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: 811-07538

LORD ABBETT SECURITIES TRUST

(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, NJ 07302

(Address of principal executive offices) (Zip code)

Thomas R. Phillips, Esq., Vice President & Assistant Secretary

90 Hudson Street, Jersey City, NJ 07302

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 201-6984

Date of fiscal year end: 10/31

Date of reporting period: 4/30/2014

Item 1: Report(s) to Shareholders.

2 0 1 4

L O R D  A B B E T T

S E M I A N N U A L

R E P O RT

Lord Abbett

Alpha Strategy Fund

Fundamental Equity Fund

Growth Leaders Fund

International Core Equity Fund

International Dividend Income Fund

International Opportunities Fund

Value Opportunities Fund

For the six-month period ended April 30, 2014

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Portfolio Allocation/Sector
	Schedules of Investments:
12	Alpha Strategy Fund
13	Fundamental Equity Fund
16	Growth Leaders Fund
20	International Core Equity Fund
26	International Dividend Income Fund
33	International Opportunities Fund
41	Value Opportunities Fund
46	Statements of Assets and Liabilities
50	Statements of Operations
52	Statements of Changes in Net Assets
57	Financial Highlights
109	Notes to Financial Statements
138	Supplemental Information to Shareholders

Lord Abbett Securities Trust

Lord Abbett Alpha Strategy Fund, Lord Abbett Fundamental Equity Fund,

Lord Abbett Growth Leaders Fund, Lord Abbett International Core Equity Fund,
Lord Abbett International Dividend Income Fund, Lord Abbett International Opportunities Fund, and Lord Abbett Value Opportunities Fund

Semiannual Report

For the six-month period ended April 30, 2014

 

Daria L. Foster, Trustee, President and Chief Executive Officer of the Lord Abbett Funds, and E. Thayer Bigelow, Independent Chairman of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report of Lord Abbett Securities Trust for the six-month period ended April 30, 2014. For additional information about the Trust, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

 

Daria L. Foster

Trustee, President and Chief Executive Officer

1

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2013 through April 30, 2014).

Actual Expenses

For each class of each Fund, the first line of the table on the following page provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 11/1/13 – 4/30/14” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class of each Fund, the second line of the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

2

Alpha Strategy Fund

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†#
	11/1/13	4/30/14	11/1/13 - 4/30/14
Class A
Actual	$1,000.00	$1,046.80	$1.27
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.55	$1.25
Class B
Actual	$1,000.00	$1,042.70	$5.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.84	$5.01
Class C
Actual	$1,000.00	$1,042.90	$5.07
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.84	$5.01
Class F
Actual	$1,000.00	$1,047.40	$0.51
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.30	$0.50
Class I
Actual	$1,000.00	$1,047.90	$0.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.79	$0.00
Class R2
Actual	$1,000.00	$1,045.00	$3.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.82	$3.01
Class R3
Actual	$1,000.00	$1,045.50	$2.54
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.32	$2.51

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.25% for Class A, 1.00% for Classes B and C, 0.10% for Class F, 0.00% for Class I, 0.60% for Class R2 and 0.50% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
#	Does not include expenses of Underlying Funds in which Alpha Strategy Fund invests.

Portfolio Holdings Presented by Portfolio Allocation

April 30, 2014

Underlying Fund Name	%*
Lord Abbett Developing Growth Fund, Inc. – Class I	19.78	%
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I	19.91	%
Lord Abbett Securities Trust – International Opportunities Fund – Class I	20.35	%
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I	9.72	%
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I	9.87	%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I	20.30	%
Repurchase Agreement	0.07	%
Total	100.00	%

* Represents percent of total investments.

3

Fundamental Equity Fund

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†
	11/1/13	4/30/14	11/1/13 - 4/30/14
Class A
Actual	$1,000.00	$1,057.20	$5.36
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$5.26
Class B
Actual	$1,000.00	$1,053.40	$8.66
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.36	$8.50
Class C
Actual	$1,000.00	$1,053.70	$8.66
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.36	$8.50
Class F
Actual	$1,000.00	$1,058.90	$4.08
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.83	$4.01
Class I
Actual	$1,000.00	$1,059.30	$3.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.32	$3.51
Class P
Actual	$1,000.00	$1,056.50	$5.86
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.09	$5.76
Class R2
Actual	$1,000.00	$1,055.90	$6.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.35	$6.51
Class R3
Actual	$1,000.00	$1,056.30	$6.12
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.84	$6.01

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.05% for Class A, 1.70% for Classes B and C, 0.80% for Class F, 0.70% for Class I, 1.15% for Class P, 1.30% for Class R2 and 1.20% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2014

Sector*	%**
Consumer Discretionary	8.86	%
Consumer Staples	6.63	%
Energy	13.80	%
Financials	25.55	%
Health Care	17.88	%

Sector*	%**
Industrials	9.30	%
Information Technology	10.46	%
Materials	1.84	%
Telecommunication Services	1.21	%
Utilities	4.47	%
Total	100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments.

4

Growth Leaders Fund

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†
	11/1/13	4/30/14	11/1/13 - 4/30/14
Class A*
Actual	$1,000.00	$1,051.20	$4.32
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.63	$4.26
Class B*
Actual	$1,000.00	$1,048.10	$7.77
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.21	$7.65
Class C*
Actual	$1,000.00	$1,048.00	$7.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.26	$7.60
Class F*
Actual	$1,000.00	$1,052.60	$3.31
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.57	$3.26
Class I*
Actual	$1,000.00	$1,053.00	$2.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.12	$2.71
Class R2*
Actual	$1,000.00	$1,049.90	$5.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.14	$5.71
Class R3*
Actual	$1,000.00	$1,050.70	$5.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.64	$5.21

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.85% for Class A, 1.53% for Class B, 1.52% for Class C, 0.65% for Class F, 0.54% for Class I, 1.14% for Class R2 and 1.04% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
*	The annualized expenses of each class have been restated (0.85% for Class A, 1.60% for Classes B and C, 0.70% for Class F, 0.60% for Class I, 1.20% for Class R2 and 1.10% for Class R3). Had these restated expenses been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$4.32	$4.26
Class B	$8.13	$8.00
Class C	$8.12	$8.00
Class F	$3.56	$3.51
Class I	$3.05	$3.01
Class R2	$6.10	$6.01
Class R3	$5.59	$5.51

5

Portfolio Holdings Presented by Sector

April 30, 2014

Sector*	%**
Consumer Discretionary	15.48	%
Consumer Staples	9.43	%
Energy	8.52	%
Financials	5.22	%
Health Care	9.55	%
Industrials	13.51	%
Information Technology	29.76	%
Materials	4.56	%
Utilities	1.96	%
Repurchase Agreement	2.01	%
Total	100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments.

6

International Core Equity Fund

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†
	11/1/13	4/30/14	11/1/13 - 4/30/14
Class A
Actual	$1,000.00	$1,014.10	$5.59
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.24	$5.61
Class B
Actual	$1,000.00	$1,011.60	$8.83
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.02	$8.85
Class C
Actual	$1,000.00	$1,011.00	$8.73
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.12	$8.75
Class F
Actual	$1,000.00	$1,015.10	$4.40
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.43	$4.41
Class I
Actual	$1,000.00	$1,016.60	$3.85
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.98	$3.86
Class P
Actual	$1,000.00	$1,013.90	$6.09
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.74	$6.11
Class R2
Actual	$1,000.00	$1,013.40	$6.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.05	$6.81
Class R3
Actual	$1,000.00	$1,013.70	$6.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.55	$6.31

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.77% for Class B, 1.75% for Class C, 0.87% for Class F, 0.77% for Class I, 1.22% for Class P, 1.37% for Class R2 and 1.27% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2014

Sector*	%**
Consumer Discretionary	11.24	%
Consumer Staples	7.87	%
Energy	6.07	%
Financials	24.52	%
Health Care	10.23	%
Industrials	18.45	%

Sector*	%**
Information Technology	6.37	%
Materials	5.79	%
Telecommunication Services	4.11	%
Utilities	2.65	%
Repurchase Agreement	2.70	%
Total	100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments.

7

International Dividend Income Fund

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†
	11/1/13	4/30/14	11/1/13 - 4/30/14
Class A
Actual	$1,000.00	$1,039.90	$5.66
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.24	$5.61
Class C
Actual	$1,000.00	$1,037.20	$8.94
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.02	$8.85
Class F
Actual	$1,000.00	$1,042.30	$4.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.48	$4.36
Class I
Actual	$1,000.00	$1,042.70	$3.90
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.98	$3.86
Class R2
Actual	$1,000.00	$1,039.10	$6.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.00	$6.85
Class R3
Actual	$1,000.00	$1,039.80	$6.37
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.55	$6.31

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.77% for Class C, 0.87% for Class F, 0.77% for Class I, 1.37% for Class R2 and 1.26% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2014

Sector*	%**
Consumer Discretionary	9.04	%
Consumer Staples	4.51	%
Energy	9.51	%
Financials	26.67	%
Health Care	6.08	%
Industrials	11.65	%

Sector*	%**
Information Technology	3.37	%
Materials	3.11	%
Telecommunication Services	10.67	%
Utilities	12.42	%
Repurchase Agreement	2.97	%
Total	100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments.

8 See Notes to Financial Statements.

International Opportunities Fund

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†
	11/1/13	4/30/14	11/1/13 - 4/30/14
Class A*
Actual	$1,000.00	$1,040.50	$  6.88
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.05	$  6.81
Class B
Actual	$1,000.00	$1,036.60	$10.35
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,014.63	$10.24
Class C
Actual	$1,000.00	$1,036.90	$10.25
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,014.73	$10.14
Class F
Actual	$1,000.00	$1,041.70	$  5.82
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.09	$  5.76
Class I
Actual	$1,000.00	$1,042.00	$  5.32
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$  5.26
Class P
Actual	$1,000.00	$1,039.10	$  7.58
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.36	$  7.50
Class R2
Actual	$1,000.00	$1,038.60	$  8.34
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.60	$  8.25
Class R3
Actual	$1,000.00	$1,039.00	$  7.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.20	$  7.70

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.36% for Class A, 2.05% for Class B, 2.03% for Class C, 1.15% for Class F, 1.05% for Class I, 1.50% for Class P, 1.65% for Class R2 and 1.54% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
*	The annualized expenses for Class A have been restated to 1.29%. Had the restated expenses been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$6.53	$6.45

See Notes to Financial Statements. 9

Portfolio Holdings Presented by Sector

April 30, 2014

Sector*	%**
Consumer Discretionary	19.11	%
Consumer Staples	5.63	%
Energy	5.36	%
Financials	20.22	%
Health Care	4.82	%
Industrials	21.00	%
Information Technology	13.33	%
Materials	3.88	%
Telecommunication Services	0.56	%
Utilities	3.52	%
Repurchase Agreement	2.57	%
Total	100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments.

10

Value Opportunities Fund

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value	Ending Account Value	Expenses Paid During  Period†
	11/1/13	4/30/14	11/1/13 - 4/30/14
Class A
Actual	$1,000.00	$1,085.20	$6.51
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.55	$6.31
Class B
Actual	$1,000.00	$1,081.80	$9.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.37	$9.49
Class C
Actual	$1,000.00	$1,081.80	$9.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.37	$9.49
Class F
Actual	$1,000.00	$1,086.50	$5.23
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.79	$5.06
Class I
Actual	$1,000.00	$1,087.40	$4.71
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.28	$4.56
Class P
Actual	$1,000.00	$1,084.70	$7.03
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.05	$6.81
Class R2
Actual	$1,000.00	$1,084.00	$7.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.31	$7.55
Class R3
Actual	$1,000.00	$1,084.20	$7.23
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.85	$7.00

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.26% for Class A, 1.90% for Classes B and C, 1.01% for Class F, 0.91% for Class I, 1.36% for Class P, 1.51% for Class R2 and 1.40% for Class R3) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2014

Sector*	%**
Consumer Discretionary	11.31	%
Consumer Staples	3.38	%
Energy	11.37	%
Financials	25.96	%
Health Care	7.75	%
Industrials	13.18	%

Sector*	%**
Information Technology	11.80	%
Materials	6.76	%
Utilities	7.18	%
Repurchase Agreement	1.31	%
Total	100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments

11

Schedule of Investments (unaudited)

ALPHA STRATEGY FUND April 30, 2014

Investments	Shares		Fair Value (000)
INVESTMENTS IN UNDERLYING FUNDS(a) 100.06%
Lord Abbett Developing Growth Fund, Inc. – Class I*(b)		9,382,874	$	253,807
Lord Abbett Securities Trust – International Opportunities Fund – Class I(c)		14,755,406		261,171
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I*(c)		6,550,099		124,779
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I*(c)		3,750,489		126,616
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I(c)		7,252,244		255,424
Lord Abbett Securities Trust – Value Opportunities Fund – Class I*(c)		11,985,495		260,445
Total Investments in Underlying Funds (cost $1,017,656,673)				1,282,242

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.07%
Repurchase Agreement
Repurchase Agreement dated 4/30/2014, Zero Coupon due 5/1/2014 with Fixed Income Clearing Corp. collateralized by $940,000 of U.S. Treasury Note at 0.375% due 6/30/2015; value: $943,525; proceeds: $923,288 (cost $923,288)		$    923	$	923
Total Investments in Securities 100.13% (cost $1,018,579,961)				1,283,165
Liabilities in Excess of Other Assets (0.13)%				(1,639	)
Net Assets 100.00%			$	1,281,526

*	Non-income producing security.
(a)	Affiliated issuers (See Note 12).
(b)	Fund 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.
(c)	Fund investment objective is long-term capital appreciation.

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Investments in Underlying Funds	$	1,282,242	$	—	$	—	$	1,282,242
Repurchase Agreement		—		923		—		923
Total	$	1,282,242	$	923	$	—	$	1,283,165

(1)	Refer to note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each investment strategy of Underlying Funds.
(3)	There were no level transfers during the period ended April 30, 2014.

12 See Notes to Financial Statements.

Schedule of Investments (unaudited)

FUNDAMENTAL EQUITY FUND April 30, 2014

Investments	Shares		Fair Value (000)
COMMON STOCKS 100.13%
Aerospace & Defense 3.66%
General Dynamics Corp.		989,800	$	108,333
United Technologies Corp.		897,700		106,225
Total				214,558
Banks 11.12%
BB&T Corp.		2,137,000		79,774
Citigroup, Inc.		468,601		22,451
East West Bancorp, Inc.		2,323,432		80,182
First Republic Bank		1,582,700		80,338
JPMorgan Chase & Co.		3,366,222		188,441
Signature Bank*		490,900		58,329
SunTrust Banks, Inc.		1,965,251		75,190
SVB Financial Group*		237,700		25,360
U.S. Bancorp		1,034,500		42,187
Total				652,252
Biotechnology 5.21%
Aegerion Pharmaceuticals, Inc.*		732,826		32,435
Celgene Corp.*		637,841		93,769
Galmed Pharmaceuticals Ltd. (Israel)*(a)		104,600		842
Incyte Corp., Ltd.*		770,100		37,396
Medivation, Inc.*		799,509		48,139
Puma Biotechnology, Inc.*		612,700		46,283
Sarepta Therapeutics, Inc.*		1,260,458		46,801
Total				305,665
Building Products 0.95%
USG Corp.*		1,871,100		55,871
Capital Markets 3.89%
Affiliated Managers Group, Inc.*		442,900		87,783
Artisan Partners Asset Management, Inc. Class A		360,394		20,928
Greenhill & Co., Inc.		971,900		48,741
Invesco Ltd.		2,010,987		70,807
Total				228,259

Investments	Shares		Fair Value (000)
Chemicals 1.18%
PPG Industries, Inc.		358,200	$	69,355
Communications Equipment 2.13%
Cisco Systems, Inc.		5,415,100		125,143
Consumer Finance 3.46%
Capital One Financial Corp.		1,844,399		136,301
Discover Financial Services		1,195,300		66,817
Total				203,118
Diversified Telecommunication Services 1.21%
Verizon
Communications, Inc.		1,517,400		70,908
Electric: Utilities 3.23%
Duke Energy Corp.		1,622,700		120,875
NextEra Energy, Inc.		687,986		68,695
Total				189,570
Energy Equipment & Services 2.01%
Dril-Quip, Inc.*		366,152		41,419
Helmerich & Payne, Inc.		701,500		76,218
Total				117,637
Food Products 2.43%
Kraft Foods Group, Inc.		1,086,268		61,765
Mondelez International, Inc. Class A		2,267,103		80,822
Total				142,587
Health Care Equipment & Supplies 1.14%
St. Jude Medical, Inc.		1,051,600		66,745
Health Care Providers & Services 5.76%
Community Health Systems, Inc.*		1,904,100		72,146
DaVita HealthCare Partners, Inc.*		785,771		54,454
Envision Healthcare Holdings, Inc.*		1,050,084		35,482
Express Scripts Holding Co.*		256,800		17,098
Humana, Inc.		668,352		73,352
McKesson Corp.		503,100		85,120
Total				337,652

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

FUNDAMENTAL EQUITY FUND April 30, 2014

Investments	Shares		Fair Value (000)
Household Products 4.21%
Colgate-Palmolive Co.		1,078,500	$	72,583
Kimberly-Clark Corp.		752,040		84,416
Procter & Gamble Co. (The)		1,088,600		89,864
Total				246,863
Information Technology Services 1.92%
Cognizant Technology Solutions Corp. Class A*		765,900		36,690
Vantiv, Inc. Class A*		2,474,200		76,082
Total				112,772
Insurance 6.08%
Allstate Corp. (The)		1,594,000		90,778
Hartford Financial Services Group, Inc. (The)		2,982,724		106,990
Lincoln National Corp.		616,400		29,901
MetLife, Inc.		807,900		42,294
Prudential Financial, Inc.		1,069,752		86,308
Total				356,271
Internet Software & Services 1.43%
eBay, Inc.*		1,616,722		83,795
Life Sciences Tools & Services 2.16%
Quintiles Transnational Holdings, Inc.*		1,146,511		54,035
Thermo Fisher Scientific, Inc.		634,119		72,290
Total				126,325
Machinery 2.04%
Caterpillar, Inc.		650,600		68,573
Terex Corp.		1,183,100		51,217
Total				119,790
Media 4.44%
CBS Corp. Class B		1,241,400		71,703
Comcast Corp. Class A		2,302,733		119,189
Starz Class A*		2,156,600		69,594
Total				260,486

Investments	Shares		Fair Value (000)
Multi-Utilities 1.24%
Sempra Energy		738,105	$	72,785
Oil, Gas & Consumable Fuels 11.81%
Cimarex Energy Co.		360,988		43,001
Devon Energy Corp.		1,167,000		81,690
EQT Corp.		418,840		45,649
Exxon Mobil Corp.		651,354		66,705
Marathon Petroleum Corp.		426,200		39,615
Pioneer Natural Resources Co.		480,810		92,926
Range Resources Corp.		972,322		87,947
SM Energy Co.		758,000		56,191
Southwestern Energy Co.*		1,556,506		74,525
Valero Energy Corp.		1,828,085		104,512
Total				692,761
Paper & Forest Products 0.67%
Domtar Corp. (Canada)(a)		418,000		39,025
Pharmaceuticals 3.64%
Actavis plc*		579,700		118,450
Mallinckrodt plc*		1,333,600		94,992
Total				213,442
Professional Services 1.10%
Towers Watson & Co.
Class A		572,401		64,235
Real Estate Investment Trusts 1.03%
Simon Property Group, Inc.		349,500		60,533
Semiconductors & Semiconductor Equipment 1.03%
Micron Technology, Inc.*		2,319,500		60,585
Specialty Retail 2.54%
Foot Locker, Inc.		1,424,100		66,263
GNC Holdings, Inc. Class A		1,066,800		48,006
TJX Cos., Inc. (The)		595,000		34,617
Total				148,886

14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FUNDAMENTAL EQUITY FUND April 30, 2014

Investments	Shares		Fair Value (000)
Technology Hardware, Storage & Peripherals 3.95%
EMC Corp.		2,396,600	$	61,832
Hewlett-Packard Co.		3,053,100		100,935
SanDisk Corp.		812,600		69,047
Total				231,814
Textiles, Apparel & Luxury Goods 1.89%
Deckers Outdoor Corp.*		826,063		65,218
PVH Corp.		364,500		45,770
Total				110,988

Investments	Shares		Fair Value (000)
Trading Companies & Distributors 1.57%
W.W. Grainger, Inc.		360,600	$	91,737
Total Investments in Common Stocks 100.13% (cost $5,038,556,179)				5,872,413
Liabilities in Excess of Other Assets (0.13)%				(7,583	)
Net Assets 100.00%			$	5,864,830

*	Non-income producing security.
(a)	Foreign security traded in U.S. dollars.

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	5,872,413	$	—	$	—	$	5,872,413
Total	$	5,872,413	$	—	$	—	$	5,872,413

(1)	Refer to note 2(k) 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.
(3)	There were no level transfers during the period ended April 30, 2014.

See Notes to Financial Statements. 15

Schedule of Investments (unaudited)

GROWTH LEADERS FUND April 30, 2014

Investments	Shares		Fair Value (000)
COMMON STOCKS 97.35%
Aerospace & Defense 1.18%
Honeywell International, Inc.		139,240	$	12,935
Airlines 1.82%
American Airlines Group, Inc.*		261,468		9,170
Delta Air Lines, Inc.		290,672		10,705
Total				19,875
Automobiles 0.92%
Harley-Davidson, Inc.		135,903		10,049
Banks 1.95%
PNC Financial Services Group, Inc. (The)		126,332		10,617
Wells Fargo & Co.		214,896		10,667
Total				21,284
Beverages 2.10%
Coca-Cola Co. (The)		259,447		10,583
Dr. Pepper Snapple Group, Inc.		222,122		12,310
Total				22,893
Biotechnology 1.22%
Agios Pharmaceuticals, Inc.*		58,163		2,446
Intercept Pharmaceuticals, Inc.*		41,119		10,861
Total				13,307
Capital Markets 1.75%
Charles Schwab Corp. (The)		419,074		11,126
TD Ameritrade Holding Corp.		251,271		8,016
Total				19,142
Chemicals 4.53%
Celanese Corp. Series A		135,333		8,313
Dow Chemical Co. (The)		182,925		9,128
E.I. du Pont de Nemours & Co.		167,136		11,252
Monsanto Co.		96,148		10,644
Sherwin-Williams Co. (The)		50,538		10,099
Total				49,436

Investments	Shares		Fair Value (000)
Communications Equipment 1.67%
Finisar Corp.*		294,324	$	7,696
QUALCOMM, Inc.		133,577		10,514
Total				18,210
Consumer Finance 0.48%
American Express Co.		60,246		5,267
Diversified Consumer Services 0.48%
LifeLock, Inc.*		332,427		5,219
Electronic Equipment, Instruments & Components 1.18%
Trimble Navigation Ltd.*		333,921		12,833
Energy Equipment & Services 3.98%
CARBO Ceramics, Inc.		40,752		5,702
FMC Technologies, Inc.*		97,537		5,530
Halliburton Co.		173,774		10,960
Schlumberger Ltd.		209,419		21,266
Total				43,458
Food & Staples Retailing 5.67%
Costco Wholesale Corp.		139,228		16,106
CVS Caremark Corp.		213,842		15,551
Wal-Mart Stores, Inc.		206,424		16,454
Walgreen Co.		203,111		13,791
Total				61,902
Health Care Equipment & Supplies 1.58%
IDEXX Laboratories, Inc.*		70,810		8,953
St. Jude Medical, Inc.		130,545		8,286
Total				17,239
Health Care Providers & Services 1.27%
Cardinal Health, Inc.		109,545		7,615
HCA Holdings, Inc.*		119,178		6,197
Total				13,812

16 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GROWTH LEADERS FUND April 30, 2014

Investments	Shares		Fair Value (000)
Hotels, Restaurants & Leisure 3.07%
Las Vegas Sands Corp.		146,796	$	11,616
Starwood Hotels & Resorts Worldwide, Inc.		99,507		7,627
Yum! Brands, Inc.		185,268		14,264
Total				33,507
Household Durables 2.17%
Garmin Ltd. (Switzerland)(a)		226,421		12,929
iRobot Corp.*		158,502		5,310
Toll Brothers, Inc.*		160,146		5,483
Total				23,722
Household Products 1.60%
Colgate-Palmolive Co.		259,704		17,478
Independent Power Producers & Energy Traders 0.98%
NRG Energy, Inc.		326,278		10,676
Internet & Catalog Retail 0.74%
priceline.com, Inc.*		7,012		8,118
Internet Software & Services 8.46%
Baidu, Inc. ADR*		33,207		5,109
Facebook, Inc. Class A*		746,108		44,602
Google, Inc. Class A*		56,664		30,308
Yelp, Inc.*		46,022		2,684
Zillow, Inc. Class A*		88,765		9,649
Total				92,352
Life Sciences Tools & Services 0.47%
Quintiles Transnational Holdings, Inc.*		109,531		5,162
Machinery 4.44%
Caterpillar, Inc.		116,800		12,311
Cummins, Inc.		109,097		16,457
Deere & Co.		127,779		11,927
Joy Global, Inc.		128,996		7,789
Total				48,484

Investments	Shares		Fair Value (000)
Media 2.81%
Comcast Corp. Class A		356,612	$	18,458
DIRECTV*		157,999		12,261
Total				30,719
Multi-Utilities 0.97%
Sempra Energy		107,274		10,578
Oil, Gas & Consumable Fuels 4.49%
EOG Resources, Inc.		107,058		10,492
EQT Corp.		119,294		13,002
Range Resources Corp.		140,733		12,729
Southwestern Energy Co.*		266,116		12,741
Total				48,964
Pharmaceuticals 4.95%
Allergan, Inc.		32,542		5,397
Bristol-Myers Squibb Co.		155,456		7,787
Eli Lilly & Co.		207,140		12,242
Johnson & Johnson		146,369		14,825
Merck & Co., Inc.		236,272		13,836
Total				54,087
Professional Services 2.26%
IHS, Inc. Class A*		89,558		10,804
Robert Half International, Inc.		310,227		13,898
Total				24,702
Real Estate Investment Trusts 1.00%
Boston Properties, Inc.		92,879		10,880
Road & Rail 0.80%
Old Dominion Freight Line, Inc.*		143,212		8,683
Semiconductors & Semiconductor Equipment 7.23%
Analog Devices, Inc.		157,809		8,094
First Solar, Inc.*		148,662		10,033
NVIDIA Corp.		428,486		7,914
NXP Semiconductors NV (Netherlands)*(a)		137,838		8,218

See Notes to Financial Statements. 17

Schedule of Investments (unaudited)(continued)

GROWTH LEADERS FUND April 30, 2014

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions, Inc.*		259,784	$	10,664
SunEdison, Inc.*		437,809		8,419
SunPower Corp.*		368,095		12,302
Texas Instruments, Inc.		291,847		13,265
Total				78,909
Software 5.72%
King Digital Entertainment plc (Ireland)*(a)		304,006		5,214
Microsoft Corp.		1,070,999		43,268
Oracle Corp.		342,819		14,015
Total				62,497
Specialty Retail 3.48%
Home Depot, Inc. (The)		204,448		16,255
O’Reilly Automotive, Inc.*		84,984		12,645
Tiffany & Co.		104,331		9,128
Total				38,028
Technology Hardware, Storage & Peripherals 5.31%
Apple, Inc.		73,247		43,223
SanDisk Corp.		173,417		14,735
Total				57,958
Textiles, Apparel & Luxury Goods 1.70%
Michael Kors Holdings Ltd. (Hong Kong)*(a)		87,651		7,994
NIKE, Inc. Class B		144,729		10,558
Total				18,552
Trading Companies & Distributors 2.92%
Air Lease Corp.		225,466		8,087
Fastenal Co.		212,251		10,630
HD Supply Holdings, Inc.*		509,588		13,137
Total				31,854
Total Common Stocks (cost $1,054,472,908)				1,062,771

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 2.00%
Repurchase Agreement
Repurchase Agreement dated 4/30/2014, Zero Coupon due 5/1/2014 with Fixed Income Clearing Corp. collateralized by $22,160,000 of U. S. Treasury Note at 0.375% due 6/30/2015; value: $22,243,100; proceeds: $21,805,987 (cost $21,805,987)	$	21,806	$	21,806
Total Investments in Securities 99.35% (cost $1,076,278,895)				1,084,577
Other Assets in Excess of Liabilities 0.65%				7,062
Net Assets 100.00%			$	1,091,639

ADR	American Depositary Receipt.
*	Non-income producing security.
(a)	Foreign security traded in U.S. dollars.

18 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GROWTH LEADERS FUND April 30, 2014

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	1,062,771	$	—	$	—	$	1,062,771
Repurchase Agreement		—		21,806		—		21,806
Total	$	1,062,771	$	21,806	$	—	$	1,084,577

(1)	Refer to note 2(k) 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.
(3)	There were no level transfers during the period ended April 30, 2014.

See Notes to Financial Statements. 19

Schedule of Investments (unaudited)

INTERNATIONAL CORE EQUITY FUND April 30, 2014

			U.S. $
			Fair Value
Investments	Shares		(000)
LONG-TERM INVESTMENTS 96.07%
COMMON STOCKS 94.56%
Austria 2.31%
Diversified Telecommunication Services 1.30%
Telekom Austria AG		904,087	$	8,968
Machinery 1.01%
Andritz AG		111,376		6,912
Total Austria				15,880
Canada 0.72%
Metals & Mining
Teck Resources Ltd. Class B		216,200		4,927
China 2.18%
Insurance 0.15%
Ping An Insurance Group Co. of China Ltd. Class H		136,000		1,006
Oil, Gas & Consumable Fuels 1.22%
Kunlun Energy Co., Ltd.		5,356,000		8,359
Real Estate Management & Development 0.81%
China Overseas Land & Investment Ltd.		2,280,000		5,594
Total China				14,959
Denmark 2.17%
Diversified Telecommunication Services 1.15%
TDC A/S		845,418		7,936
Pharmaceuticals 1.02%
H Lundbeck A/S		240,358		7,005
Total Denmark				14,941
France 8.24%
Aerospace & Defense 1.68%
Safran SA		172,229		11,575

			U.S. $
			Fair Value
Investments	Shares		(000)
Diversified Telecommunication Services 0.98%
Vivendi SA		251,974	$	6,761
Electrical Equipment 1.64%
Schneider Electric SA		120,640		11,306
Insurance 1.45%
AXA SA		382,866		9,973
Pharmaceuticals 1.59%
Sanofi		100,812		10,912
Textiles, Apparel & Luxury Goods 0.90%
Kering		27,851		6,159
Total France				56,686
Germany 6.66%
Automobiles 1.47%
Daimler AG Registered Shares		109,536		10,141
Banks 0.57%
Commerzbank AG*		222,058		3,945
Diversified Financial Services 0.87%
Deutsche Boerse AG		81,463		5,966
Health Care Providers & Services 1.01%
Fresenius SE & Co. KGaA		45,715		6,948
Industrial Conglomerates 1.78%
Siemens AG Registered Shares		92,724		12,221
Life Sciences Tools & Services 0.96%
MorphoSys AG *		76,777		6,574
Total Germany				45,795
Hong Kong 3.76%
Airlines 1.20%
Cathay Pacific Airways Ltd.		4,375,000		8,262
Electric: Utilities 0.85%
Cheung Kong Infrastructure Holdings Ltd.		893,000		5,828

20 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2014

			U.S. $
			Fair Value
Investments	Shares		(000)
Hong Kong (continued)
Hotels, Restaurants & Leisure 1.71%
SJM Holdings Ltd.		4,253,000	$	11,794
Total Hong Kong				25,884
Indonesia 0.55%
Banks
PT Bank Negara Indonesia (Persero) Tbk		9,095,294		3,788
Italy 3.33%
Banks 1.41%
UniCredit SpA		1,084,977		9,694
Oil, Gas & Consumable Fuels 1.92%
Eni SpA ADR		255,200		13,178
Total Italy				22,872
Japan 15.65%
Automobiles 2.14%
Nissan Motor Co., Ltd.		569,300		4,884
Toyota Motor Corp.		182,900		9,868
				14,752
Banks 1.53%
Bank of Yokohama Ltd. (The)		2,097,000		10,522
Chemicals 1.17%
Asahi Kasei Corp.		1,187,000		8,069
Diversified Financial Services 1.09%
ORIX Corp.		519,400		7,504
Electrical Equipment 0.74%
Nidec Corp.		89,200		5,074
Electronic Equipment, Instruments & Components 2.09%
Hitachi Ltd.		1,795,000		12,765
Murata Manufacturing Co., Ltd.		19,800		1,646
				14,411

			U.S. $
			Fair Value
Investments	Shares		(000)
Information Technology Services 0.77%
Obic Co., Ltd.		176,100	$	5,280
Machinery 0.92%
NSK Ltd.		602,000		6,330
Real Estate Management & Development 1.19%
Daiwa House Industry Co., Ltd.		484,000		8,157
Tobacco 0.80%
Japan Tobacco, Inc.		167,000		5,482
Trading Companies & Distributors 2.91%
Mitsubishi Corp.		470,000		8,404
Sumitomo Corp.		894,800		11,614
				20,018
Wireless Telecommunication Services 0.30%
SoftBank Corp.		27,400		2,034
Total Japan				107,633
Luxembourg 0.75%
Metals & Mining
ArcelorMittal Registered Shares		317,600		5,161
Mexico 0.79%
Real Estate Investment Trusts
Macquarie Mexico Real Estate Management SA de CV *		2,863,200		5,436
Netherlands 4.91%
Beverages 1.73%
Heineken Holding NV		187,080		11,939
Diversified Financial Services 1.50%
ING Groep NV CVA *		725,412		10,300
Insurance 1.68%
Aegon NV		1,274,356		11,554
Total Netherlands				33,793

See Notes to Financial Statements. 21

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2014

			U.S. $
			Fair Value
Investments	Shares		(000)
Norway 3.57%
Banks 2.05%
DNB ASA		797,989	$	14,109
Diversified Telecommunication Services 0.33%
Telenor ASA		95,542		2,242
Insurance 1.19%
Storebrand ASA *		1,458,221		8,174
Total Norway				24,525
Portugal 1.69%
Oil, Gas & Consumable Fuels
Galp Energia SGPS SA		672,663		11,651
South Korea 3.59%
Chemicals 1.08%
LG Chem Ltd.		29,241		7,442
Semiconductors & Semiconductor Equipment 2.51%
Samsung Electronics Co., Ltd.		5,780		7,512
SK Hynix, Inc.*		250,550		9,736
				17,248
Total South Korea				24,690
Spain 4.63%
Airlines 0.97%
International Consolidated Airlines Group SA *		975,496		6,656
Construction & Engineering 3.03%
ACS Actividades de Construccion y Servicios SA		251,702		10,782
Obrascon Huarte Lain SA		217,074		10,048
				20,830
Media 0.63%
Mediaset Espana Comunicacion SA *		391,067		4,329
Total Spain				31,815

			U.S. $
			Fair Value
Investments	Shares		(000)
Sweden 1.53%
Machinery
Alfa Laval AB		395,338	$	10,488
Switzerland 4.03%
Chemicals 1.14%
Syngenta AG Registered Shares		19,779		7,835
Insurance 0.78%
Swiss Re AG *		61,351		5,357
Pharmaceuticals 2.11%
Roche Holding AG		49,429		14,490
Total Switzerland				27,682
Taiwan 0.91%
Semiconductors & Semiconductor Equipment
Siliconware Precision Industries Co. ADR		846,700		6,283
Thailand 0.87%
Banks
Bangkok Bank Public Co., Ltd.		1,025,900		5,992
United Kingdom 21.72%
Banks 4.15%
Barclays plc		2,258,408		9,617
HSBC Holdings plc		839,556		8,563
HSBC Holdings plc ADR		62,400		3,203
Lloyds Banking Group plc *		5,613,391		7,142
				28,525
Beverages 1.62%
Diageo plc		364,134		11,174
Electric: Utilities 1.77%
SSE plc		472,132		12,156
Food & Staples Retailing 0.25%
Tesco plc		350,625		1,734

22 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2014

			U.S. $
			Fair Value
Investments	Shares		(000)
United Kingdom (continued)
Food Products 1.75%
Tate & Lyle plc		531,368	$	6,289
Unilever plc		128,189		5,723
				12,012
Household Durables 1.19%
Berkeley Group Holdings plc		211,132		8,178
Insurance 1.58%
Prudential plc		473,868		10,869
Media 1.54%
WPP plc		492,944		10,603
Metals & Mining 0.85%
Rio Tinto plc ADR		107,800		5,852
Oil, Gas & Consumable Fuels 1.17%
Genel Energy plc *		491,968		8,049
Pharmaceuticals 3.42%
GlaxoSmithKline plc		421,341		11,610
Shire plc		209,347		11,940
				23,550
Tobacco 1.62%
Imperial Tobacco Group plc		257,540		11,119
Trading Companies & Distributors 0.81%
Ashtead Group plc		377,342		5,571
Total United Kingdom				149,392
Total Common Stocks (cost $563,904,913)				650,273
PREFERRED STOCK 1.51%
Germany
Automobiles
Volkswagen AG (cost $10,010,209)		38,593		10,392
Total Long-Term Investments (cost $573,915,122)				660,665

	Principal		U.S. $
	Amount		Fair Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 2.67%
Repurchase Agreement
Repurchase Agreement dated 4/30/2014, Zero Coupon due 5/1/2014 with Fixed Income Clearing Corp. collateralized by $3,520,000 of Federal National Mortgage Assoc. at 0.375% due 12/21/2015 and $13,990,000 of U.S. Treasury Note at 4.50% due 11/15/2015; value: $18,707,950; proceeds: $18,339,576 (cost $18,339,576)	$	18,340	$	18,340
Total Investments in Securities 98.74% (cost $592,254,698)				679,005
Cash, Foreign Cash and Other Assets in Excess of Liabilities(a) 1.26%				8,672
Net Assets 100.00%			$	687,677

ADR	American Depositary Receipt.
*	Non-income producing security.
(a)	Cash, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/ depreciation on forward foreign currency exchange contracts as follows:

See Notes to Financial Statements. 23

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2014

Open Forward Foreign Currency Exchange Contracts at April 30, 2014:

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Appreciation
Australian dollar	Buy	J.P.Morgan	8/11/2014		9,730,000	$	8,941,666	$	8,976,671	$	35,005
Australian dollar	Buy	J.P.Morgan	8/11/2014		9,730,000		8,938,990		8,976,671		37,681
Australian dollar	Buy	J.P.Morgan	8/11/2014		9,730,000		8,940,547		8,976,671		36,124
Australian dollar	Buy	Morgan Stanley	6/10/2014		8,669,000		7,713,113		8,032,026		318,913
Australian dollar	Buy	UBS AG	6/10/2014		8,669,000		7,707,382		8,032,026		324,644
Australian dollar	Buy	UBS AG	6/10/2014		4,300,000		3,824,441		3,984,048		159,607
Brazilian real	Buy	UBS AG	7/25/2014		15,140,000		6,300,458		6,633,098		332,640
British pound	Buy	Barclays Bank plc	6/4/2014		1,245,000		2,065,111		2,101,514		36,403
British pound	Buy	Goldman Sachs	5/12/2014		545,000		902,312		920,105		17,793
British pound	Buy	J.P.Morgan	5/12/2014		2,115,000		3,503,042		3,570,684		67,642
euro	Buy	Barclays Bank plc	6/9/2014		1,315,000		1,814,662		1,824,213		9,551
euro	Buy	Barclays Bank plc	6/9/2014		3,265,000		4,525,538		4,529,320		3,782
euro	Buy	Goldman Sachs	6/9/2014		4,400,000		6,072,722		6,103,831		31,109
euro	Buy	J.P.Morgan	6/9/2014		1,975,000		2,729,935		2,739,788		9,853
euro	Buy	Morgan Stanley	6/9/2014		2,100,000		2,901,192		2,913,192		12,000
Japanese yen	Buy	Credit Suisse	5/9/2014		355,000,000		3,458,515		3,472,540		14,025
Japanese yen	Buy	J.P.Morgan	5/9/2014		255,000,000		2,445,956		2,494,359		48,403
Norwegian krone	Buy	Morgan Stanley	5/27/2014		8,225,000		1,377,582		1,382,470		4,888
Singapore dollar	Buy	Credit Suisse	5/16/2014		6,360,000		5,020,544		5,072,970		52,426
South African rand	Buy	Deutsche Bank	8/25/2014		48,400,000		4,511,062		4,516,319		5,257
Swiss franc	Buy	Barclays Bank plc	5/16/2014		7,650,000		8,485,330		8,692,965		207,635
Swiss franc	Buy	Goldman Sachs	6/20/2014		16,940,000		19,044,171		19,254,882		210,711
Swiss franc	Buy	UBS AG	5/16/2014		1,110,000		1,221,056		1,261,332		40,276
euro	Sell	Barclays Bank plc	6/9/2014		1,880,000		2,613,753		2,608,001		5,752
euro	Sell	J.P.Morgan	6/9/2014		1,790,000		2,491,018		2,483,149		7,869
Japanese yen	Sell	J.P.Morgan	6/18/2014		174,000,000		1,703,609		1,702,436		1,173
Japanese yen	Sell	Morgan Stanley	6/18/2014		107,000,000		1,050,942		1,046,901		4,041
Norwegian krone	Sell	Bank of America	8/14/2014		20,285,000		3,406,811		3,398,657		8,154
Swiss franc	Sell	Morgan Stanley	5/16/2014		1,500,000		1,705,469		1,704,503		966
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	2,044,323

24 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL CORE EQUITY FUND April 30, 2014

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Depreciation
Japanese yen	Buy	J.P.Morgan	6/18/2014		571,000,000	$	5,632,830	$	5,586,732	$	(46,098	)
British pound	Sell	Barclays Bank plc	5/12/2014		2,660,000		4,371,245		4,490,790		(119,545	)
British pound	Sell	Barclays Bank plc	6/4/2014		1,250,000		2,057,536		2,109,954		(52,418	)
British pound	Sell	Barclays Bank plc	6/4/2014		2,610,000		4,358,295		4,405,584		(47,289	)
British pound	Sell	Goldman Sachs	6/4/2014		1,340,000		2,196,785		2,261,871		(65,086	)
British pound	Sell	J.P.Morgan	6/4/2014		2,075,000		3,466,505		3,502,524		(36,019	)
British pound	Sell	J.P.Morgan	6/4/2014		2,430,000		4,082,155		4,101,751		(19,596	)
Canadian dollar	Sell	Bank of America	6/20/2014		4,000,000		3,598,776		3,645,185		(46,409	)
euro	Sell	Barclays Bank plc	6/9/2014		1,030,000		1,412,433		1,428,851		(16,418	)
euro	Sell	Barclays Bank plc	6/9/2014		1,550,000		2,135,145		2,150,213		(15,068	)
euro	Sell	Barclays Bank plc	6/9/2014		1,310,000		1,801,771		1,817,277		(15,506	)
euro	Sell	Barclays Bank plc	8/11/2014		17,615,000		24,198,289		24,433,463		(235,174	)
euro	Sell	Goldman Sachs	6/9/2014		2,300,000		3,171,948		3,190,639		(18,691	)
euro	Sell	Goldman Sachs	8/11/2014		3,000,000		4,152,417		4,161,248		(8,831	)
euro	Sell	J.P.Morgan	6/9/2014		2,330,000		3,215,423		3,232,256		(16,833	)
euro	Sell	Morgan Stanley	6/9/2014		6,465,000		8,968,306		8,968,470		(164	)
euro	Sell	UBS AG	6/9/2014		820,000		1,127,883		1,137,532		(9,649	)
euro	Sell	UBS AG	6/9/2014		2,165,000		2,959,356		3,003,362		(44,006	)
euro	Sell	UBS AG	6/9/2014		1,840,000		2,535,492		2,552,511		(17,019	)
Japanese yen	Sell	Goldman Sachs	6/18/2014		290,000,000		2,835,908		2,837,395		(1,487	)
Japanese yen	Sell	Morgan Stanley	5/9/2014		610,000,000		5,839,176		5,966,899		(127,723	)
Norwegian krone	Sell	Goldman Sachs	5/27/2014		94,185,000		15,222,935		15,830,756		(607,821	)
South Korean won	Sell	J.P.Morgan	8/21/2014		13,500,000,000		12,922,370		13,010,453		(88,083	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(1,654,933	)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2			Level 3		Total
Investment Type(2)(3)	(000)		(000)			(000)		(000)
Common Stocks	$	650,273	$	—		$	—	$	650,273
Preferred Stock		10,392		—			—		10,392
Repurchase Agreement		—		18,340			—		18,340
Total	$	660,665	$	18,340		$	—	$	679,005
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	—	$	2,044		$	—	$	2,044
Liabilities		—		(1,655	)		—		(1,655	)
Total	$	—	$	389		$	—	$	389

(1)	Refer to note 2(k) 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.
(3)	There were no level transfers during the period ended April 30, 2014.

See Notes to Financial Statements. 25

Schedule of Investments (unaudited)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2014

			U.S. $
			Fair Value
Investments	Shares		(000)
LONG-TERM INVESTMENTS 95.43%
COMMON STOCKS 93.76%
Australia 7.06%
Banks 2.08%
National Australia
Bank Ltd.		1,605,802	$	52,660
Electric: Utilities 2.50%
SP AusNet		22,592,224		29,383
Spark Infrastructure Group		20,576,876		33,740
				63,123
Real Estate Investment Trusts 2.48%
Mirvac Group		23,026,527		37,436
Westfield Retail Trust		8,542,562		25,316
				62,752
Total Australia				178,535
Austria 0.75%
Metals & Mining
Voestalpine AG		417,306		19,047
Belgium 1.36%
Air Freight & Logistics
bpost SA		1,522,974		34,303
Canada 0.91%
Oil, Gas & Consumable Fuels
Baytex Energy Corp.		554,600		23,084
China 1.50%
Banks 0.75%
Bank of China Ltd. H Shares		42,962,000		18,896
Oil, Gas & Consumable Fuels 0.75%
Kunlun Energy Co., Ltd.		12,230,000		19,087
Total China				37,983

			U.S. $
			Fair Value
Investments	Shares		(000)
Denmark 1.86%
Diversified Telecommunication Services
TDC A/S		5,015,552	$	47,079
Finland 0.78%
Paper & Forest Products
UPM-Kymmene OYJ		1,130,997		19,771
France 10.47%
Banks 1.56%
BNP Paribas SA		526,609		39,532
Diversified Telecommunication Services 1.80%
Orange SA		1,321,423		21,404
Vivendi SA		899,927		24,146
				45,550
Electrical Equipment 1.02%
Schneider Electric SA		275,029		25,774
Insurance 1.45%
AXA SA		1,409,466		36,713
Media 0.61%
Lagardere SCA		368,455		15,425
Oil, Gas & Consumable Fuels 2.14%
Total SA ADR		761,380		54,241
Pharmaceuticals 1.37%
Sanofi		319,011		34,530
Textiles, Apparel & Luxury Goods 0.52%
Kering		58,989		13,045
Total France				264,810
Germany 7.15%
Automobiles 1.40%
Daimler AG Registered Shares		382,683		35,428

26 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2014

			U.S. $
			Fair Value
Investments	Shares		(000)
Germany (continued)
Diversified Telecommunication Services 1.38%
Deutsche Telekom AG Registered Shares		2,084,012	$	34,941
Industrial Conglomerates 1.65%
Siemens AG Registered Shares		317,009		41,781
Media 1.05%
ProSiebenSat.1 Media AG Registered Shares		605,403		26,470
Wireless Telecommunication Services 1.67%
Freenet AG		1,220,081		42,173
Total Germany				180,793
Hong Kong 4.94%
Electric: Utilities 0.79%
Cheung Kong Infrastructure Holdings Ltd.		3,061,000		19,978
Hotels, Restaurants & Leisure 2.02%
SJM Holdings Ltd.		15,006,000		41,614
Wynn Macau Ltd.		2,380,800		9,381
				50,995
Real Estate Management & Development 1.44%
Cheung Kong Holdings Ltd.		2,132,000		36,299
Water Utilities 0.69%
Guangdong Investment Ltd.		16,150,000		17,560
Total Hong Kong				124,832
Israel 1.10%
Diversified Telecommunication Services
Bezeq The Israeli Telecommunication Corp., Ltd.		15,353,777		27,819

			U.S. $
			Fair Value
Investments	Shares		(000)
Italy 3.88%
Banks 0.65%
Intesa Sanpaolo SpA		4,825,832	$	16,470
Oil, Gas & Consumable Fuels 1.85%
Eni SpA ADR		904,380		46,702
Transportation Infrastructure 1.38%
Atlantia SpA		1,341,959		34,908
Total Italy				98,080
Japan 9.03%
Automobiles 1.67%
Nissan Motor Co., Ltd.		2,008,200		17,227
Toyota Motor Corp.		462,900		24,975
				42,202
Banks 1.33%
Aozora Bank Ltd.		11,288,000		33,565
Real Estate Investment Trusts 0.99%
United Urban Investment Corp.		16,661		25,097
Real Estate Management & Development 0.67%
Daiwa House Industry Co., Ltd.		1,005,000		16,938
Technology Hardware, Storage & Peripheral 0.95%
Ricoh Co., Ltd.		2,093,300		24,059
Tobacco 0.77%
Japan Tobacco, Inc.		591,700		19,423
Trading Companies & Distributors 2.65%
Mitsubishi Corp.		1,574,100		28,146
Sumitomo Corp.		2,990,800		38,820
				66,966
Total Japan				228,250

See Notes to Financial Statements. 27

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2014

			U.S. $
			Fair Value
Investments	Shares		(000)
Luxembourg 0.71%
Media
RTL Group SA		160,803	$	17,854
Mexico 0.73%
Real Estate Investment Trusts
Macquarie Mexico Real Estate Management SA de CV*		9,740,337		18,494
Netherlands 2.01%
Insurance
Aegon NV		3,805,233		34,499
Delta Lloyd NV		618,110		16,255
Total Netherlands				50,754
New Zealand 2.41%
Airlines 1.52%
Air New Zealand Ltd.		21,267,918		38,513
Diversified Telecommunication Services 0.89%
Telecom Corp. of New Zealand Ltd.		9,435,132		22,536
Total New Zealand				61,049
Norway 0.21%
Diversified Telecommunication Services
Telenor ASA		224,187		5,261
Portugal 1.93%
Electric: Utilities
EDP—Energias de Portugal SA		10,052,866		48,814
Singapore 0.78%
Real Estate Investment Trusts
Mapletree Logistics Trust		22,557,000		19,792

			U.S. $
			Fair Value
Investments	Shares		(000)
South Korea 1.10%
Wireless Telecommunication Services
SK Telecom Co. Ltd.		134,593	$	27,810
Spain 6.34%
Banks 1.59%
Banco Bilbao Vizcaya Argentaria SA		3,279,876		40,248
Electric: Utilities 0.83%
Red Electrica Corp. SA		254,973		20,969
Gas Utilities 2.00%
Enagas SA		1,309,432		40,329
Gas Natural SDG SA		351,942		10,090
				50,419
Insurance 0.70%
Mapfre SA		4,202,892		17,697
Oil, Gas & Consumable Fuels 1.22%
Repsol SA		1,148,265		30,905
Total Spain				160,238
Sweden 1.02%
Construction & Engineering
NCC AB B Shares		742,516		25,911
Switzerland 3.93%
Insurance 0.97%
Swiss Re AG*		281,862		24,612
Pharmaceuticals 2.96%
Novartis AG Registered Shares		373,647		32,393
Roche Holding AG		144,455		42,347
				74,740
Total Switzerland				99,352

28 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2014

			U.S. $
			Fair Value
Investments	Shares		(000)
Taiwan 2.37%
Semiconductors & Semiconductor Equipment
Siliconware Precision Industries Co. ADR		3,772,620	$	27,993
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,583,500		31,828
Total Taiwan				59,821
Thailand 1.54%
Banks 0.82%
Krung Thai Bank PCL		36,940,900		20,662
Chemicals 0.72%
PTT Global Chemical PCL		8,431,300		18,173
Total Thailand				38,835
Turkey 0.77%
Oil, Gas & Consumable Fuels
Tupras Turkiye Petrol Rafinerileri AS		868,777		19,543
United Kingdom 17.12%
Aerospace & Defense 0.85%
BAE Systems plc		3,196,604		21,588
Banks 2.57%
Barclays plc		6,120,929		26,064
HSBC Holdings plc		3,807,896		38,839
				64,903
Beverages 0.47%
Britvic plc		959,715		11,740
Electric: Utilities 1.71%
SSE plc		1,681,753		43,302

			U.S. $
			Fair Value
Investments	Shares		(000)
Food & Staples Retailing 0.15%
Tesco plc		744,380	$	3,682
Food Products 1.50%
Tate & Lyle plc		1,687,991		19,978
Unilever plc		399,539		17,836
				37,814
Insurance 1.94%
Prudential plc		1,390,723		31,899
RSA Insurance Group plc		10,406,444		17,245
				49,144
Media 0.92%
Reed Elsevier plc		1,580,404		23,268
Metals & Mining 0.80%
Rio Tinto plc ADR		373,200		20,261
Multi-Utilities 0.81%
National Grid plc		1,444,228		20,495
Oil, Gas & Consumable Fuels 1.70%
BP plc		5,104,604		43,024
Pharmaceuticals 1.66%
GlaxoSmithKline plc		1,522,128		41,942
Tobacco 1.56%
Imperial Tobacco Group plc		914,900		39,498
Wireless Telecommunication Services 0.48%
Vodafone Group plc		3,222,442		12,185
Total United Kingdom				432,846
Total Common Stocks (cost $2,047,048,614)				2,370,760

See Notes to Financial Statements. 29

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2014

			U.S. $
	Principal		Fair Value
Investments	Amount		(000)
CORPORATE BOND 0.71%
Spain
Banks
Banco Popular Espanol SA(a) (cost $16,274,290)	$	11,000,000	$	17,917
		Shares
PREFERRED STOCK 0.96%
Brazil
Independent Power Producers & Energy Traders
AES Tiete SA (cost $31,309,199)		3,083,600		24,215
Total Long-Term Investments (cost $2,094,632,103)				2,412,892

	Principal		U.S. $
	Amount		Fair Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 2.92%
Repurchase Agreement
Repurchase Agreement dated 4/30/2014, Zero Coupon due 5/1/2014 with Fixed Income Clearing Corp. collateralized by $69,355,000 of U.S. Treasury Note at 4.50% due 11/15/2015; value: $75,250,175; proceeds: $73,773,910 (cost $73,773,910)	$	73,774	$	73,774
Total Investments in Securities 98.35% (cost $2,168,406,013)				2,486,666
Cash, Foreign Cash and Other Assets in Excess of Liabilities(b) 1.65%				41,751
Net Assets 100.00%			$	2,528,417

ADR	American Depositary Receipt.
*	Non-income producing security.
(a)	The security has an interest rate of 11.50%, is perpetual in nature and has no stated maturity.
(b)	Cash, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts as follows:

30 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2014

Open Forward Foreign Currency Exchange Contracts at April 30, 2014:

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Appreciation
Australian dollar	Buy	Barclays Bank plc	6/10/2014		24,185,000	$	21,528,520	$	22,407,954	$	879,434
Australian dollar	Buy	J.P.Morgan	8/11/2014		26,345,000		24,210,502		24,305,283		94,781
Australian dollar	Buy	J.P.Morgan	8/11/2014		26,345,000		24,203,257		24,305,283		102,026
Australian dollar	Buy	J.P.Morgan	8/11/2014		26,345,000		24,207,472		24,305,282		97,810
Australian dollar	Buy	Morgan Stanley	6/10/2014		47,020,000		41,835,340		43,565,102		1,729,762
Australian dollar	Buy	UBS AG	5/16/2014		147,935,000		131,772,066		137,299,881		5,527,815
Australian dollar	Buy	UBS AG	6/10/2014		47,020,000		41,804,259		43,565,102		1,760,843
Australian dollar	Buy	UBS AG	6/10/2014		23,510,000		20,909,912		21,782,551		872,639
Canadian dollar	Buy	Bank of America	5/22/2014		27,300,000		24,679,639		24,895,400		215,761
Canadian dollar	Buy	Goldman Sachs	7/18/2014		32,000,000		28,766,088		29,142,005		375,917
Canadian dollar	Buy	Goldman Sachs	8/21/2014		36,200,000		32,830,804		32,939,686		108,882
Canadian dollar	Buy	J.P.Morgan	5/22/2014		27,600,000		24,918,473		25,168,976		250,503
Canadian dollar	Buy	Morgan Stanley	6/20/2014		31,000,000		27,885,321		28,250,184		364,863
Canadian dollar	Buy	Morgan Stanley	8/21/2014		36,200,000		32,821,987		32,939,686		117,699
Canadian dollar	Buy	UBS AG	6/20/2014		31,500,000		28,341,866		28,705,832		363,966
euro	Buy	Barclays Bank plc	6/9/2014		13,300,000		18,434,811		18,450,216		15,405
Israeli new shekel	Buy	Morgan Stanley	8/22/2014		117,150,000		33,676,257		33,827,139		150,882
New Zealand dollar	Buy	Goldman Sachs	5/5/2014		5,685,000		4,686,015		4,900,958		214,943
Norwegian krone	Buy	J.P.Morgan	5/27/2014		19,625,000		3,139,227		3,298,599		159,372
Norwegian krone	Buy	Morgan Stanley	5/27/2014		45,225,000		7,153,884		7,601,486		447,602
Norwegian krone	Buy	Morgan Stanley	5/27/2014		34,900,000		5,618,188		5,866,044		247,856
Singapore dollar	Buy	Credit Suisse	5/16/2014		28,100,000		22,181,963		22,413,592		231,629
Singapore dollar	Buy	Goldman Sachs	5/16/2014		11,930,000		9,331,248		9,515,806		184,558
South African rand	Buy	Goldman Sachs	7/25/2014		186,450,000		16,829,004		17,491,986		662,982
South African rand	Buy	UBS AG	6/11/2014		348,900,000		31,090,413		32,969,846		1,879,433
Turkish lira	Buy	Bank of America	8/18/2014		35,400,000		16,073,207		16,314,156		240,949
Turkish lira	Buy	Goldman Sachs	8/18/2014		35,400,000		16,069,070		16,314,156		245,086
euro	Sell	J.P.Morgan	6/9/2014		4,930,000		6,860,736		6,839,065		21,671
New Zealand dollar	Sell	Goldman Sachs	8/4/2014		9,850,000		8,454,531		8,425,297		29,234
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	17,594,303

See Notes to Financial Statements. 31

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2014

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Depreciation
Australian dollar	Buy	Morgan Stanley	7/24/2014		55,700,000	$	51,831,841	$	51,451,480	$	(380,361	)
Australian dollar	Sell	J.P.Morgan	5/16/2014		5,400,000		4,993,585		5,011,791		(18,206	)
Australian dollar	Sell	Morgan Stanley	5/16/2014		5,400,000		5,010,034		5,011,791		(1,757	)
British pound	Sell	Goldman Sachs	6/20/2014		27,135,000		45,204,359		45,797,236		(592,877	)
British pound	Sell	Goldman Sachs	7/28/2014		22,125,000		36,513,065		37,330,636		(817,571	)
British pound	Sell	Goldman Sachs	7/28/2014		22,125,000		36,492,643		37,330,636		(837,993	)
British pound	Sell	J.P.Morgan	5/22/2014		27,000,000		44,998,983		45,579,635		(580,652	)
British pound	Sell	J.P.Morgan	7/28/2014		22,125,000		36,501,958		37,330,636		(828,678	)
euro	Sell	Barclays Bank plc	6/9/2014		4,510,000		6,203,045		6,256,427		(53,382	)
euro	Sell	J.P.Morgan	6/9/2014		18,965,000		25,631,842		26,308,899		(677,057	)
euro	Sell	J.P.Morgan	6/9/2014		5,400,000		7,394,944		7,491,065		(96,121	)
euro	Sell	J.P.Morgan	6/9/2014		9,215,000		12,660,092		12,783,364		(123,272	)
euro	Sell	J.P.Morgan	7/24/2014		66,000,000		91,148,904		91,548,987		(400,083	)
euro	Sell	Morgan Stanley	6/9/2014		6,135,000		8,418,570		8,510,683		(92,113	)
euro	Sell	Morgan Stanley	6/9/2014		3,900,000		5,410,115		5,410,214		(99	)
euro	Sell	UBS AG	6/9/2014		3,300,000		4,539,041		4,577,873		(38,832	)
euro	Sell	UBS AG	6/9/2014		3,050,000		4,202,854		4,231,065		(28,211	)
Japanese yen	Sell	J.P.Morgan	7/28/2014		5,625,000,000		54,941,084		55,048,479		(107,395	)
Japanese yen	Sell	Morgan Stanley	5/9/2014		11,330,000,000		108,455,509		110,827,816		(2,372,307	)
Japanese yen	Sell	Morgan Stanley	6/20/2014		5,745,000,000		56,135,914		56,210,403		(74,489	)
New Zealand dollar	Sell	Morgan Stanley	5/5/2014		5,685,000		4,607,818		4,900,958		(293,140	)
Norwegian krone	Sell	Goldman Sachs	5/27/2014		99,750,000		16,122,395		16,766,129		(643,734	)
South Korean won	Sell	J.P.Morgan	6/12/2014		7,310,000,000		6,818,076		7,069,596		(251,520	)
Swiss franc	Sell	Goldman Sachs	7/7/2014		43,575,000		49,325,796		49,536,184		(210,388	)
Taiwan dollar	Sell	Morgan Stanley	7/2/2014		730,000,000		24,028,966		24,215,472		(186,506	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(9,706,744	)

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2			Level 3		Total
Investment Type(2)(3)	(000)		(000)			(000)		(000)
Common Stocks	$	2,370,760	$	—		$	—	$	2,370,760
Corporate Bond		—		17,917			—		17,917
Preferred Stock		24,215		—			—		24,215
Repurchase Agreement		—		73,774			—		73,774
Total	$	2,394,975	$	91,691		$	—	$	2,486,666
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	—	$	17,595		$	—	$	17,595
Liabilities		—		(9,707	)		—		(9,707	)
Total	$	—	$	7,888		$	—	$	7,888

(1)	Refer to note 2(k) 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.
(3)	There were no level transfers during the period ended April 30, 2014.

32 See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2014

			U.S. $
			Fair Value
Investments	Shares		(000)
COMMON STOCKS 93.47%
Australia 0.78%
Multi-Utilities
DUET Group		2,033,979	$	4,100
Austria 1.35%
Semiconductors & Semiconductor Equipment
ams AG		46,800		7,041
Belgium 0.58%
Electric: Utilities
Elia System Operator SA		57,101		3,028
Brazil 0.24%
Multi-Line Retail
Magazine Luiza SA		363,000		1,242
Canada 2.31%
Metals & Mining 1.08%
HudBay Minerals, Inc.		665,266		5,675
Oil, Gas & Consumable Fuels 0.43%
TORC Oil & Gas Ltd.		183,458		2,239
Paper & Forest Products 0.80%
International Forest Products Ltd. Class A *		275,509		4,178
Total Canada				12,092
China 1.89%
Oil, Gas & Consumable Fuels 0.95%
China Suntien Green Energy Corp., Ltd. Class H		14,622,000		4,941
Water Utilities 0.94%
CT Environmental Group Ltd.*		8,584,000		4,927
Total China				9,868

			U.S. $
			Fair Value
Investments	Shares		(000)
Finland 1.30%
Leisure Product
Amer Sports OYJ A Shares		328,548	$	6,782
France 2.06%
Auto Components 0.74%
Plastic Omnium SA		113,301		3,851
Information Technology Services 1.32%
Altran Technologies SA *		633,973		6,902
Total France				10,753
Germany 8.57%
Auto Components 0.99%
ElringKlinger AG		128,067		5,155
Chemicals 1.01%
Symrise AG		104,710		5,284
Life Sciences Tools & Services 1.85%
Gerresheimer AG		88,585		6,006
MorphoSys AG *		43,213		3,700
				9,706
Machinery 1.54%
Deutz AG *		399,553		3,332
DMG MORI SEIKI AG		149,939		4,707
				8,039
Real Estate Management & Development 1.93%
GAGFAH SA *		372,227		5,877
Patrizia Immobilien AG *		357,246		4,218
				10,095
Technology Hardware, Storage & Peripheral 1.25%
Wincor Nixdorf AG		100,294		6,551
Total Germany				44,830

See Notes to Financial Statements. 33

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2014

			U.S. $
			Fair Value
Investments	Shares		(000)
Hong Kong 7.20%
Auto Components 1.43%
Minth Group Ltd.		2,712,000	$	4,261
Nexteer Automotive Group Ltd.*		4,907,000		3,215
				7,476
Capital Markets 1.48%
Sun Hung Kai & Co., Ltd.		11,150,000		7,766
Communications Equipment 0.51%
VTech Holdings Ltd.		191,800		2,647
Energy Equipment & Services 0.57%
Hilong Holding Ltd.		5,726,000		2,984
Hotels, Restaurants & Leisure 0.62%
REXLot Holdings Ltd.		30,400,000		3,215
Household Durables 1.12%
Techtronic Industries Co.		1,833,000		5,840
Machinery 0.57%
Sinotruk Hong Kong Ltd.		5,669,500		3,005
Specialty Retail 0.90%
Esprit Holdings Ltd.		2,843,500		4,724
Total Hong Kong				37,657
India 0.98%
Consumer Finance
SKS Microfinance Ltd.*		1,299,026		5,145
Indonesia 1.47%
Banks 1.12%
Bank Tabungan Negara Persero Tbk PT		58,937,400		5,888
Consumer Finance 0.35%
PT Clipan Finance Indonesia Tbk		52,233,850		1,830
Total Indonesia				7,718

			U.S. $
			Fair Value
Investments	Shares		(000)
Ireland 1.32%
Health Care Providers & Services
UDG Healthcare plc		1,138,723	$	6,896
Israel 1.08%
Diversified Financial Services
Plus500 Ltd.		579,707		5,633
Italy 1.39%
Internet & Catalog Retail 0.86%
Yoox SpA *		126,126		4,521
Textiles, Apparel & Luxury Goods 0.53%
Brunello Cucinelli SpA		96,063		2,759
Total Italy				7,280
Japan 19.07%
Auto Components 1.03%
Keihin Corp.		373,700		5,410
Building Products 0.99%
Aica Kogyo Co., Ltd.		247,000		5,158
Construction & Engineering 0.99%
SHO-BOND Holdings Co., Ltd.		114,700		5,166
Diversified Financial Services 1.30%
Century Tokyo Leasing Corp.		234,900		6,787
Electronic Equipment, Instruments & Components 1.60%
Japan Aviation Electronics Industry Ltd.		334,000		5,684
Topcon Corp.		153,200		2,672
				8,356
Food & Staples Retailing 0.60%
Sundrug Co., Ltd.		77,400		3,165
Food Products 0.98%
Toyo Suisan Kaisha Ltd.		161,000		5,150

34 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2014

			U.S. $
			Fair Value
Investments	Shares		(000)
Japan (continued)
Health Care Equipment & Supplies 0.51%
Hogy Medical Co., Ltd.		51,400	$	2,645
Hotels, Restaurants & Leisure 1.11%
St. Marc Holdings Co., Ltd.		122,900		5,824
Household Durables 1.00%
Haseko Corp.		828,200		5,241
Information Technology Services 2.91%
NS Solutions Corp.		207,400		5,187
Obic Co., Ltd.		175,200		5,252
SCSK Corp.		180,600		4,763
				15,202
Machinery 1.55%
Nabtesco Corp.		146,100		3,143
NSK Ltd.		474,000		4,984
				8,127
Personal Products 1.75%
Aderans Co., Ltd.		249,308		3,541
Kobayashi Pharmaceutical Co., Ltd.		92,500		5,609
				9,150
Real Estate Management & Development 0.66%
Takara Leben Co., Ltd.		1,266,200		3,468
Software 0.46%
NSD Co., Ltd.		194,900		2,408
Specialty Retail 1.08%
United Arrows Ltd.		146,500		5,660
Wireless Telecommunication Services 0.55%
Okinawa Cellular Telephone Co.		112,600		2,874
Total Japan				99,791
Luxembourg 0.48%
Real Estate Management & Development
Grand City Properties SA *		223,326		2,516

			U.S. $
			Fair Value
Investments	Shares		(000)
Mexico 0.83%
Real Estate Investment Trusts
Macquarie Mexico Real Estate Management SA de CV *		2,297,975	$	4,363
Netherlands 3.80%
Construction & Engineering 1.17%
Arcadis NV		173,262		6,149
Machinery 1.08%
Aalberts Industries NV		170,222		5,664
Professional Services 1.55%
USG People NV		469,071		8,086
Total Netherlands				19,899
New Zealand 1.82%
Airlines
Air New Zealand Ltd.		5,269,220		9,542
Norway 0.46%
Oil, Gas & Consumable Fuels
DNO International ASA *		690,623		2,395
Philippines 1.57%
Banks 0.49%
Rizal Commercial Banking Corp.		2,375,500		2,558
Real Estate Management & Development 1.08%
Filinvest Land, Inc.		158,789,000		5,663
Total Philippines				8,221
Spain 2.81%
Diversified Financial Services 0.77%
Bolsas y Mercados Espanoles SA		92,822		4,043
Food Products 1.00%
Ebro Foods SA		226,590		5,218

See Notes to Financial Statements. 35

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2014

			U.S. $
			Fair Value
Investments	Shares		(000)
Spain (continued)
Hotels, Restaurants & Leisure 0.36%
eDreams ODIGEO SL *		131,442	$	1,888
Media 0.68%
Mediaset Espana Comunicacion SA *		321,861		3,563
Total Spain				14,712
Sweden 3.47%
Commercial Services & Supplies 2.31%
Intrum Justitia AB		218,562		6,323
Loomis AB Class B		213,733		5,802
				12,125
Food & Staples Retailing 1.16%
Axfood AB		113,912		6,056
Total Sweden				18,181
Switzerland 1.95%
Capital Markets 0.52%
EFG International AG *		213,351		2,703
Communications Equipment 0.29%
Ascom Holding AG		82,986		1,542
Household Durables 1.14%
Forbo Holding AG Registered Shares *		5,766		5,965
Total Switzerland				10,210
United Kingdom 24.69%
Capital Markets 3.41%
3i Group plc		973,445		6,242
Ashmore Group plc		896,598		5,305
Jupiter Fund Management plc		964,579		6,322
				17,869
Chemicals 0.89%
Essentra plc		346,112		4,675

			U.S. $
			Fair Value
Investments	Shares		(000)
Communications Equipment 0.35%
Telit Communications plc *		481,796	$	1,857
Diversified Financial Services 1.54%
Arrow Global Group plc *		2,070,544		8,041
Electronic Equipment, Instruments & Components 1.10%
Electrocomponents plc		1,175,487		5,766
Health Care Providers & Services 1.02%
Synergy Health plc		256,177		5,363
Household Durables 0.71%
Berkeley Group Holdings plc		95,838		3,712
Independent Power and Renewable Electricity Producer 1.13%
APR Energy plc		439,131		5,887
Information Technology Services 0.93%
Innovation Group plc *		9,050,100		4,851
Insurance 1.68%
Catlin Group Ltd.		576,262		5,142
Just Retirement Group plc *		1,324,124		3,642
				8,784
Internet & Catalog Retail 0.36%
N Brown Group plc		216,400		1,874
Multi-Line Retail 0.46%
Poundland Group plc *		409,605		2,403
Oil, Gas & Consumable Fuels 2.82%
Afren plc *		2,137,484		5,684
Genel Energy plc *		300,077		4,910
Ophir Energy plc *		938,536		4,177
				14,771
Professional Services 3.80%
Exova Group plc *		1,534,283		5,706
Hays plc		2,285,152		5,814
Michael Page International plc		1,061,117		8,381
				19,901

36 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2014

			U.S. $
			Fair Value
Investments	Shares		(000)
United Kingdom (continued)
Software 0.93%
Playtech plc		430,948	$	4,853
Specialty Retail 1.98%
Carphone Warehouse Group plc		764,555		3,973
Howden Joinery Group plc		1,162,784		6,385
				10,358
Trading Companies & Distributors 1.58%
Ashtead Group plc		255,357		3,770
Diploma plc		403,571		4,487
				8,257
Total United Kingdom				129,222
Total Common Stocks (cost $435,245,649)				489,117
PREFERRED STOCK 1.51%
Germany
Machinery
Jungheinrich AG (cost $7,630,211)		106,507		7,912
Total Long-Term Investments (cost $442,875,860)				497,029

	Principal		U.S. $
	Amount		Fair Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 2.50%
Repurchase Agreement
Repurchase Agreement dated 4/30/2014, Zero Coupon due 5/1/2014 with Fixed Income Clearing Corp. collateralized by $13,300,000 of U.S. Treasury Note at 0.375% due 6/30/2015; value: $13,349,875; proceeds: $13,084,880 (cost $13,084,880)	$	13,085	$	13,085
Total Investments in Securities 97.48% (cost $455,960,740)				510,114
Cash, Foreign Cash and Other Assets in Excess of Liabilities(a) 2.52%				13,174
Net Assets 100.00%			$	523,288

*	Non-income producing security.
(a)	Cash, Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation on forward foreign currency exchange contracts as follows:

See Notes to Financial Statements. 37

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2014

Open Forward Foreign Currency Exchange Contracts at April 30, 2014:

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Appreciation
Australian dollar	Buy	Barclays Bank plc	6/10/2014		1,075,000	$	956,731	$	996,012	$	39,281
Australian dollar	Buy	Barclays Bank plc	6/10/2014		1,125,000		1,010,640		1,042,338		31,698
Australian dollar	Buy	Barclays Bank plc	6/10/2014		860,000		791,613		796,810		5,197
Australian dollar	Buy	J.P. Morgan	8/11/2014		2,145,000		1,971,210		1,978,927		7,717
Australian dollar	Buy	J.P. Morgan	8/11/2014		2,145,000		1,970,620		1,978,927		8,307
Australian dollar	Buy	J.P. Morgan	8/11/2014		2,145,000		1,970,963		1,978,927		7,964
Australian dollar	Buy	Morgan Stanley	6/10/2014		3,375,000		3,002,856		3,127,014		124,158
Australian dollar	Buy	UBS AG	5/16/2014		5,050,000		4,498,252		4,686,953		188,701
Australian dollar	Buy	UBS AG	6/10/2014		3,375,000		3,000,625		3,127,014		126,389
Australian dollar	Buy	UBS AG	6/10/2014		1,688,000		1,501,316		1,563,970		62,654
Canadian dollar	Buy	Citibank	5/22/2014		1,420,000		1,281,573		1,294,926		13,353
Canadian dollar	Buy	Citibank	5/22/2014		2,950,000		2,689,226		2,690,162		936
Canadian dollar	Buy	Goldman Sachs	5/22/2014		1,160,000		1,050,620		1,057,827		7,207
Canadian dollar	Buy	Goldman Sachs	8/21/2014		3,590,000		3,255,873		3,266,671		10,798
Canadian dollar	Buy	Morgan Stanley	5/22/2014		16,110,000		14,503,844		14,691,022		187,178
Canadian dollar	Buy	Morgan Stanley	8/21/2014		3,590,000		3,254,998		3,266,671		11,673
euro	Buy	Barclays Bank plc	6/18/2014		1,045,000		1,433,034		1,449,625		16,591
euro	Buy	Barclays Bank plc	6/18/2014		750,000		1,028,935		1,040,400		11,465
euro	Buy	Barclays Bank plc	6/18/2014		790,000		1,090,714		1,095,888		5,174
euro	Buy	Goldman Sachs	6/18/2014		1,270,000		1,736,192		1,761,745		25,553
euro	Buy	Morgan Stanley	6/18/2014		1,010,000		1,385,981		1,401,073		15,092
euro	Buy	UBS AG	6/18/2014		3,520,000		4,875,168		4,882,946		7,778
Japanese yen	Buy	J.P. Morgan	6/5/2014		125,000,000		1,205,279		1,222,924		17,645
Japanese yen	Buy	J.P. Morgan	6/5/2014		132,000,000		1,270,765		1,291,408		20,643
Japanese yen	Buy	Morgan Stanley	6/5/2014		140,000,000		1,367,990		1,369,675		1,685
Japanese yen	Buy	Morgan Stanley	6/5/2014		97,000,000		946,188		948,989		2,801
Norwegian krone	Buy	Morgan Stanley	5/5/2014		14,440,000		2,333,723		2,429,218		95,495
Singapore dollar	Buy	Barclays Bank plc	5/9/2014		2,405,000		1,892,690		1,918,320		25,630
South Korean won	Buy	J.P. Morgan	5/9/2014		1,020,000,000		933,869		987,097		53,228
South Korean won	Buy	J.P. Morgan	6/12/2014		8,220,000,000		7,673,279		7,949,669		276,390
South Korean won	Buy	J.P. Morgan	6/12/2014		1,100,000,000		1,021,593		1,063,824		42,231
South Korean won	Buy	UBS AG	5/9/2014		12,070,000,000		11,201,856		11,680,645		478,789
Swiss franc	Buy	Credit Suisse	7/17/2014		1,160,000		1,311,524		1,318,805		7,281
Swiss franc	Buy	Morgan Stanley	7/17/2014		1,150,000		1,302,710		1,307,436		4,726
Swiss franc	Buy	UBS AG	7/17/2014		11,515,000		12,940,151		13,091,414		151,263
euro	Sell	Barclays Bank plc	6/18/2014		1,095,000		1,522,646		1,518,985		3,661
euro	Sell	Barclays Bank plc	6/18/2014		1,840,000		2,558,121		2,552,449		5,672
euro	Sell	J.P. Morgan	6/18/2014		1,485,000		2,066,554		2,059,993		6,561
Indian rupee	Sell	Morgan Stanley	8/4/2014		113,000,000		1,844,537		1,843,756		781
Indonesian rupiah	Sell	Barclays Bank plc	6/18/2014		29,300,000,000		2,543,182		2,524,910		18,272
Japanese yen	Sell	Goldman Sachs	6/5/2014		52,000,000		510,962		508,737		2,225
Japanese yen	Sell	J.P. Morgan	6/5/2014		145,000,000		1,425,239		1,418,592		6,647
Japanese yen	Sell	J.P. Morgan	6/5/2014		240,000,000		2,368,088		2,348,015		20,073
Japanese yen	Sell	J.P. Morgan	6/5/2014		125,000,000		1,234,769		1,222,924		11,845
Japanese yen	Sell	J.P. Morgan	6/5/2014		126,000,000		1,241,274		1,232,708		8,566
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	2,176,974

38 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2014

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Depreciation
euro	Buy	Barclays Bank plc	6/18/2014		6,465,000	$	8,975,198	$	8,968,252	$	(6,946	)
euro	Buy	Morgan Stanley	6/18/2014		4,465,000		6,193,937		6,193,851		(86	)
Japanese yen	Buy	J.P. Morgan	6/5/2014		166,500,000		1,641,154		1,628,935		(12,219	)
Japanese yen	Buy	J.P. Morgan	6/5/2014		105,000,000		1,030,728		1,027,256		(3,472	)
Japanese yen	Buy	Morgan Stanley	6/5/2014		118,000,000		1,156,077		1,154,441		(1,636	)
Swiss franc	Buy	Morgan Stanley	7/17/2014		1,200,000		1,377,099		1,364,281		(12,818	)
British pound	Sell	Goldman Sachs	7/28/2014		4,585,000		7,566,662		7,736,089		(169,427	)
British pound	Sell	Goldman Sachs	7/28/2014		4,585,000		7,562,430		7,736,089		(173,659	)
British pound	Sell	Goldman Sachs	7/28/2014		800,000		1,326,293		1,349,808		(23,515	)
British pound	Sell	J.P. Morgan	6/11/2014		9,405,000		15,391,047		15,874,438		(483,391	)
British pound	Sell	J.P. Morgan	7/28/2014		4,585,000		7,564,361		7,736,089		(171,728	)
British pound	Sell	J.P. Morgan	7/28/2014		2,320,000		3,873,794		3,914,444		(40,650	)
euro	Sell	Barclays Bank plc	6/18/2014		645,000		890,060		894,744		(4,684	)
euro	Sell	Goldman Sachs	6/18/2014		750,000		1,035,096		1,040,400		(5,304	)
euro	Sell	Goldman Sachs	6/18/2014		1,700,000		2,356,793		2,358,241		(1,448	)
euro	Sell	J.P. Morgan	6/18/2014		1,140,000		1,580,778		1,581,409		(631	)
euro	Sell	UBS AG	6/18/2014		735,000		1,014,133		1,019,592		(5,459	)
Japanese yen	Sell	Barclays Bank plc	6/5/2014		302,500,000		2,959,005		2,959,477		(472	)
Japanese yen	Sell	J.P. Morgan	6/5/2014		244,000,000		2,380,386		2,387,148		(6,762	)
Japanese yen	Sell	J.P. Morgan	6/5/2014		76,000,000		741,589		743,538		(1,949	)
Japanese yen	Sell	J.P. Morgan	6/5/2014		153,000,000		1,484,447		1,496,859		(12,412	)
Japanese yen	Sell	J.P. Morgan	6/5/2014		83,000,000		806,976		812,022		(5,046	)
Japanese yen	Sell	J.P. Morgan	6/5/2014		280,000,000		2,712,413		2,739,351		(26,938	)
Japanese yen	Sell	J.P. Morgan	6/5/2014		117,000,000		1,139,305		1,144,657		(5,352	)
Japanese yen	Sell	J.P. Morgan	6/5/2014		115,000,000		1,119,603		1,125,090		(5,487	)
Japanese yen	Sell	Morgan Stanley	6/5/2014		442,000,000		4,320,540		4,324,261		(3,721	)
Japanese yen	Sell	UBS AG	6/5/2014		118,000,000		1,141,227		1,154,441		(13,214	)
Mexican peso	Sell	Goldman Sachs	6/20/2014		21,500,000		1,602,802		1,637,268		(34,466	)
New Zealand dollar	Sell	Barclays Bank plc	5/16/2014		3,790,000		3,154,766		3,264,331		(109,565	)
New Zealand dollar	Sell	J.P. Morgan	5/16/2014		1,235,000		1,054,156		1,063,707		(9,551	)
Norwegian krone	Sell	Morgan Stanley	5/5/2014		14,440,000		2,366,476		2,429,218		(62,742	)
Philippine peso	Sell	Deutsche Bank AG	5/19/2014		226,000,000		4,996,683		5,075,157		(78,474	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(1,493,224	)

See Notes to Financial Statements. 39

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2014

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2			Level 3		Total
Investment Type(2)(3)	(000)		(000)			(000)		(000)
Common Stocks	$	489,117	$	—		$	—	$	489,117
Preferred Stock		7,912		—			—		7,912
Repurchase Agreement		—		13,085			—		13,085
Total	$	497,029	$	13,085		$	—	$	510,114
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	—	$	2,177		$	—	$	2,177
Liabilities		—		(1,493	)		—		(1,493	)
Total	$	—	$	684		$	—	$	684

(1)	Refer to note 2(k) 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.
(3)	There were no level transfers during the period ended April 30, 2014.

40 See Notes to Financial Statements.

Schedule of Investments (unaudited)

VALUE OPPORTUNITIES FUND April 30, 2014

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.71%
Aerospace & Defense 0.27%
Esterline Technologies Corp.*		80,500	$	8,776
Airlines 2.25%
American Airlines
Group, Inc.*		1,511,800		53,019
Spirit Airlines, Inc.*		377,529		21,459
Total				74,478
Auto Components 0.78%
Tenneco, Inc.*		431,700		25,846
Banks 9.26%
Bank of Hawaii Corp.		608,300		33,560
City National Corp.		299,315		21,721
Comerica, Inc.		1,001,757		48,325
East West Bancorp, Inc.		1,089,356		37,594
Fulton Financial Corp.		2,728,300		33,258
PacWest Bancorp		1,190,300		46,862
Signature Bank*		354,411		42,111
Western Alliance Bancorp*		1,866,594		43,062
Total				306,493
Beverages 1.20%
Beam, Inc.		474,883		39,638
Building Products 0.61%
Fortune Brands Home & Security, Inc.		508,128		20,249
Capital Markets 2.90%
Ares Capital Corp.		1,424,837		24,465
Moelis & Co.*		602,700		16,008
Raymond James Financial, Inc.		636,183		31,618
Waddell & Reed Financial, Inc. Class A		352,900		23,803
Total				95,894
Chemicals 0.48%
OM Group, Inc.		538,811		15,782

Investments	Shares		Fair Value (000)
Construction & Engineering 1.16%
Jacobs Engineering Group, Inc.*		664,658	$	38,351
Containers & Packaging 3.01%
Berry Plastics Group, Inc.*		1,386,432		31,181
Rock-Tenn Co. Class A		441,900		42,250
Sealed Air Corp.		767,936		26,348
Total				99,779
Electric: Utilities 3.53%
Cleco Corp.		549,901		28,897
ITC Holdings Corp.		1,116,000		41,259
Portland General Electric Co.		1,393,600		46,644
Total				116,800
Electronic Equipment, Instruments & Components 0.74%
Amphenol Corp. Class A		255,300		24,343
Energy Equipment & Services 7.58%
Bristow Group, Inc.		424,900		32,632
Frank’s International NV (Netherlands)(a)		1,344,100		36,869
Gulfmark Offshore, Inc. Class A		735,296		33,096
Helix Energy Solutions Group, Inc.*		1,455,500		34,990
Helmerich & Payne, Inc.		560,200		60,866
Superior Energy Services, Inc.		1,593,500		52,458
Total				250,911
Food & Staples Retailing 0.39%
Rite Aid Corp.*		1,768,000		12,906
Food Products 1.79%
Bunge Ltd.		416,900		33,206
Pinnacle Foods, Inc.		861,455		26,188
Total				59,394

See Notes to Financial Statements. 41

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2014

Investments	Shares		Fair Value (000)
Health Care Providers & Services 3.73%
Community Health Systems, Inc.*		24,407	$	925
ExamWorks Group, Inc.*		1,170,766		43,084
Hanger, Inc.*		439,341		15,232
MEDNAX, Inc.*		541,300		32,072
Team Health Holdings, Inc.*		659,900		31,992
Total				123,305
Hotels, Restaurants & Leisure 1.71%
Life Time Fitness, Inc.*		656,000		31,488
Red Robin Gourmet Burgers, Inc.*		368,833		25,073
Total				56,561
Household Durables 2.29%
Jarden Corp.*		882,500		50,435
Lennar Corp. Class A		657,650		25,379
Total				75,814
Information Technology Services 5.54%
Acxiom Corp.*		741,836		20,949
Alliance Data Systems Corp.*		12,495		3,023
Amdocs Ltd.		700,498		32,594
Cardtronics, Inc.*		753,700		25,234
Fidelity National Information Services, Inc.		821,936		43,916
iGATE Corp.*		774,413		28,344
Sapient Corp.*		1,807,527		29,408
Total				183,468
Insurance 6.27%
Arch Capital Group Ltd.*		729,906		41,838
Everest Re Group Ltd.		218,500		34,530
Hartford Financial Services Group, Inc. (The)		969,235		34,766
HCC Insurance Holdings, Inc.		1,180,025		54,210
Markel Corp.*		67,213		42,070
Total				207,414
Internet Software & Services 1.54%
Akamai Technologies, Inc.*		960,600		50,979

Investments	Shares		Fair Value (000)
Leisure Product 0.77%
Brunswick Corp.		634,900	$	25,517
Life Sciences Tools & Services 2.60%
PerkinElmer, Inc.		1,076,900		45,197
Quintiles Transnational Holdings, Inc.*		866,449		40,836
Total				86,033
Machinery 2.56%
Joy Global, Inc.		434,500		26,235
WABCO Holdings, Inc.*		231,300		24,752
Xylem, Inc.		900,699		33,857
Total				84,844
Media 2.39%
AMC Networks, Inc. Class A*		561,700		36,887
New York Times Co. (The) Class A		2,630,364		42,296
Total				79,183
Metals & Mining 3.27%
Allegheny Technologies, Inc.		974,500		40,149
Carpenter Technology Corp.		327,076		20,540
Reliance Steel & Aluminum Co.		672,700		47,641
Total				108,330
Multi-Utilities 2.07%
CMS Energy Corp.		1,302,900		39,491
Wisconsin Energy Corp.		600,299		29,102
Total				68,593
Oil, Gas & Consumable Fuels 3.79%
Cimarex Energy Co.		249,303		29,697
EQT Corp.		344,600		37,558
Laredo Petroleum, Inc.*		811,700		23,726
Rice Energy, Inc.*		1,159,080		34,425
Total				125,406
Pharmaceuticals 1.43%
Actavis plc*		231,320		47,266

42 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2014

Investments	Shares		Fair Value (000)
Professional Services 0.93%
Robert Half International, Inc.		689,860	$	30,906
Real Estate Investment Trusts 6.07%
American Campus Communities, Inc.		1,185,900		45,301
BioMed Realty Trust, Inc.		1,750,175		36,579
Brandywine Realty Trust		1,191,150		17,331
Camden Property Trust		509,400		34,889
DDR Corp.		1,955,418		33,574
Liberty Property Trust		885,300		33,199
Total				200,873
Real Estate Management & Development 0.69%
Realogy Holdings Corp.*		543,426		22,851
Road & Rail 4.01%
Genesee & Wyoming, Inc. Class A*		356,800		35,327
Ryder System, Inc.		695,200		57,131
Swift Transportation Co.*		1,669,800		40,159
Total				132,617
Semiconductors & Semiconductor Equipment 3.07%
Marvell Technology Group Ltd.		4,167,800		66,101
Synaptics, Inc.*		569,078		35,368
Total				101,469
Software 0.92%
Rovi Corp.*		1,365,800		30,444
Specialty Retail 2.38%
Chico’s FAS, Inc.		938,800		14,908
CST Brands, Inc.		714,200		23,304
Penske Automotive Group, Inc.		347,000		15,913
Urban Outfitters, Inc.*		695,400		24,795
Total				78,920

Investments	Shares		Fair Value (000)
Textiles, Apparel & Luxury Goods 0.98%
PVH Corp.		257,599	$	32,347
Thrifts & Mortgage Finance 0.78%
Essent Group Ltd.*		1,372,476		25,871
Trading Companies & Distributors 1.39%
United Rentals, Inc.*		489,100		45,892
Water Utilities 1.58%
American Water Works Co., Inc.		1,147,618		52,251
Total Common Stocks (cost $2,537,779,556)				3,266,794
		Principal Amount (000)
SHORT-TERM INVESTMENT 1.31%
REPURCHASE AGREEMENT
Repurchase Agreement dated 4/30/2014, Zero Coupon due 5/1/2014 with Fixed Income Clearing Corp. collateralized by $40,875,000 of U.S. Treasury Note at 4.50% due 11/15/2015; value: $44,349,375; proceeds: $43,476,536 (cost $43,476,536)		$ 43,476		43,476
Total Investments in Securities 100.02% (cost $2,581,256,092)				3,310,270
Liabilities in Excess of Other Assets (0.02)%				(572	)
Net Assets 100.00%			$	3,309,698

*	Non-income producing security.
(a)	Foreign security traded in U.S. dollars.

See Notes to Financial Statements. 43

Schedule of Investments (unaudited)(concluded)

VALUE OPPORTUNITIES FUND April 30, 2014

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	3,266,794	$	—	$	—	$	3,266,794
Repurchase Agreement		—		43,476		—		43,476
Total	$	3,266,794	$	43,476	$	—	$	3,310,270

(1)	Refer to note 2(k) 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.
(2)	There were no level transfers during the period ended April 30, 2014.

44 See Notes to Financial Statements.

This page is intentionally left blank.

Statements of Assets and Liabilities (unaudited)

April 30, 2014

	Alpha Strategy			Fundamental		Growth
	Fund			Equity Fund		Leaders Fund
ASSETS:
Investments in securities, at cost	$	1,018,579,961		$	5,038,556,179	$	1,076,278,895
Investments in securities, at fair value	$	1,283,165,448		$	5,872,413,467	$	1,084,576,960
Cash		—			—		—
Segregated cash held at custodian		—			—		—
Foreign cash, at value (cost $0, $0, $0, $167,961, $7,655,891, $10,881,558 and $0, respectively)		—			—		—
Receivables:
Investment securities sold		—			81,691,430		169,464,520
Interest and dividends		—			3,341,097		670,672
Capital shares sold		2,355,145			4,023,465		10,284,911
From advisor (See Note 3)		—			—		115,902
From affiliates (See Note 3)		167,690			—		—
Unrealized appreciation on forward foreign currency exchange contracts		—			—		—
Prepaid expenses and other assets		89,598			139,456		83,506
Total assets		1,285,777,881			5,961,608,915		1,265,196,471
LIABILITIES:
Payables:
Investment securities purchased		389,055			66,171,688		162,499,922
Capital shares reacquired		2,961,926			10,807,513		2,728,533
12b-1 distribution fees		511,538			2,465,508		249,252
Management fee		—			2,493,550		478,365
Trustees’ fees		100,391			673,830		33,061
Fund administration		—			193,237		34,790
To bank		—			12,619,869		7,490,834
To affiliates (See Note 3)		—			7,232		7,092
Unrealized depreciation on forward foreign currency exchange contracts		—			—		—
Accrued expenses		289,082			1,346,751		35,836
Total liabilities		4,251,992			96,779,178		173,557,685
NET ASSETS	$	1,281,525,889		$	5,864,829,737	$	1,091,638,786
COMPOSITION OF NET ASSETS:
Paid-in capital	$	913,123,029		$	4,538,737,260	$	1,059,372,439
Undistributed (distributions in excess of) net investment income		(46,259,937	)		3,874,470		(385,825	)
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency related transactions		150,077,310			488,360,719		24,354,107
Net unrealized appreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		264,585,487			833,857,288		8,298,065
Net Assets	$	1,281,525,889		$	5,864,829,737	$	1,091,638,786

46 See Notes to Financial Statements.

International			International			International			Value
Core Equity			Dividend			Opportunities			Opportunities
Fund			Income Fund			Fund			Fund
$	592,254,698		$	2,168,406,013		$	455,960,740		$	2,581,256,092
$	679,005,259		$	2,486,666,346		$	510,114,419		$	3,310,270,396
	59,391			—			111			—
	360,000			3,980,000			550,000			—
	166,743			7,696,585			10,865,381			—
	6,996,273			16,388,122			4,229,970			16,116,611
	3,318,617			9,600,569			1,702,662			897,022
	550,617			6,414,004			804,786			4,274,381
	146,957			229,144			—			—
	—			—			—			—
	2,044,323			17,594,303			2,176,974			—
	51,611			74,741			46,675			156,488
	692,699,791			2,548,643,814			530,490,978			3,331,714,898
	1,258,540			5,300,498			4,840,621			9,172,299
	1,012,654			2,599,170			252,819			8,400,553
	185,163			456,548			48,224			1,232,184
	398,074			1,343,954			320,876			1,900,587
	133,713			108,380			55,909			292,604
	22,747			81,378			17,113			109,372
	—			—			—			—
	5,953			87,340			37,738			38,737
	1,654,933			9,706,744			1,493,224			—
	350,825			542,883			136,161			870,878
	5,022,602			20,226,895			7,202,685			22,017,214
$	687,677,189		$	2,528,416,919		$	523,288,293		$	3,309,697,684
$	826,882,037		$	2,203,200,361		$	471,408,413		$	2,363,926,062
	(2,192,103	)		4,420,825			(866,234	)		(1,671,368	)
	(224,177,230	)		(5,459,451	)		(2,090,117	)		218,428,686
	87,164,485			326,255,184			54,836,231			729,014,304
$	687,677,189		$	2,528,416,919		$	523,288,293		$	3,309,697,684

See Notes to Financial Statements. 47

Statements of Assets and Liabilities (unaudited)(concluded)

April 30, 2014

	Alpha Strategy		Fundamental		Growth
	Fund		Equity Fund		Leaders Fund
Net assets by class:
Class A Shares	$	624,587,612	$	3,082,917,844	$	420,227,485
Class B Shares	$	20,137,185	$	53,018,339	$	7,084,075
Class C Shares	$	317,448,382	$	1,046,909,736	$	177,337,103
Class F Shares	$	230,948,336	$	749,892,073	$	409,550,287
Class I Shares	$	48,840,652	$	554,364,242	$	67,864,075
Class P Shares		—	$	25,135,237		—
Class R2 Shares	$	3,110,874	$	24,123,077	$	272,829
Class R3 Shares	$	36,452,848	$	328,469,189	$	9,302,932
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		19,683,885		203,466,639		19,841,004
Class B Shares		688,102		3,740,234		337,410
Class C Shares		10,944,445		74,287,164		8,528,297
Class F Shares		7,264,607		49,767,684		19,270,619
Class I Shares		1,521,856		36,404,778		3,187,627
Class P Shares		—		1,680,110		—
Class R2 Shares		99,701		1,619,444		12,808
Class R3 Shares		1,164,537		21,930,627		439,477
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares–Net asset value		$31.73		$15.15		$21.18
Class A Shares–Maximum offering price (Net asset value plus sales charge of 5.75%)		$33.67		$16.07		$22.47
Class B Shares–Net asset value		$29.26		$14.18		$21.00
Class C Shares–Net asset value		$29.01		$14.09		$20.79
Class F Shares–Net asset value		$31.79		$15.07		$21.25
Class I Shares–Net asset value		$32.09		$15.23		$21.29
Class P Shares–Net asset value		—		$14.96		—
Class R2 Shares–Net asset value		$31.20		$14.90		$21.30
Class R3 Shares–Net asset value		$31.30		$14.98		$21.17

48 See Notes to Financial Statements.

International		International		International		Value
Core Equity		Dividend		Opportunities		Opportunities
Fund		Income Fund		Fund		Fund
$	402,521,426	$	957,725,713	$	156,453,101	$	1,448,880,328
$	14,038,479		—	$	5,068,838	$	21,583,966
$	56,318,428	$	173,760,251	$	22,845,046	$	420,999,218
$	81,999,752	$	256,844,642	$	39,843,526	$	494,246,468
$	110,837,166	$	1,128,779,467	$	291,502,763	$	718,741,005
$	284,789		—	$	928,171	$	53,857,165
$	1,013,556	$	1,133,596	$	208,825	$	13,349,245
$	20,663,593	$	10,173,250	$	6,438,023	$	138,040,289
	28,948,071		103,064,692		9,050,429		68,201,027
	1,020,502		—		308,285		1,075,328
	4,097,585		18,849,263		1,402,671		20,975,465
	5,940,145		27,594,951		2,322,502		23,031,338
	7,922,824		121,010,821		16,471,868		33,082,718
	20,513		—		52,848		2,552,740
	73,079		119,833		12,190		639,402
	1,507,201		1,085,414		377,805		6,585,068
	$13.90		$9.29		$17.29		$21.24
	$14.75		$9.86		$18.34		$22.54
	$13.76		—		$16.44		$20.07
	$13.74		$9.22		$16.29		$20.07
	$13.80		$9.31		$17.16		$21.46
	$13.99		$9.33		$17.70		$21.73
	$13.88		—		$17.56		$21.10
	$13.87		$9.46		$17.13		$20.88
	$13.71		$9.37		$17.04		$20.96

See Notes to Financial Statements. 49

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2014

	Alpha Strategy			Fundamental			Growth
	Fund			Equity Fund			Leaders Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $0, $2,012, $638,916, $3,483,708, $383,305 and $12,519, respectively)	$	3,980,857		$	38,530,268		$	3,149,041
Interest (net of foreign withholding taxes of $0, $0, $0, $0, $10,257, $0 and $0, respectively)		—			—			3,003
Total investment income		3,980,857			38,530,268			3,152,044
Expenses:
Management fee		621,845			15,111,498			2,029,462
12b-1 distribution plan-Class A		755,760			5,400,041			466,291
12b-1 distribution plan-Class B		111,995			294,757			39,227
12b-1 distribution plan-Class C		1,547,729			5,187,672			574,119
12b-1 distribution plan-Class F		108,293			368,315			119,064
12b-1 distribution plan-Class P		—			59,123			—
12b-1 distribution plan-Class R2		8,916			74,929			399
12b-1 distribution plan-Class R3		91,062			823,290			22,673
Shareholder servicing		829,622			3,560,227			287,320
Professional		18,085			36,152			21,843
Reports to shareholders		51,864			210,942			9,805
Fund administration		—			1,171,232			147,597
Custody		9,320			39,764			13,887
Trustees’ fees		25,817			125,584			11,192
Registration		66,659			132,044			78,834
Subsidy (See Note 3)		—			46,907			47,263
Other		10,926			49,247			5,054
Gross expenses		4,257,893			32,691,724			3,874,030
Expense reductions (See Note 9)		(512	)		(2,536	)		(284	)
Expenses assumed by Underlying Funds (See Note 3)		(1,011,781	)		—			—
Management fee waived (See Note 3)		(621,845	)		—			(636,434	)
Net expenses		2,623,755			32,689,188			3,237,312
Net investment income (loss)		1,357,102			5,841,080			(85,268	)
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds		154,541,730			—			—
Net realized gain on investments (net of foreign capital gains tax of $0, $0, $0, $17,097, $0, $0 and $0, respectively), futures contracts and foreign currency related transactions		3,101,331	*		493,471,688			26,716,211
Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies		(107,551,599	)		(175,973,849	)		(14,743,591	)
Net realized and unrealized gain		50,091,462			317,497,839			11,972,620
Net Increase in Net Assets Resulting From Operations	$	51,448,564		$	323,338,919		$	11,887,352
* Includes net realized gain from affiliated issuers of $3,087,983 (see Note 12).

50 See Notes to Financial Statements.

International			International			International			Value
Core Equity			Dividend			Opportunities			Opportunities
Fund			Income Fund			Fund			Fund
$	7,007,953		$	54,261,268		$	4,320,021		$	19,333,254
	—			553,840			33			—
	7,007,953			54,815,108			4,320,054			19,333,254
	2,627,127			7,666,280			1,727,898			11,222,890
	719,552			1,640,133			189,475			2,468,586
	78,989			—			28,745			116,034
	275,104			773,704			99,998			2,045,368
	55,091			117,395			14,225			237,599
	624			—			2,241			121,896
	2,647			2,900			615			41,271
	49,216			16,654			15,129			334,500
	673,835			1,013,608			181,438			2,112,984
	31,627			31,848			31,493			30,471
	49,667			63,909			11,595			107,692
	150,122			461,496			92,155			644,865
	118,260			342,907			86,153			26,342
	17,245			49,528			9,151			68,365
	51,399			89,403			42,255			105,628
	38,044			553,303			227,728			240,045
	16,258			23,911			12,284			27,457
	4,954,807			12,846,979			2,772,578			19,951,993
	(292	)		(719	)		(75	)		(1,280	)
	—			—			—			—
	(883,452	)		(1,411,670	)		—			—
	4,071,063			11,434,590			2,772,503			19,950,713
	2,936,890			43,380,518			1,547,551			(617,459	)
	—			—			—			—
	65,838,820			29,869,144			31,424,482			219,978,047
	(56,538,293	)		20,484,761			(16,224,581	)		44,963,088
	9,300,527			50,353,905			15,199,901			264,941,135
$	12,237,417		$	93,734,423		$	16,747,452		$	264,323,676

See Notes to Financial Statements. 51

Statements of Changes in Net Assets

	Alpha Strategy Fund
	For the Six Months				For the
	Ended April 30, 2014				Year Ended
INCREASE IN NET ASSETS	(unaudited)				October 31, 2013
Operations:
Net investment income (loss)		$	1,357,102		$	1,519,952
Capital gains distributions received from Underlying Funds			154,541,730			35,119,656
Net realized gain on investments and futures contracts			3,101,331			7,916,093
Net change in unrealized appreciation/depreciation on investments and futures contracts			(107,551,599	)		266,739,166
Net increase in net assets resulting from operations			51,448,564			311,294,867
Distributions to shareholders from:
Net investment income
Class A			(22,621,066	)		(647,485	)
Class B			(781,984	)		—
Class C			(10,866,042	)		—
Class F			(8,279,754	)		(432,685	)
Class I			(1,866,385	)		(134,848	)
Class P			—			—
Class R2			(101,979	)		—
Class R3			(1,306,745	)		—
Net realized gain
Class A			(19,636,123	)		(17,131,264	)
Class B			(827,561	)		(966,734	)
Class C			(11,101,894	)		(10,054,013	)
Class F			(6,954,422	)		(5,841,246	)
Class I			(1,536,193	)		(1,352,332	)
Class P			—			—
Class R2			(96,738	)		(122,985	)
Class R3			(1,208,674	)		(1,261,213	)
Total distributions to shareholders			(87,185,560	)		(37,944,805	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares			206,804,197			244,276,150
Net proceeds from reorganizations (See Note 15)			—			—
Reinvestment of distributions			72,427,188			31,295,662
Cost of shares reacquired			(127,004,947	)		(242,936,060	)
Net increase (decrease) in net assets resulting from capital share transactions			152,226,438			32,635,752
Net increase in net assets			116,489,442			305,985,814
NET ASSETS:
Beginning of period		$	1,165,036,447		$	859,050,633
End of period		$	1,281,525,889		$	1,165,036,447
Undistributed (distributions in excess of) net investment income		$	(46,259,937	)	$	(1,793,084	)

52 See Notes to Financial Statements.

Fundamental Equity Fund						Growth Leaders Fund
For the Six Months			For the			For the Six Months			For the
Ended April 30, 2014			Year Ended			Ended April 30, 2014			Year Ended
(unaudited)			October 31, 2013			(unaudited)			October 31, 2013
$	5,841,080		$	21,906,443		$	(85,268	)	$	(296,016	)
	—			—			—			—
	493,471,688			873,052,554			26,716,211			44,678,973
	(175,973,849	)		466,096,062			(14,743,591	)		12,825,042
	323,338,919			1,361,055,059			11,887,352			57,207,999
	(7,924,144	)		(16,829,215	)		—			(44,858	)
	—			(4	)		—			—
	—			(597,013	)		—			(4,106	)
	(3,576,864	)		(5,561,734	)		—			(19,395	)
	(3,123,996	)		(4,107,851	)		—			(17,861	)
	(35,677	)		(151,921	)		—			—
	(2,679	)		(97,503	)		—			(21	)
	(396,978	)		(1,540,249	)		—			(55	)
	(453,760,572	)		(27,685,960	)		(13,042,993	)		—
	(9,817,310	)		(914,108	)		(513,812	)		—
	(161,178,500	)		(9,641,827	)		(4,841,218	)		—
	(108,046,097	)		(6,775,122	)		(7,575,714	)		—
	(79,526,478	)		(4,471,009	)		(3,260,143	)		—
	(4,004,230	)		(312,583	)		—			—
	(3,758,156	)		(257,833	)		(2,720	)		—
	(49,141,629	)		(3,113,664	)		(539,201	)		—
	(884,293,310	)		(82,057,596	)		(29,775,801	)		(86,296	)
	592,486,047			988,203,901			766,865,579			253,214,453
	—			—			—			141,354,303
	778,813,683			72,629,278			26,184,062			66,454
	(674,451,479	)		(1,243,038,488	)		(117,502,984	)		(41,561,801	)
	696,848,251			(182,205,309	)		675,546,657			353,073,409
	135,893,860			1,096,792,154			657,658,208			410,195,112
$	5,728,935,877		$	4,632,143,723		$	433,980,578		$	23,785,466
$	5,864,829,737		$	5,728,935,877		$	1,091,638,786		$	433,980,578
$	3,874,470		$	13,093,728		$	(385,825	)	$	(300,557	)

See Notes to Financial Statements. 53

Statements of Changes in Net Assets (continued)

	International Core Equity Fund
	For the Six Months			For the
	Ended April 30, 2014			Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)			October 31, 2013
Operations:
Net investment income	$	2,936,890		$	10,687,588
Net realized gain on investments and foreign currency related transactions		65,838,820			63,478,850
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(56,538,293	)		97,502,747
Net increase in net assets resulting from operations		12,237,417			171,669,185
Distributions to shareholders from:
Net investment income
Class A		(8,189,914	)		(8,588,056	)
Class B		(190,774	)		(318,035	)
Class C		(740,053	)		(906,187	)
Class F		(3,005,898	)		(3,996,551	)
Class I		(3,461,213	)		(2,934,294	)
Class P		(4,907	)		(5,020	)
Class R2		(14,821	)		(15,516	)
Class R3		(348,924	)		(389,151	)
Total distributions to shareholders		(15,956,504	)		(17,152,810	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares		70,630,013			189,549,520
Reinvestment of distributions		14,531,787			16,249,667
Cost of shares reacquired		(224,754,210	)		(263,199,454	)
Net increase (decrease) in net assets resulting from capital share transactions		(139,592,410	)		(57,400,267	)
Net increase (decrease) in net assets		(143,311,497	)		97,116,108
NET ASSETS:
Beginning of period	$	830,988,686		$	733,872,578
End of period	$	687,677,189		$	830,988,686
Undistributed (distributions in excess of) net investment income	$	(2,192,103	)	$	10,827,511

54 See Notes to Financial Statements.

International Dividend Income Fund						International Opportunities Fund
For the Six Months			For the			For the Six Months			For the
Ended April 30, 2014			Year Ended			Ended April 30, 2014			Year Ended
(unaudited)			October 31, 2013			(unaudited)			October 31, 2013
$	43,380,518		$	86,045,527		$	1,547,551		$	2,788,011
	29,869,144			126,313,720			31,424,482			32,716,248
	20,484,761			189,234,719			(16,224,581	)		54,455,622
	93,734,423			401,593,966			16,747,452			89,959,881
	(18,518,863	)		(32,111,914	)		(1,311,959	)		(1,418,818	)
	—			—			(38,338	)		(82,875	)
	(2,660,647	)		(3,890,097	)		(154,276	)		(194,491	)
	(4,993,937	)		(7,748,411	)		(363,209	)		(20,145	)
	(21,137,160	)		(42,319,079	)		(4,058,585	)		(4,209,751	)
	—			—			(10,936	)		(17,169	)
	(17,879	)		(24,379	)		(2,404	)		(1,645	)
	(125,564	)		(1,382,570	)		(63,608	)		(117,563	)
	(47,454,050	)		(87,476,450	)		(6,003,315	)		(6,062,457	)
	498,095,128			937,817,583			128,490,270			75,778,082
	43,215,153			77,712,636			5,690,880			5,914,722
	(397,490,068	)		(739,775,936	)		(31,089,309	)		(57,044,631	)
	143,820,213			275,754,283			103,091,841			24,648,173
	190,100,586			589,871,799			113,835,978			108,545,597
$	2,338,316,333		$	1,748,444,534		$	409,452,315		$	300,906,718
$	2,528,416,919		$	2,338,316,333		$	523,288,293		$	409,452,315
$	4,420,825		$	8,494,357		$	(866,234	)	$	3,589,530

See Notes to Financial Statements. 55

Statements of Changes in Net Assets (concluded)

	Value Opportunities Fund
	For the Six Months			For the
	Ended April 30, 2014			Year Ended
INCREASE IN NET ASSETS	(unaudited)			October 31, 2013
Operations:
Net investment income (loss)	$	(617,459	)	$	173,998
Net realized gain on investments		219,978,047			288,203,211
Net change in unrealized appreciation/depreciation on investments		44,963,088			386,735,492
Net increase in net assets resulting from operations		264,323,676			675,112,701
Distributions to shareholders from:
Net realized gain
Class A		(121,752,407	)		—
Class B		(2,291,824	)		—
Class C		(37,287,982	)		—
Class F		(40,521,094	)		—
Class I		(58,885,306	)		—
Class P		(4,796,664	)		—
Class R2		(1,239,744	)		—
Class R3		(11,829,334	)		—
Total distributions to shareholders		(278,604,355	)		—
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares		325,156,829			584,281,519
Net proceeds from reorganizations (See Note 15)		—			571,815,180
Reinvestment of distributions		258,104,410			—
Cost of shares reacquired		(387,611,257	)		(714,403,451	)
Net increase in net assets resulting from capital share transactions		195,649,982			441,693,248
Net increase in net assets		181,369,303			1,116,805,949
NET ASSETS:
Beginning of period	$	3,128,328,381		$	2,011,522,432
End of period	$	3,309,697,684		$	3,128,328,381
Accumulated net investment loss	$	(1,671,368	)	$	(1,053,909	)

56 See Notes to Financial Statements.

Financial Highlights

ALPHA STRATEGY FUND

	Class A Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$32.63		$24.71		$22.72		$21.93		$17.24		$15.58
Investment operations:
Net investment income (loss)(a)	.06		.09		(.01	)	(.02	)	(.03	)	.01
Net realized and unrealized gain	1.45		8.92		2.07		.81		4.74		2.81
Total from investment operations	1.51		9.01		2.06		.79		4.71		2.82
Distributions to shareholders from:
Net investment income	(1.29	)	(.04	)	—		—		(.02	)	(.03	)
Net realized gain	(1.12	)	(1.05	)	(.07	)	—		—		(1.13	)
Total distributions	(2.41	)	(1.09	)	(.07	)	—		(.02	)	(1.16	)
Net asset value, end of period	$31.73		$32.63		$24.71		$22.72		$21.93		$17.24
Total Return(b)	4.68	%(c)	37.98	%	9.12	%	3.60	%	27.36	%	20.57	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived	.12	%(c)	.25	%	.25	%	.28	%	.35	%	.35	%
Expenses, including expense reductions, expenses assumed and management fee waived	.12	%(c)	.25	%	.25	%	.28	%	.35	%	.35	%
Expenses, excluding expense reductions, expenses assumed and management fee waived	.25	%(c)	.54	%	.57	%	.60	%	.70	%	.87	%
Net investment income (loss)	.19	%(c)	.33	%	(.05	)%	(.10	)%	(.16	)%	.09	%
Supplemental Data:
Net assets, end of period (000)	$624,588		$567,124		$421,927		$432,698		$404,804		$296,989
Portfolio turnover rate	1.90	%(c)	8.12	%	3.84	%	6.78	%	1.16	%	7.18	%

*	Does not include expenses of the Underlying Funds in which the Fund invests.
(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 57

Financial Highlights (continued)

ALPHA STRATEGY FUND

	Class B Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$30.16		$23.05		$21.36		$20.76		$16.41		$14.94
Investment operations:
Net investment loss(a)	(.06	)	(.09	)	(.17	)	(.18	)	(.15	)	(.08	)
Net realized and unrealized gain	1.34		8.25		1.93		.78		4.50		2.68
Total from investment operations	1.28		8.16		1.76		.60		4.35		2.60
Distributions to shareholders from:
Net investment income	(1.06	)	—		—		—		—		—
Net realized gain	(1.12	)	(1.05	)	(.07	)	—		—		(1.13	)
Total distributions	(2.18	)	(1.05	)	(.07	)	—		—		(1.13	)
Net asset value, end of period	$29.26		$30.16		$23.05		$21.36		$20.76		$16.41
Total Return(b)	4.27	%(c)	36.93	%	8.29	%	2.89	%	26.51	%	19.86	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived	.50	%(c)	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%
Expenses, including expense reductions, expenses assumed and management fee waived	.50	%(c)	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%
Expenses, excluding expense reductions, expenses assumed and management fee waived	.63	%(c)	1.29	%	1.32	%	1.32	%	1.35	%	1.52	%
Net investment loss	(.18	)%(c)	(.36	)%	(.78	)%	(.79	)%	(.79	)%	(.55	)%
Supplemental Data:
Net assets, end of period (000)	$20,137		$22,883		$21,776		$26,877		$33,394		$31,294
Portfolio turnover rate	1.90	%(c)	8.12	%	3.84	%	6.78	%	1.16	%	7.18	%

*	Does not include expenses of the Underlying Funds in which the Fund invests.
(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

58 See Notes to Financial Statements.

Financial Highlights (continued)

ALPHA STRATEGY FUND

	Class C Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$29.95		$22.89		$21.21		$20.61		$16.29		$14.85
Investment operations:
Net investment loss(a)	(.05	)	(.10	)	(.18	)	(.18	)	(.15	)	(.08	)
Net realized and unrealized gain	1.33		8.21		1.93		.78		4.47		2.65
Total from investment operations	1.28		8.11		1.75		.60		4.32		2.57
Distributions to shareholders from:
Net investment income	(1.10	)	—		—		—		—		—
Net realized gain	(1.12	)	(1.05	)	(.07	)	—		—		(1.13	)
Total distributions	(2.22	)	(1.05	)	(.07	)	—		—		(1.13	)
Net asset value, end of period	$29.01		$29.95		$22.89		$21.21		$20.61		$16.29
Total Return(b)	4.29	%(c)	36.97	%	8.30	%	2.91	%	26.52	%	19.78	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived	.49	%(c)	.99	%	.99	%	.99	%	1.00	%	1.00	%
Expenses, including expense reductions, expenses assumed and management fee waived	.49	%(c)	.99	%	.99	%	.99	%	1.00	%	1.00	%
Expenses, excluding expense reductions, expenses assumed and management fee waived	.62	%(c)	1.28	%	1.31	%	1.31	%	1.35	%	1.52	%
Net investment loss	(.18	)%(c)	(.40	)%	(.79	)%	(.80	)%	(.81	)%	(.59	)%
Supplemental Data:
Net assets, end of period (000)	$317,448		$294,780		$223,165		$223,295		$208,051		$150,633
Portfolio turnover rate	1.90	%(c)	8.12	%	3.84	%	6.78	%	1.16	%	7.18	%

*	Does not include expenses of the Underlying Funds in which the Fund invests.
(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 59

Financial Highlights (continued)

ALPHA STRATEGY FUND

	Class F Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$32.71		$24.77		$22.74		$21.91		$17.22		$15.58
Investment operations:
Net investment income (loss)(a)	.09		.14		.03		.02		—	(b)	.01
Net realized and unrealized gain	1.44		8.93		2.07		.81		4.76		2.85
Total from investment operations	1.53		9.07		2.10		.83		4.76		2.86
Distributions to shareholders from:
Net investment income	(1.33	)	(.08	)	—		—		(.07	)	(.09	)
Net realized gain	(1.12	)	(1.05	)	(.07	)	—		—		(1.13	)
Total distributions	(2.45	)	(1.13	)	(.07	)	—		(.07	)	(1.22	)
Net asset value, end of period	$31.79		$32.71		$24.77		$22.74		$21.91		$17.22
Total Return(c)	4.74	%(d)	38.19	%	9.28	%	3.79	%	27.67	%	20.95	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived	.05	%(d)	.10	%	.10	%	.10	%	.10	%	.10	%
Expenses, including expense reductions, expenses assumed and management fee waived	.05	%(d)	.10	%	.10	%	.10	%	.10	%	.10	%
Expenses, excluding expense reductions, expenses assumed and management fee waived	.18	%(d)	.39	%	.42	%	.42	%	.44	%	.60	%
Net investment income (loss)	.27	%(d)	.49	%	.12	%	.08	%	(.01	)%	.05	%
Supplemental Data:
Net assets, end of period (000)	$230,948		$197,939		$140,860		$142,150		$120,316		$29,762
Portfolio turnover rate	1.90	%(d)	8.12	%	3.84	%	6.78	%	1.16	%	7.18	%

*	Does not include expenses of the Underlying Funds in which the Fund invests.
(a)	Calculated using average shares outstanding during the period.
(b)	Amount is less than $.01.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.

60 See Notes to Financial Statements.

Financial Highlights (continued)

ALPHA STRATEGY FUND

	Class I Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)			2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$33.01			$24.99		$22.92		$22.06		$17.33		$15.67
Investment operations:
Net investment income(a)	.10			.17		.06		.05		.04		.06
Net realized and unrealized gain	1.46			9.01		2.08		.81		4.77		2.83
Total from investment operations	1.56			9.18		2.14		.86		4.81		2.89
Distributions to shareholders from:
Net investment income	(1.36	)		(.11	)	—		—		(.08	)	(.10	)
Net realized gain	(1.12	)		(1.05	)	(.07	)	—		—		(1.13	)
Total distributions	(2.48	)		(1.16	)	(.07	)	—		(.08	)	(1.23	)
Net asset value, end of period	$32.09			$33.01		$24.99		$22.92		$22.06		$17.33
Total Return(b)	4.79	%(c)		38.32	%	9.39	%	3.90	%	27.80	%	21.06	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived	.00	%(c)		.00	%	.00	%	.00	%	.00	%	.00	%
Expenses, including expense reductions, expenses assumed and management fee waived	.00	%(c)		.00	%	.00	%	.00	%	.00	%	.00	%
Expenses, excluding expense reductions, expenses assumed and management fee waived	.13	%(c)		.29	%	.32	%	.32	%	.35	%	.52	%
Net investment income	.31	%(c)		.60	%	.24	%	.20	%	.18	%	.39	%
Supplemental Data:
Net assets, end of period (000)	$48,841			$44,998		$18,677		$26,906		$25,426		$11,785
Portfolio turnover rate	1.90	%(c)		8.12	%	3.84	%	6.78	%	1.16	%	7.18	%

*	Does not include expenses of the Underlying Funds in which the Fund invests.
(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 61

Financial Highlights (continued)

ALPHA STRATEGY FUND

	Class R2 Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$32.07		$24.35		$22.47		$21.76		$17.13		$15.51
Investment operations:
Net investment income (loss)(a)	—	(b)	.04		(.09	)	(.09	)	(.09	)	(.05	)
Net realized and unrealized gain	1.43		8.73		2.04		.80		4.72		2.83
Total from investment operations	1.43		8.77		1.95		.71		4.63		2.78
Distributions to shareholders from:
Net investment income	(1.18	)	—		—		—		—		(.03	)
Net realized gain	(1.12	)	(1.05	)	(.07	)	—		—		(1.13	)
Total distributions	(2.30	)	(1.05	)	(.07	)	—		—		(1.16	)
Net asset value, end of period	$31.20		$32.07		$24.35		$22.47		$21.76		$17.13
Total Return(c)	4.50	%(d)	37.49	%	8.73	%	3.26	%	27.03	%	20.37	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived	.30	%(d)	.60	%	.60	%	.60	%	.60	%	.60	%
Expenses, including expense reductions, expenses assumed and management fee waived	.30	%(d)	.60	%	.60	%	.60	%	.60	%	.60	%
Expenses, excluding expense reductions, expenses assumed and management fee waived	.43	%(d)	.89	%	.92	%	.92	%	.94	%	1.11	%
Net investment income (loss)	.01	%(d)	.14	%	(.39	)%	(.39	)%	(.44	)%	(.32	)%
Supplemental Data:
Net assets, end of period (000)	$3,111		$2,738		$2,982		$3,373		$3,437		$1,433
Portfolio turnover rate	1.90	%(d)	8.12	%	3.84	%	6.78	%	1.16	%	7.18	%

*	Does not include expenses of the Underlying Funds in which the Fund invests.
(a)	Calculated using average shares outstanding during the period.
(b)	Amount is less than $.01.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.

62 See Notes to Financial Statements.

Financial Highlights (concluded)

ALPHA STRATEGY FUND

	Class R3 Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$32.18		$24.41		$22.50		$21.76		$17.12		$15.53
Investment operations:
Net investment income (loss)(a)	.03		.04		(.07	)	(.07	)	(.08	)	(.02	)
Net realized and unrealized gain	1.42		8.78		2.05		.81		4.73		2.79
Total from investment operations	1.45		8.82		1.98		.74		4.65		2.77
Distributions to shareholders from:
Net investment income	(1.21	)	—		—		—		(.01	)	(.05	)
Net realized gain	(1.12	)	(1.05	)	(.07	)	—		—		(1.13	)
Total distributions	(2.33	)	(1.05	)	(.07	)	—		(.01	)	(1.18	)
Net asset value, end of period	$31.30		$32.18		$24.41		$22.50		$21.76		$17.12
Total Return(b)	4.55	%(c)	37.60	%	8.85	%	3.40	%	27.18	%	20.39	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived	.25	%(c)	.50	%	.50	%	.50	%	.50	%	.50	%
Expenses, including expense reductions, expenses assumed and management fee waived	.25	%(c)	.50	%	.50	%	.50	%	.50	%	.50	%
Expenses, excluding expense reductions, expenses assumed and management fee waived	.38	%(c)	.79	%	.82	%	.82	%	.84	%	1.01	%
Net investment income (loss)	.10	%(c)	.13	%	(.30	)%	(.31	)%	(.39	)%	(.15	)%
Supplemental Data:
Net assets, end of period (000)	$36,453		$34,574		$29,663		$26,924		$22,941		$6,979
Portfolio turnover rate	1.90	%(c)	8.12	%	3.84	%	6.78	%	1.16	%	7.18	%

*	Does not include expenses of the Underlying Funds in which the Fund invests.
(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 63

Financial Highlights

FUNDAMENTAL EQUITY FUND

	Class A Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$16.83		$13.08		$12.51		$11.89		$9.99		$8.85
Investment operations:
Net investment income(a)	.02		.07		.09		.02		.04		.03
Net realized and unrealized gain	.87		3.92		.77		.64		1.86		1.17
Total from investment operations	.89		3.99		.86		.66		1.90		1.20
Distributions to shareholders from:
Net investment income	(.04	)	(.09	)	(.02	)	(.04	)	—	(b)	(.06	)
Net realized gain	(2.53	)	(.15	)	(.27	)	—		—		—
Total distributions	(2.57	)	(.24	)	(.29	)	(.04	)	—	(b)	(.06	)
Net asset value, end of period	$15.15		$16.83		$13.08		$12.51		$11.89		$9.99
Total Return(c)	5.72	%(d)	31.11	%	7.17	%	5.53	%	19.06	%	13.84	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.52	%(d)	1.06	%	1.09	%	1.09	%	1.12	%	1.19	%
Expenses, excluding expense reductions	.52	%(d)	1.06	%	1.09	%	1.09	%	1.12	%	1.19	%
Net investment income	.13	%(d)	.50	%	.68	%	.16	%	.38	%	.28	%
Supplemental Data:
Net assets, end of period (000)	$3,082,918		$3,031,190		$2,439,466		$2,379,453		$1,850,569		$1,656,209
Portfolio turnover rate	54.53	%(d)	87.47	%	83.80	%(e)	55.07	%	80.98	%	88.13	%

(a)	Calculated using average shares outstanding during the period.
(b)	Amount is less than $.01.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012.

64 See Notes to Financial Statements.

Financial Highlights (continued)

FUNDAMENTAL EQUITY FUND

	Class B Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$15.91		$12.36		$11.89		$11.35		$9.58		$8.48
Investment operations:
Net investment income (loss)(a)	(.03	)	(.02	)	.01		(.06	)	(.03	)	(.03	)
Net realized and unrealized gain	.83		3.72		.73		.60		1.80		1.13
Total from investment operations	.80		3.70		.74		.54		1.77		1.10
Distributions to shareholders from:
Net investment income	—		—	(b)	—		—		—		—
Net realized gain	(2.53	)	(.15	)	(.27	)	—		—		—
Total distributions	(2.53	)	(.15	)	(.27	)	—		—		—
Net asset value, end of period	$14.18		$15.91		$12.36		$11.89		$11.35		$9.58
Total Return(c)	5.34	%(d)	30.32	%	6.47	%	4.76	%	18.48	%	12.97	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.84	%(d)	1.71	%	1.74	%	1.73	%	1.77	%	1.84	%
Expenses, excluding expense reductions	.84	%(d)	1.71	%	1.74	%	1.73	%	1.77	%	1.84	%
Net investment income (loss)	(.19	)%(d)	(.12	)%	.04	%	(.49	)%	(.29	)%	(.35	)%
Supplemental Data:
Net assets, end of period (000)	$53,018		$62,409		$76,533		$114,980		$149,531		$161,233
Portfolio turnover rate	54.53	%(d)	87.47	%	83.80	%(e)	55.07	%	80.98	%	88.13	%

(a)	Calculated using average shares outstanding during the period.
(b)	Amount is less than $.01.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012.

See Notes to Financial Statements. 65

Financial Highlights (continued)

FUNDAMENTAL EQUITY FUND

	Class C Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$15.83		$12.31		$11.85		$11.30		$9.55		$8.45
Investment operations:
Net investment income (loss)(a)	(.03	)	(.02	)	—	(b)	(.06	)	(.03	)	(.03	)
Net realized and unrealized gain	.82		3.70		.73		.61		1.78		1.13
Total from investment operations	.79		3.68		.73		.55		1.75		1.10
Distributions to shareholders from:
Net investment income	—		(.01	)	—		—		—		—
Net realized gain	(2.53	)	(.15	)	(.27	)	—		—		—
Total distributions	(2.53	)	(.16	)	(.27	)	—		—		—
Net asset value, end of period	$14.09		$15.83		$12.31		$11.85		$11.30		$9.55
Total Return(c)	5.37	%(d)	30.30	%	6.41	%	4.87	%	18.32	%	13.02	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.84	%(d)	1.71	%	1.74	%	1.73	%	1.77	%	1.84	%
Expenses, excluding expense reductions	.84	%(d)	1.71	%	1.74	%	1.73	%	1.77	%	1.84	%
Net investment income (loss)	(.19	)%(d)	(.15	)%	.03	%	(.49	)%	(.26	)%	(.37	)%
Supplemental Data:
Net assets, end of period (000)	$1,046,910		$1,012,597		$802,053		$817,590		$603,639		$485,484
Portfolio turnover rate	54.53	%(d)	87.47	%	83.80	%(e)	55.07	%	80.98	%	88.13	%

(a)	Calculated using average shares outstanding during the period.
(b)	Amount is less than $0.01.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012.

66 See Notes to Financial Statements.

Financial Highlights (continued)

FUNDAMENTAL EQUITY FUND

	Class F Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$16.77		$13.03		$12.47		$11.86		$9.96		$8.85
Investment operations:
Net investment income(a)	.04		.11		.12		.05		.09		.03
Net realized and unrealized gain	.87		3.90		.76		.63		1.84		1.18
Total from investment operations	.91		4.01		.88		.68		1.93		1.21
Distributions to shareholders from:
Net investment income	(.08	)	(.12	)	(.05	)	(.07	)	(.03	)	(.10	)
Net realized gain	(2.53	)	(.15	)	(.27	)	—		—		—
Total distributions	(2.61	)	(.27	)	(.32	)	(.07	)	(.03	)	(.10	)
Net asset value, end of period	$15.07		$16.77		$13.03		$12.47		$11.86		$9.96
Total Return(b)	5.89	%(c)	31.49	%	7.40	%	5.75	%	19.42	%	14.03	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.40	%(c)	.82	%	.84	%	.84	%	.86	%	.93	%
Expenses, excluding expense reductions	.40	%(c)	.82	%	.84	%	.84	%	.86	%	.93	%
Net investment income	.26	%(c)	.75	%	.93	%	.41	%	.77	%	.29	%
Supplemental Data:
Net assets, end of period (000)	$749,892		$716,579		$598,688		$642,636		$282,018		$73,742
Portfolio turnover rate	54.53	%(c)	87.47	%	83.80	%(d)	55.07	%	80.98	%	88.13	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012.

See Notes to Financial Statements. 67

Financial Highlights (continued)

FUNDAMENTAL EQUITY FUND

	Class I Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$16.93		$13.15		$12.59		$11.96		$10.04		$8.92
Investment operations:
Net investment income(a)	.05		.13		.13		.07		.08		.05
Net realized and unrealized gain	.88		3.94		.76		.64		1.88		1.17
Total from investment operations	.93		4.07		.89		.71		1.96		1.22
Distributions to shareholders from:
Net investment income	(.10	)	(.14	)	(.06	)	(.08	)	(.04	)	(.10	)
Net realized gain	(2.53	)	(.15	)	(.27	)	—		—		—
Total distributions	(2.63	)	(.29	)	(.33	)	(.08	)	(.04	)	(.10	)
Net asset value, end of period	$15.23		$16.93		$13.15		$12.59		$11.96		$10.04
Total Return(b)	5.93	%(c)	31.66	%	7.43	%	5.94	%	19.54	%	14.11	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.35	%(c)	.72	%	.74	%	.74	%	.77	%	.84	%
Expenses, excluding expense reductions	.35	%(c)	.72	%	.74	%	.74	%	.77	%	.84	%
Net investment income	.31	%(c)	.84	%	1.00	%	.52	%	.75	%	.58	%
Supplemental Data:
Net assets, end of period (000)	$554,364		$531,676		$394,842		$245,329		$162,114		$98,570
Portfolio turnover rate	54.53	%(c)	87.47	%	83.80	%(d)	55.07	%	80.98	%	88.13	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012.

68 See Notes to Financial Statements.

Financial Highlights (continued)

FUNDAMENTAL EQUITY FUND

	Class P Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$16.64		$12.92		$12.36		$11.75		$9.87		$8.75
Investment operations:
Net investment income(a)	.01		.06		.07		.01		.03		.01
Net realized and unrealized gain	.86		3.88		.77		.62		1.85		1.16
Total from investment operations	.87		3.94		.84		.63		1.88		1.17
Distributions to shareholders from:
Net investment income	(.02	)	(.07	)	(.01	)	(.02	)	—		(.05	)
Net realized gain	(2.53	)	(.15	)	(.27	)	—		—		—
Total distributions	(2.55	)	(.22	)	(.28	)	(.02	)	—		(.05	)
Net asset value, end of period	$14.96		$16.64		$12.92		$12.36		$11.75		$9.87
Total Return(b)	5.65	%(c)	31.08	%	7.03	%	5.40	%	19.05	%	13.59	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.57	%(c)	1.17	%	1.19	%	1.19	%	1.22	%	1.29	%
Expenses, excluding expense reductions	.57	%(c)	1.17	%	1.19	%	1.19	%	1.22	%	1.29	%
Net investment income	.08	%(c)	.42	%	.58	%	.05	%	.28	%	.17	%
Supplemental Data:
Net assets, end of period (000)	$25,135		$26,424		$27,937		$31,223		$30,598		$29,361
Portfolio turnover rate	54.53	%(c)	87.47	%	83.80	%(d)	55.07	%	80.98	%	88.13	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012.

See Notes to Financial Statements. 69

Financial Highlights (continued)

FUNDAMENTAL EQUITY FUND

	Class R2 Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$16.57		$12.87		$12.33		$11.75		$9.89		$8.82
Investment operations:
Net investment income (loss)(a)	—	(b)	.04		.05		(.01	)	.04		(.01	)
Net realized and unrealized gain	.86		3.87		.77		.63		1.82		1.17
Total from investment operations	.86		3.91		.82		.62		1.86		1.16
Distributions to shareholders from:
Net investment income	—	(b)	(.06	)	(.01	)	(.04	)	—	(b)	(.09	)
Net realized gain	(2.53	)	(.15	)	(.27	)	—		—		—
Total distributions	(2.53	)	(.21	)	(.28	)	(.04	)	—	(b)	(.09	)
Net asset value, end of period	$14.90		$16.57		$12.87		$12.33		$11.75		$9.89
Total Return(c)	5.59	%(d)	30.87	%	6.87	%	5.27	%	18.81	%	13.44	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.65	%(d)	1.31	%	1.34	%	1.34	%	1.36	%	1.42	%
Expenses, excluding expense reductions	.65	%(d)	1.31	%	1.34	%	1.34	%	1.36	%	1.42	%
Net investment income (loss)	.01	%(d)	.26	%	.43	%	(.11	)%	.36	%	(.14	)%
Supplemental Data:
Net assets, end of period (000)	$24,123		$25,111		$22,335		$19,997		$4,444		$1,187
Portfolio turnover rate	54.53	%(d)	87.47	%	83.80	%(e)	55.07	%	80.98	%	88.13	%

(a)	Calculated using average shares outstanding during the period.
(b)	Amount is less than $.01.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012.

70 See Notes to Financial Statements.

Financial Highlights (concluded)

FUNDAMENTAL EQUITY FUND

	Class R3 Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$16.66		$12.94		$12.40		$11.80		$9.92		$8.82
Investment operations:
Net investment income(a)	.01		.05		.06		—	(b)	.03		—	(b)
Net realized and unrealized gain	.86		3.89		.77		.63		1.85		1.17
Total from investment operations	.87		3.94		.83		.63		1.88		1.17
Distributions to shareholders from:
Net investment income	(.02	)	(.07	)	(.02	)	(.03	)	—	(b)	(.07	)
Net realized gain	(2.53	)	(.15	)	(.27	)	—		—		—
Total distributions	(2.55	)	(.22	)	(.29	)	(.03	)	—	(b)	(.07	)
Net asset value, end of period	$14.98		$16.66		$12.94		$12.40		$11.80		$9.92
Total Return(c)	5.63	%(d)	31.04	%	6.95	%	5.36	%	18.96	%	13.55	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.59	%(d)	1.21	%	1.24	%	1.24	%	1.26	%	1.33	%
Expenses, excluding expense reductions	.59	%(d)	1.21	%	1.24	%	1.24	%	1.26	%	1.33	%
Net investment income	.06	%(d)	.35	%	.51	%	.01	%	.30	%	.05	%
Supplemental Data:
Net assets, end of period (000)	$328,469		$322,951		$270,290		$180,795		$67,814		$28,510
Portfolio turnover rate	54.53	%(d)	87.47	%	83.80	%(e)	55.07	%	80.98	%	88.13	%

(a)	Calculated using average shares outstanding during the period.
(b)	Amount is less than $.01.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012.

See Notes to Financial Statements. 71

Financial Highlights

GROWTH LEADERS FUND

	Class A Shares
	Six Months
	Ended						6/24/2011(a)
	4/30/2014		Year Ended 10/31				to
	(unaudited)		2013		2012		10/31/2011
Per Share Operating Performance
Net asset value, beginning of period	$21.44		$15.15		$14.50		$15.00
Investment operations:
Net investment income (loss)(b)	—	(c)	(.03	)	(.01	)	(.01	)
Net realized and unrealized gain (loss)	1.10		6.36		.66		(.49	)
Total from investment operations	1.10		6.33		.65		(.50	)
Distributions to shareholders from:
Net investment income	—		(.04	)	—		—
Net realized gain	(1.36	)	—		—		—
Total distributions	(1.36	)	(.04	)	—		—
Net asset value, end of period	$21.18		$21.44		$15.15		$14.50
Total Return(d)	5.12	%(e)	42.20	%	4.48	%	(3.33	)%(e)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.42	%(e)	.85	%	.85	%	.84	%(f)
Expenses, including expense reductions, management fee waived and expenses reimbursed	.42	%(e)	.85	%	.85	%	.84	%(f)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.50	%(e)	1.34	%	1.55	%	3.04	%(f)
Net investment income (loss)	.00	%(e)	(.14	)%	(.06	)%	(.23	)%(f)
Supplemental Data:
Net assets, end of period (000)	$420,227		$191,798		$15,372		$7,882
Portfolio turnover rate	283.88	%(e)	451.09	%(g)	683.50	%	208.96	%

(a)	Commencement of operations was 6/24/2011, SEC effective date was 6/15/2011 and date shares first became available to the public was 7/1/2011.
(b)	Calculated using average shares outstanding during the period.
(c)	Amount is less than $.01.
(d)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(e)	Not annualized.
(f)	Annualized.
(g)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013.

72 See Notes to Financial Statements.

Financial Highlights (continued)

GROWTH LEADERS FUND

	Class B Shares
	Six Months
	Ended		2/11/2013(a)
	4/30/2014		to
	(unaudited)		10/31/2013
Per Share Operating Performance
Net asset value, beginning of period	$21.33		$16.56
Investment operations:
Net investment loss(b)	(.07	)	(.11	)
Net realized and unrealized gain	1.10		4.88
Total from investment operations	1.03		4.77
Distributions to shareholders from:
Net realized gain	(1.36	)	—
Net asset value, end of period	$21.00		$21.33
Total Return(c)	4.81	%(d)	29.05	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.76	%(d)	1.49	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed	.76	%(d)	1.49	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.85	%(d)	1.88	%(e)
Net investment loss	(.34	)%(d)	(.82	)%(e)
Supplemental Data:
Net assets, end of period (000)	$7,084		$8,041
Portfolio turnover rate	283.88	%(d)	451.09	%(f)

(a)	Commencement of operations was 2/11/2013, SEC effective date was 11/28/2012.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.
(f)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013.

See Notes to Financial Statements. 73

Financial Highlights (continued)

GROWTH LEADERS FUND

	Class C Shares
	Six Months
	Ended						6/24/2011(a)
	4/30/2014		Year Ended 10/31				to
	(unaudited)		2013		2012		10/31/2011
Per Share Operating Performance
Net asset value, beginning of period	$21.14		$15.02		$14.47		$15.00
Investment operations:
Net investment loss(b)	(.07	)	(.15	)	(.11	)	(.05	)
Net realized and unrealized gain (loss)	1.08		6.30		.66		(.48	)
Total from investment operations	1.01		6.15		.55		(.53	)
Distributions to shareholders from:
Net investment income	—		(.03	)	—		—
Net realized gain	(1.36	)	—		—		—
Total distributions	(1.36	)	(.03	)	—		—
Net asset value, end of period	$20.79		$21.14		$15.02		$14.47
Total Return(c)	4.80	%(d)	41.24	%	3.80	%	(3.53	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.75	%(d)	1.45	%	1.49	%	1.47	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed	.75	%(d)	1.45	%	1.49	%	1.47	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.84	%(d)	1.88	%	2.15	%	2.78	%(e)
Net investment loss	(.33	)%(d)	(.79	)%	(.70	)%	(.91	)%(e)
Supplemental Data:
Net assets, end of period (000)	$177,337		$66,471		$1,898		$175
Portfolio turnover rate	283.88	%(d)	451.09	%(f)	683.50	%	208.96	%

(a)	Commencement of operations was 6/24/2011, SEC effective date was 6/15/2011 and date shares first became available to the public was 7/1/2011.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.
(f)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013.

74 See Notes to Financial Statements.

Financial Highlights (continued)

GROWTH LEADERS FUND

	Class F Shares
	Six Months
	Ended						6/24/2011(a)
	4/30/2014		Year Ended 10/31				to
	(unaudited)		2013		2012		10/31/2011
Per Share Operating Performance
Net asset value, beginning of period	$21.49		$15.18		$14.51		$15.00
Investment operations:
Net investment income(b)	.02		—	(c)	.03		—	(c)
Net realized and unrealized gain (loss)	1.10		6.39		.65		(.49	)
Total from investment operations	1.12		6.39		.68		(.49	)
Distributions to shareholders from:
Net investment income	—		(.08	)	(.01	)	—
Net realized gain	(1.36	)	—		—		—
Total distributions	(1.36	)	(.08	)	(.01	)	—
Net asset value, end of period	$21.25		$21.49		$15.18		$14.51
Total Return(d)	5.26	%(e)	42.51	%	4.69	%	(3.27	)%(e)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.32	%(e)	.60	%	.60	%	.59	%(f)
Expenses, including expense reductions, management fee waived and expenses reimbursed	.32	%(e)	.60	%	.60	%	.59	%(f)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.40	%(e)	1.07	%	1.33	%	1.95	%(f)
Net investment income	.10	%(e)	.01	%	.21	%	.08	%(f)
Supplemental Data:
Net assets, end of period (000)	$409,550		$109,011		$3,797		$5,993
Portfolio turnover rate	283.88	%(e)	451.09	%(g)	683.50	%	208.96	%

(a)	Commencement of operations was 6/24/2011, SEC effective date was 6/15/2011 and date shares first became available to the public was 7/1/2011.
(b)	Calculated using average shares outstanding during the period.
(c)	Amount is less than $.01.
(d)	Total return assumes the reinvestment of all distributions.
(e)	Not annualized.
(f)	Annualized.
(g)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013.

See Notes to Financial Statements. 75

Financial Highlights (continued)

GROWTH LEADERS FUND

	Class I Shares
	Six Months
	Ended						6/24/2011(a)
	4/30/2014		Year Ended 10/31				to
	(unaudited)		2013		2012		10/31/2011
Per Share Operating Performance
Net asset value, beginning of period	$21.51		$15.20		$14.51		$15.00
Investment operations:
Net investment income(b)	.03		.04		.04		.01
Net realized and unrealized gain (loss)	1.11		6.36		.67		(.50	)
Total from investment operations	1.14		6.40		.71		(.49	)
Distributions to shareholders from:
Net investment income	—		(.09	)	(.02	)	—
Net realized gain	(1.36	)	—		—		—
Total distributions	(1.36	)	(.09	)	(.02	)	—
Net asset value, end of period	$21.29		$21.51		$15.20		$14.51
Total Return(c)	5.30	%(d)	42.67	%	4.87	%	(3.27	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.27	%(d)	.50	%	.50	%	.49	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed	.27	%(d)	.50	%	.50	%	.49	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.35	%(d)	.95	%	1.22	%	2.20	%(e)
Net investment income	.16	%(d)	.21	%	.29	%	.17	%(e)
Supplemental Data:
Net assets, end of period (000)	$67,864		$50,326		$2,697		$1,952
Portfolio turnover rate	283.88	%(d)	451.09	%(f)	683.50	%	208.96	%

(a)	Commencement of operations was 6/24/2011, SEC effective date was 6/15/2011 and date shares first became available to the public was 7/1/2011.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.
(f)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013.

76 See Notes to Financial Statements.

Financial Highlights (continued)

GROWTH LEADERS FUND

	Class R2 Shares
	Six Months
	Ended						6/24/2011(a)
	4/30/2014		Year Ended 10/31				to
	(unaudited)		2013		2012		10/31/2011
Per Share Operating Performance
Net asset value, beginning of period	$21.58		$15.19		$14.49		$15.00
Investment operations:
Net investment income (loss)(b)	(.03	)	.04		.05		(.03	)
Net realized and unrealized gain (loss)	1.11		6.38		.65		(.48	)
Total from investment operations	1.08		6.42		.70		(.51	)
Distributions to shareholders from:
Net investment income	—		(.03	)	—		—
Net realized gain	(1.36	)	—		—		—
Total distributions	(1.36	)	(.03	)	—		—
Net asset value, end of period	$21.30		$21.58		$15.19		$14.49
Total Return(c)	4.99	%(d)	42.62	%	4.83	%	(3.40	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.57	%(d)	.58	%	.48	%	1.06	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed	.57	%(d)	.58	%	.48	%	1.06	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.64	%(d)	1.70	%	1.22	%	5.05	%(e)
Net investment income (loss)	(.13	)%(d)	.22	%	.31	%	(.49	)%(e)
Supplemental Data:
Net assets, end of period (000)	$273		$44		$10		$10
Portfolio turnover rate	283.88	%(d)	451.09	%(f)	683.50	%	208.96	%

(a)	Commencement of operations was 6/24/2011, SEC effective date was 6/15/2011 and date shares first became available to the public was 7/1/2011.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.
(f)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013.

See Notes to Financial Statements. 77

Financial Highlights (concluded)

GROWTH LEADERS FUND

	Class R3 Shares
	Six Months
	Ended						6/24/2011(a)
	4/30/2014		Year Ended 10/31				to
	(unaudited)		2013		2012		10/31/2011
Per Share Operating Performance
Net asset value, beginning of period	$21.45		$15.16		$14.49		$15.00
Investment operations:
Net investment income (loss)(b)	(.02	)	(.06	)	.01		(.02	)
Net realized and unrealized gain (loss)	1.10		6.38		.66		(.49	)
Total from investment operations	1.08		6.32		.67		(.51	)
Distributions to shareholders from:
Net investment income	—		(.03	)	—		—
Net realized gain	(1.36	)	—		—		—
Total distributions	(1.36	)	(.03	)	—		—
Net asset value, end of period	$21.17		$21.45		$15.16		$14.49
Total Return(c)	5.07	%(d)	41.98	%	4.62	%	(3.40	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.51	%(d)	1.00	%	.72	%	.97	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed	.51	%(d)	1.00	%	.72	%	.97	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.60	%(d)	1.39	%	1.42	%	4.96	%(e)
Net investment income (loss)	(.09	)%(d)	(.33	)%	.08	%	(.40	)%(e)
Supplemental Data:
Net assets, end of period (000)	$9,303		$8,289		$11		$10
Portfolio turnover rate	283.88	%(d)	451.09	%(f)	683.50	%	208.96	%

(a)	Commencement of operations was 6/24/2011, SEC effective date was 6/15/2011 and date shares first became available to the public was 7/1/2011.
(b)	Calculated using average shares outstanding during the period.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Annualized.
(f)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013.

78 See Notes to Financial Statements.

Financial Highlights

INTERNATIONAL CORE EQUITY FUND

	Class A Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$13.97		$11.43		$11.25		$12.12		$11.20		$8.68
Investment operations:
Net investment income(a)	.05		.18		.28		.20		.12		.08
Net realized and unrealized gain (loss)	.14		2.62		.12		(.94	)	.88		2.66
Total from investment operations	.19		2.80		.40		(.74	)	1.00		2.74
Distributions to shareholders from:
Net investment income	(.26	)	(.26	)	(.22	)	(.13	)	(.08	)	(.22	)
Net asset value, end of period	$13.90		$13.97		$11.43		$11.25		$12.12		$11.20
Total Return(b)	1.41	%(c)	24.99	%	3.81	%	(6.16	)%	8.95	%	32.32	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.56	%(c)	1.12	%	1.12	%	1.12	%	1.18	%	1.55	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.56	%(c)	1.12	%	1.12	%	1.12	%	1.18	%	1.55	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.67	%(c)	1.38	%	1.47	%	1.42	%	1.44	%	1.55	%
Net investment income	.40	%(c)	1.41	%	2.53	%	1.64	%	1.05	%	.92	%
Supplemental Data:
Net assets, end of period (000)	$402,521		$437,271		$383,244		$439,938		$542,452		$574,731
Portfolio turnover rate	26.75	%(c)	80.77	%	81.50	%	83.78	%	98.73	%	132.22	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 79

Financial Highlights (continued)

INTERNATIONAL CORE EQUITY FUND

	Class B Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$13.76		$11.26		$11.06		$11.91		$11.02		$8.50
Investment operations:
Net investment income(a)	.01		.09		.21		.12		.04		.02
Net realized and unrealized gain (loss)	.15		2.60		.12		(.92	)	.87		2.62
Total from investment operations	.16		2.69		.33		(.80	)	.91		2.64
Distributions to shareholders from:
Net investment income	(.16	)	(.19	)	(.13	)	(.05	)	(.02	)	(.12	)
Net asset value, end of period	$13.76		$13.76		$11.26		$11.06		$11.91		$11.02
Total Return(b)	1.16	%(c)	24.18	%	3.13	%	(6.75	)%	8.23	%	31.46	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.88	%(c)	1.77	%	1.77	%	1.77	%	1.84	%	2.20	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.88	%(c)	1.77	%	1.77	%	1.77	%	1.84	%	2.20	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	1.00	%(c)	2.03	%	2.12	%	2.06	%	2.09	%	2.20	%
Net investment income	.05	%(c)	.73	%	1.91	%	.96	%	.40	%	.27	%
Supplemental Data:
Net assets, end of period (000)	$14,038		$17,239		$20,125		$27,896		$39,255		$43,492
Portfolio turnover rate	26.75	%(c)	80.77	%	81.50	%	83.78	%	98.73	%	132.22	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

80 See Notes to Financial Statements.

Financial Highlights (continued)

INTERNATIONAL CORE EQUITY FUND

	Class C Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$13.77		$11.27		$11.08		$11.93		$11.04		$8.50
Investment operations:
Net investment income(a)	.01		.09		.21		.12		.04		.03
Net realized and unrealized gain (loss)	.14		2.61		.12		(.92	)	.87		2.62
Total from investment operations	.15		2.70		.33		(.80	)	.91		2.65
Distributions to shareholders from:
Net investment income	(.18	)	(.20	)	(.14	)	(.05	)	(.02	)	(.11	)
Net asset value, end of period	$13.74		$13.77		$11.27		$11.08		$11.93		$11.04
Total Return(b)	1.10	%(c)	24.26	%	3.11	%	(6.73	)%	8.21	%	31.52	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.87	%(c)	1.75	%	1.75	%	1.74	%	1.84	%	2.20	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.87	%(c)	1.75	%	1.75	%	1.74	%	1.84	%	2.20	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.98	%(c)	2.01	%	2.10	%	2.03	%	2.09	%	2.20	%
Net investment income	.10	%(c)	.77	%	1.91	%	1.01	%	.38	%	.28	%
Supplemental Data:
Net assets, end of period (000)	$56,318		$57,779		$54,056		$68,316		$91,550		$105,557
Portfolio turnover rate	26.75	%(c)	80.77	%	81.50	%	83.78	%	98.73	%	132.22	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 81

Financial Highlights (continued)

INTERNATIONAL CORE EQUITY FUND

	Class F Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$13.89		$11.36		$11.20		$12.08		$11.16		$8.68
Investment operations:
Net investment income(a)	.05		.18		.30		.24		.16		.16
Net realized and unrealized gain (loss)	.16		2.64		.12		(.95	)	.86		2.59
Total from investment operations	.21		2.82		.42		(.71	)	1.02		2.75
Distributions to shareholders from:
Net investment income	(.30	)	(.29	)	(.26	)	(.17	)	(.10	)	(.27	)
Net asset value, end of period	$13.80		$13.89		$11.36		$11.20		$12.08		$11.16
Total Return(b)	1.51	%(c)	25.35	%	4.02	%	(5.98	)%	9.25	%	32.76	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.43	%(c)	.87	%	.87	%	.87	%	.90	%	1.27	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.43	%(c)	.87	%	.87	%	.87	%	.90	%	1.27	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.55	%(c)	1.13	%	1.22	%	1.18	%	1.18	%	1.27	%
Net investment income	.40	%(c)	1.42	%	2.71	%	1.98	%	1.45	%	1.73	%
Supplemental Data:
Net assets, end of period (000)	$82,000		$142,063		$151,246		$80,747		$31,153		$9,009
Portfolio turnover rate	26.75	%(c)	80.77	%	81.50	%	83.78	%	98.73	%	132.22	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

82 See Notes to Financial Statements.

Financial Highlights (continued)

INTERNATIONAL CORE EQUITY FUND

	Class I Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$14.07		$11.51		$11.34		$12.21		$11.28		$8.77
Investment operations:
Net investment income(a)	.07		.22		.27		.25		.15		.13
Net realized and unrealized gain (loss)	.16		2.64		.17		(.95	)	.89		2.65
Total from investment operations	.23		2.86		.44		(.70	)	1.04		2.78
Distributions to shareholders from:
Net investment income	(.31	)	(.30	)	(.27	)	(.17	)	(.11	)	(.27	)
Net asset value, end of period	$13.99		$14.07		$11.51		$11.34		$12.21		$11.28
Total Return(b)	1.66	%(c)	25.37	%	4.15	%	(5.78	)%	9.31	%	32.86	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.38	%(c)	.77	%	.77	%	.77	%	.82	%	1.19	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.38	%(c)	.77	%	.77	%	.77	%	.82	%	1.19	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.50	%(c)	1.03	%	1.12	%	1.07	%	1.08	%	1.19	%
Net investment income	.52	%(c)	1.77	%	2.48	%	2.06	%	1.34	%	1.34	%
Supplemental Data:
Net assets, end of period (000)	$110,837		$155,754		$107,076		$222,808		$267,253		$167,574
Portfolio turnover rate	26.75	%(c)	80.77	%	81.50	%	83.78	%	98.73	%	132.22	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 83

Financial Highlights (continued)

INTERNATIONAL CORE EQUITY FUND

	Class P Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$13.94		$11.39		$11.17		$12.04		$11.13		$8.63
Investment operations:
Net investment income(a)	.05		.16		.27		.10		.10		.07
Net realized and unrealized gain (loss)	.14		2.63		.12		(.84	)	.88		2.64
Total from investment operations	.19		2.79		.39		(.74	)	.98		2.71
Distributions to shareholders from:
Net investment income	(.25	)	(.24	)	(.17	)	(.13	)	(.07	)	(.21	)
Net asset value, end of period	$13.88		$13.94		$11.39		$11.17		$12.04		$11.13
Total Return(b)	1.39	%(c)	24.91	%	3.63	%	(6.23	)%	8.84	%	32.29	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.61	%(c)	1.22	%	1.22	%	1.22	%	1.29	%	1.64	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.61	%(c)	1.22	%	1.22	%	1.22	%	1.29	%	1.64	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.72	%(c)	1.48	%	1.58	%	1.51	%	1.54	%	1.64	%
Net investment income	.38	%(c)	1.30	%	2.45	%	.83	%	.92	%	.78	%
Supplemental Data:
Net assets, end of period (000)	$285		$278		$282		$470		$1,765		$1,825
Portfolio turnover rate	26.75	%(c)	80.77	%	81.50	%	83.78	%	98.73	%	132.22	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

84 See Notes to Financial Statements.

Financial Highlights (continued)

INTERNATIONAL CORE EQUITY FUND

	Class R2 Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$13.92		$11.41		$11.24		$12.14		$11.20		$8.69
Investment operations:
Net investment income(a)	.04		.15		.23		.18		.08		.12
Net realized and unrealized gain (loss)	.14		2.61		.14		(.95	)	.91		2.65
Total from investment operations	.18		2.76		.37		(.77	)	.99		2.77
Distributions to shareholders from:
Net investment income	(.23	)	(.25	)	(.20	)	(.13	)	(.05	)	(.26	)
Net asset value, end of period	$13.87		$13.92		$11.41		$11.24		$12.14		$11.20
Total Return(b)	1.34	%(c)	24.65	%	3.51	%	(6.38	)%	8.86	%	32.77	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.68	%(c)	1.37	%	1.37	%	1.37	%	1.35	%	1.16	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.68	%(c)	1.37	%	1.37	%	1.37	%	1.35	%	1.16	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.80	%(c)	1.63	%	1.72	%	1.67	%	1.64	%	1.16	%
Net investment income	.30	%(c)	1.20	%	2.13	%	1.46	%	.73	%	1.33	%
Supplemental Data:
Net assets, end of period (000)	$1,014		$868		$568		$651		$570		$7
Portfolio turnover rate	26.75	%(c)	80.77	%	81.50	%	83.78	%	98.73	%	132.22	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 85

Financial Highlights (concluded)

INTERNATIONAL CORE EQUITY FUND

	Class R3 Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$13.77		$11.28		$11.11		$12.00		$11.10		$8.65
Investment operations:
Net investment income(a)	.05		.16		.26		.19		.11		.06
Net realized and unrealized gain (loss)	.13		2.59		.12		(.94	)	.87		2.64
Total from investment operations	.18		2.75		.38		(.75	)	.98		2.70
Distributions to shareholders from:
Net investment income	(.24	)	(.26	)	(.21	)	(.14	)	(.08	)	(.25	)
Net asset value, end of period	$13.71		$13.77		$11.28		$11.11		$12.00		$11.10
Total Return(b)	1.37	%(c)	24.80	%	3.68	%	(6.35	)%	8.89	%	32.23	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.63	%(c)	1.26	%	1.26	%	1.26	%	1.28	%	1.68	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.63	%(c)	1.26	%	1.26	%	1.26	%	1.28	%	1.68	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.75	%(c)	1.52	%	1.61	%	1.57	%	1.57	%	1.68	%
Net investment income	.35	%(c)	1.27	%	2.36	%	1.54	%	1.02	%	.65	%
Supplemental Data:
Net assets, end of period (000)	$20,664		$19,739		$17,275		$12,725		$10,418		$1,439
Portfolio turnover rate	26.75	%(c)	80.77	%	81.50	%	83.78	%	98.73	%	132.22	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

86 See Notes to Financial Statements.

Financial Highlights

INTERNATIONAL DIVIDEND INCOME FUND

	Class A Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$9.11		$7.80		$7.88		$8.64		$8.22		$6.29
Investment operations:
Net investment income(a)	.16		.33		.35		.42		.34		.28
Net realized and unrealized gain (loss)	.20		1.31		(.08	)	(.78	)	.42		1.90
Total from investment operations	.36		1.64		.27		(.36	)	.76		2.18
Distributions to shareholders from:
Net investment income	(.18	)	(.33	)	(.35	)	(.40	)	(.34	)	(.25	)
Net asset value, end of period	$9.29		$9.11		$7.80		$7.88		$8.64		$8.22
Total Return(b)	3.99	%(c)	21.54	%	3.60	%	(4.42	)%	9.58	%	35.88	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.56	%(c)	1.12	%	1.12	%	1.12	%	1.14	%	1.35	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.56	%(c)	1.12	%	1.12	%	1.12	%	1.14	%	1.35	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.62	%(c)	1.27	%	1.36	%	1.43	%	1.46	%	1.63	%
Net investment income	1.75	%(c)	3.94	%	4.59	%	4.96	%	4.23	%	4.08	%
Supplemental Data:
Net assets, end of period (000)	$957,726		$954,305		$618,824		$278,975		$162,611		$52,935
Portfolio turnover rate	29.69	%(c)	78.39	%	84.81	%	100.16	%	100.06	%	105.74	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 87

Financial Highlights (continued)

INTERNATIONAL DIVIDEND INCOME FUND

	Class C Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$9.04		$7.75		$7.84		$8.60		$8.19		$6.28
Investment operations:
Net investment income(a)	.14		.28		.29		.36		.29		.21
Net realized and unrealized gain (loss)	.19		1.29		(.07	)	(.77	)	.41		1.92
Total from investment operations	.33		1.57		.22		(.41	)	.70		2.13
Distributions to shareholders from:
Net investment income	(.15	)	(.28	)	(.31	)	(.35	)	(.29	)	(.22	)
Net asset value, end of period	$9.22		$9.04		$7.75		$7.84		$8.60		$8.19
Total Return(b)	3.72	%(c)	20.70	%	2.95	%	(5.03	)%	8.99	%	34.87	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.88	%(c)	1.77	%	1.76	%	1.76	%	1.79	%	1.98	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.88	%(c)	1.77	%	1.76	%	1.76	%	1.79	%	1.98	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.94	%(c)	1.92	%	2.01	%	2.07	%	2.10	%	2.26	%
Net investment income	1.52	%(c)	3.33	%	3.88	%	4.29	%	3.61	%	2.93	%
Supplemental Data:
Net assets, end of period (000)	$173,760		$143,807		$74,664		$22,329		$13,561		$4,376
Portfolio turnover rate	29.69	%(c)	78.39	%	84.81	%	100.16	%	100.06	%	105.74	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

88 See Notes to Financial Statements.

Financial Highlights (continued)

INTERNATIONAL DIVIDEND INCOME FUND

	Class F Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$9.12		$7.81		$7.89		$8.65		$8.23		$6.29
Investment operations:
Net investment income(a)	.17		.36		.37		.45		.39		.18
Net realized and unrealized gain (loss)	.21		1.30		(.08	)	(.79	)	.39		2.02
Total from investment operations	.38		1.66		.29		(.34	)	.78		2.20
Distributions to shareholders from:
Net investment income	(.19	)	(.35	)	(.37	)	(.42	)	(.36	)	(.26	)
Net asset value, end of period	$9.31		$9.12		$7.81		$7.89		$8.65		$8.23
Total Return(b)	4.23	%(c)	21.80	%	3.83	%	(4.18	)%	9.95	%	36.13	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.43	%(c)	.87	%	.87	%	.87	%	.88	%	1.07	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.43	%(c)	.87	%	.87	%	.87	%	.88	%	1.07	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.49	%(c)	1.02	%	1.11	%	1.18	%	1.21	%	1.39	%
Net investment income	1.94	%(c)	4.23	%	4.79	%	5.27	%	4.78	%	2.32	%
Supplemental Data:
Net assets, end of period (000)	$256,845		$228,586		$128,360		$26,892		$12,745		$1,772
Portfolio turnover rate	29.69	%(c)	78.39	%	84.81	%	100.16	%	100.06	%	105.74	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 89

Financial Highlights (continued)

INTERNATIONAL DIVIDEND INCOME FUND

	Class I Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$9.14		$7.83		$7.91		$8.66		$8.24		$6.29
Investment operations:
Net investment income(a)	.18		.36		.38		.43		.37		.29
Net realized and unrealized gain (loss)	.20		1.31		(.09	)	(.75	)	.41		1.93
Total from investment operations	.38		1.67		.29		(.32	)	.78		2.22
Distributions to shareholders from:
Net investment income	(.19	)	(.36	)	(.37	)	(.43	)	(.36	)	(.27	)
Net asset value, end of period	$9.33		$9.14		$7.83		$7.91		$8.66		$8.24
Total Return(b)	4.27	%(c)	21.86	%	3.91	%	(3.97	)%	10.03	%	36.38	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.38	%(c)	.77	%	.77	%	.77	%	.81	%	.99	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.38	%(c)	.77	%	.77	%	.77	%	.81	%	.99	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.44	%(c)	.92	%	1.01	%	1.09	%	1.10	%	1.28	%
Net investment income	2.01	%(c)	4.28	%	5.00	%	5.06	%	4.53	%	4.13	%
Supplemental Data:
Net assets, end of period (000)	$1,128,779		$1,005,558		$893,066		$559,879		$265,348		$225,668
Portfolio turnover rate	29.69	%(c)	78.39	%	84.81	%	100.16	%	100.06	%	105.74	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

90 See Notes to Financial Statements.

Financial Highlights (continued)

INTERNATIONAL DIVIDEND INCOME FUND

	Class R2 Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$9.27		$7.94		$8.03		$8.76		$8.29		$6.30
Investment operations:
Net investment income(a)	.16		.32		.33		.45		.37		.31
Net realized and unrealized gain (loss)	.20		1.32		(.08	)	(.79	)	.42		1.91
Total from investment operations	.36		1.64		.25		(.34	)	.79		2.22
Distributions to shareholders from:
Net investment income	(.17	)	(.31	)	(.34	)	(.39	)	(.32	)	(.23	)
Net asset value, end of period	$9.46		$9.27		$7.94		$8.03		$8.76		$8.29
Total Return(b)	3.91	%(c)	21.13	%	3.32	%	(4.15	)%	9.96	%	36.26	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.68	%(c)	1.37	%	1.34	%	.91	%	.84	%	.96	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.68	%(c)	1.37	%	1.34	%	.91	%	.84	%	.96	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.74	%(c)	1.52	%	1.60	%	1.22	%	1.13	%	1.27	%
Net investment income	1.78	%(c)	3.73	%	4.24	%	5.15	%	4.45	%	4.63	%
Supplemental Data:
Net assets, end of period (000)	$1,134		$860		$464		$16		$10		$9
Portfolio turnover rate	29.69	%(c)	78.39	%	84.81	%	100.16	%	100.06	%	105.74	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 91

Financial Highlights (concluded)

INTERNATIONAL DIVIDEND INCOME FUND

	Class R3 Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$9.18		$7.86		$7.94		$8.71		$8.28		$6.30
Investment operations:
Net investment income(a)	.17		.35		.37		.41		.36		.31
Net realized and unrealized gain (loss)	.19		1.29		(.12	)	(.79	)	.40		1.91
Total from investment operations	.36		1.64		.25		(.38	)	.76		2.22
Distributions to shareholders from:
Net investment income	(.17	)	(.32	)	(.33	)	(.39	)	(.33	)	(.24	)
Net asset value, end of period	$9.37		$9.18		$7.86		$7.94		$8.71		$8.28
Total Return(b)	3.98	%(c)	21.30	%	3.39	%	(4.61	)%	9.62	%	36.22	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.63	%(c)	1.27	%	1.27	%	1.26	%	1.24	%	.96	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.63	%(c)	1.27	%	1.27	%	1.26	%	1.24	%	.96	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.69	%(c)	1.42	%	1.50	%	1.59	%	1.58	%	1.27	%
Net investment income	1.84	%(c)	4.11	%	4.80	%	4.80	%	4.40	%	4.62	%
Supplemental Data:
Net assets, end of period (000)	$10,173		$5,200		$33,065		$331		$111		$9
Portfolio turnover rate	29.69	%(c)	78.39	%	84.81	%	100.16	%	100.06	%	105.74	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

92 See Notes to Financial Statements.

Financial Highlights

INTERNATIONAL OPPORTUNITIES FUND

	Class A Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$16.83		$13.17		$12.00		$12.87		$10.70		$7.29
Investment operations:
Net investment income(a)	.05		.10		.15		.10		.06		.04
Net realized and unrealized gain (loss)	.62		3.82		1.10		(.92	)	2.20		3.42
Total from investment operations	.67		3.92		1.25		(.82	)	2.26		3.46
Distributions to shareholders from:
Net investment income	(.21	)	(.26	)	(.08	)	(.05	)	(.09	)	(.05	)
Net asset value, end of period	$17.29		$16.83		$13.17		$12.00		$12.87		$10.70
Total Return(b)	4.05	%(c)	30.26	%	10.59	%	(6.39	)%	21.21	%	47.94	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.67	%(c)	1.47	%	1.52	%	1.49	%	1.54	%	1.77	%
Expenses, excluding expense reductions	.67	%(c)	1.47	%	1.52	%	1.49	%	1.54	%	1.77	%
Net investment income	.29	%(c)	.66	%	1.20	%	.79	%	.54	%	.50	%
Supplemental Data:
Net assets, end of period (000)	$156,453		$99,530		$76,139		$83,729		$98,272		$92,188
Portfolio turnover rate	37.84	%(c)	99.98	%	91.18	%	103.98	%	83.13	%	115.58	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 93

Financial Highlights (continued)

INTERNATIONAL OPPORTUNITIES FUND

	Class B Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$15.96		$12.49		$11.36		$12.21		$10.17		$6.92
Investment operations:
Net investment income (loss)(a)	(.02	)	—	(b)	.06		.02		(.01	)	(.01	)
Net realized and unrealized gain (loss)	.60		3.63		1.07		(.87	)	2.08		3.26
Total from investment operations	.58		3.63		1.13		(.85	)	2.07		3.25
Distributions to shareholders from:
Net investment income	(.10	)	(.16	)	—		—		(.03	)	—
Net asset value, end of period	$16.44		$15.96		$12.49		$11.36		$12.21		$10.17
Total Return(c)	3.66	%(d)	29.39	%	9.95	%	(6.96	)%	20.35	%	46.97	%
Ratios to Average Net Assets:
Expenses, including expense reductions	1.01	%(d)	2.12	%	2.16	%	2.13	%	2.19	%	2.42	%
Expenses, excluding expense reductions	1.01	%(d)	2.12	%	2.16	%	2.13	%	2.19	%	2.42	%
Net investment income (loss)	(.14	)%(d)	(.03	)%	.52	%	.12	%	(.13	)%	(.15	)%
Supplemental Data:
Net assets, end of period (000)	$5,069		$6,357		$6,854		$9,439		$14,307		$17,103
Portfolio turnover rate	37.84	%(d)	99.98	%	91.18	%	103.98	%	83.13	%	115.58	%

(a)	Calculated using average shares outstanding during the period.
(b)	Amount is less than $.01.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.

94 See Notes to Financial Statements.

Financial Highlights (continued)

INTERNATIONAL OPPORTUNITIES FUND

	Class C Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$15.84		$12.41		$11.29		$12.14		$10.12		$6.88
Investment operations:
Net investment income (loss)(a)	(.01	)	—	(b)	.07		.02		(.01	)	(.01	)
Net realized and unrealized gain (loss)	.59		3.61		1.06		(.87	)	2.06		3.25
Total from investment operations	.58		3.61		1.13		(.85	)	2.05		3.24
Distributions to shareholders from:
Net investment income	(.13	)	(.18	)	(.01	)	—		(.03	)	—
Net asset value, end of period	$16.29		$15.84		$12.41		$11.29		$12.14		$10.12
Total Return(c)	3.69	%(d)	29.43	%	10.00	%	(7.00	)%	20.34	%	47.09	%
Ratios to Average Net Assets:
Expenses, including expense reductions	1.01	%(d)	2.10	%	2.14	%	2.10	%	2.19	%	2.42	%
Expenses, excluding expense reductions	1.01	%(d)	2.10	%	2.14	%	2.10	%	2.19	%	2.42	%
Net investment income (loss)	(.08	)%(d)	.03	%	.59	%	.17	%	(.13	)%	(.14	)%
Supplemental Data:
Net assets, end of period (000)	$22,845		$18,138		$13,953		$15,603		$19,969		$21,668
Portfolio turnover rate	37.84	%(d)	99.98	%	91.18	%	103.98	%	83.13	%	115.58	%

(a)	Calculated using average shares outstanding during the period.
(b)	Amount is less than $0.01.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.

See Notes to Financial Statements. 95

Financial Highlights (continued)

INTERNATIONAL OPPORTUNITIES FUND

	Class F Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$16.73		$13.09		$11.94		$12.81		$10.65		$7.28
Investment operations:
Net investment income(a)	.07		.17		.18		.13		.10		.09
Net realized and unrealized gain (loss)	.62		3.76		1.09		(.91	)	2.17		3.37
Total from investment operations	.69		3.93		1.27		(.78	)	2.27		3.46
Distributions to shareholders from:
Net investment income	(.26	)	(.29	)	(.12	)	(.09	)	(.11	)	(.09	)
Net asset value, end of period	$17.16		$16.73		$13.09		$11.94		$12.81		$10.65
Total Return(b)	4.17	%(c)	30.63	%	10.83	%	(6.16	)%	21.47	%	48.36	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.57	%(c)	1.22	%	1.27	%	1.24	%	1.28	%	1.49	%
Expenses, excluding expense reductions	.57	%(c)	1.22	%	1.27	%	1.24	%	1.28	%	1.49	%
Net investment income	.39	%(c)	1.13	%	1.47	%	1.00	%	.88	%	1.00	%
Supplemental Data:
Net assets, end of period (000)	$39,844		$18,046		$944		$934		$934		$384
Portfolio turnover rate	37.84	%(c)	99.98	%	91.18	%	103.98	%	83.13	%	115.58	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

96 See Notes to Financial Statements.

Financial Highlights (continued)

INTERNATIONAL OPPORTUNITIES FUND

	Class I Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$17.25		$13.49		$12.30		$13.18		$10.96		$7.48
Investment operations:
Net investment income(a)	.07		.15		.19		.16		.11		.08
Net realized and unrealized gain (loss)	.64		3.91		1.13		(.95	)	2.23		3.50
Total from investment operations	.71		4.06		1.32		(.79	)	2.34		3.58
Distributions to shareholders from:
Net investment income	(.26	)	(.30	)	(.13	)	(.09	)	(.12	)	(.10	)
Net asset value, end of period	$17.70		$17.25		$13.49		$12.30		$13.18		$10.96
Total Return(b)	4.20	%(c)	30.74	%	10.96	%	(6.01	)%	21.50	%	48.47	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.52	%(c)	1.12	%	1.17	%	1.14	%	1.18	%	1.42	%
Expenses, excluding expense reductions	.52	%(c)	1.12	%	1.17	%	1.14	%	1.18	%	1.42	%
Net investment income	.39	%(c)	.99	%	1.54	%	1.17	%	.93	%	.87	%
Supplemental Data:
Net assets, end of period (000)	$291,503		$259,952		$195,785		$213,865		$232,027		$160,456
Portfolio turnover rate	37.84	%(c)	99.98	%	91.18	%	103.98	%	83.13	%	115.58	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 97

Financial Highlights (continued)

INTERNATIONAL OPPORTUNITIES FUND

	Class P Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$17.08		$13.36		$12.17		$13.06		$10.86		$7.36
Investment operations:
Net investment income(a)	.02		.09		.14		.09		.05		.03
Net realized and unrealized gain (loss)	.64		3.88		1.12		(.94	)	2.22		3.48
Total from investment operations	.66		3.97		1.26		(.85	)	2.27		3.51
Distributions to shareholders from:
Net investment income	(.18	)	(.25	)	(.07	)	(.04	)	(.07	)	(.01	)
Net asset value, end of period	$17.56		$17.08		$13.36		$12.17		$13.06		$10.86
Total Return(b)	3.91	%(c)	30.19	%	10.49	%	(6.51	)%	21.05	%	47.86	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.74	%(c)	1.57	%	1.62	%	1.59	%	1.64	%	1.87	%
Expenses, excluding expense reductions	.74	%(c)	1.57	%	1.62	%	1.59	%	1.64	%	1.87	%
Net investment income	.12	%(c)	.57	%	1.14	%	.69	%	.44	%	.36	%
Supplemental Data:
Net assets, end of period (000)	$928		$1,096		$929		$820		$900		$781
Portfolio turnover rate	37.84	%(c)	99.98	%	91.18	%	103.98	%	83.13	%	115.58	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

98 See Notes to Financial Statements.

Financial Highlights (continued)

INTERNATIONAL OPPORTUNITIES FUND

	Class R2 Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$16.69		$13.07		$11.90		$12.77		$10.64		$7.24
Investment operations:
Net investment income(a)	.01		.06		.11		.07		.03		.03
Net realized and unrealized gain (loss)	.63		3.79		1.11		(.92	)	2.18		3.40
Total from investment operations	.64		3.85		1.22		(.85	)	2.21		3.43
Distributions to shareholders from:
Net investment income	(.20	)	(.23	)	(.05	)	(.02	)	(.08	)	(.03	)
Net asset value, end of period	$17.13		$16.69		$13.07		$11.90		$12.77		$10.64
Total Return(b)	3.86	%(c)	29.97	%	10.35	%	(6.68	)%	20.90	%	47.69	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.82	%(c)	1.72	%	1.76	%	1.74	%	1.79	%	1.97	%
Expenses, excluding expense reductions	.82	%(c)	1.72	%	1.76	%	1.74	%	1.79	%	1.97	%
Net investment income	.08	%(c)	.40	%	.90	%	.56	%	.31	%	.34	%
Supplemental Data:
Net assets, end of period (000)	$209		$201		$91		$95		$96		$91
Portfolio turnover rate	37.84	%(c)	99.98	%	91.18	%	103.98	%	83.13	%	115.58	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 99

Financial Highlights (concluded)

INTERNATIONAL OPPORTUNITIES FUND

	Class R3 Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$16.57		$12.98		$11.84		$12.72		$10.60		$7.27
Investment operations:
Net investment income(a)	.02		.06		.13		.10		.05		.01
Net realized and unrealized gain (loss)	.63		3.78		1.09		(.92	)	2.17		3.41
Total from investment operations	.65		3.84		1.22		(.82	)	2.22		3.42
Distributions to shareholders from:
Net investment income	(.18	)	(.25	)	(.08	)	(.06	)	(.10	)	(.09	)
Net asset value, end of period	$17.04		$16.57		$12.98		$11.84		$12.72		$10.60
Total Return(b)	3.90	%(c)	30.14	%	10.49	%	(6.51	)%	21.04	%	47.75	%
Ratios to Average Net Assets:
Expenses, including expense reductions	.76	%(c)	1.62	%	1.65	%	1.60	%	1.67	%	1.81	%
Expenses, excluding expense reductions	.76	%(c)	1.62	%	1.65	%	1.60	%	1.67	%	1.81	%
Net investment income	.14	%(c)	.45	%	1.11	%	.74	%	.45	%	.14	%
Supplemental Data:
Net assets, end of period (000)	$6,438		$6,133		$6,212		$5,097		$3,016		$573
Portfolio turnover rate	37.84	%(c)	99.98	%	91.18	%	103.98	%	83.13	%	115.58	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

100 See Notes to Financial Statements.

Financial Highlights

VALUE OPPORTUNITIES FUND

	Class A Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$21.44		$15.99		$15.16		$14.45		$11.65		$9.91
Investment operations:
Net investment income (loss)(a)	(.01	)	—	(b)	(.03	)	(.05	)	(.03	)	(.04	)
Net realized and unrealized gain	1.71		5.45		.92		.83		2.83		1.80
Total from investment operations	1.70		5.45		.89		.78		2.80		1.76
Distributions to shareholders from:
Net investment income	—		—		—		—		—		(.02	)
Net realized gain	(1.90	)	—		(.06	)	(.07	)	—		—
Total distributions	(1.90	)	—		(.06	)	(.07	)	—		(.02	)
Net asset value, end of period	$21.24		$21.44		$15.99		$15.16		$14.45		$11.65
Total Return(c)	8.52	%(d)	34.08	%	5.89	%	5.45	%	24.03	%	17.81	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.62	%(d)	1.28	%	1.31	%	1.31	%	1.34	%	1.35	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.62	%(d)	1.28	%	1.31	%	1.31	%	1.34	%	1.35	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.62	%(d)	1.28	%	1.31	%	1.31	%	1.34	%	1.46	%
Net investment loss	(.03	)%(d)	(.01	)%	(.19	)%	(.29	)%	(.19	)%	(.34	)%
Supplemental Data:
Net assets, end of period (000)	$1,448,880		$1,372,436		$870,567		$883,444		$582,806		$250,435
Portfolio turnover rate	27.25	%(d)	69.49	%(e)	58.84	%	56.87	%	69.83	%	77.87	%

(a)	Calculated using average shares outstanding during the period.
(b)	Amount is less than $.01.
(c)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Small Cap Blend Fund on July 19, 2013.

See Notes to Financial Statements. 101

Financial Highlights (continued)

VALUE OPPORTUNITIES FUND

	Class B Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$20.42		$15.32		$14.63		$14.03		$11.39		$9.74
Investment operations:
Net investment loss(a)	(.07	)	(.12	)	(.12	)	(.14	)	(.11	)	(.09	)
Net realized and unrealized gain	1.62		5.22		.87		.81		2.75		1.74
Total from investment operations	1.55		5.10		.75		.67		2.64		1.65
Distributions to shareholders from:
Net realized gain	(1.90	)	—		(.06	)	(.07	)	—		—
Net asset value, end of period	$20.07		$20.42		$15.32		$14.63		$14.03		$11.39
Total Return(b)	8.18	%(c)	33.29	%	5.14	%	4.83	%	23.18	%	16.94	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.94	%(c)	1.93	%	1.96	%	1.96	%	1.99	%	2.00	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.94	%(c)	1.93	%	1.96	%	1.96	%	1.99	%	2.00	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.94	%(c)	1.93	%	1.96	%	1.96	%	1.99	%	2.12	%
Net investment loss	(.35	)%(c)	(.68	)%	(.83	)%	(.91	)%	(.85	)%	(.95	)%
Supplemental Data:
Net assets, end of period (000)	$21,584		$24,911		$13,315		$15,700		$19,110		$18,739
Portfolio turnover rate	27.25	%(c)	69.49	%(d)	58.84	%	56.87	%	69.83	%	77.87	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Small Cap Blend Fund on July 19, 2013.

102 See Notes to Financial Statements.

Financial Highlights (continued)

VALUE OPPORTUNITIES FUND

	Class C Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$20.42		$15.32		$14.62		$14.03		$11.39		$9.74
Investment operations:
Net investment loss(a)	(.07	)	(.12	)	(.13	)	(.14	)	(.11	)	(.10	)
Net realized and unrealized gain	1.62		5.22		.89		.80		2.75		1.75
Total from investment operations	1.55		5.10		.76		.66		2.64		1.65
Distributions to shareholders from:
Net realized gain	(1.90	)	—		(.06	)	(.07	)	—		—
Net asset value, end of period	$20.07		$20.42		$15.32		$14.62		$14.03		$11.39
Total Return(b)	8.18	%(c)	33.29	%	5.21	%	4.76	%	23.18	%	17.06	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.94	%(c)	1.93	%	1.96	%	1.96	%	1.99	%	2.00	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.94	%(c)	1.93	%	1.96	%	1.96	%	1.99	%	2.00	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.94	%(c)	1.93	%	1.96	%	1.96	%	1.99	%	2.11	%
Net investment loss	(.35	)%(c)	(.66	)%	(.83	)%	(.95	)%	(.83	)%	(.97	)%
Supplemental Data:
Net assets, end of period (000)	$420,999		$400,420		$248,357		$263,798		$147,193		$79,527
Portfolio turnover rate	27.25	%(c)	69.49	%(d)	58.84	%	56.87	%	69.83	%	77.87	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Small Cap Blend Fund on July 19, 2013.

See Notes to Financial Statements. 103

Financial Highlights (continued)

VALUE OPPORTUNITIES FUND

	Class F Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$21.62		$16.07		$15.20		$14.45		$11.62		$9.91
Investment operations:
Net investment income (loss)(a)	.02		.05		.01		(.01	)	.01		(.02	)
Net realized and unrealized gain	1.72		5.50		.92		.83		2.82		1.78
Total from investment operations	1.74		5.55		.93		.82		2.83		1.76
Distributions to shareholders from:
Net investment income	—		—		—		—		—		(.05	)
Net realized gain	(1.90	)	—		(.06	)	(.07	)	—		—
Total distributions	(1.90	)	—		(.06	)	(.07	)	—		(.05	)
Net asset value, end of period	$21.46		$21.62		$16.07		$15.20		$14.45		$11.62
Total Return(b)	8.65	%(c)	34.54	%	6.13	%	5.73	%	24.25	%	18.12	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.50	%(c)	1.03	%	1.06	%	1.07	%	1.10	%	1.09	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.50	%(c)	1.03	%	1.06	%	1.07	%	1.10	%	1.09	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.50	%(c)	1.03	%	1.06	%	1.07	%	1.10	%	1.20	%
Net investment income (loss)	.10	%(c)	.26	%	.06	%	(.06	)%	.07	%	(.19	)%
Supplemental Data:
Net assets, end of period (000)	$494,246		$456,370		$369,321		$385,086		$168,415		$51,757
Portfolio turnover rate	27.25	%(c)	69.49	%(d)	58.84	%	56.87	%	69.83	%	77.87	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Small Cap Blend Fund on July 19, 2013.

104 See Notes to Financial Statements.

Financial Highlights (continued)

VALUE OPPORTUNITIES FUND

	Class I Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$21.85		$16.23		$15.34		$14.57		$11.70		$9.98
Investment operations:
Net investment income(a)	.03		.06		.02		.01		.02		—	(b)
Net realized and unrealized gain	1.75		5.56		.93		.83		2.85		1.78
Total from investment operations	1.78		5.62		.95		.84		2.87		1.78
Distributions to shareholders from:
Net investment income	—		—		—		—		—		(.06	)
Net realized gain	(1.90	)	—		(.06	)	(.07	)	—		—
Total distributions	(1.90	)	—		(.06	)	(.07	)	—		(.06	)
Net asset value, end of period	$21.73		$21.85		$16.23		$15.34		$14.57		$11.70
Total Return(c)	8.74	%(d)	34.63	%	6.21	%	5.82	%	24.42	%	18.27	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.45	%(d)	.93	%	.97	%	.97	%	.99	%	1.00	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.45	%(d)	.93	%	.97	%	.97	%	.99	%	1.00	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.45	%(d)	.93	%	.97	%	.97	%	.99	%	1.12	%
Net investment income	.15	%(d)	.33	%	.15	%	.06	%	.16	%	.03	%
Supplemental Data:
Net assets, end of period (000)	$718,741		$675,593		$411,546		$291,056		$190,103		$121,462
Portfolio turnover rate	27.25	%(d)	69.49	%(e)	58.84	%	56.87	%	69.83	%	77.87	%

(a)	Calculated using average shares outstanding during the period.
(b)	Amount is less than $.01.
(c)	Total return assumes the reinvestment of all distributions.
(d)	Not annualized.
(e)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Small Cap Blend Fund on July 19, 2013.

See Notes to Financial Statements. 105

Financial Highlights (continued)

VALUE OPPORTUNITIES FUND

	Class P Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$21.32		$15.90		$15.09		$14.40		$11.62		$9.88
Investment operations:
Net investment loss(a)	(.02	)	(.07	)	(.04	)	(.05	)	(.04	)	(.04	)
Net realized and unrealized gain	1.70		5.49		.91		.81		2.82		1.78
Total from investment operations	1.68		5.42		.87		.76		2.78		1.74
Distributions to shareholders from:
Net realized gain	(1.90	)	—		(.06	)	(.07	)	—		—
Net asset value, end of period	$21.10		$21.32		$15.90		$15.09		$14.40		$11.62
Total Return(b)	8.47	%(c)	34.09	%	5.78	%	5.33	%	23.92	%	17.61	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.67	%(c)	1.37	%	1.41	%	1.41	%	1.44	%	1.45	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.67	%(c)	1.37	%	1.41	%	1.41	%	1.44	%	1.45	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.67	%(c)	1.37	%	1.41	%	1.41	%	1.44	%	1.57	%
Net investment loss	(.07	)%(c)	(.34	)%	(.24	)%	(.35	)%	(.29	)%	(.39	)%
Supplemental Data:
Net assets, end of period (000)	$53,857		$54,081		$918		$3,392		$4,344		$3,445
Portfolio turnover rate	27.25	%(c)	69.49	%(d)	58.84	%	56.87	%	69.83	%	77.87	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Small Cap Blend Fund on July 19, 2013.

106 See Notes to Financial Statements.

Financial Highlights (continued)

VALUE OPPORTUNITIES FUND

	Class R2 Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$21.13		$15.79		$15.01		$14.34		$11.59		$9.87
Investment operations:
Net investment loss(a)	(.03	)	(.04	)	(.07	)	(.09	)	(.06	)	(.09	)
Net realized and unrealized gain	1.68		5.38		.91		.83		2.81		1.81
Total from investment operations	1.65		5.34		.84		.74		2.75		1.72
Distributions to shareholders from:
Net realized gain	(1.90	)	—		(.06	)	(.07	)	—		—
Net asset value, end of period	$20.88		$21.13		$15.79		$15.01		$14.34		$11.59
Total Return(b)	8.40	%(c)	33.82	%	5.61	%	5.21	%	23.62	%	17.53	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.75	%(c)	1.53	%	1.56	%	1.57	%	1.60	%	1.59	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.75	%(c)	1.53	%	1.56	%	1.57	%	1.60	%	1.59	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.75	%(c)	1.53	%	1.56	%	1.57	%	1.60	%	1.68	%
Net investment loss	(.15	)%(c)	(.24	)%	(.44	)%	(.58	)%	(.42	)%	(.83	)%
Supplemental Data:
Net assets, end of period (000)	$13,349		$13,922		$11,056		$8,804		$2,538		$1,466
Portfolio turnover rate	27.25	%(c)	69.49	%(d)	58.84	%	56.87	%	69.83	%	77.87	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Small Cap Blend Fund on July 19, 2013.

See Notes to Financial Statements. 107

Financial Highlights (concluded)

VALUE OPPORTUNITIES FUND

	Class R3 Shares
	Six Months
	Ended
	4/30/2014		Year Ended 10/31
	(unaudited)		2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period	$21.20		$15.83		$15.03		$14.34		$11.58		$9.87
Investment operations:
Net investment loss(a)	(.02	)	(.03	)	(.05	)	(.07	)	(.04	)	(.05	)
Net realized and unrealized gain	1.68		5.40		.91		.83		2.80		1.78
Total from investment operations	1.66		5.37		.86		.76		2.76		1.73
Distributions to shareholders from:
Net investment income	—		—		—		—		—		(.02	)
Net realized gain	(1.90	)	—		(.06	)	(.07	)	—		—
Total distributions	(1.90	)	—		(.06	)	(.07	)	—		(.02	)
Net asset value, end of period	$20.96		$21.20		$15.83		$15.03		$14.34		$11.58
Total Return(b)	8.42	%(c)	33.92	%	5.74	%	5.35	%	23.73	%	17.69	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.70	%(c)	1.43	%	1.46	%	1.47	%	1.49	%	1.49	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.70	%(c)	1.43	%	1.46	%	1.47	%	1.49	%	1.49	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.70	%(c)	1.43	%	1.46	%	1.47	%	1.50	%	1.61	%
Net investment loss	(.10	)%(c)	(.17	)%	(.35	)%	(.47	)%	(.31	)%	(.50	)%
Supplemental Data:
Net assets, end of period (000)	$138,040		$130,597		$86,441		$64,504		$20,456		$4,227
Portfolio turnover rate	27.25	%(c)	69.49	%(d)	58.84	%	56.87	%	69.83	%	77.87	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.
(d)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Small Cap Blend Fund on July 19, 2013.

108 See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Securities Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was organized as a Delaware statutory trust on February 26, 1993.

The Trust currently consists of nine funds. This report covers the following seven funds (separately, a “Fund” and collectively, the “Funds”) and their respective classes:

Funds	Classes
Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”)	A, B, C, F, I, P, R2 and R3
Lord Abbett Fundamental Equity Fund (“Fundamental Equity Fund”)	A, B, C, F, I, P, R2 and R3
Lord Abbett Growth Leaders Fund (“Growth Leaders Fund”)	A, B, C, F, I, R2 and R3
Lord Abbett International Core Equity Fund (“International Core Equity Fund”)	A, B, C, F, I, P, R2 and R3
Lord Abbett International Dividend Income Fund (“International Dividend Income Fund”)	A, C, F, I, R2 and R3
Lord Abbett International Opportunities Fund (“International Opportunities Fund”)	A, B, C, F, I, P, R2 and R3
Lord Abbett Value Opportunities Fund (“Value Opportunities Fund”)	A, B, C, F, I, P, R2 and R3

The Funds no longer issue Class B shares for purchase. The Funds’ Class P shares are closed to substantially all investors, with certain exceptions as set forth in the Funds’ prospectus. As of the date of this report, Alpha Strategy Fund has not issued Class P shares.

Each of Alpha Strategy Fund’s, International Core Equity Fund’s, International Opportunities Fund’s, and Value Opportunities Fund’s investment objective is to seek long-term capital appreciation. Alpha Strategy Fund invests principally in other funds (“Underlying Funds”) managed by Lord, Abbett & Co. LLC (“Lord Abbett”). Fundamental Equity Fund’s investment objective is long-term growth of capital and income without excessive fluctuations in market value. Growth Leaders Fund’s investment objective is to seek capital appreciation. International Dividend Income Fund’s investment objective is to seek a high level of total return.

Each class of shares has 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 B, C, F, I, P, R2 and R3 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 each Fund’s prospectus); Class B shares redeemed before the sixth anniversary of purchase; and Class C shares redeemed before the first anniversary of purchase. Class B shares will 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 day on which the purchase order was accepted.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.

109

Notes to Financial Statements (unaudited)(continued)

2. SIGNIFICANT ACCOUNTING POLICIES  

(a)	Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), Lord Abbett, each Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow each Fund 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 (“NYSE”). Each Fund may rely on an independent fair valuation service in adjusting the valuations of foreign 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 asked prices. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Investments in the Underlying Funds are valued at their NAV each business day at the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time. Exchange traded options and futures contracts are valued at the last sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and asked prices is used.
	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee and approved by the Board. 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 fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and employs techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing 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.
(b)	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.
(c)	Investment Income–Dividend income 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 income on the Statements of Operations. Withholding taxes on foreign dividends 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.

110

Notes to Financial Statements (unaudited)(continued)

(d)	Income Taxes–It is the policy of each 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.
	Each 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 each Fund’s filed U.S. federal tax returns remains open for the fiscal years ended October 31, 2010 through October 31, 2013. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the Trust on a pro rata basis by relative net assets. 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. Class A, B, C, F, P, R2 and R3 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.
(f)	Foreign Transactions–The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each 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) is included in Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies on each Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain on investments (net of foreign capital gains tax), futures contracts and foreign currency related transactions on each Fund’s Statement of Operations. Each 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.
	The Funds use foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.
(g)	Forward Foreign Currency Exchange Contracts–International Core Equity Fund, International Dividend Income Fund and International Opportunities Fund may enter into forward foreign currency exchange contracts in order to reduce their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or gain or reduce exposure to foreign currency for investment purposes. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate. The contracts are valued daily at forward exchange rates and any unrealized gain (loss) is included in Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies on each Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contracts is included in Net realized gain on investments (net of foreign capital gains tax), futures contracts and foreign currency related transactions on each Fund’s Statement of Operations.
(h)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to hedge some of its investment risk, or as a substitute position for holding the

111

Notes to Financial Statements (unaudited)(continued)

	underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.
	As of April 30, 2014, there were no open futures contracts on the Funds.
(i)	Repurchase Agreements–Each 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. Each 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, a Fund may incur a loss upon disposition of the securities.
(j)	When-Issued or Forward Transactions–Each Fund may purchase portfolio securities on a when-issued or forward basis. When-issued or forward transactions involve a commitment by a Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at each Fund’s custodian in order to pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. Each Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.
(k)	Fair Value Measurements–Fair value is defined as the price that each 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

112

Notes to Financial Statements (unaudited)(continued)

liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs 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 each Fund’s own assumptions in determining the fair value of investments).

A summary of inputs used in valuing each Fund’s investments and other financial instruments as of April 30, 2014 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in each 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES  

Management Fee

The Trust has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies each 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 each Fund’s investment portfolio.

For the six months ended April 30, 2014, the effective management fee, net of any applicable waivers or reimbursements, was based on each Fund’s average daily net assets at the following annualized rates:

	Effective Management Fee
Alpha Strategy Fund	00%(1	)
Fundamental Equity Fund	.52%(2	)
Growth Leaders Fund	.38%(3	)
International Core Equity Fund	.47%(4	)
International Dividend Income Fund	.54%(4	)
International Opportunities Fund	.75%(5	)
Value Opportunities Fund	.70%(6	)

(1)

The management fee for Alpha Strategy Fund is based on the Fund’s average daily net assets at an annual rate of .10%. For the six months ended April 30, 2014 and continuing through February 28, 2015, Lord Abbett has contractually agreed to waive 0.05% of its management fee. For the six months ended April 30, 2014, Lord Abbett voluntarily waived an additional .05% of its management fee. Lord Abbett may discontinue the voluntary reimbursement or change the level of its voluntary reimbursement at any time.

(2)

The management fee for Fundamental Equity Fund is based on the Fund’s average daily net assets at the following annual rates:

First $200 million	.75%
Next $300 million	.65%
Over $500 million	.50%

⁽³⁾ The management fee for Growth Leaders Fund is based on the Fund’s average daily net assets at the following annual rates:

First $2 billion	.55%
Over $2 billion	.50%

113

Notes to Financial Statements (unaudited)(continued)

⁽⁴⁾ The management fee for International Core Equity Fund and International Dividend Income Fund are based on the Funds’ average daily net assets at the following annual rates:

First $1 billion	.70%
Next $1 billion	.65%
Over $2 billion	.60%

⁽⁵⁾ The management fee for International Opportunities Fund is based on the average daily net assets at the following annual rates:

First $1 billion	.75%
Next $1 billion	.70%
Over $2 billion	.65%

⁽⁶⁾ The management fee for Value Opportunities Fund is based on the Fund’s average daily net assets at the following annual rates:

First $1 billion	.75%
Next $1 billion	.70%
Next $3 billion	.65%
Over $5 billion	.58%

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund’s average daily net assets.

For the six months ended April 30, 2014 and continuing through February 28, 2015, Lord Abbett has contractually agreed to waive all or a portion of its management fee and, if necessary, waive all or a portion of its administrative fee and reimburse other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees, do not exceed the following annual rates:

Fund	Rate
Growth Leaders Fund	.60%	(1)
International Core Equity Fund	.77%
International Dividend Income Fund	.77%

⁽¹⁾ For the twelve month period through February 28, 2014, Lord Abbett had contractually agreed to waive all or a portion of Growth Leaders Fund’s management fee and, if necessary, waive all or a portion of its administrative fee and reimburse other expenses to the extent necessary so that the total net annual operating expenses for each class, excluding 12b-1 fees, did not exceed an annualized rate of .50%.

All contractual management fee waiver and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Funds’ Board.

Alpha Strategy Fund has entered into a Servicing Arrangement with the Underlying Funds in which it invests, pursuant to which each Underlying Fund will pay a portion of the expenses (excluding management fees and distribution and service fees) of Alpha Strategy Fund in proportion to the average daily value of total Underlying Fund shares owned by Alpha Strategy Fund. The expenses assumed by the Underlying Funds are reflected in Expenses assumed by Underlying Funds on Alpha Strategy Fund’s Statement of Operations and Receivables from affiliates on Alpha Strategy Fund’s Statement of Assets and Liabilities.

In addition, Fundamental Equity Fund, Growth Leaders Fund, International Core Equity Fund, International Dividend Income Fund, International Opportunities Fund, and Value Opportunities Fund, along with certain other funds managed by Lord Abbett, have entered into a Servicing Arrangement with Alpha Strategy Fund, Lord Abbett Diversified Equity Strategy Fund, Lord Abbett Multi-Asset Balanced Opportunity Fund, Lord Abbett Multi-Asset Growth Fund and Lord Abbett Multi-Asset Income Fund of Lord Abbett Investment Trust and Lord Abbett Multi-Asset Global Opportunity Fund of Lord Abbett Global Fund, Inc. (each, a “Fund of Funds”), pursuant to which

114

Notes to Financial Statements (unaudited)(continued)

each Underlying Fund pays a portion of the expenses (excluding management fees and distribution and service fees) of each Fund of Funds in proportion to the average daily value of the Underlying Fund shares owned by each Fund of Funds. Amounts paid pursuant to the Servicing Arrangement are included in Subsidy expense on each Fund’s Statement of Operations and Payable to affiliates on each Fund’s Statement of Assets and Liabilities.

As of April 30, 2014, the percentages of Fundamental Equity Fund’s, Growth Leaders Fund’s, International Core Equity Fund’s, International Dividend Income Fund’s, International Opportunities Fund’s and Value Opportunities Fund’s outstanding shares owned by each Fund of Funds were as follows:

Fund of Funds	Fundamental Equity Fund		Growth Leaders Fund			International Core Equity Fund			International Dividend Income Fund			International Opportunities Fund			Value Opportunities Fund
Alpha Strategy Fund	—			—			—			—			49.19	%		7.68	%
Diversified Equity Strategy Fund	0.68	%		3.63	%		4.77	%		—			4.11	%		0.82	%
Multi-Asset Balanced Opportunity Fund	—			—			—			12.21	%		—			—
Multi-Asset Global Opportunity Fund	—			—			—			3.98	%		—			—
Multi-Asset Growth Fund	—			—			—			8.72	%		—			0.01	%
Multi-Asset Income Fund	—			—			—			8.03	%		—			—

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, B, C, F, P, R2 and R3 shares pursuant to Rule 12b-1 under the 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 following annual rates have been approved by the Board pursuant to the plan:

Fees*	Class A(1)	Class B	Class C	Class F	Class P(2)	Class R2	Class R3
Service	.25%	.25%	.25%	—	.25%	.25%	.25%
Distribution	.10%	.75%	.75%	.10%	.20%	.35%	.25%

*	The Funds may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. (“FINRA”) sales charge limitations.
(1)	The Class A 12b-1 fees for Alpha Strategy Fund, Growth Leaders Fund and International Opportunities Fund is .25% (.25% service, .00% distribution) of each Fund’s average daily net assets. Prior to March 1, 2014, Class A 12b-1 fees for Growth Leaders Fund and International Opportunities Fund were .35% (.25% service, .10% distribution) of each Fund’s average daily net assets.
(2)	Fundamental Equity Fund, International Core Equity Fund, International Opportunities Fund and Value Opportunities Fund only.

Class I shares do not have a distribution plan.

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended April 30, 2014:

	Distributor Commissions	Dealers’ Concessions
Alpha Strategy Fund	$186,716	$1,058,739
Fundamental Equity Fund	363,820	1,968,134
Growth Leaders Fund	494,268	2,850,073
International Core Equity Fund	90,353	475,788
International Dividend Income Fund	342,811	1,819,021
International Opportunities Fund	49,633	267,905
Value Opportunities Fund	141,920	770,831

115

Notes to Financial Statements (unaudited)(continued)

Distributor received the following amount of CDSCs for the six months ended April 30, 2014:

	Class A	Class C
Alpha Strategy Fund	$  3,290	$  9,833
Fundamental Equity Fund	17,962	33,317
Growth Leaders Fund	42,133	11,488
International Core Equity Fund	2,157	2,555
International Dividend Income Fund	4,934	10,711
International Opportunities Fund	660	1,280
Value Opportunities Fund	2,844	11,364

A Trustee and certain of the Trust’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

Dividends from net investment income, if any, are declared and paid quarterly for International Dividend Income Fund and annually for Alpha Strategy Fund, Fundamental Equity Fund, Growth Leaders Fund, International Core Equity Fund, International Opportunities Fund and Value Opportunities Fund. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. 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 accounting principles generally accepted in the United States of America. 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.

The tax character of distributions paid during the six months ended April 30, 2014 and fiscal year ended October 31, 2013 was as follows:

	Alpha Strategy Fund				Fundamental Equity Fund
	Six Months Ended 4/30/2014 (unaudited)		Year Ended 10/31/2013		Six Months Ended 4/30/2014 (unaudited)		Year Ended 10/31/2013
Distributions paid from:
Ordinary income	$	45,823,955	$	1,215,018	$	208,816,026	$	28,885,490
Net long-term capital gains		41,361,605		36,729,787		675,477,284		53,172,106
Total distributions paid	$	87,185,560	$	37,944,805	$	884,293,310	$	82,057,596
	Growth Leaders Fund				International Core Equity Fund
	Six Months Ended 4/30/2014 (unaudited)		Year Ended 10/31/2013		Six Months Ended 4/30/2014 (unaudited)		Year Ended 10/31/2013
Distributions paid from:
Ordinary income	$	29,386,002	$	86,296	$	15,956,504	$	17,152,810
Net long-term capital gains		389,799		—		—		—
Total distributions paid	$	29,775,801	$	86,296	$	15,956,504	$	17,152,810

116

Notes to Financial Statements (unaudited)(continued)

International Dividend Income Fund						International Opportunities Fund
	Six Months Ended 4/30/2014 (unaudited)			Year Ended 10/31/2013			Six Months Ended 4/30/2014 (unaudited)		Year Ended 10/31/2013
Distributions paid from:
Ordinary income	$	47,454,050		$	87,476,450		$	6,003,315	$	6,062,457
Total distributions paid	$	47,454,050		$	87,476,450		$	6,003,315	$	6,062,457
	Value Opportunities Fund
	Six Months Ended 4/30/2014 (unaudited)		Year Ended 10/31/2013
Distributions paid from:
Ordinary income	$	57,058,078		$	—
Net long-term capital gains		221,546,277			—
Total distributions paid	$	278,604,355		$	—

As of October 31, 2013, the capital loss carryforwards, along with the related expiration dates, were as follows:

	2016		2017		Indefinite		Total
Fundamental Equity Fund	$	3,842,415	$	—	$	—	$	3,842,415
International Core Equity Fund		55,621,868		232,452,344		—		288,074,212
International Dividend Income Fund		7,593,041		13,669,537		5,018,245		26,280,823
International Opportunities Fund		—		32,638,627		—		32,638,627

As of March 22, 2013 (the date Growth Leaders Fund acquired the net assets of Lord Abbett Stock Appreciation Fund (“Stock Appreciation Fund”)), the cumulative allowable capital loss carryforwards of Stock Appreciation Fund transferred into Growth Leaders Fund were $15,711,703.

In accordance with the Regulated Investment Company Modernization Act of 2010, each Fund will carryforward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) indefinitely. Post-enactment losses will also retain their character as either short-term or long-term and be utilized before any pre-enactment losses.

As of April 30, 2014, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Alpha Strategy Fund			Fundamental Equity Fund			Growth Leaders Fund
Tax cost	$	1,026,142,462		$	5,039,791,951		$	1,078,975,789
Gross unrealized gain		257,022,986			914,407,596			20,669,516
Gross unrealized loss		—			(81,786,080	)		(15,068,345	)
Net unrealized security gain	$	257,022,986		$	832,621,516		$	5,601,171
	International Core Equity Fund			International Dividend Income Fund			International Opportunities Fund
Tax cost	$	599,551,459		$	2,184,179,924		$	459,228,018
Gross unrealized gain		89,740,109			345,525,209			65,069,399
Gross unrealized loss		(10,286,309	)		(43,038,787	)		(14,182,998	)
Net unrealized security gain	$	79,453,800		$	302,486,422		$	50,886,401

117

Notes to Financial Statements (unaudited)(continued)

	Value Opportunities Fund
Tax cost	$2,582,788,048
Gross unrealized gain	759,331,718
Gross unrealized loss	(31,849,370	)
Net unrealized security gain	$ 727,482,348

The difference between book-basis and tax-basis unrealized gains (losses) is attributable to the tax treatment of certain securities and wash sales.

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2014 were as follows:

	Purchases		Sales
Alpha Strategy Fund	$	247,779,732	$	23,858,843
Fundamental Equity Fund		3,208,829,596		3,375,778,512
Growth Leaders Fund		2,730,754,506		2,094,153,101
International Core Equity Fund		195,615,053		342,574,690
International Dividend Income Fund		770,531,710		675,456,167
International Opportunities Fund		254,765,781		170,099,545
Value Opportunities Fund		878,858,453		947,739,096

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2014.

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

International Core Equity Fund, International Dividend Income Fund and International Opportunities Fund entered into forward foreign currency exchange contracts for the six months ended April 30, 2014 (as described in note 2(g)). A forward foreign currency exchange contract reduces each Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. Each Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and each Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. Each Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts.

Growth Leaders Fund entered into E-Mini S&P 500 Index futures contract during the six months ended April 30, 2014 (as described in note 2(h)) to manage cash. The Fund bears the risk that the underlying index will move unexpectedly, in which case the Fund may realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

As of April 30, 2014, Growth Leaders Fund, International Core Equity Fund, International Dividend Income Fund and International Opportunities Fund had the following derivatives, grouped into appropriate risk categories that illustrate how and why the Funds use derivative instruments:

118

Notes to Financial Statements (unaudited)(continued)

	International Core Equity Fund				International Dividend Income Fund
Asset Derivatives	Forward Foreign Currency Exchange Contracts		Fair Value		Forward Foreign Currency Exchange Contracts		Fair Value
Forward Foreign Currency Exchange Contracts(1)	$	2,044,323	$	2,044,323	$	17,594,303	$	17,594,303
Total	$	2,044,323	$	2,044,323	$	17,594,303	$	17,594,303
Liability Derivatives
Forward Foreign Currency Exchange Contracts(2)	$	1,654,933	$	1,654,933	$	9,706,744	$	9,706,744
Total	$	1,654,933	$	1,654,933	$	9,706,744	$	9,706,744
	International Opportunities Fund
	Forward Foreign Currency Exchange
Asset Derivatives	Contracts		Fair Value
Forward Foreign Currency Exchange Contracts(1)	$	2,176,974	$	2,176,974
Total	$	2,176,974	$	2,176,974
Liability Derivatives
Forward Foreign Currency Exchange Contracts(2)	$	1,493,224	$	1,493,224
Total	$	1,493,224	$	1,493,224

(1)	Statements of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts.
(2)	Statements of Assets and Liabilities location: Unrealized depreciation on forward foreign currency exchange contracts.

Transactions in derivative instruments for the period ended April 30, 2014, were as follows:

	Growth Leaders Fund						International Core Equity Fund
	Equity Index Contracts			Total			Forward Foreign Currency Exchange Contracts			Total
Net Realized Gain (Loss)(1)
Forward Foreign Currency Exchange Contracts	$	—		$	—		$	(407,663	)	$	(407,663	)
Futures Contracts		3,873			3,873			—			—
Net Change in Unrealized Appreciation/Depreciation(2)
Forward Foreign Currency Exchange Contracts	$	—		$	—		$	674,930		$	674,930
Futures Contracts		(2,625	)		(2,625	)		—			—
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts(3)		—			—		$	263,439,723		$	263,439,723
Futures Contract(4)		—	(5)		—	(5)		—			—

119

Notes to Financial Statements (unaudited)(continued)

	International Dividend Income Fund						International Opportunities Fund
	Forward Foreign Currency Exchange Contracts			Total			Forward Foreign Currency Exchange Contracts			Total
Net Realized Gain (Loss)(1)
Forward Foreign Currency Exchange Contracts	$	(29,594,365	)	$	(29,594,365	)	$	(2,102,297	)	$	(2,102,297	)
Net Change in Unrealized Appreciation/Depreciation(2)
Forward Foreign Currency Exchange Contracts	$	10,547,443		$	10,547,443		$	1,051,341		$	1,051,341
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts(3)	$	1,589,716,891		$	1,589,716,891		$	178,386,472		$	178,386,472

*	Calculated based on the number of contracts or notional amounts for the six months ended April 30, 2014.
(1)	Statements of Operations location: Net realized gain on investments (net of foreign capital gains tax), futures contracts and foreign currency related transactions.
(2)	Statements of Operations location: Net change in unrealized appreciation/depreciation on investments, futures contracts and translation of assets and liabilities denominated in foreign currencies.
(3)	Amount represents notional amounts in U.S. dollars.
(4)	Amount represents number of contracts.
(5)	Average contract is less than 1.

7. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011–11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011–11”). These disclosure requirements are intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. In addition, FASB issued Accounting Standards Update No. 2013–01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU 2013–01”), specifying which transactions are subject to disclosures about offsetting.

The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the statement of assets and liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the statement of assets and liabilities across transactions between the Funds and the applicable counterparty:

120

Notes to Financial Statements (unaudited)(continued)

			Alpha Strategy Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement	$	923,288	$	—	$	923,288
Total	$	923,288	$	—	$	923,288

			Amounts Not Offset in the
			Statements of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received(a)			Securities Collateral Received(a)		Net Amount(b)
Fixed Income Clearing Corp.	$	923,288	$	—	$	(923,288	)	$	—	$	—
Total	$	923,288	$	—	$	(923,288	)	$	—	$	—

			Growth Leaders Fund
				Gross Amounts		Net Amounts of
				Offset in the		Assets Presented
	Gross Amounts of			Statement of Assets		in the Statement of
Description	Recognized Assets			and Liabilities		Assets and Liabilities
Repurchase Agreement	$	21,805,987		$	—	$	21,805,987
Total	$	21,805,987		$	—	$	21,805,987

			Amounts Not Offset in the
			Statements of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received(a)			Securities Collateral Received(a)		Net Amount(b)
Fixed Income Clearing Corp.	$	21,805,987	$	—	$	(21,805,987	)	$	—	$	—
Total	$	21,805,987	$	—	$	(21,805,987	)	$	—	$	—

			International Core Equity Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	2,044,323	$	—	$	2,044,323
Repurchase Agreement		18,339,576		—		18,339,576
Total	$	20,383,899	$	—	$	20,383,899

121

Notes to Financial Statements (unaudited)(continued)

			Amounts Not Offset in the
			Statements of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received(a)			Securities Collateral Received(a)			Net Amount(b)
Bank of America	$	8,154	$	(8,154	)	$	—		$	—		$	—
Barclays Bank plc		263,123		(263,123	)		—			—			—
Credit Suisse		66,451		—			—			(66,451	)		—
Deutsche Bank		5,257		—			—			—			5,257
Fixed Income Clearing Corp.		18,339,576		—			—			(18,339,576	)		—
Goldman Sachs		259,613		(259,613	)		—			—			—
J.P.Morgan		243,750		(206,629	)		—			—			37,121
Morgan Stanley		340,808		(127,887	)		—			—			212,921
UBS AG		857,167		(70,674	)		(500,000	)		—			286,493
Total	$	20,383,899	$	(936,080	)	$	(500,000	)	$	(18,406,027	)	$	541,792

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency
Exchange Contracts	$	1,654,933	$	—	$	1,654,933

			Amounts Not Offset in the
			Statements of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged(a)			Securities Collateral Pledged(a)		Net Amount(c)
Bank of America	$	46,409	$	(8,154	)	$	—		$	—	$	38,255
Barclays Bank plc		501,418		(263,123	)		—			—		238,295
Goldman Sachs		701,916		(259,613	)		(360,000	)		—		82,303
J.P.Morgan		206,629		(206,629	)		—			—		—
Morgan Stanley		127,887		(127,887	)		—			—		—
UBS AG		70,674		(70,674	)		—			—		—
Total	$	1,654,933	$	(936,080	)	$	(360,000	)	$	—	$	358,853

			International Dividend Income Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	17,594,303	$	—	$	17,594,303
Repurchase Agreement		73,773,910		—		73,773,910
Total	$	91,368,213	$	—	$	91,368,213

122

Notes to Financial Statements (unaudited)(continued)

			Amounts Not Offset in the
			Statements of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received(a)			Securities Collateral Received(a)			Net Amount(b)
Bank of America	$	456,710	$	—		$	(20,000	)	$	—		$	436,710
Barclays Bank plc		894,839		(53,382	)		(800,000	)		—			41,457
Credit Suisse		231,629		—			—			(231,629	)		—
Fixed Income Clearing Corp.		73,773,910		—			—			(73,773,910	)		—
Goldman Sachs		1,821,602		(1,821,602	)		—			—			—
J.P.Morgan		726,163		(726,163	)		—			—			—
Morgan Stanley		3,058,664		(3,058,664	)		—			—			—
UBS AG		10,404,696		(67,043	)		(5,100,000	)		(3,512,000	)		1,725,653
Total	$	91,368,213	$	(5,726,854	)	$	(5,920,000	)	$	(77,517,539	)	$	2,203,820

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	9,706,744	$	—	$	9,706,744

			Amounts Not Offset in the
			Statements of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged(a)			Securities Collateral Pledged(a)		Net Amount(c)
Barclays Bank plc	$	53,382	$	(53,382	)	$	—		$	—	$	—
Goldman Sachs		3,102,563		(1,821,602	)		(1,190,000	)		—		90,961
J.P.Morgan		3,082,984		(726,163	)		(1,770,000	)		—		586,821
Morgan Stanley		3,400,772		(3,058,664	)		(342,108	)		—		—
UBS AG		67,043		(67,043	)		—			—		—
Total	$	9,706,744	$	(5,726,854	)	$	(3,302,108	)	$	—	$	677,782

			International Opportunities Fund
Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	2,176,974		$	—	$	2,176,974
Repurchase Agreement		13,084,880			—		13,084,880
Total	$	15,261,854		$	—	$	15,261,854

123

Notes to Financial Statements (unaudited)(continued)

			Amounts Not Offset in the
			Statements of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received(a)		Securities Collateral Received(a)			Net Amount(b)
Barclays Bank plc	$	162,641	$	(121,667	)	$	—	$	—		$	40,974
Citibank		14,289		—			—		—			14,289
Credit Suisse		7,281		—			—		(7,281	)		—
Fixed Income Clearing Corp.		13,084,880		—			—		(13,084,880	)		—
Goldman Sachs		45,783		(45,783	)		—		—			—
J.P. Morgan		487,817		(487,817	)		—		—			—
Morgan Stanley		443,589		(81,003	)		—		—			362,586
UBS AG		1,015,574		(18,673	)		—		(653,000	)		343,901
Total	$	15,261,854	$	(754,943	)	$	—	$	(13,745,161	)	$	761,750

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency
Exchange Contracts	$	1,493,224	$	—	$	1,493,224

			Amounts Not Offset in the
			Statements of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged(a)			Securities Collateral Pledged(a)		Net Amount(c)
Barclays Bank plc	$	121,667	$	(121,667	)	$	—		$	—	$	—
Deutsche Bank AG		78,474		—			—			—		78,474
Goldman Sachs		407,819		(45,783	)		(290,000	)		—		72,036
J.P. Morgan		785,588		(487,817	)		(260,000	)		—		37,771
Morgan Stanley		81,003		(81,003	)		—			—		—
UBS AG		18,673		(18,673	)		—			—		—
Total	$	1,493,224	$	(754,943	)	$	(550,000	)	$	—	$	188,281

			Value Opportunities Fund
Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement	$	43,476,536		$	—	$	43,476,536
Total	$	43,476,536		$	—	$	43,476,536

124

Notes to Financial Statements (unaudited)(continued)

			Amounts Not Offset in the Statements of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received(a)			Securities Collateral Received(a)		Net Amount(b)
Fixed Income Clearing Corp.	$	43,476,536	$	—	$	(43,476,536	)	$	—	$	—
Total	$	43,476,536	$	—	$	(43,476,536	)	$	—	$	—

(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Assets and Liabilities, for each respective counterparty.
(b)	Net Amount represents the amount owed to the Fund by each counterparty as of April 30, 2014.
(c)	Net Amount represents the amount owed by the Fund to each counterparty as of April 30, 2014.

8. TRUSTEES’ REMUNERATION  

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

9. EXPENSE REDUCTIONS  

The Trust has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses.

10. LINE OF CREDIT  

During the six months ended April 30, 2014, the Funds (except for Alpha Strategy Fund) and certain other funds managed by Lord Abbett (the “participating funds”) participated in an unsecured revolving credit facility (“Facility”) with State Street Bank and Trust Company (“SSB”). The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Board considers annual renewal of the Facility under terms that depend on market conditions at the time of the renewal. The amounts available under the Facility are (i) the lesser of either $250,000,000 or 33.33% of total assets per participating fund and (ii) $350,000,000 in the aggregate for all participating funds. The annual fee to maintain the Facility during the period was .09% of the amount available under the Facility. Each participating fund pays its pro rata share based on the net assets of each participating fund. This amount is included in Other expenses on each Fund’s Statement of Operations. Any borrowings under this Facility will bear interest at current market rates as set forth in the credit agreement.

As of April 30, 2014, there were no loans outstanding pursuant to this Facility.

11. CUSTODIAN AND ACCOUNTING AGENT  

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

125

Notes to Financial Statements (unaudited)(continued)

12. TRANSACTIONS WITH AFFILIATED ISSUERS  

An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. Alpha Strategy Fund had the following transactions with affiliated issuers (i.e. the Underlying Funds) during the six months ended April 30, 2014:

Affiliated Issuer	Balance of Shares Held at 10/31/2013	Gross Additions	Gross Sales		Balance of Shares Held at 4/30/2014	Fair Value at 4/30/2014		Net Realized Gain (Loss) 11/1/2013 to 4/30/2014			Dividend Income  11/1/2013 to 4/30/2014
Lord Abbett Developing Growth Fund, Inc. – Class I	7,332,152	2,246,166	(195,444	)	9,382,874	$	253,806,739	$	41,384,379	(a)	$	—
Lord Abbett Securities Trust – International Opportunities Fund – Class I	13,377,426	1,474,743	(96,763	)	14,755,406		261,170,682		124,751			3,610,148
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I	5,259,932	1,709,577	(419,410	)	6,550,099		124,779,393		33,479,230	(b)		—
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I	3,146,482	604,007	—		3,750,489		126,616,518		13,219,756	(c)		—
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I	5,298,451	2,001,076	(47,283	)	7,252,244		255,424,028		50,423,069	(d)		370,709
Lord Abbett Securities Trust – Value Opportunities Fund – Class I	10,532,666	1,772,371	(319,542	)	11,985,495		260,444,800		18,998,528	(e)		—
						$	1,282,242,160	$	157,629,713		$	3,980,857

(a)	Includes $39,327,463 of distributed capital gains.
(b)	Includes $31,575,898 of distributed capital gains.
(c)	Amount represents distributed capital gains.
(d)	Includes $50,270,624 of distributed capital gains.
(e)	Includes $20,147,989 of distributed cap gains.

13. INVESTMENT RISKS  

Each Fund is subject to the general risks and considerations associated with equity investing. The value of the Funds’ investments will fluctuate in response to movements in the equity securities markets in general and to the changing prospects of individual companies in which the Funds invest. If a Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a rising market.

Large company stocks, in which Fundamental Equity Fund and Growth Leaders Fund invest, may perform differently than the market as a whole and other types of stocks, such as small company stocks. Small and mid-sized company stocks, in which Fundamental Equity Fund, Growth Leaders Fund, and Value Opportunities Fund invest, may be less able to weather economic shifts or other adverse developments than those of larger, more established companies.

In general, Growth Leaders Fund employs a growth investing style and Fundamental Equity Fund, International Dividend Income Fund and Value Opportunities Fund employ a value investing style.

126

Notes to Financial Statements (unaudited)(continued)

Growth stocks generally are more volatile than value stocks. The price of value stocks may lag the market for long periods of time.

International Core Equity Fund is subject to the risks of investing in foreign securities, the securities of large foreign companies, and derivatives. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations and higher transaction costs. Foreign investments also may be affected by changes in currency rates or currency controls.

International Dividend Income Fund is subject to the risks of investing in foreign securities, dividend yielding stocks, and derivatives. Foreign securities may pose greater risks than domestic securities, including price fluctuations and higher transaction costs. These risks are generally greater for securities issued by companies in emerging market companies. Dividend paying stocks may be sensitive to changes in market interest rates, and the prices of such stocks may decline as rates rise. International Dividend Income Fund may be subject to the volatility of stocks that have high dividends per share due to recent decreases in their share prices. International Dividend Income Fund may invest a significant portion of its assets in small and mid-sized companies that may be less able to weather economic shifts or other adverse developments than larger, more established companies.

International Opportunities Fund is subject to the risks of investing in foreign securities, the securities of small-cap companies, and derivatives. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations and higher transaction costs. Foreign investments also may be affected by changes in currency rates or currency controls. Investing in small-cap companies generally involves greater risks than investing in the stocks of large-cap companies, including more volatility and less liquidity.

Alpha Strategy Fund’s investments are concentrated in the Underlying Funds and, as a result, the Fund’s performance is directly related to their performance and subject to their risks, including those associated with foreign investments, small-cap companies, and derivatives.

Due to their investments in multinational and foreign companies, Alpha Strategy Fund, Fundamental Equity Fund, Growth Leaders Fund, and Value Opportunities Fund may experience increased market, liquidity, currency, political, information and other risks.

Each Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with investing directly in securities and other investments.

These factors can affect each Fund’s performance.

127

Notes to Financial Statements (unaudited)(continued)

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of beneficial interest were as follows:

Alpha Strategy Fund				Six Months Ended April 30, 2014 (unaudited)						Year Ended October 31, 2013
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,951,683		$	96,384,857			4,040,311		$	116,424,981
Converted from Class B*		45,712			1,485,085			74,530			2,077,793
Reinvestment of distributions		1,229,371			38,749,784			658,992			16,033,279
Shares reacquired		(1,922,808	)		(62,201,948	)		(4,469,014	)		(122,207,395	)
Increase		2,303,958		$	74,417,778			304,819		$	12,328,658
Class B Shares
Shares sold		11,930		$	357,319			19,812		$	506,714
Reinvestment of distributions		49,823			1,451,855			38,950			881,431
Shares reacquired		(82,886	)		(2,476,911	)		(164,626	)		(4,195,477	)
Converted to Class A*		(49,504	)		(1,485,085	)		(80,333	)		(2,077,793	)
Decrease		(70,637	)	$	(2,152,822	)		(186,197	)	$	(4,885,125	)
Class C Shares
Shares sold		1,322,254		$	39,280,087			1,606,383		$	41,943,101
Reinvestment of distributions		601,205			17,368,813			345,504			7,763,478
Shares reacquired		(822,655	)		(24,405,728	)		(1,858,485	)		(47,092,366	)
Increase		1,100,804		$	32,243,172			93,402		$	2,614,213
Class F Shares
Shares sold		1,799,158		$	58,463,850			1,992,990		$	56,444,794
Reinvestment of distributions		338,904			10,695,815			178,670			4,352,396
Shares reacquired		(925,199	)		(29,831,489	)		(1,807,362	)		(48,878,560	)
Increase		1,212,863		$	39,328,176			364,298		$	11,918,630
Class I Shares
Shares sold		190,153		$	6,212,224			644,435		$	16,390,888
Reinvestment of distributions		49,542			1,577,912			39,680			974,536
Shares reacquired		(81,146	)		(2,673,633	)		(68,332	)		(1,897,817	)
Increase		158,549		$	5,116,503			615,783		$	15,467,607
Class R2 Shares
Shares sold		24,026		$	765,135			49,663		$	1,417,650
Reinvestment of distributions		2,178			67,573			1,228			29,461
Shares reacquired		(11,875	)		(377,027	)		(88,000	)		(2,402,170	)
Increase (decrease)		14,329		$	455,681			(37,109	)	$	(955,059	)
Class R3 Shares
Shares sold		166,422		$	5,340,725			410,985		$	11,148,022
Reinvestment of distributions		80,832			2,515,436			52,435			1,261,081
Shares reacquired		(156,997	)		(5,038,211	)		(604,578	)		(16,262,275	)
Increase (decrease)		90,257		$	2,817,950			(141,158	)	$	(3,853,172	)

128

Notes to Financial Statements (unaudited)(continued)

Fundamental Equity Fund				Six Months Ended  April 30, 2014  (unaudited)						Year Ended  October 31, 2013
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		16,577,751		$	252,963,226			30,638,968		$	467,006,504
Converted from Class B*		373,273			5,634,787			1,528,276			22,367,689
Reinvestment of distributions		29,302,013			431,618,629			3,274,788			41,622,543
Shares reacquired		(22,854,846	)		(348,677,091	)		(41,933,843	)		(618,360,382	)
Increase (decrease)		23,398,191		$	341,539,551			(6,491,811	)	$	(87,363,646	)
Class B Shares
Shares sold		77,999		$	1,098,060			183,627		$	2,627,100
Reinvestment of distributions		667,694			9,227,536			71,129			859,944
Shares reacquired		(529,534	)		(7,552,192	)		(913,655	)		(12,580,122	)
Converted to Class A*		(398,393	)		(5,634,787	)		(1,610,928	)		(22,367,689	)
Decrease		(182,234	)	$	(2,861,383	)		(2,269,827	)	$	(31,460,767	)
Class C Shares
Shares sold		7,170,085		$	101,048,488			9,749,771		$	141,629,965
Reinvestment of distributions		9,154,477			125,782,529			650,030			7,819,879
Shares reacquired		(5,994,869	)		(85,374,950	)		(11,604,731	)		(159,338,405	)
Increase (decrease)		10,329,693		$	141,456,067			(1,204,930	)	$	(9,888,561	)
Class F Shares
Shares sold		8,449,056		$	127,738,760			12,908,404		$	195,236,155
Reinvestment of distributions		5,875,803			85,962,996			771,334			9,749,668
Shares reacquired		(7,275,010	)		(110,092,630	)		(16,904,024	)		(247,895,162	)
Increase (decrease)		7,049,849		$	103,609,126			(3,224,286	)	$	(42,909,339	)
Class I Shares
Shares sold		4,828,469		$	73,632,058			7,705,300		$	114,774,327
Reinvestment of distributions		4,766,441			70,448,002			568,497			7,248,343
Shares reacquired		(4,588,139	)		(70,553,077	)		(6,892,581	)		(99,800,482	)
Increase		5,006,771		$	73,526,983			1,381,216		$	22,222,188
Class P Shares
Shares sold		121,111		$	1,829,656			294,041		$	4,363,701
Reinvestment of distributions		277,657			4,039,907			36,924			464,505
Shares reacquired		(306,766	)		(4,610,895	)		(904,792	)		(13,169,602	)
Increase (decrease)		92,002		$	1,258,668			(573,827	)	$	(8,341,396	)
Class R2 Shares
Shares sold		241,229		$	3,573,977			404,148		$	5,966,907
Reinvestment of distributions		153,059			2,219,348			16,786			210,491
Shares reacquired		(290,505	)		(4,385,542	)		(640,733	)		(9,285,586	)
Increase (decrease)		103,783		$	1,407,783			(219,799	)	$	(3,108,188	)
Class R3 Shares
Shares sold		2,012,279		$	30,601,822			3,801,711		$	56,599,242
Reinvestment of distributions		3,398,403			49,514,736			369,357			4,653,905
Shares reacquired		(2,869,232	)		(43,205,102	)		(5,665,744	)		(82,608,747	)
Increase (decrease)		2,541,450		$	36,911,456			(1,494,676	)	$	(21,355,600	)

129

Notes to Financial Statements (unaudited)(continued)

Growth Leaders Fund				Six Months Ended  April 30, 2014 (unaudited)						Year Ended October 31, 2013
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		12,530,278		$	270,166,407			4,844,632		$	96,666,891
Converted from Class B*		26,949			575,670			42,169			798,084
Reinvestment of distributions		604,140			12,421,113			2,867			43,300
Shares reacquired		(2,266,629	)		(48,448,772	)		(1,236,681	)		(23,369,217	)
Shares issued in reorganization (See Note 15)		—			—			4,278,452			72,904,811
Increase		10,894,738		$	234,714,418			7,931,439		$	147,043,869
Class B Shares
Shares sold		15,469		$	329,861			12,554		$	241,966
Reinvestment of distributions		24,364			498,010			—			—
Shares reacquired		(52,223	)		(1,103,253	)		(54,648	)		(1,031,590	)
Converted to Class A*		(27,153	)		(575,670	)		(42,288	)		(798,084	)
Shares issued in reorganization (See Note 15)		—			—			461,335			7,851,924
Increase (decrease)		(39,543	)	$	(851,052	)		376,953		$	6,264,216
Class C Shares
Shares sold		5,684,897		$	120,822,240			1,775,845		$	35,706,887
Reinvestment of distributions		198,139			4,010,321			261			3,916
Shares reacquired		(499,442	)		(10,536,272	)		(293,894	)		(5,534,008	)
Shares issued in reorganization (See Note 15)		—			—			1,536,103			25,898,702
Increase		5,383,594		$	114,296,289			3,018,315		$	56,075,497
Class F Shares
Shares sold		16,299,774		$	352,737,619			4,855,033		$	100,539,077
Reinvestment of distributions		299,992			6,182,826			1,270			19,109
Shares reacquired		(2,402,679	)		(51,239,665	)		(278,285	)		(5,533,795	)
Shares issued in reorganization (See Note 15)		—			—			245,384			4,183,797
Increase		14,197,087		$	307,680,780			4,823,402		$	99,208,188
Class I Shares
Shares sold		977,687		$	21,125,459			990,444		$	18,179,829
Reinvestment of distributions		122,571			2,529,871			6			84
Shares reacquired		(252,206	)		(5,306,843	)		(274,695	)		(5,025,036	)
Shares issued in reorganization (See Note 15)		—			—			1,446,353			24,674,785
Increase		848,052		$	18,348,487			2,162,108		$	37,829,662
Class R2 Shares
Shares sold		10,829		$	243,065			753		$	15,499
Reinvestment of distributions		131			2,720			1			21
Shares reacquired		(193	)		(6,680	)		—	(a)		(7	)
Shares issued in reorganization (See Note 15)		—			—			618			10,574
Increase		10,767		$	239,105			1,372		$	26,087
Class R3 Shares
Shares sold		66,925		$	1,440,928			99,039		$	1,864,304
Reinvestment of distributions		26,213			539,201			2			24
Shares reacquired		(40,154	)		(861,499	)		(55,008	)		(1,068,148	)
Shares issued in reorganization (See Note 15)		—			—			341,718			5,829,710
Increase		52,984		$	1,118,630			385,751		$	6,625,890

130

Notes to Financial Statements (unaudited)(continued)

International Core Equity Fund				Six Months Ended April 30, 2014 (unaudited)						Year Ended October 31, 2013
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,541,500		$	35,185,359			4,179,089		$	52,372,669
Converted from Class B*		38,664			534,518			246,857			3,102,750
Reinvestment of distributions		538,647			7,368,666			714,190			8,348,885
Shares reacquired		(5,474,972	)		(76,178,857	)		(7,367,960	)		(91,339,225	)
Decrease		(2,356,161	)	$	(33,090,314	)		(2,227,824	)	$	(27,514,921	)
Class B Shares
Shares sold		32,662		$	447,477			57,509		$	702,974
Reinvestment of distributions		13,338			181,000			25,471			294,950
Shares reacquired		(239,344	)		(3,275,964	)		(367,526	)		(4,457,485	)
Converted to Class A*		(39,058	)		(534,518	)		(249,937	)		(3,102,750	)
Decrease		(232,402	)	$	(3,182,005	)		(534,483	)	$	(6,562,311	)
Class C Shares
Shares sold		252,240		$	3,459,273			489,053		$	6,064,348
Reinvestment of distributions		47,776			647,851			67,697			783,931
Shares reacquired		(398,997	)		(5,472,078	)		(1,155,029	)		(14,073,153	)
Decrease		(98,981	)	$	(1,364,954	)		(598,279	)	$	(7,224,874	)
Class F Shares
Shares sold		914,141		$	12,557,799			7,281,023		$	90,030,649
Reinvestment of distributions		214,859			2,917,791			336,329			3,901,418
Shares reacquired		(5,418,886	)		(74,253,883	)		(10,695,675	)		(130,483,767	)
Decrease		(4,289,886	)	$	(58,778,293	)		(3,078,323	)	$	(36,551,700	)
Class I Shares
Shares sold		1,157,643		$	16,132,105			2,826,968		$	35,159,843
Reinvestment of distributions		222,343			3,057,215			214,728			2,520,909
Shares reacquired		(4,525,611	)		(63,518,909	)		(1,278,761	)		(16,071,898	)
Increase (decrease)		(3,145,625	)	$	(44,329,589	)		1,762,935		$	21,608,854
Class P Shares
Shares sold		1,171		$	16,230			2,566		$	32,242
Reinvestment of distributions		359			4,907			430			5,020
Shares reacquired		(928	)		(12,871	)		(7,851	)		(93,703	)
Increase (decrease)		602		$	8,266			(4,855	)	$	(56,441	)
Class R2 Shares
Shares sold		20,140		$	277,345			22,661		$	270,915
Reinvestment of distributions		436			5,947			465			5,432
Shares reacquired		(9,834	)		(135,971	)		(10,612	)		(136,497	)
Increase		10,742		$	147,321			12,514		$	139,850
Class R3 Shares
Shares sold		186,892		$	2,554,425			401,292		$	4,915,880
Reinvestment of distributions		25,808			348,410			33,749			389,122
Shares reacquired		(139,335	)		(1,905,677	)		(533,054	)		(6,543,726	)
Increase (decrease)		73,365		$	997,158			(98,013	)	$	(1,238,724	)

131

Notes to Financial Statements (unaudited)(continued)

International Dividend Income Fund				Six Months Ended April 30, 2014 (unaudited)						Year Ended October 31, 2013
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		20,960,392		$	188,103,114			52,076,409		$	441,764,050
Reinvestment of distributions		2,007,595			18,064,647			3,822,035			31,521,022
Shares reacquired		(24,697,626	)		(216,316,627	)		(30,427,162	)		(256,750,764	)
Increase (decrease)		(1,729,639	)	$	(10,148,866	)		25,471,282		$	216,534,308
Class C Shares
Shares sold		4,120,691		$	36,695,327			7,948,307		$	67,126,720
Reinvestment of distributions		251,209			2,242,169			405,754			3,319,844
Shares reacquired		(1,436,169	)		(12,784,661	)		(2,077,399	)		(17,460,886	)
Increase		2,935,731		$	26,152,835			6,276,662		$	52,985,678
Class F Shares
Shares sold		7,146,300		$	64,322,569			16,695,327		$	141,923,067
Reinvestment of distributions		407,406			3,676,197			685,047			5,662,980
Shares reacquired		(5,022,978	)		(45,176,094	)		(8,748,119	)		(74,440,618	)
Increase		2,530,728		$	22,822,672			8,632,255		$	73,145,429
Class I Shares
Shares sold		22,486,276		$	203,762,260			32,937,926		$	279,682,684
Reinvestment of distributions		2,112,091			19,100,715			4,330,862			35,818,881
Shares reacquired		(13,607,740	)		(122,855,528	)		(41,341,816	)		(350,548,156	)
Increase (decrease)		10,990,627		$	100,007,447			(4,073,028	)	$	(35,046,591	)
Class R2 Shares
Shares sold		36,648		$	332,391			66,483		$	573,402
Reinvestment of distributions		638			5,861			876			7,347
Shares reacquired		(10,298	)		(93,916	)		(33,041	)		(287,458	)
Increase		26,988		$	244,336			34,318		$	293,291
Class R3 Shares
Shares sold		534,145		$	4,879,467			790,711		$	6,747,660
Reinvestment of distributions		13,818			125,564			166,296			1,382,562
Shares reacquired		(28,951	)		(263,242	)		(4,595,309	)		(40,288,054	)
Increase (decrease)		519,012		$	4,741,789			(3,638,302	)	$	(32,157,832	)

132

Notes to Financial Statements (unaudited)(continued)

International Opportunities Fund				Six Months Ended  April 30, 2014 (unaudited)						Year Ended October 31, 2013
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		3,677,234		$	63,727,093			1,273,195		$	19,034,461
Converted from Class B*		34,509			587,749			62,356			905,413
Reinvestment of distributions		77,406			1,285,705			105,974			1,398,849
Shares reacquired		(651,839	)		(11,177,704	)		(1,309,087	)		(18,819,369	)
Increase		3,137,310		$	54,422,843			132,438		$	2,519,354
Class B Shares
Shares sold		10,195		$	166,477			32,938		$	465,800
Reinvestment of distributions		2,330			36,914			6,350			79,951
Shares reacquired		(66,279	)		(1,077,798	)		(124,324	)		(1,698,857	)
Converted to Class A*		(36,249	)		(587,749	)		(65,588	)		(905,413	)
Decrease		(90,003	)	$	(1,462,156	)		(150,624	)	$	(2,058,519	)
Class C Shares
Shares sold		363,152		$	5,877,955			270,618		$	3,758,241
Reinvestment of distributions		9,264			145,353			14,686			183,426
Shares reacquired		(114,859	)		(1,853,191	)		(264,730	)		(3,613,092	)
Increase		257,557		$	4,170,117			20,574		$	328,575
Class F Shares
Shares sold		1,899,671		$	32,387,566			1,126,942		$	17,133,530
Reinvestment of distributions		12,449			205,039			1,397			18,284
Shares reacquired		(668,215	)		(11,025,607	)		(121,861	)		(1,833,797	)
Increase		1,243,905		$	21,566,998			1,006,478		$	15,318,017
Class I Shares
Shares sold		1,445,280		$	25,250,780			2,085,716		$	32,066,767
Reinvestment of distributions		232,179			3,942,397			303,804			4,098,308
Shares reacquired		(275,459	)		(4,751,873	)		(1,829,850	)		(25,981,438	)
Increase		1,402,000		$	24,441,304			559,670		$	10,183,637
Class P Shares
Shares sold		2,716		$	47,415			8,534		$	125,182
Reinvestment of distributions		648			10,936			1,281			17,170
Shares reacquired		(14,674	)		(253,108	)		(15,187	)		(248,551	)
Decrease		(11,310	)	$	(194,757	)		(5,372	)	$	(106,199	)
Class R2 Shares
Shares sold		821		$	13,990			5,711		$	89,717
Reinvestment of distributions		77			1,271			108			1,418
Shares reacquired		(736	)		(12,062	)		(728	)		(10,649	)
Increase		162		$	3,199			5,091		$	80,486
Class R3 Shares
Shares sold		60,162		$	1,018,994			217,652		$	3,104,384
Reinvestment of distributions		3,862			63,265			9,010			117,316
Shares reacquired		(56,265	)		(937,966	)		(335,072	)		(4,838,878	)
Increase (decrease)		7,759		$	144,293			(108,410	)	$	(1,617,178	)

133

Notes to Financial Statements (unaudited)(continued)

Value Opportunities Fund				Six Months Ended April 30, 2014  (unaudited)						Year Ended October 31, 2013
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		5,945,288		$	123,774,256			12,913,117		$	245,766,295
Converted from Class B*		158,970			3,253,590			165,594			3,323,304
Reinvestment of distributions		5,859,617			116,957,939			—			—
Shares reacquired		(7,763,340	)		(161,318,539	)		(16,275,089	)		(300,484,796	)
Shares issued in reorganization (See Note 15)		—			—			12,737,871			259,215,666
Increase		4,200,535		$	82,667,246			9,541,493		$	207,820,469
Class B Shares
Shares sold		25,719		$	497,268			45,606		$	849,898
Reinvestment of distributions		109,518			2,070,988			—			—
Shares reacquired		(111,571	)		(2,206,714	)		(141,381	)		(2,541,335	)
Converted to Class A*		(167,992	)		(3,253,590	)		(173,567	)		(3,323,304	)
Shares issued in reorganization (See Note 15)		—			—			620,096			12,042,273
Increase (decrease)		(144,326	)	$	(2,892,048	)		350,754		$	7,027,532
Class C Shares
Shares sold		1,598,212		$	31,340,258			2,819,467		$	51,819,470
Reinvestment of distributions		1,652,049			31,240,252			—			—
Shares reacquired		(1,880,809	)		(36,988,800	)		(3,457,119	)		(60,656,560	)
Shares issued in reorganization (See Note 15)		—			—			4,035,501			78,369,425
Increase		1,369,452		$	25,591,710			3,397,849		$	69,532,335
Class F Shares
Shares sold		3,772,606		$	78,909,574			7,203,022		$	138,105,702
Reinvestment of distributions		1,702,313			34,284,577			—			—
Shares reacquired		(3,554,273	)		(74,106,034	)		(9,566,623	)		(171,347,690	)
Shares issued in reorganization (See Note 15)		—			—			498,988			10,229,257
Increase (decrease)		1,920,646		$	39,088,117			(1,864,613	)	$	(23,012,731	)
Class I Shares
Shares sold		3,223,092		$	68,045,166			5,206,790		$	99,941,441
Reinvestment of distributions		2,762,162			56,292,862			—			—
Shares reacquired		(3,818,356	)		(81,230,035	)		(6,545,798	)		(126,234,212	)
Shares issued in reorganization (See Note 15)		—			—			6,902,380			143,017,314
Increase		2,166,898		$	43,107,993			5,563,372		$	116,724,543
Class P Shares
Shares sold		224,655		$	4,641,560			344,615		$	6,944,887
Reinvestment of distributions		241,852			4,795,921			—			—
Shares reacquired		(450,521	)		(9,314,107	)		(270,850	)		(5,474,060	)
Shares issued in reorganization (See Note 15)		—			—			2,405,239			48,682,044
Increase		15,986		$	123,374			2,479,004		$	50,152,871

134

Notes to Financial Statements (unaudited)(continued)

Value Opportunities Fund				Six Months Ended April 30, 2014 (unaudited)						Year Ended October 31, 2013
Class R2 Shares	Shares			Amount			Shares			Amount
Shares sold		114,939		$	2,323,701			263,951		$	4,882,338
Reinvestment of distributions		32,238			633,161			—			—
Shares reacquired		(166,626	)		(3,424,076	)		(334,001	)		(6,180,470	)
Shares issued in reorganization (See Note 15)		—			—			28,699			575,983
Decrease		(19,449	)	$	(467,214	)		(41,351	)	$	(722,149	)
Class R3 Shares
Shares sold		756,202		$	15,625,046			1,931,490		$	35,939,093
Reinvestment of distributions		600,137			11,828,710			—			—
Shares reacquired		(931,804	)		(19,022,952	)		(2,210,758	)		(41,484,328	)
Shares issued in reorganization (See Note 15)		—			—			977,805			19,683,218
Increase		424,535		$	8,430,804			698,537		$	14,137,983

*	Automatic conversion of Class B shares occurs 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 day on which the purchase order was accepted.
(a)	Amount is less than 1 share.

15. REORGANIZATIONS  

(a)

Value Opportunities Fund–As of the close of business on July 19, 2013, Value Opportunities Fund acquired the net assets of Lord Abbett Equity Trust—Lord Abbett Small Cap Blend Fund (“Small Cap Blend Fund”) pursuant to a plan of reorganization approved by Small Cap Blend Fund’s shareholders on July 12, 2013. The reorganization permitted Small Cap Blend Fund shareholders to pursue similar investment objectives and strategies, but as part of a larger fund with a lower expense ratio. The acquisition was accomplished by a tax-free exchange whereas holders of 36,215,715 shares of Small Cap Blend Fund outstanding on July 19, 2013 received 28,206,579 shares (valued at $571,815,180) of Value Opportunities Fund. Small Cap Blend Fund’s net assets at the date of the acquisition, including $23,692,658 of unrealized appreciation, $153,691 of distributions in excess of net investment income, and $225,271 of accumulated net realized losses, were combined with those of Value Opportunities Fund. The cost basis of securities received from Small Cap Blend Fund was carried forward.

The total net assets of Value Opportunities Fund immediately before the transfer were $2,418,694,008. Total net assets of Small Cap Blend Fund immediately before the transfer were $571,815,180. Total net assets of Value Opportunities Fund immediately after the transfer were $2,990,509,188.

135

Notes to Financial Statements (unaudited)(continued)

The following table illustrates share conversion ratios of the reorganization on July 19, 2013:

Class	Conversion Ratio
A	0.780590
B	0.737817
C	0.737013
F	0.787551
I	0.804508
P	0.780904
R2	0.779278
R3	0.781351

Had the acquisition been completed on November 1, 2012, the beginning of the reporting period of Value Opportunities Fund, the Fund’s condensed pro forma results of operations for the fiscal year ended October 31, 2013 would be as follows:

Net investment income	$	578,086
Net realized and unrealized gain		826,608,037
Net increase in net assets resulting from operations		827,186,123

	The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed. Revenue and earnings of Small Cap Blend Fund’s portfolio holdings have been included in Value Opportunities Fund’s Statement of Operations since the date of acquisition.
(b)	Growth Leaders Fund–As of the close of business on March 22, 2013, Growth Leaders Fund acquired the net assets of Stock Appreciation Fund pursuant to a plan of reorganization approved by Stock Appreciation Fund’s shareholders on March 15, 2013. The reorganization permitted Stock Appreciation Fund shareholders to pursue substantially similar investment objectives and strategies, but as part of a larger fund with greater investment flexibility and a lower total expense ratio. The acquisition was accomplished by a tax-free exchange whereas holders of 21,349,426 shares of Stock Appreciation Fund outstanding on March 22, 2013 received 8,309,963 shares (valued at $141,354,303) of Growth Leaders Fund. Stock Appreciation Fund’s net assets at the date of the acquisition, including $10,076,074 of unrealized appreciation, $25,276 of distributions in excess of net investment income, and $16,819,492 of accumulated net realized losses, were combined with those of Growth Leaders Fund. The cost basis of securities received from Stock Appreciation Fund was carried forward.
	The total net assets of Growth Leaders Fund immediately before the transfer were $31,440,888. Total net assets of Stock Appreciation Fund immediately before the transfer were $141,354,303. Total net assets of Growth Leaders Fund immediately after the transfer were $172,795,191.

136

Notes to Financial Statements (unaudited)(concluded)

The following table illustrates share conversion ratios of the reorganization on March 22, 2013:

Class	Conversion Ratio
A		0.395053
B		0.363226
C		0.366714
F		0.400346
I		0.404730
R2		0.400841
R3		0.391788

Had the acquisition been completed on November 1, 2012, the beginning of the reporting period of Growth Leaders Fund, the Fund’s condensed pro forma results of operations for the fiscal year ended October 31, 2013 would be as follows:

Net investment income	$	(196,058	)
Net realized and unrealized gain		82,949,757
Net increase in net assets resulting from operations		82,753,699

The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed. Revenue and earnings of Stock Appreciation Fund’s portfolio holdings have been included in Growth Leaders Fund’s Statement of Operations since the date of acquisition.

137

Investments in Underlying Funds (unaudited)

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2014, Alpha Strategy Fund’s long-term investments were allocated among the Underlying Funds as follows:

Underlying Fund Name	% of Investments
Lord Abbett Developing Growth Fund, Inc. – Class I		19.79%
Lord Abbett Securities Trust – International Opportunities Fund – Class I		20.37%
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I		9.73%
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I		9.88%
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I		19.92%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		20.31%

The Ten Largest Holdings and the Holdings by Sector, as of April 30, 2014, for each Underlying Fund are presented below. Each Underlying Fund’s annual and semiannual reports, which are sent to shareholders and filed with the SEC, contain information about the Underlying Fund’s portfolio holdings, including a complete schedule of holdings. A complete schedule of holdings for each Underlying Fund is also filed with the SEC on Form N-Q as of the end of each respective Underlying Fund’s first and third quarters. In addition, on or about the first day of the second month following each calendar quarter-end, each Fund makes publicly available a complete schedule of its portfolio holdings as of the last day of each such quarter. The information for the most recently ended calendar quarter may be viewed at www. lordabbett. com or requested at no charge by calling Lord Abbett at 888-522-2388.

Lord Abbett Developing Growth Fund, Inc.

Ten Largest Holdings	% of Investments
U. S. Silica Holdings, Inc.		1.57%
Team Health Holdings, Inc.		1.55%
CARBO Ceramics, Inc.		1.52%
GasLog Ltd. (Monaco)		1.50%
SunEdison, Inc.		1.50%
Air Lease Corp.		1.50%
Myriad Genetics, Inc.		1.48%
DeVry Education Group, Inc.		1.45%
InvenSense, Inc.		1.45%
Trex Co., Inc.		1.39%

Holdings by Sector*	% of Investments
Consumer Discretionary		19.67%
Consumer Staples		4.92%
Energy		8.62%
Financials		5.28%
Health Care		19.30%
Industrials		13.15%
Information Technology		19.72%
Materials		7.21%
Repurchase Agreement		2.13%
Total		100.00%

* A sector may comprise several industries.

138

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Securities Trust – International Opportunities Fund

Ten Largest Holdings	% of Investments
Air New Zealand Ltd.		1.87%
Michael Page International plc .		1.64%
USG People NV		1.59%
Arrow Global Group plc		1.58%
Jungheinrich AG		1.55%
Sun Hung Kai & Co., Ltd.		1.52%
ams AG		1.38%
Altran Technologies SA		1.35%
UDG Healthcare plc		1.35%
Century Tokyo Leasing Corp.		1.33%

Holdings by Sector*	% of Investments
Consumer Discretionary		19.11%
Consumer Staples		5.63%
Energy		5.36%
Financials		20.22%
Health Care		4.82%
Industrials		21.00%
Information Technology		13.33%
Materials		3.88%
Telecommunication Services		0.56%
Utilities		3.52%
Repurchase Agreement		2.57%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Securities Trust – Micro-Cap Growth Fund

Ten Largest Holdings	% of Investments
HFF, Inc. Class A		1.76%
Kforce, Inc.		1.67%
US Ecology, Inc.		1.67%
Flotek Industries, Inc.		1.60%
Rentrak Corp.		1.59%
Trulia, Inc.		1.57%
Capstone Turbine Corp.		1.51%
Builders FirstSource, Inc.		1.49%
PowerSecure International, Inc.		1.47%
LogMeIn, Inc		1.47%

Holdings by Sector*	% of Investments
Consumer Discretionary		16.18%
Consumer Staples		5.45%
Energy		3.53%
Financials		8.19%
Health Care		24.43%
Industrials		17.37%
Information Technology		19.47%
Materials		2.63%
Repurchase Agreement		2.75%
Total		100.00%

* A sector may comprise several industries.

139

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Securities Trust – Micro-Cap Value Fund

Ten Largest Holdings	% of Investments
Gentherm, Inc.		2.99%
Patrick Industries, Inc.		2.48%
Aceto Corp.		2.39%
Chesapeake Utilities Corp.		2.38%
H&E Equipment Services, Inc.		2.34%
First Financial Holdings, Inc.		2.19%
Electronics for Imaging, Inc.		2.17%
Pacific Premier Bancorp, Inc.		2.13%
Genesco, Inc.		2.05%
Renasant Corp.		1.96%

Holdings by Sector*	% of Investments
Consumer Discretionary		16.07%
Consumer Staples		2.60%
Energy		5.47%
Financials		30.55%
Health Care		3.00%
Industrials		21.54%
Information Technology		6.65%
Materials		4.74%
Utilities		4.14%
Repurchase Agreement		5.24%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Research Fund, Inc. – Small Cap Value Fund

Ten Largest Holdings	% of Investments
Barnes Group, Inc		1.96%
PacWest Bancorp		1.81%
First Financial Holdings, Inc.		1.75%
Oshkosh Corp.		1.74%
Western Alliance Bancorp		1.74%
Pebblebrook Hotel Trust		1.71%
Darling International, Inc.		1.58%
Stifel Financial Corp		1.57%
LaSalle Hotel Properties		1.55%
Coherent, Inc.		1.52%

Holdings by Sector*	% of Investments
Consumer Discretionary		8.79%
Consumer Staples		4.36%
Energy		6.87%
Financials		31.37%
Health Care		6.80%
Industrials		15.39%
Information Technology		12.20%
Materials		8.35%
Utilities		5.00%
Repurchase Agreement		0.87%
Total		100.00%

* A sector may comprise several industries.

140

Investments in Underlying Funds (unaudited)(concluded)

Lord Abbett Securities Trust – Value Opportunities Fund

Ten Largest Holdings	% of Investments
Marvell Technology Group Ltd.		2.00%
Helmerich & Payne, Inc.		1.84%
Ryder System, Inc.		1.73%
HCC Insurance Holdings, Inc.		1.64%
American Airlines Group, Inc.		1.60%
Superior Energy Services, Inc.		1.58%
American Water Works Co., Inc.		1.58%
Akamai Technologies, Inc.		1.54%
Jarden Corp.		1.52%
Comerica, Inc.		1.46%

Holdings by Sector*	% of Investments
Consumer Discretionary		11.31%
Consumer Staples		3.38%
Energy		11.37%
Financials		25.96%
Health Care		7.75%
Industrials		13.18%
Information Technology		11.80%
Materials		6.76%
Utilities		7.18%
Repurchase Agreement		1.31%
Total		100.00%

* A sector may comprise several industries.

141

Approval of Advisory Contract

The Board of Trustees of the Trust, including all of the Trustees who are not interested persons of the Trust or of Lord Abbett, annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett. In connection with its most recent approval, the Board reviewed materials relating specifically to the management agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its familiarity with Lord Abbett gained through its meetings and discussions. These meetings and discussions included the examination of the portfolio management teams conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management.

The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Morningstar Associates, LLC (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of a group of funds in the same Morningstar investment category (the “performance peer group”) and the investment performance of one or more appropriate benchmarks; (2) information provided by Morningstar regarding the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and one or more groups of funds in the same Morningstar category, with the same share classes and operational characteristics, including asset size (the “expense peer group”); (3) for Fundamental Equity Fund, Growth Leaders Fund, and International Dividend Income Fund, certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability of the management agreement to Lord Abbett; (8) information provided by Lord Abbett regarding the investment management fees Lord Abbett receives from its other advisory clients maintaining accounts with a similar investment strategy as the Fund; (9) information regarding the distribution arrangements of the Fund; and (10) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to each Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of the performance peer group, in each case as of various periods ended August 31, 2013. As to each of Alpha Strategy Fund and Fundamental Equity Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year, five-year, and ten-year periods and below the median for the three-year period. As to Growth Leaders Fund, the Board observed that the Fund’s investment performance was above the median

142

Approval of Advisory Contract (continued)

of the performance peer group for the one-year period. As to International Core Equity Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year period and below the median for the three-year and five-year periods. As to International Dividend Income Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year and three-year periods and above the median for the five-year period. As to International Opportunities Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year and five-year periods and below the median for the three-year and ten-year periods. As to Value Opportunities Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year and five-year periods and below the median for the three-year period.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and the Distributor and the nature and extent of Lord Abbett’s supervision of third party service providers, including each Fund’s transfer agent and custodian.

Expenses. The Board considered the expense levels of each Fund and the expense levels of one or more corresponding expense peer groups. It also considered the projected expense levels of each Fund and how those levels would relate to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each of Alpha Strategy Fund and Value Opportunities Fund, the Board observed that the overall expense level was above the median of the expense peer group. As to Fundamental Equity Fund, the Board observed that the overall expense level was slightly above the median of the expense peer group. As to each of Growth Leaders Fund, International Core Equity Fund, and International Dividend Income Fund, the Board observed that the overall expense level was well below the median of the expense peer group. As to International Opportunities Fund, the Board observed that the overall expense level was slightly below the median of the expense peer group.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s profits in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable basis and was appropriate. It considered any profits realized by Lord Abbett in connection with the operation of each Fund, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund, and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. The Board considered Lord Abbett’s profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to the Fund. The Board concluded that Lord Abbett’s profitability as to each Fund was not excessive.

143

Approval of Advisory Contract (concluded)

Economies of Scale. As to each Fund, the Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from any such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that each existing management fee schedule, with its breakpoint or breakpoints in the level of the management fee, adequately addressed any economies of scale in managing the applicable Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the character and amount of fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b- 1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectuses of the Funds, has entered into revenue sharing arrangements with certain entities that distribute shares of the Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund brokerage transactions.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the management agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreements was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the management agreements. In considering whether to approve the continuation of the management agreement, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered.

144

Householding

The Trust has adopted a policy that allows it to send only one copy of each Fund’s prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.

Proxy Voting Policies, Procedures and Records

A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund’s portfolio securities, and information on how Lord Abbett voted each Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) Website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

145

This page is intentionally left blank.

This page is intentionally left blank.

This page is intentionally left blank.

This page is intentionally left blank.

This page is intentionally left blank.

	Lord Abbett Securities Trust
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 Alpha Strategy Fund Lord Abbett Fundamental Equity Fund Lord Abbett Growth Leaders Fund Lord Abbett International Core Equity Fund Lord Abbett International Dividend Income Fund Lord Abbett International Opportunities Fund Lord Abbett Value Opportunities Fund	LST-3-0414 (06/14)

2 0 1 4

L O R D   A B B E T T

S E M I A N N U A L

R E P O R T

Lord Abbett

Micro Cap Growth Fund

Micro Cap Value Fund

For the six-month period ended April 30, 2014

Table of Contents

1	A Letter to Shareholders
2	Information About Your Fund’s Expenses and Holdings Presented by Sector
	Schedules of Investments:
5	Micro Cap Growth
8	Micro Cap Value
11	Statements of Assets and Liabilities
12	Statements of Operations
13	Statements of Changes in Net Assets
15	Financial Highlights
19	Notes to Financial Statements
26	Supplemental Information to Shareholders

Lord Abbett Securities Trust

Lord Abbett Micro Cap Growth Fund and

Lord Abbett Micro Cap Value Fund Semiannual Report

For the six-month period ended April 30, 2014

Daria L. Foster, Trustee, President and Chief Executive Officer of the Lord Abbett Funds, and E. Thayer Bigelow, Independent Chairman of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for the Funds for the six-month period ended April 30, 2014. For additional information about the Funds, please visit our Website at www.lordabbett.com, where you also can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.

Best regards,

Daria L. Foster

Trustee, President and Chief Executive Officer

1

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (these charges vary among the share classes); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (these charges vary among the share classes); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2013 through April 30, 2014).

Actual Expenses

For each class of each Fund, the first line of the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 11/1/13 – 4/30/14” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class of each Fund, the second line of the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

2

Micro Cap Growth Fund

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value		Ending Account Value	Expenses Paid During Period†
	11/1/13		4/30/14	11/1/13 - 4/30/14
Class A
Actual		$1,000.00	$1,070.60	$9.09
Hypothetical (5% Return Before Expenses)		$1,000.00	$1,016.02	$8.85
Class I
Actual		$1,000.00	$1,070.90	$9.09
Hypothetical (5% Return Before Expenses)		$1,000.00	$1,016.02	$8.85

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.77% for Classes A and I) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2014

Sector*	%**
Consumer Discretionary	16.18	%
Consumer Staples	5.45	%
Energy	3.53	%
Financials	8.19	%
Health Care	24.43	%
Industrials	17.37	%
Information Technology	19.47	%
Materials	2.63	%
Repurchase Agreement	2.75	%
Total	100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments.

3

Micro Cap Value Fund

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value		Ending Account Value	Expenses Paid During Period†
	11/1/13		4/30/14	11/1/13 - 4/30/14
Class A
Actual		$1,000.00	$1,062.50	$8.95
Hypothetical (5% Return Before Expenses)		$1,000.00	$1,016.12	$8.75
Class I
Actual		$1,000.00	$1,062.40	$8.95
Hypothetical (5% Return Before Expenses)		$1,000.00	$1,016.12	$8.75

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.75% for Classes A and I) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2014

Sector*	%**
Consumer Discretionary	16.07	%
Consumer Staples	2.60	%
Energy	5.47	%
Financials	30.55	%
Health Care	3.00	%
Industrials	21.54	%
Information Technology	6.65	%
Materials	4.74	%
Utilities	4.14	%
Repurchase Agreement	5.24	%
Total	100.00	%

*	A sector may comprise several industries.
**	Represents percent of total investments.

4

Schedule of Investments (unaudited)

MICRO CAP GROWTH FUND April 30, 2014

Investments	Shares		Fair Value (000)
COMMON STOCKS 96.54%
Aerospace & Defense 3.56%
AeroVironment, Inc.*		56,056	$	1,893
Astronics Corp.*		27,998		1,599
Taser International, Inc.*		136,392		2,203
Total				5,695
Auto Components 0.99%
Gentherm, Inc.*		43,364		1,576
Banks 2.81%
Pinnacle Financial Partners, Inc.		47,375		1,638
Square 1 Financial, Inc. Class A*		66,583		1,255
ViewPoint Financial Group, Inc.		61,354		1,599
Total				4,492
Beverages 1.05%
Craft Brew Alliance, Inc.*		112,062		1,678
Biotechnology 10.97%
Acceleron Pharma, Inc.*		29,950		1,029
Agios Pharmaceuticals, Inc.*		47,408		1,994
Arrowhead Research Corp.*		67,321		734
Epizyme, Inc.*		34,544		754
Foundation Medicine, Inc.*		48,768		1,422
Hyperion Therapeutics, Inc.*		50,951		1,255
Keryx Biopharmaceuticals, Inc.*		139,693		2,063
KYTHERA Biopharmaceuticals, Inc.*		33,285		1,085
Neurocrine Biosciences, Inc.*		79,041		1,108
Receptos, Inc.*		41,339		1,397
Sangamo BioSciences, Inc.*		87,028		1,205
Sarepta Therapeutics, Inc.*		31,304		1,162
TESARO, Inc.*		30,195		754
Ultragenyx Pharmaceutical, Inc.*		17,574		682
Verastem, Inc.*		105,679		882
Total				17,526

Investments	Shares		Fair Value (000)
Building Products 2.89%
Builders FirstSource, Inc.*		301,831	$	2,369
Trex Co., Inc.*		28,676		2,252
Total				4,621
Capital Markets 4.10%
HFF, Inc. Class A		82,205		2,795
Piper Jaffray Cos.*		45,722		2,005
Silvercrest Asset Management Group, Inc. Class A		101,032		1,758
Total				6,558
Chemicals 1.59%
Flotek Industries, Inc.*		90,504		2,535
Commercial Services & Supplies 1.65%
US Ecology, Inc.		59,161		2,642
Diversified Consumer Services 0.99%
2U, Inc.*		105,699		1,577
Electrical Equipment 5.21%
Capstone Turbine Corp.*		1,160,576		2,391
Power Solutions
International, Inc.*		24,460		2,024
PowerSecure
International, Inc.*		104,939		2,333
Thermon Group
Holdings, Inc.*		66,044		1,573
Total				8,321
Electronic Equipment, Instruments & Components 4.85%
Control4 Corp.*		67,500		1,192
Fabrinet*		57,393		1,240
FARO Technologies, Inc.*		39,358		1,570
InvenSense, Inc.*		65,836		1,417
Maxwell Technologies, Inc.*		154,567		2,328
Total				7,747
Energy Equipment & Services 1.37%
RigNet, Inc.*		46,906		2,193
Food & Staples Retailing 1.02%
Natural Grocers by Vitamin Cottage, Inc.*		45,589		1,623

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND April 30, 2014

Investments	Shares		Fair Value (000)
Food Products 3.35%
Amira Nature Foods Ltd.
(United Arab Emirates)*(a)		102,521	$	1,595
Boulder Brands, Inc.*		117,051		1,728
Calavo Growers, Inc.		65,194		2,027
Total				5,350
Health Care Equipment & Supplies 6.33%
AtriCure, Inc.*		76,587		1,180
Cardiovascular Systems, Inc.*		61,614		1,771
Cynosure, Inc. Class A*		40,511		994
Novadaq Technologies, Inc. (Canada)*(a)		24,664		386
Spectranetics Corp.*		37,936		807
STAAR Surgical Co.*		103,403		1,759
Tandem Diabetes Care, Inc.*		55,210		970
ZELTIQ Aesthetics, Inc.*		122,750		2,245
Total				10,112
Health Care Providers & Services 1.34%
ExamWorks Group, Inc.*		58,202		2,142
Hotels, Restaurants & Leisure 4.40%
Chuy’s Holdings, Inc.*		62,573		2,249
Del Frisco’s Restaurant Group, Inc.*		65,499		1,704
Fiesta Restaurant Group, Inc.*		9,857		361
Noodles & Co.*		31,642		1,037
Zoe’s Kitchen, Inc.*		63,082		1,684
Total				7,035
Household Durables 3.70%
iRobot Corp.*		59,224		1,984
SodaStream International Ltd. (Israel)*(a)		45,462		1,934
WCI Communities, Inc.*		103,968		1,993
Total				5,911
Information Technology Services 0.93%
Luxoft Holding, Inc.*		55,309		1,493
Insurance 1.21%
eHealth, Inc.*		18,093		758
Hilltop Holdings, Inc.*		52,806		1,180
Total				1,938

Investments	Shares		Fair Value (000)
Internet Software & Services 6.96%
Benefitfocus, Inc.*		35,438	$	1,148
Borderfree, Inc.*		57,820		867
comScore, Inc.*		69,087		2,165
LogMeIn, Inc.*		51,226		2,328
Trulia, Inc.*		73,071		2,484
Wix.com Ltd. (Israel)*(a)		28,225		571
Xoom Corp.*		69,986		1,561
Total				11,124
Leisure Product 1.44%
Malibu Boats, Inc. Class A*		103,444		2,303
Life Sciences Tools & Services 1.34%
Fluidigm Corp.*		57,084		2,144
Machinery 0.76%
Dynamic Materials Corp.		4,068		82
Energy Recovery, Inc.*		221,372		1,131
Total				1,213
Media 2.50%
Entravision Communications Corp. Class A		279,684		1,485
Rentrak Corp.*		44,167		2,517
Total				4,002
Metals & Mining 1.02%
AK Steel Holding Corp.*		233,020		1,631
Oil, Gas & Consumable Fuels 2.14%
GasLog Ltd. (Monaco)(a)		23,589		632
Quicksilver Resources, Inc.*		226,500		738
Rex Energy Corp.*		96,957		2,042
Total				3,412
Pharmaceuticals 4.27%
AcelRx Pharmaceuticals, Inc.*		123,566		1,337
Depomed, Inc.*		127,845		1,791
GW Pharmaceuticals plc ADR*		23,656		1,729
Revance Therapeutics, Inc.*		40,216		1,379
TherapeuticsMD, Inc.*		141,012		592
Total				6,828

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MICRO CAP GROWTH FUND April 30, 2014

Investments	Shares		Fair Value (000)
Professional Services 2.41%
Kforce, Inc.		114,349	$	2,644
Paylocity Holding Corp.*		63,802		1,206
Total				3,850
Semiconductors & Semiconductor Equipment 2.74%
Integrated Silicon Solution, Inc.*		85,400		1,235
Monolithic Power Systems, Inc.*		49,485		1,836
Spansion, Inc. Class A*		73,793		1,316
Total				4,387
Software 2.12%
Infoblox, Inc.*		62,816		1,233
Mavenir Systems, Inc.*		76,062		1,135
Rally Software Development Corp.*		5,428		71
Rubicon Project, Inc. (The)*		8,170		117
Silver Spring Networks, Inc.*		55,168		826
Total				3,382
Specialty Retail 1.18%
MarineMax, Inc.*		117,580		1,888
Technology Hardware, Storage & Peripherals 1.73%
Cray, Inc.*		59,930		1,720
Violin Memory, Inc.*		287,989		1,037
Total				2,757

Investments	Shares		Fair Value (000)
Textiles, Apparel & Luxury Goods 0.86%
Vince Holding Corp.*		49,790	$	1,370
Trading Companies & Distributors 0.76%
H&E Equipment Services, Inc.*		31,334		1,208
Total Common Stocks (cost $139,776,020)				154,264

	Principal Amount (000)
SHORT-TERM INVESTMENT 2.73%
Repurchase Agreement
Repurchase Agreement dated 4/30/2014, Zero Coupon due 5/1/2014 with Fixed Income Clearing Corp. collateralized by $4,440,000 of U.S. Treasury Note at 0.375% due 6/30/2015; value: $4,456,650; proceeds: $4,367,288 (cost $4,367,288)	$4,367		4,367
Total Investments in Securities 99.27% (cost $144,143,308)			158,631
Other Assets in Excess of Liabilities 0.73%			1,166
Net Assets 100.00%		$	159,797

ADR	American Depositary Receipt.
*	Non-income producing security.
(a)	Foreign security traded in U.S. dollars.

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	154,264	$	—	$	—	$	154,264
Repurchase Agreement		—		4,367		—		4,367
Total	$	154,264	$	4,367	$	—	$	158,631

(1)	Refer to note 2(g) 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.
(3)	There were no level transfers during the period ended April 30, 2014.

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)

MICRO CAP VALUE FUND April 30, 2014

Investments	Shares		Fair Value (000)
COMMON STOCKS 94.36%
Aerospace & Defense 1.22%
Astronics Corp.*		30,300	$	1,731
Erickson, Inc.*		17,616		278
Total				2,009
Auto Components 5.64%
Drew Industries, Inc.		43,910		2,209
Gentherm, Inc.*		134,300		4,882
Tower International, Inc.*		77,700		2,161
Total				9,252
Banks 18.01%
Bank of Marin Bancorp		44,600		2,025
BNC Bancorp		164,500		2,681
CoBiz Financial, Inc.		318,866		3,202
Eagle Bancorp, Inc.*		24,800		828
First Financial Holdings, Inc.		62,300		3,580
Pacific Premier Bancorp, Inc.*		254,500		3,474
Park Sterling Corp.		370,800		2,421
Pinnacle Financial Partners, Inc.		47,000		1,625
Renasant Corp.		117,800		3,207
Square 1 Financial, Inc. Class A*		162,356		3,060
Tristate Capital Holdings, Inc.*		20,841		273
Union Bankshares Corp.		124,000		3,173
Total				29,549
Building Products 2.46%
Patrick Industries, Inc.*		100,900		4,043
Capital Markets 4.49%
Evercore Partners, Inc. Class A		29,600		1,582
Silvercrest Asset Management Group, Inc. Class A		169,732		2,953
Westwood Holdings Group, Inc.		48,700		2,833
Total				7,368

Investments	Shares		Fair Value (000)
Chemicals 2.75%
Chase Corp.		44,500	$	1,386
OM Group, Inc.		38,600		1,130
Quaker Chemical Corp.		26,800		1,995
Total				4,511
Commercial Services & Supplies 3.34%
Mobile Mini, Inc.		61,000		2,695
Multi-Color Corp.		79,700		2,777
Total				5,472
Electrical Equipment 2.62%
AZZ, Inc.		28,100		1,220
Powell Industries, Inc.		48,495		3,071
Total				4,291
Electronic Equipment, Instruments & Components 1.51%
CTS Corp.		139,625		2,484
Energy Equipment & Services 2.47%
Basic Energy Services, Inc.*		57,700		1,524
GulfMark Offshore, Inc. Class A		56,300		2,534
Total				4,058
Food & Staples Retailing 0.87%
Andersons, Inc. (The)		22,800		1,420
Food Products 1.73%
Diamond Foods, Inc.*		25,700		786
Farmer Bros Co.*		103,800		2,046
Total				2,832
Gas Utilities 2.37%
Chesapeake Utilities Corp.		61,400		3,884
Health Care Equipment & Supplies 0.50%
Analogic Corp.		11,000		826
Health Care Providers & Services 2.48%
CorVel Corp.*		60,640		2,762
Hanger, Inc.*		37,900		1,314
Total				4,076

8 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MICRO CAP VALUE FUND April 30, 2014

Investments	Shares		Fair Value (000)
Household Durables 3.39%
Dixie Group, Inc. (The)*		109,900	$	1,656
La-Z-Boy, Inc.		48,100		1,166
LGI Homes, Inc.*		186,065		2,739
Total				5,561
Information Technology Services 1.54%
Information Services Group, Inc.*		511,700		2,533
Insurance 4.19%
AMERISAFE, Inc.		71,100		3,032
Argo Group International Holdings Ltd.		38,700		1,719
HCI Group, Inc.		54,800		2,120
Total				6,871
Leisure Product 1.80%
Malibu Boats, Inc. Class A*		132,500		2,949
Machinery 4.42%
Dynamic Materials Corp.		89,200		1,802
Lydall, Inc.*		126,400		2,959
Standex International Corp.		41,800		2,482
Total				7,243
Media 1.77%
Carmike Cinemas, Inc.*		98,100		2,910
Oil, Gas & Consumable Fuels 2.98%
Sanchez Energy Corp.*		84,800		2,398
Triangle Petroleum Corp.*		258,000		2,482
Total				4,880
Paper & Forest Products 1.97%
Boise Cascade Co.*		60,200		1,506
Neenah Paper, Inc.		34,175		1,722
Total				3,228

Investments	Shares		Fair Value (000)
Real Estate Investment Trusts 2.86%
First Industrial Realty Trust, Inc.		158,200	$	2,906
Parkway Properties, Inc.		94,800		1,788
Total				4,694
Road & Rail 1.02%
Roadrunner Transportation Systems, Inc.*		68,100		1,677
Semiconductors & Semiconductor Equipment 1.41%
FormFactor, Inc.*		401,800		2,310
Specialty Retail 2.04%
Genesco, Inc.*		43,800		3,345
Technology Hardware, Storage & Peripheral 2.16%
Electronics for Imaging, Inc.*		93,700		3,541
Textiles, Apparel & Luxury Goods 1.36%
Culp, Inc.		123,400		2,227
Thrifts & Mortgage Finance 0.86%
Essent Group Ltd.*		75,100		1,416
Trading Companies & Distributors 6.37%
Aceto Corp.		178,600		3,908
H&E Equipment Services, Inc.*		99,200		3,824
Rush Enterprises, Inc. Class A*		84,400		2,709
Total				10,441
Water Utilities 1.76%
Connecticut Water Service, Inc.		88,700		2,883
Total Common Stocks (cost $122,826,651)				154,784

See Notes to Financial Statements. 9

Schedule of Investments (unaudited)(concluded)

MICRO CAP VALUE FUND April 30, 2014

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 5.22%
Repurchase Agreement
Repurchase Agreement dated 4/30/2014, Zero Coupon due 5/1/2014 with Fixed Income Clearing Corp. collateralized by $8,700,000 of U.S. Treasury Note at 0.375% due 6/30/2015; value: $8,732,625; proceeds: $8,557,026 (cost $8,557,026)		$8,557	$	8,557
Total Investments in Securities 99.58% (cost $131,383,677)				163,341
Other Assets in Excess of Liabilities 0.42%				689
Net Assets 100.00%			$	164,030

* Non-income producing security.

The following is a summary of the inputs used as of April 30, 2014 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	154,784	$	—	$	—	$	154,784
Repurchase Agreement		—		8,557		—		8,557
Total	$	154,784	$	8,557	$	—	$	163,341

(1)	Refer to note 2(g) 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.
(3)	There were no level transfers during the period ended April 30, 2014.

10 See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)

April 30, 2014

	Micro Cap			Micro Cap
	Growth Fund			Value Fund
ASSETS:
Investments in securities, at cost	$	144,143,308		$	131,383,677
Investments in securities, at fair value	$	158,630,768		$	163,341,123
Receivables:
Investment securities sold		8,955,174			907,791
Dividends		—			29,153
Capital shares sold		48,255			23,376
Prepaid expenses		6,476			14,452
Total assets		167,640,673			164,315,895
LIABILITIES:
Payables:
Investment securities purchased		7,564,960			—
Capital shares reacquired		3,471			144
Management fee		204,171			206,870
Trustees’ fees		11,300			13,600
Fund administration		5,445			5,516
To affiliate (See Note 3)		17,155			16,685
Accrued expenses		37,358			43,349
Total liabilities		7,843,860			286,164
NET ASSETS	$	159,796,813		$	164,029,731
COMPOSITION OF NET ASSETS:
Paid-in capital	$	117,401,283		$	117,545,932
Accumulated net investment loss		(1,650,198	)		(1,072,950	)
Accumulated net realized gain on investments		29,558,268			15,599,303
Net unrealized appreciation on investments		14,487,460			31,957,446
Net Assets	$	159,796,813		$	164,029,731
Net assets by class:
Class A Shares	$	13,190,789		$	20,226,418
Class I Shares	$	146,606,024		$	143,803,313
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		734,194			619,205
Class I Shares		7,698,354			4,259,302
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$17.97			$32.67
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$19.07			$34.66
Class I Shares-Net asset value		$19.04			$33.76

See Notes to Financial Statements. 11

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2014

	Micro Cap			Micro Cap
	Growth Fund			Value Fund
Investment income:
Dividends	$	346,698		$	955,144
Interest and other		78			—
Total investment income		346,776			955,144
Expenses:
Management fee		1,259,428			1,252,193
Shareholder servicing		17,340			23,767
Professional		21,516			21,525
Reports to shareholders		3,614			3,870
Fund administration		33,585			33,392
Custody		10,018			6,634
Trustees’ fees		3,496			3,525
Registration		17,530			16,666
Subsidy (See Note 3)		107,298			99,382
Other		3,416			3,433
Gross expenses		1,477,241			1,464,387
Expense reductions (See Note 8)		(15	)		(20	)
Net expenses		1,477,226			1,464,367
Net investment loss		(1,130,450	)		(509,223	)
Net realized and unrealized gain (loss):
Net realized gain on investments		30,490,644			15,744,626
Net change in unrealized appreciation/depreciation on investments		(18,462,538	)		(5,293,870	)
Net realized and unrealized gain		12,028,106			10,450,756
Net Increase in Net Assets Resulting From Operations	$	10,897,656		$	9,941,533

12 See Notes to Financial Statements.

Statements of Changes in Net Assets

	Micro Cap Growth Fund
	For the Six Months
	Ended April 30, 2014			For the Year Ended
INCREASE IN NET ASSETS	(unaudited)			October 31, 2013
Operations:
Net investment loss	$	(1,130,450	)	$	(1,977,804	)
Net realized gain on investments		30,490,644			41,791,435
Net change in unrealized appreciation/depreciation on investments		(18,462,538	)		20,439,764
Net increase in net assets resulting from operations		10,897,656			60,253,395
Distributions to shareholders from:
Net realized gain
Class A		(3,137,466	)		(87,341	)
Class I		(35,954,135	)		(648,390	)
Total distributions to shareholders		(39,091,601	)		(735,731	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares		8,998,378			8,987,166
Reinvestment of distributions		36,811,430			696,469
Cost of shares reacquired		(10,005,321	)		(18,396,364	)
Net increase (decrease) in net assets resulting from capital share transactions		35,804,487			(8,712,729	)
Net increase in net assets		7,610,542			50,804,935
NET ASSETS:
Beginning of period	$	152,186,271		$	101,381,336
End of period	$	159,796,813		$	152,186,271
Accumulated net investment loss	$	(1,650,198	)	$	(519,748	)

See Notes to Financial Statements. 13

Statements of Changes in Net Assets (concluded)

	Micro Cap Value Fund
	For the Six Months
	Ended April 30, 2014			For the Year Ended
INCREASE IN NET ASSETS	(unaudited)			October 31, 2013
Operations:
Net investment loss	$	(509,223	)	$	(421,116	)
Net realized gain on investments		15,744,626			23,346,871
Net change in unrealized appreciation/depreciation on investments		(5,293,870	)		14,702,512
Net increase in net assets resulting from operations		9,941,533			37,628,267
Distributions to shareholders from:
Net investment income
Class I		—			(68,689	)
Net realized gain
Class A		(3,831,075	)		—
Class I		(14,965,367	)		—
Total distributions to shareholders		(18,796,442	)		(68,689	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares		10,933,347			12,074,048
Reinvestment of distributions		16,966,402			58,968
Cost of shares reacquired		(15,118,080	)		(17,063,863	)
Net increase (decrease) in net assets resulting from capital share transactions		12,781,669			(4,930,847	)
Net increase in net assets		3,926,760			32,628,731
NET ASSETS:
Beginning of period	$	160,102,971		$	127,474,240
End of period	$	164,029,731		$	160,102,971
Accumulated net investment loss	$	(1,072,950	)	$	(563,727	)

14 See Notes to Financial Statements.

Financial Highlights 

MICRO CAP GROWTH FUND

	Class A Shares
		Six Months
		Ended
		4/30/2014		Year Ended 10/31
		(unaudited)			2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period		$22.57			$14.03		$15.98		$15.47		$11.32		$9.07
Investment operations:
Net investment loss(a)		(.13	)		(.29	)	(.28	)	(.33	)	(.27	)	(.19	)
Net realized and unrealized gain		1.53			8.94		.79		.84		4.42		2.44
Total from investment operations		1.40			8.65		.51		.51		4.15		2.25
Distributions to shareholders from:
Net realized gain		(6.00	)		(.11	)	(2.46	)	—		—		—
Net asset value, end of period		$17.97			$22.57		$14.03		$15.98		$15.47		$11.32
Total Return(b)		7.06	%(c)		62.14	%	4.86	%	3.30	%	36.66	%	24.81	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.88	%(c)		1.85	%	2.09	%	2.07	%	2.10	%	2.09	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.88	%(c)		1.85	%	2.09	%	2.07	%	2.10	%	2.09	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.88	%(c)		1.85	%	2.09	%	2.07	%	2.11	%	2.30	%
Net investment loss		(.67	)%(c)		(1.64	)%	(1.92	)%	(1.98	)%	(2.03	)%	(1.99	)%
Supplemental Data:
Net assets, end of period (000)		$13,191			$11,220		$11,484		$15,271		$13,779		$10,421
Portfolio turnover rate		121.43	%(c)		197.69	%	119.77	%	120.62	%	115.89	%	147.34	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 15

Financial Highlights (concluded)

MICRO CAP GROWTH FUND

	Class I Shares
		Six Months
		Ended
		4/30/2014		Year Ended 10/31
		(unaudited)			2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period		$23.57			$14.64		$16.52		$15.96		$11.65		$9.31
Investment operations:
Net investment loss(a)		(.14	)		(.29	)	(.25	)	(.30	)	(.24	)	(.17	)
Net realized and unrealized gain		1.61			9.33		.83		.86		4.55		2.51
Total from investment operations		1.47			9.04		.58		.56		4.31		2.34
Distributions to shareholders from:
Net realized gain		(6.00	)		(.11	)	(2.46	)	—		—		—
Net asset value, end of period		$19.04			$23.57		$14.64		$16.52		$15.96		$11.65
Total Return(b)		7.09	%(c)		62.22	%	5.10	%	3.57	%	37.00	%	25.13	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.88	%(c)		1.81	%	1.84	%	1.82	%	1.85	%	1.85	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.88	%(c)		1.81	%	1.84	%	1.82	%	1.85	%	1.85	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.88	%(c)		1.81	%	1.84	%	1.82	%	1.86	%	2.05	%
Net investment loss		(.67	)%(c)		(1.60	)%	(1.68	)%	(1.73	)%	(1.78	)%	(1.75	)%
Supplemental Data:
Net assets, end of period (000)		$146,606			$140,967		$89,897		$93,934		$90,033		$53,973
Portfolio turnover rate		121.43	%(c)		197.69	%	119.77	%	120.62	%	115.89	%	147.34	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

16 See Notes to Financial Statements.

Financial Highlights

MICRO CAP VALUE FUND

	Class A Shares
		Six Months
		Ended
		4/30/2014		Year Ended 10/31
		(unaudited)			2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period		$34.74			$26.52		$22.88		$23.33		$18.57		$16.94
Investment operations:
Net investment loss(a)		(.09	)		(.10	)	(.08	)	(.29	)	(.31	)	(.19	)
Net realized and unrealized gain (loss)		2.18			8.32		3.72		(.16	)	5.07		1.82
Total from investment operations		2.09			8.22		3.64		(.45	)	4.76		1.63
Net realized gain		(4.16	)		—		—		—		—		—
Net asset value, end of period		$32.67			$34.74		$26.52		$22.88		$23.33		$18.57
Total Return(b)		6.25	%(c)		31.00	%	15.91	%	(1.93	)%	25.63	%	9.62	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.87	%(c)		1.82	%	2.05	%	2.04	%	2.06	%	2.10	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.87	%(c)		1.82	%	2.05	%	2.04	%	2.06	%	2.10	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.87	%(c)		1.82	%	2.05	%	2.04	%	2.06	%	2.22	%
Net investment loss		(.28	)%(c)		(.34	)%	(.32	)%	(1.17	)%	(1.48	)%	(1.14	)%
Supplemental Data:
Net assets, end of period (000)		$20,226			$32,010		$30,512		$26,239		$30,139		$22,730
Portfolio turnover rate		39.68	%(c)		73.58	%	34.25	%	56.97	%	48.03	%	42.27	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return does not consider the effects of sales loads and assumes the reinvestment of all distributions.
(c)	Not annualized.

See Notes to Financial Statements. 17

Financial Highlights (concluded)

MICRO CAP VALUE FUND

	Class I Shares
		Six Months
		Ended
		4/30/2014		Year Ended 10/31
		(unaudited)			2013		2012		2011		2010		2009
Per Share Operating Performance
Net asset value, beginning of period		$35.77			$27.32		$23.50		$23.91		$18.98		$17.27
Investment operations:
Net investment loss(a)		(.11	)		(.09	)	(.02	)	(.24	)	(.27	)	(.15	)
Net realized and unrealized gain (loss)		2.26			8.56		3.84		(.17	)	5.20		1.86
Total from investment operations		2.15			8.47		3.82		(.41	)	4.93		1.71
Distributions to shareholders from:
Net investment income		—			(.02	)	—		—		—		—
Net realized gain		(4.16	)		—		—		—		—		—
Net asset value, end of period		$33.76			$35.77		$27.32		$23.50		$23.91		$18.98
Total Return(b)		6.24	%(c)		31.02	%	16.21	%	(1.67	)%	25.97	%	9.90	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.87	%(c)		1.78	%	1.80	%	1.79	%	1.81	%	1.85	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.87	%(c)		1.78	%	1.80	%	1.79	%	1.81	%	1.85	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.87	%(c)		1.78	%	1.80	%	1.79	%	1.81	%	1.97	%
Net investment loss		(.31	)%(c)		(.29	)%	(.09	)%	(.92	)%	(1.23	)%	(.90	)%
Supplemental Data:
Net assets, end of period (000)		$143,803			$128,093		$96,962		$94,796		$85,868		$57,977
Portfolio turnover rate		39.68	%(c)		73.58	%	34.25	%	56.97	%	48.03	%	42.27	%

(a)	Calculated using average shares outstanding during the period.
(b)	Total return assumes the reinvestment of all distributions.
(c)	Not annualized.

18 See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1. ORGANIZATION  

Lord Abbett Securities Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was organized as a Delaware statutory trust on February 26, 1993. The Trust currently consists of nine funds. This report covers the following two funds (separately, a “Fund” and collectively, the “Funds”) and their respective classes: Lord Abbett Micro-Cap Growth Fund (“Micro Cap Growth Fund”), Class A and I shares and Lord Abbett Micro-Cap Value Fund (“Micro Cap Value Fund”), Class A and I shares. The investment objective of both Micro Cap Growth Fund and Micro Cap Value Fund is long-term capital appreciation.

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. A contingent deferred sales charge (“CDSC”) may apply to certain redemptions of 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 each Fund’s prospectus). Class I shares are not subject to any sales charges.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America 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.

2. SIGNIFICANT ACCOUNTING POLICIES  

(a)	Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Funds’ investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds 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. Each Fund may rely on an independent fair valuation service in adjusting the valuations of foreign 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 asked prices.
	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee and approved by the Board. 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 fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and employs techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively

19

Notes to Financial Statements (unaudited)(continued)

	comparing 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.
(b)	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.
(c)	Investment Income–Dividend income 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 income on the Statements of Operations. Withholding taxes on foreign dividends 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.
(d)	Income Taxes–It is the policy of each 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.
	Each 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 each Fund’s filed U.S. federal tax returns remains open for the fiscal years ended October 31, 2010 through October 31, 2013. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
(e)	Expenses–Expenses incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the Trust on a pro rata basis by relative net assets. Expenses incurred by the Funds, 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. Class A shares bear class-specific expenses and fees relating to the Funds’ 12b-1 Distribution Plan.
(f)	Repurchase Agreements–Each 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. Each 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, a Fund may incur a loss upon disposition of the securities.
(g)	Fair Value Measurements–Fair value is defined as the price that each 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

20

Notes to Financial Statements (unaudited)(continued)

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 of inputs 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 each Fund’s own assumptions in determining the fair value of investments).

A summary of inputs used in valuing each Fund’s investments and other financial instruments as of April 30, 2014 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in each 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. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES  

Management Fee

The Trust has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies each 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 each Fund’s investment portfolio.

The management fee is based on each Fund’s average daily net assets at an annual rate of 1.50%, which was the Funds’ annualized effective management fee rate for the six months ended April 30, 2014.

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of ..04% of each Fund’s average daily net assets.

Each Fund, along with certain other funds managed by Lord Abbett (collectively, the “Underlying Funds”), has entered into a Servicing Arrangement with Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”) of the Trust, pursuant to which each Underlying Fund pays a portion of the expenses (excluding management fees and distribution and service fees) of Alpha Strategy Fund in proportion to the average daily value of the Underlying Fund shares owned by Alpha Strategy Fund. Amounts paid pursuant to the Servicing Arrangement are included in Subsidy expense on each Fund’s Statement of Operations and Payable to affiliate on each Fund’s Statement of Assets and Liabilities.

21

Notes to Financial Statements (unaudited)(continued)

As of April 30, 2014, the percentages of Micro Cap Growth Fund’s and Micro Cap Value Fund’s outstanding shares owned by Lord Abbett Alpha Strategy Fund were 77.68% and 76.88%.

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A shares pursuant to Rule 12b-1 under the Act under which the Board may authorize the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. During the six months ended April 30, 2014, the Board did not authorize such Class A 12b-1 fees.

Class I shares do not have a distribution plan.

A Trustee and certain of the Trust’s officers have an interest in Lord Abbett.

4. DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS  

Dividends from net investment income, if any, are declared and paid at least annually for each fund. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. 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 accounting principles generally accepted in the United States of America. 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.

The tax character of distributions paid during the six months ended April 30, 2014 and fiscal year ended October 31, 2013 was as follows:

	Micro Cap Growth Fund				Micro Cap Value Fund
	Six Months Ended 4/30/2014 (unaudited)		Year Ended 10/31/2013		Six Months Ended 4/30/2014 (unaudited)		Year Ended 10/31/2013
Distributions paid from:
Ordinary income	$	26,623,391	$	—	$	—	$	68,689
Net long-term capital gains		12,468,210		735,731		18,796,442		—
Total distributions paid	$	39,091,601	$	735,731	$	18,796,442	$	68,689

As of April 30, 2014, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Micro Cap Growth Fund			Micro Cap Value Fund
Tax cost	$	145,075,790		$	131,528,891
Gross unrealized gain		21,859,500			34,256,719
Gross unrealized loss		(8,304,522	)		(2,444,487	)
Net unrealized security gain	$	13,554,978		$	31,812,232

The difference between book-basis and tax basis unrealized gains (losses) is attributable to the tax treatment of wash sales.

22

Notes to Financial Statements (unaudited)(continued)

5. PORTFOLIO SECURITIES TRANSACTIONS  

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2014 were as follows:

	Purchases		Sales
Micro Cap Growth Fund	$	198,898,635	$	204,030,589
Micro Cap Value Fund		63,945,569		72,136,490

6. DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES  

The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). These disclosure requirements are intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. In addition, FASB issued Accounting Standards Update No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU 2013-01”), specifying which transactions are subject to disclosures about offsetting.

The following tables illustrate gross and net information about recognized assets eligible for offset in the statement of assets and liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by counterparty. A master netting agreement is an agreement between a fund and a counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the statement of assets and liabilities across transactions between the Funds and the applicable counterparty:

				Micro Cap Growth Fund
		Gross Amounts		Net Amounts of
		Offset in the		Assets Presented
	Gross Amounts of	Statement of Assets		in the Statement of
Description	Recognized Assets	and Liabilities		Assets and Liabilities
Repurchase Agreement	$4,367,288	$	—	$4,367,288
Total	$4,367,288	$	—	$4,367,288

		Amounts Not Offset in the
		Statement of Assets and Liabilities
	Net Amounts of
	Assets Presented		Securities
	in the Statement of		Collateral		Cash Collateral
Counterparty	Assets and Liabilities		Received(a)		Received(a)		Net Amount(b)
Fixed Income Clearing Corp.	$4,367,288		$(4,367,288	)	$	—	$	—
Total	$4,367,288		$(4,367,288	)	$	—	$	—

				Micro Cap Value Fund
		Gross Amounts		Net Amounts of
		Offset in the		Assets Presented
	Gross Amounts of	Statement of Assets		in the Statement of
Description	Recognized Assets	and Liabilities		Assets and Liabilities
Repurchase Agreement	$8,557,026	$	—	$8,557,026
Total	$8,557,026	$	—	$8,557,026

23

Notes to Financial Statements (unaudited)(continued)

		Amounts Not Offset in the
		Statement of Assets and Liabilities
	Net Amounts of
	Assets Presented	Securities
	in the Statement of	Collateral			Cash Collateral
Counterparty	Assets and Liabilities	Received(a)			Received(a)		Net Amount(b)
Fixed Income Clearing Corp.	$8,557,026		$(8,557,026	)	$	—	$	—
Total	$8,557,026		$(8,557,026	)	$	—	$	—

(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Assets and Liabilities, for each respective counterparty.
(b)	Net Amount represents the amount owed to the Fund by each counterparty as of April 30, 2014.

7. TRUSTEES’ REMUNERATION  

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

8. EXPENSE REDUCTIONS  

The Trust has entered into an arrangement with its transfer agent and custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses.

9. LINE OF CREDIT  

During the six months ended April 30, 2014, the Funds and certain other funds managed by Lord Abbett (the “participating funds”) participated in an unsecured revolving credit facility (“Facility”) with State Street Bank and Trust Company (“SSB”). The Facility is to be used for temporary or emergency purposes as an additional source of liquidity to fund redemptions of investor shares. The Board considers annual renewal of the Facility under terms that depend on market conditions at the time of the renewal. The amounts available under the Facility are (i) the lesser of either $250,000,000 or 33.33% of total assets per participating fund and (ii) $350,000,000 in the aggregate for all participating funds. The annual fee to maintain the Facility is .09% of the amount available under the Facility. Each participating fund pays its pro rata share based on the net assets of each participating fund. This amount is included in Other expenses on each Fund’s Statement of Operations. Any borrowings under this Facility will bear interest at current market rates as set forth in the credit agreement.

As of April 30, 2014, there were no loans outstanding pursuant to this Facility.

10. CUSTODIAN AND ACCOUNTING AGENT  

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

24

Notes to Financial Statements (unaudited)(concluded)

11. INVESTMENT RISKS  

Each Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with micro-cap and growth or value stocks. The value of an investment in each Fund will fluctuate in response to movements in the equity securities market in general and to the changing prospects of individual companies in which the Funds invest. Micro-cap companies may be subject to greater risks and may be more sensitive to changes in economic conditions than larger, more established companies. There may be less liquidity in micro-cap company stocks, subjecting them to greater price fluctuations than larger company stocks. In the case of Micro Cap Growth Fund, the growth stocks in which it generally invests may add to the Fund’s volatility. In the case of Micro Cap Value Fund, the prices of value stocks in which it generally invests may lag the stock market for long periods of time if the market fails to recognize the company’s intrinsic worth.

These factors can affect each Fund’s performance.

12. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of beneficial interest were as follows:

				Six Months Ended
				April 30, 2014						Year Ended
Micro Cap Growth Fund				(unaudited)						October 31, 2013
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		97,500		$	1,943,872			15,804		$	249,559
Reinvestment of distributions		180,089			3,137,146			6,465			86,378
Shares reacquired		(40,602	)		(743,593	)		(343,779	)		(4,680,702	)
Increase (decrease)		236,987		$	4,337,425			(321,510	)	$	(4,344,765	)
Class I Shares
Shares sold		358,562		$	7,054,506			583,333		$	8,737,607
Reinvestment of distributions		1,823,188			33,674,284			43,734			610,091
Shares reacquired		(464,289	)		(9,261,728	)		(787,625	)		(13,715,662	)
Increase (decrease)		1,717,461		$	31,467,062			(160,558	)	$	(4,367,964	)
				Six Months Ended
				April 30, 2014						Year Ended
Micro Cap Value Fund				(unaudited)						October 31, 2013
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		7,894		$	262,716			7,698		$	227,376
Reinvestment of distributions		93,033			2,979,819			—			—
Shares reacquired		(403,136	)		(13,062,779	)		(236,705	)		(6,422,381	)
Decrease		(302,209	)	$	(9,820,244	)		(229,007	)	$	(6,195,005	)
Class I Shares
Shares sold		314,924		$	10,670,631			387,101		$	11,846,672
Reinvestment of distributions		422,555			13,986,583			2,123			58,968
Shares reacquired		(58,971	)		(2,055,301	)		(357,823	)		(10,641,482	)
Increase		678,508		$	22,601,913			31,401		$	1,264,158

25

Approval of Advisory Contract

The Board of Trustees of the Trust, including all of the Trustees who are not interested persons of the Trust or of Lord Abbett, annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett. In connection with its most recent approval, the Board reviewed materials relating specifically to the management agreement, as well as numerous materials received throughout the course of the year, including information about each Fund’s investment performance compared to the performance of its benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its familiarity with Lord Abbett gained through its meetings and discussions. These meetings and discussions included the examination of the portfolio management teams conducted by members of the Contract Committee, the deliberations of the Contract Committee, and discussions between the Contract Committee and Lord Abbett’s management.

The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Morningstar Associates, LLC (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of a group of funds in the same Morningstar investment category (the “performance peer group”) and the investment performance of one or more appropriate benchmarks; (2) information provided by Morningstar regarding the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and one or more groups of funds in the same Morningstar category, with the same share classes and operational characteristics, including asset size (the “expense peer group”); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett’s financial condition; (7) an analysis of the relative profitability of the management agreement to Lord Abbett; (8) information provided by Lord Abbett regarding the investment management fees Lord Abbett receives from its other advisory clients maintaining accounts with a similar investment strategy as the Fund; (9) information regarding the distribution arrangements of the Fund; and (10) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management Services Generally. The Board considered the investment management services provided by Lord Abbett to each Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other.

Investment Performance.The Board reviewed each Fund’s investment performance in relation to that of the performance peer group, in each case as of various periods ended August 31, 2013. As to Micro Cap Growth Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year, three-year, five-year, and ten-year periods. As to Micro Cap Value Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year, three-year, and five-year periods and above the median for the ten-year period.

26

Approval of Advisory Contract (continued)

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s investment management staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining investment management personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and the Distributor and the nature and extent of Lord Abbett’s supervision of third party service providers, including each Fund’s transfer agent and custodian.

Expenses. The Board considered the expense levels of each Fund and the expense levels of one or more corresponding expense peer groups. It also considered the projected expense levels of each Fund and how those levels would relate to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each of Micro Cap Growth Fund and Micro Cap Value Fund, the Board observed that the overall expense level was well above the median of the expense peer group.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s profits in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable basis and was appropriate. It considered any profits realized by Lord Abbett in connection with the operation of each Fund, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund, and whether the amount of profit was fair for the management of the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to the Fund’s business. The Board considered Lord Abbett’s profit margins in comparison with available industry data, both accounting for and ignoring marketing and distribution expenses, and how those profit margins could affect Lord Abbett’s ability to recruit and retain investment personnel. The Board recognized that Lord Abbett’s profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to the Fund. The Board concluded that Lord Abbett’s profitability as to each Fund was not excessive.

Economies of Scale. As to each Fund, the Board considered whether there had been any economies of scale in managing the Fund, whether the Fund had appropriately benefited from any such economies of scale, and whether there was potential for realization of any further economies of scale. The Board concluded that each existing management fee schedule adequately addressed any economies of scale in managing the applicable Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the character and amount of fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares. In addition, the Board observed that Lord Abbett accrues certain benefits for its

27

Approval of Advisory Contract (concluded)

business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectuses of the Funds, has entered into revenue sharing arrangements with certain entities that distribute shares of the Funds. The Board also took into consideration the investment research that Lord Abbett receives as result of Fund brokerage transactions.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the management agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the existing management agreements was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the management agreements. In considering whether to approve the continuation of the management agreement, the Board did not identify any single factor as paramount or controlling. This summary does not discuss in detail all matters considered.

28

Householding

The Trust has adopted a policy that allows it to send only one copy of each Fund’s prospectus, proxy material, annual report and semiannual report to certain shareholders residing at the same “household.” This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be “householded,” please call Lord Abbett at 888-522-2388 or send a written request with your name, the name of your fund or funds and your account number or numbers to Lord Abbett Family of Funds, P.O. Box 219336, Kansas City, MO 64121.

Proxy Voting Policies, Procedures and Records

A description of the policies and procedures that Lord Abbett uses to vote proxies related to each Fund’s portfolio securities, and information on how Lord Abbett voted each Fund’s proxies during the 12-month period ended June 30 are available without charge, upon request, (i) by calling 888-522-2388; (ii) on Lord Abbett’s Website at www.lordabbett.com; and (iii) on the Securities and Exchange Commission’s (“SEC”) Website at www.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330).

29

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 Securities Trust
Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Micro-Cap Growth Fund Lord Abbett Micro-Cap Value Fund	LAMCVF-3-0414 (06/14)

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.
	Not applicable.
Item 7:	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
	Not applicable.
Item 8:	Portfolio Managers of Closed-End Management Investment Companies.
	Not applicable.
Item 9:	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
	Not applicable.
Item 10:	Submission of Matters to a Vote of Security Holders.
	Not applicable.
Item 11:	Controls and Procedures.

(a) 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) as of a date within 90 days prior to the filing date of this report, the Chief Executive Officer and Chief Financial Officer of the Registrant have concluded that such disclosure controls and procedures are reasonably designed and effective to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to them by others within those entities.

(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 second fiscal quarter of 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 12: Exhibits.

(a)(1) Code of Ethics. Not applicable.

(a)(2) Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

(b) Certification of each principal executive officer and principal financial officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 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 SECURITIES TRUST
	By:	/s/ Daria L. Foster
		Daria L. Foster
		President and Chief Executive Officer
Date: June 18, 2014
	By:	/s/ Joan A. Binstock
		Joan A. Binstock
		Chief Financial Officer and Vice President
Date: June 18, 2014

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/ Daria L. Foster
		Daria L. Foster
		President and Chief Executive Officer
Date: June 18, 2014
	By:	/s/ Joan A. Binstock
		Joan A. Binstock
		Chief Financial Officer and Vice President
Date: June 18, 2014

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Daria L. Foster, certify that:

1. I have reviewed this report on Form N-CSR of Lord Abbett Securities Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: June 18, 2014

/s/ Daria L. Foster

Daria L. Foster

President and Chief Executive Officer

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Joan A. Binstock, certify that:

1. I have reviewed this report on Form N-CSR of Lord Abbett Securities Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: June 18, 2014

/s/ Joan A. Binstock

Joan A. Binstock

Chief Financial Officer and Vice President

EX-99.906 CERT

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

1. This report on Form N-CSR of Lord Abbett Securities Trust (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Date: June 18, 2014

By:	/s/ Daria L. Foster
	Daria L. Foster
	President and Chief Executive Officer
By:	/s/ Joan A. Binstock
.	Joan A. Binstock
	Chief Financial Officer and Vice President

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.