Lord Abbett

Quarterly Portfolio Holdings Report

 

Lord Abbett
Developing Growth Fund

 

For the period ended April 30, 2026

 

Schedule of Investments (unaudited)

April 30, 2026

 

Investments  Shares   Fair
Value
 
LONG-TERM INVESTMENTS 99.76%          
           
COMMON STOCKS 99.76%          
           
Aerospace & Defense 10.25%          
Aevex Corp. Class A*   467,466   $14,140,847 
Carpenter Technology Corp.   108,256    46,355,219 
FTAI Aviation Ltd.   73,746    18,412,164 
Karman Holdings, Inc.*   371,888    25,280,946 
Kratos Defense & Security Solutions, Inc.*   330,915    20,864,191 
Mercury Systems, Inc.*   325,284    25,668,160 
Moog, Inc. Class A   33,919    10,220,134 
Rocket Lab Corp.*   180,888    14,925,069 
VSE Corp.   118,451    20,335,668 
Woodward, Inc.   49,819    18,083,799 
York Space Systems, Inc.*(a)   387,959    12,864,720 
Total        227,150,917 
           
Beverages 1.53%          
Celsius Holdings, Inc.*   301,688    10,127,666 
Vita Coco Co., Inc.*   359,992    23,755,872 
Total        33,883,538 
           
Biotechnology 15.67%          
Abivax SA ADR*   183,074    21,489,226 
Arrowhead Pharmaceuticals, Inc.*   223,850    16,448,498 
Ascendis Pharma AS (Denmark)*(a)(b)   84,934    19,482,161 
Bridgebio Pharma, Inc.*   554,755    39,448,628 
Celcuity, Inc.*   188,321    22,852,753 
CG oncology, Inc.*   204,698    13,661,544 
Cogent Biosciences, Inc.*   663,487    23,746,200 
Dianthus Therapeutics, Inc.*   115,645    10,153,631 
Madrigal Pharmaceuticals, Inc.*   82,089    42,472,028 
Mirum Pharmaceuticals, Inc.*   263,316    25,623,280 
Natera, Inc.*   83,160    17,144,266 
Nuvalent, Inc. Class A*   91,136    9,139,118 
Oruka Therapeutics, Inc.*   214,960    14,705,414 
Investments  Shares   Fair
Value
 
Biotechnology (continued)          
Protagonist Therapeutics, Inc.*   138,522  $13,709,522 
PTC Therapeutics, Inc.*   330,938    21,530,826 
Revolution Medicines, Inc.*   133,298    19,210,908 
Rhythm Pharmaceuticals, Inc.*   201,474    16,391,925 
Total        347,209,928 
           
Building Products 2.42%          
Madison Air Solutions Corp. Class A*(a)   345,499    13,191,152 
Modine Manufacturing Co.*   158,948    40,472,929 
Total        53,664,081 
           
Capital Markets 2.69%          
Evercore, Inc. Class A   51,981    16,700,976 
Miami International Holdings, Inc.*   472,654    21,973,684 
Piper Sandler Cos.   240,796    20,997,411 
Total        59,672,071 
           
Construction & Engineering 14.16%      
Argan, Inc.   44,171    29,593,687 
Cardinal Infrastructure Group, Inc. Class A*(a)   422,602    22,410,584 
Comfort Systems USA, Inc.   43,377    79,824,524 
Construction Partners, Inc. Class A*   274,632    33,960,993 
IES Holdings, Inc.*   43,441    27,979,479 
Legence Corp. Class A*   269,776    23,459,721 
MasTec, Inc.*   88,631    34,925,046 
Sterling Infrastructure, Inc.*   119,486    61,609,371 
Total        313,763,405 
           
Diversified Consumer Services 1.59%      
Lincoln Educational Services Corp.*   233,414    9,602,652 
Universal Technical Institute, Inc.*   679,600    25,505,388 
Total        35,108,040 

     
  See Notes to Schedule of Investments. 1
 

Schedule of Investments (unaudited)(continued)

April 30, 2026

 

Investments  Shares   Fair
Value
 
Electrical Equipment 4.77%          
Bloom Energy Corp. Class A*   253,478   $71,825,526 
Nextpower, Inc. Class A*   284,957    33,946,927 
Total        105,772,453 
           
Electronic Equipment, Instruments & Components 7.44% 
Bel Fuse, Inc. Class B   100,105    27,612,963 
Cognex Corp.   194,794    10,813,015 
Fabrinet (Thailand)*(b)   72,429    49,503,049 
Littelfuse, Inc.   57,077    23,068,811 
Sanmina Corp.*   97,628    21,265,331 
TTM Technologies, Inc.*   205,985    32,590,947 
Total        164,854,116 
           
Entertainment 1.05%          
IMAX Corp. (Canada)*(b)   287,198    10,919,268 
Sphere Entertainment Co.*   87,014    12,395,144 
Total        23,314,412 
           
Ground Transportation 0.48%          
Saia, Inc.*   23,712    10,642,420 
           
Health Care Equipment & Supplies 0.83%      
Glaukos Corp.*   128,426    18,450,963 
           
Health Care Providers & Services 2.36%      
Guardant Health, Inc.*   599,531    52,207,159 
           
Hotels, Restaurants & Leisure 2.95%      
Cava Group, Inc.*   330,862    30,905,820 
Life Time Group Holdings, Inc.*   385,225    10,327,882 
Navan, Inc. Class A*   1,381,876    24,169,011 
Total        65,402,713 
           
Information Technology Services 3.10%          
Applied Digital Corp.*(a)   459,253    15,729,415 
DigitalOcean Holdings, Inc.*   357,040    34,429,367 
Fastly, Inc. Class A*   736,488    18,600,005 
Total        68,758,787 
Investments  Shares   Fair
Value
 
Life Sciences Tools & Services 1.08%      
Adaptive Biotechnologies Corp.*   1,697,752   $23,938,303 
           
Machinery 2.32%          
CECO Environmental Corp.*   157,848    11,702,851 
Crane Co.   50,207    8,923,290 
RBC Bearings, Inc.*   51,497    30,851,338 
Total        51,477,479 
           
Metals & Mining 0.49%          
MP Materials Corp.*(a)   165,432    10,925,129 
           
Pharmaceuticals 2.26%          
Nektar Therapeutics*   273,886    23,291,266 
Tarsus Pharmaceuticals, Inc.*   420,038    26,718,617 
Total        50,009,883 
           
Professional Services 1.56%          
Planet Labs PBC*   935,837    34,597,894 
           
Semiconductors & Semiconductor Equipment 15.20% 
Allegro MicroSystems, Inc.*   381,986    18,526,321 
Amkor Technology, Inc.   326,850    22,797,788 
Astera Labs, Inc.*   97,006    18,890,948 
Credo Technology Group Holding Ltd.*   98,869    17,204,195 
Lattice Semiconductor Corp.*   307,882    37,647,811 
MACOM Technology Solutions Holdings, Inc.*   183,636    51,713,734 
MKS, Inc.   63,491    18,015,571 
Nova Ltd. (Israel)*(b)   88,440    44,258,029 
Rambus, Inc.*   161,460    18,585,661 
Semtech Corp.*   315,364    33,128,988 
SiTime Corp.*   99,838    56,123,932 
Total        336,892,978 
           
Software 5.00%          
Cipher Digital, Inc.*   922,442    16,364,121 
Clear Secure, Inc. Class A   330,272    17,633,222 

   
2 See Notes to Schedule of Investments.
 

Schedule of Investments (unaudited)(continued)

April 30, 2026

 

Investments  Shares   Fair
Value
 
Software (continued)          
Guidewire Software, Inc.*   73,700   $10,199,343 
Hut 8 Corp.*   251,529    19,060,868 
JFrog Ltd.*   337,654    15,680,652 
ServiceTitan, Inc. Class A*   139,225    8,278,318 
Terawulf, Inc.*(a)   1,082,596    23,524,811 
Total        110,741,335 
           
Specialty Retail 0.56%          
Boot Barn Holdings, Inc.*   72,777    12,477,617 
Total Common Stocks
(cost $1,438,416,916)
        2,210,915,621 
           
    Principal
Amount
      
SHORT-TERM INVESTMENTS 3.44%          
           
REPURCHASE AGREEMENTS 0.53%          
Repurchase Agreement dated 4/30/2026, 3.250% due 5/1/2026 with Fixed Income Clearing Corp. collateralized by $11,804,000 of U.S. Treasury Note at 3.750% due 6/30/2027; value: $11,937,853; proceeds: $11,704,778
(cost $11,703,721)
  $11,703,721    11,703,721 
           
TIME DEPOSITS 0.29%          
CitiBank N.A.(c)
(cost $6,464,672)
   6,464,672    6,464,672 
Investments  Shares   Fair
Value
 
MONEY MARKET FUNDS 2.62%          
Fidelity Government Portfolio(c)
(cost $58,182,046)
   58,182,046   $58,182,046 
Total Short-Term Investments
(cost $76,350,439)
        76,350,439 
Total Investments in Securities 103.20%
(cost $1,514,767,355)
        2,287,266,060 
Other Assets and Liabilities – Net (3.20)%        (70,932,552)
Net Assets 100.00%       $2,216,333,508 
     
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 Schedule of Investments. 3
 

Schedule of Investments (unaudited)(concluded)

April 30, 2026

 

The following is a summary of the inputs used as of April 30, 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  $2,210,915,621   $   $   $2,210,915,621 
Short-Term Investments                    
Repurchase Agreements       11,703,721        11,703,721 
Time Deposits       6,464,672        6,464,672 
Money Market Funds   58,182,046            58,182,046 
Total  $2,269,097,667   $18,168,393   $   $2,287,266,060 
     
(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 Schedule of Investments.
 

Notes to Schedule of Investments (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.

 

2. SIGNIFICANT ACCOUNTING POLICIES  

 

(a) Investment ValuationUnder 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 & Co. LLC (“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 net asset value as of the close of each business day.

 

5

 

Notes to Schedule of Investments (unaudited)(continued)

 

Fair Value MeasurementsFair 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. 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 April 30, 2026 and, if applicable, Level 3 rollforwards for the period 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.

 

3. FEDERAL TAX INFORMATION  

 

It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, 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.

 

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open generally three years after the filing of the tax return. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

 

6

 

Notes to Schedule of Investments (unaudited)(concluded)

 

4. 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.

 

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 April 30, 2026, the market value of securities loaned and collateral received were as follows:

 

Market Value of
Securities Loaned
Collateral Received
$67,708,020 $64,646,718

 

7

 

 

QPHR-DEV-3Q

(6/26)