 2026)

Key Fund Statistics

(as of January 31, 2026)

Total Net Assets
$2,029,025,985
# of Portfolio Holdings
87
Portfolio Turnover Rate
45%
Portfolio Holdings Presented by SectorFootnote Reference*
% Footnote Reference**
Communication Services
1.41%
Consumer Discretionary
3.37%
Consumer Staples
0.88%
Financials
3.94%
Health Care
27.71%
Industrials
31.28%
Information Technology
24.47%
Materials
0.46%
Repurchase Agreements
2.69%
Money Market FundsFootnote Reference(a)
3.41%
Time DepositsFootnote Reference(a)
0.38%
Total
100.00%
Footnote Description
Footnote*
A sector may comprise several industries.
Footnote**
Represents percent of total investments, which excludes derivatives.
Footnote(a)
Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

TSR-SA-1044-R2

03/26

Class R3

LADRX

Lord Abbett Developing Growth Fund

Semi-Annual Shareholder Report

January 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Developing Growth Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class R3
$64
1.17%Footnote Reference(a)
Footnote Description
Footnote(a)
Annualized.

What did the Fund invest in?

(as of January 31, 2026)

Key Fund Statistics

(as of January 31, 2026)

Total Net Assets
$2,029,025,985
# of Portfolio Holdings
87
Portfolio Turnover Rate
45%
Portfolio Holdings Presented by SectorFootnote Reference*
% Footnote Reference**
Communication Services
1.41%
Consumer Discretionary
3.37%
Consumer Staples
0.88%
Financials
3.94%
Health Care
27.71%
Industrials
31.28%
Information Technology
24.47%
Materials
0.46%
Repurchase Agreements
2.69%
Money Market FundsFootnote Reference(a)
3.41%
Time DepositsFootnote Reference(a)
0.38%
Total
100.00%
Footnote Description
Footnote*
A sector may comprise several industries.
Footnote**
Represents percent of total investments, which excludes derivatives.
Footnote(a)
Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

TSR-SA-2049-R3

03/26

Class R4

LADSX

Lord Abbett Developing Growth Fund

Semi-Annual Shareholder Report

January 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Developing Growth Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class R4
$50
0.92%Footnote Reference(a)
Footnote Description
Footnote(a)
Annualized.

What did the Fund invest in?

(as of January 31, 2026)

Key Fund Statistics

(as of January 31, 2026)

Total Net Assets
$2,029,025,985
# of Portfolio Holdings
87
Portfolio Turnover Rate
45%
Portfolio Holdings Presented by SectorFootnote Reference*
% Footnote Reference**
Communication Services
1.41%
Consumer Discretionary
3.37%
Consumer Staples
0.88%
Financials
3.94%
Health Care
27.71%
Industrials
31.28%
Information Technology
24.47%
Materials
0.46%
Repurchase Agreements
2.69%
Money Market FundsFootnote Reference(a)
3.41%
Time DepositsFootnote Reference(a)
0.38%
Total
100.00%
Footnote Description
Footnote*
A sector may comprise several industries.
Footnote**
Represents percent of total investments, which excludes derivatives.
Footnote(a)
Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

TSR-SA-8702-R4

03/26

Class R5

LADTX

Lord Abbett Developing Growth Fund

Semi-Annual Shareholder Report

January 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Developing Growth Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class R5
$37
0.67%Footnote Reference(a)
Footnote Description
Footnote(a)
Annualized.

What did the Fund invest in?

(as of January 31, 2026)

Key Fund Statistics

(as of January 31, 2026)

Total Net Assets
$2,029,025,985
# of Portfolio Holdings
87
Portfolio Turnover Rate
45%
Portfolio Holdings Presented by SectorFootnote Reference*
% Footnote Reference**
Communication Services
1.41%
Consumer Discretionary
3.37%
Consumer Staples
0.88%
Financials
3.94%
Health Care
27.71%
Industrials
31.28%
Information Technology
24.47%
Materials
0.46%
Repurchase Agreements
2.69%
Money Market FundsFootnote Reference(a)
3.41%
Time DepositsFootnote Reference(a)
0.38%
Total
100.00%
Footnote Description
Footnote*
A sector may comprise several industries.
Footnote**
Represents percent of total investments, which excludes derivatives.
Footnote(a)
Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

TSR-SA-8734-R5

03/26

Class R6

LADVX

Lord Abbett Developing Growth Fund

Semi-Annual Shareholder Report

January 31, 2026

lordabbett.com/FundDocuments

This semi-annual shareholder report contains important information about the Lord Abbett Developing Growth Fund for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

What were the Fund costs for the last period?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class R6
$32
0.59%Footnote Reference(a)
Footnote Description
Footnote(a)
Annualized.

What did the Fund invest in?

(as of January 31, 2026)

Key Fund Statistics

(as of January 31, 2026)

Total Net Assets
$2,029,025,985
# of Portfolio Holdings
87
Portfolio Turnover Rate
45%
Portfolio Holdings Presented by SectorFootnote Reference*
% Footnote Reference**
Communication Services
1.41%
Consumer Discretionary
3.37%
Consumer Staples
0.88%
Financials
3.94%
Health Care
27.71%
Industrials
31.28%
Information Technology
24.47%
Materials
0.46%
Repurchase Agreements
2.69%
Money Market FundsFootnote Reference(a)
3.41%
Time DepositsFootnote Reference(a)
0.38%
Total
100.00%
Footnote Description
Footnote*
A sector may comprise several industries.
Footnote**
Represents percent of total investments, which excludes derivatives.
Footnote(a)
Securities were purchased with the cash collateral from loaned securities.

Where can I find additional information about the Fund?

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

TSR-SA-8766-R6

03/26

(b) Not applicable.

Item 2: Code of Ethics.

Not applicable.

Item 3: Audit Committee Financial Expert.

Not applicable.

Item 4: Principal Accountant Fees and Services.

Not applicable.

Item 5: Audit Committee of Listed Registrants.

Not applicable.

Item 6: Investments.

The Registrant's "Schedule I - Investments in securities of unaffiliated issuers" as of the close of the reporting period is included under Item 7 of this Form N-CSR.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Item 10: Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract.

The Fund's Board of Directors did not approve any investment advisory contract during the Fund's most recent fiscal half-year.

LORD ABBETT
FINANCIAL STATEMENTS
AND OTHER IMPORTANT
INFORMATION

Lord Abbett
Developing Growth Fund

For the six-month period ended January 31, 2026

Table of Contents

1 Schedule of Investments (Item 7)
5 Statement of Assets and Liabilities (Item 7)
7 Statement of Operations (Item 7)
8 Statements of Changes in Net Assets (Item 7)
10 Financial Highlights (Item 7)
14 Notes to Financial Statements (Item 7)
25 Changes in and Disagreements with Accountants (Item 8)
25 Proxy Disclosures (Item 9)
25 Remuneration Paid to Directors, Officers, and Others (Item 10)

Schedule of Investments (unaudited)

January 31, 2026

Investments Shares Fair
Value
LONG-TERM INVESTMENTS 97.41%
COMMON STOCKS 97.41%
Aerospace & Defense 10.95%
AeroVironment, Inc.* 63,556 $ 17,693,355
Carpenter Technology Corp. 132,115 41,990,110
Karman Holdings, Inc.* 443,732 46,059,381
Kratos Defense & Security Solutions, Inc.* 330,915 34,087,554
Loar Holdings, Inc.* 144,729 9,925,515
Mercury Systems, Inc.* 325,284 30,537,662
Rocket Lab Corp.* 180,888 14,483,702
Woodward, Inc. 76,333 24,261,681
York Space Systems, Inc.* 89,886 3,051,630
Total 222,090,590
Beverages 0.92%
Celsius Holdings, Inc.* 355,606 18,662,203
Biotechnology 16.09%
Abivax SA ADR* 183,074 20,348,675
Arcellx, Inc.* 242,517 16,566,336
Ascendis Pharma AS ADR* 84,934 19,203,577
Bridgebio Pharma, Inc.* 554,755 42,865,919
Celcuity, Inc.* 145,799 15,953,327
CG oncology, Inc.* 289,171 15,051,351
Cogent Biosciences, Inc.* 663,487 23,825,818
Insmed, Inc.* 66,149 10,376,794
Madrigal Pharmaceuticals, Inc.* 82,089 40,166,969
Mirum Pharmaceuticals, Inc.* 263,316 27,179,477
Natera, Inc.* 109,940 25,411,532
Nuvalent, Inc. Class A* 142,107 14,621,389
PTC Therapeutics, Inc.* 330,938 24,995,747
Revolution Medicines, Inc.* 94,855 9,196,192
Rhythm Pharmaceuticals, Inc.* 201,474 20,655,114
Total 326,418,217
Investments Shares Fair
Value
Building Products 1.95%
Modine Manufacturing Co.* 213,916 $ 39,501,729
Capital Markets 2.96%
Evercore, Inc. Class A 69,906 24,695,692
Miami International Holdings, Inc.*(a) 350,296 14,617,852
Piper Sandler Cos. 60,199 20,849,924
Total 60,163,468
Communications Equipment 1.03%
Calix, Inc.* 467,821 20,897,564
Construction & Engineering 9.63%
Argan, Inc. 32,799 11,384,861
Comfort Systems USA, Inc. 54,458 62,196,482
Construction Partners, Inc. Class A* 314,421 34,548,579
IES Holdings, Inc.* 62,154 23,636,545
MasTec, Inc.* 139,522 33,552,251
Sterling Infrastructure, Inc.* 83,887 30,023,996
Total 195,342,714
Consumer Finance 1.13%
Figure Technology Solutions, Inc. Class A*(a) 404,670 23,017,630
Diversified Consumer Services 0.50%
Universal Technical Institute, Inc.* 364,063 10,131,873
Electrical Equipment 3.31%
Bloom Energy Corp. Class A* 186,434 28,220,514
Nextpower, Inc. Class A* 332,877 38,976,568
Total 67,197,082
Electronic Equipment, Instruments & Components 4.50%
Bel Fuse, Inc. Class B 53,756 10,815,170
Fabrinet (Thailand)*(b) 72,429 35,449,650
See Notes to Financial Statements. 1

Schedule of Investments (unaudited)(continued)

January 31, 2026

Investments Shares Fair
Value
Electronic Equipment, Instruments & Components (continued)
Mirion Technologies, Inc.* 1,259,667 $ 31,290,128
Sanmina Corp.* 97,628 13,831,935
Total 91,386,883
Ground Transportation 0.85%
Lyft, Inc. Class A* 1,018,540 17,182,770
Health Care Equipment & Supplies 2.25%
IRhythm Holdings, Inc.* 195,651 30,230,036
TransMedics Group, Inc.* 115,709 15,502,113
Total 45,732,149
Health Care Providers & Services 5.76%
GeneDx Holdings Corp.* 280,558 27,006,513
Guardant Health, Inc.* 655,744 74,781,046
Hinge Health, Inc. Class A* 429,764 14,998,763
Total 116,786,322
Health Care Technology 0.59%
HeartFlow, Inc.*(a) 404,576 12,084,685
Hotels, Restaurants & Leisure 2.27%
Dutch Bros, Inc. Class A* 176,097 9,577,916
Life Time Group Holdings, Inc.* 385,225 11,237,013
Planet Fitness, Inc. Class A* 277,890 25,299,106
Total 46,114,035
Information Technology Services 0.77%
Applied Digital Corp.*(a) 459,253 15,559,492
Interactive Media & Services 1.47%
Reddit, Inc. Class A* 165,563 29,846,042
Life Sciences Tools & Services 1.55%
Adaptive Biotechnologies Corp.* 1,697,752 31,408,412
Investments Shares Fair
Value
Machinery 3.24%
CECO Environmental Corp.* 157,848 $ 10,643,691
Crane Co. 135,438 24,736,396
RBC Bearings, Inc.* 60,622 30,290,995
Total 65,671,082
Metals & Mining 0.48%
MP Materials Corp.*(a) 165,432 9,722,439
Pharmaceuticals 2.62%
Tarsus Pharmaceuticals, Inc.* 420,038 27,109,252
Terns Pharmaceuticals, Inc.* 756,230 26,165,558
Total 53,274,810
Professional Services 0.51%
Willdan Group, Inc.* 81,815 10,325,053
Semiconductors & Semiconductor Equipment 14.20%
Amkor Technology, Inc. 196,310 9,487,662
Astera Labs, Inc.* 125,138 18,848,286
Credo Technology Group Holding Ltd.* 371,644 46,559,560
Lattice Semiconductor Corp.* 192,060 15,464,671
MACOM Technology Solutions Holdings, Inc.* 162,463 35,589,145
MKS, Inc. 84,419 19,873,077
Nova Ltd. (Israel)*(b) 100,273 45,908,990
Rambus, Inc.* 342,828 39,024,111
Semtech Corp.* 264,845 21,121,389
SiTime Corp.* 99,838 36,252,176
Total 288,129,067
Software 4.98%
Agilysys, Inc.* 80,151 6,953,099
D-Wave Quantum, Inc.*(a) 807,127 17,127,235
Hut 8 Corp.* 175,403 9,792,750
JFrog Ltd.* 450,076 24,664,165
Rubrik, Inc. Class A* 142,130 7,952,174
2 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

January 31, 2026

Investments Shares Fair
Value
Software (continued)
ServiceTitan, Inc. Class A*(a) 168,213 $ 13,177,806
Unity Software, Inc.* 737,123 21,450,279
Total 101,117,508
Specialty Retail 0.74%
Boot Barn Holdings, Inc.* 84,436 15,070,137
Trading Companies & Distributors 2.16%
FTAI Aviation Ltd. 73,746 20,082,511
Xometry, Inc. Class A* 414,107 23,657,933
Total 43,740,444
Total Common Stocks
(cost $1,371,118,218) 		1,976,574,400
Principal
Amount
SHORT-TERM INVESTMENTS 6.75%
Repurchase Agreements 2.80%
Repurchase Agreement dated 1/30/2026, 3.250% due 2/2/2026 with Fixed Income Clearing Corp. collateralized by $57,269,500 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $57,939,177; proceeds: $56,818,385
(cost $56,803,001) 		$ 56,803,001 56,803,001
Time Deposits 0.40%
CitiBank N.A.(c)
(cost $8,006,114) 		8,006,114 8,006,114
Investments Shares Fair
Value
Money Market Funds 3.55%
Fidelity Government Portfolio(c)
(cost $72,055,029) 		72,055,029 $ 72,055,029
Total Short-Term Investments
(cost $136,864,144) 		136,864,144
Total Investments in Securities 104.16%
(cost $1,507,982,362) 		2,113,438,544
Other Assets and Liabilities - Net (4.16)% (84,412,559 )
Net Assets 100.00% $ 2,029,025,985
ADR American Depositary Receipt.
* Non-income producing security.
(a) All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
(b) Foreign security traded in U.S. dollars.
(c) Security was purchased with the cash collateral from loaned securities.
See Notes to Financial Statements. 3

Schedule of Investments (unaudited)(concluded)

January 31, 2026

The following is a summary of the inputs used as of January 31, 2026 in valuing the Fund's investments carried at fair value(1):

Investment Type(2) Level 1 Level 2 Level 3 Total
Long-Term Investments
Common Stocks $ 1,976,574,400 $ - $ - $ 1,976,574,400
Short-Term Investments
Repurchase Agreements - 56,803,001 - 56,803,001
Time Deposits - 8,006,114 - 8,006,114
Money Market Funds 72,055,029 - - 72,055,029
Total $ 2,048,629,429 $ 64,809,115 $ - $ 2,113,438,544
(1) Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2) See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets.

4 See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

January 31, 2026

ASSETS:
Investments in securities, at cost $ 1,507,982,362
Investments in securities, at fair value including $72,594,621 of securities loaned $ 2,113,438,544
Cash 11
Receivables:
Capital shares sold 1,299,996
Interest and dividends 37,070
Securities lending income 23,098
Prepaid expenses and other assets 58,753
Total assets 2,114,857,472
LIABILITIES:
Payables:
Collateral due to broker for securities lending 80,061,143
Capital shares reacquired 3,405,478
Management fee 911,124
Directors' fees 359,930
12b-1 distribution plan 318,685
Fund administration 71,191
Accrued expenses 703,936
Total liabilities 85,831,487
Commitments and contingent liabilities -
NET ASSETS $ 2,029,025,985
COMPOSITION OF NET ASSETS:
Paid-in capital $ 1,578,754,595
Total distributable earnings/(loss) 450,271,390
Net Assets $ 2,029,025,985
See Notes to Financial Statements. 5

Statement of Assets and Liabilities (unaudited)(concluded)

January 31, 2026

Net assets by class:
Class A Shares $ 626,521,384
Class C Shares $ 18,827,337
Class F Shares $ 24,319,752
Class F3 Shares $ 337,075,889
Class I Shares $ 689,977,220
Class P Shares $ 10,438,660
Class R2 Shares $ 2,351,882
Class R3 Shares $ 43,931,886
Class R4 Shares $ 9,897,172
Class R5 Shares $ 5,964,578
Class R6 Shares $ 259,720,225
Outstanding shares by class:
Class A Shares (1.12 billion shares of common stock authorized, $.001 par value) 23,545,151
Class C Shares (35 million shares of common stock authorized, $.001 par value) 1,597,672
Class F Shares (134.1 million shares of common stock authorized, $.001 par value) 840,952
Class F3 Shares (89.4 million shares of common stock authorized, $.001 par value) 9,430,030
Class I Shares (335.25 million shares of common stock authorized, $.001 par value) 19,592,054
Class P Shares (30 million shares of common stock authorized, $.001 par value) 425,879
Class R2 Shares (98.75 million shares of common stock authorized, $.001 par value) 100,202
Class R3 Shares (98.75 million shares of common stock authorized, $.001 par value) 1,791,318
Class R4 Shares (98.75 million shares of common stock authorized, $.001 par value) 372,035
Class R5 Shares (98.75 million shares of common stock authorized, $.001 par value) 169,385
Class R6 Shares (98.75 million shares of common stock authorized, $.001 par value) 7,266,385
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):*
Class A Shares-Net asset value $26.61
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%) $28.23
Class C Shares-Net asset value $11.78
Class F Shares-Net asset value $28.92
Class F3 Shares-Net asset value $35.74
Class I Shares-Net asset value $35.22
Class P Shares-Net asset value $24.51
Class R2 Shares-Net asset value $23.47
Class R3 Shares-Net asset value $24.52
Class R4 Shares-Net asset value $26.60
Class R5 Shares-Net asset value $35.21
Class R6 Shares-Net asset value $35.74
* Net asset value may not recalculate due to rounding of fractional shares.
6 See Notes to Financial Statements.

Statement of Operations (unaudited)

For the Six Months Ended January 31, 2026

Investment income:
Dividends $ 746,714
Securities lending net income 120,772
Interest and other 663,780
Total investment income 1,531,266
Expenses:
Management fee 5,288,945
12b-1 distribution plan-Class A 775,186
12b-1 distribution plan-Class C 95,340
12b-1 distribution plan-Class F 12,117
12b-1 distribution plan-Class P 23,633
12b-1 distribution plan-Class R2 6,674
12b-1 distribution plan-Class R3 112,051
12b-1 distribution plan-Class R4 12,887
Shareholder servicing 594,799
Fund administration 413,033
Registration 96,299
Reports to shareholders 94,180
Directors' fees 48,941
Professional 34,949
Custody 15,342
Other 75,363
Gross expenses 7,699,739
Fees waived and expenses reimbursed (See Note 3) (15,347 )
Net expenses 7,684,392
Net investment loss (6,153,126 )
Net realized and unrealized gain/(loss):
Net realized gain/(loss) on investments 209,735,678
Net change in unrealized appreciation/(depreciation) on investments 125,943,013
Net realized and unrealized gain/(loss) 335,678,691
Net Increase in Net Assets Resulting From Operations $ 329,525,565
See Notes to Financial Statements. 7

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS For the Six Months
Ended January 31, 2026
(unaudited) 		For the Year Ended
July 31, 2025
Operations:
Net investment loss $ (6,153,126 ) $ (11,055,383 )
Net realized gain/(loss) 209,735,678 304,211,188
Net change in unrealized appreciation/(depreciation) 125,943,013 (135,709,322 )
Net increase in net assets resulting from operations 329,525,565 157,446,483
Distributions to Shareholders:
Class A - (161,111 )
Class F - (25,929 )
Class F3 (9,593 ) (649,231 )
Class I (17,910 ) (1,569,993 )
Class R5 (20 ) (29,870 )
Class R6 - (1,279,741 )
Total distribution to shareholders (27,523 ) (3,715,875 )
Capital share transactions (See Note 12):
Net proceeds from sales of shares 134,954,084 359,442,615
Reinvestment of distributions 26,878 3,600,641
Cost of shares reacquired (392,572,149 ) (999,694,386 )
Net decrease in net assets resulting from capital share transactions (257,591,187 ) (636,651,130 )
Net increase (decrease) in net assets 71,906,855 (482,920,522 )
NET ASSETS:
Beginning of period $ 1,957,119,130 $ 2,440,039,652
End of period $ 2,029,025,985 $ 1,957,119,130
8 See Notes to Financial Statements.

This page is intentionally left blank.

9

Financial Highlights (unaudited)

Per Share Operating Performance:
Investment Operations: Distributions to
shareholders from:
Net
asset
value,
beginning
of period 		Net
invest-
ment
income
(loss)(a) 		Net
realized
and
unrealized
gain/
(loss) 		Total
from
invest-
ment
opera-
tions 		Net
investment
income 		Net
realized
gain 		Total
distri-
butions
Class A
1/31/2026(c) $ 22.67 $ (0.10 ) $ 4.04 $ 3.94 $ - $ - $ -
7/31/2025 20.91 (0.15 ) 1.92 1.77 (0.01 ) - (0.01 )
7/31/2024 19.20 (0.12 ) 1.83 1.71 - - -
7/31/2023 18.50 (0.12 ) 0.82 0.70 - - -
7/31/2022 31.36 (0.16 ) (9.36 ) (9.52 ) - (3.34 ) (3.34 )
7/31/2021 24.46 (0.23 ) 10.08 9.85 - (2.95 ) (2.95 )
Class C
1/31/2026(c) 10.08 (0.09 ) 1.79 1.70 - - -
7/31/2025 9.36 (0.14 ) 0.86 0.72 - - -
7/31/2024 8.66 (0.12 ) 0.82 0.70 - - -
7/31/2023 8.41 (0.11 ) 0.36 0.25 - - -
7/31/2022 16.21 (0.16 ) (4.30 ) (4.46 ) - (3.34 ) (3.34 )
7/31/2021 13.89 (0.25 ) 5.52 5.27 - (2.95 ) (2.95 )
Class F
1/31/2026(c) 24.61 (0.09 ) 4.40 4.31 - - -
7/31/2025 22.69 (0.13 ) 2.08 1.95 (0.03 ) - (0.03 )
7/31/2024 20.81 (0.10 ) 1.98 1.88 - - -
7/31/2023 20.03 (0.10 ) 0.88 0.78 - - -
7/31/2022 33.61 (0.14 ) (10.10 ) (10.24 ) - (3.34 ) (3.34 )
7/31/2021 26.01 (0.21 ) 10.76 10.55 - (2.95 ) (2.95 )
Class F3
1/31/2026(c) 30.40 (0.08 ) 5.42 5.34 (- )(f) - -
7/31/2025 27.99 (0.10 ) 2.57 2.47 (0.06 ) - (0.06 )
7/31/2024 25.61 (0.08 ) 2.46 2.38 - - -
7/31/2023 24.60 (0.08 ) 1.09 1.01 - - -
7/31/2022 40.43 (0.10 ) (12.39 ) (12.49 ) - (3.34 ) (3.34 )
7/31/2021 30.74 (0.17 ) 12.81 12.64 - (2.95 ) (2.95 )
Class I
1/31/2026(c) 29.96 (0.09 ) 5.35 5.26 (- )(f) - -
7/31/2025 27.61 (0.13 ) 2.54 2.41 (0.06 ) - (0.06 )
7/31/2024 25.29 (0.10 ) 2.42 2.32 - - -
7/31/2023 24.32 (0.09 ) 1.06 0.97 - - -
7/31/2022 40.04 (0.13 ) (12.25 ) (12.38 ) - (3.34 ) (3.34 )
7/31/2021 30.50 (0.20 ) 12.69 12.49 - (2.95 ) (2.95 )
Class P
1/31/2026(c) 20.90 (0.11 ) 3.72 3.61 - - -
7/31/2025 19.31 (0.18 ) 1.77 1.59 - - -
7/31/2024 17.77 (0.15 ) 1.69 1.54 - - -
7/31/2023 17.16 (0.14 ) 0.75 0.61 - - -
7/31/2022 29.38 (0.20 ) (8.68 ) (8.88 ) - (3.34 ) (3.34 )
7/31/2021 23.11 (0.27 ) 9.49 9.22 - (2.95 ) (2.95 )
10 See Notes to Financial Statements.
Ratios to Average Net Assets: Supplemental Data:
Net
asset
value,
end of
period 		Total
return
(%)(b) 		Total
expenses
after
waivers
and/or
reimburse-
ments
(%) 		Total
expenses
(%) 		Net
invest-
ment
income
(loss)
(%) 		Net
assets,
end of
period
(000) 		Portfolio
turnover
rate
(%)
$ 26.61 17.43 (d) 0.92 (e) 0.92 (e) (0.77 )(e) $ 626,521 45 (d)
22.67 8.39 0.94 0.94 (0.70 ) 565,439 112
20.91 8.91 0.94 0.94 (0.67 ) 613,648 122
19.20 3.78 0.92 0.92 (0.65 ) 675,765 128
18.50 (33.80 ) 0.94 0.94 (0.67 ) 703,073 116
31.36 42.08 0.93 0.93 (0.77 ) 1,297,753 102
11.78 16.87 (d) 1.67 (e) 1.67 (e) (1.52 )(e) 18,827 45 (d)
10.08 7.69 1.69 1.69 (1.45 ) 17,799 112
9.36 8.08 1.69 1.69 (1.42 ) 19,943 122
8.66 2.97 1.68 1.68 (1.40 ) 23,486 128
8.41 (34.30 ) 1.69 1.69 (1.42 ) 27,447 116
16.21 41.07 1.68 1.68 (1.54 ) 57,889 102
28.92 17.51 (d) 0.77 (e) 0.77 (e) (0.62 )(e) 24,320 45 (d)
24.61 8.60 0.79 0.79 (0.55 ) 22,298 112
22.69 9.03 0.79 0.79 (0.52 ) 20,464 122
20.81 3.89 0.78 0.78 (0.50 ) 43,337 128
20.03 (33.69 ) 0.79 0.79 (0.52 ) 177,913 116
33.61 42.37 0.78 0.78 (0.63 ) 899,774 102
35.74 17.57 (d) 0.59 (e) 0.59 (e) (0.44 )(e) 337,076 45 (d)
30.40 8.81 0.59 0.59 (0.35 ) 301,459 112
27.99 9.29 0.59 0.59 (0.31 ) 317,327 122
25.61 4.11 0.59 0.59 (0.31 ) 348,733 128
24.60 (33.57 ) 0.59 0.59 (0.31 ) 345,576 116
40.43 42.62 0.59 0.59 (0.44 ) 638,777 102
35.22 17.56 (d) 0.67 (e) 0.67 (e) (0.52 )(e) 689,977 45 (d)
29.96 8.72 0.69 0.69 (0.45 ) 641,155 112
27.61 9.17 0.69 0.69 (0.42 ) 710,137 122
25.29 3.99 0.67 0.67 (0.40 ) 751,271 128
24.32 (33.62 ) 0.69 0.69 (0.41 ) 688,585 116
40.04 42.45 0.68 0.68 (0.52 ) 953,104 102
24.51 17.27 (d) 1.12 (e) 1.12 (e) (0.97 )(e) 10,439 45 (d)
20.90 8.23 1.14 1.14 (0.90 ) 9,754 112
19.31 8.67 1.14 1.14 (0.87 ) 12,958 122
17.77 3.55 1.13 1.13 (0.85 ) 12,953 128
17.16 (33.94 ) 1.14 1.14 (0.87 ) 14,047 116
29.38 41.83 1.13 1.13 (0.96 ) 26,086 102
See Notes to Financial Statements. 11

Financial Highlights (unaudited)(concluded)

Per Share Operating Performance:
Investment Operations: Distributions to
shareholders from:
Net
asset
value,
beginning
of period 		Net
invest-
ment
income
(loss)(a) 		Net
realized
and
unrealized
gain/
(loss) 		Total
from
invest-
ment
opera-
tions 		Net
investment
income 		Net
realized
gain 		Total
distri-
butions
Class R2
1/31/2026(c) $ 20.03 $ (0.13 ) $ 3.57 $ 3.44 $ - $ - $ -
7/31/2025 18.53 (0.20 ) 1.70 1.50 - - -
7/31/2024 17.08 (0.17 ) 1.62 1.45 - - -
7/31/2023 16.52 (0.16 ) 0.72 0.56 - - -
7/31/2022 28.45 (0.22 ) (8.37 ) (8.59 ) - (3.34 ) (3.34 )
7/31/2021 22.48 (0.30 ) 9.22 8.92 - (2.95 ) (2.95 )
Class R3
1/31/2026(c) 20.92 (0.12 ) 3.72 3.60 - - -
7/31/2025 19.34 (0.19 ) 1.77 1.58 - - -
7/31/2024 17.80 (0.16 ) 1.70 1.54 - - -
7/31/2023 17.20 (0.15 ) 0.75 0.60 - - -
7/31/2022 29.46 (0.21 ) (8.71 ) (8.92 ) - (3.34 ) (3.34 )
7/31/2021 23.17 (0.29 ) 9.53 9.24 - (2.95 ) (2.95 )
Class R4
1/31/2026(c) 22.66 (0.10 ) 4.04 3.94 - - -
7/31/2025 20.90 (0.15 ) 1.91 1.76 - - -
7/31/2024 19.19 (0.12 ) 1.83 1.71 - - -
7/31/2023 18.49 (0.12 ) 0.82 0.70 - - -
7/31/2022 31.34 (0.16 ) (9.35 ) (9.51 ) - (3.34 ) (3.34 )
7/31/2021 24.45 (0.23 ) 10.07 9.84 - (2.95 ) (2.95 )
Class R5
1/31/2026(c) 29.96 (0.09 ) 5.34 5.25 (- )(f) - -
7/31/2025 27.61 (0.13 ) 2.54 2.41 (0.06 ) - (0.06 )
7/31/2024 25.29 (0.10 ) 2.42 2.32 - - -
7/31/2023 24.32 (0.09 ) 1.06 0.97 - - -
7/31/2022 40.04 (0.13 ) (12.25 ) (12.38 ) - (3.34 ) (3.34 )
7/31/2021 30.50 (0.22 ) 12.71 12.49 - (2.95 ) (2.95 )
Class R6
1/31/2026(c) 30.40 (0.08 ) 5.42 5.34 - - -
7/31/2025 27.98 (0.10 ) 2.58 2.48 (0.06 ) - (0.06 )
7/31/2024 25.61 (0.08 ) 2.45 2.37 - - -
7/31/2023 24.60 (0.08 ) 1.09 1.01 - - -
7/31/2022 40.43 (0.10 ) (12.39 ) (12.49 ) - (3.34 ) (3.34 )
7/31/2021 30.74 (0.16 ) 12.80 12.64 - (2.95 ) (2.95 )
(a) Calculated using average shares outstanding during the period.
(b) Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
(c) Unaudited.
(d) Not annualized.
(e) Annualized.
(f) Amount less than $0.01.
12 See Notes to Financial Statements.
Ratios to Average Net Assets: Supplemental Data:
Net
asset
value,
end of
period 		Total
return
(%)(b) 		Total
expenses
after
waivers
and/or
reimburse-
ments
(%) 		Total
expenses
(%) 		Net
invest-
ment
income
(loss)
(%) 		Net
assets,
end of
period
(000) 		Portfolio
turnover
rate
(%)
$ 23.47 17.17 (d) 1.27 (e) 1.27 (e) (1.12 )(e) $ 2,352 45 (d)
20.03 8.09 1.29 1.29 (1.05 ) 1,924 112
18.53 8.49 1.29 1.29 (1.02 ) 1,722 122
17.08 3.39 1.27 1.27 (1.00 ) 1,717 128
16.52 (34.04 ) 1.29 1.29 (1.02 ) 1,807 116
28.45 41.66 1.27 1.27 (1.10 ) 2,873 102
24.52 17.21 (d) 1.17 (e) 1.17 (e) (1.02 )(e) 43,932 45 (d)
20.92 8.17 1.19 1.19 (0.95 ) 41,515 112
19.34 8.65 1.19 1.19 (0.92 ) 50,443 122
17.80 3.49 1.18 1.18 (0.90 ) 56,228 128
17.20 (33.96 ) 1.19 1.19 (0.92 ) 60,295 116
29.46 41.76 1.18 1.18 (1.01 ) 112,015 102
26.60 17.39 (d) 0.92 (e) 0.92 (e) (0.77 )(e) 9,897 45 (d)
22.66 8.42 0.94 0.94 (0.70 ) 9,251 112
20.90 8.91 0.94 0.94 (0.67 ) 9,113 122
19.19 3.79 0.92 0.92 (0.65 ) 10,498 128
18.49 (33.82 ) 0.94 0.94 (0.67 ) 10,775 116
31.34 42.16 0.93 0.93 (0.77 ) 16,458 102
35.21 17.52 (d) 0.67 (e) 0.67 (e) (0.52 )(e) 5,965 45 (d)
29.96 8.72 0.69 0.69 (0.45 ) 8,374 112
27.61 9.17 0.69 0.69 (0.42 ) 14,685 122
25.29 3.99 0.67 0.67 (0.39 ) 23,029 128
24.32 (33.62 ) 0.69 0.69 (0.42 ) 15,436 116
40.04 42.50 0.69 0.69 (0.55 ) 28,200 102
35.74 17.57 (d) 0.59 (e) 0.59 (e) (0.44 )(e) 259,720 45 (d)
30.40 8.85 0.59 0.59 (0.35 ) 338,150 112
27.98 9.30 0.59 0.59 (0.31 ) 669,600 122
25.61 4.07 0.59 0.59 (0.31 ) 781,411 128
24.60 (33.57 ) 0.59 0.59 (0.31 ) 771,093 116
40.43 42.62 0.59 0.59 (0.43 ) 954,132 102
See Notes to Financial Statements. 13

Notes to Financial Statements (unaudited)

1. ORGANIZATION

Lord Abbett Developing Growth Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company. The Fund was incorporated under Maryland law on August 21, 1978. The Fund's predecessor corporation was organized on July 11, 1973.

The Fund's investment objective is long-term growth of capital through a diversified and actively managed portfolio consisting of developing growth companies, many of which are traded over the counter. The Fund has eleven active classes of shares: Class A, C, F, F3, I, P, R2, R3, R4, R5 and R6, each with different expenses and dividends. A front-end sales charge is normally added to the net asset value ("NAV") for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge ("CDSC") in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in the Fund's prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the Class C shares have been held at least eight years. The Fund's Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Fund's prospectus.

Basis of Preparation

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Segment Reporting

An operating segment is defined in FASB Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Fund is Lord, Abbett & Co. LLC ("Lord Abbett") through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and that long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Statements of Changes in Net Assets and Financial Highlights.

14

Notes to Financial Statements (unaudited)(continued)

2. SIGNIFICANT ACCOUNTING POLICIES
(a) Investment Valuation-Under procedures approved by the Fund's Board of Directors (the "Board"), the Board has designated the determination of fair value of the Fund's portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a pricing committee (the "Pricing Committee") that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities actively traded on any recognized U.S. or non-U.S. exchange or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices.
Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.
Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day.
Fair Value Measurements-Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity.

15

Notes to Financial Statements (unaudited)(continued)

Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:
• Level 1 - unadjusted quoted prices in active markets for identical investments;
• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
A summary of inputs used in valuing the Fund's investments as of January 31, 2026 and, if applicable, Level 3 rollforwards for the six months then ended is included in the Fund's Schedule of Investments.
Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
(b) Expenses-Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 and R6 shares bear only their class specific shareholder servicing expenses. Class A, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Fund's 12b-1 Distribution Plan.
(c) Foreign Transactions-The books and records of the Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies in the Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in the Fund's Statement of Operations. The Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.
(d) Income Taxes-It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.
Management has reviewed the Fund's tax positions for all open tax years and has determined that as of January 31, 2026, no liability for Federal Income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the Fund's jurisdiction.

16

Notes to Financial Statements (unaudited)(continued)

(e) Investment Income-Dividend income, if any, is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, in the Statement of Operations. Withholding taxes on foreign dividends, if applicable, have been provided for in accordance with the applicable country's tax rules and rates. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.
(f) Repurchase Agreements-The Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. The Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, the Fund may incur a loss upon disposition of the securities.
Due to the absence of a master netting agreement related to the Fund's participation in repurchase agreements, no offsetting disclosures have been made on behalf of the Fund.
(g) Security Transactions-Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains/(losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.
3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The Fund has a management fee agreement with Lord Abbett, pursuant to which Lord Abbett provides the Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of the Fund's investment portfolio. The management fee is accrued daily and payable monthly.

The management fee is based on the Fund's average daily net assets at the following annual rates:

First $100 million .75%
Over $100 million .50%

For the six months ended January 31, 2026, the effective management fee, net of any applicable waiver, was at an annualized rate of .51% of the Fund's average daily net assets.

In addition, Lord Abbett provides certain administrative services to the Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of the Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly.

During the six months ended January 31, 2026, Lord Abbett voluntarily waived $15,347 of certain fees and expenses.

17

Notes to Financial Statements (unaudited)(continued)

12b-1 Distribution Plan

The Fund has adopted a distribution plan with respect to Class A, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the 1940 Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the "Distributor"), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

Fees* Class A(1) Class C Class F(2) Class P Class R2 Class R3 Class R4
Service .25% .25% - .25% .25% .25% .25%
Distribution - .75% .10% .20% .35% .25% -
* The Fund may designate a portion of the aggregate fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.
(1) Annual Service fee on shares sold prior to June 1, 1990 was .15% of the average daily net assets attributable to Class A shares.
(2) The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Fund's prospectus.

Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.

Commissions

The Distributor received the following commissions on sales of shares of the Fund, after concessions were paid to authorized dealers, during the six months ended January 31, 2026:

Distributor
Commissions 		Dealers'
Concessions
$16,504 $115,151

The Distributor received CDSCs of $1,194 and $578 for Class A and Class C shares, respectively, for the six months ended January 31, 2026:

Other Related Parties

As of January 31, 2026 the percentage of the Fund's outstanding shares owned by Lord Abbett Alpha Strategy Fund was 5.36%.

One Director and certain of the Fund's officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND TAX INFORMATION

Dividends are paid from net investment income, if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

18

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the six months ended January 31, 2026 was as follows:

Fund Ordinary
Income 		Net
Long-Term
Capital Gains 		Return of
Capital 		Total
Distributions
Paid
Developing Growth Fund $27,523 $ - $ - $27,523

The tax character of distributions paid during the fiscal year ended July 31, 2025 was as follows:

Fund Ordinary
Income 		Net
Long-Term
Capital Gains 		Return of
Capital 		Total
Distributions
Paid
Developing Growth Fund $3,715,875 $ - $ - $3,715,875

Net capital losses recognized by the Fund may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:

Fund Short-Term
Losses 		Long-Term
Losses 		Net Capital
Losses
Developing Growth Fund $(330,343,362 ) $ - $(330,343,362 )

As of January 31, 2026, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for the Fund are shown below. The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the tax treatment of PFIC mark-to-market and wash sales.

Fund Tax Cost of
Investments 		Gross
Unrealized
Appreciation 		Gross
Unrealized
Depreciation 		Net Unrealized
Appreciation/
(Depreciation)
Developing Growth Fund $1,521,853,645 $632,144,767 $(40,559,868 ) $591,584,899
5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended January 31, 2026 were as follows:

U.S.
Government
Purchases 		Non-U.S.
Government
Purchases 		U.S.
Government
Sales 		Non-U.S.
Government
Sales
$ - $894,434,387 $ - $1,200,528,335

The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the 1940 Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended January 31, 2026, the Fund did not engage in cross-trade purchases or sales.

19

Notes to Financial Statements (unaudited)(continued)

6. DIRECTORS' REMUNERATION

The Fund's officers and one Director, who are associated with Lord Abbett, do not receive any compensation from the Fund for serving in such capacities. Independent Directors' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Directors under which Independent Directors may elect to defer receipt of a portion of Directors' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Fund. Such amounts and earnings accrued thereon are included in Directors' fees in the Statement of Operations and in Directors' fees payable in the Statement of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

7. LINE OF CREDIT

For the period ended January 31, 2026, the Fund and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.675 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended January 31, 2026, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Interest associated with these credit facilities is charged to the Fund based on its borrowings generally at an amount above the Federal Funds rate or at the negotiated rate for swing line loans. In addition, a fee computed at an annual rate of 0.20% on the daily unused portion of the Syndicated Facility which is allocated among the Participating Funds at the end of each quarter. There is no fee associated with the unused portion of the Bilateral Facility.

These credit facilities are to be used for short-term working capital purposes as additional sources of liquidity to satisfy redemptions.

For the six months ended January 31, 2026, the Fund did not utilize the Syndicated Facility or Bilateral Facility.

8. INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including the Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

20

Notes to Financial Statements (unaudited)(continued)

During the six months ended January 31, 2026, the Fund did not participate as a borrower or lender in the Interfund Lending Program.

9. CUSTODIAN AND ACCOUNTING AGENT

SSB is the Fund's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating the Fund's NAV.

10. SECURITIES LENDING AGREEMENT

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund's securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income, if any, in the Fund's Statement of Operations.

The initial collateral received by the Fund is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Fund will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Fund continues to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of January 31, 2026, the market value of securities loaned and collateral received were as follows:

Market Value of
Securities Loaned 		Collateral
Received(1)
$72,594,621 $80,061,143
(1) Statement of Assets and Liabilities location: Payables: Collateral due to broker for securities lending.
11. INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing. The value of an investment will fluctuate in response to movements in the equity securities market in general, and to the changing prospects of individual companies in which the Fund invests.

The Fund has particular risks associated with growth stocks. Different types of stocks shift in and out of favor over time depending on market and economic conditions. The market may fail to recognize the intrinsic value of particular value stocks for a long time. Growth stocks tend to be more volatile than other stocks. Growth stocks are often more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. In

21

Notes to Financial Statements (unaudited)(continued)

addition, if the Fund's assessment of a company's potential for growth or market conditions is wrong, it could suffer losses or produce poor performance relative to other funds, even in a favorable market. The Fund invests primarily in small-cap growth company stocks, which tend to be more volatile and can be less liquid than other types of stocks, especially over the short term. Small-cap companies may also have more limited product lines, markets or financial resources, and typically experience a higher risk of failure than large-cap companies. Because the Fund may invest a portion of its assets in foreign securities and American Depositary Receipts, it may experience increased market, industry and sector, liquidity, currency, political, information and other risks. The securities of foreign companies also may be subject to inadequate exchange control regulations, the imposition of economic sanctions or other government restrictions, higher transaction and other costs, and delays in settlement to the extent they are traded on non-U.S. exchanges or markets.

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments' reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of the Fund and its investments.

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example, the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have, a significant negative impact on the performance of the Fund's investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. The foregoing could disrupt the operations of the Fund and its service providers, adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance and your investment in the Fund.

22

Notes to Financial Statements (unaudited)(continued)

12. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

Six Months Ended
January 31, 2026
(unaudited) 		Year Ended
July 31, 2025
Class A Shares Shares Amount Shares Amount
Shares sold 818,758 $ 21,215,269 1,260,734 $ 27,017,408
Reinvestment of distributions - - 5,988 145,090
Shares reacquired (2,220,529 ) (56,662,334 ) (5,673,730 ) (120,769,411 )
Decrease (1,401,771 ) $ (35,447,065 ) (4,407,008 ) $ (93,606,913 )
Class C Shares
Shares sold 71,554 $ 830,737 164,344 $ 1,575,189
Shares reacquired (240,418 ) (2,732,753 ) (528,186 ) (5,021,494 )
Decrease (168,864 ) $ (1,902,016 ) (363,842 ) $ (3,446,305 )
Class F Shares
Shares sold 12,378 $ 337,685 319,293 $ 7,973,017
Reinvestment of distributions - - 927 24,378
Shares reacquired (77,324 ) (2,123,356 ) (316,141 ) (7,282,592 )
Increase (decrease) (64,946 ) $ (1,785,671 ) 4,079 $ 714,803
Class F3 Shares
Shares sold 1,010,827 $ 34,653,141 2,340,060 $ 66,271,121
Reinvestment of distributions 276 9,587 20,028 649,106
Shares reacquired (1,497,999 ) (51,357,483 ) (3,782,093 ) (107,584,997 )
Decrease (486,896 ) $ (16,694,755 ) (1,422,005 ) $ (40,664,770 )
Class I Shares
Shares sold 1,411,181 $ 47,805,329 6,249,905 $ 177,792,599
Reinvestment of distributions 506 17,271 47,704 1,525,095
Shares reacquired (3,219,363 ) (107,674,367 ) (10,617,741 ) (303,463,889 )
Decrease (1,807,676 ) $ (59,851,767 ) (4,320,132 ) $ (124,146,195 )
Class P Shares
Shares sold 3,904 $ 91,530 20,680 $ 414,921
Shares reacquired (44,718 ) (1,051,103 ) (225,041 ) (4,711,524 )
Decrease (40,814 ) $ (959,573 ) (204,361 ) $ (4,296,603 )
Class R2 Shares
Shares sold 4,443 $ 97,008 5,160 $ 93,098
Shares reacquired (317 ) (7,159 ) (1,988 ) (36,725 )
Increase 4,126 $ 89,849 3,172 $ 56,373
Class R3 Shares
Shares sold 79,529 $ 1,878,161 295,027 $ 5,771,691
Shares reacquired (273,028 ) (6,411,456 ) (918,968 ) (18,425,359 )
Decrease (193,499 ) $ (4,533,295 ) (623,941 ) $ (12,653,668 )

23

Notes to Financial Statements (unaudited)(concluded)

Six Months Ended
January 31, 2026
(unaudited) 		Year Ended
July 31, 2025
Class R4 Shares Shares Amount Shares Amount
Shares sold 46,206 $ 1,126,288 63,854 $ 1,314,982
Shares reacquired (82,432 ) (2,110,469 ) (91,739 ) (1,989,534 )
Decrease (36,226 ) $ (984,181 ) (27,885 ) $ (674,552 )
Class R5 Shares
Shares sold 14,955 $ 507,074 80,696 $ 2,287,392
Reinvestment of distributions 1 20 927 29,643
Shares reacquired (125,091 ) (4,278,768 ) (333,990 ) (9,141,116 )
Decrease (110,135 ) $ (3,771,674 ) (252,367 ) $ (6,824,081 )
Class R6 Shares
Shares sold 769,670 $ 26,411,862 2,420,998 $ 68,931,197
Reinvestment of distributions - - 37,869 1,227,329
Shares reacquired (4,628,019 ) (158,162,901 ) (15,262,524 ) (421,267,745 )
Decrease (3,858,349 ) $ (131,751,039 ) (12,803,657 ) $ (351,109,219 )

24

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the period.

Proxy Disclosures

There were no matters submitted to a vote of shareholders during the period.

Remuneration Paid to Directors, Officers, and Others

Remuneration paid to directors, officers, and others is included in "Directors' Remuneration" under Item 7 of this Form N-CSR.

25

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.
Lord Abbett mutual fund shares are distributed by
LORD ABBETT DISTRIBUTOR LLC. 		Lord Abbett Developing Growth Fund, Inc. LADG-3
(03/26)
Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15: Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16: Controls and Procedures.
(a) The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18: Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19: Exhibits.
(a)(1) Code of Ethics. Not applicable.
(a)(2) Not applicable.
(a)(3) Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LORD ABBETT DEVELOPING GROWTH FUND, INC.
By: /s/ Douglas B. Sieg
Douglas B. Sieg
President and Chief Executive Officer
(Principal Executive Officer)

Date: March 27, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Douglas B. Sieg
Douglas B. Sieg
President and Chief Executive Officer
(Principal Executive Officer)

Date: March 27, 2026

By: /s/ Michael J. Hebert
Michael J. Hebert
Chief Financial Officer and Treasurer
(Principal Financial Officer)

Date: March 27, 2026

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