SUPPLEMENT TO THE CURRENT PROSPECTUSES OF LORD ABBETT AFFILIATED
        FUND, INC.; LORD ABBETT DEVELOPING GROWTH FUND, INC.; LORD ABBETT
        MID-CAP VALUE FUND, INC.; LORD ABBETT BOND-DEBENTURE FUND, INC.,
       AND LORD ABBETT INVESTMENT TRUST-U.S. GOVERNMENT SECURITIES SERIES
               (COLLECTIVELY, THE "FUNDS"; INDIVIDUALLY, A "FUND")

         In  accordance  with each Fund's Class A Rule 12b-1 Plan,  the Board of
Directors   (Trustees)  recently  created  a  special  retirement  wrap  program
("special  program")  under which  authorized  institutions  will be eligible to
receive service and distribution  fees. The annual service and distribution fees
under  each  Plan  will  not  change.  A  special  program  shares  one or  more
characteristics  distinguishing  it, in the opinion of Lord Abbett  Distributor,
from a regular mutual fund wrap fee program. Such characteristics include, among
other  things,  the fact that an  authorized  institution  does not  charge  its
clients  any  fee of a  consulting  or  advisory  nature  that  is  economically
equivalent to the distribution fee and the fact that the special program relates
to participant-directed  Retirement Plans. Eligible authorized institutions will
receive  such fees for new sales at net  asset  value of Class A shares  under a
special program. No distribution fee will be paid for exchanges into a Fund from
another  fund  participating  in the  special  program.  There is no  contingent
deferred sales charge for a Fund's  redemptions which continue as investments in
another fund  participating  in the special program.  See "Purchases",  "Class A
Rule 12 b-1 Plan"  ("Rule  12b-1  Plan")  and  "Class A Share  Net  Asset  Value
Purchases" ("Net Asset Value Purchases") in the Prospectuses for further details
about each Fund's  Class A Rule 12b-1 Plan and for the  definitions  of a mutual
fund wrap fee program and Retirement Plans.


Effective Date:       January 28, 1997








The  prospectus  contained  in  the  post-effecive  amendment  Number  69 to the
registration  statement on Form N-1A ('40 Act File No.  811-5;  '33 Act File No.
2-10638) is hereby incorporated by reference thereto.