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)

Brooke A. Fapohunda, 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: 4/30/2015

Item 1: Report(s) to Shareholders.

2015 LORD ABBETT
SEMIANNUAL REPORT

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, 2015

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
19	International Core Equity Fund
27	International Dividend Income Fund
36	International Opportunities Fund
44	Value Opportunities Fund
48	Statements of Assets and Liabilities
52	Statements of Operations
54	Statements of Changes in Net Assets
59	Financial Highlights
111	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, 2015

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, 2015. 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, 2014 through April 30, 2015).

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 11/1/14 – 4/30/15” 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	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†#
			11/1/14 -
	11/1/14	4/30/15	4/30/15
Class A
Actual	$1,000.00	$1,067.70	$1.28
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.55	$1.25
Class B
Actual	$1,000.00	$1,063.70	$5.12
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.84	$5.01
Class C
Actual	$1,000.00	$1,063.50	$5.12
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.84	$5.01
Class F
Actual	$1,000.00	$1,068.40	$0.51
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.30	$0.50
Class I
Actual	$1,000.00	$1,069.00	$0.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.79	$0.00
Class R2
Actual	$1,000.00	$1,065.70	$3.07
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.82	$3.01
Class R3
Actual	$1,000.00	$1,066.40	$2.56
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, 2015

Underlying Fund Name	%*
Lord Abbett Developing Growth Fund, Inc. – Class I		19.50	%
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I		19.92	%
Lord Abbett Securities Trust – International Opportunities Fund – Class I		21.03	%
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I		9.75	%
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I		9.76	%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		19.98	%
Repurchase Agreement		0.06	%
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	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/14 -
	11/1/14	4/30/15	4/30/15
Class A
Actual	$1,000.00	$1,027.00	$4.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.93	$4.91
Class B
Actual	$1,000.00	$1,023.40	$8.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.22	$8.65
Class C
Actual	$1,000.00	$1,023.00	$8.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.22	$8.65
Class F
Actual	$1,000.00	$1,028.10	$4.17
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.68	$4.16
Class I
Actual	$1,000.00	$1,028.10	$3.67
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.17	$3.66
Class P
Actual	$1,000.00	$1,025.60	$5.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.94	$5.91
Class R2
Actual	$1,000.00	$1,025.10	$6.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.20	$6.66
Class R3
Actual	$1,000.00	$1,025.90	$6.18
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.70	$6.16

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (.98% for Class A, 1.73% for Classes B and C, 0.83% for Class F, 0.73% for Class I, 1.18% for Class P, 1.33% for Class R2 and 1.23% 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, 2015

Sector*	%**
Consumer Discretionary		6.95	%
Consumer Staples		7.11	%
Energy		11.23	%
Financials		27.55	%
Health Care		15.59	%
Industrials		9.99	%

Sector*	%**
Information Technology		11.48	%
Materials		3.61	%
Telecommunication Services		1.78	%
Utilities		3.76	%
Repurchase Agreement		0.95	%
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	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/14 -
	11/1/14	4/30/15	4/30/15
Class A
Actual	$1,000.00	$1,040.20	$4.30
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.58	$4.26
Class B
Actual	$1,000.00	$1,036.60	$8.03
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.91	$7.95
Class C
Actual	$1,000.00	$1,036.50	$8.03
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.91	$7.95
Class F
Actual	$1,000.00	$1,041.00	$3.54
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.32	$3.51
Class I
Actual	$1,000.00	$1,041.30	$3.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.82	$3.01
Class R2
Actual	$1,000.00	$1,038.30	$6.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.84	$6.01
Class R3
Actual	$1,000.00	$1,038.90	$5.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.34	$5.51

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.85% for Class A, 1.59% 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) 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, 2015

Sector*	%**
Consumer Discretionary		24.92	%
Consumer Staples		4.95	%
Energy		1.96	%
Financials		5.08	%
Health Care		13.27	%

Sector*	%**
Industrials		6.32	%
Information Technology		40.52	%
Telecommunication Services		0.99	%
Repurchase Agreement		1.99	%
Total		100.00	%

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

5

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	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/14 -
	11/1/14	4/30/15	4/30/15
Class A*
Actual	$1,000.00	$1,033.50	$5.65
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.24	$5.61
Class B*
Actual	$1,000.00	$1,030.70	$9.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.87	$9.00
Class C*
Actual	$1,000.00	$1,030.10	$8.91
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.02	$8.85
Class F
Actual	$1,000.00	$1,035.10	$4.39
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.48	$4.36
Class I
Actual	$1,000.00	$1,035.70	$3.89
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.98	$3.86
Class P*
Actual	$1,000.00	$1,032.60	$6.30
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.60	$6.26
Class R2*
Actual	$1,000.00	$1,031.90	$7.05
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.85	$7.00
Class R3*
Actual	$1,000.00	$1,032.60	$6.50
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.40	$6.46

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.80% for Class B, 1.77% for Class C, 0.87% for Class F, 0.77% for Class I, 1.25% for Class P, 1.40% for Class R2 and 1.29% 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 have been updated (1.87% for Classes B and C, 1.32% for Class P, 1.47% for Class R2, and 1.37% for Class R3). Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

		Hypothetical
		(5% Return
		Before
	Actual	Expenses)
Class B	$9.42	$9.35
Class C	$9.41	$9.35
Class P	$6.65	$6.61
Class R2	$7.41	$7.35
Class R3	$6.90	$6.86

6

Portfolio Holdings Presented by Sector

April 30, 2015

Sector*	%**
Consumer Discretionary		11.63	%
Consumer Staples		10.82	%
Energy		6.08	%
Financials		27.39	%
Health Care		10.09	%
Industrials		13.50	%
Information Technology		6.80	%
Materials		3.05	%
Telecommunication Services		6.75	%
Utilities		2.32	%
Repurchase Agreement		1.57	%
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	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/14 -
	11/1/14	4/30/15	4/30/15
Class A*
Actual	$1,000.00	$1,022.40	$5.62
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.24	$5.61
Class C*
Actual	$1,000.00	$1,019.30	$9.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.87	$9.00
Class F*
Actual	$1,000.00	$1,023.60	$4.42
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.43	$4.41
Class I*
Actual	$1,000.00	$1,024.10	$3.91
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.93	$3.91
Class R2*
Actual	$1,000.00	$1,020.70	$7.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.85	$7.00
Class R3*
Actual	$1,000.00	$1,021.50	$6.52
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.35	$6.51

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.80% for Class C, 0.88% for Class F, 0.78% for Class I, 1.40% for Class R2 and 1.30% 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 have been updated (1.87% for Class C, 0.91% for Class F, 0.81% for Class I, 1.47% for Class R2, and 1.37% for Class R3). Had these updates been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

		Hypothetical
		(5% Return
		Before
	Actual	Expenses)
Class C	$9.36	$9.35
Class F	$4.57	$4.56
Class I	$4.07	$4.06
Class R2	$7.37	$7.35
Class R3	$6.87	$6.86

8 See Notes to Financial Statements.

Portfolio Holdings Presented by Sector

April 30, 2015

Sector*	%**
Consumer Discretionary		10.36	%
Consumer Staples		5.72	%
Energy		20.23	%
Financials		28.89	%
Health Care		4.94	%
Industrials		7.28	%
Information Technology		1.53	%
Materials		2.09	%
Telecommunication Services		10.40	%
Utilities		6.16	%
Repurchase Agreement		2.40	%
Total		100.00	%

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

9

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	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/14 -
	11/1/14	4/30/15	4/30/15
Class A
Actual	$1,000.00	$1,134.10	$ 7.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.20	$ 6.66
Class B
Actual	$1,000.00	$1,130.30	$10.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,014.53	$10.34
Class C
Actual	$1,000.00	$1,130.20	$10.88
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,014.58	$10.29
Class F
Actual	$1,000.00	$1,134.80	$ 6.25
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.94	$ 5.91
Class I
Actual	$1,000.00	$1,135.50	$ 5.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.44	$ 5.41
Class P
Actual	$1,000.00	$1,133.20	$ 8.15
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.16	$ 7.70
Class R2
Actual	$1,000.00	$1,132.00	$ 8.88
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.46	$ 8.40
Class R3
Actual	$1,000.00	$1,132.80	$ 8.25
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.06	$ 7.80

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.33% for Class A, 2.07% for Class B, 2.06% for Class C, 1.18% for Class F, 1.08% for Class I, 1.54% for Class P, 1.68% for Class R2 and 1.56% 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, 2015

Sector*	%**
Consumer Discretionary		17.51	%
Consumer Staples		6.19	%
Energy		5.07	%
Financials		25.12	%
Health Care		3.13	%
Industrials		20.89	%

Sector*	%**
Information Technology		10.87	%
Materials		4.22	%
Telecommunication Services		1.16	%
Utilities		2.68	%
Repurchase Agreement		3.16	%
Total		100.00	%

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

10 See Notes to Financial Statements.

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	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/14 -
	11/1/14	4/30/15	4/30/15
Class A
Actual	$1,000.00	$1,069.10	$6.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.99	$5.86
Class B
Actual	$1,000.00	$1,064.50	$9.83
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.27	$9.59
Class C
Actual	$1,000.00	$1,064.50	$9.83
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.27	$9.59
Class F
Actual	$1,000.00	$1,069.20	$5.23
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.74	$5.11
Class I
Actual	$1,000.00	$1,070.30	$4.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.23	$4.61
Class P
Actual	$1,000.00	$1,067.60	$7.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.00	$6.85
Class R2
Actual	$1,000.00	$1,066.80	$7.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.26	$7.60
Class R3
Actual	$1,000.00	$1,067.60	$7.28
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.75	$7.10

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.17% for Class A, 1.92% for Classes B and C, 1.02% for Class F, 0.92% for Class I, 1.37% for Class P, 1.52% for Class R2 and 1.42% 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, 2015

Sector*	%**
Consumer Discretionary		13.79	%
Consumer Staples		2.35	%
Energy		5.04	%
Financials		25.35	%
Health Care		9.15	%
Industrials		13.11	%

Sector*	%**
Information Technology		17.68	%
Materials		6.44	%
Telecommunication Services		1.09	%
Utilities		5.74	%
Repurchase Agreement		0.26	%
Total		100.00	%

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

11

Schedule of Investments (unaudited)

ALPHA STRATEGY FUND April 30, 2015

			Fair
			Value
Investments	Shares		(000)
INVESTMENTS IN UNDERLYING FUNDS(a) 99.73%
Lord Abbett Developing Growth Fund, Inc. — Class I*(b)		9,897,098	$	255,642
Lord Abbett Securities Trust — International Opportunities Fund — Class I(c)		15,260,993		275,766
Lord Abbett Securities Trust — Micro-Cap Growth Fund — Class I*(c)		6,566,661		127,853
Lord Abbett Securities Trust — Micro-Cap Value Fund — Class I*(c)		4,116,403		127,897
Lord Abbett Research Fund, Inc. — Small-Cap Value Fund — Class I(c)		8,760,718		261,157
Lord Abbett Securities Trust — Value Opportunities Fund — Class I*(c)		12,616,141		261,911
Total Investments in Underlying Funds (cost $1,116,180,057)				1,310,226

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 0.06%
Repurchase Agreement
Repurchase Agreement dated 4/30/2015, Zero Coupon due 5/1/2015 with Fixed Income Clearing Corp. collateralized by $795,000 of U.S. Treasury Bill at Zero Coupon due 10/15/2015; value: $794,603; proceeds: $777,117 (cost $777,117)		$777	$	777
Total Investments in Securities 99.79% (cost $1,116,957,174)				1,311,003
Other Assets in Excess of Liabilities 0.21%				2,746
Net Assets 100.00%			$	1,313,749

*	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, 2015 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	$	1,310,226	$	–	$	–	$	1,310,226
Repurchase Agreement		–		777		–		777
Total	$	1,310,226	$	777	$	–	$	1,311,003

(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, 2015.

12 See Notes to Financial Statements.

Schedule of Investments (unaudited)

FUNDAMENTAL EQUITY FUND April 30, 2015

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 99.52%
Aerospace & Defense 6.09%
General Dynamics Corp.		914,900	$	125,634
TransDigm Group, Inc.		382,400		81,119
United Technologies Corp.		519,176		59,056
Total				265,809
Airlines 0.81%
Southwest Airlines Co.		866,100		35,129
Auto Components 2.23%
Johnson Controls, Inc.		1,934,900		97,480
Banks 11.41%
Citizens Financial Group, Inc.		3,028,943		78,904
East West Bancorp, Inc.		1,848,033		75,012
First Republic Bank		1,724,119		100,499
JPMorgan Chase & Co.		2,931,022		185,416
Signature Bank*		434,283		58,233
Total				498,064
Beverages 2.84%
PepsiCo, Inc.		1,304,500		124,084
Building Products 0.82%
USG Corp.*		1,353,800		35,930
Capital Markets 5.20%
Affiliated Managers Group, Inc.*		448,136		101,337
Artisan Partners Asset Management, Inc. Class A		285,094		12,769
Greenhill & Co., Inc.		1,119,971		44,295
TD Ameritrade Holding Corp.		1,887,400		68,418
Total				226,819
Chemicals 2.43%
Dow Chemical Co. (The)		861,732		43,948
PPG Industries, Inc.		280,200		62,081
Total				106,029

			Fair
			Value
Investments	Shares		(000)
Commercial Services & Supplies 1.41%
ADT Corp. (The)		1,636,748	$	61,542
Communications Equipment 2.27%
Cisco Systems, Inc.		3,434,648		99,021
Consumer Finance 3.47%
Capital One Financial Corp.		1,192,710		96,431
Discover Financial Services		950,600		55,106
Total				151,537
Diversified Telecommunication Services 1.79%
Verizon
Communications, Inc.		1,550,000		78,182
Electric: Utilities 2.00%
NextEra Energy, Inc.		863,586		87,162
Energy Equipment & Services 1.02%
Halliburton Co.		418,967		20,508
Schlumberger Ltd.		256,008		24,221
Total				44,729
Food Products 2.81%
Mondelez International, Inc.
Class A		3,199,603		122,769
Health Care Equipment & Supplies 1.80%
St. Jude Medical, Inc.		1,120,500		78,491
Health Care Providers & Services 5.48%
DaVita HealthCare
Partners, Inc.*		826,864		67,059
Envision Healthcare
Holdings, Inc.*		661,684		25,117
Express Scripts Holding Co.*		254,318		21,973
McKesson Corp.		100,455		22,442
UnitedHealth Group, Inc.		921,207		102,622
Total				239,213
Hotels, Restaurants & Leisure 1.68%
Yum! Brands, Inc.		851,500		73,195
Household Products 1.49%
Colgate-Palmolive Co.		966,500		65,026

See Notes to Financial Statements. 13

Schedule of Investments (unaudited)(continued)

FUNDAMENTAL EQUITY FUND April 30, 2015

			Fair
			Value
Investments	Shares		(000)
Information Technology Services 1.89%
Vantiv, Inc. Class A*		2,109,248	$	82,472
Insurance 6.43%
Allstate Corp. (The)		1,570,800		109,422
American International Group, Inc.		998,234		56,191
Hartford Financial Services Group, Inc. (The)		2,823,332		115,107
Total				280,720
Internet Software & Services 1.54%
Google, Inc. Class A*		122,700		67,334
Media 1.68%
CBS Corp. Class B		1,179,776		73,299
Multi-Line Retail 1.40%
Kohl’s Corp.		851,600		61,017
Multi-Utilities 1.78%
Sempra Energy		732,305		77,749
Oil, Gas & Consumable Fuels 10.26%
Chevron Corp.		1,536,100		170,599
Devon Energy Corp.		872,300		59,500
Exxon Mobil Corp.		811,054		70,862
Marathon Oil Corp.		2,680,200		83,354
Occidental Petroleum Corp.		794,200		63,615
Total				447,930
Paper & Forest Products 1.19%
International Paper Co.		970,009		52,109
Pharmaceuticals 8.38%
Actavis plc*		187,832		53,130
Eli Lilly & Co.		1,866,900		134,174
Pfizer, Inc.		5,265,800		178,669
Total				365,973
Real Estate Investment Trusts 1.18%
Simon Property Group, Inc.		141,900		25,754
Vornado Realty Trust		248,500		25,717
Total				51,471

			Fair
			Value
Investments	Shares		(000)
Semiconductors & Semiconductor Equipment 2.38%
Intel Corp.		3,195,764	$	104,022
Software 1.29%
Activision Blizzard, Inc.		2,476,000		56,490
Technology Hardware, Storage & Peripherals 2.16%
EMC Corp.		3,503,052		94,267
Trading Companies & Distributors 0.91%
W.W. Grainger, Inc.		160,700		39,923
Total Common Stocks (cost $3,783,973,893)				4,344,987

	Principal
	Amount
	(000)
SHORT-TERM INVESTMENT 0.95%
Repurchase Agreement
Repurchase Agreement dated 4/30/2015, Zero Coupon due 5/1/2015 with Fixed Income Clearing Corp. collateralized by $14,360,000 of Federal Home Loan Bank at 0.125% due 9/2/2015 and $27,775,000 of Federal Home Loan Mortgage Corp. at 1.75% due 9/10/2015; value: $42,343,313; proceeds: $41,509,141 (cost $41,509,141)		$41,509		41,509
Total Investments in Securities 100.47% (cost $3,825,483,034)				4,386,496
Liabilities in Excess of Other Assets (0.47)%				(20,701	)
Net Assets 100.00%			$	4,365,795

* Non-income producing security.

14 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FUNDAMENTAL EQUITY FUND April 30, 2015

The following is a summary of the inputs used as of April 30, 2015 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	$	4,344,987	$	–	$	–	$	4,344,987
Repurchase Agreement		–		41,509		–		41,509
Total	$	4,344,987	$	41,509	$	–	$	4,386,496

(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, 2015.

See Notes to Financial Statements. 15

Schedule of Investments (unaudited)

GROWTH LEADERS FUND April 30, 2015

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 96.45%
Aerospace & Defense 2.87%
Boeing Co. (The)		128,559	$	18,428
Honeywell International, Inc.		137,104		13,836
Martin Corp.		72,174		13,468
Total				45,732
Air Freight & Logistics 0.70%
FedEx Corp.		65,908		11,176
Airlines 1.00%
American Airlines Group, Inc.		165,104		7,972
United Continental Holdings, Inc.*		132,901		7,940
Total				15,912
Automobiles 0.56%
Tesla Motors, Inc.*		39,160		8,852
Banks 0.80%
SVB Financial Group*		96,322		12,788
Beverages 1.57%
Monster Beverage Corp.*		182,613		25,038
Biotechnology 8.36%
Alexion Pharmaceuticals, Inc.*		22,574		3,820
Alnylam Pharmaceuticals, Inc.*		39,954		4,070
Amgen, Inc.		75,833		11,975
Biogen, Inc.*		21,089		7,886
BioMarin Pharmaceutical, Inc.*		105,273		11,796
Bluebird Bio, Inc.*		39,739		5,293
Celgene Corp.*		125,636		13,576
Clovis Oncology, Inc.*		75,771		6,089
Foundation Medicine, Inc.*		97,514		4,438
Gilead Sciences, Inc.*		119,621		12,023
Incyte Corp.*		39,781		3,865
Juno Therapeutics, Inc.*		81,891		3,500
Medivation, Inc.*		44,087		5,323

			Fair
			Value
Investments	Shares		(000)
Receptos, Inc.*		26,275	$	3,872
Regeneron Pharmaceuticals, Inc.*		49,723		22,746
Ultragenyx Pharmaceutical, Inc.*		81,032		4,573
Vertex Pharmaceuticals, Inc.*		67,580		8,331
Total				133,176
Capital Markets 3.05%
Affiliated Managers Group, Inc.*		53,832		12,173
BlackRock, Inc.		32,130		11,694
TD Ameritrade Holding Corp.		461,222		16,719
WisdomTree Investments, Inc.		423,734		8,068
Total				48,654
Communications Equipment 1.15%
Palo Alto Networks, Inc.*		124,125		18,336
Diversified Financial Services 1.14%
Intercontinental Exchange, Inc.		81,211		18,234
Electrical Equipment 0.82%
Acuity Brands, Inc.		78,109		13,040
Electronic Equipment, Instruments & Components 1.02%
IPG Photonics Corp.*		183,778		16,279
Energy Equipment & Services 0.55%
Schlumberger Ltd.		93,441		8,840
Food & Staples Retailing 3.30%
Costco Wholesale Corp.		52,942		7,573
CVS Health Corp.		117,272		11,644
Diplomat Pharmacy, Inc.*		355,965		12,751
Walgreens Boots Alliance, Inc.		137,668		11,417
Whole Foods Market, Inc.		191,017		9,123
Total				52,508

16 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GROWTH LEADERS FUND April 30, 2015

			Fair
			Value
Investments	Shares		(000)
Health Care Equipment & Supplies 0.34%
ZELTIQ Aesthetics, Inc.*		175,406	$	5,385
Health Care Providers & Services 0.90%
McKesson Corp.		64,361		14,378
Health Care Technology 0.65%
Medidata Solutions, Inc.*		100,785		5,385
Veeva Systems, Inc. Class A*		185,519		4,925
Total				10,310
Hotels, Restaurants & Leisure 4.34%
Chipotle Mexican Grill, Inc.*		11,849		7,362
Hilton Worldwide Holdings, Inc.*		718,394		20,805
Norwegian Cruise Line Holdings Ltd.*		330,556		16,035
Starbucks Corp.		501,938		24,886
Total				69,088
Household Durables 0.53%
GoPro, Inc. Class A*		169,400		8,484
Industrial Conglomerates 0.83%
3M Co.		85,083		13,306
Information Technology Services 6.15%
EPAM Systems, Inc.*		265,187		17,160
MasterCard, Inc. Class A		450,752		40,662
Visa, Inc. Class A		609,126		40,233
Total				98,055
Internet & Catalog Retail 7.89%
Amazon.com, Inc.*		111,397		46,985
Ctrip.com International Ltd. ADR*		188,889		12,028
JD.com, Inc. ADR*		491,559		16,497
Netflix, Inc.*		68,311		38,015
Priceline Group, Inc. (The)*		9,826		12,163
Total				125,688

			Fair
			Value
Investments	Shares		(000)
Internet Software & Services 10.40%
Akamai Technologies, Inc.*		299,148	$	22,071
Alibaba Group Holding Ltd. ADR*		193,385		15,720
Facebook, Inc. Class A*		701,557		55,262
Gogo, Inc.*		407,524		8,615
Google, Inc. Class A*		44,508		24,425
GrubHub, Inc.*		486,268		20,020
LinkedIn Corp. Class A*		78,013		19,669
Total				165,782
Life Sciences Tools & Services 1.81%
Fluidigm Corp.*		118,245		4,430
Illumina, Inc.*		44,686		8,233
Quintiles Transnational Holdings, Inc.*		244,398		16,101
Total				28,764
Media 2.73%
Comcast Corp. Class A		207,454		11,983
Walt Disney Co. (The)		289,195		31,441
Total				43,424
Oil, Gas & Consumable Fuels 1.38%
EOG Resources, Inc.		128,358		12,701
Range Resources Corp.		145,677		9,259
Total				21,960
Pharmaceuticals 1.01%
Bristol-Myers Squibb Co.		252,419		16,087
Semiconductors & Semiconductor Equipment 6.32%
ARM Holdings plc ADR		229,627		11,709
Avago Technologies Ltd. (Singapore)(a)		102,157		11,940
Cavium, Inc.*		272,185		17,635
First Solar, Inc.*		264,654		15,792
NXP Semiconductors NV (Netherlands)*(a)		126,832		12,191
SunEdison, Inc.*		609,672		15,437
SunPower Corp.*		495,172		15,939
Total				100,643

See Notes to Financial Statements. 17

Schedule of Investments (unaudited)(concluded)

GROWTH LEADERS FUND April 30, 2015

			Fair
			Value
Investments	Shares		(000)
Software 8.95%
Adobe Systems, Inc.*		179,830	$	13,678
FireEye, Inc.*		436,163		18,013
Mobileye NV (Israel)*(a)		286,229		12,840
Red Hat, Inc.*		288,345		21,701
salesforce.com, Inc.*		330,121		24,039
ServiceNow, Inc.*		156,624		11,725
Splunk, Inc.*		178,646		11,852
Tableau Software, Inc.
Class A*		169,262		16,561
Workday, Inc. Class A*		134,489		12,267
Total				142,676
Specialty Retail 6.34%
Home Depot, Inc. (The)		181,262		19,391
Lowe’s Cos., Inc.		168,051		11,572
O’Reilly Automotive, Inc.*		88,244		19,222
Ross Stores, Inc.		162,171		16,036
TJX Cos., Inc. (The)		227,754		14,699
Ulta Salon, Cosmetics &
Fragrance, Inc.*		133,193		20,124
Total				101,044
Technology Hardware, Storage & Peripheral 5.87%
Apple, Inc.		747,636		93,567
Textiles, Apparel & Luxury Goods 2.14%
NIKE, Inc. Class B		180,449		17,835
Under Armour, Inc. Class A*		209,784		16,269
Total				34,104

			Fair
			Value
Investments	Shares		(000)
Wireless Telecommunication Services 0.98%
China Mobile Ltd. ADR		217,789	$	15,557
Total Common Stocks (cost $1,477,096,024)				1,536,867

	Principal
	Amount
	(000)
SHORT-TERM INVESTMENT 1.96%
Repurchase Agreement
Repurchase Agreement dated 4/30/2015, Zero Coupon due 5/1/2015 with Fixed Income Clearing Corp. collateralized by $31,885,000 of U.S. Treasury Bill at Zero Coupon due 10/15/2015; value: $31,869,058; proceeds: $31,242,775 (cost $31,242,775)	$31,243		31,243
Total Investments in Securities 98.41% (cost $1,508,338,799)			1,568,110
Other Assets in Excess of Liabilities 1.59%			25,275
Net Assets 100.00%		$	1,593,385

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, 2015 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	$	1,536,867	$	–	$	–	$	1,536,867
Repurchase Agreement		–		31,243		–		31,243
Total	$	1,536,867	$	31,243	$	–	$	1,568,110

(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, 2015.

18 See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL CORE EQUITY FUND April 30, 2015

		U.S. $
		Fair Value
Investments	Shares		(000)
LONG-TERM INVESTMENTS 97.80%
Common Stocks 96.50%
Australia 2.54%
Banks 1.59%
National Australia Bank Ltd.	331,379	$	9,595
Real Estate Investment Trusts 0.95%
Mirvac Group	3,633,700		5,757
Total Australia			15,352
Austria 1.66%
Diversified Telecommunication Services 0.93%
Telekom Austria AG	760,704		5,658
Machinery 0.73%
Andritz AG	75,425		4,416
Total Austria			10,074
Canada 1.82%
Oil, Gas & Consumable Fuels
Baytex Energy Corp.	482,800		9,432
Seven Generations Energy Ltd. Class A *	92,200		1,566
			10,998
China 3.76%
Automobiles 0.52%
Great Wall Motor Co., Ltd. Class H	416,348		3,159
Internet Software & Services 1.39%
Baidu, Inc. ADR *	41,900		8,392
Real Estate Management & Development 1.85%
China Overseas Land & Investment Ltd.	2,690,217		11,206
Total China			22,757

Investments	Shares		U.S. $ Fair Value (000)
Denmark 1.73%
Diversified Telecommunication Services 1.11%
TDC A/S		881,229	$	6,709
Pharmaceuticals 0.62%
H Lundbeck A/S *		192,354		3,742
Total Denmark				10,451
France 10.46%
Aerospace & Defense 2.50%
Safran SA		138,270		10,103
Zodiac Aerospace		137,997		5,068
				15,171
Banks 1.31%
BNP Paribas SA		125,632		7,934
Food Products 1.61%
Danone SA		134,500		9,733
Insurance 1.26%
AXA SA		301,400		7,621
Life Sciences Tools & Services 0.47%
Genfit *		65,639		2,854
Oil, Gas & Consumable Fuels 1.32%
Total SA		147,433		7,983
Real Estate Investment Trusts 1.04%
Klepierre		130,367		6,323
Textiles, Apparel & Luxury Goods 0.95%
Kering		31,014		5,736
Total France				63,355
Germany 5.85%
Automobiles 0.99%
Daimler AG Registered Shares		62,001		5,961
Diversified Financial Services 0.73%
Deutsche Boerse AG		53,483		4,432

See Notes to Financial Statements. 19

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
Germany (continued)
Diversified Telecommunication Services 1.12%
Deutsche Telekom AG Registered Shares		369,377	$	6,789
Health Care Providers & Services 1.51%
Fresenius SE & Co. KGaA		153,378		9,125
Industrial Conglomerates 0.84%
Siemens AG Registered Shares		46,999		5,113
Life Sciences Tools & Services 0.66%
MorphoSys AG *		55,930		4,024
Total Germany				35,444
Hong Kong 2.36%
Airlines 1.23%
Cathay Pacific Airways Ltd.		2,886,000		7,431
Electric: Utilities 0.64%
Cheung Kong Infrastructure Holdings Ltd.		457,524		3,876
Hotels, Restaurants & Leisure 0.49%
SJM Holdings Ltd.		2,344,100		2,972
Total Hong Kong				14,279
India 2.49%
Oil, Gas & Consumable Fuels 0.97%
Reliance Industries Ltd.		434,028		5,886
Thrifts & Mortgage Finance 1.52%
Indiabulls Housing Finance Ltd.		985,415		9,183
Total India				15,069
Indonesia 1.78%
Banks 0.87%
PT Bank Negara Indonesia (Persero) Tbk		10,727,894		5,294

Investments	Shares		U.S. $ Fair Value (000)
Food Products 0.91%
PT Indofood Sukses Makmur Tbk		10,567,300	$	5,485
Total Indonesia				10,779
Italy 4.43%
Banks 0.87%
UniCredit SpA		736,026		5,283
Capital Markets 1.89%
Anima Holding SpA *†		1,284,606		11,438
Gas Utilities 1.67%
Snam SpA		1,934,570		10,077
Total Italy				26,798
Japan 19.51%
Automobiles 3.42%
Honda Motor Co., Ltd.		262,800		8,811
Toyota Motor Corp.		170,700		11,882
				20,693
Banks 1.50%
Bank of Yokohama Ltd. (The)		64		–	(a)
Sumitomo Mitsui Financial Group, Inc.		207,900		9,078
				9,078
Chemicals 1.53%
Asahi Kasei Corp.		982,729		9,254
Diversified Financial Services 1.06%
ORIX Corp.		417,400		6,419
Electrical Equipment 1.09%
Nidec Corp.		88,500		6,620
Electronic Equipment, Instruments & Components 1.08%
Hitachi Ltd.		956,337		6,525

20 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2015

Investments	Shares		U.S. $ Fair Value (000)
Japan (continued)
Industrial Conglomerates 0.73%
Toshiba Corp.		1,103,900	$	4,423
Information Technology Services 2.22%
Obic Co., Ltd.		177,800		7,437
SCSK Corp.		205,800		6,010
				13,447
Machinery 0.94%
NSK Ltd.		363,000		5,669
Pharmaceuticals 0.98%
Daiichi Sankyo Co., Ltd.		342,700		5,952
Real Estate Management & Development 1.47%
Daiwa House Industry Co., Ltd.		398,400		8,895
Tobacco 1.01%
Japan Tobacco, Inc.		175,000		6,111
Trading Companies & Distributors 1.58%
Sumitomo Corp.		808,800		9,550
Wireless Telecommunication Services 0.90%
SoftBank Corp.		87,700		5,482
Total Japan				118,118
Mexico 0.71%
Real Estate Investment Trusts
Macquarie Mexico Real Estate Management SA de CV *		2,821,100		4,277
Netherlands 6.62%
Beverages 2.13%
Heineken Holding NV		184,974		12,895
Construction & Engineering 1.19%
Arcadis NV		227,085		7,188
Insurance 1.37%
Aegon NV		1,053,538		8,312

			U.S. $
			Fair Value
Investments	Shares		(000)
Oil, Gas & Consumable Fuels 1.93%
Royal Dutch Shell plc Class A ADR		184,200	$	11,684
Total Netherlands				40,079
Norway 0.80%
Banks
DNB ASA		273,659		4,862
South Korea 3.41%
Semiconductors & Semiconductor Equipment 0.62%
SK Hynix, Inc.		87,556		3,746
Technology Hardware, Storage & Peripherals 1.45%
Samsung Electronics Co., Ltd.		6,685		8,770
Wireless Telecommunication Services 1.34%
SK Telecom Co., Ltd.		30,312		8,123
Total South Korea				20,639
Spain 1.93%
Airlines 0.70%
International Consolidated Airlines Group SA *		513,311		4,257
Construction & Engineering 1.23%
ACS Actividades de Construccion y Servicios SA		211,323		7,446
Total Spain				11,703
Sweden 1.30%
Diversified Telecommunication Services
TeliaSonera AB		1,263,357		7,854
Switzerland 4.70%
Beverages 0.66%
Coca-Cola HBC AG CDI *		189,000		3,987
Food Products 0.73%
Nestle SA Registered Shares		56,910		4,415

See Notes to Financial Statements. 21

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2015

Investments	Shares		U.S. $ Fair Value (000)
Switzerland (continued)
Pharmaceuticals 3.31%
Novartis AG Registered Shares		102,403	$	10,453
Roche Holding AG		33,556		9,602
				20,055
Total Switzerland				28,457
Thailand 0.74%
Banks
Bangkok Bank Public Co., Ltd.		799,300		4,487
United Kingdom 16.60%
Banks 3.78%
Barclays plc		1,953,215		7,642
HSBC Holdings plc		921,502		9,206
Lloyds Banking Group plc		5,109,664		6,051
				22,899
Beverages 1.23%
Diageo plc		159,671		4,433
SABMiller plc		56,800		3,006
				7,439
Capital Markets 0.30%
Jupiter Fund Management plc		279,800		1,842
Food Products 0.88%
Unilever plc		121,727		5,336
Household Durables 1.10%
Berkeley Group Holdings plc 172,684				6,649
Insurance 1.59%
Prudential plc		387,325		9,643

			U.S. $
			Fair Value
Investments	Shares		(000)
Media 2.80%
ITV plc		1,723,059	$	6,690
Pearson plc		213,787		4,320
WPP plc		253,622		5,915
				16,925
Metals & Mining 1.50%
Rio Tinto plc ADR		202,700		9,079
Pharmaceuticals 1.17%
AstraZeneca plc		102,869		7,060
Tobacco 1.60%
Imperial Tobacco Group plc		198,286		$9,682
Trading Companies & Distributors 0.65%
Ashtead Group plc		230,156		3,947
Total United Kingdom				100,501
United States 1.30%
Health Care Equipment & Supplies
ResMed, Inc.		123,100		7,871
Total Common Stocks (cost $537,169,252)				584,204
PREFERRED STOCK 1.30%
Germany
Automobiles
Volkswagen AG (cost $7,734,125)		30,553		7,865
Total Long-Term Investments (cost $544,903,377)				592,069

22 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2015

	Principal		U.S. $
	Amount		Fair Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 1.56%
Repurchase Agreement
Repurchase Agreement dated 4/30/2015, Zero Coupon due 5/1/2015 with Fixed Income Clearing Corp. collateralized by $7,065,000 of U.S. Treasury Bill at Zero Coupon due 10/15/2015 and $2,565,000 of U.S. Treasury Note at 0.375% due 11/15/2015; value: $9,632,880; proceeds: $9,439,567 (cost $9,439,567)	$	9,440	$	9,440
Total Investments in Securities 99.36% (cost $554,342,944)				601,509
Foreign Cash and Other Assets in Excess of Liabilities(b) 0.64%				3,898
Net Assets 100.00%			$	605,407

ADR	American Depositary Receipt.
CDI	CHESS Depositary Interest.
*	Non-income producing security.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.
(a)	Amount is less than $1,000.
(b)	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, 2015

Open Forward Foreign Currency Exchange Contracts at April 30, 2015:

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		6/17/2015		1,440,000		$1,103,538		$1,136,792		$	33,254
Australian dollar	Buy	Morgan Stanley		6/17/2015		4,097,500		3,171,168		3,234,726			63,558
Australian dollar	Buy	Morgan Stanley		6/17/2015		4,097,500		3,173,699		3,234,726			61,027
Australian dollar	Buy	Morgan Stanley		6/17/2015		4,097,500		3,167,071		3,234,726			67,655
Australian dollar	Buy	Morgan Stanley		6/17/2015		4,097,500		3,165,063		3,234,726			69,663
Australian dollar	Buy	Morgan Stanley		8/13/2015		10,860,000		8,326,713		8,547,077			220,364
Brazilian real	Buy	Barclays Bank plc		7/20/2015		14,000,000		4,121,199		4,528,854			407,655
British pound	Buy	J.P.Morgan		5/18/2015		3,845,000		5,849,310		5,901,487			52,177
Danish krone	Buy	Deutsche Bank AG		6/10/2015		9,200,000		1,328,768		1,385,381			56,613
Danish krone	Buy	Morgan Stanley		6/10/2015		6,800,000		1,019,077		1,023,978			4,901
Danish krone	Buy	Morgan Stanley		6/10/2015		4,920,000		722,658		740,878			18,220
euro	Buy	Deutsche Bank AG		6/5/2015		920,000		1,000,001		1,033,436			33,435
euro	Buy	Deutsche Bank AG		6/10/2015		1,000,000		1,084,993		1,123,374			38,381
euro	Buy	Deutsche Bank AG		6/10/2015		1,700,000		1,825,929		1,909,736			83,807
euro	Buy	J.P.Morgan		6/5/2015		1,495,000		1,618,721		1,679,333			60,612
euro	Buy	J.P.Morgan		6/10/2015		1,400,000		1,520,278		1,572,724			52,446
euro	Buy	J.P.Morgan		6/10/2015		1,700,000		1,828,768		1,909,736			80,968
euro	Buy	Morgan Stanley		6/10/2015		1,730,000		1,857,785		1,943,437			85,652
euro	Buy	Morgan Stanley		6/10/2015		930,000		1,038,916		1,044,738			5,822
euro	Buy	Morgan Stanley		6/10/2015		570,000		607,059		640,323			33,264
euro	Buy	Morgan Stanley		6/10/2015		770,000		831,908		864,998			33,090
euro	Buy	Morgan Stanley		6/10/2015		1,325,000		1,429,772		1,488,471			58,699
Singapore dollar	Buy	Morgan Stanley		5/18/2015		6,370,000		4,770,960		4,812,796			41,836
South African rand	Buy	Deutsche Bank AG		8/20/2015		51,425,000		4,192,073		4,246,472			54,399
Swedish krona	Buy	Deutsche Bank AG		7/23/2015		64,000,000		7,386,351		7,691,978			305,627
Swiss franc	Buy	Barclays Bank plc		5/18/2015		6,815,000		6,714,501		7,307,860			593,359
Swiss franc	Buy	Morgan Stanley		6/22/2015		1,170,000		1,197,642		1,256,282			58,640
Swiss franc	Buy	Morgan Stanley		6/22/2015		1,440,000		1,512,845		1,546,194			33,349
Swiss franc	Buy	Morgan Stanley		6/22/2015		1,490,000		1,561,527		1,599,881			38,354
Swiss franc	Buy	UBS AG		6/22/2015		5,145,000		5,502,850		5,524,420			21,570
Canadian dollar	Sell	Morgan Stanley		8/17/2015		3,700,000		3,063,272		3,062,191			1,081
euro	Sell	Goldman Sachs		6/5/2015		1,015,000		1,163,403		1,140,149			23,254
euro	Sell	Goldman Sachs		6/10/2015		3,120,991		3,521,850		3,506,040			15,810
euro	Sell	J.P.Morgan		6/10/2015		1,950,000		2,220,688		2,190,579			30,109
euro	Sell	J.P.Morgan		6/10/2015		6,500,000		7,418,890		7,301,931			116,959
euro	Sell	Morgan Stanley		6/5/2015		1,400,000		1,602,693		1,572,620			30,073
euro	Sell	Morgan Stanley		6/10/2015		3,120,779		3,521,850		3,505,802			16,048
euro	Sell	Morgan Stanley		6/10/2015		890,000		1,009,026		999,803			9,223
Indian rupee	Sell	Barclays Bank plc		7/6/2015		359,000,000		5,685,777		5,574,534			111,243
Indonesian rupiah	Sell	Goldman Sachs		6/5/2015		22,300,000,000		1,724,779		1,705,545			19,234
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts												$	3,141,431

24 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2015

Forward
Foreign								U.S. $
Currency								Cost on		U.S. $
Exchange		Transaction		Expiration		Foreign		Origination		Current		Unrealized
Contracts	Type		Counterparty	Date		Currency		Date		Value		Depreciation
Danish krone		Buy	Goldman Sachs		6/10/2015		23,150,000		$3,521,850		$3,486,041		$	(35,809	)
Danish krone		Buy	Morgan Stanley		6/10/2015		23,150,000		3,521,850		3,486,041			(35,809	)
Danish krone		Buy	UBS AG		6/10/2015		5,455,000		830,657		821,441			(9,216	)
Japanese yen		Buy	J.P.Morgan		6/22/2015		240,846,000		2,026,779		2,018,142			(8,637	)
Japanese yen		Buy	Morgan Stanley		6/22/2015		169,154,000		1,420,489		1,417,407			(3,082	)
Swiss franc		Buy	J.P.Morgan		5/18/2015		6,275,000		7,301,992		6,728,808			(573,184	)
British pound		Sell	Goldman Sachs		5/18/2015		1,290,000		1,960,527		1,979,953			(19,426	)
British pound		Sell	J.P.Morgan		5/18/2015		770,000		1,152,997		1,181,832			(28,835	)
British pound		Sell	J.P.Morgan		5/18/2015		470,000		706,725		721,378			(14,653	)
British pound		Sell	Morgan Stanley		5/18/2015		1,315,000		1,994,301		2,018,324			(24,023	)
Canadian dollar		Sell	Morgan Stanley		8/17/2015		1,500,000		1,221,072		1,241,429			(20,357	)
euro		Sell	Bank of America		6/10/2015		1,480,000		1,569,867		1,662,594			(92,727	)
euro		Sell	Barclays Bank plc		6/10/2015		1,010,000		1,124,978		1,134,608			(9,630	)
euro		Sell	Goldman Sachs		6/10/2015		9,800,000		10,472,594		11,009,066			(536,472	)
euro		Sell	J.P.Morgan		6/10/2015		1,500,000		1,613,231		1,685,061			(71,830	)
euro		Sell	Morgan Stanley		6/10/2015		1,500,000		1,590,791		1,685,061			(94,270	)
euro		Sell	Morgan Stanley		6/10/2015		3,200,000		3,437,666		3,594,797			(157,131	)
euro		Sell	Morgan Stanley		6/10/2015		850,000		933,779		954,868			(21,089	)
euro		Sell	Morgan Stanley		6/10/2015		2,880,000		3,047,838		3,235,317			(187,479	)
euro		Sell	Morgan Stanley		6/10/2015		2,230,000		2,405,723		2,505,124			(99,401	)
euro		Sell	Morgan Stanley		6/10/2015		1,300,000		1,400,073		1,460,386			(60,313	)
euro		Sell	Morgan Stanley		6/10/2015		1,275,000		1,427,528		1,432,302			(4,774	)
euro		Sell	Morgan Stanley		6/10/2015		659,802		722,658		741,205			(18,547	)
euro		Sell	UBS AG		6/10/2015		1,175,000		1,297,287		1,319,965			(22,678	)
Japanese yen		Sell	Morgan Stanley		6/22/2015		410,000,000		3,433,133		3,435,549			(2,416	)
South Korean won		Sell	Bank of America		8/10/2015		10,485,000,000		9,558,669		9,707,962			(149,293	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts													$	(2,301,081	)

See Notes to Financial Statements. 25

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL CORE EQUITY FUND April 30, 2015

The following is a summary of the inputs used as of April 30, 2015 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2			Level 3		Total
Investment Type(2)	(000)		(000)			(000)		(000)
Common Stocks(3)
Australia	$	–	$	15,352		$	–	$	15,352
Austria		5,658		4,416			–		10,074
Canada		10,998		–			–		10,998
China		8,392		14,365			–		22,757
Denmark		–		10,451			–		10,451
France		–		63,355			–		63,355
Germany		–		35,444			–		35,444
Hong Kong		–		14,279			–		14,279
India		–		15,069			–		15,069
Indonesia		–		10,779			–		10,779
Italy		–		26,798			–		26,798
Japan		–		118,118			–		118,118
Mexico		4,277		–			–		4,277
Netherlands		11,684		28,395			–		40,079
Norway		–		4,862			–		4,862
South Korea		–		20,639			–		20,639
Spain		–		11,703			–		11,703
Sweden		–		7,854			–		7,854
Switzerland		–		28,457			–		28,457
Thailand		–		4,487			–		4,487
United Kingdom		9,079		91,422			–		100,501
United States		7,871		–			–		7,871
Preferred Stock		–		7,865			–		7,865
Repurchase Agreement		–		9,440			–		9,440
Total	$	57,959	$	543,550		$	–	$	601,509
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	3,141		$	–	$	3,141
Liabilities		–		(2,301	)		–		(2,301	)
Total	$	–	$	840		$	–	$	840

(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, 2015.

26 See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2015

Investments	Shares		U.S. $ Fair Value (000)
LONG-TERM INVESTMENTS 97.53%
COMMON STOCKS 95.84%
Australia 6.92%
Banks 2.29%
National Australia
Bank Ltd.		2,192,880	$	63,496
Electric: Utilities 0.82%
AusNet Services		17,848,377		20,754
Spark Infrastructure Group		1,400,000		2,153
				22,907
Personal Products 0.62%
Asaleo Care Ltd.		11,808,377		17,182
Real Estate Investment Trusts 3.19%
Federation Centres		17,250,206		40,078
Mirvac Group		17,523,358		27,761
Scentre Group		7,065,064		20,811
				88,650
Total Australia				192,235
Belgium 0.97%
Air Freight & Logistics
bpost SA		942,366		27,026
Canada 12.21%
Oil, Gas & Consumable Fuels 11.51%
Baytex Energy Corp.		4,075,000		79,608
Canadian Oil Sands Ltd.		3,910,700		42,494
Crescent Point Energy Corp.		2,898,152		75,691
Enerplus Corp.		2,960,400		37,444
Freehold Royalties Ltd.		1,648,740		24,352
Whitecap Resources, Inc.		4,843,100		60,012
				319,601

Investments	Shares		U.S. $ Fair Value (000)
Real Estate Investment Trusts 0.70%
RioCan Real Estate Investment Trust		791,000	$	19,577
Total Canada				339,178
China 3.06%
Banks 2.00%
Bank of China Ltd.
H Shares		80,971,900		55,482
Real Estate Management & Development 1.06%
KWG Property Holding Ltd.		29,323,600		29,628
Shimao Property Holdings Ltd.		200		1
				29,629
Total China				85,111
Denmark 1.40%
Diversified Telecommunication Services
TDC A/S		5,099,208		38,822
Finland 1.08%
Diversified Telecommunication Services
Elisa OYJ		981,157		30,058
France 7.19%
Banks 1.30%
BNP Paribas SA		571,317		36,079
Diversified Telecommunication Services 0.78%
Orange SA		1,311,988		21,610
Insurance 1.30%
AXA SA		1,426,293		36,065
Oil, Gas & Consumable Fuels 2.34%
Total SA ADR		1,203,680		65,119
Real Estate Investment Trusts 0.97%
Klepierre		554,913		26,917

See Notes to Financial Statements. 27

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2015

Investments	Shares		U.S. $ Fair Value (000)
France (continued)
Textiles, Apparel & Luxury Goods 0.50%
Kering		74,916	$	13,855
Total France				199,645
Germany 6.99%
Automobiles 0.97%
Daimler AG Registered Shares		279,030		26,828
Diversified Telecommunication Services 1.05%
Deutsche Telekom AG Registered Shares		1,589,207		29,211
Industrial Conglomerates 0.83%
Siemens AG Registered Shares		211,170		22,971
Media 1.50%
ProSiebenSat.1 Media AG Registered Shares		817,376		41,790
Real Estate Management & Development 0.59%
Deutsche Annington Immobilien SE		487,722		16,370
Wireless Telecommunication Services 2.05%
Freenet AG		1,760,712		57,030
Total Germany				194,200
Hong Kong 1.70%
Electric: Utilities 0.00%
Cheung Kong Infrastructure Holdings Ltd.		651		5
Hotels, Restaurants & Leisure 0.52%
SJM Holdings Ltd.		11,417,500		14,476
Real Estate Management & Development 1.18%
CK Hutchison Holdings Ltd.		1,511,500		32,788
Total Hong Kong				47,269

Investments	Shares		U.S. $ Fair Value (000)
Israel 0.67%
Diversified Telecommunication Services
Bezeq The Israeli Telecommunication Corp., Ltd.		9,769,722	$	18,504
Italy 2.61%
Capital Markets 0.83%
Anima Holding SpA*†		2,568,983		22,873
Gas Utilities 1.78%
Snam SpA		9,507,938		49,528
Total Italy				72,401
Japan 9.74%
Airlines 0.99%
Japan Airlines Co., Ltd.		823,700		27,464
Automobiles 2.31%
Nissan Motor Co., Ltd.		2,926,900		30,383
Toyota Motor Corp.		486,200		33,844
				64,227
Banks 0.53%
Aozora Bank Ltd.		3,954,000		14,790
Capital Markets 1.20%
Daiwa Securities Group, Inc.		4,007,000		33,241
Pharmaceuticals 0.93%
Daiichi Sankyo Co., Ltd.		1,480,300		25,711
Real Estate Management & Development 1.26%
Daiwa House Industry Co., Ltd.		1,560,800		34,845
Tobacco 1.00%
Japan Tobacco, Inc.		798,500		27,884
Trading Companies & Distributors 1.52%
Sumitomo Corp.		3,584,300		42,323
Total Japan				270,485

28 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2015

Investments	Shares		U.S. $ Fair Value (000)
Mexico 0.69%
Real Estate Investment Trusts
Macquarie Mexico Real Estate Management SA de CV *		12,581,066	$	19,074
Netherlands 3.86%
Insurance 1.38%
Aegon NV		4,835,724		38,153
Oil, Gas & Consumable Fuels 2.48%
Royal Dutch Shell plc Class A ADR		1,087,300		68,968
Total Netherlands				107,121
New Zealand 1.77%
Airlines 1.05%
Air New Zealand Ltd.		14,249,339		29,283
Diversified Telecommunication Services 0.72%
Spark New Zealand Ltd.		8,781,869		19,871
Total New Zealand				49,154
Portugal 1.34%
Electric: Utilities
EDP — Energias de Portugal SA		9,301,924		37,193
Russia 1.11%
Oil, Gas & Consumable Fuels
Gazprom OAO ADR		5,264,900		30,847
Singapore 0.83%
Real Estate Investment Trusts
Mapletree Logistics Trust		24,682,600		22,944
South Africa 0.47%
Metals & Mining
Kumba Iron Ore Ltd.		958,500		12,928

Investments	Shares		U.S. $ Fair Value (000)
South Korea 1.07%
Wireless Telecommunication Services
SK Telecom Co., Ltd.		111,226	$	29,806
Spain 3.45%
Construction & Engineering 0.90%
ACS Actividades de Construccion y Servicios SA		712,500		25,106
Gas Utilities 1.42%
Enagas SA		1,277,122		39,332
Oil, Gas & Consumable Fuels 1.13%
Repsol SA		1,528,980		31,518
Total Spain				95,956
Sweden 1.57%
Diversified Telecommunication Services
TeliaSonera AB		7,018,987		43,638
Switzerland 3.00%
Pharmaceuticals 2.23%
Novartis AG Registered Shares		333,199		34,010
Roche Holding AG		97,657		27,945
Semiconductors & Semiconductor Equipment 0.77%
STMicroelectronics NV		2,666,979		21,271
Total Switzerland				83,226
Taiwan 0.76%
Technology Hardware, Storage & Peripherals
Asustek Computer, Inc.		2,004,300		21,234
Thailand 0.29%
Banks
Krung Thai Bank PCL		13,144,500		7,953

See Notes to Financial Statements. 29

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2015

Investments	Shares		U.S. $ Fair Value (000)
Turkey 0.68%
Automobiles
Tofas Turk Otomobil Fabrikasi AS		3,088,709	$	18,929
United Kingdom 20.41%
Aerospace & Defense 1.00%
BAE Systems plc		3,577,439		27,715
Banks 2.91%
Barclays plc		8,826,570		34,534
HSBC Holdings plc		4,635,184		46,303
				80,837
Beverages 0.73%
Diageo plc		727,706		20,203
Capital Markets 1.31%
Jupiter Fund Management plc		5,505,116		36,247
Food & Staples Retailing 0.87%
J Sainsbury plc		5,840,571		24,285
Food Products 0.95%
Unilever plc		604,244		26,487
Household Durables 1.18%
Berkeley Group Holdings plc		852,072		32,807
Insurance 2.20%
Lancashire Holdings Ltd.		2,690,468		26,301
Prudential plc		1,392,487		34,670
				60,971
Media 2.68%
ITV plc		8,474,390		32,902
Pearson plc		941,280		19,022
Reed Elsevier plc		1,366,728		22,620
				74,544

Investments	Shares		U.S. $ Fair Value (000)
Metals & Mining 1.63%
Rio Tinto plc ADR		1,008,900	$	45,189
Oil, Gas & Consumable Fuels 1.63%
BP plc		6,278,000		45,279
Pharmaceuticals 1.78%
AstraZeneca plc		374,192		25,679
GlaxoSmithKline plc		1,033,443		23,869
				49,548
Tobacco 1.54%
Imperial Tobacco Group plc		874,510		42,703
Total United Kingdom				566,815
Total Common Stocks (cost $2,547,014,355)				2,661,752
		Principal Amount (000)
CORPORATE BOND 0.89%
Spain
Banks
Banco Popular Espanol SA (a) (cost $27,902,652)	$	19,000,000		24,778
		Shares
PREFERRED STOCK 0.80%
Brazil
Independent Power and Renewable Electricity Producer
AES Tiete SA (cost $35,975,862)		3,845,400		22,080
Total Long-Term Investments (cost $2,610,892,869)				2,708,610

30 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2015

Investments	Principal Amount (000)		U.S. $ Fair Value (000)
SHORT-TERM INVESTMENT 2.40%
Repurchase Agreement
Repurchase Agreement dated 4/30/2015, Zero Coupon due 5/1/2015 with Fixed Income Clearing Corp. collateralized by $67,990,000 of Federal Home Loan Bank at 0.125% due 9/2/2015; value: $67,990,000; proceeds: $66,656,537 (cost $66,656,537)		$66,657	$	66,657
Total Investments in Securities 99.93% (cost $2,677,549,406)				2,775,267
Foreign Cash and Other Assets in Excess of Liabilities(b) 0.07%				2,006
Net Assets 100.00%			$	2,777,273

ADR	American Depositary Receipt.
*	Non-income producing security.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.
(a)	The security has an interest rate of 11.50%, is perpetual in nature and has no stated maturity.
(b)	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. 31

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2015

Open Forward Foreign Currency Exchange Contracts at April 30, 2015:

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	Bank of America		6/17/2015		6,930,000	$	5,253,862	$	5,470,812		$	216,950
Australian dollar	Buy	Deutsche Bank AG		6/17/2015		14,300,000		11,142,517		11,288,978			146,461
Australian dollar	Buy	Goldman Sachs		6/17/2015		4,750,000		3,600,443		3,749,835			149,392
Australian dollar	Buy	J.P. Morgan		6/17/2015		6,700,000		5,134,518		5,289,241			154,723
Australian dollar	Buy	J.P. Morgan		6/17/2015		5,700,000		4,416,980		4,499,802			82,822
Australian dollar	Buy	Morgan Stanley		6/17/2015		6,510,000		5,105,882		5,139,248			33,366
Australian dollar	Buy	Morgan Stanley		6/17/2015		33,680,000		26,032,201		26,588,306			556,105
Australian dollar	Buy	Morgan Stanley		6/17/2015		33,680,000		26,015,698		26,588,306			572,608
Australian dollar	Buy	Morgan Stanley		6/17/2015		33,680,000		26,065,881		26,588,306			522,425
Australian dollar	Buy	Morgan Stanley		6/17/2015		5,935,000		4,609,140		4,685,321			76,181
Australian dollar	Buy	Morgan Stanley		6/17/2015		8,150,000		6,302,735		6,433,928			131,193
Australian dollar	Buy	Morgan Stanley		6/17/2015		3,355,000		2,596,444		2,648,568			52,124
Australian dollar	Buy	Morgan Stanley		6/17/2015		6,705,000		5,174,149		5,293,189			119,040
Australian dollar	Buy	Morgan Stanley		6/17/2015		4,980,000		3,880,928		3,931,407			50,479
Australian dollar	Buy	Morgan Stanley		6/17/2015		6,650,000		5,112,471		5,249,769			137,298
Australian dollar	Buy	Morgan Stanley		6/17/2015		5,770,000		4,367,254		4,555,063			187,809
Australian dollar	Buy	Morgan Stanley		6/17/2015		5,675,000		4,344,299		4,480,066			135,767
Australian dollar	Buy	Morgan Stanley		6/17/2015		6,800,000		5,228,133		5,368,185			140,052
Australian dollar	Buy	Morgan Stanley		6/17/2015		33,680,000		26,086,685		26,588,306			501,621
British pound	Buy	Goldman Sachs		5/18/2015		12,325,000		18,731,387		18,916,990			185,603
British pound	Buy	Morgan Stanley		5/18/2015		5,415,000		8,118,280		8,311,197			192,917
British pound	Buy	Morgan Stanley		5/18/2015		5,520,000		8,269,168		8,472,356			203,188
British pound	Buy	Morgan Stanley		5/18/2015		3,600,000		5,355,872		5,525,449			169,577
British pound	Buy	Morgan Stanley		5/18/2015		3,580,000		5,389,273		5,494,752			105,479
Canadian dollar	Buy	Bank of America		6/17/2015		23,550,000		18,871,523		19,506,769			635,246
Canadian dollar	Buy	Barclays Bank plc		6/17/2015		50,000,000		40,097,707		41,415,646			1,317,939
Canadian dollar	Buy	Goldman Sachs		6/17/2015		50,000,000		39,895,757		41,415,646			1,519,889
Canadian dollar	Buy	Goldman Sachs		6/17/2015		40,000,000		32,174,732		33,132,517			957,785
Canadian dollar	Buy	Goldman Sachs		6/17/2015		40,000,000		31,864,751		33,132,516			1,267,765
Canadian dollar	Buy	Goldman Sachs		6/17/2015		40,000,000		31,901,974		33,132,516			1,230,542
Canadian dollar	Buy	J.P. Morgan		5/22/2015		30,355,000		25,088,975		25,152,308			63,333
Canadian dollar	Buy	J.P. Morgan		6/17/2015		50,000,000		40,304,099		41,415,646			1,111,547
Canadian dollar	Buy	J.P. Morgan		6/17/2015		9,380,000		7,501,904		7,769,575			267,671
Canadian dollar	Buy	J.P. Morgan		6/17/2015		50,000,000		39,843,028		41,415,646			1,572,618
Canadian dollar	Buy	Morgan Stanley		5/22/2015		30,355,000		24,645,452		25,152,308			506,856
Canadian dollar	Buy	Morgan Stanley		6/17/2015		7,960,000		6,400,214		6,593,371			193,157
Canadian dollar	Buy	Morgan Stanley		6/17/2015		6,830,000		5,370,123		5,657,377			287,254
Canadian dollar	Buy	Morgan Stanley		6/17/2015		7,175,000		5,649,187		5,943,145			293,958
Colombian peso	Buy	Citibank		9/8/2015		30,000,000,000		12,363,487		12,431,493			68,006
Colombian peso	Buy	Morgan Stanley		5/6/2015		15,000,000,000		6,270,117		6,296,587			26,470
Colombian peso	Buy	Morgan Stanley		5/6/2015		15,000,000,000		6,255,474		6,296,587			41,113
Danish krone	Buy	Morgan Stanley		6/10/2015		24,400,000		3,656,687		3,674,272			17,585
Danish krone	Buy	Morgan Stanley		6/10/2015		31,365,000		4,606,945		4,723,096			116,151
euro	Buy	Bank of America		6/5/2015		5,515,000		5,906,388		6,194,999			288,611
euro	Buy	Bank of America		6/5/2015		2,850,000		3,040,560		3,201,405			160,845
euro	Buy	Bank of America		6/5/2015		6,900,000		7,494,470		7,750,769			256,299
euro	Buy	Deutsche Bank AG		6/5/2015		9,500,000		10,203,048		10,671,349			468,301
euro	Buy	Deutsche Bank AG		6/5/2015		15,900,000		17,086,712		17,860,468			773,756
euro	Buy	J.P. Morgan		6/5/2015		7,170,000		7,700,566		8,054,060			353,494
euro	Buy	Morgan Stanley		6/5/2015		11,500,000		12,154,992		12,917,949			762,957

32 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2015

Forward
Foreign							U.S. $
Currency							Cost on		U.S. $
Exchange	Transaction		Expiration		Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date		Currency		Date		Value		Appreciation
euro	Buy	Morgan Stanley		6/5/2015		6,730,000	$	7,153,972	$	7,559,809	$	405,837
euro	Buy	Morgan Stanley		6/5/2015		5,600,000		6,195,800		6,290,479		94,679
euro	Buy	Morgan Stanley		6/5/2015		7,500,000		8,092,530		8,424,749		332,219
euro	Buy	Morgan Stanley		6/5/2015		7,000,000		7,525,066		7,863,100		338,034
euro	Buy	Morgan Stanley		6/10/2015		6,660,000		7,151,936		7,481,671		329,735
Norwegian krone	Buy	Barclays Bank plc		6/8/2015		50,000,000		6,601,253		6,633,920		32,667
Norwegian krone	Buy	Morgan Stanley		6/8/2015		76,200,000		10,099,727		10,110,094		10,367
Norwegian krone	Buy	Morgan Stanley		6/8/2015		42,400,000		5,408,533		5,625,564		217,031
Russian ruble	Buy	J.P. Morgan		7/20/2015		323,000,000		5,300,295		6,098,164		797,869
Russian ruble	Buy	Morgan Stanley		7/20/2015		990,000,000		15,357,480		18,690,968		3,333,488
Singapore dollar	Buy	Morgan Stanley		5/18/2015		40,085,000		30,022,597		30,285,859		263,262
South African rand	Buy	Barclays Bank plc		5/8/2015		32,191,618		2,697,070		2,704,691		7,621
South African rand	Buy	Deutsche Bank AG		5/7/2015		96,864,242		8,126,969		8,139,730		12,761
South African rand	Buy	Goldman Sachs		7/27/2015		378,000,000		31,001,859		31,342,504		340,645
Swedish krona	Buy	Deutsche Bank AG		7/23/2015		571,000,000		65,900,102		68,626,869		2,726,767
British pound	Sell	Morgan Stanley		5/18/2015		5,100,000		7,852,050		7,827,720		24,330
Canadian dollar	Sell	Morgan Stanley		6/17/2015		10,200,000		8,504,823		8,448,792		56,031
euro	Sell	Deutsche Bank AG		6/10/2015		3,172,208		3,586,226		3,563,576		22,650
euro	Sell	Goldman Sachs		6/10/2015		22,022,195		24,850,721		24,739,162		111,559
euro	Sell	Goldman Sachs		6/10/2015		5,700,000		6,454,160		6,403,232		50,928
euro	Sell	J.P. Morgan		6/10/2015		8,650,000		9,850,745		9,717,186		133,559
euro	Sell	Morgan Stanley		6/5/2015		52,500,000		60,045,416		58,973,244		1,072,172
euro	Sell	Morgan Stanley		6/5/2015		52,500,000		60,132,308		58,973,244		1,159,064
euro	Sell	Morgan Stanley		6/5/2015		27,100,000		31,023,563		30,441,427		582,136
euro	Sell	Morgan Stanley		6/10/2015		12,600,000		14,413,746		14,154,513		259,233
euro	Sell	Morgan Stanley		6/10/2015		22,020,704		24,850,721		24,737,487		113,234
euro	Sell	Morgan Stanley		6/10/2015		5,025,000		5,697,027		5,644,955		52,072
euro	Sell	Morgan Stanley		6/10/2015		7,100,000		8,066,267		7,975,956		90,311
euro	Sell	Morgan Stanley		6/10/2015		4,645,000		5,222,009		5,218,072		3,937
Japanese yen	Sell	Bank of America		5/11/2015		9,840,000,000		82,486,741		82,414,111		72,630
Japanese yen	Sell	Morgan Stanley		6/22/2015		763,000,000		6,409,993		6,393,473		16,520
Japanese yen	Sell	Morgan Stanley		6/22/2015		4,480,000,000		37,638,990		37,539,659		99,331
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts											$	32,545,007

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	Bank of America		6/17/2015		6,865,000	$	5,452,162	$	5,419,499		$	(32,663	)
Australian dollar	Buy	Morgan Stanley		6/17/2015		8,800,000		7,054,166		6,947,063			(107,103	)
British pound	Buy	Morgan Stanley		5/18/2015		3,645,000		5,625,070		5,594,517			(30,553	)
Danish krone	Buy	Deutsche Bank AG		6/10/2015		23,500,000		3,586,226		3,538,746			(47,480	)
Danish krone	Buy	Goldman Sachs		6/10/2015		163,350,000		24,850,721		24,598,048			(252,673	)
Danish krone	Buy	Morgan Stanley		6/10/2015		163,350,000		24,850,721		24,598,048			(252,673	)
Danish krone	Buy	Morgan Stanley		6/10/2015		17,265,000		2,602,996		2,599,849			(3,147	)
Norwegian krone	Buy	Morgan Stanley		6/8/2015		37,600,000		5,008,961		4,988,708			(20,253	)
Norwegian krone	Buy	Morgan Stanley		6/8/2015		76,000,000		10,083,698		10,083,558			(140	)
South African rand	Buy	Goldman Sachs		6/10/2015		370,900,000		31,805,186		30,994,221			(810,965	)
South African rand	Buy	J.P. Morgan		5/6/2015		31,691,579		2,682,922		2,663,558			(19,364	)
Brazilian real	Sell	Bank of America		7/13/2015		21,400,000		6,653,277		6,939,333			(286,056	)
British pound	Sell	Deutsche Bank AG		5/18/2015		7,400,000		10,853,047		11,357,868			(504,821	)

See Notes to Financial Statements. 33

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2015

Forward
Foreign							U.S. $
Currency							Cost on		U.S. $
Exchange	Transaction		Expiration		Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date		Currency		Date		Value		Depreciation
British pound	Sell	Goldman Sachs		5/18/2015		38,400,000	$	57,904,005	$	58,938,125		$	(1,034,120	)
British pound	Sell	J.P. Morgan		5/18/2015		1,760,000		2,635,422		2,701,331			(65,909	)
British pound	Sell	J.P. Morgan		5/18/2015		2,620,000		3,939,616		4,021,299			(81,683	)
British pound	Sell	J.P. Morgan		5/18/2015		3,700,000		5,532,832		5,678,934			(146,102	)
British pound	Sell	J.P. Morgan		5/18/2015		2,765,000		4,155,771		4,243,852			(88,081	)
British pound	Sell	Morgan Stanley		5/18/2015		2,295,000		3,471,668		3,522,474			(50,806	)
British pound	Sell	Morgan Stanley		5/18/2015		4,500,000		6,651,514		6,906,812			(255,298	)
British pound	Sell	Morgan Stanley		5/18/2015		1,430,000		2,122,279		2,194,831			(72,552	)
British pound	Sell	Morgan Stanley		5/18/2015		3,700,000		5,418,828		5,678,934			(260,106	)
British pound	Sell	UBS AG		5/18/2015		8,225,000		12,510,842		12,624,117			(113,275	)
British pound	Sell	UBS AG		5/18/2015		38,400,000		57,911,232		58,938,125			(1,026,893	)
Canadian dollar	Sell	Bank of America		6/17/2015		15,400,000		12,579,592		12,756,019			(176,427	)
Canadian dollar	Sell	Citibank		5/22/2015		4,700,000		3,710,770		3,894,444			(183,674	)
Canadian dollar	Sell	Citibank		5/22/2015		9,590,000		7,581,339		7,946,323			(364,984	)
Canadian dollar	Sell	Goldman Sachs		5/22/2015		4,845,000		3,880,501		4,014,592			(134,091	)
Canadian dollar	Sell	J.P. Morgan		5/22/2015		4,940,000		3,860,531		4,093,309			(232,778	)
Canadian dollar	Sell	J.P. Morgan		5/22/2015		3,600,000		2,815,660		2,982,978			(167,318	)
Canadian dollar	Sell	J.P. Morgan		5/22/2015		11,200,000		8,914,320		9,280,377			(366,057	)
Canadian dollar	Sell	J.P. Morgan		5/22/2015		6,000,000		4,774,331		4,971,631			(197,300	)
Canadian dollar	Sell	J.P. Morgan		5/22/2015		2,205,000		1,815,364		1,827,074			(11,710	)
Canadian dollar	Sell	J.P. Morgan		5/22/2015		8,630,000		6,779,129		7,150,862			(371,733	)
Canadian dollar	Sell	J.P. Morgan		6/17/2015		14,126,000		11,653,371		11,700,748			(47,377	)
Canadian dollar	Sell	J.P. Morgan		6/17/2015		23,000,000		18,928,999		19,051,197			(122,198	)
Canadian dollar	Sell	Morgan Stanley		5/22/2015		5,000,000		3,995,507		4,143,026			(147,519	)
Canadian dollar	Sell	Morgan Stanley		6/17/2015		8,400,000		6,856,005		6,957,828			(101,823	)
Canadian dollar	Sell	Morgan Stanley		6/17/2015		10,200,000		8,401,329		8,448,792			(47,463	)
Canadian dollar	Sell	Morgan Stanley		6/17/2015		4,000,000		3,268,127		3,313,252			(45,125	)
euro	Sell	Goldman Sachs		6/10/2015		78,200,000		83,567,022		87,847,851			(4,280,829	)
euro	Sell	J.P. Morgan		6/10/2015		5,100,000		5,405,024		5,729,208			(324,184	)
euro	Sell	J.P. Morgan		6/10/2015		11,375,000		12,233,667		12,778,380			(544,713	)
euro	Sell	J.P. Morgan		6/10/2015		11,500,000		12,481,790		12,918,802			(437,012	)
euro	Sell	J.P. Morgan		6/10/2015		6,880,000		7,529,742		7,728,813			(199,071	)
euro	Sell	Morgan Stanley		6/10/2015		1,280,000		1,382,913		1,437,919			(55,006	)
euro	Sell	Morgan Stanley		6/10/2015		16,200,000		17,264,338		18,198,660			(934,322	)
euro	Sell	Morgan Stanley		6/10/2015		4,655,000		5,227,054		5,229,306			(2,252	)
euro	Sell	Morgan Stanley		6/10/2015		8,500,000		8,995,355		9,548,679			(553,324	)
euro	Sell	Morgan Stanley		6/10/2015		6,200,000		6,660,478		6,964,919			(304,441	)
euro	Sell	Morgan Stanley		6/10/2015		4,206,240		4,606,945		4,725,181			(118,236	)
euro	Sell	Morgan Stanley		6/10/2015		11,800,000		12,963,056		13,255,814			(292,758	)
Japanese yen	Sell	Bank of America		6/22/2015		600,000,000		4,947,234		5,027,633			(80,399	)
Japanese yen	Sell	J.P. Morgan		6/22/2015		320,000,000		2,649,499		2,681,404			(31,905	)
Japanese yen	Sell	J.P. Morgan		6/22/2015		826,000,000		6,885,315		6,921,375			(36,060	)
Japanese yen	Sell	Morgan Stanley		6/22/2015		469,300,000		3,930,467		3,932,447			(1,980	)
Japanese yen	Sell	Morgan Stanley		6/22/2015		10,430,000,000		87,335,550		87,397,020			(61,470	)
Japanese yen	Sell	Morgan Stanley		6/22/2015		1,227,000,000		10,264,926		10,281,509			(16,583	)
Japanese yen	Sell	Morgan Stanley		6/22/2015		1,060,000,000		8,869,593		8,882,152			(12,559	)
New Zealand dollar	Sell	Morgan Stanley		6/5/2015		17,150,000		12,276,553		13,049,042			(772,489	)
Russian ruble	Sell	Barclays Bank plc		7/20/2015		1,030,000,000		19,216,418		19,446,159			(229,741	)
Russian ruble	Sell	Deutsche Bank AG		7/20/2015		283,000,000		5,141,715		5,342,974			(201,259	)
South Korean won	Sell	Bank of America		8/10/2015		19,200,000,000		17,503,715		17,777,098			(273,383	)
Swiss franc	Sell	Morgan Stanley		6/22/2015		21,255,000		21,942,142		22,822,461			(880,319	)
Taiwan dollar	Sell	Barclays Bank plc		6/10/2015		730,000,000		23,163,573		23,838,367			(674,794	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts												$	(19,599,382	)

34 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2015

The following is a summary of the inputs used as of April 30, 2015 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2			Level 3		Total
Investment Type(2)	(000)		(000)			(000)		(000)
Common Stocks
Australia	$	–	$	192,235		$	–	$	192,235
Belgium(3)		–		27,026			–		27,026
Canada		339,178		–			–		339,178
China		–		85,111			–		85,111
Denmark		–		38,822			–		38,822
Finland		–		30,058			–		30,058
France		65,119		134,526			–		199,645
Germany		–		194,200			–		194,200
Hong Kong		–		47,269			–		47,269
Israel		–		18,504			–		18,504
Italy		–		72,401			–		72,401
Japan		–		270,485			–		270,485
Mexico		19,074		–			–		19,074
Netherlands		68,968		38,153			–		107,121
New Zealand		–		49,154			–		49,154
Portugal		–		37,193			–		37,193
Russia		–		30,847			–		30,847
Singapore(3)		22,944		–			–		22,944
South Africa		–		12,928			–		12,928
South Korea		–		29,806			–		29,806
Spain		–		95,956			–		95,956
Sweden		–		43,638			–		43,638
Switzerland		–		83,226			–		83,226
Taiwan		–		21,234			–		21,234
Thailand(3)		7,953		–			–		7,953
Turkey		–		18,929			–		18,929
United Kingdom		45,189		521,626			–		566,815
Corporate Bond		–		24,778			–		24,778
Preferred Stock		22,080		–			–		22,080
Repurchase Agreement		–		66,657			–		66,657
Total	$	590,505	$	2,184,762		$	–	$	2,775,267
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	32,545		$	–	$	32,545
Liabilities		–		(19,599	)		–		(19,599	)
Total	$	–	$	12,946		$	–	$	12,946

(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)	The following securities were transferred during the period ended April 30, 2015.

				Valuation Method
Security	Country	Level Transfer	Transfer Amount	on 4/30/2015*
bpost SA	Belgium	from Level 1 to Level 2	$25,127,147	Adjusted Valuation
Mapletree Logistics Trust	Singapore	from Level 2 to Level 1	$25,348,228	Last sale price
Krung Thai Bank PCL	Thailand	from Level 2 to Level 1	$19,846,592	Last sale price

* See Note 2(a)

See Notes to Financial Statements. 35

Schedule of Investments (unaudited)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
LONG-TERM INVESTMENTS 94.93%
COMMON STOCKS 93.95%
Australia 5.24%
Commercial Services & Supplies 1.29%
Spotless Group Holdings Ltd.		3,840,246	$	6,901
Food Products 0.57%
Select Harvests Ltd.		430,378		3,050
Hotels, Restaurants & Leisure 1.18%
Mantra Group Ltd.		2,197,856		6,261
Multi-Utilities 0.88%
DUET Group		2,354,323		4,704
Real Estate Investment Trusts 1.32%
Charter Hall Group		1,737,992		7,021
Total Australia				27,937
Austria 0.66%
Semiconductors & Semiconductor Equipment
ams AG		64,964		3,532
Belgium 0.29%
Electric: Utilities
Elia System Operator SA		34,857		1,547
Brazil 0.19%
Multi-Line Retail
Magazine Luiza SA		602,500		1,002
Canada 5.62%
Auto Components 1.01%
Linamar Corp.		91,008		5,405
Energy Equipment & Services 0.81%
Newalta Corp.		316,735		4,313
Metals & Mining 0.54%
HudBay Minerals, Inc.		291,766		2,885

			U.S. $
			Fair Value
Investments	Shares		(000)
Oil, Gas & Consumable Fuels 2.26%
Bankers Petroleum Ltd. *		1,364,550	$	4,060
Vermilion Energy, Inc.		56,200		2,706
Whitecap Resources, Inc.		424,900		5,265
				12,031
Paper & Forest Products 1.00%
Interfor Corp. *		371,209		5,314
Total Canada				29,948
China 0.89%
Oil, Gas & Consumable Fuels 0.65%
China Suntien Green
Energy Corp., Ltd. Class H		12,862,000		3,457
Water Utilities 0.24%
CT Environmental Group Ltd.		931,681		1,305
Total China				4,762
Finland 1.27%
Leisure Product
Amer Sports OYJ		270,104		6,760
France 2.42%
Commercial Services & Supplies 1.00%
Elior Participations SCA †		283,254		5,312
Information Technology Services 1.00%
Altran Technologies SA		490,729		5,352
Life Sciences Tools & Services 0.42%
Genfit *		51,980		2,260
Total France				12,924
Germany 3.17%
Internet Software & Services 0.70%
XING AG		22,595		3,734
Life Sciences Tools & Services 0.90%
Gerresheimer AG		29,727		1,682
MorphoSys AG *		43,213		3,109
				4,791

36 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
Germany (continued)
Machinery 1.18%
Deutz AG		579,383	$	2,805
DMG MORI SEIKI AG		100,301		3,519
				6,324
Real Estate Management & Development 0.39%
Patrizia Immobilien AG *		104,743		2,063
Total Germany				16,912
Hong Kong 5.41%
Capital Markets 1.72%
Sun Hung Kai & Co., Ltd.		8,797,600		9,150
Communications Equipment 0.75%
VTech Holdings Ltd.		289,000		4,019
Diversified Telecommunication Services 0.49%
HKBN Ltd. *		2,028,079		2,622
Energy Equipment & Services 0.74%
Hilong Holding Ltd.		10,444,000		3,934
Household Durables 1.02%
Techtronic Industries Co., Ltd.		1,540,000		5,450
Machinery 0.69%
Sinotruk Hong Kong Ltd.		5,137,300		3,664
Total Hong Kong				28,839
India 3.27%
Real Estate Management & Development 1.05%
Housing Development & Infrastructure Ltd. *		1,807,389		3,347
Oberoi Realty Ltd.		530,165		2,238
				5,585
Thrifts & Mortgage Finance 2.22%
Indiabulls Housing Finance Ltd.		1,269,443		11,829
Total India				17,414

			U.S. $
			Fair Value
Investments	Shares		(000)
Indonesia 1.05%
Banks 0.75%
Bank Tabungan Negara Persero Tbk PT		46,530,804	$	3,986
Consumer Finance 0.30%
PT Clipan Finance Indonesia Tbk *		52,233,850		1,611
Total Indonesia				5,597
Ireland 1.75%
Health Care Providers & Services
UDG Healthcare plc		1,138,723		9,308
Israel 1.43%
Chemicals
Frutarom Industries Ltd.		179,379		7,628
Italy 5.19%
Banks 0.99%
Banca Popolare di Milano Scarl *		5,123,287		5,279
Beverages 1.20%
Davide Campari-Milano SpA		829,600		6,416
Capital Markets 1.58%
Anima Holding SpA *†		945,206		8,416
Textiles, Apparel & Luxury Goods 1.42%
Brunello Cucinelli SpA		122,544		2,273
Moncler SpA		298,444		5,315
				7,588
Total Italy				27,699
Japan 18.73%
Auto Components 1.21%
Toyo Tire & Rubber Co., Ltd.		338,300		6,480
Building Products 0.22%
Aica Kogyo Co., Ltd.		51,800		1,190

See Notes to Financial Statements. 37

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
Japan (continued)
Construction & Engineering 2.26%
Maeda Road Construction Co., Ltd.		408,000	$	6,724
SHO-BOND Holdings Co., Ltd.		121,200		5,343
				12,067
Diversified Financial Services 1.33%
Century Tokyo Leasing Corp.		224,500		7,089
Electronic Equipment, Instruments & Components 0.96%
Hitachi High-Technologies Corp.		176,300		5,109
Food & Staples Retailing 0.93%
Sundrug Co., Ltd.		98,800		4,958
Hotels, Restaurants & Leisure 1.27%
St. Marc Holdings Co., Ltd.		201,600		6,781
Household Durables 1.01%
Haseko Corp.		545,600		5,388
Information Technology Services 2.81%
NS Solutions Corp.		118,400		3,973
Obic Co., Ltd.		129,800		5,430
SCSK Corp.		191,100		5,580
				14,983
Machinery 1.10%
CKD Corp.		390,300		3,577
Nabtesco Corp.		82,700		2,274
				5,851
Personal Products 1.17%
Kobayashi Pharmaceutical Co., Ltd.		89,000		6,236
Professional Services 0.65%
Temp Holdings Co., Ltd.		108,900		3,449

			U.S. $
			Fair Value
Investments	Shares		(000)
Real Estate Management & Development 2.16%
Hulic Co., Ltd.		508,900	$	5,447
Takara Leben Co., Ltd.		996,000		6,072
				11,519
Software 0.33%
NSD Co., Ltd.		120,780		1,751
Specialty Retail 0.68%
Komehyo Co., Ltd.		128,400		3,625
Wireless Telecommunication Services 0.64%
Okinawa Cellular Telephone Co.		112,600		3,440
Total Japan				99,916
Luxembourg 1.27%
Real Estate Management & Development
Grand City Properties SA *		356,559		6,758
Mexico 0.20%
Real Estate Investment Trusts
Macquarie Mexico Real Estate Management SA de CV *		707,975		1,073
Netherlands 3.53%
Construction & Engineering 1.85%
Arcadis NV		311,332		9,855
Machinery 0.93%
Aalberts Industries NV		160,037		4,962
Professional Services 0.75%
USG People NV		295,235		4,009
Total Netherlands				18,826
New Zealand 1.10%
Airlines
Air New Zealand Ltd.		2,866,194		5,890

38 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
Philippines 1.94%
Banks 0.83%
Rizal Commercial Banking Corp.		4,295,080	$	4,403
Real Estate Management & Development 1.11%
Filinvest Land, Inc.		139,694,000		5,949
Total Philippines				10,352
Portugal 1.21%
Multi-Utilities
REN — Redes Energeticas Nacionais SGPS SA		2,063,430		6,459
Spain 2.55%
Food Products 1.19%
Ebro Foods SA		327,390		6,351
Real Estate Investment Trusts 1.04%
Merlin Properties Socimi SA *		405,700		5,546
Real Estate Management & Development 0.32%
Hispania Activos Inmobiliarios SAU *		119,057		1,698
Total Spain				13,595
Sweden 2.62%
Commercial Services & Supplies 1.42%
Loomis AB Class B		236,144		7,569
Consumer Finance 0.20%
Hoist Finance AB *†		134,500		1,053
Food & Staples Retailing 1.00%
Axfood AB		337,152		5,326
Total Sweden				13,948
Switzerland 3.45%
Capital Markets 0.81%
EFG International AG *		293,850		4,313

			U.S. $
			Fair Value
Investments	Shares		(000)
Commercial Services & Supplies 0.72%
Gategroup Holding AG *		109,500	$	3,838
Communications Equipment 0.57%
Ascom Holding AG Registered Shares		170,833		3,042
Household Durables 1.35%
Forbo Holding AG Registered Shares *		5,931		7,183
Total Switzerland				18,376
Taiwan 0.94%
Semiconductors & Semiconductor Equipment 0.44%
Epistar Corp.		1,514,900		2,366
Technology Hardware, Storage & Peripheral 0.50%
Casetek Holdings Ltd.		438,400		2,661
Total Taiwan				5,027
United Kingdom 17.60%
Capital Markets 2.29%
Ashmore Group plc		1,412,150		6,675
Jupiter Fund Management plc		840,928		5,537
				12,212
Chemicals 1.17%
Essentra plc		425,731		6,249
Communications Equipment 0.61%
Telit Communications plc *		914,329		3,267
Diversified Financial Services 1.55%
Arrow Global Group plc		2,070,544		8,248
Household Durables 1.18%
Berkeley Group Holdings plc		65,946		2,539
DFS Furniture plc *		879,362		3,773
				6,312
Information Technology Services 1.00%
Innovation Group plc		12,222,407		5,332

See Notes to Financial Statements. 39

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2015

			U.S. $
			Fair Value
Investments	Shares		(000)
United Kingdom (continued)
Insurance 0.27%
Just Retirement Group plc		532,724	$	1,423
Machinery 0.70%
Bodycote plc		353,300		3,721
Multi-Line Retail 2.89%
B&M European Value Retail SA		1,334,154		6,175
Debenhams plc		3,916,242		5,380
Poundland Group plc		804,316		3,867
				15,422
Oil, Gas & Consumable Fuels 0.52%
Genel Energy plc *		290,839		2,796
Professional Services 3.07%
Exova Group plc *		1,666,655		4,861
Hays plc		2,397,574		5,635
Michael Page International plc		719,920		5,865
				16,361
Software 0.31%
Tungsten Corp. plc *		614,443		1,679
Specialty Retail 0.78%
Howden Joinery Group plc		580,812		4,135
Textiles, Apparel & Luxury Goods 0.70%
Jimmy Choo plc *		1,423,571		3,737
Trading Companies & Distributors 0.56%
HSS Hire Group plc *†		990,631		2,999
Total United Kingdom				93,893
United States 0.96%
Diversified Financial Services
iShares MSCI EAFE Small-Cap ETF		99,278		5,122
Total Common Stocks (cost $449,687,376)				501,044

			U.S. $
			Fair Value
Investments	Shares		(000)
PREFERRED STOCK 0.98%
Germany
Machinery
Jungheinrich AG (cost $5,282,236)		74,104	$	5,238
Total Long-Term Investments (cost $454,969,612)				506,282
	Principal
	Amount
	(000)
SHORT-TERM INVESTMENT 3.10%
Repurchase Agreement
Repurchase Agreement dated 4/30/2015, Zero Coupon due 5/1/2015 with Fixed Income Clearing Corp. collateralized by $16,850,000 of Federal Home Loan Bank at 0.125% due 9/2/2015; value: $16,850,000; proceeds: $16,519,342 (cost $16,519,342)		$16,519		16,519
Total Investments in Securities 98.03% (cost $471,488,954)				522,801
Foreign Cash and Other Assets in Excess of Liabilities(a) 1.97%				10,530
Net Assets 100.00%			$	533,331

ETF	Exchange Traded Fund.
*	Non-income producing security.
†	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers.
(a)	Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation/depreciation on forward foreign currency exchange contracts as follows:

40 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2015

Open Forward Foreign Currency Exchange Contracts at April 30, 2015:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Australian dollar	Buy	Morgan Stanley	6/17/2015		835,000	$	646,230	$	659,182		$	12,952
Australian dollar	Buy	Morgan Stanley	6/17/2015		835,000		644,985		659,182			14,197
Australian dollar	Buy	Morgan Stanley	6/17/2015		835,000		646,745		659,182			12,437
Australian dollar	Buy	Morgan Stanley	6/17/2015		835,000		645,395		659,182			13,787
Canadian dollar	Buy	J.P. Morgan	5/22/2015		12,860,000		10,629,030		10,655,862			26,832
Canadian dollar	Buy	Morgan Stanley	5/22/2015		12,860,000		10,441,130		10,655,862			214,732
Danish krone	Buy	Deutsche Bank AG	6/10/2015		6,800,000		982,133		1,023,978			41,845
Danish krone	Buy	Deutsche Bank AG	6/10/2015		5,340,000		787,780		804,124			16,344
euro	Buy	Deutsche Bank AG	6/10/2015		1,740,000		1,887,888		1,954,671			66,783
euro	Buy	J.P. Morgan	6/10/2015		2,930,000		3,105,240		3,291,486			186,246
euro	Buy	Morgan Stanley	6/10/2015		1,130,000		1,206,638		1,269,413			62,775
euro	Buy	Morgan Stanley	6/10/2015		1,700,000		1,811,690		1,909,736			98,046
euro	Buy	Morgan Stanley	6/10/2015		2,380,000		2,672,479		2,673,630			1,151
euro	Buy	Morgan Stanley	6/10/2015		2,200,000		2,349,625		2,471,423			121,798
euro	Buy	Morgan Stanley	6/10/2015		2,000,000		2,153,958		2,246,748			92,790
Japanese yen	Buy	Morgan Stanley	6/22/2015		864,000,000		7,220,209		7,239,792			19,583
South Korean won	Buy	Bank of America	8/10/2015		13,300,000,000		12,124,969		12,314,344			189,375
South Korean won	Buy	Bank of America	8/10/2015		1,400,000,000		1,284,168		1,296,247			12,079
South Korean won	Buy	Barclays Bank plc	6/5/2015		9,465,000,000		8,582,154		8,780,086			197,932
Swiss franc	Buy	Deutsche Bank AG	7/17/2015		19,700,000		19,620,361		21,174,349			1,553,988
euro	Sell	Deutsche Bank AG	6/10/2015		12,552,552		14,167,269		14,101,212			66,057
Indian rupee	Sell	Barclays Bank plc	7/6/2015		1,096,000,000		17,358,252		17,018,634			339,618
Japanese yen	Sell	Morgan Stanley	6/22/2015		375,000,000		3,147,000		3,142,271			4,729
New Zealand dollar	Sell	Goldman Sachs	5/18/2015		4,275,000		3,274,817		3,258,417			16,400
Philippine peso	Sell	Bank of America	8/10/2015		228,500,000		5,101,927		5,098,616			3,311
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts											$	3,385,787

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Danish krone	Buy	Deutsche Bank AG	6/10/2015		93,125,000	$	14,167,269	$	14,023,222	$	(144,047	)
Danish krone	Buy	Morgan Stanley	6/10/2015		4,490,000		676,945		676,126		(819	)
euro	Buy	Barclays Bank plc	6/10/2015		850,000		963,792		954,868		(8,924	)
euro	Buy	Goldman Sachs	6/10/2015		2,680,000		3,034,588		3,010,642		(23,946	)
euro	Buy	J.P. Morgan	6/10/2015		1,790,000		2,044,165		2,010,840		(33,325	)
euro	Buy	J.P. Morgan	6/10/2015		2,402,552		2,737,456		2,698,965		(38,491	)
euro	Buy	Morgan Stanley	6/10/2015		2,140,000		2,431,241		2,404,020		(27,221	)
euro	Buy	Morgan Stanley	6/10/2015		1,720,000		1,955,767		1,932,203		(23,564	)
euro	Buy	Morgan Stanley	6/10/2015		820,000		921,731		921,167		(564	)
Indian rupee	Buy	Morgan Stanley	7/6/2015		153,000,000		2,377,881		2,375,776		(2,105	)
Japanese yen	Buy	J.P. Morgan	6/22/2015		380,000,000		3,192,489		3,184,168		(8,321	)
Australian dollar	Sell	Morgan Stanley	6/17/2015		815,000		628,923		643,393		(14,470	)
Australian dollar	Sell	Morgan Stanley	6/17/2015		900,000		682,405		710,495		(28,090	)
Australian dollar	Sell	Morgan Stanley	6/17/2015		1,625,000		1,226,737		1,282,838		(56,101	)
British pound	Sell	Deutsche Bank AG	7/27/2015		1,990,000		2,962,437		3,052,904		(90,467	)
Canadian dollar	Sell	Citibank	5/22/2015		1,740,000		1,373,774		1,441,773		(67,999	)
Canadian dollar	Sell	Goldman Sachs	5/22/2015		1,205,000		969,343		998,469		(29,126	)
Canadian dollar	Sell	J.P. Morgan	5/22/2015		1,235,000		987,877		1,023,327		(35,450	)

See Notes to Financial Statements. 41

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2015

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Canadian dollar	Sell	Morgan Stanley	5/22/2015		2,925,000	$	2,330,311	$	2,423,670	$	(93,359	)
Canadian dollar	Sell	Morgan Stanley	5/22/2015		3,950,000		3,091,264		3,272,990		(181,726	)
Canadian dollar	Sell	Morgan Stanley	5/22/2015		2,450,000		1,950,915		2,030,083		(79,168	)
Canadian dollar	Sell	UBS AG	5/22/2015		4,300,000		3,408,673		3,563,002		(154,329	)
euro	Sell	Deutsche Bank AG	6/10/2015		1,020,000		1,110,223		1,145,842		(35,619	)
euro	Sell	Goldman Sachs	6/10/2015		1,900,000		2,030,401		2,134,411		(104,010	)
euro	Sell	J.P. Morgan	6/10/2015		980,000		1,042,088		1,100,907		(58,819	)
euro	Sell	Morgan Stanley	6/10/2015		3,050,000		3,222,936		3,426,291		(203,355	)
euro	Sell	Morgan Stanley	6/10/2015		4,660,000		5,004,208		5,234,923		(230,715	)
euro	Sell	Morgan Stanley	6/10/2015		1,300,000		1,375,760		1,460,386		(84,626	)
euro	Sell	Morgan Stanley	6/10/2015		2,650,000		2,845,446		2,976,941		(131,495	)
euro	Sell	Morgan Stanley	6/10/2015		1,020,000		1,078,152		1,145,842		(67,690	)
Japanese yen	Sell	Morgan Stanley	6/22/2015		114,000,000		941,145		955,250		(14,105	)
Japanese yen	Sell	Morgan Stanley	6/22/2015		150,000,000		1,254,030		1,256,908		(2,878	)
Japanese yen	Sell	Morgan Stanley	6/22/2015		202,000,000		1,692,513		1,692,636		(123	)
Japanese yen	Sell	Morgan Stanley	6/22/2015		403,000,000		3,325,562		3,376,893		(51,331	)
Swiss franc	Sell	Morgan Stanley	7/17/2015		1,670,000		1,752,165		1,794,983		(42,818	)
Swiss franc	Sell	Morgan Stanley	7/17/2015		900,000		947,704		967,356		(19,652	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(2,188,848	)

42 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2015

The following is a summary of the inputs used as of April 30, 2015 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)	Level 1 (000)		Level 2 (000)			Level 3 (000)		Total (000)
Common Stocks
Australia(3)	$	6,261	$	21,676		$	–	$	27,937
Austria		–		3,532			–		3,532
Belgium		–		1,547			–		1,547
Brazil		1,002		–			–		1,002
Canada		29,948		–			–		29,948
China		–		4,762			–		4,762
Finland		–		6,760			–		6,760
France(3)		5,352		7,572			–		12,924
Germany		–		16,912			–		16,912
Hong Kong(3)		2,622		26,217			–		28,839
India		–		17,414			–		17,414
Indonesia(3)		–		5,597			–		5,597
Ireland		9,308		–			–		9,308
Israel		–		7,628			–		7,628
Italy(3)		2,273		25,426			–		27,699
Japan		–		99,916			–		99,916
Luxembourg(3)		–		6,758			–		6,758
Mexico		1,073		–			–		1,073
Netherlands		–		18,826			–		18,826
New Zealand		–		5,890			–		5,890
Philippines		–		10,352			–		10,352
Portugal		–		6,459			–		6,459
Spain		7,244		6,351			–		13,595
Sweden		1,053		12,895			–		13,948
Switzerland(3)		3,838		14,538			–		18,376
Taiwan		–		5,027			–		5,027
United Kingdom(3)		33,854		60,039			–		93,893
United States		5,122		–			–		5,122
Preferred Stock		–		5,238			–		5,238
Repurchase Agreement		–		16,519			–		16,519
Total	$	108,950	$	413,851		$	–	$	522,801
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	3,386		$	–	$	3,386
Liabilities		–		(2,189	)		–		(2,189	)
Total	$	–	$	1,197		$	–	$	1,197

⁽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⁾ The following securities were transferred during the period ended April 30, 2015.

Security	Country	Level Transfer	Transfer Amount		Valuation Method    on 4/30/2015*
Select Harvests Ltd.	Australia	from Level 1 to Level 2	$	2,111,224	Adjusted Valuation
Altran Technologies SA	France	from Level 2 to Level 1	$	8,172,837	Last sale price
VTech Holdings Ltd.	Hong Kong	from Level 1 to Level 2	$	2,972,417	Adjusted Valuation
PT Clipan Finance Indonesia Tbk	Indonesia	from Level 1 to Level 2	$	1,897,448	Adjusted Valuation
Brunello Cucinelli SpA	Italy	from Level 2 to Level 1	$	2,483,022	Last sale price
Grand City Properties SA	Luxembourg	from Level 1 to Level 2	$	3,913,987	Adjusted Valuation
Forbo Holding AG Registered Shares	Switzerland	from Level 1 to Level 2	$	6,128,091	Adjusted Valuation
Arrow Global Group plc	United Kingdom	from Level 2 to Level 1	$	8,452,167	Last sale price
Telit Communications plc	United Kingdom	from Level 2 to Level 1	$	3,473,352	Last sale price
Tungsten Corp. plc	United Kingdom	from Level 2 to Level 1	$	2,950,617	Last sale price
* See Note 2(a)

See Notes to Financial Statements. 43

Schedule of Investments (unaudited)

VALUE OPPORTUNITIES FUND April 30, 2015

Investments	Shares		Fair Value (000)
COMMON STOCKS 100.31%
Banks 9.37%
Bank of Hawaii Corp.	515,300	$	31,119
Citizens Financial Group, Inc.	1,386,611		36,121
East West Bancorp, Inc.	1,313,656		53,321
First Republic Bank	527,100		30,725
PacWest Bancorp	683,200		30,812
Signature Bank*	481,411		64,553
Western Alliance Bancorp*	1,343,494		41,541
Total			288,192
Capital Markets 2.25%
Ares Management LP	1,252,484		22,682
Moelis & Co. Class A	543,700		14,707
Raymond James Financial, Inc.	562,383		31,792
Total			69,181
Commercial Services & Supplies 0.85%
KAR Auction Services, Inc.	699,880		26,043
Communications Equipment 0.88%
ARRIS Group, Inc.*	805,775		27,134
Construction & Engineering 2.11%
AECOM*	1,011,198		31,913
Jacobs Engineering Group, Inc.*	768,362		32,932
Total			64,845
Containers & Packaging 3.88%
Berry Plastics Group, Inc.*	1,220,832		41,777
Rock-Tenn Co. Class A	670,500		42,228
Sealed Air Corp.	774,200		35,304
Total			119,309
Diversified Telecommunication Services 1.09%
Zayo Group Holdings, Inc.*	1,267,316		33,647

Investments	Shares		Fair Value (000)
Electric: Utilities 2.76%
ITC Holdings Corp.	1,098,200	$	39,535
Portland General Electric Co.	1,291,200		45,399
Total			84,934
Electronic Equipment, Instruments & Components 0.90%
Amphenol Corp. Class A	500,200		27,696
Energy Equipment & Services 1.75%
Bristow Group, Inc.	413,800		25,709
Helix Energy Solutions Group, Inc.*	631,400		10,406
Helmerich & Payne, Inc.	227,900		17,769
Total			53,884
Food Products 2.36%
Bunge Ltd.	232,035		20,041
Pinnacle Foods, Inc.	1,296,751		52,583
Total			72,624
Health Care Equipment & Supplies 0.58%
Align Technology, Inc.*	303,871		17,880
Health Care Providers & Services 5.10%
Amsurg Corp.*	599,600		37,607
Community Health Systems, Inc.*	384,800		20,656
ExamWorks Group, Inc.*	846,459		34,662
HealthSouth Corp.	492,616		22,276
MEDNAX, Inc.*	470,200		33,281
Team Health Holdings, Inc.*	141,700		8,441
Total			156,923
Hotels, Restaurants & Leisure 1.48%
Bloomin’ Brands, Inc.	1,247,700		28,273
Sonic Corp.	600,200		17,196
Total			45,469
Household Durables 3.18%
Jarden Corp.*	1,215,400		62,204
Lennar Corp. Class A	778,650		35,662
Total			97,866

44 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2015

Investments	Shares		Fair Value (000)
Information Technology Services 7.99%
Acxiom Corp.*	1,660,836	$	28,998
Amdocs Ltd.	650,798		35,839
Cardtronics, Inc.*	695,800		26,253
Fidelity National Information Services, Inc.	631,636		39,471
IGATE Corp.*	736,909		35,047
MAXIMUS, Inc.	768,966		49,222
Vantiv, Inc. Class A*	787,096		30,775
Total			245,605
Insurance 6.31%
Arch Capital Group Ltd.*	631,306		38,308
Hartford Financial Services Group, Inc. (The)	856,135		34,905
HCC Insurance Holdings, Inc.	1,074,325		61,193
Markel Corp.*	46,613		34,523
RenaissanceRe Holdings Ltd.	246,391		25,253
Total			194,182
Internet Software & Services 2.13%
Akamai Technologies, Inc.*	889,496		65,627
Leisure Product 0.84%
Brunswick Corp.	514,100		25,726
Life Sciences Tools & Services 2.77%
PerkinElmer, Inc.	1,013,200		51,937
Quintiles Transnational Holdings, Inc.*	503,049		33,141
Total			85,078
Machinery 3.75%
Rexnord Corp.*	934,500		24,755
Snap-on, Inc.	269,100		40,244
WABCO Holdings, Inc.*	404,700		50,365
Total			115,364
Media 1.84%
AMC Networks, Inc. Class A*	272,600		20,565
New York Times Co. (The) Class A	2,696,964		36,112
Total			56,677

Investments	Shares		Fair Value (000)
Metals & Mining 2.60%
Allegheny Technologies, Inc.	866,800	$	29,463
Reliance Steel & Aluminum Co.	512,600		33,175
United States Steel Corp.	717,315		17,230
Total			79,868
Multi-Utilities 1.47%
CMS Energy Corp.	1,332,400		45,208
Oil, Gas & Consumable Fuels 3.32%
Carrizo Oil & Gas, Inc.*	346,400		19,305
Cimarex Energy Co.	239,203		29,757
EQT Corp.	264,700		23,807
Rice Energy, Inc.*	1,180,978		29,087
Total			101,956
Pharmaceuticals 0.76%
Prestige Brands Holdings, Inc.*	593,600		23,299
Professional Services 1.00%
Robert Half International, Inc.	555,660		30,811
Real Estate Investment Trusts 5.39%
American Campus Communities, Inc.	1,086,488		43,612
Federal Realty Investment Trust	370,700		49,551
Highwoods Properties, Inc.	805,900		34,686
Physicians Realty Trust	2,277,144		37,801
Total			165,650
Real Estate Management & Development 1.01%
Realogy Holdings Corp.*	653,826		30,998
Road & Rail 3.85%
Genesee & Wyoming, Inc. Class A*	377,100		35,051
Old Dominion Freight Line, Inc.*	296,200		21,069
Ryder System, Inc.	654,100		62,375
Total			118,495

See Notes to Financial Statements. 45

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2015

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 4.95%
Lam Research Corp.	668,991	$	50,562
Marvell Technology Group Ltd.	3,787,900		53,069
Synaptics, Inc.*	574,089		48,637
Total			152,268
Software 0.93%
Rovi Corp.*	1,542,100		28,544
Specialty Retail 4.54%
American Eagle Outfitters, Inc.	926,200		14,736
Ascena Retail Group, Inc.*	2,057,932		30,848
CST Brands, Inc.	220,200		9,184
Penske Automotive Group, Inc.	355,800		17,367
Sally Beauty Holdings, Inc.*	1,281,000		39,980
Urban Outfitters, Inc.*	688,004		27,548
Total			139,663
Textiles, Apparel & Luxury Goods 1.98%
PVH Corp.	146,299		15,120
Steven Madden Ltd.*	1,175,800		45,880
Total			61,000
Thrifts & Mortgage Finance 1.17%
Essent Group Ltd.*	1,435,505		35,816
Trading Companies & Distributors 1.63%
United Rentals, Inc.*	213,300		20,600
Watsco, Inc.	244,300		29,387
Total			49,987
Water Utilities 1.54%
American Water Works Co., Inc.	868,818		47,368
Total Common Stocks
(cost $2,370,090,793)			3,084,817

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 0.26%
Repurchase Agreement
Repurchase Agreement dated 4/30/2015, Zero Coupon due 5/1/2015 with Fixed Income Clearing Corp. collateralized by $8,260,000 of U.S. Treasury Bill at Zero Coupon due 3/31/2016; value: $8,243,480; proceeds: $8,078,685 (cost $8,078,685)	$8,079	$	8,079
Total Investments in Securities 100.57% (cost $2,378,169,478)			3,092,896
Liabilities in Excess of Other Assets (0.57)%			(17,616	)
Net Assets 100.00%		$	3,075,280

* Non-income producing security.

46 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

VALUE OPPORTUNITIES FUND April 30, 2015

The following is a summary of the inputs used as of April 30, 2015 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	$	3,084,817	$	–	$	–	$	3,084,817
Repurchase Agreement		–		8,079		–		8,079
Total	$	3,084,817	$	8,079	$	–	$	3,092,896

(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, 2015.

See Notes to Financial Statements. 47

Statements of Assets and Liabilities (unaudited)

April 30, 2015

	Alpha Strategy Fund			Fundamental Equity Fund		Growth Leaders Fund
ASSETS:
Investments in securities, at cost	$	1,116,957,174		$	3,825,483,034	$	1,508,338,799
Investments in securities, at fair value	$	1,311,002,907		$	4,386,496,358	$	1,568,109,758
Segregated cash held at custodian		–			–		–
Foreign cash, at value (cost $0, $0, $0, $511,420, $2,032,260, $7,974,290 and $0, respectively)		–			–		–
Receivables:
Investment securities sold		–			96,625,166		135,770,269
Interest and dividends		–			4,123,218		420,358
Capital shares sold		6,413,062			1,133,012		8,237,614
From advisor (See Note 3)		–			–		163,307
From affiliates (See Note 3)		237,905			–		–
Unrealized appreciation on forward foreign currency exchange contracts		–			–		–
Prepaid expenses and other assets		64,889			104,368		27,794
Total assets		1,317,718,763			4,488,482,122		1,712,729,100
LIABILITIES:
Payables:
Investment securities purchased		270,608			86,462,121		115,421,643
Capital shares reacquired		2,712,450			30,038,770		2,292,011
12b-1 distribution fees		525,050			1,732,638		543,817
Management fee		–			1,922,258		730,802
Trustees’ fees		122,810			749,973		59,474
Fund administration		–			147,534		53,149
To affiliates (See Note 3)		–			9,630		9,729
Unrealized depreciation on forward foreign currency exchange contracts		–			–		–
Accrued expenses		339,082			1,624,628		233,186
Total liabilities		3,970,000			122,687,552		119,343,811
NET ASSETS	$	1,313,748,763		$	4,365,794,570	$	1,593,385,289
COMPOSITION OF NET ASSETS:
Paid-in capital	$	972,467,349		$	3,542,661,146	$	1,481,153,681
Undistributed (distributions in excess of) net investment income		(19,216,234	)		10,187,003		(847,872	)
Accumulated net realized gain (loss) on investments and foreign currency related transactions		166,451,915			251,933,097		53,308,521
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies		194,045,733			561,013,324		59,770,959
Net Assets	$	1,313,748,763		$	4,365,794,570	$	1,593,385,289

48 See Notes to Financial Statements.

International Core Equity Fund			International Dividend Income Fund			International Opportunities Fund		Value Opportunities Fund
$	554,342,944		$	2,677,549,406		$	471,488,954	$	2,378,169,478
$	601,509,401		$	2,775,267,224		$	522,801,435	$	3,092,895,607
	560,000			1,600,000			680,000		–
	512,573			2,043,884			8,083,007		–
	8,061,272			11,826,043			687,644		21,377,395
	2,977,753			11,161,241			1,149,627		768,268
	530,268			3,952,042			3,294,156		2,434,643
	89,617			86,523			–		–
	–			–			–		–
	3,141,431			32,545,007			3,385,787		–
	51,904			71,691			48,016		145,398
	617,434,219			2,838,553,655			540,129,672		3,117,621,311
	8,064,998			35,848,441			3,329,528		29,667,511
	715,613			2,973,754			594,623		8,375,213
	131,240			426,526			68,543		1,036,893
	345,543			1,469,112			313,060		1,781,199
	137,725			160,257			63,157		344,422
	19,745			89,722			16,697		102,025
	7,728			144,510			52,209		53,714
	2,301,081			19,599,382			2,188,848		–
	303,131			569,307			171,937		979,879
	12,026,804			61,281,011			6,798,602		42,340,856
$	605,407,415		$	2,777,272,644		$	533,331,070	$	3,075,280,455
$	758,546,670		$	2,716,913,651		$	471,154,472	$	2,276,072,542
	2,849,958			2,846,516			185,300		(1,915,418	)
	(203,982,931	)		(53,231,718	)		9,377,734		86,397,202
	47,993,718			110,744,195			52,613,564		714,726,129
$	605,407,415		$	2,777,272,644		$	533,331,070	$	3,075,280,455

See Notes to Financial Statements. 49

Statements of Assets and Liabilities (unaudited)(concluded)

April 30, 2015

	Alpha Strategy Fund		Fundamental Equity Fund		Growth Leaders Fund
Net assets by class:
Class A Shares	$	606,421,970	$	2,310,937,113	$	605,908,039
Class B Shares	$	13,250,907	$	36,487,129	$	5,339,405
Class C Shares	$	332,566,036	$	836,822,229	$	311,890,327
Class F Shares	$	275,496,377	$	575,186,866	$	572,920,791
Class I Shares	$	45,543,585	$	322,602,864	$	84,732,919
Class P Shares		–	$	17,289,846		–
Class R2 Shares	$	3,599,017	$	14,540,674	$	452,413
Class R3 Shares	$	36,870,871	$	251,927,849	$	12,141,395
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		19,549,931		170,932,546		26,718,820
Class B Shares		466,724		2,926,850		239,473
Class C Shares		11,858,988		67,631,869		14,131,481
Class F Shares		8,864,467		42,875,283		25,133,667
Class I Shares		1,449,932		23,740,582		3,706,498
Class P Shares		–		1,298,746		–
Class R2 Shares		118,322		1,095,834		19,903
Class R3 Shares		1,206,820		18,900,534		537,112
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares–Net asset value		$31.02		$13.52		$22.68
Class A Shares–Maximum offering price (Net asset value plus sales charge of 5.75%)		$32.91		$14.34		$24.06
Class B Shares–Net asset value		$28.39		$12.47		$22.30
Class C Shares–Net asset value		$28.04		$12.37		$22.07
Class F Shares–Net asset value		$31.08		$13.42		$22.79
Class I Shares–Net asset value		$31.41		$13.59		$22.86
Class P Shares–Net asset value		–		$13.31		–
Class R2 Shares–Net asset value		$30.42		$13.27		$22.73
Class R3 Shares–Net asset value		$30.55		$13.33		$22.60

50 See Notes to Financial Statements.

International Core Equity Fund		International Dividend Income Fund		International Opportunities Fund		Value Opportunities Fund
$	376,091,358	$	1,016,908,057	$	136,821,509	$	1,242,603,270
$	8,815,751		–	$	3,610,240	$	15,815,107
$	48,014,709	$	189,093,055	$	24,692,764	$	394,760,649
$	83,858,022	$	320,492,965	$	47,325,286	$	602,538,838
$	66,901,088	$	1,235,726,771	$	312,573,144	$	629,927,387
$	114,430		–	$	577,700	$	49,016,406
$	970,755	$	1,326,319	$	308,235	$	9,518,759
$	20,641,302	$	13,725,477	$	7,422,192	$	131,100,039
	27,593,073		122,164,286		7,758,463		61,615,161
	652,259		–		215,270		843,745
	3,560,869		22,921,939		1,490,322		21,061,521
	6,199,842		38,432,011		2,706,252		29,471,642
	4,879,508		147,846,730		17,306,913		30,347,344
	8,387		–		32,237		2,454,063
	71,424		156,247		17,651		483,159
	1,536,548		1,633,614		427,393		6,616,044
	$13.63		$8.32		$17.64		$20.17
	$14.46		$8.83		$18.72		$21.40
	$13.52		–		$16.77		$18.74
	$13.48		$8.25		$16.57		$18.74
	$13.53		$8.34		$17.49		$20.44
	$13.71		$8.36		$18.06		$20.76
	$13.64		–		$17.92		$19.97
	$13.59		$8.49		$17.46		$19.70
	$13.43		$8.40		$17.37		$19.82

See Notes to Financial Statements. 51

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2015

	Alpha Strategy Fund			Fundamental Equity Fund			Growth Leaders Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $0, $0, $751,422, $4,450,674, $283,091 and $18,414, respectively)	$	4,270,184		$	47,959,156		$	6,153,876
Interest and other		–			12,987			808
Total investment income		4,270,184			47,972,143			6,154,684
Expenses:
Management fee		643,316			12,431,997			3,994,216
12b-1 distribution plan–Class A		735,559			3,096,805			688,629
12b-1 distribution plan–Class B		75,851			207,409			28,934
12b-1 distribution plan–Class C		1,601,157			4,510,961			1,358,003
12b-1 distribution plan–Class F		134,415			337,528			265,791
12b-1 distribution plan–Class P		–			42,037			–
12b-1 distribution plan–Class R2		10,892			48,024			1,364
12b-1 distribution plan–Class R3		90,520			677,127			27,336
Shareholder servicing		905,905			3,311,074			723,918
Professional		18,330			35,291			25,532
Reports to shareholders		65,454			230,302			50,753
Fund administration		–			956,872			290,488
Custody		9,618			40,009			14,480
Trustees’ fees		18,982			76,360			20,126
Registration		63,356			86,856			82,701
Subsidy (See Note 3)		–			48,046			48,429
Other		64,099			220,314			54,720
Gross expenses		4,437,454			26,357,012			7,675,420
Expense reductions (See Note 9)		(550	)		(2,130	)		(631	)
Expenses assumed by Underlying Funds (See Note 3)		(1,145,194	)		–			–
Management fee waived (See Note 3)		(643,316	)		–			(947,405	)
Shareholder servicing reimbursed-Class F		–			–			–
Shareholder servicing reimbursed-Class I		–			–			–
Net expenses		2,648,394			26,354,882			6,727,384
Net investment income (loss)		1,621,790			21,617,261			(572,700	)
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds		162,371,628			–			–
Net realized gain (loss) on investments (net of foreign capital gains tax of $0, $0, $0, $40,708, $74,685, $134,396 and $0, respectively)		12,560,353			267,114,692			74,707,762
Net realized gain (loss) on foreign currency related transactions		–			–			–
Net change in unrealized appreciation/depreciation on investments		(92,876,300	)		(157,939,015	)		(21,721,632	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		–			–			–
Net realized and unrealized gain		82,055,681			109,175,677			52,986,130
Net Increase in Net Assets Resulting From Operations	$	83,677,471		$	130,792,938		$	52,413,430

52 See Notes to Financial Statements.

International Core Equity Fund			International Dividend Income Fund			International Opportunities Fund			Value Opportunities Fund
$	7,490,768		$	48,999,743		$	3,913,815		$	19,768,009
	–			1,015,867			–			4,812
	7,490,768			50,015,610			3,913,815			19,772,821
	2,039,466			8,292,147			1,777,410			10,682,117
	567,926			1,514,370			142,921			1,590,769
	48,825			–			18,429			88,013
	227,457			914,393			105,875			1,992,295
	40,443			153,202			19,206			269,279
	288			–			1,453			109,102
	2,893			3,792			708			29,794
	48,269			29,926			15,277			330,193
	558,854			1,083,467			210,865			2,053,891
	32,739			32,862			32,864			31,821
	47,156			81,602			16,614			141,338
	116,541			503,221			94,795			611,587
	121,560			407,328			101,040			26,480
	8,981			37,036			7,062			46,088
	48,394			86,649			45,690			73,704
	38,374			642,978			258,432			264,956
	51,955			91,510			22,370			126,957
	4,000,121			13,874,483			2,871,011			18,468,384
	(228	)		(746	)		(80	)		(1,247	)
	–			–			–			–
	(721,448	)		(1,137,699	)		–			–
	(13,870	)		(31,493	)		–			–
	(10,498	)		(105,506	)		–			–
	3,254,077			12,599,039			2,870,931			18,467,137
	4,236,691			37,416,571			1,042,884			1,305,684
	–			–			–			–
	(23,997	)		(26,911,592	)		14,177,995			87,441,256
	(3,391,710	)		12,110,595			(4,072,087	)		–
	17,765,640			54,082,314			47,227,201			114,889,372
	783,416			(9,892,680	)		2,851,396			–
	15,133,349			29,388,637			60,184,505			202,330,628
$	19,370,040		$	66,805,208		$	61,227,389		$	203,636,312

See Notes to Financial Statements. 53

Statements of Changes in Net Assets

		Alpha Strategy Fund
	For the Six Months				For the
	Ended April 30, 2015				Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)				October 31, 2014
Operations:
Net investment income (loss)		$	1,621,790			$	(1,305,470	)
Capital gain distributions received from Underlying Funds			162,371,628				154,541,730
Net realized gain on investments			12,560,353				8,706,212
Net change in unrealized appreciation/depreciation on investments			(92,876,300	)			(85,215,053	)
Net increase in net assets resulting from operations			83,677,471				76,727,419
Distributions to shareholders from:
Net investment income
Class A			(8,735,703	)			(22,621,066	)
Class B			(110,177	)			(781,984	)
Class C			(2,903,994	)			(10,866,042	)
Class F			(4,375,758	)			(8,279,754	)
Class I			(876,848	)			(1,866,385	)
Class P			–				–
Class R2			(45,570	)			(101,979	)
Class R3			(463,657	)			(1,306,745	)
Net realized gain
Class A			(53,231,567	)			(19,636,123	)
Class B			(1,575,772	)			(827,561	)
Class C			(31,532,792	)			(11,101,894	)
Class F			(23,981,277	)			(6,954,422	)
Class I			(4,551,420	)			(1,536,193	)
Class P			–				–
Class R2			(337,467	)			(96,738	)
Class R3			(3,355,770	)			(1,208,674	)
Total distributions to shareholders			(136,077,772	)			(87,185,560	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares			149,431,562				352,357,950
Reinvestment of distributions			113,655,108				72,427,203
Cost of shares reacquired			(179,097,460	)			(297,203,605	)
Net increase (decrease) in net assets resulting from capital share transactions			83,989,210				127,581,548
Net increase (decrease) in net assets			31,588,909				117,123,407
NET ASSETS:
Beginning of period		$	1,282,159,854			$	1,165,036,447
End of period		$	1,313,748,763			$	1,282,159,854
Undistributed (distributions in excess of) net investment income		$	(19,216,234	)		$	(3,326,317	)

54 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, 2015			Year Ended			Ended April 30, 2015			Year Ended
(unaudited)			October 31, 2014			(unaudited)			October 31, 2014
$	21,617,261		$	21,085,349		$	(572,700	)	$	(415,821	)
	–			–			–			–
	267,114,692			898,006,158			74,707,762			55,788,492
	(157,939,015	)		(290,878,798	)		(21,721,632	)		58,450,935
	130,792,938			628,212,709			52,413,430			113,823,606
	(16,981,478	)		(7,924,144	)		–			–
	–			–			–			–
	(273,945	)		–			–			–
	(6,894,688	)		(3,576,864	)		–			–
	(4,367,437	)		(3,123,996	)		–			–
	(105,867	)		(35,677	)		–			–
	(34,584	)		(2,679	)		–			–
	(1,383,142	)		(396,978	)		–			–
	(456,064,578	)		(453,760,571	)		(28,085,049	)		(13,166,895	)
	(8,388,211	)		(9,817,310	)		(357,210	)		(515,769	)
	(180,777,593	)		(161,178,500	)		(13,786,944	)		(4,901,914	)
	(131,065,272	)		(108,046,097	)		(27,241,459	)		(7,704,589	)
	(74,720,912	)		(79,526,478	)		(3,976,895	)		(3,280,397	)
	(3,676,969	)		(4,004,231	)		–			–
	(2,913,506	)		(3,758,156	)		(24,630	)		(2,801	)
	(50,977,599	)		(49,141,629	)		(573,767	)		(541,921	)
	(938,625,781	)		(884,293,310	)		(74,045,954	)		(30,114,286	)
	284,942,694			991,547,006			449,379,399			1,180,087,087
	843,553,452			778,816,758			63,024,580			26,466,991
	(1,259,061,543	)		(1,939,026,230	)		(217,676,403	)		(403,953,739	)
	(130,565,397	)		(168,662,466	)		294,727,576			802,600,339
	(938,398,240	)		(424,743,067	)		273,095,052			886,309,659
$	5,304,192,810		$	5,728,935,877		$	1,320,290,237		$	433,980,578
$	4,365,794,570		$	5,304,192,810		$	1,593,385,289		$	1,320,290,237
$	10,187,003		$	18,610,883		$	(847,872	)	$	(275,172	)

See Notes to Financial Statements. 55

Statements of Changes in Net Assets (continued)

	International Core Equity Fund
	For the Six Months				For the
	Ended April 30, 2015				Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)				October 31, 2014
Operations:
Net investment income		$	4,236,691			$	8,811,114
Net realized gain (loss) on investments and foreign currency related transactions			(3,415,707	)			90,907,956
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			18,549,056				(114,258,116	)
Net increase (decrease) in net assets resulting from operations			19,370,040				(14,539,046	)
Distributions to shareholders from:
Net investment income
Class A			(4,064,820	)			(8,189,914	)
Class B			(24,995	)			(190,774	)
Class C			(194,225	)			(740,053	)
Class F			(1,155,547	)			(3,005,898	)
Class I			(882,163	)			(3,461,213	)
Class P			(1,034	)			(4,907	)
Class R2			(8,563	)			(14,821	)
Class R3			(196,637	)			(348,924	)
Net realized gain
Class A			–				–
Class B			–				–
Class C			–				–
Class F			–				–
Class I			–				–
Class P			–				–
Class R2			–				–
Class R3			–				–
Total distributions to shareholders			(6,527,984	)			(15,956,504	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares			60,204,968				113,762,329
Reinvestment of distributions			6,119,886				14,531,792
Cost of shares reacquired			(98,102,836	)			(304,443,916	)
Net increase (decrease) in net assets resulting from capital share transactions			(31,777,982	)			(176,149,795	)
Net increase (decrease) in net assets			(18,935,926	)			(206,645,345	)
NET ASSETS:
Beginning of period		$	624,343,341			$	830,988,686
End of period		$	605,407,415			$	624,343,341
Undistributed (distributions in excess of) net investment income		$	2,849,958			$	5,141,251

56 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, 2015			Year Ended			Ended April 30, 2015			Year Ended
(unaudited)			October 31, 2014			(unaudited)			October 31, 2014
$	37,416,571		$	104,267,223		$	1,042,884		$	3,646,417
	(14,800,997	)		141,909,201			10,105,908			50,348,628
	44,189,634			(239,215,862	)		50,078,597			(68,525,845	)
	66,805,208			6,960,562			61,227,389			(14,530,800	)
	(12,332,271	)		(44,162,352	)		(1,283,985	)		(1,311,959	)
	–			–			(10,356	)		(38,338	)
	(1,763,487	)		(6,919,145	)		(105,237	)		(154,276	)
	(4,273,609	)		(13,058,313	)		(479,849	)		(363,209	)
	(15,976,013	)		(51,814,615	)		(4,017,988	)		(4,058,585	)
	–			–			(8,332	)		(10,936	)
	(14,192	)		(47,410	)		(1,661	)		(2,404	)
	(149,003	)		(395,120	)		(57,901	)		(63,608	)
	(55,166,901	)		–			(3,368,956	)		–
	–			–			(120,077	)		–
	(10,838,979	)		–			(665,488	)		–
	(17,750,095	)		–			(1,070,981	)		–
	(56,954,417	)		–			(8,248,533	)		–
	–			–			(25,750	)		–
	(70,138	)		–			(5,933	)		–
	(656,902	)		–			(181,392	)		–
	(175,946,007	)		(116,396,955	)		(19,652,419	)		(6,003,315	)
	721,101,256			1,108,630,618			68,962,343			182,628,755
	167,821,274			108,737,747			18,576,765			5,690,880
	(492,811,762	)		(955,945,630	)		(64,947,260	)		(108,073,583	)
	396,110,768			261,422,735			22,591,848			80,246,052
	286,969,969			151,986,342			64,166,818			59,711,937
$	2,490,302,675		$	2,338,316,333		$	469,164,252		$	409,452,315
$	2,777,272,644		$	2,490,302,675		$	533,331,070		$	469,164,252
$	2,846,516		$	(61,480	)	$	185,300		$	5,107,725

See Notes to Financial Statements. 57

Statements of Changes in Net Assets (concluded)

	Value Opportunities Fund
	For the Six Months				For the
	Ended April 30, 2015				Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)				October 31, 2014
Operations:
Net investment income (loss)		$	1,305,684			$	(3,849,643	)
Net realized gain on investments			87,441,256				411,754,614
Net change in unrealized appreciation/depreciation on investments			114,889,372				(84,214,459	)
Net increase in net assets resulting from operations			203,636,312				323,690,512
Distributions to shareholders from:
Net realized gain
Class A			(171,704,074	)			(121,752,407	)
Class B			(2,623,841	)			(2,291,824	)
Class C			(56,594,543	)			(37,287,982	)
Class F			(71,282,706	)			(40,521,094	)
Class I			(81,746,674	)			(58,885,306	)
Class P			(6,509,608	)			(4,796,664	)
Class R2			(1,387,879	)			(1,239,744	)
Class R3			(17,717,532	)			(11,829,334	)
Total distributions to shareholders			(409,566,857	)			(278,604,355	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares			284,166,218				654,454,079
Reinvestment of distributions			382,317,159				258,105,337
Cost of shares reacquired			(516,462,751	)			(954,783,580	)
Net increase (decrease) in net assets resulting from capital share transactions			150,020,626				(42,224,164	)
Net increase (decrease) in net assets			(55,909,919	)			2,861,993
NET ASSETS:
Beginning of period		$	3,131,190,374			$	3,128,328,381
End of period		$	3,075,280,455			$	3,131,190,374
Accumulated net investment loss		$	(1,915,418	)		$	(3,221,102	)

58 See Notes to Financial Statements.

Financial Highlights

ALPHA STRATEGY FUND

	Class A Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$32.40			$32.63			$24.71			$22.72			$21.93			$17.24
Investment operations:
Net investment income (loss)(a)		.07			.02			.09			(.01	)		(.02	)		(.03	)
Net realized and unrealized gain		1.96			2.16			8.92			2.07			.81			4.74
Total from investment operations		2.03			2.18			9.01			2.06			.79			4.71
Distributions to shareholders from:
Net investment income		(.48	)		(1.29	)		(.04	)		–			–			(.02	)
Net realized gain		(2.93	)		(1.12	)		(1.05	)		(.07	)		–			–
Total distributions		(3.41	)		(2.41	)		(1.09	)		(.07	)		–			(.02	)
Net asset value, end of period		$31.02			$32.40			$32.63			$24.71			$22.72			$21.93
Total Return(b)		6.77	%(c)		6.89	%		37.98	%		9.12	%		3.60	%		27.36	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.12	%(c)		.25	%		.25	%		.25	%		.28	%		.35	%
Expenses, including expense reductions, expenses assumed and management fee waived		.12	%(c)		.25	%		.25	%		.25	%		.28	%		.35	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.26	%(c)		.53	%		.54	%		.57	%		.60	%		.70	%
Net investment income (loss)		.22	%(c)		.07	%		.33	%		(.05	)%		(.10	)%		(.16	)%
Supplemental Data:
Net assets, end of period (000)	$606,422			$586,429			$567,124			$421,927			$432,698			$404,804
Portfolio turnover rate		6.17	%(c)		5.42	%		8.12	%		3.84	%		6.78	%		1.16	%

*	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 B Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$29.77			$30.16			$23.05			$21.36			$20.76			$16.41
Investment operations:
Net investment loss(a)		(.04	)		(.19	)		(.09	)		(.17	)		(.18	)		(.15	)
Net realized and unrealized gain		1.80			1.98			8.25			1.93			.78			4.50
Total from investment operations		1.76			1.79			8.16			1.76			.60			4.35
Distributions to shareholders from:
Net investment income		(.21	)		(1.06	)		–			–			–			–
Net realized gain		(2.93	)		(1.12	)		(1.05	)		(.07	)		–			–
Total distributions		(3.14	)		(2.18	)		(1.05	)		(.07	)		–			–
Net asset value, end of period		$28.39			$29.77			$30.16			$23.05			$21.36			$20.76
Total Return(b)		6.37	%(c)		6.09	%		36.93	%		8.29	%		2.89	%		26.51	%
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)		1.28	%		1.29	%		1.32	%		1.32	%		1.35	%
Net investment loss		(.13	)%(c)		(.65	)%		(.36	)%		(.78	)%		(.79	)%		(.79	)%
Supplemental Data:
Net assets, end of period (000)	$13,251			$16,870			$22,883			$21,776			$26,877			$33,394
Portfolio turnover rate		6.17	%(c)		5.42	%		8.12	%		3.84	%		6.78	%		1.16	%

*	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.

60 See Notes to Financial Statements.

Financial Highlights (continued)

ALPHA STRATEGY FUND

	Class C Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$29.51			$29.95			$22.89			$21.21			$20.61			$16.29
Investment operations:
Net investment loss(a)		(.04	)		(.20	)		(.10	)		(.18	)		(.18	)		(.15	)
Net realized and unrealized gain		1.77			1.98			8.21			1.93			.78			4.47
Total from investment operations		1.73			1.78			8.11			1.75			.60			4.32
Distributions to shareholders from:
Net investment income		(.27	)		(1.10	)		–			–			–			–
Net realized gain		(2.93	)		(1.12	)		(1.05	)		(.07	)		–			–
Total distributions		(3.20	)		(2.22	)		(1.05	)		(.07	)		–			–
Net asset value, end of period		$28.04			$29.51			$29.95			$22.89			$21.21			$20.61
Total Return(b)		6.35	%(c)		6.09	%		36.97	%		8.30	%		2.91	%		26.52	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.49	%(c)		1.00	%		.99	%		.99	%		.99	%		1.00	%
Expenses, including expense reductions, expenses assumed and management fee waived		.49	%(c)		1.00	%		.99	%		.99	%		.99	%		1.00	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.63	%(c)		1.27	%		1.28	%		1.31	%		1.31	%		1.35	%
Net investment loss		(.16	)%(c)		(.68	)%		(.40	)%		(.79	)%		(.80	)%		(.81	)%
Supplemental Data:
Net assets, end of period (000)	$332,566			$318,668			$294,780			$223,165			$223,295			$208,051
Portfolio turnover rate		6.17	%(c)		5.42	%		8.12	%		3.84	%		6.78	%		1.16	%

*	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. 61

Financial Highlights (continued)

ALPHA STRATEGY FUND

	Class F Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$32.49			$32.71			$24.77			$22.74			$21.91			$17.22
Investment operations:
Net investment income (loss)(a)		.09			.06			.14			.03			.02			–	(b)
Net realized and unrealized gain		1.97			2.17			8.93			2.07			.81			4.76
Total from investment operations		2.06			2.23			9.07			2.10			.83			4.76
Distributions to shareholders from:
Net investment income		(.54	)		(1.33	)		(.08	)		–			–			(.07	)
Net realized gain		(2.93	)		(1.12	)		(1.05	)		(.07	)		–			–
Total distributions		(3.47	)		(2.45	)		(1.13	)		(.07	)		–			(.07	)
Net asset value, end of period		$31.08			$32.49			$32.71			$24.77			$22.74			$21.91
Total Return(c)		6.84	%(d)		7.05	%		38.19	%		9.28	%		3.79	%		27.67	%
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		.19	%(d)		.38	%		.39	%		.42	%		.42	%		.44	%
Net investment income (loss)		.28	%(d)		.20	%		.49	%		.12	%		.08	%		(.01	)%
Supplemental Data:
Net assets, end of period (000)	$275,496			$267,679			$197,939			$140,860			$142,150			$120,316
Portfolio turnover rate		6.17	%(d)		5.42	%		8.12	%		3.84	%		6.78	%		1.16	%

*	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 (continued)

ALPHA STRATEGY FUND

	Class I Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$32.81			$33.01			$24.99			$22.92		$	22.06		$	17.33
Investment operations:
Net investment income(a)		.05			.10			.17			.06			.05			.04
Net realized and unrealized gain		2.05			2.18			9.01			2.08			.81			4.77
Total from investment operations		2.10			2.28			9.18			2.14			.86			4.81
Distributions to shareholders from:
Net investment income		(.57	)		(1.36	)		(.11	)		–			–			(.08	)
Net realized gain		(2.93	)		(1.12	)		(1.05	)		(.07	)		–			–
Total distributions		(3.50	)		(2.48	)		(1.16	)		(.07	)		–			(.08	)
Net asset value, end of period		$31.41			$32.81			$33.01			$24.99		$	22.92		$	22.06
Total Return(b)		6.90	%(c)		7.14	%		38.32	%		9.39	%		3.90	%		27.80	%
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		.14	%(c)		.28	%		.29	%		.32	%		.32	%		.35	%
Net investment income		.17	%(c)		.31	%		.60	%		.24	%		.20	%		.18	%
Supplemental Data:
Net assets, end of period (000)	$45,544			$52,339			$44,998			$18,677			$	26,906		$	25,426
Portfolio turnover rate		6.17	%(c)		5.42	%		8.12	%		3.84	%		6.78	%		1.16	%

*	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 (continued)

ALPHA STRATEGY FUND

	Class R2 Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$31.81			$32.07			$24.35			$22.47			$21.76			$17.13
Investment operations:
Net investment income (loss)(a)		.02			(.09	)		.04			(.09	)		(.09	)		(.09	)
Net realized and unrealized gain		1.92			2.13			8.73			2.04			.80			4.72
Total from investment operations		1.94			2.04			8.77			1.95			.71			4.63
Distributions to shareholders from:
Net investment income		(.40	)		(1.18	)		–			–			–			–
Net realized gain		(2.93	)		(1.12	)		(1.05	)		(.07	)		–			–
Total distributions		(3.33	)		(2.30	)		(1.05	)		(.07	)		–			–
Net asset value, end of period		$30.42			$31.81			$32.07			$24.35			$22.47			$21.76
Total Return(b)		6.57	%(c)		6.55	%		37.49	%		8.73	%		3.26	%		27.03	%
Ratios to Average Net Assets:*
Expenses, excluding expense reductions and including expenses assumed and management fee waived		.30	%(c)		.60	%		.60	%		.60	%		.60	%		.60	%
Expenses, including expense reductions, expenses assumed and management fee waived		.30	%(c)		.60	%		.60	%		.60	%		.60	%		.60	%
Expenses, excluding expense reductions, expenses assumed and management fee waived		.44	%(c)		.88	%		.89	%		.92	%		.92	%		.94	%
Net investment income (loss)		.05	%(c)		(.30	)%		.14	%		(.39	)%		(.39	)%		(.44	)%
Supplemental Data:
Net assets, end of period (000)	$3,599			$3,479			$2,738			$2,982			$3,373			$3,437
Portfolio turnover rate		6.17	%(c)		5.42	%		8.12	%		3.84	%		6.78	%		1.16	%

*	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.

64 See Notes to Financial Statements.

Financial Highlights (concluded)

ALPHA STRATEGY FUND

	Class R3 Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$31.93			$32.18			$24.41			$22.50			$21.76			$17.12
Investment operations:
Net investment income (loss)(a)		.04			(.05	)		.04			(.07	)		(.07	)		(.08	)
Net realized and unrealized gain		1.92			2.13			8.78			2.05			.81			4.73
Total from investment operations		1.96			2.08			8.82			1.98			.74			4.65
Distributions to shareholders from:
Net investment income		(.41	)		(1.21	)		–			–			–			(.01	)
Net realized gain		(2.93	)		(1.12	)		(1.05	)		(.07	)		–			–
Total distributions		(3.34	)		(2.33	)		(1.05	)		(.07	)		–			(.01	)
Net asset value, end of period		$30.55			$31.93			$32.18			$24.41			$22.50			$21.76
Total Return(b)		6.64	%(c)		6.62	%		37.60	%		8.85	%		3.40	%		27.18	%
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)		.78	%		.79	%		.82	%		.82	%		.84	%
Net investment income (loss)		.12	%(c)		(.15	)%		.13	%		(.30	)%		(.31	)%		(.39	)%
Supplemental Data:
Net assets, end of period (000)	$36,871			$36,695			$34,574			$29,663			$26,924			$22,941
Portfolio turnover rate		6.17	%(c)		5.42	%		8.12	%		3.84	%		6.78	%		1.16	%

*	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. 65

Financial Highlights

FUNDAMENTAL EQUITY FUND

		Class A Shares
		Six Months
		Ended
		4/30/2015			Year Ended 10/31
		(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period			$16.00			$16.83			$13.08			$12.51			$11.89			$ 9.99
Investment operations:
Net investment income(a)			.07			.07			.07			.09			.02			.04
Net realized and unrealized gain			.32			1.67			3.92			.77			.64			1.86
Total from investment operations			.39			1.74			3.99			.86			.66			1.90
Distributions to shareholders from:
Net investment income			(.10	)		(.04	)		(.09	)		(.02	)		(.04	)		–	(b)
Net realized gain			(2.77	)		(2.53	)		(.15	)		(.27	)		–			–
Total distributions			(2.87	)		(2.57	)		(.24	)		(.29	)		(.04	)		–	(b)
Net asset value, end of period			$13.52			$16.00			$16.83			$13.08			$12.51			$11.89
Total Return(c)			2.70	%(d)		11.65	%		31.11	%		7.17	%		5.53	%		19.06	%
Ratios to Average Net Assets:
Expenses, including expense reductions			.49	%(d)		1.05	%		1.06	%		1.09	%		1.09	%		1.12	%
Expenses, excluding expense reductions			.49	%(d)		1.05	%		1.06	%		1.09	%		1.09	%		1.12	%
Net investment income			.51	%(d)		.43	%		.50	%		.68	%		.16	%		.38	%
Supplemental Data:
Net assets, end of period (000)	$2,310,937					$2,683,790			$3,031,190			$2,439,466			$2,379,453			$1,850,569
Portfolio turnover rate			64.85	%(d)		112.68	%		87.47	%		83.80	%(e)		55.07	%		80.98	%

(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.

66 See Notes to Financial Statements.

Financial Highlights (continued)

FUNDAMENTAL EQUITY FUND

		Class B Shares
		Six Months
		Ended
		4/30/2015			Year Ended 10/31
		(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period			$14.92			$15.91			$12.36			$11.89			$11.35			$ 9.58
Investment operations:
Net investment income (loss)(a)			.02			(.03	)		(.02	)		.01			(.06	)		(.03	)
Net realized and unrealized gain			.30			1.57			3.72			.73			.60			1.80
Total from investment operations			.32			1.54			3.70			.74			.54			1.77
Distributions to shareholders from:
Net investment income			–			–			–	(b)		–			–			–
Net realized gain			(2.77	)		(2.53	)		(.15	)		(.27	)		–			–
Total distributions			(2.77	)		(2.53	)		(.15	)		(.27	)		–			–
Net asset value, end of period			$12.47			$14.92			$15.91			$12.36			$11.89			$11.35
Total Return(c)			2.34	%(d)		10.91	%		30.32	%		6.47	%		4.76	%		18.48	%
Ratios to Average Net Assets:
Expenses, including expense reductions			.86	%(d)		1.71	%		1.71	%		1.74	%		1.73	%		1.77	%
Expenses, excluding expense reductions			.86	%(d)		1.71	%		1.71	%		1.74	%		1.73	%		1.77	%
Net investment income (loss)			.14	%(d)		(.23	)%		(.12	)%		.04	%		(.49	)%		(.29	)%
Supplemental Data:
Net assets, end of period (000)	$36,487					$45,475			$62,409			$76,533			$114,980			$149,531
Portfolio turnover rate			64.85	%(d)		112.68	%		87.47	%		83.80	%(e)		55.07	%		80.98	%

(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. 67

Financial Highlights (continued)

FUNDAMENTAL EQUITY FUND

		Class C Shares
		Six Months
		Ended
		4/30/2015			Year Ended 10/31
		(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period			$14.83			$15.83			$12.31			$11.85			$11.30			$ 9.55
Investment operations:
Net investment income (loss)(a)			.02			(.03	)		(.02	)		–	(b)		(.06	)		(.03	)
Net realized and unrealized gain			.29			1.56			3.70			.73			.61			1.78
Total from investment operations			.31			1.53			3.68			.73			.55			1.75
Distributions to shareholders from:
Net investment income			–	(b)		–			(.01	)		–			–			–
Net realized gain			(2.77	)		(2.53	)		(.15	)		(.27	)		–			–
Total distributions			(2.77	)		(2.53	)		(.16	)		(.27	)		–			–
Net asset value, end of period			$12.37			$14.83			$15.83			$12.31			$11.85			$11.30
Total Return(c)			2.30	%(d)		10.90	%		30.30	%		6.41	%		4.87	%		18.32	%
Ratios to Average Net Assets:
Expenses, including expense reductions			.86	%(d)		1.71	%		1.71	%		1.74	%		1.73	%		1.77	%
Expenses, excluding expense reductions			.86	%(d)		1.71	%		1.71	%		1.74	%		1.73	%		1.77	%
Net investment income (loss)			.14	%(d)		(.22	)%		(.15	)%		.03	%		(.49	)%		(.26	)%
Supplemental Data:
Net assets, end of period (000)	$836,822					$986,381			$1,012,597			$802,053			$817,590			$603,639
Portfolio turnover rate			64.85	%(d)		112.68	%		87.47	%		83.80	%(e)		55.07	%		80.98	%

(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.

68 See Notes to Financial Statements.

Financial Highlights (continued)

FUNDAMENTAL EQUITY FUND

		Class F Shares
		Six Months
		Ended
		4/30/2015			Year Ended 10/31
		(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period			$15.93			$16.77			$13.03			$12.47			$11.86			$ 9.96
Investment operations:
Net investment income(a)			.08			.10			.11			.12			.05			.09
Net realized and unrealized gain			.33			1.67			3.90			.76			.63			1.84
Total from investment operations			.41			1.77			4.01			.88			.68			1.93
Distributions to shareholders from:
Net investment income			(.15	)		(.08	)		(.12	)		(.05	)		(.07	)		(.03	)
Net realized gain			(2.77	)		(2.53	)		(.15	)		(.27	)		–			–
Total distributions			(2.92	)		(2.61	)		(.27	)		(.32	)		(.07	)		(.03	)
Net asset value, end of period			$13.42			$15.93			$16.77			$13.03			$12.47			$11.86
Total Return(b)			2.81	%(c)		11.93	%		31.49	%		7.40	%		5.75	%		19.42	%
Ratios to Average Net Assets:
Expenses, including expense reductions			.41	%(c)		.81	%		.82	%		.84	%		.84	%		.86	%
Expenses, excluding expense reductions			.41	%(c)		.81	%		.82	%		.84	%		.84	%		.86	%
Net investment income			.59	%(c)		.68	%		.75	%		.93	%		.41	%		.77	%
Supplemental Data:
Net assets, end of period (000)	$575,187					$793,101			$716,579			$598,688			$642,636			$282,018
Portfolio turnover rate			64.85	%(c)		112.68	%		87.47	%		83.80	%(d)		55.07	%		80.98	%

(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 I Shares
		Six Months
		Ended
		4/30/2015			Year Ended 10/31
		(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period			$16.11			$16.93			$13.15			$12.59			$11.96			$10.04
Investment operations:
Net investment income(a)			.09			.12			.13			.13			.07			.08
Net realized and unrealized gain			.32			1.69			3.94			.76			.64			1.88
Total from investment operations			.41			1.81			4.07			.89			.71			1.96
Distributions to shareholders from:
Net investment income			(.16	)		(.10	)		(.14	)		(.06	)		(.08	)		(.04	)
Net realized gain			(2.77	)		(2.53	)		(.15	)		(.27	)		–			–
Total distributions			(2.93	)		(2.63	)		(.29	)		(.33	)		(.08	)		(.04	)
Net asset value, end of period			$13.59			$16.11			$16.93			$13.15			$12.59			$11.96
Total Return(b)			2.81	%(c)		12.05	%		31.66	%		7.43	%		5.94	%		19.54	%
Ratios to Average Net Assets:
Expenses, including expense reductions			.36	%(c)		.71	%		.72	%		.74	%		.74	%		.77	%
Expenses, excluding expense reductions			.36	%(c)		.71	%		.72	%		.74	%		.74	%		.77	%
Net investment income			.65	%(c)		.78	%		.84	%		1.00	%		.52	%		.75	%
Supplemental Data:
Net assets, end of period (000)	$322,603					$449,870			$531,676			$394,842			$245,329			$162,114
Portfolio turnover rate			64.85	%(c)		112.68	%		87.47	%		83.80	%(d)		55.07	%		80.98	%

(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.

70 See Notes to Financial Statements.

Financial Highlights (continued)

FUNDAMENTAL EQUITY FUND

		Class P Shares
		Six Months
		Ended
		4/30/2015			Year Ended 10/31
		(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period			$15.79			$16.64			$12.92			$12.36			$11.75			$ 9.87
Investment operations:
Net investment income(a)			.06			.05			.06			.07			.01			.03
Net realized and unrealized gain			.31			1.65			3.88			.77			.62			1.85
Total from investment operations			.37			1.70			3.94			.84			.63			1.88
Distributions to shareholders from:
Net investment income			(.08	)		(.02	)		(.07	)		(.01	)		(.02	)		–
Net realized gain			(2.77	)		(2.53	)		(.15	)		(.27	)		–			–
Total distributions			(2.85	)		(2.55	)		(.22	)		(.28	)		(.02	)		–
Net asset value, end of period			$13.31			$15.79			$16.64			$12.92			$12.36			$11.75
Total Return(b)			2.56	%(c)		11.51	%		31.08	%		7.03	%		5.40	%		19.05	%
Ratios to Average Net Assets:
Expenses, including expense reductions			.59	%(c)		1.16	%		1.17	%		1.19	%		1.19	%		1.22	%
Expenses, excluding expense reductions			.59	%(c)		1.16	%		1.17	%		1.19	%		1.19	%		1.22	%
Net investment income			.42	%(c)		.32	%		.42	%		.58	%		.05	%		.28	%
Supplemental Data:
Net assets, end of period (000)	$17,290					$21,373			$26,424			$27,937			$31,223			$30,598
Portfolio turnover rate			64.85	%(c)		112.68	%		87.47	%		83.80	%(d)		55.07	%		80.98	%

(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. 71

Financial Highlights (continued)

FUNDAMENTAL EQUITY FUND

		Class R2 Shares
		Six Months
		Ended
		4/30/2015			Year Ended 10/31
		(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period			$15.71			$16.57			$12.87			$12.33			$11.75			$ 9.89
Investment operations:
Net investment income (loss)(a)			.05			.03			.04			.05			(.01	)		.04
Net realized and unrealized gain			.31			1.64			3.87			.77			.63			1.82
Total from investment operations			.36			1.67			3.91			.82			.62			1.86
Distributions to shareholders from:
Net investment income			(.03	)		–	(b)		(.06	)		(.01	)		(.04	)		–	(b)
Net realized gain			(2.77	)		(2.53	)		(.15	)		(.27	)		–			–
Total distributions			(2.80	)		(2.53	)		(.21	)		(.28	)		(.04	)		–	(b)
Net asset value, end of period			$13.27			$15.71			$16.57			$12.87			$12.33			$11.75
Total Return(c)			2.51	%(d)		11.33	%		30.87	%		6.87	%		5.27	%		18.81	%
Ratios to Average Net Assets:
Expenses, including expense reductions			.66	%(d)		1.31	%		1.31	%		1.34	%		1.34	%		1.36	%
Expenses, excluding expense reductions			.66	%(d)		1.31	%		1.31	%		1.34	%		1.34	%		1.36	%
Net investment income (loss)			.35	%(d)		.17	%		.26	%		.43	%		(.11	)%		.36	%
Supplemental Data:
Net assets, end of period (000)	$14,541					$19,744			$25,111			$22,335			$19,997			$4,444
Portfolio turnover rate			64.85	%(d)		112.68	%		87.47	%		83.80	%(e)		55.07	%		80.98	%

(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.

72 See Notes to Financial Statements.

Financial Highlights (concluded)

FUNDAMENTAL EQUITY FUND

		Class R3 Shares
		Six Months
		Ended
		4/30/2015			Year Ended 10/31
		(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period			$15.80			$16.66			$12.94			$12.40			$11.80			$ 9.92
Investment operations:
Net investment income(a)			.05			.04			.05			.06			–	(b)		.03
Net realized and unrealized gain			.33			1.65			3.89			.77			.63			1.85
Total from investment operations			.38			1.69			3.94			.83			.63			1.88
Distributions to shareholders from:
Net investment income			(.08	)		(.02	)		(.07	)		(.02	)		(.03	)		–	(b)
Net realized gain			(2.77	)		(2.53	)		(.15	)		(.27	)		–			–
Total distributions			(2.85	)		(2.55	)		(.22	)		(.29	)		(.03	)		–	(b)
Net asset value, end of period			$13.33			$15.80			$16.66			$12.94			$12.40			$11.80
Total Return(c)			2.59	%(d)		11.41	%		31.04	%		6.95	%		5.36	%		18.96	%
Ratios to Average Net Assets:
Expenses, including expense reductions			.61	%(d)		1.21	%		1.21	%		1.24	%		1.24	%		1.26	%
Expenses, excluding expense reductions			.61	%(d)		1.21	%		1.21	%		1.24	%		1.24	%		1.26	%
Net investment income			.39	%(d)		.28	%		.35	%		.51	%		.01	%		.30	%
Supplemental Data:
Net assets, end of period (000)	$251,928					$304,459			$322,951			$270,290			$180,795			$67,814
Portfolio turnover rate			64.85	%(d)		112.68	%		87.47	%		83.80	%(e)		55.07	%		80.98	%

(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. 73

Financial Highlights

GROWTH LEADERS FUND

	Class A Shares
	Six Months
	Ended												6/24/2011(a)
	4/30/2015			Year Ended 10/31									to
	(unaudited)			2014			2013			2012			10/31/2011
Per Share Operating Performance
Net asset value, beginning of period		$23.08			$21.44			$15.15			$14.50			$15.00
Investment operations:
Net investment income (loss)(b)		–	(c)		–	(c)		(.03	)		(.01	)		(.01	)
Net realized and unrealized gain (loss)		.89			3.01			6.36			.66			(.49	)
Total from investment operations		.89			3.01			6.33			.65			(.50	)
Distributions to shareholders from:
Net investment income		–			–			(.04	)		–			–
Net realized gain		(1.29	)		(1.37	)		–			–			–
Total distributions		(1.29	)		(1.37	)		(.04	)		–			–
Net asset value, end of period		$22.68			$23.08			$21.44			$15.15			$14.50
Total Return(d)		4.02	%(e)		14.59	%		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	%		.85	%		.84	%(f)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.42	%(e)		.85	%		.85	%		.85	%		.84	%(f)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.49	%(e)		1.04	%		1.34	%		1.55	%		3.04	%(f)
Net investment income (loss)		.00	%(e)(g)		.01	%		(.14	)%		(.06	)%		(.23	)%(f)
Supplemental Data:
Net assets, end of period (000)	$605,908			$495,861			$191,798			$15,372			$7,882
Portfolio turnover rate		122.55	%(e)		506.90	%		451.09	%(h)		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)	Amount is less than .01%.
(h)	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 B Shares
	Six Months
	Ended						2/11/2013(a)
	4/30/2015			Year Ended			to
	(unaudited)			10/31/2014			10/31/2013
Per Share Operating Performance
Net asset value, beginning of period		$22.79			$21.33			$16.56
Investment operations:
Net investment loss(b)		(.08	)		(.15	)		(.11	)
Net realized and unrealized gain		.88			2.98			4.88
Total from investment operations		.80			2.83			4.77
Distributions to shareholders from:
Net realized gain		(1.29	)		(1.37	)		–
Net asset value, end of period		$22.30			$22.79			$21.33
Total Return(c)		3.66	%(d)		13.77	%		29.05	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.79	%(d)		1.56	%		1.49	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.79	%(d)		1.56	%		1.49	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.85	%(d)		1.75	%		1.88	%(e)
Net investment loss		(.35	)%(d)		(.69	)%		(.82	)%(e)
Supplemental Data:
Net assets, end of period (000)	$5,339			$6,332			$8,041
Portfolio turnover rate		122.55	%(d)		506.90	%		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. 75

Financial Highlights (continued)

GROWTH LEADERS FUND

	Class C Shares
	Six Months
	Ended												6/24/2011(a)
	4/30/2015			Year Ended 10/31									to
	(unaudited)			2014			2013			2012			10/31/2011
Per Share Operating Performance
Net asset value, beginning of period		$22.57			$21.14			$15.02			$14.47			$15.00
Investment operations:
Net investment loss(b)		(.08	)		(.15	)		(.15	)		(.11	)		(.05	)
Net realized and unrealized gain (loss)		.87			2.95			6.30			.66			(.48	)
Total from investment operations		.79			2.80			6.15			.55			(.53	)
Distributions to shareholders from:
Net investment income		–			–			(.03	)		–			–
Net realized gain		(1.29	)		(1.37	)		–			–			–
Total distributions		(1.29	)		(1.37	)		(.03	)		–			–
Net asset value, end of period		$22.07			$22.57			$21.14			$15.02			$14.47
Total Return(c)		3.65	%(d)		13.81	%		41.24	%		3.80	%		(3.53	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.79	%(d)		1.56	%		1.45	%		1.49	%		1.47	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.79	%(d)		1.56	%		1.45	%		1.49	%		1.47	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.85	%(d)		1.76	%		1.88	%		2.15	%		2.78	%(e)
Net investment loss		(.37	)%(d)		(.71	)%		(.79	)%		(.70	)%		(.91	)%(e)
Supplemental Data:
Net assets, end of period (000)	$311,890			$236,853			$66,471			$1,898			$175
Portfolio turnover rate		122.55	%(d)		506.90	%		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.

76 See Notes to Financial Statements.

Financial Highlights (continued)

GROWTH LEADERS FUND

	Class F Shares
	Six Months
	Ended													6/24/2011(a)
	4/30/2015			Year Ended 10/31										to
	(unaudited)				2014			2013			2012			10/31/2011
Per Share Operating Performance
Net asset value, beginning of period		$23.17				$21.49			$15.18			$14.51			$15.00
Investment operations:
Net investment income(b)		.02				.04			–	(c)		.03			–	(c)
Net realized and unrealized gain (loss)		.89				3.01			6.39			.65			(.49	)
Total from investment operations		.91				3.05			6.39			.68			(.49	)
Distributions to shareholders from:
Net investment income		–				–			(.08	)		(.01	)		–
Net realized gain		(1.29	)			(1.37	)		–			–			–
Total distributions		(1.29	)			(1.37	)		(.08	)		(.01	)		–
Net asset value, end of period		$22.79				$23.17			$21.49			$15.18			$14.51
Total Return(d)		4.10	%(e)			14.80	%		42.51	%		4.69	%		(3.27	)%(e)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.35	%(e)			.68	%		.60	%		.60	%		.59	%(f)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.35	%(e)			.68	%		.60	%		.60	%		.59	%(f)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.41	%(e)			.87	%		1.07	%		1.33	%		1.95	%(f)
Net investment income		.07	%(e)			.17	%		.01	%		.21	%		.08	%(f)
Supplemental Data:
Net assets, end of period (000)	$572,921				$498,908			$109,011			$3,797			$5,993
Portfolio turnover rate		122.55	%(e)			506.90	%		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. 77

Financial Highlights (continued)

GROWTH LEADERS FUND

	Class I Shares
	Six Months
	Ended												6/24/2011(a)
	4/30/2015			Year Ended 10/31									to
	(unaudited)			2014			2013			2012			10/31/2011
Per Share Operating Performance
Net asset value, beginning of period		$23.23			$21.51			$15.20			$14.51			$15.00
Investment operations:
Net investment income(b)		.03			.06			.04			.04			.01
Net realized and unrealized gain (loss)		.89			3.03			6.36			.67			(.50	)
Total from investment operations		.92			3.09			6.40			.71			(.49	)
Distributions to shareholders from:
Net investment income		–			–			(.09	)		(.02	)		–
Net realized gain		(1.29	)		(1.37	)		–			–			–
Total distributions		(1.29	)		(1.37	)		(.09	)		(.02	)		–
Net asset value, end of period		$22.86			$23.23			$21.51			$15.20			$14.51
Total Return(c)		4.13	%(d)		14.93	%		42.67	%		4.87	%		(3.27	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.30	%(d)		.57	%		.50	%		.50	%		.49	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.30	%(d)		.57	%		.50	%		.50	%		.49	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.36	%(d)		.76	%		.95	%		1.22	%		2.20	%(e)
Net investment income		.12	%(d)		.29	%		.21	%		.29	%		.17	%(e)
Supplemental Data:
Net assets, end of period (000)	$84,733			$71,803			$50,326			$2,697			$1,952
Portfolio turnover rate		122.55	%(d)		506.90	%		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 (continued)

GROWTH LEADERS FUND

	Class R2 Shares
	Six Months
	Ended												6/24/2011(a)
	4/30/2015			Year Ended 10/31									to
	(unaudited)			2014			2013			2012			10/31/2011
Per Share Operating Performance
Net asset value, beginning of period		$23.17			$21.58			$15.19			$14.49			$15.00
Investment operations:
Net investment income (loss)(b)		(.04	)		(.07	)		.04			.05			(.03	)
Net realized and unrealized gain (loss)		.89			3.03			6.38			.65			(.48	)
Total from investment operations		.85			2.96			6.42			.70			(.51	)
Distributions to shareholders from:
Net investment income		–			–			(.03	)		–			–
Net realized gain		(1.29	)		(1.37	)		–			–			–
Total distributions		(1.29	)		(1.37	)		(.03	)		–			–
Net asset value, end of period		$22.73			$23.17			$21.58			$15.19			$14.49
Total Return(c)		3.83	%(d)		14.24	%		42.62	%		4.83	%		(3.40	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.59	%(d)		1.18	%		.58	%		.48	%		1.06	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.59	%(d)		1.18	%		.58	%		.48	%		1.06	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.66	%(d)		1.37	%		1.70	%		1.22	%		5.05	%(e)
Net investment income (loss)		(.17	)%(d)		(.31	)%		.22	%		.31	%		(.49	)%(e)
Supplemental Data:
Net assets, end of period (000)		$452			$342			$44			$10			$10
Portfolio turnover rate		122.55	%(d)		506.90	%		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. 79

Financial Highlights (concluded)

GROWTH LEADERS FUND

	Class R3 Shares
	Six Months
	Ended												6/24/2011(a)
	4/30/2015			Year Ended 10/31									to
	(unaudited)			2014			2013			2012			10/31/2011
Per Share Operating Performance
Net asset value, beginning of period		$23.03			$21.45			$15.16			$14.49			$15.00
Investment operations:
Net investment income (loss)(b)		(.03	)		(.04	)		(.06	)		.01			(.02	)
Net realized and unrealized gain (loss)		.89			2.99			6.38			.66			(.49	)
Total from investment operations		.86			2.95			6.32			.67			(.51	)
Distributions to shareholders from:
Net investment income		–			–			(.03	)		–			–
Net realized gain		(1.29	)		(1.37	)		–			–			–
Total distributions		(1.29	)		(1.37	)		(.03	)		–			–
Net asset value, end of period		$22.60			$23.03			$21.45			$15.16			$14.49
Total Return(c)		3.89	%(d)		14.34	%		41.98	%		4.62	%		(3.40	)%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.55	%(d)		1.07	%		1.00	%		.72	%		.97	%(e)
Expenses, including expense reductions, management fee waived and expenses reimbursed		.55	%(d)		1.07	%		1.00	%		.72	%		.97	%(e)
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.61	%(d)		1.26	%		1.39	%		1.42	%		4.96	%(e)
Net investment income (loss)		(.12	)%(d)		(.20	)%		(.33	)%		.08	%		(.40	)%(e)
Supplemental Data:
Net assets, end of period (000)	$12,141			$10,191			$8,289			$11			$10
Portfolio turnover rate		122.55	%(d)		506.90	%		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.

80 See Notes to Financial Statements.

Financial Highlights

INTERNATIONAL CORE EQUITY FUND

	Class A Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$13.34			$13.97			$11.43			$11.25			$12.12			$11.20
Investment operations:
Net investment income(a)		.09			.17			.18			.28			.20			.12
Net realized and unrealized gain (loss)		.35			(.54	)		2.62			.12			(.94	)		.88
Total from investment operations		.44			(.37	)		2.80			.40			(.74	)		1.00
Distributions to shareholders from:
Net investment income		(.15	)		(.26	)		(.26	)		(.22	)		(.13	)		(.08	)
Net asset value, end of period		$13.63			$13.34			$13.97			$11.43			$11.25			$12.12
Total Return(b)		3.35	%(c)		(2.67	)%		24.99	%		3.81	%		(6.16	)%		8.95	%
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	%		1.12	%		1.18	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.56	%(c)		1.12	%		1.12	%		1.12	%		1.12	%		1.18	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.68	%(c)		1.36	%		1.38	%		1.47	%		1.42	%		1.44	%
Net investment income		.72	%(c)		1.25	%		1.41	%		2.53	%		1.64	%		1.05	%
Supplemental Data:
Net assets, end of period (000)	$	376,091		$368,087			$437,271			$383,244			$439,938			$542,452
Portfolio turnover rate		31.88	%(c)		64.06	%		80.77	%		81.50	%		83.78	%		98.73	%

(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 B Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$13.15			$13.76			$11.26			$11.06			$11.91			$11.02
Investment operations:
Net investment income(a)		.04			.08			.09			.21			.12			.04
Net realized and unrealized gain (loss)		.36			(.53	)		2.60			.12			(.92	)		.87
Total from investment operations		.40			(.45	)		2.69			.33			(.80	)		.91
Distributions to shareholders from:
Net investment income		(.03	)		(.16	)		(.19	)		(.13	)		(.05	)		(.02	)
Net asset value, end of period		$13.52			$13.15			$13.76			$11.26			$11.06			$11.91
Total Return(b)		3.07	%(c)		(3.33	)%		24.18	%		3.13	%		(6.75	)%		8.23	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.89	%(c)		1.77	%		1.77	%		1.77	%		1.77	%		1.84	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.89	%(c)		1.77	%		1.77	%		1.77	%		1.77	%		1.84	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		1.02	%(c)		2.01	%		2.03	%		2.12	%		2.06	%		2.09	%
Net investment income		.33	%(c)		.56	%		.73	%		1.91	%		.96	%		.40	%
Supplemental Data:
Net assets, end of period (000)		$8,816		$11,126			$17,239			$20,125			$27,896			$39,255
Portfolio turnover rate		31.88	%(c)		64.06	%		80.77	%		81.50	%		83.78	%		98.73	%

(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.

82 See Notes to Financial Statements.

Financial Highlights (continued)

INTERNATIONAL CORE EQUITY FUND

	Class C Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$13.14			$13.77			$11.27			$11.08			$11.93			$11.04
Investment operations:
Net investment income(a)		.05			.09			.09			.21			.12			.04
Net realized and unrealized gain (loss)		.34			(.54	)		2.61			.12			(.92	)		.87
Total from investment operations		.39			(.45	)		2.70			.33			(.80	)		.91
Distributions to shareholders from:
Net investment income		(.05	)		(.18	)		(.20	)		(.14	)		(.05	)		(.02	)
Net asset value, end of period		$13.48			$13.14			$13.77			$11.27			$11.08			$11.93
Total Return(b)		3.01	%(c)		(3.31	)%		24.26	%		3.11	%		(6.73	)%		8.21	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.88	%(c)		1.75	%		1.75	%		1.75	%		1.74	%		1.84	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.88	%(c)		1.75	%		1.75	%		1.75	%		1.74	%		1.84	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		1.00	%(c)		1.99	%		2.01	%		2.10	%		2.03	%		2.09	%
Net investment income		.39	%(c)		.65	%		.77	%		1.91	%		1.01	%		.38	%
Supplemental Data:
Net assets, end of period (000)		$48,015		$49,491			$57,779			$54,056			$68,316			$91,550
Portfolio turnover rate		31.88	%(c)		64.06	%		80.77	%		81.50	%		83.78	%		98.73	%

(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. 83

Financial Highlights (continued)

INTERNATIONAL CORE EQUITY FUND

	Class F Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$13.26			$13.89			$11.36			$11.20			$12.08			$11.16
Investment operations:
Net investment income(a)		.11			.18			.18			.30			.24			.16
Net realized and unrealized gain (loss)		.34			(.51	)		2.64			.12			(.95	)		.86
Total from investment operations		.45			(.33	)		2.82			.42			(.71	)		1.02
Distributions to shareholders from:
Net investment income		(.18	)		(.30	)		(.29	)		(.26	)		(.17	)		(.10	)
Net asset value, end of period		$13.53			$13.26			$13.89			$11.36			$11.20			$12.08
Total Return(b)		3.51	%(c)		(2.46	)%		25.35	%		4.02	%		(5.98	)%		9.25	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.43	%(c)		.87	%		.87	%		.87	%		.87	%		.90	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.43	%(c)		.87	%		.87	%		.87	%		.87	%		.90	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.57	%(c)		1.11	%		1.13	%		1.22	%		1.18	%		1.18	%
Net investment income		.84	%(c)		1.29	%		1.42	%		2.71	%		1.98	%		1.45	%
Supplemental Data:
Net assets, end of period (000)		$83,858		$78,364			$142,063			$151,246			$80,747			$31,153
Portfolio turnover rate		31.88	%(c)		64.06	%		80.77	%		81.50	%		83.78	%		98.73	%

(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 I Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$13.44			$14.07			$11.51			$11.34			$12.21			$11.28
Investment operations:
Net investment income(a)		.12			.21			.22			.27			.25			.15
Net realized and unrealized gain (loss)		.35			(.53	)		2.64			.17			(.95	)		.89
Total from investment operations		.47			(.32	)		2.86			.44			(.70	)		1.04
Distributions to shareholders from:
Net investment income		(.20	)		(.31	)		(.30	)		(.27	)		(.17	)		(.11	)
Net asset value, end of period		$13.71			$13.44			$14.07			$11.51			$11.34			$12.21
Total Return(b)		3.57	%(c)		(2.34	)%		25.37	%		4.15	%		(5.78	)%		9.31	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.38	%(c)		.77	%		.77	%		.77	%		.77	%		.82	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.38	%(c)		.77	%		.77	%		.77	%		.77	%		.82	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.52	%(c)		1.01	%		1.03	%		1.12	%		1.07	%		1.08	%
Net investment income		.91	%(c)		1.50	%		1.77	%		2.48	%		2.06	%		1.34	%
Supplemental Data:
Net assets, end of period (000)		$66,901		$95,958			$155,754			$107,076			$222,808			$267,253
Portfolio turnover rate		31.88	%(c)		64.06	%		80.77	%		81.50	%		83.78	%		98.73	%

(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 (continued)

INTERNATIONAL CORE EQUITY FUND

	Class P Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$13.31			$13.94			$11.39			$11.17			$12.04			$11.13
Investment operations:
Net investment income(a)		.08			.17			.16			.27			.10			.10
Net realized and unrealized gain (loss)		.35			(.55	)		2.63			.12			(.84	)		.88
Total from investment operations		.43			(.38	)		2.79			.39			(.74	)		.98
Distributions to shareholders from:
Net investment income		(.10	)		(.25	)		(.24	)		(.17	)		(.13	)		(.07	)
Net asset value, end of period		$13.64			$13.31			$13.94			$11.39			$11.17			$12.04
Total Return(b)		3.26	%(c)		(2.77	)%		24.91	%		3.63	%		(6.23	)%		8.84	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.62	%(c)		1.22	%		1.22	%		1.22	%		1.22	%		1.29	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.62	%(c)		1.22	%		1.22	%		1.22	%		1.22	%		1.29	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.75	%(c)		1.46	%		1.48	%		1.58	%		1.51	%		1.54	%
Net investment income		.60	%(c)		1.20	%		1.30	%		2.45	%		.83	%		.92	%
Supplemental Data:
Net assets, end of period (000)		$114			$150			$278			$282			$470			$1,765
Portfolio turnover rate		31.88	%(c)		64.06	%		80.77	%		81.50	%		83.78	%		98.73	%

(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 (continued)

INTERNATIONAL CORE EQUITY FUND

	Class R2 Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$13.29			$13.92			$11.41			$11.24			$12.14			$11.20
Investment operations:
Net investment income(a)		.07			.15			.15			.23			.18			.08
Net realized and unrealized gain (loss)		.35			(.55	)		2.61			.14			(.95	)		.91
Total from investment operations		.42			(.40	)		2.76			.37			(.77	)		.99
Distributions to shareholders from:
Net investment income		(.12	)		(.23	)		(.25	)		(.20	)		(.13	)		(.05	)
Net asset value, end of period		$13.59			$13.29			$13.92			$11.41			$11.24			$12.14
Total Return(b)		3.19	%(c)		(2.89	)%		24.65	%		3.51	%		(6.38	)%		8.86	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.70	%(c)		1.37	%		1.37	%		1.37	%		1.37	%		1.35	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.70	%(c)		1.37	%		1.37	%		1.37	%		1.37	%		1.35	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.82	%(c)		1.61	%		1.63	%		1.72	%		1.67	%		1.64	%
Net investment income		.57	%(c)		1.07	%		1.20	%		2.13	%		1.46	%		.73	%
Supplemental Data:
Net assets, end of period (000)		$971			$1,011			$868			$568			$651			$570
Portfolio turnover rate		31.88	%(c)		64.06	%		80.77	%		81.50	%		83.78	%		98.73	%

(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. 87

Financial Highlights (concluded)

INTERNATIONAL CORE EQUITY FUND

	Class R3 Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$13.14			$13.77			$11.28			$11.11			$12.00			$11.10
Investment operations:
Net investment income(a)		.08			.16			.16			.26			.19			.11
Net realized and unrealized gain (loss)		.34			(.55	)		2.59			.12			(.94	)		.87
Total from investment operations		.42			(.39	)		2.75			.38			(.75	)		.98
Distributions to shareholders from:
Net investment income		(.13	)		(.24	)		(.26	)		(.21	)		(.14	)		(.08	)
Net asset value, end of period		$13.43			$13.14			$13.77			$11.28			$11.11			$12.00
Total Return(b)		3.26	%(c)		(2.85	)%		24.80	%		3.68	%		(6.35	)%		8.89	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.64	%(c)		1.26	%		1.26	%		1.26	%		1.26	%		1.28	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.64	%(c)		1.26	%		1.26	%		1.26	%		1.26	%		1.28	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.76	%(c)		1.50	%		1.52	%		1.61	%		1.57	%		1.57	%
Net investment income		.63	%(c)		1.15	%		1.27	%		2.36	%		1.54	%		1.02	%
Supplemental Data:
Net assets, end of period (000)		$20,641		$20,156			$19,739			$17,275			$12,725			$10,418
Portfolio turnover rate		31.88	%(c)		64.06	%		80.77	%		81.50	%		83.78	%		98.73	%

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

88 See Notes to Financial Statements.

Financial Highlights

INTERNATIONAL DIVIDEND INCOME FUND

	Class A Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$8.75			$9.11			$7.80			$7.88			$8.64			$8.22
Investment operations:
Net investment income(a)		.11			.36			.33			.35			.42			.34
Net realized and unrealized gain (loss)		.05			(.31	)		1.31			(.08	)		(.78	)		.42
Total from investment operations		.16			.05			1.64			.27			(.36	)		.76
Distributions to shareholders from:
Net investment income		(.10	)		(.41	)		(.33	)		(.35	)		(.40	)		(.34	)
Net realized gain		(.49	)		–			–			–			–			–
Total distributions		(.59	)		(.41	)		(.33	)		(.35	)		(.40	)		(.34	)
Net asset value, end of period		$8.32			$8.75			$9.11			$7.80			$7.88			$8.64
Total Return(b)		2.24	%(c)		.47	%		21.54	%		3.60	%		(4.42	)%		9.58	%
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	%		1.12	%		1.14	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.56	%(c)		1.12	%		1.12	%		1.12	%		1.12	%		1.14	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.60	%(c)		1.24	%		1.27	%		1.36	%		1.43	%		1.46	%
Net investment income		1.39	%(c)		3.99	%		3.94	%		4.59	%		4.96	%		4.23	%
Supplemental Data:
Net assets, end of period (000)	$1,016,908			$1,000,763			$954,305			$618,824			$278,975			$162,611
Portfolio turnover rate		41.03	%(c)		72.26	%		78.39	%		84.81	%		100.16	%		100.06	%

(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. 89

Financial Highlights (continued)

INTERNATIONAL DIVIDEND INCOME FUND

	Class C Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$8.68			$9.04			$7.75			$7.84			$8.60			$8.19
Investment operations:
Net investment income(a)		.08			.31			.28			.29			.36			.29
Net realized and unrealized gain (loss)		.06			(.31	)		1.29			(.07	)		(.77	)		.41
Total from investment operations		.14			–			1.57			.22			(.41	)		.70
Distributions to shareholders from:
Net investment income		(.08	)		(.36	)		(.28	)		(.31	)		(.35	)		(.29	)
Net realized gain		(.49	)		–			–			–			–			–
Total distributions		(.57	)		(.36	)		(.28	)		(.31	)		(.35	)		(.29	)
Net asset value, end of period		$8.25			$8.68			$9.04			$7.75			$7.84			$8.60
Total Return(b)		1.93	%(c)		(.14	)%		20.70	%		2.95	%		(5.03	)%		8.99	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.89	%(c)		1.77	%		1.77	%		1.76	%		1.76	%		1.79	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.89	%(c)		1.77	%		1.77	%		1.76	%		1.76	%		1.79	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.94	%(c)		1.89	%		1.92	%		2.01	%		2.07	%		2.10	%
Net investment income		1.04	%(c)		3.42	%		3.33	%		3.88	%		4.29	%		3.61	%
Supplemental Data:
Net assets, end of period (000)	$189,093			$191,120			$143,807			$74,664			$22,329			$13,561
Portfolio turnover rate		41.03	%(c)		72.26	%		78.39	%		84.81	%		100.16	%		100.06	%

(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.

90 See Notes to Financial Statements.

Financial Highlights (continued)

INTERNATIONAL DIVIDEND INCOME FUND

	Class F Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$8.77			$9.12			$7.81			$7.89			$8.65			$8.23
Investment operations:
Net investment income(a)		.12			.39			.36			.37			.45			.39
Net realized and unrealized gain (loss)		.05			(.30	)		1.30			(.08	)		(.79	)		.39
Total from investment operations		.17			.09			1.66			.29			(.34	)		.78
Distributions to shareholders from:
Net investment income		(.11	)		(.44	)		(.35	)		(.37	)		(.42	)		(.36	)
Net realized gain		(.49	)		–			–			–			–			–
Total distributions		(.60	)		(.44	)		(.35	)		(.37	)		(.42	)		(.36	)
Net asset value, end of period		$8.34			$8.77			$9.12			$7.81			$7.89			$8.65
Total Return(b)		2.36	%(c)		.83	%		21.80	%		3.83	%		(4.18	)%		9.95	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.44	%(c)		.87	%		.87	%		.87	%		.87	%		.88	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.44	%(c)		.87	%		.87	%		.87	%		.87	%		.88	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.49	%(c)		.99	%		1.02	%		1.11	%		1.18	%		1.21	%
Net investment income		1.50	%(c)		4.24	%		4.23	%		4.79	%		5.27	%		4.78	%
Supplemental Data:
Net assets, end of period (000)	$320,493			$322,648			$228,586			$128,360			$26,892			$12,745
Portfolio turnover rate		41.03	%(c)		72.26	%		78.39	%		84.81	%		100.16	%		100.06	%

(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 (continued)

INTERNATIONAL DIVIDEND INCOME FUND

	Class I Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$8.79			$9.14			$7.83			$7.91			$8.66			$8.24
Investment operations:
Net investment income(a)		.13			.42			.36			.38			.43			.37
Net realized and unrealized gain (loss)		.05			(.32	)		1.31			(.09	)		(.75	)		.41
Total from investment operations		.18			.10			1.67			.29			(.32	)		.78
Distributions to shareholders from:
Net investment income		(.12	)		(.45	)		(.36	)		(.37	)		(.43	)		(.36	)
Net realized gain		(.49	)		–			–			–			–			–
Total distributions		(.61	)		(.45	)		(.36	)		(.37	)		(.43	)		(.36	)
Net asset value, end of period		$8.36			$8.79			$9.14			$7.83			$7.91			$8.66
Total Return(b)		2.41	%(c)		.93	%		21.86	%		3.91	%		(3.97	)%		10.03	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.39	%(c)		.77	%		.77	%		.77	%		.77	%		.81	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.39	%(c)		.77	%		.77	%		.77	%		.77	%		.81	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.44	%(c)		.89	%		.92	%		1.01	%		1.09	%		1.10	%
Net investment income		1.62	%(c)		4.53	%		4.28	%		5.00	%		5.06	%		4.53	%
Supplemental Data:
Net assets, end of period (000)	$1,235,727			$963,200			$1,005,558			$893,066			$559,879			$265,348
Portfolio turnover rate		41.03	%(c)		72.26	%		78.39	%		84.81	%		100.16	%		100.06	%

(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 (continued)

INTERNATIONAL DIVIDEND INCOME FUND

	Class R2 Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$8.92			$9.27			$7.94			$8.03			$8.76			$8.29
Investment operations:
Net investment income(a)		.10			.36			.32			.33			.45			.37
Net realized and unrealized gain (loss)		.05			(.32	)		1.32			(.08	)		(.79	)		.42
Total from investment operations		.15			.04			1.64			.25			(.34	)		.79
Distributions to shareholders from:
Net investment income		(.09	)		(.39	)		(.31	)		(.34	)		(.39	)		(.32	)
Net realized gain		(.49	)		–			–			–			–			–
Total distributions		(.58	)		(.39	)		(.31	)		(.34	)		(.39	)		(.32	)
Net asset value, end of period		$8.49			$8.92			$9.27			$7.94			$8.03			$8.76
Total Return(b)		2.07	%(c)		.33	%		21.13	%		3.32	%		(4.15	)%		9.96	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.70	%(c)		1.37	%		1.37	%		1.34	%		.91	%		.84	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.70	%(c)		1.37	%		1.37	%		1.34	%		.91	%		.84	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.74	%(c)		1.49	%		1.52	%		1.60	%		1.22	%		1.13	%
Net investment income		1.24	%(c)		3.86	%		3.73	%		4.24	%		5.15	%		4.45	%
Supplemental Data:
Net assets, end of period (000)	$1,326			$1,298			$860			$464			$16			$10
Portfolio turnover rate		41.03	%(c)		72.26	%		78.39	%		84.81	%		100.16	%		100.06	%

(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. 93

Financial Highlights (concluded)

INTERNATIONAL DIVIDEND INCOME FUND

	Class R3 Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$8.83			$9.18			$7.86			$7.94			$8.71			$8.28
Investment operations:
Net investment income(a)		.11			.37			.35			.37			.41			.36
Net realized and unrealized gain (loss)		.05			(.32	)		1.29			(.12	)		(.79	)		.40
Total from investment operations		.16			.05			1.64			.25			(.38	)		.76
Distributions to shareholders from:
Net investment income		(.10	)		(.40	)		(.32	)		(.33	)		(.39	)		(.33	)
Net realized gain		(.49	)		–			–			–			–			–
Total distributions		(.59	)		(.40	)		(.32	)		(.33	)		(.39	)		(.33	)
Net asset value, end of period		$8.40			$8.83			$9.18			$7.86			$7.94			$8.71
Total Return(b)		2.15	%(c)		.41	%		21.30	%		3.39	%		(4.61	)%		9.62	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.65	%(c)		1.27	%		1.27	%		1.27	%		1.26	%		1.24	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.65	%(c)		1.27	%		1.27	%		1.27	%		1.26	%		1.24	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.69	%(c)		1.39	%		1.42	%		1.50	%		1.59	%		1.58	%
Net investment income		1.34	%(c)		4.03	%		4.11	%		4.80	%		4.80	%		4.40	%
Supplemental Data:
Net assets, end of period (000)	$13,725			$11,273			$5,200			$33,065			$331			$111
Portfolio turnover rate		41.03	%(c)		72.26	%		78.39	%		84.81	%		100.16	%		100.06	%

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

94 See Notes to Financial Statements.

Financial Highlights

INTERNATIONAL OPPORTUNITIES FUND

							Class A Shares
	Six Months Ended 4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$16.22			$16.83			$13.17			$12.00			$12.87			$10.70
Investment operations:
Net investment income(a)		.03			.11			.10			.15			.10			.06
Net realized and unrealized gain (loss)		2.05			(.51	)		3.82			1.10			(.92	)		2.20
Total from investment operations		2.08			(.40	)		3.92			1.25			(.82	)		2.26
Distributions to shareholders from:
Net investment income		(.18	)		(.21	)		(.26	)		(.08	)		(.05	)		(.09	)
Net realized gain		(.48	)		–			–			–			–			–
Total distributions		(.66	)		(.21	)		(.26	)		(.08	)		(.05	)		(.09	)
Net asset value, end of period		$17.64			$16.22			$16.83			$13.17			$12.00			$12.87
Total Return(b)		13.41	%(c)		(2.39	)%		30.26	%		10.59	%		(6.39	)%		21.21	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.66	%(c)		1.35	%		1.47	%		1.52	%		1.49	%		1.54	%
Expenses, excluding expense reductions		.66	%(c)		1.35	%		1.47	%		1.52	%		1.49	%		1.54	%
Net investment income		.16	%(c)		.66	%		.66	%		1.20	%		.79	%		.54	%
Supplemental Data:
Net assets, end of period (000)	$136,822			$117,037			$99,530			$	76,139		$83,729			$98,272
Portfolio turnover rate		39.03	%(c)		80.08	%		99.98	%		91.18	%		103.98	%		83.13	%

(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. 95

Financial Highlights (continued)

INTERNATIONAL OPPORTUNITIES FUND

							Class B Shares
	Six Months Ended 4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$15.37			$15.96			$12.49			$11.36			$12.21			$10.17
Investment operations:
Net investment income (loss)(a)		(.04	)		(.03	)		–	(b)		.06			.02			(.01	)
Net realized and unrealized gain (loss)		1.96			(.46	)		3.63			1.07			(.87	)		2.08
Total from investment operations		1.92			(.49	)		3.63			1.13			(.85	)		2.07
Distributions to shareholders from:
Net investment income		(.04	)		(.10	)		(.16	)		–			–			(.03	)
Net realized gain		(.48	)		–			–			–			–			–
Total distributions		(.52	)		(.10	)		(.16	)		–			–			(.03	)
Net asset value, end of period		$16.77			$15.37			$15.96			$12.49			$11.36			$12.21
Total Return(c)		13.03	%(d)		(3.09	)%		29.39	%		9.95	%		(6.96	)%		20.35	%
Ratios to Average Net Assets:
Expenses, including expense reductions		1.03	%(d)		2.07	%		2.12	%		2.16	%		2.13	%		2.19	%
Expenses, excluding expense reductions		1.03	%(d)		2.07	%		2.12	%		2.16	%		2.13	%		2.19	%
Net investment income (loss)		(.23	)%(d)		(.16	)%		(.03	)%		.52	%		.12	%		(.13	)%
Supplemental Data:
Net assets, end of period (000)	$3,610			$3,999			$6,357			$6,854			$9,439			$14,307
Portfolio turnover rate		39.03	%(d)		80.08	%		99.98	%		91.18	%		103.98	%		83.13	%

(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.

96 See Notes to Financial Statements.

Financial Highlights (continued)

INTERNATIONAL OPPORTUNITIES FUND

							Class C Shares
	Six Months Ended 4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$15.23			$15.84			$12.41			$11.29			$12.14			$10.12
Investment operations:
Net investment income (loss)(a)		(.03	)		(.02	)		–	(b)		.07			.02			(.01	)
Net realized and unrealized gain (loss)		1.93			(.46	)		3.61			1.06			(.87	)		2.06
Total from investment operations		1.90			(.48	)		3.61			1.13			(.85	)		2.05
Distributions to shareholders from:
Net investment income		(.08	)		(.13	)		(.18	)		(.01	)		–			(.03	)
Net realized gain		(.48	)		–			–			–			–			–
Total distributions		(.56	)		(.13	)		(.18	)		(.01	)		–			(.03	)
Net asset value, end of period		$16.57			$15.23			$15.84			$12.41			$11.29			$12.14
Total Return(c)		13.02	%(d)		(3.12	)%		29.43	%		10.00	%		(7.00	)%		20.34	%
Ratios to Average Net Assets:
Expenses, including expense reductions		1.02	%(d)		2.06	%		2.10	%		2.14	%		2.10	%		2.19	%
Expenses, excluding expense reductions		1.02	%(d)		2.06	%		2.10	%		2.14	%		2.10	%		2.19	%
Net investment income (loss)		(.20	)%(d)		(.10	)%		.03	%		.59	%		.17	%		(.13	)%
Supplemental Data:
Net assets, end of period (000)	$24,693			$21,868			$18,138			$13,953			$15,603			$19,969
Portfolio turnover rate		39.03	%(d)		80.08	%		99.98	%		91.18	%		103.98	%		83.13	%

(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.

See Notes to Financial Statements. 97

Financial Highlights (continued)

INTERNATIONAL OPPORTUNITIES FUND

							Class F Shares
	Six Months Ended 4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$16.11			$16.73			$13.09			$11.94			$12.81			$10.65
Investment operations:
Net investment income(a)		.04			.14			.17			.18			.13			.10
Net realized and unrealized gain (loss)		2.04			(.50	)		3.76			1.09			(.91	)		2.17
Total from investment operations		2.08			(.36	)		3.93			1.27			(.78	)		2.27
Distributions to shareholders from:
Net investment income		(.22	)		(.26	)		(.29	)		(.12	)		(.09	)		(.11	)
Net realized gain		(.48	)		–			–			–			–			–
Total distributions		(.70	)		(.26	)		(.29	)		(.12	)		(.09	)		(.11	)
Net asset value, end of period		$17.49			$16.11			$16.73			$13.09			$11.94			$12.81
Total Return(b)		13.48	%(c)		(2.21	)%		30.63	%		10.83	%		(6.16	)%		21.47	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.59	%(c)		1.18	%		1.22	%		1.27	%		1.24	%		1.28	%
Expenses, excluding expense reductions		.59	%(c)		1.18	%		1.22	%		1.27	%		1.24	%		1.28	%
Net investment income		.24	%(c)		.80	%		1.13	%		1.47	%		1.00	%		.88	%
Supplemental Data:
Net assets, end of period (000)	$47,325			$44,607			$18,046			$944			$934			$934
Portfolio turnover rate		39.03	%(c)		80.08	%		99.98	%		91.18	%		103.98	%		83.13	%

(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 I Shares
	Six Months Ended 4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$16.63			$17.25			$13.49			$12.30			$13.18			$10.96
Investment operations:
Net investment income(a)		.05			.15			.15			.19			.16			.11
Net realized and unrealized gain (loss)		2.09			(.51	)		3.91			1.13			(.95	)		2.23
Total from investment operations		2.14			(.36	)		4.06			1.32			(.79	)		2.34
Distributions to shareholders from:
Net investment income		(.23	)		(.26	)		(.30	)		(.13	)		(.09	)		(.12	)
Net realized gain		(.48	)		–			–			–			–			–
Total distributions		(.71	)		(.26	)		(.30	)		(.13	)		(.09	)		(.12	)
Net asset value, end of period		$18.06			$16.63			$17.25			$13.49			$12.30			$13.18
Total Return(b)		13.55	%(c)		(2.10	)%		30.74	%		10.96	%		(6.01	)%		21.50	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.54	%(c)		1.08	%		1.12	%		1.17	%		1.14	%		1.18	%
Expenses, excluding expense reductions		.54	%(c)		1.08	%		1.12	%		1.17	%		1.14	%		1.18	%
Net investment income		.28	%(c)		.87	%		.99	%		1.54	%		1.17	%		.93	%
Supplemental Data:
Net assets, end of period (000)	$312,573			$274,583			$259,952			$195,785			$213,865			$232,027
Portfolio turnover rate		39.03	%(c)		80.08	%		99.98	%		91.18	%		103.98	%		83.13	%

(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 (continued)

INTERNATIONAL OPPORTUNITIES FUND

							Class P Shares
	Six Months Ended 4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$16.46			$17.08			$13.36			$12.17			$13.06			$10.86
Investment operations:
Net investment income(a)		.01			.07			.09			.14			.09			.05
Net realized and unrealized gain (loss)		2.09			(.51	)		3.88			1.12			(.94	)		2.22
Total from investment operations		2.10			(.44	)		3.97			1.26			(.85	)		2.27
Distributions to shareholders from:
Net investment income		(.16	)		(.18	)		(.25	)		(.07	)		(.04	)		(.07	)
Net realized gain		(.48	)		–			–			–			–			–
Total distributions		(.64	)		(.18	)		(.25	)		(.07	)		(.04	)		(.07	)
Net asset value, end of period		$17.92			$16.46			$17.08			$13.36			$12.17			$13.06
Total Return(b)		13.32	%(c)		(2.60	)%		30.19	%		10.49	%		(6.51	)%		21.05	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.76	%(c)		1.53	%		1.57	%		1.62	%		1.59	%		1.64	%
Expenses, excluding expense reductions		.76	%(c)		1.53	%		1.57	%		1.62	%		1.59	%		1.64	%
Net investment income		.05	%(c)		.38	%		.57	%		1.14	%		.69	%		.44	%
Supplemental Data:
Net assets, end of period (000)		$578			$872			$1,096			$929			$820			$900
Portfolio turnover rate		39.03	%(c)		80.08	%		99.98	%		91.18	%		103.98	%		83.13	%

(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 (continued)

INTERNATIONAL OPPORTUNITIES FUND

							Class R2 Shares
	Six Months Ended 4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$16.05			$16.69			$13.07			$11.90			$12.77			$10.64
Investment operations:
Net investment income(a)		–	(b)		.04			.06			.11			.07			.03
Net realized and unrealized gain (loss)		2.02			(.48	)		3.79			1.11			(.92	)		2.18
Total from investment operations		2.02			(.44	)		3.85			1.22			(.85	)		2.21
Distributions to shareholders from:
Net investment income		(.13	)		(.20	)		(.23	)		(.05	)		(.02	)		(.08	)
Net realized gain		(.48	)		–			–			–			–			–
Total distributions		(.61	)		(.20	)		(.23	)		(.05	)		(.02	)		(.08	)
Net asset value, end of period		$17.46			$16.05			$16.69			$13.07			$11.90			$12.77
Total Return(c)		13.20	%(d)		(2.69	)%		29.97	%		10.35	%		(6.68	)%		20.90	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.83	%(d)		1.68	%		1.72	%		1.76	%		1.74	%		1.79	%
Expenses, excluding expense reductions		.83	%(d)		1.68	%		1.72	%		1.76	%		1.74	%		1.79	%
Net investment income		.01	%(d)		.26	%		.40	%		.90	%		.56	%		.31	%
Supplemental Data:
Net assets, end of period (000)	$308				$198			$201			$91			$95			$96
Portfolio turnover rate		39.03	%(d)		80.08	%		99.98	%		91.18	%		103.98	%		83.13	%

(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.

See Notes to Financial Statements. 101

Financial Highlights (concluded)

INTERNATIONAL OPPORTUNITIES FUND

							Class R3 Shares
	Six Months
	Ended
	4/30/2015			Year Ended 10/31
	(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$15.97			$16.57			$12.98			$11.84			$12.72			$10.60
Investment operations:
Net investment income(a)		.01			.07			.06			.13			.10			.05
Net realized and unrealized gain (loss)		2.02			(.49	)		3.78			1.09			(.92	)		2.17
Total from investment operations		2.03			(.42	)		3.84			1.22			(.82	)		2.22
Distributions to shareholders from:
Net investment income		(.15	)		(.18	)		(.25	)		(.08	)		(.06	)		(.10	)
Net realized gain		(.48	)		–			–			–			–			–
Total distributions		(.63	)		(.18	)		(.25	)		(.08	)		(.06	)		(.10	)
Net asset value, end of period		$17.37			$15.97			$16.57			$12.98			$11.84			$12.72
Total Return(b)		13.28	%(c)		(2.63	)%		30.14	%		10.49	%		(6.51	)%		21.04	%
Ratios to Average Net Assets:
Expenses, including expense reductions		.77	%(c)		1.56	%		1.62	%		1.65	%		1.60	%		1.67	%
Expenses, excluding expense reductions		.77	%(c)		1.56	%		1.62	%		1.65	%		1.60	%		1.67	%
Net investment income		.06	%(c)		.39	%		.45	%		1.11	%		.74	%		.45	%
Supplemental Data:
Net assets, end of period (000)	$7,422			$6,000			$6,133			$6,212			$5,097			$3,016
Portfolio turnover rate		39.03	%(c)		80.08	%		99.98	%		91.18	%		103.98	%		83.13	%

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

102 See Notes to Financial Statements.

Financial Highlights

VALUE OPPORTUNITIES FUND

	Class A Shares
	Six Months
	Ended
	4/30/2015		Year Ended 10/31
	(unaudited)		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period	$21.67		$21.44		$15.99		$15.16		$14.45		$11.65
Investment operations:
Net investment income (loss)(a)	.01		(.03	)	–	(b)	(.03	)	(.05	)	(.03	)
Net realized and unrealized gain	1.36		2.16		5.45		.92		.83		2.83
Total from investment operations	1.37		2.13		5.45		.89		.78		2.80
Distributions to shareholders from:
Net realized gain	(2.87	)	(1.90	)	–		(.06	)	(.07	)	–
Net asset value, end of period	$20.17		$21.67		$21.44		$15.99		$15.16		$14.45
Total Return(c)	6.91	%(d)	10.72	%	34.08	%	5.89	%	5.45	%	24.03	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.58	%(d)	1.26	%	1.28	%	1.31	%	1.31	%	1.34	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.58	%(d)	1.26	%	1.28	%	1.31	%	1.31	%	1.34	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.58	%(d)	1.26	%	1.28	%	1.31	%	1.31	%	1.34	%
Net investment income (loss)	.06	%(d)	(.13	)%	(.01	)%	(.19	)%	(.29	)%	(.19	)%
Supplemental Data:
Net assets, end of period (000)	$1,242,603		$1,316,790		$1,372,436		$870,567		$883,444		$582,806
Portfolio turnover rate	23.47	%(d)	53.81	%	69.49	%(e)	58.84	%	56.87	%	69.83	%

(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. 103

Financial Highlights (continued)

VALUE OPPORTUNITIES FUND

	Class B Shares
	Six Months
	Ended
	4/30/2015		Year Ended 10/31
	(unaudited)		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period	$20.41		$20.42		$15.32		$14.63		$14.03		$11.39
Investment operations:
Net investment loss(a)	(.06	)	(.16	)	(.12	)	(.12	)	(.14	)	(.11	)
Net realized and unrealized gain	1.26		2.05		5.22		.87		.81		2.75
Total from investment operations	1.20		1.89		5.10		.75		.67		2.64
Distributions to shareholders from:
Net realized gain	(2.87	)	(1.90	)	–		(.06	)	(.07	)	–
Net asset value, end of period	$18.74		$20.41		$20.42		$15.32		$14.63		$14.03
Total Return(b)	6.45	%(c)	10.02	%	33.29	%	5.14	%	4.83	%	23.18	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.95	%(c)	1.91	%	1.93	%	1.96	%	1.96	%	1.99	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.95	%(c)	1.91	%	1.93	%	1.96	%	1.96	%	1.99	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.95	%(c)	1.91	%	1.93	%	1.96	%	1.96	%	1.99	%
Net investment loss	(.30	)%(c)	(.78	)%	(.68	)%	(.83	)%	(.91	)%	(.85	)%
Supplemental Data:
Net assets, end of period (000)	$15,815		$18,752		$24,911		$13,315		$15,700		$19,110
Portfolio turnover rate	23.47	%(c)	53.81	%	69.49	%(d)	58.84	%	56.87	%	69.83	%

(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.

104 See Notes to Financial Statements.

Financial Highlights (continued)

VALUE OPPORTUNITIES FUND

	Class C Shares
	Six Months
	Ended
	4/30/2015		Year Ended 10/31
	(unaudited)		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period	$20.41		$20.42		$15.32		$14.62		$14.03		$11.39
Investment operations:
Net investment loss(a)	(.06	)	(.16	)	(.12	)	(.13	)	(.14	)	(.11	)
Net realized and unrealized gain	1.26		2.05		5.22		.89		.80		2.75
Total from investment operations	1.20		1.89		5.10		.76		.66		2.64
Distributions to shareholders from:
Net realized gain	(2.87	)	(1.90	)	–		(.06	)	(.07	)	–
Net asset value, end of period	$18.74		$20.41		$20.42		$15.32		$14.62		$14.03
Total Return(b)	6.45	%(c)	10.02	%	33.29	%	5.21	%	4.76	%	23.18	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.95	%(c)	1.91	%	1.93	%	1.96	%	1.96	%	1.99	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.95	%(c)	1.91	%	1.93	%	1.96	%	1.96	%	1.99	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.95	%(c)	1.91	%	1.93	%	1.96	%	1.96	%	1.99	%
Net investment loss	(.31	)%(c)	(.79	)%	(.66	)%	(.83	)%	(.95	)%	(.83	)%
Supplemental Data:
Net assets, end of period (000)	$394,761		$404,787		$400,420		$248,357		$263,798		$147,193
Portfolio turnover rate	23.47	%(c)	53.81	%	69.49	%(d)	58.84	%	56.87	%	69.83	%

(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. 105

Financial Highlights (continued)

VALUE OPPORTUNITIES FUND

	Class F Shares
	Six Months
	Ended
	4/30/2015		Year Ended 10/31
	(unaudited)		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period	$21.92		$21.62		$16.07		$15.20		$14.45		$11.62
Investment operations:
Net investment income (loss)(a)	.03		.02		.05		.01		(.01	)	.01
Net realized and unrealized gain	1.36		2.18		5.50		.92		.83		2.82
Total from investment operations	1.39		2.20		5.55		.93		.82		2.83
Distributions to shareholders from:
Net realized gain	(2.87	)	(1.90	)	–		(.06	)	(.07	)	–
Net asset value, end of period	$20.44		$21.92		$21.62		$16.07		$15.20		$14.45
Total Return(b)	6.92	%(c)	10.97	%	34.54	%	6.13	%	5.73	%	24.25	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.51	%(c)	1.02	%	1.03	%	1.06	%	1.07	%	1.10	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.51	%(c)	1.02	%	1.03	%	1.06	%	1.07	%	1.10	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.51	%(c)	1.02	%	1.03	%	1.06	%	1.07	%	1.10	%
Net investment income (loss)	.13	%(c)	.11	%	.26	%	.06	%	(.06	)%	.07	%
Supplemental Data:
Net assets, end of period (000)	$602,539		$550,524		$456,370		$369,321		$385,086		$168,415
Portfolio turnover rate	23.47	%(c)	53.81	%	69.49	%(d)	58.84	%	56.87	%	69.83	%

(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 I Shares
	Six Months
	Ended
	4/30/2015		Year Ended 10/31
	(unaudited)		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period	$22.20		$21.85		$16.23		$15.34		$14.57		$11.70
Investment operations:
Net investment income(a)	.04		.05		.06		.02		.01		.02
Net realized and unrealized gain	1.39		2.20		5.56		.93		.83		2.85
Total from investment operations	1.43		2.25		5.62		.95		.84		2.87
Distributions to shareholders from:
Net realized gain	(2.87	)	(1.90	)	–		(.06	)	(.07	)	–
Net asset value, end of period	$20.76		$22.20		$21.85		$16.23		$15.34		$14.57
Total Return(b)	7.03	%(c)	11.10	%	34.63	%	6.21	%	5.82	%	24.42	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.46	%(c)	.92	%	.93	%	.97	%	.97	%	.99	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.46	%(c)	.92	%	.93	%	.97	%	.97	%	.99	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.46	%(c)	.92	%	.93	%	.97	%	.97	%	.99	%
Net investment income	.19	%(c)	.21	%	.33	%	.15	%	.06	%	.16	%
Supplemental Data:
Net assets, end of period (000)	$629,927		$647,442		$675,593		$411,546		$291,056		$190,103
Portfolio turnover rate	23.47	%(c)	53.81	%	69.49	%(d)	58.84	%	56.87	%	69.83	%

(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 (continued)

VALUE OPPORTUNITIES FUND

	Class P Shares
	Six Months
	Ended
	4/30/2015		Year Ended 10/31
	(unaudited)		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period	$21.51		$21.32		$15.90		$15.09		$14.40		$11.62
Investment operations:
Net investment loss(a)	(.01	)	(.05	)	(.07	)	(.04	)	(.05	)	(.04	)
Net realized and unrealized gain	1.34		2.14		5.49		.91		.81		2.82
Total from investment operations	1.33		2.09		5.42		.87		.76		2.78
Distributions to shareholders from:
Net realized gain	(2.87	)	(1.90	)	–		(.06	)	(.07	)	–
Net asset value, end of period	$19.97		$21.51		$21.32		$15.90		$15.09		$14.40
Total Return(b)	6.76	%(c)	10.58	%	34.09	%	5.78	%	5.33	%	23.92	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.68	%(c)	1.36	%	1.37	%	1.41	%	1.41	%	1.44	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.68	%(c)	1.36	%	1.37	%	1.41	%	1.41	%	1.44	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.68	%(c)	1.36	%	1.37	%	1.41	%	1.41	%	1.44	%
Net investment loss	(.04	)%(c)	(.23	)%	(.34	)%	(.24	)%	(.35	)%	(.29	)%
Supplemental Data:
Net assets, end of period (000)	$49,016		$49,179		$54,081		$918		$3,392		$4,344
Portfolio turnover rate	23.47	%(c)	53.81	%	69.49	%(d)	58.84	%	56.87	%	69.83	%

(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.

Financial Highlights (continued)

VALUE OPPORTUNITIES FUND

	Class R2 Shares
	Six Months
	Ended
	4/30/2015		Year Ended 10/31
	(unaudited)		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period	$21.27		$21.13		$15.79		$15.01		$14.34		$11.59
Investment operations:
Net investment loss(a)	(.02	)	(.08	)	(.04	)	(.07	)	(.09	)	(.06	)
Net realized and unrealized gain	1.32		2.12		5.38		.91		.83		2.81
Total from investment operations	1.30		2.04		5.34		.84		.74		2.75
Distributions to shareholders from:
Net realized gain	(2.87	)	(1.90	)	–		(.06	)	(.07	)	–
Net asset value, end of period	$19.70		$21.27		$21.13		$15.79		$15.01		$14.34
Total Return(b)	6.68	%(c)	10.42	%	33.82	%	5.61	%	5.21	%	23.62	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.76	%(c)	1.52	%	1.53	%	1.56	%	1.57	%	1.60	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.76	%(c)	1.52	%	1.53	%	1.56	%	1.57	%	1.60	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.76	%(c)	1.52	%	1.53	%	1.56	%	1.57	%	1.60	%
Net investment loss	(.11	)%(c)	(.38	)%	(.24	)%	(.44	)%	(.58	)%	(.42	)%
Supplemental Data:
Net assets, end of period (000)	$9,519		$10,364		$13,922		$11,056		$8,804		$2,538
Portfolio turnover rate	23.47	%(c)	53.81	%	69.49	%(d)	58.84	%	56.87	%	69.83	%

(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. 109

Financial Highlights (concluded)

VALUE OPPORTUNITIES FUND

	Class R3 Shares
	Six Months
	Ended
	4/30/2015		Year Ended 10/31
	(unaudited)		2014		2013		2012		2011		2010
Per Share Operating Performance
Net asset value, beginning of period	$21.37		$21.20		$15.83		$15.03		$14.34		$11.58
Investment operations:
Net investment loss(a)	(.01	)	(.06	)	(.03	)	(.05	)	(.07	)	(.04	)
Net realized and unrealized gain	1.33		2.13		5.40		.91		.83		2.80
Total from investment operations	1.32		2.07		5.37		.86		.76		2.76
Distributions to shareholders from:
Net realized gain	(2.87	)	(1.90	)	–		(.06	)	(.07	)	–
Net asset value, end of period	$19.82		$21.37		$21.20		$15.83		$15.03		$14.34
Total Return(b)	6.76	%(c)	10.54	%	33.92	%	5.74	%	5.35	%	23.73	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed	.70	%(c)	1.41	%	1.43	%	1.46	%	1.47	%	1.49	%
Expenses, including expense reductions, management fee waived and expenses reimbursed	.70	%(c)	1.41	%	1.43	%	1.46	%	1.47	%	1.49	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed	.70	%(c)	1.41	%	1.43	%	1.46	%	1.47	%	1.50	%
Net investment loss	(.06	)%(c)	(.29	)%	(.17	)%	(.35	)%	(.47	)%	(.31	)%
Supplemental Data:
Net assets, end of period (000)	$131,100		$133,353		$130,597		$86,441		$64,504		$20,456
Portfolio turnover rate	23.47	%(c)	53.81	%	69.49	%(d)	58.84	%	56.87	%	69.83	%

(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.

110 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 active share classes during the six months ended April 30, 2015:

Funds	Share 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.

111

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 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 (“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. 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. 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.
	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof 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.

112

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, 2011 through October 31, 2014. 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 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 (loss) on 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 solely 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 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 (loss) on foreign currency related transactions on each Fund’s Statement of Operations.

113

Notes to Financial Statements (unaudited)(continued)

(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 in lieu of holding the 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.
(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

114

Notes to Financial Statements (unaudited)(continued)

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, 2015 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, 2015, the effective management fee, net of any applicable waivers, was based on each Fund’s average daily net assets at the following annualized rates:

	Net Effective Management Fee
Alpha Strategy Fund	.00%(1)
Fundamental Equity Fund	.52%(2)
Growth Leaders Fund	.42%(3)
International Core Equity Fund	.45%(4)
International Dividend Income Fund	.57%(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, 2015 and continuing through February 29, 2016, Lord Abbett has contractually agreed to waive its management fee at an annual rate of .05%. For the six months ended April 30, 2015, Lord Abbett voluntarily waived the remainder of its management fee at an annual rate of .05%. Lord Abbett may discontinue the voluntary waiver or change the level of its voluntary waiver 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%

115

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. Alpha Strategy Fund does not pay such fee.

For the six months ended April 30, 2015 and continuing through February 29, 2016, Lord Abbett has contractually agreed to waive Growth Leaders Fund’s fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees, to an annual rate of .60%.

For the twelve month period through February 28, 2015, Lord Abbett had contractually agreed to waive International Core Equity Fund’s fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees, to an annual rate of .77%. Effective March 1, 2015 and continuing through February 29, 2016, the annualized rate for Classes A, B, C, P, R2, and R3 was increased to .87% and the annual rate for Classes F and I remained at .77%.

For the twelve month period through February 28, 2015, Lord Abbett had contractually agreed to waive International Dividend Income Fund’s fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees, to an annual rate of .77%. Effective March 1, 2015 and continuing through February 29, 2016, the annualized rate for Classes A, C, R2, and R3 was increased to .87% and the annual rate for Classes F and I was increased to .81%.

All contractual 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 in 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 (collectively, the “Underlying Funds”), have entered into a Servicing Arrangement with certain “Fund of Funds” managed by Lord Abbett, pursuant to which each Underlying Fund pays a portion of the expenses (excluding management

116

Notes to Financial Statements (unaudited)(continued)

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, if applicable, are included in Subsidy expense of each Fund’s Statement of Operations and Payable to affiliates on each Fund’s Statement of Assets and Liabilities.

As of April 30, 2015, 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:

Growth

International

International

International

Value

Fundamental

Leaders

Core Equity

Dividend

Opportunities

Opportunities

Fund of Funds

Equity Fund

Fund

Fund

Income Fund

Fund

Fund

Alpha Strategy Fund

–

–

–

–

50.95

%

8.25

%

Diversified Equity Strategy Fund

0.95

%

2.58

%

5.71

%

–

4.36

%

0.88

%

Multi-Asset Balanced Opportunity Fund

–

–

–

13.57

%

–

–

Multi-Asset Global Opportunity Fund

–

–

–

4.57

%

–

–

Multi-Asset Growth Fund

–

–

–

10.00

%

–

–

Multi-Asset Income Fund

–

–

–

10.71

%

–

–

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 authorized 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	–	.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)	Prior to March 1, 2015, Class A 12b-1 fees for International Core Equity Fund and International Dividend Income 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.

117

Notes to Financial Statements (unaudited)(continued)

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, 2015:

	Distributor		Dealers’
	Commissions		Concessions
Alpha Strategy Fund		$107,093		$   595,088
Fundamental Equity Fund		164,520		897,517
Growth Leaders Fund		218,267		1,241,606
International Core Equity Fund		70,147		370,009
International Dividend Income Fund		266,412		1,411,828
International Opportunities Fund		29,570		157,711
Value Opportunities Fund		105,976		572,199

Distributor received the following amount of CDSCs for the six months ended April 30, 2015:

	Class A		Class C
Alpha Strategy Fund		$  2,335		$10,372
Fundamental Equity Fund		13,249		34,694
Growth Leaders Fund		62,100		33,767
International Core Equity Fund		72		916
International Dividend Income Fund		40,025		21,893
International Opportunities Fund		15,700		851
Value Opportunities Fund		6,922		10,602

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.

118

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the six months ended April 30, 2015 and fiscal year ended October 31, 2014 was as follows:

		Alpha Strategy Fund					Fundamental Equity Fund
	Six Months Ended					Six Months Ended
		4/30/2015		Year Ended			4/30/2015		Year Ended
		(unaudited)		10/31/2014			(unaudited)		10/31/2014
Distributions paid from:
Ordinary income		$	17,527,867	$	45,823,955		$	225,946,098	$	208,816,026
Net long-term capital gains			118,549,905		41,361,605			712,679,683		675,477,284
Total distributions paid		$	136,077,772	$	87,185,560		$	938,625,781	$	884,293,310
		Growth Leaders Fund					International Core Equity Fund
	Six Months Ended					Six Months Ended
			4/30/2015	Year Ended				4/30/2015	Year Ended
			(unaudited)		10/31/2014			(unaudited)		10/31/2014
Distributions paid from:
Ordinary income		$	73,120,882	$	29,724,487		$	6,527,984	$	15,956,504
Net long-term capital gains			925,072		389,799			–		–
Total distributions paid		$	74,045,954	$	30,114,286		$	6,527,984	$	15,956,504
		International Dividend Income Fund					International Opportunities Fund
	Six Months Ended					Six Months Ended
			4/30/2015	Year Ended				4/30/2015	Year Ended
			(unaudited)		10/31/2014			(unaudited)		10/31/2014
Distributions paid from:
Ordinary income		$	34,508,575	$	116,396,955		$	5,964,486	$	6,003,315
Net long-term capital gains			141,437,432		–			13,687,933		–
Total distributions paid		$	175,946,007	$	116,396,955		$	19,652,419	$	6,003,315
			Value Opportunities Fund
	Six Months Ended
			4/30/2015	Year Ended
			(unaudited)		10/31/2014
Distributions paid from:
Ordinary income		$	65,974,521	$	57,058,078
Net long-term capital gains			343,592,336		221,546,277
Total distributions paid		$	409,566,857	$	278,604,355

As of October 31, 2014, the capital loss carryforwards, along with the related expiration dates, were as follows:

	2016		2017		Total
Fundamental Equity Fund	$	2,561,610	$	–	$	2,561,610
International Core Equity Fund		–		198,263,766		198,263,766

119

Notes to Financial Statements (unaudited)(continued)

As of April 30, 2015, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

		Alpha			Fundamental				Growth
		Strategy Fund			Equity Fund				Leaders Fund
Tax cost		$	1,125,434,125		$	3,838,070,793			$	1,529,730,412
Gross unrealized gain			197,784,036			600,539,334				59,257,243
Gross unrealized loss			(12,215,254	)		(52,113,769	)			(20,877,897	)
Net unrealized security gain		$	185,568,782		$	548,425,565			$	38,379,346
						International
			International			Dividend				International
	Core Equity Fund				Income Fund			Opportunities Fund
Tax cost		$	557,237,113		$	2,697,424,143			$	473,297,736
Gross unrealized gain			64,816,633			173,928,470				70,159,531
Gross unrealized loss			(20,544,345	)		(96,085,389	)			(20,655,832	)
Net unrealized security gain		$	44,272,288		$	77,843,081			$	49,503,699
			Value
	Opportunities Fund
Tax cost		$	2,378,897,957
Gross unrealized gain			739,352,558
Gross unrealized loss			(25,354,908	)
Net unrealized security gain		$	713,997,650

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, 2015 were as follows:

	Purchases		Sales
Alpha Strategy Fund	$	188,002,001	$	79,882,034
Fundamental Equity Fund		3,084,192,216		4,149,772,938
Growth Leaders Fund		1,943,679,144		1,752,763,730
International Core Equity Fund		184,601,008		216,698,346
International Dividend Income Fund		1,327,199,503		1,019,197,971
International Opportunities Fund		181,958,806		188,777,454
Value Opportunities Fund		719,430,488		958,094,861

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2015.

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, 2015 (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

120

Notes to Financial Statements (unaudited)(continued)

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.

As of April 30, 2015, International Core Equity Fund, International Dividend Income Fund and International Opportunities Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate the Funds’ use of derivative instruments:

	International		International
	Core Equity Fund		Dividend Income Fund
	Foreign		Foreign
	Currency		Currency
Asset Derivatives	Contracts		Contracts
Forward Foreign Currency Exchange Contracts(1)	$	3,141,431	$	32,545,007
Liability Derivatives
Forward Foreign Currency Exchange Contracts(2)	$	2,301,081	$	19,599,382
	International
	Opportunities Fund
	Foreign
	Currency
Asset Derivatives	Contracts
Forward Foreign Currency Exchange Contracts(1)	$	3,385,787
Liability Derivatives
Forward Foreign Currency Exchange Contracts(2)	$	2,188,848

(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 six months ended April 30, 2015, were as follows:

	International			International
	Core Equity Fund			Dividend Income Fund
	Foreign			Foreign
	Currency			Currency
	Contracts			Contracts
Net Realized Gain (Loss)(1)
Forward Foreign Currency Exchange Contracts	$	(1,786,668	)	$	14,231,717
Net Change in Unrealized Appreciation/Depreciation(2)
Forward Foreign Currency Exchange Contracts	$	721,417		$	(10,242,343	)
Average Notional Amounts*
Forward Foreign Currency Exchange Contracts(3)	$	228,018,492		$	1,575,809,622

121

Notes to Financial Statements (unaudited)(continued)

		International
	Opportunities Fund
		Foreign
		Currency
		Contracts
Net Realized Gain (Loss)(1)
Forward Foreign Currency Exchange Contracts		$	(3,724,308	)
Net Change in Unrealized Appreciation/Depreciation(2)
Forward Foreign Currency Exchange Contracts		$	2,105,881
Average Notional Amounts*
Forward Foreign Currency Exchange Contracts(3)		$	190,278,462

* Calculated based on notional amounts for the six months ended April 30, 2015.

(1)	Statements of Operations location: Net realized gain (loss) on investments (net of foreign capital gains tax) and foreign currency related transactions.
(2)	Statements of Operations location: Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies.
(3)	Amount represents notional amounts in U.S. dollars.

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:

					Alpha Strategy 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		$777,117	$	–		$777,117
Total		$777,117	$	–		$777,117

122

Notes to Financial Statements (unaudited)(continued)

					Amounts Not Offset in the
	Net Amounts of				Statement of Assets and Liabilities
	Assets Presented						Cash			Securities
	in the Statement of			Financial			Collateral			Collateral
Counterparty	Assets and Liabilities			Instruments			Received(a)			Received(a)				Net Amount(b)
Fixed Income Clearing Corp.		$	777,117		$	–		$	–		$	(777,117	)		$	–
Total		$	777,117		$	–		$	–		$	(777,117	)		$	–

				Fundamental Equity 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		$	41,509,141		$	–		$	41,509,141
Total		$	41,509,141		$	–		$	41,509,141

					Amounts Not Offset in the
	Net Amounts of				Statement of Assets and Liabilities
	Assets Presented						Cash			Securities
	in the Statement of			Financial			Collateral			Collateral
Counterparty	Assets and Liabilities			Instruments			Received(a)			Received(a)				Net Amount(b)
Fixed Income Clearing Corp.		$	41,509,141		$	–		$	–		$	(41,509,141	)		$	–
Total		$	41,509,141		$	–		$	–		$	(41,509,141	)		$	–

				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		$	31,242,775		$	–		$	31,242,775
Total		$	31,242,775		$	–		$	31,242,775

					Amounts Not Offset in the
	Net Amounts of				Statement of Assets and Liabilities
	Assets Presented						Cash			Securities
	in the Statement of			Financial			Collateral			Collateral
Counterparty	Assets and Liabilities			Instruments			Received(a)			Received(a)				Net Amount(b)
Fixed Income Clearing Corp.		$	31,242,775		$	–		$	–		$	(31,242,775	)		$	–
Total		$	31,242,775		$	–		$	–		$	(31,242,775	)		$	–

				International Core Equity 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
Forward Foreign Currency Exchange Contracts		$	3,141,431		$	–		$	3,141,431
Repurchase Agreement			9,439,567			–			9,439,567
Total		$	12,580,998		$	–		$	12,580,998

123

Notes to Financial Statements (unaudited)(continued)

					Amounts Not Offset in the
	Net Amounts of				Statement of Assets and Liabilities
	Assets Presented							Cash				Securities
	in the Statement of			Financial				Collateral				Collateral
Counterparty	Assets and Liabilities			Instruments				Received(a)				Received(a)				Net Amount(b)
Barclays Bank plc		$	1,112,257		$	(9,630	)		$	(700,000	)		$	(202,568	)		$	200,059
Deutsche Bank AG			572,262			–				(300,000	)			–				272,262
Fixed Income Clearing Corp.			9,439,567			–				–				(9,439,567	)			–
Goldman Sachs			58,298			(58,298	)			–				–				–
J.P. Morgan Chase			426,525			(426,525	)			–				–				–
Morgan Stanley			950,519			(728,691	)			–				(221,828	)			–
UBS AG			21,570			(21,570	)			–				–				–
Total		$	12,580,998		$	(1,244,714	)		$	(1,000,000	)		$	(9,863,963	)		$	472,321

				Gross Amounts			Net Amounts of
				Offset in the			Liabilities Presented
	Gross Amounts of			Statement of Assets			in the Statement of
Description	Recognized Liabilities			and Liabilities			Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	2,301,081		$	–		$	2,301,081
Total		$	2,301,081		$	–		$	2,301,081

					Amounts Not Offset in the
	Net Amounts of				Statement of Assets and Liabilities
	Liabilities Presented							Cash				Securities
	in the Statement of			Financial				Collateral				Collateral
Counterparty	Assets and Liabilities			Instruments				Pledged(a)				Pledged(a)			Net Amount(c)
Bank of America		$	242,020		$	–			$	(242,020	)		$	–		$	–
Barclays Bank plc			9,630			(9,630	)			–				–			–
Goldman Sachs			591,707			(58,298	)			–				–			533,409
J.P. Morgan Chase			697,139			(426,525	)			(270,614	)			–			–
Morgan Stanley			728,691			(728,691	)			–				–			–
UBS AG			31,894			(21,570	)			–				–			10,324
Total		$	2,301,081		$	(1,244,714	)		$	(512,634	)		$	–		$	543,733

				International Dividend Income 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
Forward Foreign Currency Exchange Contracts		$	32,545,007		$	–		$	32,545,007
Repurchase Agreement			66,656,537			–			66,656,537
Total		$	99,201,544		$	–		$	99,201,544

124

Notes to Financial Statements (unaudited)(continued)

					Amounts Not Offset in the
	Net Amounts of				Statement of Assets and Liabilities
	Assets Presented							Cash				Securities
	in the Statement of			Financial				Collateral				Collateral
Counterparty	Assets and Liabilities			Instruments				Received(a)				Received(a)				Net Amount(b)
Bank of America		$	1,630,581		$	(848,928	)		$	–			$	–			$	781,653
Barclays Bank plc			1,358,227			(904,535	)			–				(289,955	)			163,737
Citibank			68,006			(68,006	)			–				–				–
Deutsche Bank AG			4,150,696			(753,560	)			(1,350,000	)			–				2,047,136
Fixed Income Clearing Corp.			66,656,537			–				–				(66,656,537	)			–
Goldman Sachs			5,814,108			(5,814,108	)			–				–				–
J.P. Morgan Chase			4,537,636			(3,490,555	)			(1,047,081	)			–				–
Morgan Stanley			14,985,753			(5,400,300	)			–				(9,585,453	)			–
Total		$	99,201,544		$	(17,279,992	)		$	(2,397,081	)		$	(76,531,945	)		$	2,992,526

				Gross Amounts			Net Amounts of
				Offset in the			Liabilities Presented
	Gross Amounts of			Statement of Assets			in the Statement of
Description	Recognized Liabilities			and Liabilities			Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	19,599,382		$	–		$	19,599,382
Total		$	19,599,382		$	–		$	19,599,382

					Amounts Not Offset in the
	Net Amounts of				Statement of Assets and Liabilities
	Liabilities Presented							Cash				Securities
	in the Statement of			Financial				Collateral				Collateral
Counterparty	Assets and Liabilities			Instruments				Pledged(a)				Pledged(a)			Net Amount(c)
Bank of America		$	848,928		$	(848,928	)		$	–			$	–		$	–
Barclays Bank plc			904,535			(904,535	)			–				–			–
Citibank			548,658			(68,006	)			(380,000	)			–			100,652
Deutsche Bank AG			753,560			(753,560	)			–				–			–
Goldman Sachs			6,512,678			(5,814,108	)			–				–			698,570
J.P. Morgan Chase			3,490,555			(3,490,555	)			–				–			–
Morgan Stanley			5,400,300			(5,400,300	)			–				–			–
UBS AG			1,140,168			–				(800,000	)			–			340,168
Total		$	19,599,382		$	(17,279,992	)		$	(1,180,000	)		$	–		$	1,139,390

				International Opportunities 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
Forward Foreign Currency Exchange Contracts		$	3,385,787		$	–		$	3,385,787
Repurchase Agreement			16,519,342			–			16,519,342
Total		$	19,905,129		$	–		$	19,905,129

125

Notes to Financial Statements (unaudited)(continued)

					Amounts Not Offset in the
	Net Amounts of				Statement of Assets and Liabilities
	Assets Presented							Cash				Securities
	in the Statement of			Financial				Collateral				Collateral
Counterparty	Assets and Liabilities			Instruments				Received(a)				Received(a)				Net Amount(b)
Bank of America		$	204,765		$	–			$	(204,765	)		$	–			$	–
Barclays Bank plc			537,550			(8,924	)			(330,000	)			–				198,626
Deutsche Bank AG			1,745,017			(270,133	)			(1,150,000	)			–				324,884
Fixed Income Clearing Corp.			16,519,342			–				–				(16,519,342)				–
Goldman Sachs			16,400			(16,400	)			–				–				–
J.P. Morgan Chase			213,078			(174,406	)			–				–				38,672
Morgan Stanley			668,977			(668,977	)			–				–				–
Total		$	19,905,129		$	(1,138,840	)		$	(1,684,765	)		$	(16,519,342	)		$	562,182

				Gross Amounts			Net Amounts of
				Offset in the			Liabilities Presented
	Gross Amounts of			Statement of Assets			in the Statement of
Description	Recognized Liabilities			and Liabilities			Assets and Liabilities
Forward Foreign Currency Exchange Contracts		$	2,188,848		$	–		$	2,188,848
Total		$	2,188,848		$	–		$	2,188,848

					Amounts Not Offset in the
	Net Amounts of				Statement of Assets and Liabilities
	Liabilities Presented							Cash				Securities
	in the Statement of			Financial				Collateral				Collateral
Counterparty	Assets and Liabilities			Instruments				Pledged(a)				Pledged(a)			Net Amount(c)
Barclays Bank plc		$	8,924		$	(8,924	)		$	–			$	–		$	–
Citibank			67,999			–				–				–			67,999
Deutsche Bank AG			270,133			(270,133	)			–				–			–
Goldman Sachs			157,082			(16,400	)			–				–			140,682
J.P. Morgan Chase			174,406			(174,406	)			–				–			–
Morgan Stanley			1,355,975			(668,977	)			(680,000	)			–			6,998
UBS AG			154,329			–				–				–			154,329
Total		$	2,188,848		$	(1,138,840	)		$	(680,000	)		$	–		$	370,008

							Value Opportunities 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		$	8,078,685		$	–			$	8,078,685
Total		$	8,078,685		$	–			$	8,078,685

					Amounts Not Offset in the
	Net Amounts of				Statement of Assets and Liabilities
	Assets Presented						Cash			Securities
	in the Statement of			Financial			Collateral			Collateral
Counterparty	Assets and Liabilities			Instruments			Received(a)			Received(a)				Net Amount(b)
Fixed Income Clearing Corp.		$	8,078,685		$	–		$	–		$	(8,078,685	)		$	–
Total		$	8,078,685		$	–		$	–		$	(8,078,685	)		$	–

(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements 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, 2015.
(c)	Net amount represents the amount owed by the Fund to each counterparty as of April 30, 2015.

126

Notes to Financial Statements (unaudited)(continued)

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, 2015, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a $500 million unsecured revolving credit facility (the “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 satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million based on past borrowings and likelihood of future borrowings. Each Participating Fund bears its ratable share of the $525,000 annual Facility fee based on the maximum amount the Fund can borrow under the Facility. This amount is included for each Fund in Other expenses in the Statements of Operations. Any borrowings under the Facility will incur interest at current market rates as set forth in the credit agreement.

During the six months ended April 30, 2015, the Funds did not utilize the 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.

127

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, 2015:

	Balance of				Balance of			Net Realized			Dividend
	Shares				Shares	Fair		Gain			Income
	Held at	Gross	Gross		Held at	Value at		11/1/2014 to			11/1/2014 to
Affiliated Issuer	10/31/2014	Additions	Sales		4/30/2015	4/30/2015		4/30/2015			4/30/2015
Lord Abbett Developing Growth Fund, Inc. – Class I	8,998,347	1,601,530	(702,779	)	9,897,098	$	255,642,029	$	43,203,828	(a)	$	–
Lord Abbett Securities Trust – International Opportunities Fund – Class I	14,750,328	1,557,416	(1,046,751	)	15,260,993		275,766,144		10,210,709	(b)		3,596,559
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I	6,811,662	932,377	(1,177,378	)	6,566,661		127,852,896		21,532,968	(c)		–
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I	3,649,832	514,792	(48,221	)	4,116,403		127,896,629		13,256,357	(d)		–
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I	7,078,265	2,010,376	(327,923	)	8,760,718		261,157,006		53,922,537	(e)		673,625
Lord Abbett Securities Trust – Value Opportunities Fund – Class I	11,450,061	1,694,906	(528,826	)	12,616,141		261,911,086		32,805,582	(f)		–
Total						$	1,310,225,790	$	174,931,981		$	4,270,184

(a)	Includes $38,678,495 of distributed capital gains.
(b)	Includes $7,399,283 of distributed capital gains.
(c)	Includes $15,818,117 of distributed capital gains.
(d)	Includes $13,100,341 of distributed capital gains.
(e)	Includes $54,493,106 of distributed capital gains.
(f)	Includes $32,882,286 of distributed capital gains.

128

Notes to Financial Statements (unaudited)(continued)

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, Growth Leaders Fund, International Core Equity Fund and International Dividend Income 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 Alpha Strategy Fund, Fundamental Equity Fund, Growth Leaders Fund, International Core Equity Fund, International Opportunities 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. 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, International Dividend Income Fund and International Opportunities Fund are subject to the risks of investing in foreign securities. 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. These risks are generally greater for securities issued by companies in emerging market companies. Similarly, due to their investments in multinational and foreign companies, Alpha Strategy Fund, Fundamental Equity Fund, Growth Leaders Fund, and Value Opportunities Fund, may similarly experience increased market, liquidity, currency, political, information and other risks.

International Dividend Income Fund is subject to the risks of investing in dividend paying stocks. 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.

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.

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.

129

Notes to Financial Statements (unaudited)(continued)

14. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of beneficial interest were as follows:

				Six Months Ended
					April 30, 2015						Year Ended
Alpha Strategy Fund					(unaudited)						October 31, 2014
Class A Shares	Shares				Amount			Shares			Amount
Shares sold		2,248,669			$	70,010,190			4,456,826		$	144,266,625
Converted from Class B*		67,700				2,084,289			128,387			4,122,941
Reinvestment of distributions		1,874,861				55,608,375			1,229,371			38,749,806
Shares reacquired		(2,738,934	)			(84,624,995	)		(5,096,876	)		(163,192,257	)
Increase		1,452,296			$	43,077,859			717,708		$	23,947,115
Class B Shares
Shares sold		8,197			$	227,105			14,057		$	418,789
Reinvestment of distributions		55,791				1,518,640			49,823			1,451,855
Shares reacquired		(90,045	)			(2,549,130	)		(116,710	)		(3,472,192	)
Converted to Class A*		(73,848	)			(2,084,289	)		(139,280	)		(4,122,941	)
Decrease		(99,905	)		$	(2,887,674	)		(192,110	)	$	(5,724,489	)
Class C Shares
Shares sold		1,035,836			$	28,766,359			2,041,211		$	60,181,754
Reinvestment of distributions		1,035,610				27,847,560			601,205			17,368,806
Shares reacquired		(1,011,321	)			(28,280,158	)		(1,687,194	)		(49,452,208	)
Increase		1,060,125			$	28,333,761			955,222		$	28,098,352
Class F Shares
Shares sold		1,395,846			$	42,995,522			3,893,432		$	125,667,687
Reinvestment of distributions		714,237				21,212,846			338,904			10,695,815
Shares reacquired		(1,484,415	)			(45,809,625	)		(2,045,281	)		(65,409,009	)
Increase		625,668			$	18,398,743			2,187,055		$	70,954,493
Class I Shares
Shares sold		87,610			$	2,717,095			353,114		$	11,231,550
Reinvestment of distributions		117,540				3,527,389			49,542			1,577,912
Shares reacquired		(350,216	)			(11,089,585	)		(170,965	)		(5,593,213	)
Increase (decrease)		(145,066	)		$	(4,845,101	)		231,691		$	7,216,249
Class R2 Shares
Shares sold		25,318			$	762,558			46,530		$	1,463,125
Reinvestment of distributions		4,158				121,075			2,178			67,573
Shares reacquired		(20,535	)			(624,456	)		(24,699	)		(772,307	)
Increase		8,941			$	259,177			24,009		$	758,391
Class R3 Shares
Shares sold		129,637			$	3,952,733			287,480		$	9,128,420
Reinvestment of distributions		130,616				3,819,223			80,832			2,515,436
Shares reacquired		(202,794	)			(6,119,511	)		(293,231	)		(9,312,419	)
Increase		57,459			$	1,652,445			75,081		$	2,331,437

130

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
				April 30, 2015						Year Ended
Fundamental Equity Fund				(unaudited)			October 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		8,074,476		$	110,563,657			23,177,410		$	355,721,430
Converted from Class B*		370,802			5,003,268			796,056			12,221,994
Reinvestment of distributions		33,212,548			443,387,195			29,302,263			431,622,315
Shares reacquired		(38,470,938	)		(526,823,211	)		(65,598,519	)		(1,017,302,933	)
Increase (decrease)		3,186,888		$	32,130,909			(12,322,790	)	$	(217,737,194	)
Class B Shares
Shares sold		51,148		$	640,196			116,377		$	1,655,305
Reinvestment of distributions		642,148			7,930,528			667,564			9,225,728
Shares reacquired		(413,294	)		(5,192,805	)		(807,161	)		(11,623,364	)
Converted to Class A*		(401,398	)		(5,003,268	)		(851,002	)		(12,221,994	)
Decrease		(121,396	)	$	(1,625,349	)		(874,222	)	$	(12,964,325	)
Class C Shares
Shares sold		4,349,290		$	53,789,496			9,012,161		$	127,676,704
Reinvestment of distributions		11,783,074			144,460,492			9,154,437			125,781,984
Shares reacquired		(15,009,173	)		(188,404,832	)		(15,615,391	)		(225,186,023	)
Increase		1,123,191		$	9,845,156			2,551,207		$	28,272,665
Class F Shares
Shares sold		4,487,738		$	60,115,493			22,622,935		$	350,175,342
Reinvestment of distributions		8,695,953			115,134,419			5,875,803			85,962,996
Shares reacquired		(20,097,036	)		(274,717,543	)		(21,427,945	)		(329,999,908	)
Increase (decrease)		(6,913,345	)	$	(99,467,631	)		7,070,793		$	106,138,430
Class I Shares
Shares sold		3,354,867		$	45,254,012			6,883,658		$	105,887,593
Reinvestment of distributions		5,576,627			74,782,574			4,766,441			70,448,002
Shares reacquired		(13,122,447	)		(180,779,250	)		(15,116,571	)		(236,577,933	)
Decrease		(4,190,953	)	$	(60,742,664	)		(3,466,472	)	$	(60,242,338	)
Class P Shares
Shares sold		66,440		$	896,495			188,204		$	2,860,804
Reinvestment of distributions		283,708			3,733,602			277,657			4,039,907
Shares reacquired		(405,164	)		(5,435,063	)		(700,207	)		(10,669,645	)
Decrease		(55,016	)	$	(804,966	)		(234,346	)	$	(3,768,934	)
Class R2 Shares
Shares sold		161,640		$	2,140,958			320,912		$	4,791,341
Reinvestment of distributions		138,382			1,816,959			153,058			2,219,348
Shares reacquired		(461,169	)		(6,637,181	)		(732,650	)		(11,166,840	)
Decrease		(161,147	)	$	(2,679,264	)		(258,680	)	$	(4,156,151	)
Class R3 Shares
Shares sold		857,376		$	11,542,387			2,801,640		$	42,778,487
Reinvestment of distributions		3,968,717			52,307,683			3,398,523			49,516,478
Shares reacquired		(5,192,768	)		(71,071,658	)		(6,322,131	)		(96,499,584	)
Decrease		(366,675	)	$	(7,221,588	)		(121,968	)	$	(4,204,619	)

131

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
				April 30, 2015						Year Ended
Growth Leaders Fund				(unaudited)			October 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		7,365,066		$	166,882,223			19,604,170		$	426,405,880
Converted from Class B*		30,089			682,422			67,796			1,472,786
Reinvestment of distributions		1,148,996			25,277,921			609,302			12,534,111
Shares reacquired		(3,312,944	)		(75,010,346	)		(7,739,921	)		(169,322,766	)
Increase		5,231,207		$	117,832,220			12,541,347		$	271,090,011
Class B Shares
Shares sold		7,937		$	179,296			23,941		$	513,709
Reinvestment of distributions		15,738			341,523			24,451			499,882
Shares reacquired		(31,516	)		(697,970	)		(79,090	)		(1,699,097	)
Converted to Class A*		(30,547	)		(682,422	)		(68,394	)		(1,472,786	)
Decrease		(38,388	)	$	(859,573	)		(99,092	)	$	(2,158,292	)
Class C Shares
Shares sold		4,133,941		$	91,383,068			8,367,136		$	178,712,962
Reinvestment of distributions		538,527			11,567,556			200,491			4,060,783
Shares reacquired		(1,034,278	)		(22,833,432	)		(1,219,039	)		(26,075,423	)
Increase		3,638,190		$	80,117,192			7,348,588		$	156,698,322
Class F Shares
Shares sold		7,609,149		$	173,047,809			24,977,386		$	545,302,841
Reinvestment of distributions		1,002,436			22,153,845			304,515			6,282,194
Shares reacquired		(5,007,156	)		(113,789,186	)		(8,826,195	)		(192,234,655	)
Increase		3,604,429		$	81,412,468			16,455,706		$	359,350,380
Class I Shares
Shares sold		667,303		$	15,226,615			1,208,471		$	26,241,730
Reinvestment of distributions		140,149			3,104,296			123,274			2,545,353
Shares reacquired		(192,508	)		(4,352,727	)		(579,766	)		(12,632,881	)
Increase		614,944		$	13,978,184			751,979		$	16,154,202
Class R2 Shares
Shares sold		8,464		$	194,440			13,238		$	296,770
Reinvestment of distributions		260			5,735			133			2,747
Shares reacquired		(3,569	)		(81,501	)		(664	)		(17,066	)
Increase		5,155		$	118,674			12,707		$	282,451
Class R3 Shares
Shares sold		109,382		$	2,465,948			120,338		$	2,613,195
Reinvestment of distributions		26,137			573,704			26,337			541,921
Shares reacquired		(40,848	)		(911,241	)		(90,727	)		(1,971,851	)
Increase		94,671		$	2,128,411			55,948		$	1,183,265

132

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
				April 30, 2015						Year Ended
International Core Equity Fund				(unaudited)			October 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,490,764		$	32,533,580			4,029,760		$	55,804,705
Converted from Class B*		121,366			1,612,360			280,938			3,893,032
Reinvestment of distributions		310,070			3,950,293			538,647			7,368,673
Shares reacquired		(2,928,583	)		(38,270,687	)		(8,554,121	)		(118,673,624	)
Decrease		(6,383	)	$	(174,454	)		(3,704,776	)	$	(51,607,214	)
Class B Shares
Shares sold		13,679		$	178,381			47,285		$	648,357
Reinvestment of distributions		1,924			24,377			13,338			181,000
Shares reacquired		(86,937	)		(1,134,515	)		(183,468	)		(2,513,879	)
Converted to Class A*		(122,398	)		(1,612,360	)		(284,068	)		(3,893,032	)
Decrease		(193,732	)	$	(2,544,117	)		(406,913	)	$	(5,577,554	)
Class C Shares
Shares sold		255,011		$	3,309,422			410,950		$	5,647,017
Reinvestment of distributions		13,665			172,731			47,776			647,849
Shares reacquired		(473,960	)		(6,119,367	)		(889,139	)		(12,124,594	)
Decrease		(205,284	)	$	(2,637,214	)		(430,413	)	$	(5,829,728	)
Class F Shares
Shares sold		977,333		$	12,666,143			1,743,639		$	24,025,992
Reinvestment of distributions		87,549			1,106,621			214,860			2,917,791
Shares reacquired		(776,125	)		(10,067,586	)		(6,277,445	)		(86,114,094	)
Increase (decrease)		288,757		$	3,705,178			(4,318,946	)	$	(59,170,311	)
Class I Shares
Shares sold		668,288		$	8,667,995			1,576,910		$	21,977,630
Reinvestment of distributions		52,035			666,045			222,343			3,057,215
Shares reacquired		(2,979,858	)		(39,382,579	)		(5,728,659	)		(80,438,316	)
Decrease		(2,259,535	)	$	(30,048,539	)		(3,929,406	)	$	(55,403,471	)
Class P Shares
Shares sold		459		$	6,014			1,935		$	26,868
Reinvestment of distributions		81			1,034			359			4,907
Shares reacquired		(3,457	)		(45,019	)		(10,901	)		(152,610	)
Decrease		(2,917	)	$	(37,971	)		(8,607	)	$	(120,835	)
Class R2 Shares
Shares sold		10,304		$	133,861			32,813		$	454,647
Reinvestment of distributions		172			2,178			435			5,947
Shares reacquired		(15,132	)		(197,888	)		(19,505	)		(266,696	)
Increase (decrease)		(4,656	)	$	(61,849	)		13,743		$	193,898
Class R3 Shares
Shares sold		210,860		$	2,709,572			378,700		$	5,177,113
Reinvestment of distributions		15,641			196,607			25,808			348,410
Shares reacquired		(223,954	)		(2,885,195	)		(304,343	)		(4,160,103	)
Increase		2,547		$	20,984			100,165		$	1,365,420

133

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
				April 30, 2015						Year Ended
International Dividend Income Fund				(unaudited)			October 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		22,064,429		$	180,275,494			42,828,118		$	389,026,577
Reinvestment of distributions		8,229,987			65,609,895			4,703,227			42,949,939
Shares reacquired		(22,450,654	)		(184,006,637	)		(38,005,152	)		(337,789,972	)
Increase		7,843,762		$	61,878,752			9,526,193		$	94,186,544
Class C Shares
Shares sold		3,439,804		$	27,830,386			8,594,100		$	77,778,091
Reinvestment of distributions		1,372,672			10,840,912			645,448			5,857,311
Shares reacquired		(3,904,967	)		(31,394,177	)		(3,138,650	)		(28,150,985	)
Increase		907,509		$	7,277,121			6,100,898		$	55,484,417
Class F Shares
Shares sold		10,597,678		$	86,128,815			20,891,112		$	191,171,297
Reinvestment of distributions		2,294,286			18,330,156			1,109,171			10,138,406
Shares reacquired		(11,255,849	)		(91,478,626	)		(10,268,610	)		(92,022,452	)
Increase		1,636,115		$	12,980,345			11,731,673		$	109,287,251
Class I Shares
Shares sold		51,235,161		$	423,517,060			48,226,380		$	442,012,430
Reinvestment of distributions		9,027,890			72,204,473			5,365,301			49,380,978
Shares reacquired		(22,022,401	)		(184,760,908	)		(54,005,795	)		(495,936,568	)
Increase (decrease)		38,240,650		$	310,960,625			(414,114	)	$	(4,543,160	)
Class R2 Shares
Shares sold		27,579		$	227,486			70,578		$	654,514
Reinvestment of distributions		3,685			29,933			1,716			15,994
Shares reacquired		(20,561	)		(171,694	)		(19,595	)		(180,846	)
Increase		10,703		$	85,725			52,699		$	489,662
Class R3 Shares
Shares sold		380,050		$	3,122,015			869,222		$	7,987,709
Reinvestment of distributions		100,217			805,905			42,741			395,119
Shares reacquired		(123,100	)		(999,720	)		(201,918	)		(1,864,807	)
Increase		357,167		$	2,928,200			710,045		$	6,518,021

134

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
				April 30, 2015						Year Ended
International Opportunities Fund				(unaudited)			October 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,684,757		$	28,377,905			4,496,628		$	77,634,216
Converted from Class B*		24,043			393,025			65,632			1,120,523
Reinvestment of distributions		276,906			4,300,348			77,406			1,285,710
Shares reacquired		(1,442,174	)		(23,368,168	)		(3,337,854	)		(56,663,143	)
Increase		543,532		$	9,703,110			1,301,812		$	23,377,306
Class B Shares
Shares sold		3,087		$	48,503			13,784		$	224,293
Reinvestment of distributions		8,574			126,987			2,328			36,880
Shares reacquired		(31,272	)		(495,039	)		(85,221	)		(1,384,219	)
Converted to Class A*		(25,261	)		(393,025	)		(69,037	)		(1,120,523	)
Decrease		(44,872	)	$	(712,574	)		(138,146	)	$	(2,243,569	)
Class C Shares
Shares sold		196,258		$	3,050,471			504,771		$	8,172,717
Reinvestment of distributions		48,814			714,146			9,264			145,352
Shares reacquired		(190,842	)		(2,889,138	)		(223,057	)		(3,576,238	)
Increase		54,230		$	875,479			290,978		$	4,741,831
Class F Shares
Shares sold		948,088		$	15,660,345			3,281,278		$	56,180,823
Reinvestment of distributions		75,960			1,169,016			12,449			205,039
Shares reacquired		(1,086,476	)		(17,315,402	)		(1,603,644	)		(26,648,234	)
Increase (decrease)		(62,428	)	$	(486,041	)		1,690,083		$	29,737,628
Class I Shares
Shares sold		1,224,710		$	20,306,949			2,224,095		$	38,618,245
Reinvestment of distributions		754,491			11,988,860			232,179			3,942,396
Shares reacquired		(1,185,499	)		(19,663,506	)		(1,012,931	)		(17,860,966	)
Increase		793,702		$	12,632,303			1,443,343		$	24,699,675
Class P Shares
Shares sold		2,361		$	38,930			5,140		$	89,626
Reinvestment of distributions		2,159			34,082			648			10,936
Shares reacquired		(25,234	)		(401,793	)		(16,995	)		(293,951	)
Decrease		(20,714	)	$	(328,781	)		(11,207	)	$	(193,389	)
Class R2 Shares
Shares sold		6,818		$	109,709			1,482		$	24,855
Reinvestment of distributions		260			4,015			77			1,271
Shares reacquired		(1,778	)		(29,191	)		(1,236	)		(20,752	)
Increase		5,300		$	84,533			323		$	5,374
Class R3 Shares
Shares sold		84,617		$	1,369,531			99,533		$	1,683,980
Reinvestment of distributions		15,641			239,311			3,864			63,296
Shares reacquired		(48,499	)		(785,023	)		(97,809	)		(1,626,080	)
Increase		51,759		$	823,819			5,588		$	121,196

135

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
				April 30, 2015						Year Ended
Value Opportunities Fund				(unaudited)			October 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		4,117,971		$	82,294,966			11,034,257		$	232,005,935
Converted from Class B*		110,991			2,218,442			257,223			5,354,802
Reinvestment of distributions		8,490,788			164,126,942			5,859,617			116,957,952
Shares reacquired		(11,861,924	)		(237,205,493	)		(20,394,254	)		(430,810,561	)
Increase (decrease)		857,826		$	11,434,857			(3,243,157	)	$	(76,491,872	)
Class B Shares
Shares sold		23,432		$	426,218			38,949		$	764,737
Reinvestment of distributions		129,983			2,342,305			109,518			2,070,988
Shares reacquired		(109,296	)		(2,036,770	)		(177,143	)		(3,531,023	)
Converted to Class A*		(119,233	)		(2,218,442	)		(272,119	)		(5,354,802	)
Decrease		(75,114	)	$	(1,486,689	)		(300,795	)	$	(6,050,100	)
Class C Shares
Shares sold		1,191,043		$	21,961,356			2,359,917		$	46,680,001
Reinvestment of distributions		2,692,079			48,511,264			1,652,048			31,240,230
Shares reacquired		(2,656,794	)		(49,414,963	)		(3,782,785	)		(75,201,809	)
Increase		1,226,328		$	21,057,657			229,180		$	2,718,422
Class F Shares
Shares sold		6,725,107		$	138,233,830			11,248,121		$	240,824,053
Reinvestment of distributions		3,203,589			62,726,269			1,702,313			34,284,577
Shares reacquired		(5,573,797	)		(112,352,932	)		(8,944,383	)		(188,470,026	)
Increase		4,354,899		$	88,607,167			4,006,051		$	86,638,604
Class I Shares
Shares sold		1,186,095		$	24,325,247			4,567,592		$	97,393,753
Reinvestment of distributions		4,011,079			79,700,142			2,762,162			56,292,861
Shares reacquired		(4,012,285	)		(83,339,461	)		(9,083,119	)		(194,857,219	)
Increase (decrease)		1,184,889		$	20,685,928			(1,753,365	)	$	(41,170,605	)
Class P Shares
Shares sold		183,575		$	3,637,818			372,804		$	7,781,429
Reinvestment of distributions		337,410			6,464,784			241,852			4,795,921
Shares reacquired		(353,138	)		(6,973,773	)		(865,194	)		(18,072,112	)
Increase (decrease)		167,847		$	3,128,829			(250,538	)	$	(5,494,762	)
Class R2 Shares
Shares sold		82,008		$	1,585,954			172,734		$	3,537,034
Reinvestment of distributions		39,381			744,696			32,239			633,161
Shares reacquired		(125,473	)		(2,426,697	)		(376,581	)		(7,790,752	)
Decrease		(4,084	)	$	(96,047	)		(171,608	)	$	(3,620,557	)
Class R3 Shares
Shares sold		593,373		$	11,700,829			1,223,005		$	25,467,137
Reinvestment of distributions		931,129			17,700,757			600,185			11,829,647
Shares reacquired		(1,149,378	)		(22,712,662	)		(1,742,803	)		(36,050,078	)
Increase		375,124		$	6,688,924			80,387		$	1,246,706

* 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.

136

Notes to Financial Statements (unaudited)(concluded)

15. RECENT ACCOUNTING PRONOUNCEMENT  

In June 2014, FASB issued ASU 2014–11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statement disclosures.

137

Investments in Underlying Funds (unaudited)

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2015, 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	19.51%
Lord Abbett Securities Trust—International Opportunities Fund—Class I	21.05%
Lord Abbett Securities Trust—Micro-Cap Growth Fund—Class I	9.76%
Lord Abbett Securities Trust—Micro-Cap Value Fund—Class I	9.76%
Lord Abbett Research Fund, Inc.—Small-Cap Value Fund—Class I	19.93%
Lord Abbett Securities Trust—Value Opportunities Fund—Class I	19.99%

The Ten Largest Holdings and the Holdings by Sector, as of April 30, 2015, 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
Skechers U.S.A., Inc. Class A	1.88%
EPAM Systems, Inc.	1.79%
Gogo, Inc.	1.73%
GrubHub, Inc.	1.70%
Cavium, Inc.	1.64%
FireEye, Inc.	1.59%
IPG Photonics Corp.	1.55%
WisdomTree Investments, Inc.	1.54%
comScore, Inc.	1.52%
2U, Inc.	1.47%
Holdings by Sector*	% of Investments
Consumer Discretionary	14.68%
Consumer Staples	2.27%
Energy	0.85%
Financials	9.52%
Health Care	24.66%
Industrials	9.39%
Information Technology	37.54%
Materials	0.12%
Repurchase Agreement	0.97%
Total	100.00%

* A sector may comprise several industries.

138

Investments in Underlying Funds (unaudited)(continued)

International Opportunities Fund

Ten Largest Holdings	% of Investments
Indiabulls Housing Finance Ltd	2.26%
Arcadis NV	1.89%
UDG Healthcare plc	1.78%
Sun Hung Kai & Co., Ltd.	1.75%
Anima Holding SpA	1.61%
Arrow Global Group plc	1.58%
Frutarom Industries Ltd.	1.46%
Loomis AB Class B	1.45%
Forbo Holding AG Registered Shares	1.37%
Century Tokyo Leasing Corp.	1.36%
Holdings by Sector*	% of Investments
Consumer Discretionary	17.51%
Consumer Staples	6.19%
Energy	5.07%
Financials	25.12%
Health Care	3.13%
Industrials	20.89%
Information Technology	10.87%
Materials	4.22%
Telecommunication Services	1.16%
Utilities	2.68%
Repurchase Agreement	3.16%
Total	100.00%

* A sector may comprise several industries.

Micro Cap Growth Fund

Ten Largest Holdings	% of Investments
Glu Mobile, Inc.	2.48%
2U, Inc.	2.19%
Noah Holdings Ltd. ADR	2.13%
Diplomat Pharmacy, Inc.	2.12%
Depomed, Inc.	2.10%
Bluebird Bio, Inc.	1.75%
Stamps.com, Inc.	1.74%
Ambarella, Inc.	1.73%
Inphi Corp.	1.72%
LDR Holding Corp.	1.57%
Holdings by Sector*	% of Investments
Consumer Discretionary	10.19%
Consumer Staples	4.99%
Financials	6.88%
Health Care	37.40%
Industrials	8.50%
Information Technology	31.44%
Materials	0.45%
Repurchase Agreement	0.15%
Total	100.00%

* A sector may comprise several industries.

139

Investments in Underlying Funds (unaudited)(continued)

Micro Cap Value Fund
Ten Largest Holdings	% of Investments
Multi-Color Corp.	4.25%
Patrick Industries, Inc.	4.13%
Francesca’s Holdings Corp.	4.13%
South State Corp.	3.13%
Chesapeake Utilities Corp.	2.50%
Pacific Premier Bancorp, Inc.	2.29%
Steven Madden Ltd.	2.17%
BNC Bancorp	2.15%
Electronics for Imaging, Inc.	2.13%
J&J Snack Foods Corp.	2.11%
Holdings by Sector*	% of Investments
Consumer Discretionary	16.63%
Consumer Staples	5.51%
Energy	0.96%
Financials	29.75%
Health Care	5.87%
Industrials	23.31%
Information Technology	7.88%
Materials	4.44%
Utilities	4.47%
Repurchase Agreement	1.18%
Total	100.00%

* A sector may comprise several industries.

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

Ten Largest Holdings	% of Investments
Minerals Technologies, Inc.	2.49%
South State Corp.	2.28%
Signature Bank	2.12%
Hexcel Corp.	2.10%
MAXIMUS, Inc.	2.02%
Electronics for Imaging, Inc.	1.90%
Mentor Graphics Corp.	1.87%
Ryder System, Inc.	1.85%
HealthSouth Corp.	1.81%
Synaptics, Inc.	1.78%
Holdings by Sector*	% of Investments
Consumer Discretionary	13.59%
Consumer Staples	4.98%
Energy	4.26%
Financials	26.91%
Health Care	6.09%
Industrials	15.06%
Information Technology	17.34%
Materials	9.21%
Utilities	2.56%
Total	100.00%

* A sector may comprise several industries.

140

Investments in Underlying Funds (unaudited)(concluded)

Value Opportunities Fund

Ten Largest Holdings	% of Investments
Akamai Technologies, Inc.	2.12%
Signature Bank	2.09%
Ryder System, Inc.	2.02%
Jarden Corp.	2.01%
HCC Insurance Holdings, Inc.	1.98%
East West Bancorp, Inc.	1.72%
Marvell Technology Group Ltd.	1.72%
Pinnacle Foods, Inc.	1.70%
PerkinElmer, Inc.	1.68%
Lam Research Corp.	1.63%
Holdings by Sector*	% of Investments
Consumer Discretionary	13.79%
Consumer Staples	2.35%
Energy	5.04%
Financials	25.35%
Health Care	9.15%
Industrials	13.11%
Information Technology	17.68%
Materials	6.44%
Telecommunication Services	1.09%
Utilities	5.74%
Repurchase Agreement	0.26%
Total	100.00%

* A sector may comprise several industries.

141

Supplemental Proxy Information

A joint special meeting of shareholders of the Fund and other funds of the Trust was held on December 4, 2014. The joint special meeting was held for the purpose of electing members of the Board. Shareholders elected the following nine (9) Trustees at the joint special meeting:

• E. Thayer Bigelow

• Robert B. Calhoun, Jr.

• Eric C. Fast

• Daria L. Foster

• Evelyn E. Guernsey

• Julie A. Hill

• Franklin W. Hobbs

• James M. McTaggart

• James L.L. Tullis

The results of the proxy solicitation on the preceding matter were as follows:

Lord Abbett Securities Trust

Nominee	Votes For	Votes Withheld
E. Thayer Bigelow	765,974,865.350	14,932,400.884
Robert B. Calhoun, Jr.	766,560,830.812	14,346,435.422
Eric C. Fast	767,069,611.805	13,837,654.429
Daria L. Foster	767,145,793.140	13,761,473.094
Evelyn E. Guernsey	767,187,883.952	13,719,382.282
Julie A. Hill	766,775,161.223	14,132,105.011
Franklin W. Hobbs	767,148,532.329	13,758,733.905
James M. McTaggart	767,017,397.647	13,889,868.587
James L.L. Tullis	766,688,826.602	14,218,439.632

142

Approval of Advisory Contract

The Board of Trustees of the Company, including all of the Trustees who are not interested persons of the Company 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, 2014. As to each of Alpha Strategy Fund and Fundamental Equity 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. As to Growth Leaders Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year and three-year periods. As to each of International

143

Approval of Advisory Contract (continued)

Core Equity Fund and Value Opportunities Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for each of the periods. As to International Dividend Income 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. As to International Opportunities Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year, five-year, and ten-year periods and at 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 Alpha Strategy Fund, the Board observed that the overall expense ratio was above the median of the expense peer group. As to each of Fundamental Equity Fund and Value Opportunities Fund, the Board observed that the overall expense ratio was below the median of the expense peer group. As to each of Growth Leaders Fund, International Core Equity Fund, International Dividend Income Fund, and International Opportunities Fund, the Board observed that the overall expense ratio was well 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.

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.

144

Approval of Advisory Contract (concluded)

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.

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.

145

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).

146

	We Recycle
	This document is printed on recycled paper.
	Go Paperless!
	Visit www.lordabbett.com to learn how to receive all your shareholder communications online.	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 Lord Abbett Value Opportunities Fund
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.			LST-3 (06/15)

2015 LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Micro Cap Growth Fund

Micro Cap Value Fund

For the six-month period ended April 30, 2015

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 Fund
8	Micro Cap Value Fund
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
27	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, 2015

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, 2015. 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, 2014 through April 30, 2015).

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 11/1/14 – 4/30/15” 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†
	11/1/14	4/30/15	11/1/14 - 4/30/15
Class A
Actual	$1,000.00	$1,123.60	$9.32
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.02	$8.85
Class I
Actual	$1,000.00	$1,123.70	$9.32
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, 2015

Sector*	%**
Consumer Discretionary	10.19%
Consumer Staples	4.99%
Financials	6.88%
Health Care	37.40%
Industrials	8.50%
Information Technology	31.44%
Materials	0.45%
Repurchase Agreement	0.15%
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†
	11/1/14	4/30/15		11/1/14 - 4/30/15
Class A
Actual	$1,000.00	$	982.30	$8.70
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.02	$8.85
Class I
Actual	$1,000.00	$	982.30	$8.70
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, 2015

Sector*	%**
Consumer Discretionary	16.63%
Consumer Staples	5.51%
Energy	0.96%
Financials	29.75%
Health Care	5.87%
Industrials	23.31%
Information Technology	7.88%
Materials	4.44%
Utilities	4.47%
Repurchase Agreement	1.18%
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, 2015

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 97.76%
Aerospace & Defense 1.18%
Astronics Corp.*		29,536	$	1,988
Air Freight & Logistics 1.40%
Echo Global Logistics, Inc.*		81,175		2,346
Biotechnology 17.45%
Acceleron Pharma, Inc.*		21,994		608
Aduro Biotech, Inc.*		2,023		51
Alder Biopharmaceuticals, Inc.*		18,482		471
Amicus Therapeutics, Inc.*		180,873		1,820
Anacor Pharmaceuticals, Inc.*		36,808		1,939
Avalanche Biotechnologies, Inc.*		22,377		713
Bluebird Bio, Inc.*		21,556		2,871
Blueprint Medicines Corp.*		72,156		1,362
Chimerix, Inc.*		39,711		1,350
Coherus Biosciences, Inc.*		44,236		963
Epizyme, Inc.*		22,982		375
Foundation Medicine, Inc.*		22,040		1,003
Karyopharm Therapeutics, Inc.*		14,869		404
Progenics Pharmaceuticals, Inc.*		26,681		132
ProQR Therapeutics NV (Netherlands)*(a)		20,779		394
PTC Therapeutics, Inc.*		33,746		1,983
Receptos, Inc.*		16,823		2,479
Regulus Therapeutics, Inc.*		43,735		549
Repligen Corp.*		80,693		2,381
Sage Therapeutics, Inc.*		32,102		1,701
Spark Therapeutics, Inc.*		29,376		1,682
TESARO, Inc.*		28,411		1,548
Ultragenyx Pharmaceutical, Inc.*		25,945		1,464
Verastem, Inc.*		123,592		1,026
Total				29,269

			Fair
			Value
Investments	Shares		(000)
Building Products 2.21%
Builders FirstSource, Inc.*		154,446	$	1,970
Trex Co., Inc.*		37,100		1,741
Total				3,711
Capital Markets 4.04%
HFF, Inc. Class A		51,954		2,036
Noah Holdings Ltd. ADR*		103,152		3,496
Piper Jaffray Cos.*		24,673		1,245
Total				6,777
Chemicals 0.44%
Flotek Industries, Inc.*		52,173		745
Commercial Services & Supplies 0.98%
US Ecology, Inc.		35,181		1,650
Communications Equipment 1.90%
Ruckus Wireless, Inc.*		140,900		1,645
Sierra Wireless, Inc. (Canada)*(a)		43,678		1,535
Total				3,180
Diversified Consumer Services 2.14%
2U, Inc.*		135,168		3,597
Diversified Financial Services 1.00%
On Deck Capital, Inc.*		87,312		1,681
Electronic Equipment, Instruments & Components 0.02%
FARO Technologies, Inc.*		794		32
Food & Staples Retailing 3.60%
Chefs’ Warehouse, Inc. (The)*		66,490		1,211
Diplomat Pharmacy, Inc.*		97,260		3,484
Natural Grocers by Vitamin Cottage, Inc.*		50,890		1,339
Total				6,034
Food Products 1.29%
Calavo Growers, Inc.		42,701		2,163

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND April 30, 2015

			Fair
			Value
Investments	Shares		(000)
Health Care Equipment & Supplies 9.85%
AtriCure, Inc.*		65,773	$	1,448
Cardiovascular Systems, Inc.*		57,614		1,803
Endologix, Inc.*		35,983		560
Entellus Medical, Inc.*		77,625		2,136
LDR Holding Corp.*		76,296		2,583
Nevro Corp.*		42,492		1,913
NxStage Medical, Inc.*		137,659		2,523
Sientra, Inc.*		65,556		1,146
Spectranetics Corp. (The)*		13,158		338
ZELTIQ Aesthetics, Inc.*		67,401		2,069
Total				16,519
Health Care Providers & Services 2.80%
AAC Holdings, Inc.*		40,147		1,392
ExamWorks Group, Inc.*		20,764		850
HealthEquity, Inc.*		93,407		2,448
Total				4,690
Hotels, Restaurants & Leisure 3.67%
BJ’s Restaurants, Inc.*		42,161		1,973
Habit Restaurants, Inc. (The) Class A*		68,021		2,253
Zoe’s Kitchen, Inc.*		62,787		1,923
Total				6,149
Household Durables 0.27%
iRobot Corp.*		13,998		454
Information Technology Services 1.30%
Luxoft Holding, Inc. (Switzerland)*(a)		42,224		2,188
Internet & Catalog Retail 0.66%
1-800-Flowers.com, Inc. Class A*		105,234		1,112
Internet Software & Services 8.38%
Apigee Corp.*		66,170		957
Benefitfocus, Inc.*		61,885		2,138
comScore, Inc.*		37,064		1,941
Constant Contact, Inc.*		34,352		1,197
Cvent, Inc.*		60,406		1,624

			Fair
			Value
Investments	Shares		(000)
Hortonworks, Inc.*		37,721	$	761
Stamps.com, Inc.*		46,144		2,856
Textura Corp.*		66,053		1,729
TrueCar, Inc.*		55,723		859
Total				14,062
Leisure Product 1.27%
Malibu Boats, Inc. Class A*		100,314		2,124
Life Sciences Tools & Services 1.74%
Fluidigm Corp.*		67,818		2,540
Pacific Biosciences of California, Inc.*		73,594		380
Total				2,920
Media 0.48%
Rentrak Corp.*		17,172		814
Pharmaceuticals 4.78%
Cempra, Inc.*		66,871		2,106
Depomed, Inc.*		148,334		3,450
Intersect ENT, Inc.*		98,258		2,466
Total				8,022
Professional Services 2.55%
Insperity, Inc.		41,497		1,998
Paylocity Holding Corp.*		65,581		1,846
Resources Connection, Inc.		27,008		426
Total				4,270
Real Estate Investment Trusts 0.85%
CyrusOne, Inc.		43,830		1,424
Real Estate Management & Development 0.85%
Marcus & Millichap, Inc.*		40,296		1,426
Semiconductors & Semiconductor Equipment 5.42%
Ambarella, Inc.*		38,778		2,837
Inphi Corp.*		131,877		2,829
Silicon Motion Technology Corp. ADR		67,569		1,980
SolarEdge Technologies, Inc. (Israel)*(a)		57,722		1,443
Total				9,089

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MICRO CAP GROWTH FUND April 30, 2015

			Fair
			Value
Investments	Shares		(000)
Software 13.27%
Ellie Mae, Inc.*		46,187	$	2,540
Fleetmatics Group plc (Ireland)*(a)		51,110		2,330
Gigamon, Inc.*		58,064		1,709
Glu Mobile, Inc.*		602,692		4,074
Infoblox, Inc.*		75,011		1,767
Materialise NV ADR*		115,593		854
Qualys, Inc.*		45,641		2,260
Rally Software Development Corp.*		85,245		1,233
Rubicon Project, Inc. (The)*		128,243		2,240
Silver Spring Networks, Inc.*		95,660		930
Yodlee, Inc.*		182,312		2,323
Total				22,260
Specialty Retail 1.48%
MarineMax, Inc.*		112,600		2,486
Technology Hardware, Storage & Peripheral 0.49%
Cray, Inc.*		29,227		821
Total Common Stocks (cost $127,007,912)				164,003

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 0.14%
Repurchase Agreement
Repurchase Agreement dated 4/30/2015, Zero Coupon due 5/1/2015 with Fixed Income Clearing Corp. collateralized by $250,000 of Federal Home Loan Bank at 0.125% due 9/2/2015; value: $250,000; proceeds: $241,149 (cost $241,149)	$	241	$	241
Total Investments in Securities 97.90% (cost $127,249,061)				164,244
Other Assets in Excess of Liabilities 2.10%				3,519
Net Assets 100.00%			$	167,763

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, 2015 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	$	164,003		$	–	$	–	$	164,003
Repurchase Agreement		–			241		–		241
Total	$	164,003		$	241	$	–	$	164,244

(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, 2015.

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)

MICRO CAP VALUE FUND April 30, 2015

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 98.03%
Aerospace & Defense 1.59%
Astronics Corp.*		36,360	$	2,447
Sparton Corp.*		6,000		155
Total				2,602
Auto Components 3.73%
Fox Factory Holding Corp.*		82,900		1,262
Gentherm, Inc.*		63,600		3,354
Tower International, Inc.*		57,100		1,476
Total				6,092
Banks 16.86%
Bank of Marin Bancorp		44,600		2,249
BNC Bancorp		190,600		3,478
CoBiz Financial, Inc.		259,266		3,114
Eagle Bancorp, Inc.*		33,400		1,231
Pacific Premier Bancorp, Inc.*		236,900		3,710
Pinnacle Financial Partners, Inc.		57,900		2,759
Renasant Corp.		87,400		2,597
South State Corp.		74,900		5,072
Square 1 Financial, Inc. Class A*		129,156		3,340
Total				27,550
Building Products 6.05%
Caesarstone Sdot-Yam Ltd. (Israel)(a)		53,900		3,193
Patrick Industries, Inc.*		111,600		6,703
Total				9,896
Capital Markets 1.02%
Westwood Holdings Group, Inc.		28,400		1,664

			Fair
			Value
Investments	Shares		(000)
Chemicals 2.34%
Chase Corp.		44,500	$	1,594
Quaker Chemical Corp.		26,800		2,230
Total				3,824
Commercial Services & Supplies 5.64%
Mobile Mini, Inc.		60,300		2,324
Multi-Color Corp.		109,800		6,893
Total				9,217
Electrical Equipment 0.97%
AZZ, Inc.		34,100		1,582
Electronic Equipment, Instruments & Components 2.96%
CTS Corp.		139,625		2,505
Orbotech Ltd. (Israel)*(a)		129,600		2,326
Total				4,831
Food Products 4.22%
Diamond Foods, Inc.*		68,700		1,926
Farmer Bros Co.*		62,100		1,548
J&J Snack Foods Corp.		32,750		3,417
Total				6,891
Gas Utilities 2.48%
Chesapeake Utilities Corp.		84,700		4,047
Health Care Providers & Services 5.82%
Aceto Corp.		153,300		2,971
CorVel Corp.*		60,640		2,167
Hanger, Inc.*		64,800		1,448
Providence Service Corp. (The)*		69,000		2,934
Total				9,520
Hotels, Restaurants & Leisure 1.40%
Denny’s Corp.*		219,300		2,283
Household Products 1.25%
WD-40 Co.		25,200		2,040

8 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MICRO CAP VALUE FUND April 30, 2015

			Fair
			Value
Investments	Shares		(000)
Insurance 1.20%
AMERISAFE, Inc.		43,600	$	1,970
Leisure Product 1.47%
Malibu Boats, Inc. Class A*		113,200		2,396
Machinery 3.55%
Lydall, Inc.*		116,700		3,132
Standex International Corp.		33,000		2,669
Total				5,801
Media 1.32%
Carmike Cinemas, Inc.*		71,400		2,155
Oil, Gas & Consumable Fuels 0.95%
Sanchez Energy Corp.*		105,800		1,554
Paper & Forest Products 2.06%
Neenah Paper, Inc.		55,675		3,367
Real Estate Investment Trusts 6.62%
CoreSite Realty Corp.		43,300		2,082
First Industrial Realty Trust, Inc.		119,200		2,352
Physicians Realty Trust		193,799		3,217
Retail Opportunity Investments Corp.		188,400		3,161
Total				10,812
Real Estate Management & Development 2.19%
Marcus & Millichap, Inc.*		51,100		1,808
RE/MAX Holdings, Inc. Class A		52,700		1,781
Total				3,589
Road & Rail 1.02%
Roadrunner Transportation
Systems, Inc.*		68,100		1,666

			Fair
			Value
Investments	Shares		(000)
Semiconductors & Semiconductor Equipment 2.75%
FormFactor, Inc.*		360,500	$	2,873
Silicon Motion Technology Corp. ADR		55,500		1,627
Total				4,500
Specialty Retail 6.44%
Express, Inc.*		187,000		3,048
Francesca’s Holdings Corp.*		395,700		6,700
Pier 1 Imports, Inc.		61,279		775
Total				10,523
Technology Hardware, Storage & Peripheral 2.11%
Electronics for Imaging, Inc.*		82,700		3,451
Textiles, Apparel & Luxury Goods 2.15%
Steven Madden Ltd.*		90,000		3,512
Thrifts & Mortgage Finance 1.62%
Essent Group Ltd.*		105,900		2,642
Trading Companies & Distributors 4.30%
H&E Equipment Services, Inc.		73,800		1,824
Lawson Products, Inc.*		123,800		2,903
Rush Enterprises, Inc. Class A*		87,900		2,298
Total				7,025
Water Utilities 1.95%
Connecticut Water Service, Inc.		88,700		3,193
Total Common Stocks (cost $123,342,929)				160,195

See Notes to Financial Statements. 9

Schedule of Investments (unaudited)(concluded)

MICRO CAP VALUE FUND April 30, 2015

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 1.18%
Repurchase Agreement
Repurchase Agreement dated 4/30/2015, Zero Coupon due 5/1/2015 with Fixed Income Clearing Corp. collateralized by $1,965,000 of Federal Home Loan Bank at 0.125% due 9/2/2015; value: $1,965,000; proceeds: $1,922,280 (cost $1,922,280)	$	1,922	$	1,922
Total Investments in Securities 99.21% (cost $125,265,209)				162,117
Other Assets in Excess of Liabilities 0.79%				1,296
Net Assets 100.00%			$	163,413

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, 2015 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	$	160,195		$	–	$	–	$	160,195
Repurchase Agreement		–			1,922		–		1,922
Total	$	160,195		$	1,922	$	–	$	162,117

(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, 2015.

10 See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)

April 30, 2015

	Micro Cap Growth Fund			Micro Cap Value Fund
ASSETS:
Investments in securities, at cost	$	127,249,061		$	125,265,209
Investments in securities, at fair value	$	164,244,272		$	162,117,284
Receivables:
Investment securities sold		8,453,825			1,613,547
Dividends		–			85,725
Capital shares sold		41,545			21,836
Prepaid expenses		6,099			14,048
Total assets		172,745,741			163,852,440
LIABILITIES:
Payables:
Investment securities purchased		4,683,193			–
Capital shares reacquired		–			145,688
Management fee		220,796			209,886
Trustees’ fees		14,314			16,388
Fund administration		5,888			5,597
To affiliate (See Note 3)		24,301			23,763
Accrued expenses		33,784			38,608
Total liabilities		4,982,276			439,930
NET ASSETS	$	167,763,465		$	163,412,510
COMPOSITION OF NET ASSETS:
Paid-in capital	$	119,724,312		$	128,802,272
Accumulated net investment loss		(1,794,800	)		(1,740,499	)
Accumulated net realized gain (loss) on investments		12,838,742			(501,338	)
Net unrealized appreciation on investments		36,995,211			36,852,075
Net Assets	$	167,763,465		$	163,412,510
Net assets by class:
Class A Shares	$	14,231,166		$	16,430,964
Class I Shares	$	153,532,299		$	146,981,546
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		781,588			548,740
Class I Shares		7,890,384			4,730,368
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$18.21			$29.94
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$19.32			$31.77
Class I Shares-Net asset value		$19.46			$31.07

See Notes to Financial Statements. 11

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2015

	Micro Cap Growth Fund			Micro Cap Value Fund
Investment income:
Dividends (net of foreign withholding taxes of $0 and $2,977, respectively)	$	215,348		$	905,834
Total investment income		215,348			905,834
Expenses:
Management fee		1,273,445			1,214,703
Shareholder servicing		21,355			21,029
Professional		22,280			22,277
Reports to shareholders		3,122			2,988
Fund administration		33,959			32,392
Custody		7,873			2,798
Trustees’ fees		2,471			2,396
Registration		15,910			16,641
Subsidy (See Note 3)		118,863			115,122
Other		3,007			3,839
Gross expenses		1,502,285			1,434,185
Expense reductions (See Note 8)		(18	)		(16	)
Net expenses		1,502,267			1,434,169
Net investment loss		(1,286,919	)		(528,335	)
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		15,770,284			(447,183	)
Net change in unrealized appreciation/depreciation on investments		5,572,583			(1,856,123	)
Net realized and unrealized gain (loss)		21,342,867			(2,303,306	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	20,055,948		$	(2,831,641	)

12 See Notes to Financial Statements.

Statements of Changes in Net Assets

	Micro Cap Growth Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2015 (unaudited)				For the Year Ended October 31, 2014
Operations:
Net investment loss		$	(1,286,919	)		$	(2,457,704	)
Net realized gain on investments			15,770,284				20,636,719
Net change in unrealized appreciation/depreciation on investments			5,572,583				(1,527,370	)
Net increase in net assets resulting from operations			20,055,948				16,651,645
Distributions to shareholders from:
Net realized gain
Class A			(1,633,376	)			(3,137,466	)
Class I			(18,532,831	)			(35,954,135	)
Total distributions to shareholders			(20,166,207	)			(39,091,601	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares			4,101,734				16,550,517
Reinvestment of distributions			18,676,180				36,811,431
Cost of shares reacquired			(24,441,585	)			(13,570,868	)
Net increase (decrease) in net assets resulting from capital share transactions			(1,663,671	)			39,791,080
Net increase (decrease) in net assets			(1,773,930	)			17,351,124
NET ASSETS:
Beginning of period		$	169,537,395			$	152,186,271
End of period		$	167,763,465			$	169,537,395
Accumulated net investment loss		$	(1,794,800	)		$	(507,881	)

See Notes to Financial Statements. 13

Statements of Changes in Net Assets (concluded)

	Micro Cap Value Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2015 (unaudited)				For the Year Ended October 31, 2014
Operations:
Net investment loss		$	(528,335	)		$	(1,225,079	)
Net realized gain (loss) on investments			(447,183	)			17,316,351
Net change in unrealized appreciation/depreciation on investments			(1,856,123	)			1,456,882
Net increase (decrease) in net assets resulting from operations			(2,831,641	)			17,548,154
Distributions to shareholders from:
Net realized gain
Class A			(1,798,650	)			(3,831,074	)
Class I			(14,912,161	)			(14,965,367	)
Total distributions to shareholders			(16,710,811	)			(18,796,441	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares			5,960,436				11,494,312
Reinvestment of distributions			15,741,764				16,966,402
Cost of shares reacquired			(5,588,839	)			(20,473,797	)
Net increase in net assets resulting from capital share transactions			16,113,361				7,986,917
Net increase (decrease) in net assets			(3,429,091	)			6,738,630
NET ASSETS:
Beginning of period		$	166,841,601			$	160,102,971
End of period		$	163,412,510			$	166,841,601
Accumulated net investment loss		$	(1,740,499	)		$	(1,212,164	)

14 See Notes to Financial Statements.

Financial Highlights

MICRO CAP GROWTH FUND

	Class A Shares
		Six Months
		Ended
		4/30/2015		Year Ended 10/31
		(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$18.56			$22.57			$14.03			$15.98			$15.47			$11.32
Investment operations:
Net investment loss(a)		(.14	)		(.28	)		(.29	)		(.28	)		(.33	)		(.27	)
Net realized and unrealized gain		2.14			2.27			8.94			.79			.84			4.42
Total from investment operations		2.00			1.99			8.65			.51			.51			4.15
Distributions to shareholders from:
Net realized gain		(2.35	)		(6.00	)		(.11	)		(2.46	)		–			–
Net asset value, end of period		$18.21			$18.56			$22.57			$14.03			$15.98			$15.47
Total Return(b)		12.36	%(c)		10.57	%		62.14	%		4.86	%		3.30	%		36.66	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.88	%(c)		1.78	%		1.85	%		2.09	%		2.07	%		2.10	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.88	%(c)		1.78	%		1.85	%		2.09	%		2.07	%		2.10	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.88	%(c)		1.78	%		1.85	%		2.09	%		2.07	%		2.11	%
Net investment loss		(.75	)%(c)		(1.50	)%		(1.64	)%		(1.92	)%		(1.98	)%		(2.03	)%
Supplemental Data:
Net assets, end of period (000)	$14,231			$	12,881		$	11,220		$	11,484		$	15,271		$	13,779
Portfolio turnover rate		82.35	%(c)		208.12	%		197.69	%		119.77	%		120.62	%		115.89	%

(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
		4/30/2015		Year Ended 10/31
		(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$19.67			$23.57			$14.64			$16.52			$15.96			$11.65
Investment operations:
Net investment loss(a)		(.14	)		(.29	)		(.29	)		(.25	)		(.30	)		(.24	)
Net realized and unrealized gain		2.28			2.39			9.33			.83			.86			4.55
Total from investment operations		2.14			2.10			9.04			.58			.56			4.31
Distributions to shareholders from:
Net realized gain		(2.35	)		(6.00	)		(.11	)		(2.46	)		–			–
Net asset value, end of period		$19.46			$19.67			$23.57			$14.64			$16.52			$15.96
Total Return(b)		12.37	%(c)		10.58	%		62.22	%		5.10	%		3.57	%		37.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.88	%(c)		1.78	%		1.81	%		1.84	%		1.82	%		1.85	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.88	%(c)		1.78	%		1.81	%		1.84	%		1.82	%		1.85	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.88	%(c)		1.78	%		1.81	%		1.84	%		1.82	%		1.86	%
Net investment loss		(.75	)%(c)		(1.50	)%		(1.60	)%		(1.68	)%		(1.73	)%		(1.78	)%
Supplemental Data:
Net assets, end of period (000)	$153,532			$	156,657		$	140,967		$	89,897		$	93,934		$	90,033
Portfolio turnover rate		82.35	%(c)		208.12	%		197.69	%		119.77	%		120.62	%		115.89	%

(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
		4/30/2015		Year Ended 10/31
		(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$34.19			$34.74			$26.52			$22.88			$23.33			$18.57
Investment operations:
Net investment loss(a)		(.10	)		(.23	)		(.10	)		(.08	)		(.29	)		(.31	)
Net realized and unrealized gain (loss)		(.56	)		3.84			8.32			3.72			(.16	)		5.07
Total from investment operations		(.66	)		3.61			8.22			3.64			(.45	)		4.76
Distributions to shareholders from:
Net realized gain		(3.59	)		(4.16	)		–			–			–			–
Net asset value, end of period		$29.94			$34.19			$34.74			$26.52			$22.88			$23.33
Total Return(b)		(1.77	)%(c)		11.16	%		31.00	%		15.91	%		(1.93	)%		25.63	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.88	%(c)		1.76	%		1.82	%		2.05	%		2.04	%		2.06	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.88	%(c)		1.76	%		1.82	%		2.05	%		2.04	%		2.06	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.88	%(c)		1.76	%		1.82	%		2.05	%		2.04	%		2.06	%
Net investment loss		(.33	)%(c)		(.68	)%		(.34	)%		(.32	)%		(1.17	)%		(1.48	)%
Supplemental Data:
Net assets, end of period (000)	$16,431			$	20,028		$	32,010		$	30,512		$	26,239		$	30,139
Portfolio turnover rate		33.16	%(c)		59.95	%		73.58	%		34.25	%		56.97	%		48.03	%

(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
		4/30/2015		Year Ended 10/31
		(unaudited)			2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of period		$35.34			$35.77			$27.32			$23.50			$23.91			$18.98
Investment operations:
Net investment loss(a)		(.10	)		(.26	)		(.09	)		(.02	)		(.24	)		(.27	)
Net realized and unrealized gain (loss)		(.58	)		3.99			8.56			3.84			(.17	)		5.20
Total from investment operations		(.68	)		3.73			8.47			3.82			(.41	)		4.93
Distributions to shareholders from:
Net investment income		–			–			(.02	)		–			–			–
Net realized gain		(3.59	)		(4.16	)		–			–			–			–
Total distributions		(3.59	)		(4.16	)		(.02	)		–			–			–
Net asset value, end of period		$31.07			$35.34			$35.77			$27.32			$23.50			$23.91
Total Return(b)		(1.77	)%(c)		11.18	%		31.02	%		16.21	%		(1.67	)%		25.97	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including management fee waived and expenses reimbursed		.88	%(c)		1.77	%		1.78	%		1.80	%		1.79	%		1.81	%
Expenses, including expense reductions, management fee waived and expenses reimbursed		.88	%(c)		1.77	%		1.78	%		1.80	%		1.79	%		1.81	%
Expenses, excluding expense reductions, management fee waived and expenses reimbursed		.88	%(c)		1.77	%		1.78	%		1.80	%		1.79	%		1.81	%
Net investment loss		(.32	)%(c)		(.74	)%		(.29	)%		(.09	)%		(.92	)%		(1.23	)%
Supplemental Data:
Net assets, end of period (000)	$146,982			$	146,813		$	128,093		$	96,962		$	94,796		$	85,868
Portfolio turnover rate		33.16	%(c)		59.95	%		73.58	%		34.25	%		56.97	%		48.03	%

(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. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and employs techniques such as reviewing related market activity,

19

Notes to Financial Statements (unaudited)(continued)

	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 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, 2011 through October 31, 2014. 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 as of April 30, 2015 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, 2015.

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, 2015, the percentages of Micro Cap Growth Fund’s and Micro Cap Value Fund’s outstanding shares owned by Lord Abbett Alpha Strategy Fund were 75.72% and 77.98%, respectively.

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, 2015, 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, 2015 and fiscal year ended October 31, 2014 was as follows:

	Micro Cap Growth Fund					Micro Cap Value Fund
	Six Months					Six Months
	Ended					Ended
	4/30/2015			Year Ended		4/30/2015			Year Ended
	(unaudited		)	10/31/2014		(unaudited		)	10/31/2014
Distributions paid from:
Ordinary income	$	3,677,493		$	26,623,391	$	–		$	–
Net long-term capital gains		16,488,714			12,468,210		16,710,811			18,796,441
Total distributions paid	$	20,166,207		$	39,091,601	$	16,710,811		$	18,796,441

As of April 30, 2015, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Micro Cap			Micro Cap
	Growth Fund			Value Fund
Tax cost	$	130,179,386		$	125,318,944
Gross unrealized gain		37,134,232			38,291,141
Gross unrealized loss		(3,069,346	)		(1,492,801	)
Net unrealized security gain	$	34,064,886		$	36,798,340

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, 2015 were as follows:

	Purchases		Sales
Micro Cap Growth Fund	$	137,172,079	$	160,939,649
Micro Cap Value Fund		52,756,040		55,484,074

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2015.

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		$241,149		$	–			$241,149
Total		$241,149		$	–			$241,149

	Net Amounts
	of Assets	Amounts Not Offset in the
	Presented in	Statement of Assets and Liabilities
	the Statement		Cash		Securities
	of Assets and	Financial	Collateral		Collateral		Net
Counterparty	Liabilities	Instruments	Received(a	)	Received(a	)	Amount(b	)
Fixed Income Clearing Corp.	$241,149	$            –	$            –		$(241,149	)	$            –
Total	$241,149	$            –	$            –		$(241,149	)	$            –

23

Notes to Financial Statements (unaudited)(continued)

						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		$1,922,280		$	–		$1,922,280
Total		$1,922,280		$	–		$1,922,280

	Net Amounts
	of Assets	Amounts Not Offset in the
	Presented in	Statement of Assets and Liabilities
	the Statement		Cash		Securities
	of Assets and	Financial	Collateral		Collateral		Net
Counterparty	Liabilities	Instruments	Received(a	)	Received(a	)	Amount(b	)
Fixed Income Clearing Corp.	$1,922,280	$                   –	$                –		$(1,922,280	)	$            –
Total	$1,922,280	$                   –	$                –		$(1,922,280	)	$            –

(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statements of Assets and Liabilities, for each respective counterparty.
(b)	Net amount represents the amount owed to the Fund by the counterparty as of April 30, 2015.

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, 2015, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) participated in a $500 million unsecured revolving credit facility (the “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 satisfy redemptions. The Participating Funds are subject to graduated borrowing limits of one-third of Fund assets (if Fund assets are less than $750 million), $250 million, $300 million, or $350 million based on past borrowings and likelihood of future borrowings. Each Participating Fund bears its ratable share of the $525,000 annual Facility fee based on the maximum amount the Fund can borrow under the Facility. This amount is included for each Fund in Other expenses in the Statements of Operations. Any borrowings under the Facility will incur interest at current market rates as set forth in the credit agreement.

During the six months ended April 30, 2015, the Funds did not utilize the Facility.

24

Notes to Financial Statements (unaudited)(continued)

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.

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, 2015						Year Ended
Micro Cap Growth Fund				(unaudited		)				October 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		24,602		$	448,451			103,506		$	2,045,415
Reinvestment of distributions		100,381			1,633,205			180,089			3,137,146
Shares reacquired		(37,507	)		(709,210	)		(86,690	)		(1,587,982	)
Increase		87,476		$	1,372,446			196,905		$	3,594,579
Class I Shares
Shares sold		198,194		$	3,653,283			770,587		$	14,505,102
Reinvestment of distributions		980,045			17,042,975			1,823,188			33,674,285
Shares reacquired		(1,252,182	)		(23,732,375	)		(610,341	)		(11,982,886	)
Increase (decrease)		(73,943	)	$	(3,036,117	)		1,983,434		$	36,196,501
				Six Months Ended
				April 30, 2015						Year Ended
Micro Cap Value Fund				(unaudited		)				October 31, 2014
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		3,043		$	91,738			10,203		$	337,955
Reinvestment of distributions		57,549			1,701,735			93,032			2,979,819
Shares reacquired		(97,685	)		(3,217,505	)		(438,816	)		(14,299,631	)
Decrease		(37,093	)	$	(1,424,032	)		(335,581	)	$	(10,981,857	)
Class I Shares
Shares sold		193,143		$	5,868,698			328,999		$	11,156,357
Reinvestment of distributions		457,479			14,040,029			422,555			13,986,583
Shares reacquired		(75,037	)		(2,371,334	)		(177,565	)		(6,174,166	)
Increase		575,585		$	17,537,393			573,989		$	18,968,774

25

Notes to Financial Statements (unaudited)(concluded)

13. RECENT ACCOUNTING PRONOUNCEMENT  

In June 2014, FASB issued ASU 2014–11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after January 1, 2015, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statement disclosures.

26

Supplemental Proxy Information

A joint special meeting of shareholders of the Fund and other funds of the Trust was held on December 4, 2014. The joint special meeting was held for the purpose of electing members of the Board. Shareholders elected the following nine (9) Trustees at the joint special meeting:

• E. Thayer Bigelow

• Robert B. Calhoun, Jr.

• Eric C. Fast

• Daria L. Foster

• Evelyn E. Guernsey

• Julie A. Hill

• Franklin W. Hobbs

• James M. McTaggart

• James L.L. Tullis

The results of the proxy solicitation on the preceding matter were as follows:

Lord Abbett Securities Trust

Nominee	Votes For	Votes Withheld
E. Thayer Bigelow	765,974,865.350	14,932,400.884
Robert B. Calhoun, Jr.	766,560,830.812	14,346,435.422
Eric C. Fast	767,069,611.805	13,837,654.429
Daria L. Foster	767,145,793.140	13,761,473.094
Evelyn E. Guernsey	767,187,883.952	13,719,382.282
Julie A. Hill	766,775,161.223	14,132,105.011
Franklin W. Hobbs	767,148,532.329	13,758,733.905
James M. McTaggart	767,017,397.647	13,889,868.587
James L.L. Tullis	766,688,826.602	14,218,439.632

27

Approval of Advisory Contract

The Board of Trustees of the Company, including all of the Trustees who are not interested persons of the Company 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, 2014. 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 each of the periods. As to Micro Cap Value Fund, the Board observed that the Fund’s investment performance was above the median for the one-year, three-year, and ten-year periods and below the median for the five-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

28

Approval of Advisory Contract (continued)

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, 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

29

Approval of Advisory Contract (concluded)

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.

30

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).

31

 

	We Recycle
	This document is printed on recycled paper.
	Go Paperless!
	Visit www.lordabbett.com to learn how to receive all your shareholder communications online.

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 Micro-Cap Growth Fund	LAMCVF-3 (06/15)
LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Micro-Cap Value Fund

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 17, 2015

By:	/s/ Joan A. Binstock
	Joan A. Binstock
	Chief Financial Officer and Vice President

Date: June 17, 2015

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 17, 2015

By:	/s/ Joan A. Binstock
	Joan A. Binstock
	Chief Financial Officer and Vice President

Date: June 17, 2015

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 17, 2015

/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 17, 2015

/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 17, 2015

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.