Developing Growth Fund

LAGWX

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Daily price w/o sales charge as of 09/30/2016

$18.76

$0.16

YTD Returns w/o sales charge as of 09/30/2016

1.68%

Please click here for performance current to the most recent quarter-end and month-end.

Closed to new investors, with the exception of certain retirement and benefit plans and existing mutual funds advisory programs.

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Summary

What is the Developing Growth Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of small U.S. companies.

Fund Basicsas of 08/31/2016

Total Net Assets: $2.61 B
Inception Date: 10/10/1973
Dividend Frequency: Annually
Number of Holdings: 113
CUSIP: 544006109
Minimum Initial Investment: $1,000+

Expense Ratioas of 08/31/2016

Fund Expense Ratio :

1.01%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 10/10/1973

w/o sales charge	1.68%	-0.02%	0.46%	13.01%	9.99%	10.28%
Lipper Category Avg. Small-Cap Growth Funds	-	-	-	-	-	-
Russell 2000® Growth Index	-	-	-	-	-	-
w/ sales charge	-4.19%	-5.75%	-1.50%	11.68%	9.34%	10.13%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

1.01%

Fund Expense Ratio :

1.01%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 10/10/1973

w/o sales charge	1.68%	-0.02%	0.46%	13.01%	9.99%	10.28%
Lipper Category Avg. Small-Cap Growth Funds	-	-	-	-	-	-
Russell 2000® Growth Index	-	-	-	-	-	-
w/ sales charge	-4.19%	-5.75%	-1.50%	11.68%	9.34%	10.13%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

1.01%

Returns with sales charges reflect a maximum sales charge of 5.75%.

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

TEN LARGEST HOLDINGS as of 08/31/2016View Portfolio

Holding	Assets
Veeva Systems, Inc.	2.1%
Beacon Roofing Supply, Inc.	2.0%
Zeltiq Aesthetics, Inc.	2.0%
Paycom Software, Inc.	1.9%
GrubHub, Inc.	1.8%
Wix.com Ltd.	1.8%
Dave & Buster's Entertainment, Inc.	1.8%
Cirrus Logic, Inc.	1.8%
Nevro Corp.	1.6%
Ellie Mae, Inc.	1.6%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Sector Allocationas of 08/31/2016View Portfolio

Sector	Weighting
Consumer Discretionary
Telecommunication Services
Utilities
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate

Investment Team

F. Thomas O'Halloran, J.D., CFA

Partner & Portfolio Manager

29 Years of Industry Experience

Arthur K. Weise, CFA

Partner & Portfolio Manager

23 Years of Industry Experience

Supported By 4 Investment Professionals and 16 Years Avg. Industry Experience

Your Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Fund Expense Ratio :

1.01%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 10/10/1973

w/o sales charge	1.68%	-0.02%	0.46%	13.01%	9.99%	10.28%
Lipper Category Avg. Small-Cap Growth Funds	-	-	-	-	-	-
Russell 2000® Growth Index	-	-	-	-	-	-
w/ sales charge	-4.19%	-5.75%	-1.50%	11.68%	9.34%	10.13%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

1.01%

Fund Expense Ratio :

1.01%

	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception 10/10/1973

w/o sales charge	1.68%	-0.02%	0.46%	13.01%	9.99%	10.28%
Lipper Category Avg. Small-Cap Growth Funds	-	-	-	-	-	-
Russell 2000® Growth Index	-	-	-	-	-	-
w/ sales charge	-4.19%	-5.75%	-1.50%	11.68%	9.34%	10.13%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

1.01%

Returns with sales charges reflect a maximum sales charge of 5.75%.

Best returns

Durations	Fund Returns	Blended Index

3-Mo	36.09	0
1-Yr	100.91	106.78

Worst returns

Durations	Fund Returns	Blended Index

3-Mo	-39.32	-38.96
1-Yr	-49.62	-41.34

Best & Worst returns reflect a cumulative return for the three-month and one-year periods.

Year	Fund Returns	Russell 2000® Growth Index

2015	-8.90%	-1.38%
2014	3.25%	5.60%
2013	57.19%	43.30%
2012	10.39%	14.59%
2011	-1.66%	-2.91%
2010	36.54%	29.09%
2009	47.03%	34.47%
2008	-47.50%	-38.54%
2007	35.83%	7.05%
2006	12.45%	13.35%
2005	11.87%	-
2004	6.00%	-
2003	40.06%	-
2002	-29.54%	-
2001	-6.98%	-
2000	-17.69%	-
1999	38.16%	-
1998	8.27%	-
1997	30.78%	-
1996	22.19%	-

Year	Q1	Q2	Q3	Q4	Yearly Returns

2016	-10.30%	2.24%	10.87%	-	1.68%
2015	7.12%	2.61%	-15.70%	-1.68%	-8.90%
2014	1.67%	0.15%	-5.75%	7.59%	3.25%
2013	13.50%	10.00%	18.78%	6.00%	57.19%
2012	12.16%	-2.68%	5.55%	-4.19%	10.39%
2011	10.23%	1.49%	-20.86%	11.06%	-1.66%
2010	8.21%	-7.94%	16.47%	17.68%	36.54%
2009	-2.17%	24.37%	14.25%	5.76%	47.03%
2008	-21.82%	6.65%	-11.81%	-28.60%	-47.50%
2007	4.65%	13.60%	9.82%	4.04%	35.83%
2006	15.98%	-6.23%	-6.80%	10.93%	12.45%
2005	-5.91%	5.82%	9.60%	2.52%	11.87%
2004	2.00%	0.20%	-7.05%	11.58%	6.00%
2003	-3.27%	21.33%	9.79%	8.70%	40.06%
2002	0.07%	-11.90%	-23.81%	4.90%	-29.54%
2001	-17.44%	16.01%	-22.68%	25.62%	-6.98%
2000	3.52%	-13.67%	-0.56%	-7.37%	-17.69%
1999	1.42%	11.69%	-3.37%	26.23%	38.16%
1998	11.49%	-2.94%	-22.00%	28.29%	8.27%
1997	-2.88%	17.68%	21.77%	-6.03%	30.78%
1996	8.18%	8.18%	-2.85%	7.46%	22.19%
1995	6.04%	19.02%	15.90%	-0.42%	45.66%
1994	0.16%	-8.07%	10.54%	4.34%	6.20%
1993	-0.67%	1.03%	8.15%	3.76%	12.62%
1992	-2.92%	-13.34%	5.39%	9.32%	-3.06%
1991	29.96%	-5.07%	9.77%	15.46%	56.36%
1990	1.18%	11.38%	-24.62%	10.17%	-6.41%
1989	3.04%	1.70%	8.07%	0.77%	14.12%
1988	8.71%	2.49%	-4.04%	-3.23%	3.45%
1987	23.22%	-1.54%	5.33%	-21.15%	0.76%
1986	12.02%	1.82%	-18.44%	7.95%	0.42%
1985	9.91%	-2.42%	-9.28%	18.16%	14.96%
1984	-15.56%	-5.27%	1.63%	-4.54%	-22.39%
1983	19.37%	16.69%	-4.44%	-6.33%	24.68%
1982	-11.29%	1.28%	11.66%	29.18%	29.58%
1981	6.38%	7.72%	-18.09%	14.79%	7.74%
1980	-8.32%	13.37%	24.22%	5.17%	35.80%
1979	11.23%	3.38%	10.21%	1.23%	28.29%
1978	12.74%	18.50%	11.85%	-9.31%	35.51%
1977	-5.21%	6.36%	3.99%	7.90%	13.12%
1976	25.90%	-5.36%	-5.21%	5.87%	19.57%
1975	36.09%	17.79%	-12.76%	-0.65%	38.93%
1974	2.02%	-14.31%	-23.96%	-3.25%	-35.69%
1973	-	-	-	-	-9.00%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

Growth of $10,000 as of 08/31/2016

The chart begins on the Fund's inception date of 10/10/1973.

Based on a hypothetical Class A share investment of $10,000 on 10/10/1973 without sales charge and includes the reinvestment of all distributions.

NAV Historical Prices

Date	Net Asset Value

Portfolio

Holding	Sector	Assets

Veeva Systems, Inc.	Health Care	2.1%
Beacon Roofing Supply, Inc.	Industrials	2.0%
Zeltiq Aesthetics, Inc.	Health Care	2.0%
Paycom Software, Inc.	Information Technology	1.9%
GrubHub, Inc.	Information Technology	1.8%
Wix.com Ltd.	Information Technology	1.8%
Dave & Buster's Entertainment, Inc.	Consumer Discretionary	1.8%
Cirrus Logic, Inc.	Information Technology	1.8%
Nevro Corp.	Health Care	1.6%
Ellie Mae, Inc.	Information Technology	1.6%

Holding	Sector	Assets

Beacon Roofing Supply, Inc.	Industrials	1.9%
GrubHub, Inc.	Information Technology	1.7%
Dave & Buster's Entertainment, Inc.	Consumer Discretionary	1.7%
Cirrus Logic, Inc.	Information Technology	1.7%
Press Ganey Holdings, Inc.	Health Care	1.5%
Ellie Mae, Inc.	Information Technology	1.5%
TESARO, Inc.	Health Care	1.5%
Paylocity Holding Corp.	Information Technology	1.5%
Wix.com Ltd.	Information Technology	1.5%
Veeva Systems, Inc.	Health Care	1.5%
ABIOMED, Inc.	Health Care	1.5%
2U, Inc.	Information Technology	1.4%
Penumbra, Inc.	Health Care	1.4%
Zeltiq Aesthetics, Inc.	Health Care	1.4%
Nevro Corp.	Health Care	1.4%
Proofpoint, Inc.	Information Technology	1.4%
Belden, Inc.	Information Technology	1.4%
Paycom Software, Inc.	Information Technology	1.4%
BroadSoft, Inc.	Information Technology	1.3%
Universal Display Corp.	Information Technology	1.3%
WageWorks, Inc.	Industrials	1.3%
Five Below, Inc.	Consumer Discretionary	1.3%
ACADIA Pharmaceuticals, Inc.	Health Care	1.3%
Zendesk, Inc.	Information Technology	1.3%
Benefitfocus, Inc.	Information Technology	1.2%
Integra LifeSciences Holdings Corp.	Health Care	1.2%
Fair Isaac Corp.	Information Technology	1.2%
Calavo Growers, Inc.	Consumer Staples	1.2%
Builders FirstSource, Inc.	Industrials	1.2%
Performance Food Group Co.	Consumer Staples	1.2%
Burlington Stores, Inc.	Consumer Discretionary	1.1%
Glaukos Corp.	Health Care	1.1%
Imax Corp.	Consumer Discretionary	1.1%
Planet Fitness, Inc.	Consumer Discretionary	1.1%
Prestige Brands Holdings, Inc.	Health Care	1.1%
Pacific Biosciences of California, Inc.	Health Care	1.1%
Spark Therapeutics, Inc.	Health Care	1.1%
MarketAxess Holdings, Inc.	Financials	1.1%
Wayfair, Inc.	Consumer Discretionary	1.1%
Dycom Industries, Inc.	Industrials	1.1%
Pool Corp.	Consumer Discretionary	1.0%
Shake Shack, Inc.	Consumer Discretionary	1.0%
MaxLinear, Inc.	Information Technology	1.0%
Silicon Motion Technology Corp.	Information Technology	1.0%
Nordson Corp.	Industrials	1.0%
Inphi Corp.	Information Technology	1.0%
Exelixis, Inc.	Health Care	1.0%
Bright Horizons Family Solutions, Inc.	Consumer Discretionary	1.0%
Exact Sciences Corp.	Health Care	1.0%
Shutterstock, Inc.	Information Technology	1.0%
Techne Corp.	Health Care	1.0%
Panera Bread Co.	Consumer Discretionary	0.9%
Criteo S.A.	Information Technology	0.9%
Monolithic Power Systems, Inc.	Information Technology	0.9%
Acacia Communications, Inc.	Information Technology	0.9%
WebMD Health Corp.	Information Technology	0.9%
Texas Roadhouse, Inc.	Consumer Discretionary	0.8%
West Pharmaceutical Services, Inc.	Health Care	0.8%
Ultimate Software Group, Inc.	Information Technology	0.8%
RBC Bearings, Inc.	Industrials	0.8%
HubSpot, Inc.	Information Technology	0.8%
Shopify, Inc.	Information Technology	0.8%
Watsco, Inc.	Industrials	0.8%
VCA Antech, Inc.	Health Care	0.8%
LendingTree, Inc.	Financials	0.8%
Cogent Communications Group, Inc.	Telecommunication Services	0.8%
Sage Therapeutics, Inc.	Health Care	0.7%
Scotts Miracle-Gro Co.	Materials	0.7%
GasLog Ltd.	Energy	0.7%
CoreSite Realty Corp.	Financials	0.7%
Charles River Laboratories International, Inc.	Health Care	0.7%
Western Alliance Bancorp	Financials	0.7%
TransUnion	Industrials	0.7%
HEICO Corp.	Industrials	0.7%
Blue Buffalo Pet Products, Inc.	Consumer Staples	0.7%
Medidata Solutions, Inc.	Health Care	0.6%
EPAM Systems, Inc.	Information Technology	0.6%
Twilio, Inc.	Information Technology	0.6%
Atlassian Corp. plc	Information Technology	0.6%
GoDaddy, Inc.	Information Technology	0.6%
Ambarella, Inc.	Information Technology	0.6%
Cotiviti Holdings, Inc.	Health Care	0.5%
Live Nation Entertainment, Inc.	Consumer Discretionary	0.5%
Vail Resorts, Inc.	Consumer Discretionary	0.5%
VistaPrint Ltd.	Information Technology	0.5%
SiteOne Landscape Supply, Inc.	Industrials	0.5%
Neurocrine Biosciences, Inc.	Health Care	0.5%
iRobot Corp.	Consumer Discretionary	0.5%
Insperity, Inc.	Industrials	0.5%
Five9, Inc.	Information Technology	0.5%
Patheon NV	Health Care	0.5%
Callidus Software, Inc.	Information Technology	0.5%
Trimble Navigation Ltd.	Information Technology	0.5%
Ollie's Bargain Outlet Holdings, Inc.	Consumer Discretionary	0.5%
Portland General Electric Co.	Utilities	0.5%
New Jersey Resources Corp.	Utilities	0.5%
CyrusOne, Inc.	Financials	0.5%
The Rubicon Project, Inc.	Information Technology	0.4%
Mellanox Technologies Ltd.	Information Technology	0.4%
Vista Outdoor, Inc.	Consumer Discretionary	0.4%
Morningstar, Inc.	Financials	0.4%
Ultragenyx Pharmaceutical, Inc.	Health Care	0.3%
Instructure, Inc.	Information Technology	0.3%
Agios Pharmaceuticals, Inc.	Health Care	0.3%
Align Technology, Inc.	Health Care	0.3%
Etsy, Inc.	Consumer Discretionary	0.3%
ONE Gas, Inc.	Utilities	0.2%
WisdomTree Investments, Inc.	Financials	0.2%
Liberty TripAdvisor Holdings, Inc.	Consumer Discretionary	0.2%
Gigamon, Inc.	Information Technology	0.2%
Materialise NV	Information Technology	0.2%
Healthcare Services Group	Industrials	0.1%
Coherent, Inc.	Information Technology	0.1%
SunPower Corp.	Information Technology	0.1%
Minerals Technologies, Inc.	Materials	0.0%

Sector Allocationas of 08/31/2016

Sector	Weighting	Fund Change from Previous Quarter
Consumer Discretionary		2.2%
Telecommunication Services		0.4%
Utilities		0.2%
Consumer Staples		0.7%
Energy		0.2%
Financials		2.9%
Health Care		2.1%
Industrials		2.5%
Information Technology		2.8%
Materials		0.3%
Real Estate		0.5%

Portfolio Positioning as of 06/30/2016

U.S. equities (as represented by the S&P 500^® Index[1]) withstood a bout of volatility following the United Kingdom’s decision to leave the European Union (“Brexit”), to finish positive for the period. We believe this development further dampens global economic growth, and, as such, we are focused on companies that can significantly grow their revenues in this persistently low-growth environment.
We cut the portfolio’s exposure to the industrials sector, as this generally cyclical sector is likely to be adversely affected by slowing global growth in the wake of the Brexit decision.
We also trimmed the portfolio’s exposure to the financials sector, as the Brexit decision and a lowered interest-rate outlook weighed on banks and other interest rate-dependent companies within this sector.
We increased the portfolio’s exposure to the information technology sector, adding several fundamentally strong software holdings that had suffered sharp declines during the apex of market volatility during first quarter.
We increased the portfolio’s exposure to the health care sector, and in particular to the medical devices and services industries that were exhibiting technical and fundamental strength.

[1] The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

Portfolio Details as of 08/31/2016

Total Net Assets: $2.61 B
Number of Holdings: 113
Weighted Average Market Cap.: 3.0 B
P/B Ratio: 6.2x
Portfolio Turnover Ratio as of 07/31/2015: 185.8%
P/E Ratio: 37.9x

To view definitions for the above Portfolio Details, Click here.

Market Capitalization Breakdown - Morningstar separates stock portfolio holdings into five market-capitalization groups: Giant, Large, Mid, Small, and Micro. Of the 5000 largest domestic stocks in their equities database, the top 1% are categorized as Giant, the next 4% are Large, the next 15% are Mid, the next 30% are Small, and the remaining 50% are Micro. Stocks outside of the largest 5000 are also classified as Micro.

Weighted Average Market Cap - The average market capitalization of all companies held in the portfolio with each company weighted according to its percent held in the portfolio. The result is based upon a weighted average of the securities held in the fund.

P/B Ratio - A ratio that helps determine whether a stock is undervalued or overvalued. It is calculated by dividing a stock's price per share by its book value per share. The result is based upon a weighted average of the securities held in the fund.

P/E Ratio - Is the weighted average of each holding's P/E ratio (price of a stock divided by its earnings per share). The result is based upon a weighted average of the securities held in the fund.

Portfolio Turnover - This is a measure of the Fund’s trading activity which is computed by taking the lesser of purchases or sales divided by average monthly market value, excluding short-term investments. The resulting percentage represents the percentage of the portfolio’s holdings that have changed over the past year.

Contributors & Detractors as of 06/30/2016

Contributors

Holding	Contribution
Press Ganey Hldgs Inc	0.3%
Veeva Systems, Inc.	0.3%
Paylocity Hldg Corp	0.3%
Universal Display Corp.	0.3%
Glaukos Corp	0.2%

Detractors

Holding	Contribution
Cray, Inc.	-0.3%
SunPower Corp.	-0.3%
Pacific Biosciences	-0.3%
Proto Labs Inc	-0.3%
Square Inc	-0.2%

% Contribution reflects the effect of the individual stock's performance on the Fund's overall performance for the period. Individual holdings and their effect on Fund performance may change significantly over time. Investors should consider the overall performance of the Fund before making a decision on whether or not to invest in the Fund.

Attribution Analysis

for

Developing Growth Fund			Benchmark		Variance
Sector	Avg. Weight	Base Return	Avg. Weight	Base Return	Stock Selection	Group Weight	Total

The total base return displayed for the Fund does not capture daily cash flow and trading activity and therefore is subject to reasonable variance from the Fund's actual return. Please refer to Lord Abbett Developing Growth Fund Performance Results for the Fund's longer-term returns. The Fund is actively managed and portfolio characteristics, such as individual holdings and sector weightings, may change significantly over time.

Please see "About Wilshire Attribution" of the performance attribution displayed above by Click here.

About Wilshire Attribution

The Wilshire Atlas Variance Analysis tool provides a methodology for explaining the difference in performance between a portfolio and its benchmark, based on the decomposition of returns. The user specifies the portfolio, index, link frequency, sector and weighting. The weighting can be shown as beginning, average or end weights and is used for display purposes only.

Average Weight (Portfolio): This is the average weight of each group in the portfolio. Alternatively, the weight at the end of the reporting period, or on average across the reporting period, may be selected.

Base Return (Portfolio): This is the weighted average holding period return for the securities in each group. This weighted average is calculated for each link period using beginning weights and then the resulting values are linked together to calculate the displayed value.

Average Weight (Benchmark): This is the average weight of each group in the benchmark. Alternatively, the weight at the end of the reporting period, or on average across the reporting period, may be selected.

Base Return (Benchmark): This is the weighted average holding period return for the benchmark securities in each group. This weighted average is calculated for each link period using beginning weights, then the resulting values are linked together to calculate the displayed value.

Stock Selection Variance: This is the success of selection decisions within each group versus the benchmark. It is calculated for each link period using the following equation: Stock Selection Variance = WP,G * (RP,G - RB,G), where WP,G = Weight of the group in the portfolio, RP,G = Return of the group in the portfolio, RB,G = Return of the group in the benchmark.

Group Weighting Variance: This is the result of weighting decisions in each group versus the benchmark. It is calculated for each link period using the following equation: Group Weighting Variance = (WP,G – WB,G) * (RB,G – RB,T), where WP,G = Weight of the group in the portfolio, WB,G = Weight of the group in the benchmark, RB,G = Return of the group in the benchmark, RB,T = Overall return of the benchmark.

Total Variance: This is the sum of group weighting and stock selection variances. This represents the amount of total variance that is explained by the selection and allocation decisions for each group.

Wilshire generated returns are calculated gross of fees based on end of day prices and do not capture intraday cash flow, price changes or trading activity, and therefore are subject to some variance from Lord Abbett returns. In addition, Wilshire and Lord Abbett may use different pricing sources and methodologies.

Not Classified securities represent those securities which have not been assigned an official GICS Direct classification. GICS Direct, a joint product of Standard & Poor’s and MSCI, provides industry classifications for more than 40,000 companies and over 45,000 securities. Not Classified securities may include, but are not limited to: Exchange-Traded Funds (ETFs), pink sheet-listed issues, pre-IPO placements, private placements, secondary issues, open-end funds, closed-end funds, and non-operating establishments.

Under certain circumstances, Lord Abbett may elect to have Wilshire map an ETF holding to the relevant characteristics represented by that ETF’s underlying index in order to reflect the exposure and performance contributed by the ETF to the overall portfolio. When this option is selected, Wilshire will remove the ETF from the Not Classified category and instead allocate the ETF’s exposures across the relevant attributes based on the composition of the ETF’s underlying index.

Source: Wilshire Attribution Software. GICS sector classification; non-GICS securities classified by Lord Abbett. Sectors may include many industries.

Dividends & Cap Gains

Dividend Payments

For

YTD Dividends Paidas of 09/30/2016: $0
Dividend Frequency: Annually

Record Date	Ex-Dividend Date	Reinvest & Payable Date	Dividend	Reinvest Price
02/14/1997	02/18/1997	03/03/1997	$0.00000

Upcoming Dividend Payment Dates

This section lists all anticipated Income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date	Ex-Dividend Date	Reinvest & Payable Date
11/21/2016	11/22/2016	11/22/2016

Capital Gains Distributions

For

Record Date	Reinvest & Payable Date	Long-term	Short-term *	Total	Reinvest Price
11/23/2015	11/24/2015	$1.6626	$0.1887	$1.8513	$19.24

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor.

Upcoming Capital Gain Distribution

Record Date	Ex-Dividend Date
11/21/2016	11/22/2016

Fees & Expenses

Sales Charge Schedule as of 09/30/2016

	Sales Charge	Dealer's Concession	Prices at Breakpoint
Less than $50,000	5.75%	5.00%	$19.90
$50,000 to $99,999	4.75%	4.00%	$19.70
$100,000 to $249,999	3.95%	3.25%	$19.53
$250,000 to $499,999	2.75%	2.25%	$19.29
$500,000 to $999,999	1.95%	1.75%	$19.13
$1,000,000 to $5,000,000	0.00%	1.00%	$18.76

The 12b-1 trail commission is 0.25% (accrues immediately) for all equity and multi-asset class funds.

Class A shares purchased without a sales charge (commissionable NAV) will be subject to a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls.

For Sales Charge Reductions and Waivers Click here.

SALES CHARGE REDUCTIONS AND WAIVERS

Please inform the fund company or your financial intermediary at the time of your purchase of fund shares if you believe you qualify for a reduced front-end sales charge.

Reducing Your Class A Share Front-End Sales Charge
You may purchase Class A shares at a discount if you qualify under the circumstances outlined below. To receive a reduced front-end sales charge, you must let the fund or your financial intermediary know at the time of your purchase of fund shares that you believe you qualify for a discount. If you or a related party have holdings of eligible funds (as defined below) in other accounts with your financial intermediary or with other financial intermediaries that may be combined with your current purchases in determining the sales charge as described below, you must inform a fund or your financial intermediary. You may be asked to provide supporting account statements or other information to allow us or your financial intermediary to verify your eligibility for a discount. If you or your financial intermediary do not notify a fund or provide the requested information, you may not receive the reduced sales charge for which you otherwise qualify. Class A shares may be purchased at a discount if you qualify under either of the following conditions:

Rights of Accumulation - A purchaser may combine the value of Class A, B, C, F, and P shares of any eligible fund currently owned with a new purchase of Class A shares of any eligible fund in order to reduce the sales charge on the new purchase. Class I, R2, and R3 share holdings may not be combined for these purposes.

To the extent that your financial intermediary is able to do so, the value of Class A, B, C, F, and P shares of eligible funds determined for the purpose of reducing the sales charge of a new purchase under the Rights of Accumulation will be calculated at the higher of: 1) the aggregate current maximum offering price of your existing Class A, B, C, F, and P shares of eligible funds or 2) the aggregate amount you invested in such shares (including dividend reinvestments but excluding capital appreciation) less any withdrawals. You should retain any information and account records necessary to substantiate the historical amounts you and any related purchasers have invested in eligible funds. You must inform a fund and/or your financial intermediary at the time of purchase if you believe your purchase qualifies for a reduced sales charge; you may be requested to provide documentation of your holdings in order to verify your eligibility. If you do not do so, you may not receive all sales charge reductions for which you are eligible.
Letter of Intention — In order to reduce your Class A front-end sales charge, a purchaser may combine purchases of Class A, B, C, F, and P shares of any eligible fund the purchaser intends to make over the next 13 months in determining the applicable sales charge. The 13-month Letter of Intention period commences on the day that the Letter of Intention is received by a fund, and the purchaser must tell a fund that later purchases are subject to the Letter of Intention. Purchases submitted prior to the date the Letter of Intention is received by a fund are not counted toward the sales charge reduction. Current holdings under Rights of Accumulation may be included in a Letter of Intention in order to reduce the sales charge for purchases during the 13-month period covered by the Letter of Intention. Shares purchased through reinvestment of dividends or distributions are not included. Class I, R2, and R3 share holdings may not be combined for these purposes. Class A shares valued at 5% of the amount of intended purchases are escrowed and may be redeemed to cover the additional sales charges payable if the intended purchases under the Letter of Intention is not completed. The Letter of Intention is neither a binding obligation on you to buy nor on a fund to sell any or all of an intended purchase amount.

Purchaser — A purchaser includes: 1) an individual; 2) an individual, his or her spouse, and children under the age of 21; 3) retirement and benefit plans, including a 401(k) plan, profit-sharing plan, money purchase plan, defined benefit plan, and 457(b) plan sponsored by a governmental entity, nonprofit organization, school district, or church to which employer contributions are made, as well as SIMPLE IRA plans and SEP-IRA plans; or 4) a trustee or other fiduciary purchasing shares for a single trust, estate, or single fiduciary account. An individual may include under item (1) his or her holdings in eligible funds as described above in IRAs, as a sole participant of a retirement and benefit plan sponsored by the individual's business, and as a participant in a 403(b) plan to which only pretax salary deferrals are made. An individual and his or her spouse may include under item (2) their holdings in IRAs, and as the sole participants in retirement and benefit plans sponsored by a business owned by either or both of them. A retirement and benefit plan under item (3) includes all qualified retirement and benefit plans of a single employer and its consolidated subsidiaries, and all qualified retirement and benefit plans of multiple employers registered in the name of a single bank trustee.

Eligible fund — An eligible fund is any Lord Abbett-sponsored fund except for (1) each portfolio of Lord Abbett Series Fund, Inc., (2) Lord Abbett U.S. Government & Government Sponsored Enterprises Money Market Fund, Inc. ("Money Market Fund") (except for holdings in Money Market Fund, which are attributable to any shares exchanged from the Lord Abbett-sponsored funds), and (3) any other fund the shares of which are not available to the investor at the time of the transaction due to a limitation on the offering of a fund's shares.

Front-end Sales Charge Waivers
Class A shares may be purchased without a front-end sales charge under any of the following conditions:

purchases of $1 million or more (may be subject to a CDSC);
purchases by retirement and benefit plans with at least 100 eligible employees (may be subject to a CDSC);
purchases for retirement and benefit plans made through financial intermediaries that perform participant recordkeeping or other administrative services for the plans and that have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases (may be subject to a CDSC);
purchases made by or on behalf of financial intermediaries for clients that pay the financial intermediaries fees in connection with fee-based advisory program, provided that the financial intermediaries or their trading agents have entered into special arrangements with a fund and/or Lord Abbett Distributor specifically for such purchases; and
certain other types of investors may qualify to purchase Class A share without a front-end sales charge as described in the Statement of Additional Information (SAI).

Expense Ratioas of 08/31/2016

Fund Review

Market Reviewas of 06/30/2016

The U.S. equity market (as represented by the S&P 500^® Index¹) withstood a bout of volatility in the final weeks of the second quarter, to finish positive for the period. The U.S. Federal Reserve (Fed) held its benchmark interest rate unchanged for the second consecutive quarter, citing diminishing gains in employment as a concern. While the unemployment rate fell to 4.7% in May, the U.S. economy added just 38,000 jobs against an expected increase of 162,000. A mixed corporate earnings season contributed to investor uncertainty during the quarter. According to research from FactSet, 72% of companies in the S&P 500 Index reported first quarter earnings above their mean estimates, more than the five-year historical average of 67%, but just 53% of companies in the S&P 500 Index reported first quarter sales above their mean estimates, less than the five-year historical average of 56%. According to the third estimate from the Bureau of Economic Analysis, U.S. real gross domestic product (GDP) in the first quarter expanded by 1.1%,² an upward revision from previous estimates, with a rise in personal consumption expenditures and residential fixed investment among the primary contributors. The Fed noted that between April and May 2016, U.S. economic activity, as a whole, continued to expand in most districts around the country. The majority of districts reported increased consumer spending and positive developments in their nonfinancial services sectors. Manufacturing activity during the period was described as “mixed,” due in large part to further weakness in the energy sector.³

International equities (as represented by the MSCI EAFE Index⁴) also experienced an uneven second quarter. The key market event of the quarter was the United Kingdom’s vote, on June 23, to leave the European Union (“Brexit”). This decision rattled global financial markets, which had largely expected a “remain” vote, and sent the British pound to a 30-year low. Central banks across the globe continued on monetary-easing paths during the period. In June, for example, the European Central Bank formally began its corporate sector-purchase program, which targets euro-denominated investment-grade bonds in the eurozone, while the Bank of Japan continued to increase its monetary base by ¥80 trillion annually, and maintained its negative interest rate on excess reserves.

The S&P 500 Indexreturned 2.46% during the second quarter. Of the 10 major sectors, the energy, consumer staples, health care, materials, and utilities sectors outperformed the broader market. Value stocks⁵ outperformed growth stocks,⁶ while large-cap stocks⁷ lagged small-cap stocks.⁸

Fund Review as of 06/30/2016

The Fund* modestly underperformed its benchmark, the Russell 2000^® Growth Index,⁹ during the second quarter.

Security selection in the information technology sector was the largest detractor from relative performance during the period. Within this sector, the Fund’s position in Cray, Inc., a service provider for the high-performance computing market, was among the largest detractors. Shares of Cray fell after a delay of a key component led investors to worry about the likelihood of Cray reaching its revenue guidance for fiscal year 2016.

Security selection in the materials sector also detracted from relative performance during the quarter. Within this sector, the Fund’s holdings of Scotts Miracle-Gro Co., a manufacturer of lawn and garden products, detracted most. Shares of Scotts faced some weather-related headwinds during the period, as unfavorable conditions in the Northeast and Texas led customer growth to just modestly expand.

Security selection in the health care sector was the largest contributor to relative performance during the period. Within this sector, the Fund’s position in Press Ganey Holdings, Inc., a medical software and technology services provider, contributed most. Press Ganey reported an impressive first quarter in early May, with both earnings and revenue beating consensus estimates, leading its shares to advance.

Security selection in the consumer discretionary sector also contributed to relative performance during the quarter. Within this sector, the Fund’s holdings of 2U, Inc., a provider of platforms that allow colleges and universities to deliver online degree programs, contributed most. Shares of 2U rose after the company offered better than expected fiscal-year guidance and indicated that it expects reach profitability for the year, on an adjusted basis, for the first time.

Please refer to www.lordabbett.com under the “Portfolio” tab for a complete list of holdings of the Fund, including the securities discussed above.

Outlook

We believe the surprise “Brexit” decision further dampens global economic growth, and will likely lead to further monetary easing by central banks across the globe. We view the United States as relatively attractive in this environment, and we are beginning to see “high-growth” fundamental strength be rewarded after a period of indiscriminant selling. However, we believe political uncertainty ahead of the presidential election remains an overhang. As such, we are focused on U.S.-oriented companies that can significantly grow their revenues in this persistently low-growth environment.

*Class A Share at net asset value (NAV). For the latest NAV, including maximum sales charges (MOP) performance information, visit us at lordabbett.com. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted.

¹The S&P 500^® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

²“News Release: Gross Domestic Product,” Bureau of Economic Analysis, June 28, 2016.

³“Beige Book–June 2016,” Board of Governors of the Federal Reserve System, June 1, 2016.

⁴The MSCI EAFE Index (Europe, Australasia, Far East) is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

⁵The Russell 3000^® Value Index measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values.

⁶The Russell 3000^® Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values.

⁷The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

⁸The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index.

⁹The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

The indexes are presented for informational purposes only and are not presented to illustrate any specific product or security. Indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment. Past performance is not a reliable indicator or guarantee of future results.

If applicable, “Modestly” is defined as any under or outperformance within 100 basis points (bps) for equity funds and 50 basis points (bps) for fixed income funds as compared to the Fund's benchmark.

The Fund’s portfolio is actively managed and, therefore, its holdings and the weightings of a particular issuer or a particular sector as a percentage of portfolio assets may change significantly over time. Sectors may include many industries. The mention of specific portfolio holdings is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

A Note about Risk: The value of investments in equity securities will fluctuate in response to general economic conditions and to changes in the prospects of particular companies, including market, liquidity, currency, and political risks. Small cap company stocks tend to be more volatile and may be less liquid than other types of stocks. 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. Investments in growth companies can be more sensitive to the company's earnings and more volatile than the stock market in general. The Fund engages in active and frequent trading of its securities, which may result in increased transaction fees, reduced investment performance, and higher taxes. These factors can adversely affect Fund performance.

The views and information discussed in this commentary are as of June 30, 2016, are subject to change, and may not reflect the views of the firm as a whole. The views expressed in market commentaries are at a specific point in time, are opinions only, and should not be relied upon as a forecast, or research or investment advice regarding a particular investment or the markets in general. Information discussed should not be considered a recommendation to purchase or sell securities.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Lord Abbett funds. This and other important information is contained in the Fund’s summary prospectus and/or prospectus. To obtain a prospectus or summary prospectus on any Lord Abbett mutual fund, contact your investment professional, Lord Abbett Distributor LLC at 888-522-2388 or visit us at www.lordabbett.com. Read the prospectus carefully before you invest.

Fund Documents

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	Summary Prospectus Publish Date:11/03/2015
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	SAI Publish Date:11/03/2015
	Annual Report Publish Date:11/03/2015
	Semi-Annual Report Publish Date:11/03/2015
	Fact Sheet Publish Date:11/03/2015

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Minimum initial investment varies depending on the class of shares you buy and the type of account. IRAs, SIMPLEs, and SEP accounts with payroll deductions have no minimums. Please see Fund prospectuses for additional information.

IMPORTANT INFORMATION

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

Class A Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

Returns shown at less than a year reflect aggregate total returns.

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.

The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

Lipper Category Average Expense Ratio reflects the average net expenses of Class A shares of all funds with in the peer group based on Lipper data available.

* Awarded Best Small-Cap Growth Fund over ten years by Lipper. Lord Abbett Developing Growth Fund (Class I: LADYX) ranked best within the category of a total of 114 funds for the highest risk-adjusted returns for the 10-year period ended 12/31/2014.

Lipper Awards are granted annually to the funds in each Lipper classification that achieve the highest score for Consistent Return, a measure of funds' historical risk-adjusted returns, measured in local currency, relative to peers. Winners are selected using the Lipper Leader rating for Consistent Return for funds with at least 36 months of performance history as of 12/31/2014. Awards are presented for the highest Lipper Leader for Consistent Return within each eligible classification over 3, 5, or 10 years. Other share classes may have different performance and expense characteristics. Class I shares are only available to institutional investors and certain others, including retirement plans. For additional information on each Class share, see the Fund's current prospectus.

Lipper awards are not intended to predict future results. Past performance does not guarantee future results.

Source: © Reuters 2015. All Rights Reserved. Lipper Analytical Services, Inc. is an independent mutual fund research and rating service. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

The Fund's portfolio is actively managed and portfolio characteristics, such as individual holdings and sector weightings may change significantly over time. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or recommendation to buy or sell securities or other investments.

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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Summary

Summary

What is the Developing Growth Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of small U.S. companies.

Fund Basicsas of 08/31/2016

Expense Ratioas of 08/31/2016

Fund Expense Ratio :

1.01%

Fund Expense Ratio :

1.01%

Fund Expense Ratio :

1.01%

Fund Expense Ratio :

1.01%

TEN LARGEST HOLDINGS as of 08/31/2016View Portfolio

Sector Allocationas of 08/31/2016View Portfolio

Investment Team

Your Representative

Performance

Performance

Fund Expense Ratio :

1.01%

Fund Expense Ratio :

1.01%

Fund Expense Ratio :

1.01%

Fund Expense Ratio :

1.01%

Growth of $10,000 as of 08/31/2016

NAV Historical Prices

Portfolio

Portfolio

Sector Allocationas of 08/31/2016

Portfolio Positioning as of 06/30/2016

Portfolio Details as of 08/31/2016

Contributors & Detractors as of 06/30/2016

Contributors

Detractors

Attribution Analysis

Dividends & Cap Gains

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