N-CSRS 1 c85443_ncsrs.htm

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: 4/30/2016

Item 1:

Report(s) to Shareholders.

2016 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, 2016

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:

17		Alpha Strategy Fund

18		Fundamental Equity Fund

21		Growth Leaders Fund

25		International Core Equity Fund

34		International Dividend Income Fund

41		International Opportunities Fund

49		Value Opportunities Fund

52		Statements of Assets and Liabilities

56		Statements of Operations

58		Statements of Changes in Net Assets

64		Financial Highlights

92		Notes to Financial Statements

119		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, 2016

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 the Funds for the six-month period ended April 30, 2016. For additional information about the Funds, 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

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, 2015 through April 30, 2016).

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 11/1/15 – 4/30/16” 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.

Alpha Strategy Fund

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

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†#*
			11/1/15 –
	11/1/15	4/30/16	4/30/16
Class A
Actual	$1,000.00	$ 963.20	$1.22
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.62	$1.26
Class B
Actual	$1,000.00	$ 959.50	$4.87
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.89	$5.02
Class C
Actual	$1,000.00	$ 959.30	$4.87
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.89	$5.02
Class F
Actual	$1,000.00	$ 963.80	$0.49
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.37	$0.50
Class I
Actual	$1,000.00	$ 964.30	$0.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.86	$0.00
Class R2
Actual	$1,000.00	$ 961.60	$2.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.88	$3.02
Class R3
Actual	$1,000.00	$ 962.10	$2.44
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.38	$2.51
Class R4
Actual	$1,000.00	$ 963.50	$1.17
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.67	$1.21
Class R5
Actual	$1,000.00	$ 964.30	$0.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.86	$0.00
Class R6
Actual	$1,000.00	$ 964.50	$0.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.86	$0.00

^†	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, 0.50% for Class R3, 0.24% for Class R4, 0.00% for Classes R5 and R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).
^#	Does not include expenses of Underlying Funds in which Alpha Strategy Fund invests.
^*	The annualized expenses have been updated (0.29% for Class A, 1.04% for Class B and C, 0.14% for Class F, 0.04% for Class I, 0.64% for Class R2, 0.54% for Class R3, 0.29% for Class R4 and 0.04% for Class R5 and R6). Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$1.42	$1.46
Class B	$5.07	$5.22
Class C	$5.07	$5.22
Class F	$0.68	$0.70
Class I	$0.20	$0.20
Class R2	$3.12	$3.22
Class R3	$2.63	$2.72
Class R4	$1.42	$1.46
Class R5	$0.20	$0.20
Class R6	$0.20	$0.20

Portfolio Holdings Presented by Portfolio Allocation

April 30, 2016

Underlying Fund Name	%*
Lord Abbett Developing Growth Fund, Inc. – Class I	19.11	%
Lord Abbett Securities Trust – International Opportunities Fund – Class I	20.28	%
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I	9.67	%
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I	10.33	%
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I	20.28	%
Lord Abbett Securities Trust-Value Opportunities Fund – Class I	20.33	%
Total	100.00	%

^*	Represents percent of total investments.

Fundamental Equity Fund

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period^†
			11/1/15 –
	11/1/15	4/30/16	4/30/16
Class A
Actual	$1,000.00	$1,003.60	$4.98
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.89	$5.02
Class B
Actual	$1,000.00	$1,000.20	$8.70
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.16	$8.77
Class C
Actual	$1,000.00	$1,000.30	$8.70
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.16	$8.77
Class F
Actual	$1,000.00	$1,004.50	$4.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.64	$4.27
Class I
Actual	$1,000.00	$1,005.80	$3.74
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.13	$3.77
Class P
Actual	$1,000.00	$1,002.80	$5.98
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.90	$6.02
Class R2
Actual	$1,000.00	$1,002.40	$6.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.15	$6.77
Class R3
Actual	$1,000.00	$1,002.10	$6.22
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.65	$6.27
Class R4
Actual	$1,000.00	$1,003.60	$4.88
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.99	$4.92
Class R5
Actual	$1,000.00	$1,004.90	$3.69
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.18	$3.72
Class R6
Actual	$1,000.00	$1,005.90	$3.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.83	$3.07

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.00% for Class A, 1.75% for Classes B and C, 0.85% for Class F, 0.75% for Class I, 1.20% for Class P, 1.35% for Class R2, 1.25% for Class R3, 0.98% for Class R4, 0.74% for Class R5 and 0.61% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2016

Sector*	%**
Consumer Discretionary	7.37	%
Consumer Staples	7.85	%
Energy	13.59	%
Financials	24.23	%
Health Care	14.31	%
Industrials	9.72	%
Information Technology	9.33	%
Materials	2.84	%
Telecommunication Services	3.85	%
Utilities	5.05	%
Repurchase Agreement	1.86	%
Total	100.00	%

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

Growth Leaders Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
			11/1/15 –
	11/1/15	4/30/16	4/30/16
Class A
Actual	$1,000.00	$ 944.50	$4.11
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.64	$4.27
Class B
Actual	$1,000.00	$ 940.60	$7.67
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.96	$7.97
Class C
Actual	$1,000.00	$ 940.90	$7.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.91	$8.02
Class F
Actual	$1,000.00	$ 945.30	$3.39
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.38	$3.52
Class I
Actual	$1,000.00	$ 945.90	$2.90
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.88	$3.02
Class R2
Actual	$1,000.00	$ 942.80	$5.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.95	$5.97
Class R3
Actual	$1,000.00	$ 943.30	$5.31
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.39	$5.52
Class R4
Actual	$1,000.00	$ 944.50	$3.96
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.79	$4.12
Class R5
Actual	$1,000.00	$ 945.90	$2.85
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.93	$2.97
Class R6*
Actual	$1,000.00	$ 945.90	$2.37
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.43	$2.46

^†

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 Class B, 1.60% for Class C, 0.70% for Class F, 0.60% for Class I, 1.19% for Class R2, 1.10% for Class R3, 0.82% for Class R4, 0.59% for Class R5 and 0.49% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

The annualized expenses for Class R6 have been updated to 0.50%. Had the updated expense ratio been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual		Hypothetical (5% Return Before Expenses)
Class R6	$2.42		$2.51

Portfolio Holdings Presented by Sector

April 30, 2016

Sector*	%**
Consumer Discretionary	20.85	%
Consumer Staples	5.85	%
Energy	0.80	%
Financials	4.60	%
Health Care	15.26	%
Industrials	12.35	%
Information Technology	30.37	%
Materials	2.82	%
Telecommunication Services	1.71	%
Utilities	0.98	%
Repurchase Agreement	4.41	%
Total	100.00	%

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

International Core Equity Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
			11/1/15 –
	11/1/15	4/30/16	4/30/16
Class A
Actual	$1,000.00	$ 948.60	$5.43
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.29	$5.62
Class B
Actual	$1,000.00	$ 945.60	$9.05
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.56	$9.37
Class C
Actual	$1,000.00	$ 945.70	$8.95
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.66	$9.27
Class F
Actual	$1,000.00	$ 950.60	$4.22
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.54	$4.37
Class I
Actual	$1,000.00	$ 950.90	$3.73
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.03	$3.87
Class P
Actual	$1,000.00	$ 948.30	$6.39
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.30	$6.62
Class R2
Actual	$1,000.00	$ 947.10	$7.12
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.55	$7.37
Class R3
Actual	$1,000.00	$ 947.40	$6.58
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.10	$6.82
Class R4
Actual	$1,000.00	$ 949.20	$5.38
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.34	$5.57
Class R5
Actual	$1,000.00	$ 950.10	$4.17
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.59	$4.32
Class R6
Actual	$1,000.00	$ 951.10	$3.40
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.38	$3.52

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.87% for Class B, 1.85% for Class C, 0.87% for Class F, 0.77% for Class I, 1.32% for Class P, 1.47% for Class R2, 1.36% for Class R3, 1.11% for Class R4, 0.86% for Class R5 and 0.70% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2016

Sector*	%**
Consumer Discretionary	12.51	%
Consumer Staples	10.02	%
Energy	3.74	%
Financials	23.91	%
Health Care	9.67	%
Industrials	16.07	%
Information Technology	6.37	%
Materials	7.09	%
Telecommunication Services	6.05	%
Utilities	2.90	%
Repurchase Agreement	1.67	%
Total	100.00	%


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

International Dividend Income Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
			11/1/15 –
	11/1/15	4/30/16	4/30/16
Class A
Actual	$1,000.00	$ 984.20	$5.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.29	$5.62
Class C
Actual	$1,000.00	$ 981.70	$9.21
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.56	$9.37
Class F
Actual	$1,000.00	$ 985.10	$4.49
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.34	$4.57
Class I
Actual	$1,000.00	$ 985.70	$4.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.84	$4.07
Class R2
Actual	$1,000.00	$ 983.00	$7.25
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.55	$7.37
Class R3
Actual	$1,000.00	$ 983.30	$6.76
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.05	$6.87
Class R4
Actual	$1,000.00	$ 983.00	$5.52
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.29	$5.62
Class R5
Actual	$1,000.00	$ 984.30	$4.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.59	$4.32
Class R6
Actual	$1,000.00	$ 985.80	$4.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.84	$4.07


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.87% for Class C, 0.91% for Class F, 0.81% for Class I, 1.47% for Class R2, 1.37% for Class R3, 1.12% for Class R4, 0.86% for Class R5 and 0.81% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2016

Sector*	%**
Consumer Discretionary	8.02	%
Consumer Staples	7.36	%
Energy	15.63	%
Financials	27.40	%
Health Care	4.56	%
Industrials	8.45	%
Information Technology	2.32	%
Materials	5.03	%
Telecommunication Services	9.19	%
Utilities	11.72	%
Repurchase Agreement	0.32	%
Total	100.00	%


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

International Opportunities Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
			11/1/15 –
	11/1/15	4/30/16	4/30/16
Class A
Actual	$1,000.00	$ 995.60	$ 6.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.30	$ 6.62
Class B
Actual	$1,000.00	$ 991.80	$10.25
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,014.57	$10.37
Class C
Actual	$1,000.00	$ 991.70	$10.20
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,014.62	$10.32
Class F
Actual	$1,000.00	$ 996.50	$ 5.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.05	$ 5.87
Class I
Actual	$1,000.00	$ 996.70	$ 5.31
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.54	$ 5.37
Class P
Actual	$1,000.00	$ 994.30	$ 7.54
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.30	$ 7.62
Class R2
Actual	$1,000.00	$ 994.10	$ 8.28
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.56	$ 8.37
Class R3
Actual	$1,000.00	$ 994.30	$ 7.69
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.16	$ 7.77
Class R4
Actual	$1,000.00	$ 995.90	$ 6.50
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.35	$ 6.57
Class R5
Actual	$1,000.00	$ 996.70	$ 5.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$ 5.32
Class R6
Actual	$1,000.00	$ 997.40	$ 4.52
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.34	$ 4.57

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.32% for Class A, 2.07% for Class B, 2.06% for Class C, 1.17% for Class F, 1.07% for Class I, 1.52% for Class P, 1.67% for Class R2, 1.55% for Class R3, 1.31% for Class R4, 1.06% for Class R5 and 0.91% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2016

Sector*	%**
Consumer Discretionary	15.10	%
Consumer Staples	8.87	%
Energy	3.11	%
Exchange Traded Fund	1.03	%
Financials	18.92	%
Health Care	3.92	%
Industrials	22.61	%
Information Technology	12.90	%
Materials	4.15	%
Telecommunication Services	1.56	%
Utilities	3.48	%
Repurchase Agreement	4.35	%
Total	100.00	%


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

Value Opportunities Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
			11/1/15 –
	11/1/15	4/30/16	4/30/16
Class A
Actual	$1,000.00	$1,008.60	$5.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.90	$6.02
Class B
Actual	$1,000.00	$1,004.60	$9.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.17	$9.77
Class C
Actual	$1,000.00	$1,005.20	$9.67
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.22	$9.72
Class F
Actual	$1,000.00	$1,009.00	$5.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.64	$5.27
Class I
Actual	$1,000.00	$1,009.90	$4.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.14	$4.77
Class P
Actual	$1,000.00	$1,007.10	$6.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.90	$7.02
Class R2
Actual	$1,000.00	$1,006.60	$7.73
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.16	$7.77
Class R3
Actual	$1,000.00	$1,007.10	$7.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.70	$7.22
Class R4
Actual	$1,000.00	$1,008.10	$5.84
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.05	$5.87
Class R5
Actual	$1,000.00	$1,009.90	$4.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.34	$4.57
Class R6
Actual	$1,000.00	$1,010.50	$4.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.89	$4.02

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.20% for Class A, 1.95% for Class B, 1.94% for Class C, 1.05% for Class F, 0.95% for Class I, 1.40% for Class P, 1.55% for Class R2, 1.44% for Class R3, 1.17% for Class R4, 0.91% for Class R5 and 0.80% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2016

Sector*	%**
Consumer Discretionary	11.19	%
Consumer Staples	3.00	%
Energy	6.04	%
Financials	23.40	%
Health Care	10.35	%
Industrials	12.59	%
Information Technology	16.62	%
Materials	6.94	%
Telecommunication Services	1.64	%
Utilities	6.45	%
Repurchase Agreement	1.78	%
Total	100.00	%

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

Schedule of Investments (unaudited)

ALPHA STRATEGY FUND April 30, 2016

			Fair
			Value
Investments	Shares		(000)
INVESTMENTS IN UNDERLYING FUNDS^(a)100.03%
Lord Abbett Developing Growth Fund, Inc. — Class I*^(b)		11,827,688	$	221,533
Lord Abbett Securities Trust — International Opportunities Fund — Class I^(c)		14,131,179		235,001
Lord Abbett Securities Trust — Micro-Cap Growth Fund — Class I*^(c)		8,681,896		112,083
Lord Abbett Securities Trust — Micro-Cap Value Fund — Class I*^(c)		3,756,460		119,681
Lord Abbett Research Fund, Inc. — Small-Cap Value Fund — Class I*^(c)		9,730,141		234,983

		Fair
		Value
Investments	Shares		(000)
Lord Abbett Securities Trust — Value Opportunities Fund — Class I*^(c)	12,435,735	$	235,657
Total Investments in Underlying Funds (cost $1,182,262,915)			1,158,938
Liabilities in Excess of Cash and Other Assets (0.03)%			(305	)
Net Assets 100.00%		$	1,158,633

*		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, 2016 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)
Investments in Underlying Funds		$1,158,938		$ —		$ —		$1,158,938
Total		$1,158,938		$ —		$ —		$1,158,938

⁽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 1/Level 2 transfers during the period ended April 30, 2016.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

FUNDAMENTAL EQUITY FUND April 30, 2016

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 96.88%

Aerospace & Defense 3.07%
General Dynamics Corp.		506,045	$	71,109
TransDigm Group, Inc.*		103,344		23,549
Total				94,658

Banks 12.45%
Citizens Financial Group, Inc.		3,351,017		76,571
East West Bancorp, Inc.		1,828,083		68,535
First Republic Bank		285,417		20,070
JPMorgan Chase & Co.		2,224,143		140,566
Signature Bank*		457,850		63,105
Wells Fargo & Co.		309,016		15,445
Total				384,292

Beverages 2.23%
PepsiCo, Inc.		668,200		68,798

Biotechnology 0.99%
Celgene Corp.*		295,682		30,577

Capital Markets 2.80%
Affiliated Managers Group, Inc.*		170,336		29,012
Invesco Ltd.		292,856		9,081
TD Ameritrade Holding Corp.		1,616,667		48,225
Total				86,318

Chemicals 2.80%
Dow Chemical Co. (The)		1,359,832		71,541
LyondellBasell Industries NV Class A		180,342		14,909
Total				86,450

Communications Equipment 1.73%
Cisco Systems, Inc.		1,940,148		53,335

Consumer Finance 1.76%
Discover Financial Services		965,815		54,346

			Fair
			Value
Investments	Shares		(000)
Diversified Telecommunication Services 3.80%
AT&T, Inc.		2,015,482	$	78,241
Verizon Communications, Inc.		763,252		38,880
Total				117,121

Electric: Utilities 3.55%
Duke Energy Corp.		397,622		31,325
NextEra Energy, Inc.		534,951		62,899
PG&E Corp.		261,765		15,235
Total				109,459

Energy Equipment & Services 3.49%
Halliburton Co.		1,079,391		44,590
Schlumberger Ltd.		785,908		63,140
Total				107,730

Food & Staples Retailing 1.42%
CVS Health Corp.		434,800		43,697

Food Products 3.07%
Mondelez International, Inc. Class A		2,202,353		94,613

Health Care Equipment & Supplies 1.48%
St. Jude Medical, Inc.		600,653		45,770

Health Care Providers & Services 2.94%
HCA Holdings, Inc.*		285,010		22,977
UnitedHealth Group, Inc.		514,207		67,711
Total				90,688

Hotels, Restaurants & Leisure 2.94%
Carnival Corp.		464,211		22,770
McDonald’s Corp.		181,100		22,907
Yum! Brands, Inc.		567,323		45,136
Total				90,813

Household Durables 0.87%
Lennar Corp. Class A		595,208		26,969

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FUNDAMENTAL EQUITY FUND April 30, 2016

			Fair
			Value
Investments	Shares		(000)
Household Products 1.04%
Colgate-Palmolive Co.		452,400	$	32,084

Industrial Conglomerates 2.52%
General Electric Co.		2,524,315		77,623

Information Technology Services 0.88%
Fidelity National Information Services, Inc.		410,545		27,014

Insurance 4.20%
Chubb Ltd. (Switzerland)^(a)		723,521		85,274
Hartford Financial Services Group, Inc. (The)		999,970		44,379
Total				129,653

Life Sciences Tools & Services 1.66%
Thermo Fisher Scientific, Inc.		356,232		51,387

Machinery 2.73%
Caterpillar, Inc.		362,547		28,177
Dover Corp.		303,119		19,915
ITT Corp.		942,611		36,168
Total				84,260

Media 1.73%
Time Warner, Inc.		710,260		53,369

Multi-Line Retail 1.73%
Target Corp.		670,307		53,289

Multi-Utilities 1.43%
Sempra Energy		428,216		44,256

Oil, Gas & Consumable Fuels 9.92%
Devon Energy Corp.		1,441,993		50,008
EOG Resources, Inc.		902,621		74,575
Exxon Mobil Corp.		1,068,839		94,485
Occidental Petroleum Corp.		1,136,700		87,128
Total				306,196

			Fair
			Value
Investments	Shares		(000)
Pharmaceuticals 7.05%
Johnson & Johnson		1,177,003	$	131,919
Pfizer, Inc.		2,618,600		85,654
Total				217,573

Real Estate Investment Trusts 2.71%
Simon Property Group, Inc.		186,016		37,421
Vornado Realty Trust		481,300		46,075
Total				83,496

Road & Rail 1.28%
CSX Corp.		1,450,290		39,549

Semiconductors & Semiconductor Equipment 3.70%
Intel Corp.		500,678		15,160
Microchip Technology, Inc.		1,096,653		53,286
QUALCOMM, Inc.		902,723		45,606
Total				114,052

Software 1.95%
Microsoft Corp.		1,204,600		60,073

Technology Hardware, Storage & Peripheral 0.96%
Hewlett Packard Enterprise Co.		1,777,953		29,621
Total Common Stocks (cost $2,584,334,907)				2,989,129

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FUNDAMENTAL EQUITY FUND April 30, 2016

	Principal	Fair
	Amount	Value
Investments	(000)	(000)
SHORT-TERM INVESTMENT 1.84%

Repurchase Agreement
Repurchase Agreement dated 4/29/2016, 0.03% due 5/2/2016 with Fixed Income Clearing Corp. collateralized by $840,000 of Federal Home Loan Bank at 0.48% due 10/26/2016 and $56,425,000 of Federal National Mortgage Assoc. at 1.375% due 11/15/2016; value: $57,899,781; proceeds: $56,761,664 (cost $56,761,522)	$56,762	$	56,762
Total Investments in Securities 98.72% (cost $2,641,096,429)			3,045,891
Other Assets in Excess of Liabilities 1.28%			39,604
Net Assets 100.00%		$	3,085,495

*		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, 2016 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾⁽³⁾	(000)		(000)		(000)		(000)
Common Stocks		$2,989,129		$ —		$ —		$2,989,129
Repurchase Agreement		—		56,762		—		56,762
Total		$2,989,129		$56,762		$ —		$3,045,891

⁽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 1/Level 2 transfers during the period ended April 30, 2016.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

GROWTH LEADERS FUND April 30, 2016

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 99.10%

Aerospace & Defense 3.10%
Honeywell International, Inc.		298,422	$	34,101
Lockheed Martin Corp.		49,129		11,416
Raytheon Co.		178,367		22,537
Total				68,054

Air Freight & Logistics 1.17%
FedEx Corp.		155,382		25,655

Airlines 1.92%
Delta Air Lines, Inc.		462,747		19,282
Southwest Airlines Co.		512,818		22,877
Total				42,159

Automobiles 0.50%
Tesla Motors, Inc.*		45,481		10,950

Banks 1.42%
First Republic Bank		236,825		16,654
Western Alliance Bancorp*		396,701		14,511
Total				31,165

Beverages 2.12%
Constellation Brands, Inc. Class A		113,799		17,759
PepsiCo, Inc.		281,119		28,944
Total				46,703

Biotechnology 3.25%
Amgen, Inc.		114,635		18,147
Celgene Corp.*		110,906		11,469
Gilead Sciences, Inc.		124,952		11,022
Medivation, Inc.*		440,043		25,434
Regeneron Pharmaceuticals, Inc.*		14,283		5,381
Total				71,453

Building Products 0.50%
A.O. Smith Corp.		142,413		10,997

			Fair
			Value
Investments	Shares		(000)
Capital Markets 1.27%
Affiliated Managers Group, Inc.*		64,553	$	10,994
BlackRock, Inc.		47,458		16,911
Total				27,905

Chemicals 1.64%
Albemarle Corp.		331,784		21,951
PPG Industries, Inc.		127,020		14,022
Total				35,973

Diversified Consumer Services 1.35%
New Oriental Education & Technology Group, Inc. ADR		468,559		18,349
TAL Education Group ADR*		197,343		11,418
Total				29,767

Diversified Financial Services 2.08%
Intercontinental Exchange, Inc.		44,274		10,627
MarketAxess Holdings, Inc.		191,243		23,477
MSCI, Inc.		151,988		11,542
Total				45,646

Diversified Telecommunication Services 1.77%
AT&T, Inc.		428,594		16,638
Verizon Communications, Inc.		438,984		22,362
Total				39,000

Electric: Utilities 0.49%
NextEra Energy, Inc.		92,217		10,843

Electrical Equipment 0.49%
Acuity Brands, Inc.		43,874		10,700

Electronic Equipment, Instruments & Components 0.97%
Trimble Navigation Ltd.*		436,897		10,464
Universal Display Corp.*		184,855		10,779
Total				21,243

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GROWTH LEADERS FUND April 30, 2016

		Fair
		Value
Investments	Shares		(000)
Food & Staples Retailing 1.72%
Costco Wholesale Corp.	107,135	$	15,870
CVS Health Corp.	217,556		21,864
Total			37,734

Food Products 1.02%
Blue Buffalo Pet Products, Inc.*	221,576		5,486
Kellogg Co.	220,251		16,918
Total			22,404

Health Care Equipment & Supplies 7.27%
Align Technology, Inc.*	310,554		22,419
Boston Scientific Corp.*	566,037		12,407
DENTSPLY SIRONA, Inc.	267,881		15,966
Edwards Lifesciences Corp.*	419,961		44,604
IDEXX Laboratories, Inc.*	204,577		17,256
Intuitive Surgical, Inc.*	75,437		47,251
Total			159,903

Health Care Providers & Services 1.93%
UnitedHealth Group, Inc.	215,560		28,385
VCA, Inc.*	223,579		14,079
Total			42,464

Hotels, Restaurants & Leisure 4.52%
Carnival Corp.	344,376		16,891
McDonald’s Corp.	266,161		33,667
Panera Bread Co. Class A*	104,649		22,446
Starbucks Corp.	372,393		20,940
Wynn Resorts Ltd.	62,399		5,510
Total			99,454

Industrial Conglomerates 1.28%
3M Co.	168,553		28,212

Information Technology Services 7.07%
Accenture plc Class A (Ireland)^(a)	204,254		23,064
EPAM Systems, Inc.*	147,856		10,783
MasterCard, Inc. Class A	239,624		23,241
PayPal Holdings, Inc.*	976,461		38,258
Visa, Inc. Class A	776,785		59,999
Total			155,345

			Fair
			Value
Investments	Shares		(000)
Internet & Catalog Retail 5.92%
Amazon.com, Inc.*		110,076	$	72,605
Priceline Group, Inc. (The)*		24,661		33,136
TripAdvisor, Inc.*		88,497		5,716
Wayfair, Inc. Class A*		493,544		18,631
Total				130,088

Internet Software & Services 12.40%
Alphabet, Inc. Class A*		120,383		85,217
Criteo SA ADR*		277,624		11,574
Facebook, Inc. Class A*		1,213,720		142,709
GoDaddy, Inc. Class A*		537,448		16,323
WebMD Health Corp.*		266,309		16,708
Total				272,531

Life Sciences Tools & Services 0.28%
Pacific Biosciences of California, Inc.*		627,972		6,060

Machinery 1.29%
Illinois Tool Works, Inc.		219,898		22,984
Middleby Corp. (The)*		49,318		5,407
Total				28,391

Media 1.85%
Comcast Corp. Class A		478,157		29,053
Walt Disney Co. (The)		113,047		11,673
Total				40,726

Metals & Mining 1.29%
Newmont Mining Corp.		810,854		28,356

Multi-Line Retail 0.97%
Dollar General Corp.		259,612		21,265

Oil, Gas & Consumable Fuels 0.82%
Pioneer Natural Resources Co.		109,140		18,128

Personal Products 1.20%
Estee Lauder Cos., Inc. (The) Class A		276,176		26,477

22	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GROWTH LEADERS FUND April 30, 2016

			Fair
			Value
Investments	Shares		(000)
Pharmaceuticals 3.09%
Bristol-Myers Squibb Co.		510,219	$	36,828
Johnson & Johnson		277,515		31,104
Total				67,932

Professional Services 0.55%
TransUnion*		401,631		12,029

Road & Rail 1.73%
Kansas City Southern		174,746		16,557
Old Dominion Freight Line, Inc.*		154,236		10,188
Union Pacific Corp.		129,305		11,279
Total				38,024

Semiconductors & Semiconductor Equipment 3.85%
Broadcom Ltd. (Singapore)^(a)		203,079		29,599
First Solar, Inc.*		269,099		15,026
Lam Research Corp.		136,124		10,400
NVIDIA Corp.		831,077		29,528
Total				84,553

Software 5.85%
Adobe Systems, Inc.*		367,098		34,588
Ellie Mae, Inc.*		124,107		10,375
Microsoft Corp.		436,912		21,789
Red Hat, Inc.*		74,776		5,486
salesforce.com, Inc.*		378,230		28,670
Ultimate Software Group, Inc. (The)*		140,745		27,669
Total				128,577

Specialty Retail 5.00%
Home Depot, Inc. (The)		285,986		38,290
Ross Stores, Inc.		383,654		21,784
TJX Cos., Inc. (The)		358,256		27,163
Ulta Salon, Cosmetics & Fragrance, Inc.*		108,550		22,609
Total				109,846

			Fair
			Value
Investments	Shares		(000)
Technology Hardware, Storage & Peripherals 1.36%
Apple, Inc.		318,862	$	29,890

Textiles, Apparel & Luxury Goods 1.50%
NIKE, Inc. Class B		292,505		17,240
Under Armour, Inc. Class A*		359,583		15,800
Total				33,040

Trading Companies & Distributors 0.78%
Fastenal Co.		368,542		17,244

Water Utilities 0.52%
American Water Works Co., Inc.		156,111		11,359
Total Common Stocks (cost $2,076,950,214)				2,178,245

	Principal
	Amount
	(000)
SHORT-TERM INVESTMENT 4.57%

Repurchase Agreement
Repurchase Agreement dated 4/29/2016, 0.03% due 5/2/2016 with Fixed Income Clearing Corp. collateralized by $102,495,000 of Federal Home Loan Bank at 0.50% due 9/28/2016; value: $102,495,000; proceeds: $100,484,777 (cost $100,484,526)	$	100,485		100,485
Total Investments in Securities 103.67% (cost $2,177,434,740)				2,278,730
Liabilities in Excess of Other Assets (3.67)%				(80,725	)
Net Assets 100.00%			$	2,198,005

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

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GROWTH LEADERS FUND April 30, 2016

The following is a summary of the inputs used as of April 30, 2016 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3			Total
Investment Type⁽²⁾⁽³⁾	(000)		(000)			(000)		(000)
Common Stocks	$	2,178,245	$	—	$		—	$	2,178,245
Repurchase Agreement		—		100,485			—		100,485
Total	$	2,178,245	$	100,485	$		—	$	2,278,730


⁽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 1/Level 2 transfers during the period ended April 30, 2016.


24	See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL CORE EQUITY FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
COMMON STOCKS 98.82%

Australia 4.28%

Beverages 0.47%
Coca-Cola Amatil Ltd.		369,223	$	2,406

Chemicals 0.41%
Incitec Pivot Ltd.		844,390		2,052

Commercial Services & Supplies 0.34%
Mineral Resources Ltd.		306,093		1,714

Diversified Telecommunication Services 0.34%
Vocus Communications Ltd.		266,154		1,738

Metals & Mining 1.66%
Evolution Mining Ltd.		938,336		1,417
Fortescue Metals Group Ltd.		1,534,163		3,943
Newcrest Mining Ltd.*		210,597		3,071
				8,431

Real Estate Investment Trusts 1.06%
Mirvac Group		3,780,043		5,348
Total Australia				21,689

Austria 0.54%

Banks
Raiffeisen Bank
International AG*		170,481		2,729

Belgium 2.52%

Beverages 1.78%
Anheuser-Busch InBev NV		72,549		9,000

Chemicals 0.49%
Solvay SA		24,498		2,482

Food & Staples Retailing 0.25%
Delhaize Group		12,061		1,267
Total Belgium				12,749

			U.S. $
			Fair Value
Investments	Shares		(000)
Canada 0.98%

Banks 0.46%
Bank of Montreal		36,100	$	2,352

Electric: Utilities 0.52%
Emera, Inc.		71,900		2,605
Total Canada				4,957

China 1.00%

Internet Software & Services
Baidu, Inc. ADR*		26,107		5,073

Denmark 1.04%

Banks 0.64%
Danske Bank A/S		115,018		3,254

Pharmaceuticals 0.40%
Novo Nordisk A/S Class B		35,695		1,993
Total Denmark				5,247

Finland 1.10%

Paper & Forest Products
Stora Enso OYJ R Shares		215,806		1,887
UPM-Kymmene OYJ		193,899		3,711
Total Finland				5,598

France 14.96%

Aerospace & Defense 0.81%
Thales SA		47,406		4,102

Airlines 0.47%
Air France-KLM*		266,979		2,392

Auto Components 0.78%
Valeo SA		24,769		3,929

Automobiles 2.38%
Peugeot SA*		93,640		1,509
Renault SA		109,265		10,543
				12,052

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
France (continued)

Banks 1.51%
BNP Paribas SA		144,618	$	7,659

Construction & Engineering 1.08%
Vinci SA		73,311		5,475

Diversified Telecommunication Services 1.18%
Orange SA		359,876		5,979

Electrical Equipment 1.00%
Schneider Electric SE		77,101		5,041

Food Products 1.33%
Danone SA		96,404		6,754

Information Technology Services 0.54%
Atos SE		30,774		2,739

Insurance 2.29%
AXA SA		458,965		11,589

Life Sciences Tools & Services 0.48%
Genfit*		71,199		2,428

Media 0.45%
Publicis Groupe SA		30,728		2,274

Oil, Gas & Consumable Fuels 0.66%
Total SA		66,157		3,344
Total France				75,757

Germany 11.97%

Automobiles 1.20%
Bayerische Motoren
Werke AG		32,138		2,973
Daimler AG Registered Shares		44,865		3,126
				6,099

Diversified Telecommunication Services 1.22%
Deutsche Telekom AG
Registered Shares		351,147		6,164

			U.S. $
			Fair Value
Investments	Shares		(000)
Health Care Providers & Services 0.92%
Fresenius Medical Care
AG & Co. KGaA		53,281	$	4,638

Industrial Conglomerates 1.93%
Siemens AG Registered
Shares		93,621		9,797

Insurance 2.40%
Allianz SE Registered Shares		42,792		7,280
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered Shares		26,247		4,880
				12,160

Life Sciences Tools & Services 0.47%
MorphoSys AG*		47,062		2,362

Machinery 0.80%
GEA Group AG		87,224		4,053

Media 0.42%
ProSiebenSat.1 Media SE		41,360		2,113

Semiconductors & Semiconductor Equipment 0.47%
Infineon Technologies AG		166,829		2,380

Software 1.14%
SAP SE		73,824		5,792

Textiles, Apparel & Luxury Goods 1.00%
adidas AG		39,190		5,056
Total Germany				60,614

Hong Kong 1.56%

Insurance 0.17%
AIA Group Ltd.		145,800		873

Real Estate Investment Trusts 1.06%
Link REIT		886,500		5,378

Real Estate Management & Development 0.33%
Wheelock & Co., Ltd.		355,000		1,643
Total Hong Kong				7,894

26	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
Ireland 1.35%

Pharmaceuticals
Shire plc		109,404	$	6,827

Israel 0.73%

Pharmaceuticals
Teva Pharmaceutical
Industries Ltd. ADR		67,550		3,678

Italy 1.95%

Banks 0.51%
Intesa Sanpaolo SpA		926,478		2,575

Electric: Utilities 0.79%
Enel SpA		884,051		4,018

Gas Utilities 0.65%
Snam SpA		539,242		3,298
Total Italy				9,891

Japan 22.71%

Airlines 1.45%
Japan Airlines Co., Ltd.		204,600		7,364

Auto Components 0.45%
Toyota Industries Corp.		52,100		2,260

Automobiles 0.29%
Mazda Motor Corp.		97,400		1,484

Banks 2.93%
Mitsubishi UFJ Financial Group, Inc.		1,572,600		7,257
Sumitomo Mitsui Financial Group, Inc.		170,000		5,116
Sumitomo Mitsui Trust Holdings, Inc.		810,000		2,490
				14,863

			U.S. $
			Fair Value
Investments	Shares		(000)
Chemicals 2.24%
Asahi Kasei Corp.		796,486	$	5,450
Mitsubishi Chemical Holdings Corp.		700,600		3,656
Teijin Ltd.		619,000		2,216
				11,322

Construction & Engineering 0.74%
Shimizu Corp.		415,000		3,719

Diversified Financial Services 1.03%
ORIX Corp.		367,300		5,195

Electrical Equipment 0.76%
Fuji Electric Co., Ltd.		906,000		3,855

Food & Staples Retailing 1.02%
Seven & i Holdings Co., Ltd.		127,100		5,186

Household Durables 0.40%
Sony Corp.		84,400		2,044

Information Technology Services 0.89%
SCSK Corp.		124,800		4,527

Insurance 1.39%
MS&AD Insurance Group Holdings, Inc.		97,100		2,565
Tokio Marine Holdings, Inc.		136,300		4,460
				7,025

Machinery 2.09%
FANUC Corp.		15,000		2,216
IHI Corp.		1,114,000		2,416
Kawasaki Heavy
Industries Ltd.		1,307,000		3,665
Mitsubishi Heavy Industries Ltd.		647,000		2,300
				10,597

Metals & Mining 0.64%
JFE Holdings, Inc.		168,800		2,369
Nippon Steel & Sumitomo Metal Corp.		41,000		853
				3,222

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
Japan (continued)

Real Estate Management & Development 0.82%
Daito Trust Construction Co., Ltd.		24,800	$	3,508
Nomura Real Estate Holdings, Inc.		35,900		656
				4,164

Road & Rail 1.14%
Central Japan Railway Co.		33,000		5,781

Technology Hardware, Storage & Peripherals 1.39%
Canon, Inc.		169,300		4,734
Seiko Epson Corp.		141,000		2,311
				7,045

Trading Companies & Distributors 0.92%
ITOCHU Corp.		365,500		4,645

Wireless Telecommunication Services 2.12%
NTT DOCOMO, Inc.		172,900		4,147
SoftBank Group Corp.		122,500		6,587
				10,734
Total Japan				115,032

Mexico 0.30%

Consumer Finance
Gentera SAB de CV		777,015		1,546

Netherlands 3.60%

Banks 0.40%
ING Groep NV CVA		164,405		2,015

Food & Staples Retailing 1.30%
Koninklijke Ahold NV		301,241		6,559

Industrial Conglomerates 0.47%
Koninklijke Philips NV		87,067		2,392

Insurance 0.42%
NN Group NV		61,878		2,148

			U.S. $
			Fair Value
Investments	Shares		(000)
Oil, Gas & Consumable Fuels 1.01%
Royal Dutch Shell plc B Shares		195,106	$	5,123
Total Netherlands				18,237

Norway 0.14%

Metals & Mining
Norsk Hydro ASA		167,482		729

Philippines 0.29%

Diversified Financial Services
Metro Pacific Investments Corp.		11,852,800		1,466

Singapore 1.62%

Food Products 0.35%
Golden Agri-Resources Ltd.		6,061,300		1,798

Real Estate Investment Trusts 0.66%
Ascendas Real Estate Investment Trust		1,825,400		3,331

Transportation Infrastructure 0.61%
Hutchison Port Holdings Trust Unit		6,910,500		3,068
Total Singapore				8,197

South Africa 0.45%

Oil, Gas & Consumable Fuels
Sasol Ltd.		70,466		2,305

South Korea 0.49%

Biotechnology
Celltrion, Inc.*		28,329		2,493

Spain 2.59%

Banks 1.33%
Banco Bilbao Vizcaya Argentaria SA		458,090		3,148
Banco Santander SA		712,767		3,619
				6,767

28	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
Spain (continued)

Oil, Gas & Consumable Fuels 1.26%
Repsol SA		483,571	$	6,372
Total Spain				13,139

Switzerland 4.09%

Insurance 1.32%
Swiss Re AG		75,184		6,682

Pharmaceuticals 2.77%
Roche Holding AG		55,572		14,060
Total Switzerland				20,742

Taiwan 0.96%

Semiconductors & Semiconductor Equipment
Taiwan Semiconductor Manufacturing Co., Ltd.		1,057,000		4,856

United Kingdom 15.94%

Aerospace & Defense 0.29%
Meggitt plc		246,243		1,481

Air Freight & Logistics 0.39%
Royal Mail plc		276,037		1,966

Auto Components 1.08%
GKN plc		1,342,115		5,477

Banks 1.85%
HSBC Holdings plc		1,214,411		8,048
Lloyds Banking Group plc		1,350,325		1,325
				9,373

Diversified Telecommunication Services 1.22%
BT Group plc		957,248		6,205

Energy Equipment & Services 0.37%
Petrofac Ltd.		151,735		1,880

Food & Staples Retailing 0.38%
J Sainsbury plc		449,432		1,901

			U.S. $
			Fair Value
Investments	Shares		(000)
Household Durables 1.05%
Barratt Developments plc		118,046	$	919
Berkeley Group Holdings plc		100,230		4,392
				5,311

Insurance 0.31%
Aviva plc		248,110		1,572

Media 1.42%
ITV plc		606,052		1,998
RELX plc		131,737		2,334
WPP plc		122,333		2,858
				7,190

Metals & Mining 0.45%
Anglo American plc		203,683		2,278

Multi-Utilities 0.96%
National Grid plc		341,724		4,876

Pharmaceuticals 2.12%
AstraZeneca plc		187,206		10,741

Tobacco 3.19%
British American Tobacco plc		165,392		10,084
Imperial Brands plc		111,388		6,057
				16,141

Trading Companies & Distributors 0.86%
Ashtead Group plc		327,084		4,350
Total United Kingdom				80,742

United States 1.66%

Hotels, Restaurants & Leisure
Carnival plc		168,165		8,388
Total Common Stocks
(cost $498,860,237)				500,575

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2016

	Principal Amount	U.S. $ Fair Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 1.68%

Repurchase Agreement
Repurchase Agreement dated 4/29/2016, 0.03% due 5/2/2016 with Fixed Income Clearing Corp. collateralized by $8,650,000 of U.S. Treasury Note at 0.50% due 11/30/2016; value: $8,660,813; proceeds: $8,489,852 (cost $8,489,831)	$8,490		$	8,490
Total Investments in Securities 100.50% (cost $507,350,068)				509,065
Liabilities in Excess of Other Assets^(a) (0.50)%				(2,528	)
Net Assets 100.00%			$	506,537


ADR		American Depositary Receipt.
Unit		More than one class of securities traded together.
*		Non-income producing security.
^(a)		Liabilities in Excess of Other Assets include net unrealized appreciation/depreciation on forward foreign currency exchange contracts as follows:

30	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2016

Open Forward Foreign Currency Exchange Contracts at April 30, 2016:

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	State Street Bank and Trust	6/20/2016		17,336,000	$	12,369,409	$	13,155,394		$	785,985
Brazilian real	Buy	Morgan Stanley	7/11/2016		7,330,000		1,879,198		2,085,440			206,242
British pound	Buy	J.P. Morgan	6/6/2016		4,950,000		7,133,271		7,233,242			99,971
British pound	Buy	Morgan Stanley	5/19/2016		1,300,000		1,886,242		1,899,567			13,325
British pound	Buy	State Street Bank and Trust	6/6/2016		1,020,000		1,477,641		1,490,486			12,845
British pound	Buy	UBS AG	5/19/2016		570,000		824,999		832,887			7,888
British pound	Buy	UBS AG	5/19/2016		26,925,000		38,325,799		39,342,959			1,017,160
Canadian dollar	Buy	State Street Bank and Trust	8/15/2016		3,272,000		2,581,629		2,607,792			26,163
Danish krone	Buy	State Street Bank and Trust	6/16/2016		121,500,000		18,565,009		18,717,734			152,725
Danish krone	Buy	State Street Bank and Trust	6/16/2016		8,400,000		1,230,476		1,294,066			63,590
euro	Buy	Citibank	6/16/2016		1,310,000		1,492,242		1,501,996			9,754
euro	Buy	Goldman Sachs	6/16/2016		2,920,000		3,308,629		3,347,960			39,331
euro	Buy	J.P. Morgan	6/16/2016		4,085,000		4,614,819		4,683,704			68,885
euro	Buy	J.P. Morgan	6/16/2016		2,700,000		3,004,589		3,095,716			91,127
euro	Buy	Morgan Stanley	6/16/2016		1,590,000		1,804,001		1,823,033			19,032
Israeli new shekel	Buy	J.P. Morgan	6/20/2016		15,855,000		4,125,095		4,246,963			121,868
Japanese yen	Buy	Citibank	6/20/2016		786,000,000		6,902,081		7,396,195			494,114
Japanese yen	Buy	Standard Chartered Bank	6/20/2016		586,300,000		4,966,626		5,517,035			550,409
Japanese yen	Buy	State Street Bank and Trust	6/20/2016		245,000,000		2,168,069		2,305,430			137,361
Japanese yen	Buy	UBS AG	6/20/2016		410,000,000		3,649,589		3,858,066			208,477
Swedish krona	Buy	Bank of America	8/15/2016		26,100,000		3,231,143		3,262,475			31,332
Swedish krona	Buy	Bank of America	8/15/2016		14,520,000		1,777,786		1,814,986			37,200
Swedish krona	Buy	State Street Bank and Trust	8/15/2016		16,311,000		2,015,227		2,038,859			23,632
Swedish krona	Buy	State Street Bank and Trust	8/15/2016		17,380,000		2,159,761		2,172,483			12,722
Swedish krona	Buy	State Street Bank and Trust	8/15/2016		15,440,000		1,907,322		1,929,985			22,663
Swiss franc	Buy	Morgan Stanley	5/19/2016		2,525,000		2,503,988		2,633,874			129,886
Swiss franc	Buy	Standard Chartered Bank	5/19/2016		12,915,000		12,878,561		13,471,877			593,316
Swiss franc	Buy	Standard Chartered Bank	5/19/2016		1,255,000		1,243,179		1,309,114			65,935
Swiss franc	Buy	State Street Bank and Trust	6/20/2016		9,110,000		9,244,226		9,516,140			271,914
British pound	Sell	Morgan Stanley	5/19/2016		1,030,000		1,507,378		1,505,042			2,336
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts											$	5,317,188


	See Notes to Financial Statements.	31

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2016

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	J.P. Morgan	6/20/2016		3,340,000	$	2,578,882	$	2,534,553		$	(44,329	)
Australian dollar	Sell	J.P. Morgan	6/20/2016		1,990,000		1,495,578		1,510,108			(14,530	)
Brazilian real	Sell	Morgan Stanley	7/11/2016		7,330,000		1,946,104		2,085,440			(139,336	)
British pound	Sell	Bank of America	5/19/2016		1,260,000		1,840,983		1,841,119			(136	)
British pound	Sell	J.P. Morgan	5/19/2016		850,000		1,218,199		1,242,025			(23,826	)
British pound	Sell	J.P. Morgan	6/6/2016		1,415,000		1,992,688		2,067,684			(74,996	)
British pound	Sell	Morgan Stanley	5/19/2016		1,520,000		2,173,361		2,221,032			(47,671	)
British pound	Sell	Morgan Stanley	5/19/2016		1,370,000		1,966,413		2,001,852			(35,439	)
British pound	Sell	State Street Bank and Trust	5/19/2016		22,065,000		31,755,176		32,241,500			(486,324	)
British pound	Sell	State Street Bank and Trust	5/19/2016		700,000		990,471		1,022,844			(32,373	)
British pound	Sell	State Street Bank and Trust	6/6/2016		1,060,000		1,545,475		1,548,937			(3,462	)
British pound	Sell	State Street Bank and Trust	6/6/2016		680,000		977,333		993,657			(16,324	)
Canadian dollar	Sell	Standard Chartered Bank	8/15/2016		7,047,000		5,467,122		5,616,476			(149,354	)
Danish krone	Sell	Goldman Sachs	6/16/2016		129,900,000		19,586,168		20,011,800			(425,632	)
euro	Sell	Goldman Sachs	6/16/2016		11,400,000		12,815,682		13,070,803			(255,121	)
euro	Sell	J.P. Morgan	6/16/2016		4,070,000		4,497,245		4,666,506			(169,261	)
euro	Sell	Morgan Stanley	6/16/2016		1,150,000		1,270,826		1,318,546			(47,720	)
euro	Sell	Morgan Stanley	6/16/2016		3,650,000		4,071,118		4,184,950			(113,832	)
euro	Sell	Morgan Stanley	6/16/2016		450,000		504,580		515,953			(11,373	)
euro	Sell	Morgan Stanley	6/16/2016		1,085,000		1,224,777		1,244,019			(19,242	)
euro	Sell	Morgan Stanley	6/16/2016		3,650,000		3,989,274		4,184,950			(195,676	)
euro	Sell	Morgan Stanley	6/16/2016		3,700,000		4,186,970		4,242,278			(55,308	)
euro	Sell	Standard Chartered Bank	6/16/2016		1,250,000		1,365,644		1,433,202			(67,558	)
euro	Sell	Standard Chartered Bank	6/16/2016		1,330,000		1,465,905		1,524,927			(59,022	)
euro	Sell	State Street Bank and Trust	6/16/2016		1,700,000		1,850,737		1,949,155			(98,418	)
euro	Sell	State Street Bank and Trust	6/16/2016		590,000		658,644		676,471			(17,827	)
euro	Sell	State Street Bank and Trust	6/16/2016		6,650,000		7,579,537		7,624,635			(45,098	)
euro	Sell	State Street Bank and Trust	6/16/2016		2,690,000		3,043,977		3,084,251			(40,274	)
euro	Sell	State Street Bank and Trust	6/16/2016		7,050,000		7,960,155		8,083,260			(123,105	)
Israeli new shekel	Sell	Citibank	6/20/2016		15,855,000		4,070,148		4,246,963			(176,815	)
Japanese yen	Sell	J.P. Morgan	6/20/2016		766,500,000		6,886,352		7,212,702			(326,350	)
Japanese yen	Sell	Morgan Stanley	6/20/2016		572,670,000		5,151,831		5,388,777			(236,946	)
Japanese yen	Sell	Morgan Stanley	6/20/2016		284,500,000		2,533,181		2,677,121			(143,940	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts											$	(3,696,618	)


32	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL CORE EQUITY FUND April 30, 2016

The following is a summary of the inputs used as of April 30, 2016 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
Australia	$	—	$	21,689		$	—	$	21,689
Austria		—		2,729			—		2,729
Belgium		—		12,749			—		12,749
Canada		4,957		—			—		4,957
China		5,073		—			—		5,073
Denmark		—		5,247			—		5,247
Finland		—		5,598			—		5,598
France		—		75,757			—		75,757
Germany		—		60,614			—		60,614
Hong Kong		—		7,894			—		7,894
Ireland		—		6,827			—		6,827
Israel		3,678		—			—		3,678
Italy		—		9,891			—		9,891
Japan		—		115,032			—		115,032
Mexico		1,546		—			—		1,546
Netherlands		—		18,237			—		18,237
Norway		—		729			—		729
Philippines		—		1,466			—		1,466
Singapore		—		8,197			—		8,197
South Africa		—		2,305			—		2,305
South Korea		—		2,493			—		2,493
Spain		—		13,139			—		13,139
Switzerland		—		20,742			—		20,742
Taiwan		—		4,856			—		4,856
United Kingdom		—		80,742			—		80,742
United States		—		8,388			—		8,388
Repurchase Agreement		—		8,490			—		8,490
Total	$	15,254	$	493,811		$	—	$	509,065
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	—	$	5,317		$	—	$	5,317
Liabilities		—		(3,697	)		—		(3,697	)
Total	$	—	$	1,620		$	—	$	1,620


⁽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⁾	As of April 30, 2016, the Fund utilized adjusted valuations for the majority of foreign securities (as described in Note 2(a)), which resulted in Level 2 inputs. As of October 31 2015, the Fund utilized the last sale or official closing price on the exchange or system on which the foreign equity securities are principally traded, which resulted in Level 1 inputs for all foreign equity securities. For the period ended April 30, 2016, the total securities transferred from Level 1 to Level 2 amounted to $199,568,908.


	See Notes to Financial Statements.	33

Schedule of Investments (unaudited)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
LONG-TERM INVESTMENTS 96.49%
COMMON STOCKS 95.16%

Australia 7.55%

Banks 1.87%
National Australia Bank Ltd.		1,479,882	$	30,361

Commercial Services & Supplies 0.54%
Spotless Group
Holdings Ltd.		8,973,000		8,794

Electric: Utilities 1.46%
AusNet Services		20,371,562		23,699

Food & Staples Retailing 0.68%
Woolworths Ltd.		665,099		11,130

Metals & Mining 0.80%
BHP Billiton Ltd.		830,748		12,974

Personal Products 0.83%
Asaleo Care Ltd.		9,065,231		13,505

Real Estate Investment Trusts 1.37%
Mirvac Group		15,680,356		22,185
Total Australia				122,648

Belgium 2.51%

Air Freight & Logistics 1.23%
bpost SA		709,967		20,049

Beverages 1.28%
Anheuser-Busch InBev NV		167,090		20,728
Total Belgium				40,777

Brazil 0.87%

Independent Power & Renewable Electricity Producers
AES Tiete Energia SA Unit		3,462,700		14,216

			U.S. $
			Fair Value
Investments	Shares		(000)
Canada 10.88%

Oil, Gas & Consumable Fuels 9.23%
ARC Resources Ltd.		1,836,100	$	30,980
Crescent Point Energy Corp.		2,394,552		40,345
Freehold Royalties Ltd.		929,440		9,274
Pembina Pipeline Corp.		666,900		20,033
TransCanada Corp.		453,500		18,831
Whitecap Resources, Inc.		4,070,800		30,530
				149,993

Real Estate Investment Trusts 1.65%
RioCan Real Estate Investment Trust		1,232,700		26,802
Total Canada				176,795

China 2.34%

Banks 1.26%
Bank of China Ltd. H Shares		50,653,000		20,509

Real Estate Management & Development 1.08%
Longfor Properties Co., Ltd.		12,463,800		17,486
Total China				37,995

France 7.52%

Banks 1.00%
BNP Paribas SA		305,945		16,202

Diversified Telecommunication Services 1.55%
Orange SA		1,516,119		25,189

Insurance 0.96%
AXA SA		616,563		15,568

Media 1.12%
Vivendi SA		946,992		18,192

Oil, Gas & Consumable Fuels 1.50%
Total SA ADR		481,900		24,456

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
France (continued)

Real Estate Investment Trusts 1.39%
Klepierre		480,727	$	22,610
Total France				122,217

Germany 3.39%

Chemicals 0.40%
BASF SE		78,174		6,523

Diversified Telecommunication Services 1.35%
Deutsche Telekom AG Registered Shares		1,250,809		21,956

Industrial Conglomerates 0.66%
Siemens AG Registered Shares		103,034		10,782

Media 0.40%
ProSiebenSat.1 Media SE		126,005		6,437

Wireless Telecommunication Services 0.58%
Freenet AG		308,254		9,436
Total Germany				55,134

Hong Kong 2.18%

Communications Equipment 0.86%
VTech Holdings Ltd.		1,353,300		13,970

Industrial Conglomerates 1.32%
CK Hutchison Holdings Ltd.		1,792,900		21,450
Total Hong Kong				35,420

India 0.85%

Thrifts & Mortgage Finance
Indiabulls Housing Finance Ltd.		1,323,718		13,799

Indonesia 0.71%

Banks
PT Bank Negara Indonesia (Persero) Tbk		33,565,200		11,621

			U.S. $
			Fair Value
Investments	Shares		(000)
Israel 1.23%

Diversified Telecommunication Services
Bezeq The Israeli Telecommunication Corp., Ltd.		9,510,133	$	20,042

Italy 2.40%

Gas Utilities
Snam SpA		6,390,834		39,083

Japan 4.86%

Airlines 1.06%
Japan Airlines Co., Ltd.		476,800		17,162

Automobiles 1.02%
Nissan Motor Co., Ltd.		1,859,900		16,505

Banks 1.69%
Aozora Bank Ltd.		3,455,400		12,260
Sumitomo Mitsui Financial Group, Inc.		508,300		15,295
				27,555

Real Estate Management & Development 1.09%
Nomura Real Estate Holdings, Inc.		968,300		17,696
Total Japan				78,918

Macau 1.90%

Hotels, Restaurants & Leisure
Sands China Ltd.		7,607,600		27,103
Wynn Macau Ltd.		2,626,000		3,734
Total Macau				30,837

Netherlands 2.64%

Insurance 0.77%
Aegon NV		2,183,264		12,552

Oil, Gas & Consumable Fuels 1.87%
Royal Dutch Shell plc Class A ADR		573,066		30,310
Total Netherlands				42,862

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
New Zealand 3.62%

Airlines 0.65%
Air New Zealand Ltd.		6,125,815	$	10,511

Construction Materials 1.10%
Fletcher Building Ltd.		3,086,116		17,940

Diversified Telecommunication Services 1.87%
Spark New Zealand Ltd.		11,775,361		30,449
Total New Zealand				58,900

Russia 1.46%

Oil, Gas & Consumable Fuels
Lukoil PJSC ADR		557,936		23,772

Singapore 2.25%

Real Estate Investment Trusts
Ascendas Real Estate Investment Trust		9,533,400		17,399
Mapletree Logistics Trust		23,905,500		19,165
				36,564
South Africa 0.65%

Capital Markets
Coronation Fund Managers Ltd.		2,029,135		10,543

South Korea 0.70%

Wireless Telecommunication Services
SK Telecom Co., Ltd.		62,661		11,379

Spain 3.39%

Diversified Financial Services 1.07%
Bolsas y Mercados Espanoles, SHMFS, SA		516,254		17,504

Gas Utilities 2.32%
Enagas SA		1,233,871		37,670
Total Spain				55,174

			U.S. $
			Fair Value
Investments	Shares		(000)
Sweden 1.45%

Diversified Telecommunication Services 0.15%
Telia Co. AB		511,068	$	2,444

Machinery 1.30%
Volvo AB B Shares		1,794,939		21,049
Total Sweden				23,493

Switzerland 2.24%

Food Products 0.69%
Nestle SA Registered Shares		150,865		11,260

Pharmaceuticals 1.55%
Roche Holding AG		99,225		25,105
Total Switzerland				36,365

Taiwan 1.39%

Semiconductors & Semiconductor Equipment
Taiwan Semiconductor Manufacturing Co., Ltd.		4,907,000		22,545

Turkey 0.77%
Automobiles
Tofas Turk Otomobil Fabrikasi AS		1,588,756		12,570

United Kingdom 25.41%

Aerospace & Defense 1.43%
BAE Systems plc		3,318,595		23,153

Banks 2.04%
Barclays plc		4,290,898		10,773
HSBC Holdings plc		3,380,550		22,403
				33,176

Capital Markets 1.65%
Aberdeen Asset Management plc		2,727,405		11,932
Jupiter Fund Management plc		2,406,787		14,838
				26,770

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
United Kingdom (continued)

Electric: Utilities 1.76%
SSE plc		1,291,879	$	28,542

Household Durables 1.20%
Berkeley Group Holdings plc		445,959		19,542

Insurance 1.84%
Lancashire Holdings Ltd.		1,173,851		9,435
Prudential plc		1,039,667		20,523
				29,958

Media 1.36%
ITV plc		6,691,614		22,057

Metals & Mining 2.56%
Rio Tinto plc ADR		1,237,867		41,667

Multi-Utilities 2.54%
National Grid plc		2,889,058		41,223

Oil, Gas & Consumable Fuels 1.07%
BP plc		3,163,558		17,429

Personal Products 1.35%
Unilever plc		491,659		21,968

Pharmaceuticals 2.87%
AstraZeneca plc		373,265		21,415
GlaxoSmithKline plc		1,178,674		25,191
				46,606

Tobacco 2.29%
Imperial Brands plc		683,945		37,188

Wireless Telecommunication Services 1.45%
Vodafone Group plc		7,328,345		23,611
Total United Kingdom				412,890
Total Common Stocks
(cost $1,629,449,080)				1,546,559

			U.S. $
	Principal		Fair Value
Investments	Amount		(000)
CORPORATE BOND 1.33%

Spain

Banks
Banco Popular Espanol SA ^(a) (cost $27,368,751)	$	19,000,000	$	21,664
Total Long-Term Investments (cost $1,656,817,831)				1,568,223

	Principal
	Amount
	(000)
SHORT–TERM INVESTMENT 0.31%

Repurchase Agreement
Repurchase Agreement dated 4/29/2016, 0.03% due 5/2/2016 with Fixed Income Clearing Corp. collateralized by $5,120,000 of U.S. Treasury Note at 0.50% due 11/30/2016; value: $5,126,400; proceeds: $5,024,243 (cost $5,024,231)		5,024		5,024
Total Investments in Securities 96.80% (cost $1,661,842,062)				1,573,247
Foreign Cash and Other Assets in Excess of Liabilities^(b)3.20%				51,948
Net Assets 100.00%			$	1,625,195

ADR		American Depositary Receipt.
Unit		More than one class of securities traded together.
^(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.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2016

Open Forward Foreign Currency Exchange Contracts at April 30, 2016:

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	6/20/2016	4,525,000	$	3,430,747	$	3,433,789	$	3,042
Australian dollar	Buy	J.P. Morgan	6/20/2016	4,500,000		3,338,805		3,414,817		76,012
Australian dollar	Buy	Standard Chartered Bank	6/20/2016	81,400,000		58,040,235		61,770,252		3,730,017
Australian dollar	Buy	Standard Chartered Bank	6/20/2016	4,660,000		3,288,753		3,536,233		247,480
Australian dollar	Buy	Standard Chartered Bank	6/20/2016	7,500,000		5,360,288		5,691,362		331,074
Australian dollar	Buy	Standard Chartered Bank	6/20/2016	2,550,000		1,919,524		1,935,063		15,539
Australian dollar	Buy	Standard Chartered Bank	6/20/2016	4,900,000		3,642,734		3,718,357		75,623
Australian dollar	Buy	Standard Chartered Bank	6/20/2016	9,500,000		6,781,980		7,209,059		427,079
Australian dollar	Buy	State Street Bank and Trust	6/20/2016	175,200,000		125,006,952		132,950,223		7,943,271
British pound	Buy	J.P. Morgan	5/19/2016	5,100,000		7,197,677		7,452,148		254,471
British pound	Buy	J.P. Morgan	5/19/2016	8,900,000		12,601,771		13,004,729		402,958
British pound	Buy	Morgan Stanley	5/19/2016	8,265,000		11,750,689		12,076,864		326,175
British pound	Buy	Morgan Stanley	5/19/2016	6,500,000		9,431,210		9,497,836		66,626
British pound	Buy	Morgan Stanley	5/19/2016	3,185,000		4,604,435		4,653,940		49,505
British pound	Buy	Standard Chartered Bank	5/19/2016	6,950,000		9,839,636		10,155,378		315,742
British pound	Buy	State Street Bank and Trust	5/19/2016	4,275,000		6,245,625		6,246,654		1,029
British pound	Buy	State Street Bank and Trust	5/19/2016	1,770,000		2,500,012		2,586,334		86,322
British pound	Buy	UBS AG	5/19/2016	3,719,000		5,381,973		5,434,223		52,250
British pound	Buy	UBS AG	5/19/2016	3,075,000		4,450,650		4,493,207		42,557
Canadian dollar	Buy	J.P. Morgan	6/20/2016	37,200,000		27,200,319		29,648,758		2,448,439
Canadian dollar	Buy	Standard Chartered Bank	6/20/2016	55,200,000		39,291,053		43,994,931		4,703,878
euro	Buy	J.P. Morgan	6/16/2016	3,510,000		3,982,548		4,024,431		41,883
euro	Buy	Morgan Stanley	6/16/2016	3,190,000		3,641,565		3,657,532		15,967
euro	Buy	State Street Bank and Trust	6/16/2016	4,800,000		5,470,944		5,503,496		32,552
euro	Buy	State Street Bank and Trust	6/16/2016	4,220,000		4,710,976		4,838,490		127,514
euro	Buy	State Street Bank and Trust	6/16/2016	5,850,000		6,643,400		6,707,386		63,986
euro	Buy	State Street Bank and Trust	6/16/2016	5,277,000		5,958,261		6,050,406		92,145
euro	Buy	State Street Bank and Trust	6/16/2016	8,535,000		9,745,442		9,785,904		40,462
Japanese yen	Buy	Deutsche Bank AG	6/20/2016	815,000,000		7,534,237		7,669,083		134,846
Norwegian krone	Buy	Barclays Bank plc	6/6/2016	104,400,000		11,969,653		12,964,093		994,440
South African rand	Buy	J.P. Morgan	7/25/2016	553,000,000		35,300,149		38,215,284		2,915,135
South African rand	Buy	Morgan Stanley	7/25/2016	55,260,000		3,661,533		3,818,764		157,231
Swiss franc	Buy	Goldman Sachs	6/20/2016	7,380,000		7,452,630		7,709,013		256,383
Swiss franc	Buy	J.P. Morgan	6/20/2016	9,825,000		10,169,508		10,263,016		93,508

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2016

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Appreciation
Swiss franc	Buy	Morgan Stanley	6/20/2016	7,700,000	$	7,833,263	$	8,043,280	$	210,017
Swiss franc	Buy	State Street Bank and Trust	6/20/2016	1,925,000		1,941,023		2,010,820		69,797
Australian dollar	Sell	J.P. Morgan	6/20/2016	19,270,000		15,010,625		14,623,007		387,618
Australian dollar	Sell	J.P. Morgan	6/20/2016	6,220,000		4,729,025		4,720,036		8,989
Australian dollar	Sell	Standard Chartered Bank	6/20/2016	8,110,000		6,194,815		6,154,260		40,555
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts									$	27,282,117

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	J.P. Morgan	6/20/2016	5,820,000	$	4,472,900	$	4,416,497	$	(56,403	)
Australian dollar	Buy	J.P. Morgan	6/20/2016	2,660,000		2,031,568		2,018,536		(13,032	)
British pound	Buy	Morgan Stanley	5/19/2016	1,810,000		2,648,887		2,644,782		(4,105	)
British pound	Buy	Standard Chartered Bank	5/19/2016	9,150,000		13,377,117		13,370,031		(7,086	)
Australian dollar	Sell	Bank of America	6/20/2016	4,885,000		3,615,814		3,706,974		(91,160	)
Australian dollar	Sell	J.P. Morgan	6/20/2016	6,300,000		4,484,714		4,780,744		(296,030	)
Australian dollar	Sell	J.P. Morgan	6/20/2016	11,050,000		7,860,038		8,385,274		(525,236	)
British pound	Sell	Barclays Bank plc	6/6/2016	33,200,000		47,778,784		48,513,863		(735,079	)
British pound	Sell	Morgan Stanley	5/19/2016	3,500,000		4,850,430		5,114,219		(263,789	)
British pound	Sell	Standard Chartered Bank	5/19/2016	10,750,000		15,368,587		15,707,959		(339,372	)
British pound	Sell	Standard Chartered Bank	6/6/2016	2,330,000		3,243,389		3,404,738		(161,349	)
British pound	Sell	State Street Bank and Trust	5/19/2016	137,044,000		197,228,928		200,249,451		(3,020,523	)
British pound	Sell	UBS AG	5/19/2016	3,560,000		5,073,089		5,201,892		(128,803	)
Canadian dollar	Sell	Citibank	6/20/2016	10,400,000		8,149,416		8,288,900		(139,484	)
Canadian dollar	Sell	J.P. Morgan	6/20/2016	6,750,000		5,195,093		5,379,815		(184,722	)
euro	Sell	J.P. Morgan	6/16/2016	56,000,000		61,426,960		64,207,453		(2,780,493	)
euro	Sell	Standard Chartered Bank	6/16/2016	7,290,000		8,266,899		8,358,435		(91,536	)
euro	Sell	Standard Chartered Bank	6/16/2016	5,200,000		5,676,712		5,962,121		(285,409	)
Israeli new shekel	Sell	Citibank	6/20/2016	29,885,000		7,671,798		8,005,076		(333,278	)
Japanese yen	Sell	Morgan Stanley	6/20/2016	541,500,000		4,765,812		5,095,470		(329,658	)
Japanese yen	Sell	Morgan Stanley	6/20/2016	8,770,000,000		77,485,819		82,524,974		(5,039,155	)
New Zealand dollar	Sell	Bank of America	7/29/2016	7,530,000		5,028,368		5,234,407		(206,039	)
New Zealand dollar	Sell	J.P. Morgan	7/29/2016	6,000,000		4,098,369		4,170,842		(72,473	)
South African rand	Sell	Deutsche Bank AG	7/25/2016	75,110,000		4,840,850		5,190,506		(349,656	)
South African rand	Sell	Deutsche Bank AG	7/25/2016	60,030,000		3,791,754		4,148,397		(356,643	)
South African rand	Sell	J.P. Morgan	7/25/2016	34,330,000		2,159,767		2,372,388		(212,621	)
South African rand	Sell	State Street Bank and Trust	7/25/2016	21,100,000		1,341,628		1,458,124		(116,496	)
Swiss franc	Sell	State Street Bank and Trust	6/20/2016	45,665,000		46,337,825		47,700,826		(1,363,001	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts									$	(17,502,631	)

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2016

The following is a summary of the inputs used as of April 30, 2016 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	$	—	$	122,648		$	—	$	122,648
Belgium		—		40,777			—		40,777
Brazil		14,216		—			—		14,216
Canada		176,795		—			—		176,795
China		—		37,995			—		37,995
France		24,456		97,761			—		122,217
Germany		6,523		48,611			—		55,134
Hong Kong		—		35,420			—		35,420
India		—		13,799			—		13,799
Indonesia		—		11,621			—		11,621
Israel		—		20,042			—		20,042
Italy		—		39,083			—		39,083
Japan		—		78,918			—		78,918
Macau		—		30,837			—		30,837
Netherlands		30,310		12,552			—		42,862
New Zealand		—		58,900			—		58,900
Russia		—		23,772			—		23,772
Singapore		—		36,564			—		36,564
South Africa		—		10,543			—		10,543
South Korea		—		11,379			—		11,379
Spain		—		55,174			—		55,174
Sweden		—		23,493			—		23,493
Switzerland		—		36,365			—		36,365
Taiwan		—		22,545			—		22,545
Turkey		—		12,570			—		12,570
United Kingdom		41,667		371,223			—		412,890
Corporate Bond		—		21,664			—		21,664
Repurchase Agreement		—		5,024			—		5,024
Total	$	293,967	$	1,279,280		$	—	$	1,573,247
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	—	$	27,282		$	—	$	27,282
Liabilities		—		(17,503	)		—		(17,503	)
Total	$	—	$	9,779		$	—	$	9,779

⁽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⁾	As of April 30, 2016, the Fund utilized adjusted valuations for the majority of foreign securities (as described in Note 2(a)), which resulted in Level 2 inputs. As of October 31 2015, the Fund utilized the last sale or official closing price on the exchange or system on which the foreign equity securities are principally traded, which resulted in Level 1 inputs for all foreign equity securities. For the period ended April 30, 2016, the total securities transferred from Level 1 to Level 2 amounted to $1,432,368,684.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
COMMON STOCKS 95.38%

Australia 5.12%

Beverages 0.73%
Treasury Wine Estates Ltd.		629,826	$	4,435

Commercial Services & Supplies 1.15%
Spotless Group Holdings Ltd.		7,178,541		7,036

Electric: Utilities 1.06%
AusNet Services		5,556,817		6,464

Hotels, Restaurants & Leisure 0.64%
Mantra Group Ltd.		1,408,756		3,943

Real Estate Investment Trusts 1.54%
Charter Hall Group		2,598,094		9,413
Total Australia				31,291

Austria 0.47%

Semiconductors & Semiconductor Equipment
ams AG		108,473		2,874

Canada 4.71%

Electric: Utilities 1.09%
Emera, Inc.		183,500		6,650

Metals & Mining 0.67%
HudBay Minerals, Inc.		819,966		4,091

Oil, Gas & Consumable Fuels 2.50%
Africa Oil Corp.*		1,053,384		1,837
Canacol Energy Ltd.*		974,600		3,130
Vermilion Energy, Inc.		140,100		4,818
Whitecap Resources, Inc.		734,300		5,507
				15,292

Paper & Forest Products 0.45%
Interfor Corp.*		316,109		2,749
Total Canada				28,782

			U.S. $
			Fair Value
Investments	Shares		(000)
Finland 2.66%

Leisure Product 1.54%
Amer Sports OYJ		317,417	$	9,397

Trading Companies & Distributors 1.12%
Cramo OYJ		342,279		6,859
Total Finland				16,256

France 4.27%

Commercial Services & Supplies 1.49%
Elior Group ^†		422,268		9,077

Information Technology Services 1.45%
Altran Technologies SA		595,394		8,837

Life Sciences Tools & Services 0.29%
Genfit*		51,980		1,772

Real Estate Management & Development 1.04%
Nexity SA		118,798		6,368
Total France				26,054

Germany 3.92%

Internet Software & Services 0.75%
XING AG		24,001		4,556

Life Sciences Tools & Services 1.48%
Gerresheimer AG		92,565		6,904
MorphoSys AG*		43,213		2,168
				9,072

Machinery 0.75%
Deutz AG		894,146		4,571

Real Estate Management & Development 0.94%
Patrizia Immobilien AG*		248,611		5,766
Total Germany				23,965

Hong Kong 2.86%

Communications Equipment 0.58%
VTech Holdings Ltd.		341,800		3,528

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
Hong Kong (continued)

Diversified Telecommunication Services 1.03%
HKBN Ltd.		5,127,206	$	6,305

Energy Equipment & Services 0.12%
Hilong Holding Ltd.		6,298,900		727

Household Durables 1.13%
Techtronic Industries Co., Ltd.		1,844,000		6,913
Total Hong Kong				17,473

India 1.32%

Information Technology Services 0.23%
Vakrangee Ltd.		466,840		1,390

Thrifts & Mortgage Finance 1.09%
Dewan Housing Finance Corp., Ltd.		2,230,984		6,647
Total India				8,037

Indonesia 1.26%

Banks 1.09%
Bank Tabungan Negara Persero Tbk PT		49,925,804		6,639

Consumer Finance 0.17%
PT Clipan Finance Indonesia Tbk*		52,233,850		1,034
Total Indonesia				7,673

Ireland 7.41%

Beverages 1.18%
C&C Group plc		1,587,147		7,178

Food Products 1.11%
Greencore Group plc		1,283,775		6,775

Health Care Providers & Services 1.66%
UDG Healthcare plc		1,131,190		10,131

Household Durables 1.39%
Cairn Homes plc*		6,629,700		8,502

			U.S. $
			Fair Value
Investments	Shares		(000)
Real Estate Investment Trusts 0.87%
Hibernia REIT plc		3,584,919	$	5,291

Trading Companies & Distributors 1.20%
Grafton Group plc Unit		727,873		7,360
Total Ireland				45,237

Israel 1.35%

Chemicals
Frutarom Industries Ltd.		159,037		8,270

Italy 5.44%

Banks 0.27%
Banca Popolare di Milano Scarl		2,200,433		1,675

Beverages 1.11%
Davide Campari-Milano SpA		700,792		6,779

Capital Markets 1.01%
Anima Holding SpA^†		868,671		6,169

Electrical Equipment 1.22%
Prysmian SpA		315,190		7,457

Textiles, Apparel & Luxury Goods 1.83%
Brunello Cucinelli SpA		364,239		7,153
Moncler SpA		247,441		4,022
				11,175
Total Italy				33,255

Japan 17.26%

Construction & Engineering 0.58%
SHO-BOND Holdings Co., Ltd.		81,200		3,513

Containers & Packaging 0.33%
Fuji Seal International, Inc.		60,100		2,044

Electronic Equipment, Instruments & Components 1.16%
Hitachi High-Technologies Corp.		262,300		7,097

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
Japan (continued)

Food & Staples Retailing 1.09%
Sundrug Co., Ltd.		93,900	$	6,672

Hotels, Restaurants & Leisure 2.36%
HIS Co., Ltd.		148,700		3,673
Resorttrust, Inc.		207,900		4,298
St. Marc Holdings Co., Ltd.		237,700		6,430
				14,401

Household Durables 0.31%
Iida Group Holdings Co., Ltd.		102,000		1,905

Information Technology Services 3.05%
NS Solutions Corp.		194,700		3,385
Obic Co., Ltd.		147,600		7,758
SCSK Corp.		205,700		7,461
				18,604

Machinery 1.64%
CKD Corp.		684,100		5,559
Nabtesco Corp.		197,200		4,449
				10,008

Pharmaceuticals 0.48%
Sawai Pharmaceutical Co., Ltd.		45,200		2,912

Professional Services 1.74%
en-japan, Inc.		231,800		3,716
Tanseisha Co., Ltd.		686,100		5,349
Temp Holdings Co., Ltd.		105,500		1,584
				10,649

Real Estate Management & Development 1.86%
Hulic Co., Ltd.		722,400		7,190
Takara Leben Co., Ltd.		659,300		4,194
				11,384

Semiconductors & Semiconductor Equipment 0.78%
Ulvac, Inc.		154,800		4,746

			U.S. $
			Fair Value
Investments	Shares		(000)
Software 1.36%
NSD Co., Ltd.		359,300	$	5,635
Trend Micro, Inc.		70,700		2,681
				8,316

Wireless Telecommunication Services 0.52%
Okinawa Cellular Telephone Co.		112,600		3,191
Total Japan				105,442

Luxembourg 2.34%

Machinery 1.25%
Stabilus SA*		152,661		7,631

Real Estate Management & Development 1.09%
Grand City Properties SA		300,879		6,657
Total Luxembourg				14,288

Netherlands 2.77%

Air Freight & Logistics 1.03%
PostNL NV*		1,435,283		6,283

Machinery 0.26%
Aalberts Industries NV		46,546		1,597

Professional Services 1.48%
Brunel International NV		207,910		4,686
USG People NV		218,422		4,360
				9,046
Total Netherlands				16,926

New Zealand 0.20%

Airlines
Air New Zealand Ltd.		719,636		1,235

Philippines 1.27%

Banks 0.20%
Rizal Commercial
Banking Corp.		1,874,480		1,238

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
Philippines (continued)

Real Estate Management & Development 1.07%
Filinvest Land, Inc.		166,708,000	$	6,503
Total Philippines				7,741

Portugal 1.33%

Multi-Utilities
REN—Redes Energeticas Nacionais SGPS SA		2,701,275		8,101

South Korea 0.99%

Electronic Equipment, Instruments & Components 0.45%
SFA Engineering Corp.		54,412		2,714

Semiconductors & Semiconductor Equipment 0.54%
Viatron Technologies, Inc.		132,040		3,314
Total South Korea				6,028

Spain 4.00%

Food Products 1.76%
Ebro Foods SA		474,345		10,763

Real Estate Investment Trusts 1.07%
Merlin Properties Socimi SA		560,506		6,524

Real Estate Management & Development 1.17%
Hispania Activos Inmobiliarios SA*		486,728		7,148
Total Spain				24,435

Sweden 3.91%

Auto Components 0.50%
Dometic Group AB*^†		463,939		3,093

Commercial Services & Supplies 1.40%
Loomis AB Class B		307,708		8,547

Consumer Finance 1.27%
Hoist Finance AB*^†		781,386		7,761

			U.S. $
			Fair Value
Investments	Shares		(000)
Food & Staples Retailing 0.74%
Axfood AB		243,421	$	4,513
Total Sweden				23,914

Switzerland 4.67%

Capital Markets 0.23%
EFG International AG*		220,892		1,379

Commercial Services & Supplies 1.46%
Gategroup Holding AG*		162,055		8,937

Consumer Finance 1.17%
Cembra Money Bank AG*		104,065		7,140

Electronic Equipment, Instruments & Components 0.43%
Sunny Optical Technology Group Co., Ltd.		861,000		2,656

Household Durables 1.38%
Forbo Holding AG Registered Shares*		6,903		8,411
Total Switzerland				28,523

Taiwan 0.69%

Technology Hardware, Storage & Peripherals
Adlink Technology, Inc.		2,058,836		4,239

United Kingdom 13.65%

Beverages 1.13%
Britvic plc		672,368		6,927

Capital Markets 0.25%
Jupiter Fund Management plc		248,768		1,533

Chemicals 1.34%
Essentra plc		685,371		8,151

Communications Equipment 0.46%
Telit Communications plc		975,205		2,804

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2016

			U.S. $
			Fair Value
Investments	Shares		(000)
United Kingdom (continued)

Consumer Finance 1.46%
Arrow Global Group plc		2,371,848	$	8,907

Household Durables 3.03%
Bellway plc		174,180		6,237
Countryside Properties plc*		1,676,574		5,696
DFS Furniture plc		1,494,262		6,600
				18,533

Machinery 0.69%
Bodycote plc		462,787		4,040
Concentric AB		15,252		173
				4,213

Multi-Line Retail 0.93%
B&M European Value Retail SA		750,243		3,045
Debenhams plc		2,305,953		2,648
				5,693

Oil, Gas & Consumable Fuels 0.48%
Tullow Oil plc*		707,578		2,907

Professional Services 2.48%
Exova Group plc		1,666,655		3,907
Hays plc		2,461,967		4,619
Michael Page International plc		1,108,788		6,600
				15,126

Trading Companies & Distributors 1.40%
Diploma plc		372,853		3,990
Howden Joinery Group plc		630,830		4,563
				8,553
Total United Kingdom				83,347

United States 1.51%

Exchange Traded Fund 1.03%
iShares MSCI EAFE Small-Cap		125,243		6,311

				U.S. $
			Fair Value
Investments	Shares			(000)
Semiconductors & Semiconductor Equipment 0.48%
CEVA, Inc.*		125,946		$	2,904
Total United States					9,215
Total Common Stocks (cost $546,873,284)					582,601

	Principal Amount (000)
SHORT-TERM INVESTMENT 4.34%

Repurchase Agreement
Repurchase Agreement dated 4/29/2016, 0.03% due 5/2/2016 with Fixed Income Clearing Corp. collateralized by $26,990,000 of U.S. Treasury Note at 0.50% due 11/30/2016; value: $27,023,738; proceeds: $26,489,568 (cost $26,489,502)		$26,490		26,490
Total Investments in Securities 99.72% (cost $573,362,786)				609,091
Foreign Cash and Other Assets in Excess of Liabilities^(a) 0.28%				1,726
Net Assets 100.00%			$	610,817

Unit		More than one class of securities traded together.
*		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:

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2016

Open Forward Foreign Currency Exchange Contracts at April 30, 2016:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Canadian dollar	Buy	Standard Chartered Bank	8/15/2016		27,150,000	$	21,063,199	$	21,638,616		$	575,417
Danish krone	Buy	State Street Bank and Trust	6/16/2016		8,070,000		1,180,953		1,243,227			62,274
Danish krone	Buy	State Street Bank and Trust	6/16/2016		122,900,000		18,597,683		18,933,412			335,729
euro	Buy	Citibank	6/16/2016		1,630,000		1,847,601		1,868,896			21,295
euro	Buy	J.P. Morgan	6/16/2016		1,600,000		1,744,951		1,834,499			89,548
euro	Buy	Morgan Stanley	6/16/2016		13,349,288		15,211,511		15,305,781			94,270
euro	Buy	State Street Bank and Trust	6/16/2016		3,440,000		3,757,529		3,944,172			186,643
euro	Buy	State Street Bank and Trust	6/16/2016		1,500,000		1,693,650		1,719,842			26,192
Indian rupee	Buy	Morgan Stanley	6/27/2016		490,000,000		7,210,972		7,306,072			95,100
Japanese yen	Buy	Bank of America	6/20/2016		640,000,000		5,739,694		6,022,347			282,653
Japanese yen	Buy	Morgan Stanley	6/20/2016		330,525,000		2,942,987		3,110,213			167,226
Japanese yen	Buy	Morgan Stanley	6/20/2016		285,150,000		2,566,377		2,683,238			116,861
Japanese yen	Buy	State Street Bank and Trust	6/20/2016		130,100,000		1,193,340		1,224,230			30,890
South Korean won	Buy	Barclays Bank plc	7/29/2016	16,710,000,000			14,282,662		14,554,525			271,863
South Korean won	Buy	Barclays Bank plc	8/26/2016		8,890,000,000		7,737,095		7,740,194			3,099
Swiss franc	Buy	Standard Chartered Bank	7/18/2016		14,840,000		15,127,032		15,521,395			394,363
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts											$	2,753,423

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
British pound	Sell	State Street Bank and Trust	6/6/2016		1,080,000	$	1,534,887	$	1,578,162		$	(43,275	)
British pound	Sell	State Street Bank and Trust	6/6/2016		1,730,000		2,504,614		2,527,981			(23,367	)
British pound	Sell	State Street Bank and Trust	6/6/2016		2,100,000		3,055,429		3,068,648			(13,219	)
Canadian dollar	Sell	State Street Bank and Trust	8/15/2016		3,070,000		2,446,469		2,446,797			(328	)
Danish krone	Sell	Morgan Stanley	6/16/2016		99,325,000		15,211,511		15,301,555			(90,044	)
euro	Sell	Citibank	6/16/2016		1,350,000		1,534,856		1,547,858			(13,002	)
euro	Sell	J.P. Morgan	6/16/2016		1,500,000		1,643,620		1,719,842			(76,222	)
euro	Sell	Morgan Stanley	6/16/2016		1,290,000		1,443,164		1,479,065			(35,901	)
euro	Sell	Morgan Stanley	6/16/2016		2,200,000		2,404,494		2,522,436			(117,942	)
euro	Sell	Morgan Stanley	6/16/2016		985,000		1,119,494		1,129,363			(9,869	)
euro	Sell	Morgan Stanley	6/16/2016		1,800,000		2,018,318		2,063,811			(45,493	)
euro	Sell	Morgan Stanley	6/16/2016		3,250,000		3,668,687		3,726,325			(57,638	)
euro	Sell	Morgan Stanley	6/16/2016		535,000		598,445		613,410			(14,965	)
euro	Sell	Morgan Stanley	6/16/2016		500,000		552,533		573,281			(20,748	)
euro	Sell	Morgan Stanley	6/16/2016		2,520,000		2,815,598		2,889,335			(73,737	)
euro	Sell	Morgan Stanley	6/16/2016		2,450,000		2,732,668		2,809,076			(76,408	)

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2016

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
euro	Sell	Morgan Stanley	6/16/2016		1,120,000	$	1,270,003	$	1,284,149		$	(14,146	)
euro	Sell	Morgan Stanley	6/16/2016		630,000		718,660		722,334			(3,674	)
euro	Sell	Morgan Stanley	6/16/2016		1,020,000		1,157,258		1,169,493			(12,235	)
euro	Sell	Morgan Stanley	6/16/2016		430,000		490,869		493,022			(2,153	)
euro	Sell	Standard Chartered Bank	6/16/2016		1,360,000		1,505,808		1,559,324			(53,516	)
euro	Sell	Standard Chartered Bank	6/16/2016		2,230,000		2,484,306		2,556,833			(72,527	)
euro	Sell	Standard Chartered Bank	6/16/2016		4,480,000		5,092,353		5,136,596			(44,243	)
euro	Sell	Standard Chartered Bank	6/16/2016		1,400,000		1,564,020		1,605,186			(41,166	)
euro	Sell	Standard Chartered Bank	6/16/2016		1,430,000		1,591,674		1,639,583			(47,909	)
euro	Sell	Standard Chartered Bank	6/16/2016		1,200,000		1,327,732		1,375,874			(48,142	)
euro	Sell	State Street Bank and Trust	6/16/2016		2,480,000		2,773,625		2,843,473			(69,848	)
euro	Sell	State Street Bank and Trust	6/16/2016		16,473,199		18,597,683		18,887,539			(289,856	)
euro	Sell	State Street Bank and Trust	6/16/2016		2,550,000		2,776,106		2,923,732			(147,626	)
Indian rupee	Sell	Barclays Bank plc	6/27/2016		490,000,000		6,992,109		7,306,072			(313,963	)
Swedish krona	Sell	State Street Bank and Trust	8/15/2016		24,420,000		3,034,601		3,052,477			(17,876	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts											$	(1,891,038	)

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2016

The following is a summary of the inputs used as of April 30, 2016 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	$	—	$	31,291		$	—	$	31,291
Austria		—		2,874			—		2,874
Canada		26,945		1,837			—		28,782
Finland		—		16,256			—		16,256
France		—		26,054			—		26,054
Germany		—		23,965			—		23,965
Hong Kong		—		17,473			—		17,473
India		1,390		6,647			—		8,037
Indonesia		1,034		6,639			—		7,673
Ireland		13,793		31,444			—		45,237
Israel		—		8,270			—		8,270
Italy		7,153		26,102			—		33,255
Japan		—		105,442			—		105,442
Luxembourg		—		14,288			—		14,288
Netherlands		—		16,926			—		16,926
New Zealand		—		1,235			—		1,235
Philippines		—		7,741			—		7,741
Portugal		—		8,101			—		8,101
South Korea		—		6,028			—		6,028
Spain		—		24,435			—		24,435
Sweden		—		23,914			—		23,914
Switzerland		1,379		27,144			—		28,523
Taiwan		—		4,239			—		4,239
United Kingdom		21,376		61,971			—		83,347
United States		9,215		—			—		9,215
Repurchase Agreement		—		26,490			—		26,490
Total	$	82,285	$	526,806		$	—	$	609,091
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	—	$	2,753		$	—	$	2,753
Liabilities		—		(1,891	)		—		(1,891	)
Total	$	—	$	862		$	—	$	862

⁽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⁾	As of April 30, 2016, the Fund utilized adjusted valuations for the majority of foreign securities (as described in Note 2(a)), which resulted in Level 2 inputs. As of October 31 2015, the Fund utilized the last sale or official closing price on the exchange or system on which the foreign equity securities are principally traded, which resulted in Level 1 inputs for all foreign equity securities. For the period ended April 30, 2016, the total securities transferred from Level 1 to Level 2 amounted to $481,086,086.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

VALUE OPPORTUNITIES FUND April 30, 2016

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 98.04%

Banks 5.45%
Bank of Hawaii Corp.		547,100	$	37,427
Citizens Financial Group, Inc.		1,476,383		33,735
First Republic Bank		293,010		20,605
Signature Bank*		133,811		18,443
Western Alliance Bancorp*		797,694		29,180
Total				139,390

Capital Markets 0.79%
Moelis & Co. Class A		716,300		20,135

Chemicals 0.91%
RPM International, Inc.		460,698		23,279

Commercial Services & Supplies 3.39%
Herman Miller, Inc.		1,097,397		33,109
KAR Auction Services, Inc.		1,066,980		40,118
Waste Connections, Inc.		200,800		13,510
Total				86,737

Communications Equipment 1.34%
ARRIS International plc*		1,501,650		34,193

Construction & Engineering 3.48%
AECOM*		1,859,090		60,402
Jacobs Engineering Group, Inc.*		641,962		28,619
Total				89,021

Containers & Packaging 3.77%
Berry Plastics Group, Inc.*		1,025,832		36,951
Sealed Air Corp.		665,100		31,499
WestRock Co.		670,500		28,060
Total				96,510

Diversified Telecommunication Services 1.64%
Zayo Group
Holdings, Inc.*		1,613,084		41,876

			Fair
			Value
Investments	Shares		(000)
Electric: Utilities 1.40%
ITC Holdings Corp.		813,078	$	35,832

Electrical Equipment 1.29%
Hubbell, Inc.		312,340		33,033

Electronic Equipment, Instruments & Components 1.09%
Amphenol Corp. Class A		500,200		27,926

Energy Equipment & Services 0.82%
Helmerich & Payne, Inc.		316,300		20,914

Food Products 2.38%
Flowers Foods, Inc.		711,140		13,625
Pinnacle Foods, Inc.		1,109,553		47,256
Total				60,881

Health Care Equipment & Supplies 4.00%
Alere, Inc.*		296,168		11,550
Cooper Cos., Inc. (The)		239,158		36,610
STERIS plc (United Kingdom)^(a)		765,071		54,068
Total				102,228

Health Care Providers & Services 3.79%
ExamWorks Group, Inc.*		1,223,862		44,120
HealthSouth Corp.		1,271,868		52,732
Total				96,852

Hotels, Restaurants & Leisure 3.38%
Aramark		969,643		32,493
Red Robin Gourmet Burgers, Inc.*		398,428		25,842
SeaWorld Entertainment, Inc.		1,409,827		28,098
Total				86,433

Household Durables 2.54%
Lennar Corp. Class A		668,650		30,297
Newell Brands, Inc.		761,225		34,666
Total				64,963

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2016

			Fair
			Value
Investments	Shares		(000)
Information Technology Services 9.85%
Acxiom Corp.*		1,685,636	$	37,033
Amdocs Ltd.		650,798		36,796
Booz Allen Hamilton Holding Corp.		1,766,340		48,698
Cardtronics, Inc.*		695,800		27,428
Fidelity National Information Services, Inc.		745,236		49,037
MAXIMUS, Inc.		465,484		24,624
Vantiv, Inc. Class A*		522,548		28,500
Total				252,116

Insurance 6.22%
Arch Capital Group Ltd.*		590,406		41,618
Hartford Financial Services Group, Inc. (The)		695,235		30,854
Markel Corp.*		40,613		36,516
RenaissanceRe Holdings Ltd.		453,126		50,256
Total				159,244

Internet Software & Services 1.16%
Akamai Technologies, Inc.*		581,196		29,635

Leisure Product 1.21%
Brunswick Corp.		642,300		30,850

Life Sciences Tools & Services 1.55%
PerkinElmer, Inc.		786,900		39,675

Media 2.32%
AMC Networks, Inc. Class A*		381,300		24,872
New York Times Co. (The) Class A		2,696,964		34,575
Total				59,447

Metals & Mining 2.25%
Reliance Steel & Aluminum Co.		777,100		57,482

Multi-Utilities 3.21%
Black Hills Corp.		457,220		27,703
CMS Energy Corp.		1,340,199		54,519
Total				82,222

			Fair
			Value
Investments	Shares		(000)
Oil, Gas & Consumable Fuels 5.21%
Carrizo Oil & Gas, Inc.*		1,012,400	$	35,809
Cimarex Energy Co.		305,056		33,214
EQT Corp.		479,898		33,641
Rice Energy, Inc.*		1,774,478		30,716
Total				133,380

Personal Products 0.62%
Coty, Inc. Class A		520,700		15,829

Pharmaceuticals 1.00%
Prestige Brands Holdings, Inc.*		452,031		25,666

Real Estate Investment Trusts 9.01%
Federal Realty Investment Trust		457,200		69,531
Highwoods Properties, Inc.		919,300		42,959
Physicians Realty Trust		2,346,644		42,545
Retail Opportunity Investments Corp.		1,942,501		38,209
UDR, Inc.		1,066,453		37,240
Total				230,484

Real Estate Management & Development 0.86%
Realogy Holdings Corp.*		618,826		22,117

Road & Rail 2.12%
Genesee & Wyoming, Inc. Class A*		414,700		27,001
Old Dominion Freight Line, Inc.*		414,000		27,345
Total				54,346

Semiconductors & Semiconductor Equipment 3.15%
Cypress Semiconductor Corp.		2,607,621		23,547
Lam Research Corp.		278,836		21,303
Synaptics, Inc.*		499,807		35,761
Total				80,611

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

VALUE OPPORTUNITIES FUND April 30, 2016

			Fair
			Value
Investments	Shares		(000)
Textiles, Apparel & Luxury Goods 1.72%
Steven Madden Ltd.*		1,259,902	$	44,109

Thrifts & Mortgage Finance 1.02%
Essent Group Ltd.*		1,280,505		26,148

Trading Companies & Distributors 2.28%
MSC Industrial Direct Co., Inc. Class A		438,359		33,973
Watsco, Inc.		181,500		24,406
Total				58,379

Water Utilities 1.82%
American Water Works Co., Inc.		641,171		46,652
Total Common Stocks (cost $2,070,065,649)				2,508,595

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 1.78%

Repurchase Agreement
Repurchase Agreement dated 4/29/2016, 0.03% due 5/2/2016 with Fixed Income Clearing Corp. collateralized by $46,465,000 of Federal Home Loan Bank at 0.50% due 9/28/2016; value: $46,465,000; proceeds: $45,553,850 (cost $45,553,736)	$	45,554	$	45,554
Total Investments in Securities 99.82% (cost $2,115,619,385)				2,554,149
Other Assets in Excess of Liabilities 0.18%				4,691
Net Assets 100.00%			$	2,558,840

*		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, 2016 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾⁽³⁾	(000)		(000)		(000)		(000)
Common Stocks	$	2,508,595	$	—	$	—	$	2,508,595
Repurchase Agreement		—		45,554		—		45,554
Total	$	2,508,595	$	45,554	$	—	$	2,554,149

⁽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 1/Level 2 transfers during the period ended April 30, 2016.

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)

April 30, 2016

	Alpha Strategy Fund				Fundamental Equity Fund				Growth Leaders Fund
ASSETS:
Investments in securities, at cost		$	1,182,262,915			$	2,641,096,429			$	2,177,434,740
Investments in securities, at fair value		$	1,158,938,293			$	3,045,890,744			$	2,278,729,779
Cash			42,072				—				—
Segregated cash held at custodian			—				—				—
Foreign cash, at value (cost $0, $0, $0, $0, $18,600,491, $4,605,422 and $0, respectively)			—				—				—
Receivables:
Interest and dividends			—				3,642,722				1,623,596
Capital shares sold			1,464,574				983,564				8,985,420
Investment securities sold			504,275				129,097,052				86,815,309
From affiliate (See Note 3)			335,976				—				—
From advisor (See Note 3)			—				—				221,074
Unrealized appreciation on forward foreign currency exchange contracts			—				—				—
Prepaid expenses and other assets			86,784				106,357				73,264
Total assets			1,161,371,974				3,179,720,439				2,376,448,442
LIABILITIES:
Payables:
Investment securities purchased			—				78,544,758				168,819,403
Capital shares reacquired			1,810,038				11,045,437				7,478,985
Management fee			—				1,345,183				999,908
12b-1 distribution plan			430,233				1,170,211				775,928
Trustees’ fees			135,032				754,161				85,559
Fund administration			—				101,385				73,435
To affiliates (See Note 3)			—				15,018				14,815
Unrealized depreciation on forward foreign currency exchange contracts			—				—				—
Foreign currency overdraft			—				—				—
Accrued expenses			363,985				1,249,246				195,573
Total liabilities			2,739,288				94,225,399				178,443,606
NET ASSETS		$	1,158,632,686			$	3,085,495,040			$	2,198,004,836
COMPOSITION OF NET ASSETS:
Paid-in capital		$	1,084,213,273			$	2,751,934,405			$	2,234,901,535
Undistributed (distributions in excess of) net investment income			(9,811,285	)			13,299,259				923,307
Accumulated net realized gain (loss) on investments and foreign currency related transactions			107,555,320				(84,532,939	)			(139,115,045	)
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities denominated in foreign currencies			(23,324,622	)			404,794,315				101,295,039
Net Assets		$	1,158,632,686			$	3,085,495,040			$	2,198,004,836


52	See Notes to Financial Statements.

International Core Equity Fund			International Dividend Income Fund			International Opportunities Fund			Value Opportunities Fund

$	507,350,068		$	1,661,842,062		$	573,362,786		$	2,115,619,385
$	509,065,366		$	1,573,246,629		$	609,090,602		$	2,554,149,241
	—			—			—			—
	100,000			2,630,000			—			—

	—			18,881,243			4,602,035			—

	3,463,930			8,874,346			2,401,904			472,506
	182,625			824,901			880,075			3,659,619
	7,399,091			29,095,523			56,701			30,320,486
	—			—			—			—
	86,771			167,605			—			—

	5,317,188			27,282,117			2,753,423			—
	67,590			66,176			79,697			160,981
	525,682,561			1,661,068,540			619,864,437			2,588,762,833

	9,281,201			13,383,256			5,546,901			22,659,493
	815,189			2,758,598			849,453			3,567,716
	292,003			914,997			374,113			1,488,350
	93,167			226,942			95,834			766,181
	135,140			190,349			67,338			364,456
	16,686			53,786			19,953			84,025
	17,706			196,437			74,831			78,735

	3,696,618			17,502,631			1,891,038			—
	4,589,599			—			—			—
	208,138			646,410			127,960			913,466
	19,145,447			35,873,406			9,047,421			29,922,422
$	506,537,114		$	1,625,195,134		$	610,817,016		$	2,558,840,411

$	735,737,413		$	2,070,874,602		$	601,286,554		$	2,022,804,285

	4,993,439			7,320,868			(1,307,421	)		(4,613,206	)

	(237,650,416	)		(374,555,415	)		(25,771,511	)		102,119,476

	3,456,678			(78,444,921	)		36,609,394			438,529,856
$	506,537,114		$	1,625,195,134		$	610,817,016		$	2,558,840,411


	See Notes to Financial Statements.	53

Statements of Assets and Liabilities (unaudited)(concluded)

April 30, 2016

	Alpha Strategy Fund			Fundamental Equity Fund			Growth Leaders Fund

Net assets by class:
Class A Shares		$	531,899,223		$	1,776,285,839		$	808,859,534
Class B Shares		$	6,580,978		$	21,703,061		$	2,879,981
Class C Shares		$	283,230,333		$	600,904,039		$	490,380,932
Class F Shares		$	234,180,868		$	320,407,173		$	781,372,079
Class I Shares		$	65,345,783		$	176,347,699		$	98,010,090
Class P Shares			—		$	12,219,208			—
Class R2 Shares		$	2,556,360		$	8,541,657		$	1,294,367
Class R3 Shares		$	34,724,844		$	168,952,865		$	13,433,130
Class R4 Shares		$	78,494		$	12,647		$	967,141
Class R5 Shares		$	12,981		$	9,910		$	340,147
Class R6 Shares		$	22,822		$	110,942		$	467,435
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares			21,484,192			147,251,476			37,827,328
Class B Shares			294,789			1,965,063			138,167
Class C Shares			12,872,817			54,912,847			23,775,998
Class F Shares			9,439,259			26,790,529			36,287,458
Class I Shares			2,601,938			14,542,431			4,533,323
Class P Shares			—			1,029,941			—
Class R2 Shares			105,522			722,244			60,607
Class R3 Shares			1,427,311			14,217,698			632,011
Class R4 Shares			3,174.53			1,050			45,222
Class R5 Shares			517			817			15,733
Class R6 Shares			909			9,138			21,607
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares–Net asset value		$	24.76		$	12.06		$	21.38
Class A Shares–Maximum offering price (Net asset value plus sales charge of 5.75%)		$	26.27		$	12.80		$	22.68
Class B Shares–Net asset value		$	22.32		$	11.04		$	20.84
Class C Shares–Net asset value		$	22.00		$	10.94		$	20.63
Class F Shares–Net asset value		$	24.81		$	11.96		$	21.53
Class I Shares–Net asset value		$	25.11		$	12.13		$	21.62
Class P Shares–Net asset value			—		$	11.86			—
Class R2 Shares–Net asset value		$	24.23		$	11.83		$	21.36
Class R3 Shares–Net asset value		$	24.33		$	11.88		$	21.25
Class R4 Shares–Net asset value		$	24.73		$	12.04		$	21.39
Class R5 Shares–Net asset value		$	25.11		$	12.13		$	21.62
Class R6 Shares–Net asset value		$	25.11		$	12.14		$	21.63


54	See Notes to Financial Statements.

International Core Equity Fund		International Dividend Income Fund		International Opportunities Fund		Value Opportunities Fund

$	307,245,972	$	489,619,030	$	170,447,348	$	999,779,531
$	4,222,762		—	$	1,848,276	$	8,972,453
$	36,250,107	$	108,174,951	$	32,307,666	$	331,437,481
$	57,066,534	$	131,490,085	$	108,165,100	$	531,548,282
$	86,202,839	$	882,865,911	$	278,717,254	$	488,536,470
$	107,898		—	$	367,991	$	37,847,338
$	571,706	$	847,002	$	1,797,730	$	6,241,154
$	14,841,709	$	12,171,127	$	16,846,090	$	101,869,077
$	9,178	$	8,995	$	250,705	$	737,411
$	9,198	$	9,014	$	43,662	$	9,728
$	9,211	$	9,019	$	25,194	$	51,861,486

	25,968,425		71,619,027		10,509,320		54,571,925
	358,775		—		120,219		534,215
	3,094,997		15,964,565		2,129,003		19,734,212
	4,857,236		19,193,561		6,728,381		28,545,806
	7,237,941		128,550,303		16,755,921		25,785,367
	9,111		—		22,283		2,091,771
	48,402		121,426		112,296		350,654
	1,272,736		1,763,807		1,055,878		5,681,761
	777		1,316.10		15,470		40,245
	773		1,313.44		2,475		513.35
	773		1,313		1,513		2,733,942

$	11.83	$	6.84	$	16.22	$	18.32

$	12.55	$	7.26	$	17.21	$	19.44
$	11.77		—	$	15.37	$	16.80
$	11.71	$	6.78	$	15.18	$	16.80
$	11.75	$	6.85	$	16.08	$	18.62
$	11.91	$	6.87	$	16.63	$	18.95
$	11.84		—	$	16.51	$	18.09
$	11.81	$	6.98	$	16.01	$	17.80
$	11.66	$	6.90	$	15.95	$	17.93
$	11.81	$	6.83	$	16.21	$	18.32
$	11.90	$	6.86	$	17.64	$	18.95
$	11.92	$	6.87	$	16.65	$	18.97


	See Notes to Financial Statements.	55

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2016

	Alpha Strategy Fund				Fundamental Equity Fund				Growth Leaders Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $0, $0, $880,195, $3,272,591, $571,786 and $0, respectively)		$	2,001,182			$	42,315,773			$	11,677,813
Interest and other			—				8,478				4,437
Total investment income			2,001,182				42,324,251				11,682,250
Expenses:
Management fee			575,042				8,434,927				5,841,712
12b-1 distribution plan-Class A			659,502				2,246,560				991,877
12b-1 distribution plan-Class B			40,345				122,731				16,435
12b-1 distribution plan-Class C			1,423,398				3,091,129				2,289,645
12b-1 distribution plan-Class F			120,315				173,308				385,193
12b-1 distribution plan-Class P			—				27,586				—
12b-1 distribution plan-Class R2			7,383				27,158				3,200
12b-1 distribution plan-Class R3			84,406				441,866				32,547
12b-1 distribution plan-Class R4			49				12				328
Shareholder servicing			899,275				2,374,647				1,024,680
Professional			18,750				33,623				25,728
Reports to shareholders			70,926				186,612				82,315
Fund administration			—				637,002				427,562
Custody			9,867				30,496				17,088
Trustees’ fees			13,083				37,283				21,579
Registration			80,065				76,208				113,136
Subsidy (See Note 3)			—				50,543				50,542
Other			39,418				123,471				50,238
Gross expenses			4,041,824				18,115,162				11,373,805
Expense reductions (See Note 9)			(1,416	)			(3,968	)			(2,779	)
Expenses assumed by Underlying Funds (See Note 3)			(1,130,056	)			—				—
Fees waived and expenses reimbursed (See Note 3)			(575,042	)			—				(1,238,546	)
Shareholder servicing reimbursed-Class F			—				—				—
Shareholder servicing reimbursed-Class I			—				—				—
Net expenses			2,335,310				18,111,194				10,132,480
Net investment income (loss)			(334,128	)			24,213,057				1,549,770
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds			112,214,138				—				—
Net realized gain (loss) on investments (net of foreign capital gains tax of $0, $0, $0, $24,632, $0, $0 and $0, respectively)			4,833,781				(2,068,278	)			(105,169,336	)
Net realized gain (loss) on foreign currency related transactions			—				—				—
Net change in unrealized appreciation/depreciation on investments			(161,717,614	)			(30,552,596	)			(26,503,278	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies			—				—				—
Net realized and unrealized gain (loss)			(44,669,695	)			(32,620,874	)			(131,672,614	)
Net Increase (Decrease) in Net Assets Resulting From Operations		$	(45,003,823	)		$	(8,407,817	)		$	(130,122,844	)


56	See Notes to Financial Statements.

International Core Equity Fund			International Dividend Income Fund			International Opportunities Fund			Value Opportunities Fund

$	8,855,807		$	41,112,659		$	6,162,678		$	17,509,555
	—			931,911			1,352			4,872
	8,855,807			42,044,570			6,164,030			17,514,427

	1,755,080			6,016,491			2,231,877			8,882,292
	391,192			672,075			203,040			1,199,311
	25,535			—			10,605			48,374
	185,085			583,516			153,569			1,623,739
	28,847			76,712			56,979			258,184
	233			—			1,016			85,154
	1,733			2,715			3,766			19,413
	38,035			29,609			24,029			254,015
	11			11			63			169
	486,421			851,438			290,952			1,788,114
	33,825			33,109			33,847			30,201
	43,161			84,963			21,073			129,885
	100,291			355,234			119,034			500,701
	81,938			312,805			118,651			22,800
	5,559			21,923			6,494			28,123
	69,905			79,636			76,986			86,015
	49,990			709,641			256,433			262,647
	33,619			78,329			29,941			87,509
	3,330,460			9,908,207			3,638,355			15,306,646
	(540	)		(1,057	)		(433	)		(2,858	)

	—			—			—			—
	(477,262	)		(805,401	)		—			—
	(28,779	)		(45,276	)		—			—
	(36,421	)		(298,181	)		—			—
	2,787,458			8,758,292			3,637,922			15,303,788
	6,068,349			33,286,278			2,526,108			2,210,639

	—			—			—			—

	(29,817,645	)		(176,739,018	)		(21,594,106	)		102,414,808

	993,215			(8,093,177	)		131,397			—

	(6,854,305	)		75,955,023			14,605,004			(88,342,878	)

	3,381,124			24,844,708			258,144			—
	(32,297,611	)		(84,032,464	)		(6,599,561	)		14,071,930

$	(26,229,262	)	$	(50,746,186	)	$	(4,073,453	)	$	16,282,569


	See Notes to Financial Statements.	57

Statements of Changes in Net Assets

	Alpha Strategy Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2016 (unaudited)				For the Year Ended October 31, 2015
Operations:
Net investment income (loss)		$	(334,128	)		$	(1,090,786	)
Capital gain distributions received from Underlying Funds			112,214,138				162,371,628
Net realized gain (loss) on investments			4,833,781				17,427,574
Net change in unrealized appreciation/depreciation on investments			(161,717,614	)			(148,529,041	)
Net increase (decrease) in net assets resulting from operations			(45,003,823	)			30,179,375
Distributions to shareholders from:
Net investment income
Class A			(3,540,518	)			(8,735,703	)
Class B			—				(110,177	)
Class C			—				(2,903,994	)
Class F			(2,025,531	)			(4,375,758	)
Class I			(368,660	)			(876,848	)
Class P			—				—
Class R2			(6,227	)			(45,570	)
Class R3			(146,537	)			(463,657	)
Class R4			(71	)			—
Class R5			(81	)			—
Class R6			(83	)			—
Net realized gain
Class A			(72,940,775	)			(53,231,567	)
Class B			(1,311,490	)			(1,575,772	)
Class C			(44,116,897	)			(31,532,792	)
Class F			(33,387,144	)			(23,981,277	)
Class I			(5,349,136	)			(4,551,420	)
Class P			—				—
Class R2			(357,484	)			(337,467	)
Class R3			(4,805,884	)			(3,355,770	)
Class R4			(1,198	)			—
Class R5			(1,183	)			—
Class R6			(1,183	)			—
Total distributions to shareholders			(168,360,082	)			(136,077,772	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares			145,658,742				267,736,331
Reinvestment of distributions			142,586,199				113,655,114
Cost of shares reacquired			(176,433,987	)			(297,467,265	)
Net increase (decrease) in net assets resulting from capital share transactions			111,810,954				83,924,180
Net increase (decrease) in net assets			(101,552,951	)			(21,974,217	)
NET ASSETS:
Beginning of period		$	1,260,185,637			$	1,282,159,854
End of period		$	1,158,632,686			$	1,260,185,637
Undistributed (distributions in excess of) net investment income		$	(9,811,285	)		$	(3,389,449	)


58	See Notes to Financial Statements.

Fundamental Equity Fund						Growth Leaders Fund
For the Six Months Ended April 30, 2016 (unaudited)			For the Year Ended October 31, 2015			For the Six Months Ended April 30, 2016 (unaudited)			For the Year Ended October 31, 2015

$	24,213,057		$	42,329,990		$	1,549,770		$	(2,875,937	)
	—			—			—			—
	(2,068,278	)		305,298,883			(105,169,336	)		86,104,090

	(30,552,596	)		(283,605,428	)		(26,503,278	)		46,305,726
	(8,407,817	)		64,023,445			(130,122,844	)		129,533,879

	(25,637,542	)		(16,981,478	)		—			—
	(140,661	)		—			—			—
	(4,078,407	)		(273,945	)		—			—
	(5,816,644	)		(6,894,688	)		—			—
	(3,639,747	)		(4,367,437	)		—			—
	(147,160	)		(105,867	)		—			—
	(93,933	)		(34,584	)		—			—
	(2,043,594	)		(1,383,142	)		—			—
	(142	)		—			—			—
	(153	)		—			—			—
	(154	)		—			—			—

	(169,563,148	)		(456,064,578	)		(35,621,327	)		(28,085,049	)
	(2,635,890	)		(8,388,211	)		(178,478	)		(357,210	)
	(65,139,786	)		(180,777,593	)		(20,530,447	)		(13,786,944	)
	(34,565,047	)		(131,065,272	)		(34,683,777	)		(27,241,459	)
	(19,814,462	)		(74,720,912	)		(4,426,828	)		(3,976,895	)
	(1,186,895	)		(3,676,969	)		—			—
	(917,197	)		(2,913,506	)		(42,130	)		(24,630	)
	(17,448,912	)		(50,977,599	)		(630,934	)		(573,767	)
	(840	)		—			(470	)		—
	(835	)		—			(466	)		—
	(835	)		—			(11,055	)		—
	(352,871,984	)		(938,625,781	)		(96,125,912	)		(74,045,954	)

	119,468,578			398,373,326			768,317,379			1,029,331,348
	322,226,849			843,553,618			82,564,375			63,024,578
	(669,254,021	)		(1,997,183,983	)		(431,446,214	)		(463,316,036	)

	(227,558,594	)		(755,257,039	)		419,435,540			629,039,890
	(588,838,395	)		(1,629,859,375	)		193,186,784			684,527,815

$	3,674,333,435		$	5,304,192,810		$	2,004,818,052		$	1,320,290,237
$	3,085,495,040		$	3,674,333,435		$	2,198,004,836		$	2,004,818,052

$	13,299,259		$	30,684,339		$	923,307		$	(626,463	)


	See Notes to Financial Statements.	59

Statements of Changes in Net Assets (continued)

	International Core Equity Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2016 (unaudited)				For the Year Ended October 31, 2015
Operations:
Net investment income		$	6,068,349			$	8,931,028
Net realized gain (loss) on investments and foreign currency related transactions			(28,824,430	)			(10,282,061	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(3,473,181	)			(22,514,803	)
Net increase (decrease) in net assets resulting from operations			(26,229,262	)			(23,865,836	)
Distributions to shareholders from:
Net investment income
Class A			(4,327,062	)			(4,064,820	)
Class B			(14,972	)			(24,995	)
Class C			(216,668	)			(194,225	)
Class F			(901,673	)			(1,155,547	)
Class I			(952,923	)			(882,163	)
Class P			(1,208	)			(1,034	)
Class R2			(5,473	)			(8,563	)
Class R3			(175,489	)			(196,637	)
Class R4			(138	)			—
Class R5			(149	)			—
Class R6			(151	)			—
Net realized gain
Class A			—				—
Class B			—				—
Class C			—				—
Class F			—				—
Class I			—				—
Class P			—				—
Class R2			—				—
Class R3			—				—
Class R4			—				—
Class R5			—				—
Class R6			—				—
Total distributions to shareholders			(6,595,906	)			(6,527,984	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares			58,026,191				93,773,921
Reinvestment of distributions			6,188,030				6,119,891
Cost of shares reacquired			(58,723,216	)			(159,972,056	)
Net increase (decrease) in net assets resulting from capital share transactions			5,491,005				(60,078,244	)
Net increase (decrease) in net assets			(27,334,163	)			(90,472,064	)
NET ASSETS:
Beginning of period		$	533,871,277			$	624,343,341
End of period		$	506,537,114			$	533,871,277
Undistributed (distributions in excess of) net investment income		$	4,993,439			$	5,520,996


60	See Notes to Financial Statements.

International Dividend Income Fund						International Opportunities Fund
For the Six Months Ended April 30, 2016 (unaudited)			For the Year Ended October 31, 2015			For the Six Months Ended April 30, 2016 (unaudited)			For the Year Ended October 31, 2015

$	33,286,278		$	82,000,547		$	2,526,108		$	3,328,296

	(184,832,195	)		(152,130,764	)		(21,462,709	)		16,800,972

	100,799,731			(245,799,213	)		14,863,148			19,211,279
	(50,746,186	)		(315,929,430	)		(4,073,453	)		39,340,547

	(7,353,958	)		(28,874,101	)		(1,050,238	)		(1,283,985	)
	—			—			—			(10,356	)
	(1,200,301	)		(4,202,046	)		(18,260	)		(105,237	)
	(2,180,436	)		(9,566,742	)		(938,607	)		(479,849	)
	(14,857,535	)		(38,558,387	)		(2,334,522	)		(4,017,988	)
	—			—			(1,465	)		(8,332	)
	(11,483	)		(33,325	)		(5,781	)		(1,661	)
	(158,432	)		(368,955	)		(41,103	)		(57,901	)
	(128	)		(45	)		(68	)		—
	(139	)		(51	)		(78	)		—
	(139	)		(51	)		(118	)		—

	—			(55,166,901	)		(6,077,165	)		(3,368,956	)
	—			—			(92,297	)		(120,077	)
	—			(10,838,979	)		(1,231,535	)		(665,488	)
	—			(17,750,095	)		(4,392,710	)		(1,070,981	)
	—			(56,954,417	)		(10,107,379	)		(8,248,533	)
	—			—			(17,397	)		(25,750	)
	—			(70,138	)		(38,773	)		(5,933	)
	—			(656,902	)		(337,158	)		(181,392	)
	—			—			(347	)		—
	—			—			(338	)		—
	—			—			(502	)		—
	(25,762,551	)		(223,041,135	)		(26,685,841	)		(19,652,419	)

	67,633,885			958,048,879			110,277,580			250,489,054
	24,777,297			212,938,615			24,801,652			18,576,765
	(549,311,098	)		(963,715,817	)		(114,755,852	)		(136,665,269	)

	(456,899,916	)		207,271,677			20,323,380			132,400,550
	(533,408,653	)		(331,698,888	)		(10,435,914	)		152,088,678

$	2,158,603,787		$	2,490,302,675		$	621,252,930		$	469,164,252
$	1,625,195,134		$	2,158,603,787		$	610,817,016		$	621,252,930

$	7,320,868		$	(202,859	)	$	(1,307,421	)	$	556,711


	See Notes to Financial Statements.	61

Statements of Changes in Net Assets (concluded)

	Value Opportunities Fund
DECREASE IN NET ASSETS	For the Six Months Ended April 30, 2016 (unaudited)				For the Year Ended October 31, 2015
Operations:
Net investment income (loss)		$	2,210,639			$	(2,624,756	)
Net realized gain on investments			102,414,808				191,750,643
Net change in unrealized appreciation/depreciation on investments			(88,342,878	)			(72,964,023	)
Net increase in net assets resulting from operations			16,282,569				116,161,864
Distributions to shareholders from:
Net realized gain
Class A			(72,951,605	)			(171,704,074	)
Class B			(870,863	)			(2,623,841	)
Class C			(27,261,109	)			(56,594,543	)
Class F			(38,590,474	)			(71,282,706	)
Class I			(38,495,440	)			(81,746,674	)
Class P			(3,022,260	)			(6,509,608	)
Class R2			(516,346	)			(1,387,879	)
Class R3			(8,254,498	)			(17,717,532	)
Class R4			(689	)			—
Class R5			(669	)			—
Class R6			(2,015,955	)			—
Total distributions to shareholders			(191,979,908	)			(409,566,857	)
Capital share transactions (Net of share conversions) (See Note 14):
Net proceeds from sales of shares			250,952,759				495,803,327
Reinvestment of distributions			179,896,295				382,316,773
Cost of shares reacquired			(399,141,890	)			(1,013,074,895	)
Net increase (decrease) in net assets resulting from capital share transactions			31,707,164				(134,954,795	)
Net decrease in net assets			(143,990,175	)			(428,359,788	)
NET ASSETS:
Beginning of period		$	2,702,830,586			$	3,131,190,374
End of period		$	2,558,840,411			$	2,702,830,586
Distributions in excess of net investment income		$	(4,613,206	)		$	(6,823,845	)


62	See Notes to Financial Statements.

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Financial Highlights

ALPHA STRATEGY FUND

			Per Share Operating Performance:
												Distributions to
			Investment operations:									shareholders from:
									Total
			Net			Net			from
	Net asset		invest-			realized			invest-
	value,		ment			and			ment			Net			Net			Total
	beginning		income			unrealized			opera-			investment			realized			distri-
	of period		(loss)^(a)			gain (loss)			tions			income			gain			butions
Class A
4/30/2016^(c)	$	29.79	$	0.01		$	(1.03	)	$	(1.02	)	$	(0.19	)	$	(3.82	)	$	(4.01	)
10/31/2015		32.40		0.02			0.78			0.80			(0.48	)		(2.93	)		(3.41	)
10/31/2014		32.63		0.02			2.16			2.18			(1.29	)		(1.12	)		(2.41	)
10/31/2013		24.71		0.09			8.92			9.01			(0.04	)		(1.05	)		(1.09	)
10/31/2012		22.72		(0.01	)		2.07			2.06			—			(0.07	)		(0.07	)
10/31/2011		21.93		(0.02	)		0.81			0.79			—			—			—
Class B
4/30/2016^(c)		27.16		(0.07	)		(0.95	)		(1.02	)		—			(3.82	)		(3.82	)
10/31/2015		29.77		(0.17	)		0.70			0.53			(0.21	)		(2.93	)		(3.14	)
10/31/2014		30.16		(0.19	)		1.98			1.79			(1.06	)		(1.12	)		(2.18	)
10/31/2013		23.05		(0.09	)		8.25			8.16			—			(1.05	)		(1.05	)
10/31/2012		21.36		(0.17	)		1.93			1.76			—			(0.07	)		(0.07	)
10/31/2011		20.76		(0.18	)		0.78			0.60			—			—			—
Class C
4/30/2016^(c)		26.83		(0.07	)		(0.94	)		(1.01	)		—			(3.82	)		(3.82	)
10/31/2015		29.51		(0.19	)		0.71			0.52			(0.27	)		(2.93	)		(3.20	)
10/31/2014		29.95		(0.20	)		1.98			1.78			(1.10	)		(1.12	)		(2.22	)
10/31/2013		22.89		(0.10	)		8.21			8.11			—			(1.05	)		(1.05	)
10/31/2012		21.21		(0.18	)		1.93			1.75			—			(0.07	)		(0.07	)
10/31/2011		20.61		(0.18	)		0.78			0.60			—			—			—
Class F
4/30/2016^(c)		29.87		0.03			(1.04	)		(1.01	)		(0.23	)		(3.82	)		(4.05	)
10/31/2015		32.49		0.07			0.78			0.85			(0.54	)		(2.93	)		(3.47	)
10/31/2014		32.71		0.06			2.17			2.23			(1.33	)		(1.12	)		(2.45	)
10/31/2013		24.77		0.14			8.93			9.07			(0.08	)		(1.05	)		(1.13	)
10/31/2012		22.74		0.03			2.07			2.10			—			(0.07	)		(0.07	)
10/31/2011		21.91		0.02			0.81			0.83			—			—			—
Class I
4/30/2016^(c)		30.20		0.03			(1.04	)		(1.01	)		(0.26	)		(3.82	)		(4.08	)
10/31/2015		32.81		0.11			0.78			0.89			(0.57	)		(2.93	)		(3.50	)
10/31/2014		33.01		0.10			2.18			2.28			(1.36	)		(1.12	)		(2.48	)
10/31/2013		27.99		0.17			9.01			9.18			(0.11	)		(1.05	)		(1.16	)
10/31/2012		22.92		0.06			2.08			2.14			—			(0.07	)		(0.07	)
10/31/2011		22.06		0.05			0.81			0.86			—			—			—

See Notes to Financial Statements.

					Ratios to Average Net Assets:*									Supplemental Data:
					Total
					expenses
					after						Net
Net					waivers						invest-			Net
asset					and/or						ment			assets,		Portfolio
value,		Total			reimburse-			Total			income			end of		turnover
end of		return^(b)			ments			expenses			(loss)			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	24.76		(3.68	)^(d)		0.12	^(d)		0.27	^(d)		0.05	^(d)	$	531,899		7.62	^(d)
	29.79		2.54			0.25			0.53			0.08			580,945		8.24
	32.40		6.89			0.25			0.53			0.07			586,429		5.42
	32.63		37.98			0.25			0.54			0.33			567,124		8.12
	24.71		9.12			0.25			0.57			(0.05	)		421,927		3.84
	22.72		3.60			0.28			0.60			(0.10	)		432,698		6.78

	22.32		(4.05	)^(d)		0.50	^(d)		0.65	^(d)		(0.31	)^(d)		6,581		7.62	^(d)
	27.16		1.76			1.00			1.28			(0.61	)		9,907		8.24
	29.77		6.09			1.00			1.28			(0.65	)		16,870		5.42
	30.16		36.93			1.00			1.29			(0.36	)		22,883		8.12
	23.05		8.29			1.00			1.32			(0.78	)		21,776		3.84
	21.36		2.89			1.00			1.32			(0.79	)		26,877		6.78

	22.00		(4.07	)^(d)		0.50	^(d)		0.64	^(d)		(0.32	)^(d)		283,230		7.62	^(d)
	26.83		1.76			1.00			1.28			(0.67	)		314,946		8.24
	29.51		6.09			1.00			1.27			(0.68	)		318,668		5.42
	29.95		36.97			0.99			1.28			(0.40	)		294,780		8.12
	22.89		8.30			0.99			1.31			(0.79	)		223,165		3.84
	21.21		2.91			0.99			1.31			(0.80	)		223,295		6.78

	24.81		(3.62	)^(d)		0.05	^(d)		0.20	^(d)		0.13	^(d)		234,181		7.62	^(d)
	29.87		2.68			0.10			0.38			0.23			271,865		8.24
	32.49		7.05			0.10			0.38			0.20			267,679		5.42
	32.71		38.19			0.10			0.39			0.49			197,939		8.12
	24.77		9.28			0.10			0.42			0.12			140,860		3.84
	22.74		3.79			0.10			0.42			0.08			142,150		6.78

	25.11		(3.57	)^(d)		0.00	^(d)		0.15	^(d)		0.14	^(d)		65,346		7.62	^(d)
	30.20		2.78			0.00			0.28			0.36			43,135		8.24
	32.81		7.14			0.00			0.28			0.31			52,339		5.42
	33.01		38.32			0.00			0.29			0.60			44,998		8.12
	24.99		9.39			0.00			0.32			0.24			18,677		3.84
	22.92		3.90			0.00			0.32			0.20			26,906		6.78

See Notes to Financial Statements.

Financial Highlights (concluded)

ALPHA STRATEGY FUND

			Per Share Operating Performance:
												Distributions to
			Investment operations:									shareholders from:
									Total
			Net			Net			from
	Net asset		invest-			realized			invest-
	value,		ment			and			ment			Net			Net			Total
	beginning		income			unrealized			opera-			investment			realized			distri-
	of period		(loss)^(a)			gain (loss)			tions			income			gain			butions
Class R2
4/30/2016^(c)	$	29.16	$	(0.03	)	$	(1.01	)	$	(1.04	)	$	(0.07	)	$	(3.82	)	$	(3.89	)
10/31/2015		31.81		(0.07	)		0.75			0.68			(0.40	)		(2.93	)		(3.33	)
10/31/2014		32.07		(0.09	)		2.13			2.04			(1.18	)		(1.12	)		(2.30	)
10/31/2013		24.35		0.04			8.73			8.77			—			(1.05	)		(1.05	)
10/31/2012		22.47		(0.09	)		2.04			1.95			—			(0.07	)		(0.07	)
10/31/2011		21.76		(0.09	)		0.80			0.71			—			—			—
Class R3
4/30/2016^(c)		29.30		(0.02	)		(1.01	)		(1.03	)		(0.12	)		(3.82	)		(3.94	)
10/31/2015		31.93		(0.05	)		0.76			0.71			(0.41	)		(2.93	)		(3.34	)
10/31/2014		32.18		(0.05	)		2.13			2.08			(1.21	)		(1.12	)		(2.33	)
10/31/2013		24.41		0.04			8.78			8.82			—			(1.05	)		(1.05	)
10/31/2012		22.50		(0.07	)		2.05			1.98			—			(0.07	)		(0.07	)
10/31/2011		21.76		(0.07	)		0.81			0.74			—			—			—
Class R4
4/30/2016^(c)		29.79		(0.02	)		(0.99	)		(1.01	)		(0.23	)		(3.82	)		(4.05	)
6/30/2015 to 10/31/2015^(e)		31.87		(0.03	)		(2.05	)^(f)		(2.08	)		—			—			—
Class R5
4/30/2016^(c)		30.20		0.05			(1.06	)		(1.01	)		(0.26	)		(3.82	)		(4.08	)
6/30/2015 to 10/31/2015^(e)		32.28		—			(2.08	)^(f)		(2.08	)		—			—			—
Class R6
4/30/2016^(c)		30.20		0.03			(1.03	)		(1.00	)		(0.27	)		(3.82	)		(4.09	)
6/30/2015 to 10/31/2015^(e)		32.28		—	^(g)		(2.08	)^(f)		(2.08	)		—			—			—

*		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 for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)		Unaudited.
^(d)		Not annualized.
^(e)		Commenced on June 30, 2015.
^(f)		The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
^(g)		Amount less than $0.01.
^(h)		Annualized.

See Notes to Financial Statements.

					Ratios to Average Net Assets:*									Supplemental Data:
					Total
					expenses
					after						Net
Net					waivers						invest-			Net
asset					and/or						ment			assets,		Portfolio
value,		Total			reimburse-			Total			income			end of		turnover
end of		return^(b)			ments			expenses			(loss)			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	24.23		(3.84	)^(d)		0.30	^(d)		0.45	^(d)		(0.12	)^(d)	$	2,556		7.62	^(d)
	29.16		2.16			0.60			0.88			(0.22	)		2,704		8.24
	31.81		6.55			0.60			0.88			(0.30	)		3,479		5.42
	32.07		37.49			0.60			0.89			0.14			2,738		8.12
	24.35		8.73			0.60			0.92			(0.39	)		2,982		3.84
	22.47		3.26			0.60			0.92			(0.39	)		3,373		6.78

	24.33		(3.79	)^(d)		0.25	^(d)		0.39	^(d)		(0.07	)^(d)		34,725		7.62	^(d)
	29.30		2.28			0.50			0.78			(0.17	)		36,656		8.24
	31.93		6.62			0.50			0.78			(0.15	)		36,695		5.42
	32.18		37.60			0.50			0.79			0.13			34,574		8.12
	24.41		8.85			0.50			0.82			(0.30	)		29,663		3.84
	22.50		3.40			0.50			0.82			(0.31	)		26,924		6.78

	24.73		(3.65	)^(d)		0.12	^(d)		0.27	^(d)		(0.08	)^(d)		78		7.62	^(d)
	29.79		(6.53	)^(d)		0.25	^(h)		0.53	^(h)		(0.25	)^(h)		9		8.24

	25.11		(3.57	)^(d)		(0.02	)^(d)		0.12	^(d)		0.19	^(d)		13		7.62	^(d)
	30.20		(6.44	)^(d)		0.00	^(h)		0.28	^(h)		0.00	^(h)		9		8.24

	25.11		(3.55	)^(d)		(0.01	)^(d)		0.07	^(d)		0.13	^(d)		23		7.62	^(d)
	30.20		(6.44	)^(d)		0.00	^(h)		0.12	^(h)		0.03	^(h)		9		8.24

See Notes to Financial Statements.

Highlights

FUNDAMENTAL EQUITY FUND

			Per Share Operating Performance:
											Distributions to
			Investment operations:								shareholders from:
									Total
			Net			Net			from
	Net asset		invest-			realized			invest-
	value,		ment			and			ment		Net			Net			Total
	beginning		income			unrealized			opera-		investment			realized			distri-
	of period		(loss)^(a)			gain (loss)			tions		income			gain			butions
Class A
4/30/2016^(c)	$	13.32	$	0.10		$	(0.05	)	$	0.05	$	(0.17	)	$	(1.14	)	$	(1.31	)
10/31/2015		16.00		0.15			0.04			0.19		(0.10	)		(2.77	)		(2.87	)
10/31/2014		16.83		0.07			1.67			1.74		(0.04	)		(2.53	)		(2.57	)
10/31/2013		13.08		0.07			3.92			3.99		(0.09	)		(0.15	)		(0.24	)
10/31/2012		12.51		0.09			0.77			0.86		(0.02	)		(0.27	)		(0.29	)
10/31/2011		11.89		0.02			0.64			0.66		(0.04	)		—			(0.04	)
Class B
4/30/2016^(c)		12.24		0.05			(0.05	)		—		(0.06	)		(1.14	)		(1.20	)
10/31/2015		14.92		0.04			0.05			0.09		—			(2.77	)		(2.77	)
10/31/2014		15.91		(0.03	)		1.57			1.54		—			(2.53	)		(2.53	)
10/31/2013		12.36		(0.02	)		3.72			3.70		—	^(e)		(0.15	)		(0.15	)
10/31/2012		11.89		0.01			0.73			0.74		—			(0.27	)		(0.27	)
10/31/2011		11.35		(0.06	)		0.60			0.54		—			—			—
Class C
4/30/2016^(c)		12.14		0.05			(0.04	)		0.01		(0.07	)		(1.14	)		(1.21	)
10/31/2015		14.83		0.04			0.04			0.08		—	^(e)		(2.77	)		(2.77	)
10/31/2014		15.83		(0.03	)		1.56			1.53		—			(2.53	)		(2.53	)
10/31/2013		12.31		(0.02	)		3.70			3.68		(0.01	)		(0.15	)		(0.16	)
10/31/2012		11.85		—	^(e)		0.73			0.73		—			(0.27	)		(0.27	)
10/31/2011		11.30		(0.06	)		0.61			0.55		—			—			—
Class F
4/30/2016^(c)		13.23		0.11			(0.05	)		0.06		(0.19	)		(1.14	)		(1.33	)
10/31/2015		15.93		0.17			0.05			0.22		(0.15	)		(2.77	)		(2.92	)
10/31/2014		16.77		0.10			1.67			1.77		(0.08	)		(2.53	)		(2.61	)
10/31/2013		13.03		0.11			3.90			4.01		(0.12	)		(0.15	)		(0.27	)
10/31/2012		12.47		0.12			0.76			0.88		(0.05	)		(0.27	)		(0.32	)
10/31/2011		11.86		0.05			0.63			0.68		(0.07	)		—			(0.07	)
Class I
4/30/2016^(c)		13.40		0.11			(0.03	)		0.08		(0.21	)		(1.14	)		(1.35	)
10/31/2015		16.11		0.18			0.04			0.22		(0.16	)		(2.77	)		(2.93	)
10/31/2014		16.93		0.12			1.69			1.81		(0.10	)		(2.53	)		(2.63	)
10/31/2013		13.15		0.13			3.94			4.07		(0.14	)		(0.15	)		(0.29	)
10/31/2012		12.59		0.13			0.76			0.89		(0.06	)		(0.27	)		(0.33	)
10/31/2011		11.96		0.07			0.64			0.71		(0.08	)		—			(0.08	)

See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

								Net
Net								invest-			Net
asset								ment			assets,		Portfolio
value,		Total			Total			income			end of		turnover
end of		return^(b)			expenses			(loss)			period		rate
period		(%)			(%)			(%)			(000)		(%)

$	12.06		0.36	^(d)		0.50	^(d)		0.82	^(d)	$	1,776,286		80.35	^(d)
	13.32		1.18			0.97			1.09			2,027,292		149.38
	16.00		11.65			1.05			0.43			2,683,790		112.68
	16.83		31.11			1.06			0.50			3,031,190		87.47
	13.08		7.17			1.09			0.68			2,439,466		83.80	^(f)
	12.51		5.53			1.09			0.16			2,379,453		55.07

	11.04		0.02	^(d)		0.87	^(d)		0.46	^(d)		21,703		80.35	^(d)
	12.24		0.37			1.72			0.34			28,798		149.38
	14.92		10.91			1.71			(0.23	)		45,475		112.68
	15.91		30.32			1.71			(0.12	)		62,409		87.47
	12.36		6.47			1.74			0.04			76,533		83.80	^(f)
	11.89		4.76			1.73			(0.49	)		114,980		55.07

	10.94		0.03	^(d)		0.87	^(d)		0.45	^(d)		600,904		80.35	^(d)
	12.14		0.40			1.72			0.34			713,824		149.38
	14.83		10.90			1.71			(0.22	)		986,381		112.68
	15.83		30.30			1.71			(0.15	)		1,012,597		87.47
	12.31		6.41			1.74			0.03			802,053		83.80	^(f)
	11.85		4.87			1.73			(0.49	)		817,590		55.07

	11.96		0.45	^(d)		0.42	^(d)		0.91	^(d)		320,407		80.35	^(d)
	13.23		1.35			0.82			1.25			436,263		149.38
	15.93		11.93			0.81			0.68			793,101		112.68
	16.77		31.49			0.82			0.75			716,579		87.47
	13.03		7.40			0.84			0.93			598,688		83.80	^(f)
	12.47		5.75			0.84			0.41			642,636		55.07

	12.13		0.58	^(d)		0.37	^(d)		0.95	^(d)		176,348		80.35	^(d)
	13.40		1.37			0.72			1.36			236,867		149.38
	16.11		12.05			0.71			0.78			449,870		112.68
	16.93		31.66			0.72			0.84			531,676		87.47
	13.15		7.43			0.74			1.00			394,842		83.80	^(f)
	12.59		5.94			0.74			0.52			245,329		55.07

See Notes to Financial Statements.

Financial Highlights (concluded)

FUNDAMENTAL EQUITY FUND

			Per Share Operating Performance:
												Distributions to
			Investment operations:									shareholders from:
									Total
			Net			Net			from
	Net asset		invest-			realized			invest-
	value,		ment			and			ment			Net			Net			Total
	beginning		income			unrealized			opera-			investment			realized			distri-
	of period		(loss)^(a)			gain (loss)			tions			income			gain			butions
Class P
4/30/2016^(c)	$	13.10	$	0.08		$	(0.04	)	$	0.04		$	(0.14	)	$	(1.14	)	$	(1.28	)
10/31/2015		15.79		0.12			0.04			0.16			(0.08	)		(2.77	)		(2.85	)
10/31/2014		16.64		0.05			1.65			1.70			(0.02	)		(2.53	)		(2.55	)
10/31/2013		12.92		0.06			3.88			3.94			(0.07	)		(0.15	)		(0.22	)
10/31/2012		12.36		0.07			0.77			0.84			(0.01	)		(0.27	)		(0.28	)
10/31/2011		11.75		0.01			0.62			0.63			(0.02	)		—			(0.02	)
Class R2
4/30/2016^(c)		13.05		0.07			(0.03	)		0.04			(0.12	)		(1.14	)		(1.26	)
10/31/2015		15.71		0.10			0.04			0.14			(0.03	)		(2.77	)		(2.80	)
10/31/2014		16.57		0.03			1.64			1.67			—	^(e)		(2.53	)		(2.53	)
10/31/2013		12.87		0.04			3.87			3.91			(0.06	)		(0.15	)		(0.21	)
10/31/2012		12.33		0.05			0.77			0.82			(0.01	)		(0.27	)		(0.28	)
10/31/2011		11.75		(0.01	)		0.63			0.62			(0.04	)		—			(0.04	)
Class R3
4/30/2016^(c)		13.12		0.08			(0.05	)		0.03			(0.13	)		(1.14	)		(1.27	)
10/31/2015		15.80		0.11			0.06			0.17			(0.08	)		(2.77	)		(2.85	)
10/31/2014		16.66		0.04			1.65			1.69			(0.02	)		(2.53	)		(2.55	)
10/31/2013		12.94		0.05			3.89			3.94			(0.07	)		(0.15	)		(0.22	)
10/31/2012		12.40		0.06			0.77			0.83			(0.02	)		(0.27	)		(0.29	)
10/31/2011		11.80		—	^(e)		0.63			0.63			(0.03	)		—			(0.03	)
Class R4
4/30/2016^(c)		13.32		0.09			(0.04	)		0.05			(0.19	)		(1.14	)		(1.33	)
6/30/15 to 10/31/2015^(g)		13.52		0.05			(0.25	)^(h)		(0.20	)		—			—			—
Class R5
4/30/2016^(c)		13.41		0.11			(0.04	)		0.07			(0.21	)		(1.14	)		(1.35	)
6/30/15 to 10/31/2015^(g)		13.60		0.06			(0.25	)^(h)		(0.19	)		—			—			—
Class R6
4/30/2016^(c)		13.41		0.11			(0.03	)		0.08			(0.21	)		(1.14	)		(1.35	)
6/30/15 to 10/31/2015^(g)		13.60		0.06			(0.25	)^(h)		(0.19	)		—			—			—

^(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)	Unaudited.
^(d)	Not annualized.
^(e)	Amount is less than $.01
^(f)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2015.
^(g)	Commenced on June 30, 2015.
^(h)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
⁽ⁱ⁾	Annualized.

See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

								Net
Net								invest-			Net
asset								ment			assets,		Portfolio
value,		Total			Total			income			end of		turnover
end of		return^(b)			expenses			(loss)			period		rate
period		(%)			(%)			(%)			(000)		(%)

$	11.86		0.28	^(d)		0.60	^(d)		0.72	^(d)	$	12,219		80.35	^(d)
	13.10		0.94			1.17			0.90			13,733		149.38
	15.79		11.51			1.16			0.32			21,373		112.68
	16.64		31.08			1.17			0.42			26,424		87.47
	12.92		7.03			1.19			0.58			27,937		83.80	^(f)
	12.36		5.40			1.19			0.05			31,223		55.07

	11.83		0.24	^(d)		0.67	^(d)		0.65	^(d)		8,542		80.35	^(d)
	13.05		0.81			1.33			0.76			10,543		149.38
	15.71		11.33			1.31			0.17			19,744		112.68
	16.57		30.87			1.31			0.26			25,111		87.47
	12.87		6.87			1.34			0.43			22,335		83.80	^(f)
	12.33		5.27			1.34			(0.11	)		19,997		55.07

	11.88		0.21	^(d)		0.62	^(d)		0.70	^(d)		168,953		80.35	^(d)
	13.12		0.97			1.22			0.84			206,984		149.38
	15.80		11.41			1.21			0.28			304,459		112.68
	16.66		31.04			1.21			0.35			322,951		87.47
	12.94		6.95			1.24			0.51			270,290		83.80	^(f)
	12.40		5.36			1.24			0.01			180,795		55.07

	12.04		0.36	^(d)		0.49	^(d)		0.80	^(d)		13		80.35	^(d)
	13.32		(1.48	)^(d)		0.93	⁽ⁱ⁾		1.12	⁽ⁱ⁾		10		149.38

	12.13		0.49	^(d)		0.37	^(d)		0.94	^(d)		10		80.35	^(d)
	13.41		(1.40	)^(d)		0.68	⁽ⁱ⁾		1.37	⁽ⁱ⁾		10		149.38

	12.14		0.59	^(d)		0.31	^(d)		0.94	^(d)		111		80.35	^(d)
	13.41		(1.40	)^(d)		0.59	⁽ⁱ⁾		1.46	⁽ⁱ⁾		10		149.38


	See Notes to Financial Statements.	71

Financial Highlights

GROWTH LEADERS FUND

			Per Share Operating Performance:
												Distributions to
			Investment operations:									shareholders from:
									Total
			Net			Net			from
	Net asset		invest-			realized			invest-
	value,		ment			and			ment			Net			Net			Total
	beginning		income			unrealized			opera-			investment			realized			distri-
	of period		(loss)^(a)			gain (loss)			tions			income			gain			butions
Class A
4/30/2016^(c)	$	23.73	$	0.03		$	(1.28	)	$	(1.25	)	$	—		$	(1.10	)	$	(1.10	)
10/31/2015		23.08		(0.02	)		1.96			1.94			—			(1.29	)		(1.29	)
10/31/2014		21.44		—	^(e)		3.01			3.01			—			(1.37	)		(1.37	)
10/31/2013		15.15		(0.03	)		6.36			6.33			(0.04	)		—			(0.04	)
10/31/2012		14.50		(0.01	)		0.66			0.65			—			—			—
6/24/2011 to 10/31/2011^(f)		15.00		(0.01	)		(0.49	)		(0.50	)		—			—			—
Class B
4/30/2016^(c)		23.24		(0.05	)		(1.25	)		(1.30	)		—			(1.10	)		(1.10	)
10/31/2015		22.79		(0.18	)		1.92			1.74			—			(1.29	)		(1.29	)
10/31/2014		21.33		(0.15	)		2.98			2.83			—			(1.37	)		(1.37	)
2/11/13 to 10/31/2013^(g)		16.56		(0.11	)		4.88			4.77			—			—			—
Class C
4/30/2016^(c)		23.01		(0.05	)		(1.23	)		(1.28	)		—			(1.10	)		(1.10	)
10/31/2015		22.57		(0.19	)		1.92			1.73			—			(1.29	)		(1.29	)
10/31/2014		21.14		(0.15	)		2.95			2.80			—			(1.37	)		(1.37	)
10/31/2013		15.02		(0.15	)		6.30			6.15			(0.03	)		—			(0.03	)
10/31/2012		14.47		(0.11	)		0.66			0.55			—			—			—
6/24/2011 to 10/31/2011^(f)		15.00		(0.05	)		(0.48	)		(0.53	)		—			—			—
Class F
4/30/2016^(c)		23.87		0.04			(1.28	)		(1.24	)		—			(1.10	)		(1.10	)
10/31/2015		23.17		0.01			1.98			1.99			—			(1.29	)		(1.29	)
10/31/2014		21.49		0.04			3.01			3.05			—			(1.37	)		(1.37	)
10/31/2013		15.18		—	^(e)		6.39			6.39			(0.08	)		—			(0.08	)
10/31/2012		14.51		0.03			0.65			0.68			(0.01	)		—			(0.01	)
6/24/2011 to 10/31/2011^(f)		15.00		—	^(e)		(0.49	)		(0.49	)		—			—			—
Class I
4/30/2016^(c)		23.95		0.05			(1.28	)		(1.23	)		—			(1.10	)		(1.10	)
10/31/2015		23.23		0.04			1.97			2.01			—			(1.29	)		(1.29	)
10/31/2014		21.51		0.06			3.03			3.09			—			(1.37	)		(1.37	)
10/31/2013		15.20		0.04			6.36			6.40			(0.09	)		—			(0.09	)
10/31/2012		14.51		0.04			0.67			0.71			(0.02	)		—			(0.02	)
6/24/2011 to 10/31/2011^(f)		15.00		0.01			(0.50	)		(0.49	)		—			—			—

See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
					after						Net
Net					waivers						invest-			Net
asset					and/or						ment			assets,		Portfolio
value,		Total			reimburse-			Total			income			end of		turnover
end of		return^(b)			ments			expenses			(loss)			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	21.38		(5.55	)^(d)		0.42	^(d)		0.48	^(d)		0.12	^(d)	$	808,860		144.78	^(d)
	23.73		8.84			0.85			0.99			(0.09	)		742,393		270.68
	23.08		15.59			0.85			1.04			0.01			495,861		506.90
	21.44		42.20			0.85			1.34			(0.14	)		191,798		451.09	⁽ⁱ⁾
	15.15		4.48			0.85			1.55			(0.06	)		15,372		683.50
	14.50		(3.33	)^(d)		0.84	^(d)		3.04	^(d)		(0.23	)^(d)		7,882		208.96

	20.84		(5.94	)^(d)		0.79	^(d)		0.85	^(d)		(0.24	)^(d)		2,880		144.78	^(d)
	23.24		8.08			1.59			1.73			(0.81	)		4,191		270.68
	22.79		13.77			1.56			1.75			(0.69	)		6,332		506.90
	21.33		29.05	^(d)		1.49	^(d)		1.88	^(d)		(0.82	)^(d)		8,041		451.09	⁽ⁱ⁾

	20.63		(5.91	)^(d)		0.79	^(d)		0.85	^(d)		(0.25	)^(d)		490,381		144.78	^(d)
	23.01		8.07			1.59			1.74			(0.84	)		414,557		270.68
	22.57		13.81			1.56			1.76			(0.71	)		236,853		506.90
	21.14		41.24			1.45			1.88			(0.79	)		66,471		451.09	⁽ⁱ⁾
	15.02		3.80			1.49			2.15			(0.70	)		1,898		683.50
	14.47		(3.53	)^(d)		1.47	^(d)		2.78	^(d)		(0.91	)^(d)		175		208.96

	21.53		(5.47	)^(d)		0.35	^(d)		0.41	^(d)		0.19	^(d)		781,372		144.78	^(d)
	23.87		9.03			0.70			0.84			0.06			733,463		270.68
	23.17		14.80			0.68			0.87			0.17			498,908		506.90
	21.49		42.51			0.60			1.07			0.01			109,011		451.09	⁽ⁱ⁾
	15.18		4.69			0.60			1.33			0.21			3,797		683.50
	14.51		(3.27	)^(d)		0.59	^(d)		1.95	^(d)		0.08	^(d)		5,993		208.96

	21.62		(5.41	)^(d)		0.30	^(d)		0.36	^(d)		0.25	^(d)		98,010		144.78	^(d)
	23.95		9.10			0.60			0.74			0.16			96,090		270.68
	23.23		14.93			0.57			0.76			0.29			71,803		506.90
	21.51		42.67			0.50			0.95			0.21			50,326		451.09	⁽ⁱ⁾
	15.20		4.87			0.50			1.22			0.29			2,697		683.50
	14.51		(3.27	)^(d)		0.49	^(d)		2.20	^(d)		0.17	^(d)		1,952		208.96

See Notes to Financial Statements.

Financial Highlights (concluded)

GROWTH LEADERS FUND

			Per Share Operating Performance:
												Distributions to
			Investment operations:									shareholders from:
									Total
			Net			Net			from
	Net asset		invest-			realized			invest-
	value,		ment			and			ment			Net			Net			Total
	beginning		income			unrealized			opera-			investment			realized			distri-
	of period		(loss)^(a)			gain (loss)			tions			income			gain			butions
Class R2
4/30/2016^(c)	$	23.74	$	(0.01	)	$	(1.27	)	$	(1.28	)	$	—		$	(1.10	)	$	(1.10	)
10/31/2015		23.17		(0.10	)		1.96			1.86			—			(1.29	)		(1.29	)
10/31/2014		21.58		(0.07	)		3.03			2.96			—			(1.37	)		(1.37	)
10/31/2013		15.19		0.04			6.38			6.42			(0.03	)		—			(0.03	)
10/31/2012		14.49		0.05			0.65			0.70			—			—			—
6/24/2011 to 10/31/2011^(f)		15.00		(0.03	)		(0.48	)		(0.51	)		—			—			—
Class R3
4/30/2016^(c)		23.62		—			(1.27	)		(1.27	)		—			(1.10	)		(1.10	)
10/31/2015		23.03		(0.08	)		1.96			1.88			—			(1.29	)		(1.29	)
10/31/2014		21.45		(0.04	)		2.99			2.95			—			(1.37	)		(1.37	)
10/31/2013		15.16		(0.06	)		6.38			6.32			(0.03	)		—			(0.03	)
10/31/2012		14.49		0.01			0.66			0.67			—			—			—
6/24/2011 to 10/31/2011^(f)		15.00		(0.02	)		(0.49	)		(0.51	)		—			—			—
Class R4
4/30/2016^(c)		23.74		0.01			(1.26	)		(1.25	)		—			(1.10	)		(1.10	)
6/30/2015 to 10/31/2015^(h)		23.42		(0.01	)		0.33			0.32			—			—			—
Class R5
4/30/2016^(c)		23.95		0.06			(1.29	)		(1.23	)		—			(1.10	)		(1.10	)
6/30/2015 to 10/31/2015^(h)		23.61		0.01			0.33			0.34			—			—			—
Class R6
4/30/2016^(c)		23.96		0.06			(1.29	)		(1.23	)		—			(1.10	)		(1.10	)
6/30/2015 to 10/31/2015^(h)		23.61		0.02			0.33			0.35			—			—			—

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Amount less than $0.01.
^(f)	Commenced on June 24, 2011.
^(g)	Commenced on February 11, 2013.
^(h)	Commenced on June 30, 2015.
⁽ⁱ⁾	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013.
^(j)	Annualized.

See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
					after						Net
Net					waivers						invest-			Net
asset					and/or						ment			assets,		Portfolio
value,		Total			reimburse-			Total			income			end of		turnover
end of		return^(b)			ments			expenses			(loss)			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	21.36		(5.72	)^(d)		0.59	^(d)		0.65	^(d)		(0.05	)^(d)	$	1,294		144.78	^(d)
	23.74		8.49			1.20			1.34			(0.44	)		593		270.68
	23.17		14.24			1.18			1.37			(0.31	)		342		506.90
	21.58		42.62			0.58			1.70			0.22			44		451.09	⁽ⁱ⁾
	15.19		4.83			0.48			1.22			0.31			10		683.50
	14.49		(3.40	)^(d)		1.06	^(d)		5.05	^(d)		(0.49	)^(d)		10		208.96

	21.25		(5.67	)^(d)		0.55	^(d)		0.60	^(d)		(0.01	)^(d)		13,433		144.78	^(d)
	23.62		8.58			1.10			1.24			(0.35	)		13,501		270.68
	23.03		14.34			1.07			1.26			(0.20	)		10,191		506.90
	21.45		41.98			1.00			1.39			(0.33	)		8,289		451.09	⁽ⁱ⁾
	15.16		4.62			0.72			1.42			0.08			11		683.50
	14.49		(3.40	)^(d)		0.97	^(d)		4.96	^(d)		(0.40	)^(d)		10		208.96

	21.39		(5.55	)^(d)		0.41	^(d)		0.48	^(d)		0.06	^(d)		967		144.78	^(d)
	23.74		1.37	^(d)		0.87	^(j)		0.99	^(j)		(0.18	)^(j)		10		270.68

	21.62		(5.41	)^(d)		0.29	^(d)		0.36	^(d)		0.29	^(d)		340		144.78	^(d)
	23.95		1.44	^(d)		0.60	^(j)		0.72	^(j)		0.09	^(j)		10		270.68

	21.63		(5.41	)^(d)		0.24	^(d)		0.31	^(d)		0.28	^(d)		467		144.78	^(d)
	23.96		1.48	^(d)		0.48	^(j)		0.60	^(j)		0.21	^(j)		10		270.68


	See Notes to Financial Statements.	75

Financial Highlights

INTERNATIONAL CORE EQUITY FUND

			Per Share Operating Performance:
											Distributions
											to
											shareholders
			Investment operations:								from:

	Net asset				Net									Net asset
	value,		Net		realized and			Total from			Net			value,
	beginning of		investment		unrealized			investment			investment			end of
	period		income^(a)		gain (loss)			operations			income			period
Class A
4/30/2016^(c)	$	12.64	$	0.14	$	(0.79	)	$	(0.65	)	$	(0.16	)	$	11.83
10/31/2015		13.34		0.20		(0.75	)		(0.55	)		(0.15	)		12.64
10/31/2014		13.97		0.17		(0.54	)		(0.37	)		(0.26	)		13.34
10/31/2013		11.43		0.18		2.62			2.80			(0.26	)		13.97
10/31/2012		11.25		0.28		0.12			0.40			(0.22	)		11.43
10/31/2011		12.12		0.20		(0.94	)		(0.74	)		(0.13	)		11.25
Class B
4/30/2016^(c)		12.48		0.08		(0.76	)		(0.68	)		(0.03	)		11.77
10/31/2015		13.15		0.10		(0.74	)		(0.64	)		(0.03	)		12.48
10/31/2014		13.76		0.08		(0.53	)		(0.45	)		(0.16	)		13.15
10/31/2013		11.26		0.09		2.60			2.69			(0.19	)		13.76
10/31/2012		11.06		0.21		0.12			0.33			(0.13	)		11.26
10/31/2011		11.91		0.12		(0.92	)		(0.80	)		(0.05	)		11.06
Class C
4/30/2016^(c)		12.45		0.09		(0.76	)		(0.67	)		(0.07	)		11.71
10/31/2015		13.14		0.11		(0.75	)		(0.64	)		(0.05	)		12.45
10/31/2014		13.77		0.09		(0.54	)		(0.45	)		(0.18	)		13.14
10/31/2013		11.27		0.09		2.61			2.70			(0.20	)		13.77
10/31/2012		11.08		0.21		0.12			0.33			(0.14	)		11.27
10/31/2011		11.93		0.12		(0.92	)		(0.80	)		(0.05	)		11.08
Class F
4/30/2016^(c)		12.55		0.15		(0.77	)		(0.62	)		(0.18	)		11.75
10/31/2015		13.26		0.24		(0.77	)		(0.53	)		(0.18	)		12.55
10/31/2014		13.89		0.18		(0.51	)		(0.33	)		(0.30	)		13.26
10/31/2013		11.36		0.18		2.64			2.82			(0.29	)		13.89
10/31/2012		11.20		0.30		0.12			0.42			(0.26	)		11.36
10/31/2011		12.08		0.24		(0.95	)		(0.71	)		(0.17	)		11.20
Class I
4/30/2016^(c)		12.73		0.18		(0.80	)		(0.62	)		(0.20	)		11.91
10/31/2015		13.44		0.25		(0.76	)		(0.51	)		(0.20	)		12.73
10/31/2014		14.07		0.21		(0.53	)		(0.32	)		(0.31	)		13.44
10/31/2013		11.51		0.22		2.64			2.86			(0.30	)		14.07
10/31/2012		11.34		0.27		0.17			0.44			(0.27	)		11.51
10/31/2011		12.21		0.25		(0.95	)		(0.70	)		(0.17	)		11.34


76	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

			Total
			expenses,
			after waivers						Net			Net assets,		Portfolio
Total			and/or			Total			investment			end of		turnover
return^(b)			reimbursements			expenses			income			period		rate
(%)			(%)			(%)			(%)			(000)		(%)

	(5.14	)^(d)		0.56	^(d)		0.65	^(d)		1.17	^(d)	$	307,246		100.49	^(d)
	(4.16	)		1.12			1.33			1.56			341,437		62.15
	(2.67	)		1.12			1.36			1.25			368,087		64.06
	24.99			1.12			1.38			1.41			437,271		80.77
	3.81			1.12			1.47			2.53			383,244		81.50
	(6.16	)		1.12			1.42			1.64			439,938		83.78

	(5.44	)^(d)		0.93	^(d)		1.03	^(d)		0.71	^(d)		4,223		100.49	^(d)
	(4.86	)		1.83			2.04			0.81			6,207		62.15
	(3.33	)		1.77			2.01			0.56			11,126		64.06
	24.18			1.77			2.03			0.73			17,239		80.77
	3.13			1.77			2.12			1.91			20,125		81.50
	(6.75	)		1.77			2.06			0.96			27,896		83.78

	(5.43	)^(d)		0.92	^(d)		1.02	^(d)		0.80	^(d)		36,250		100.49	^(d)
	(4.86	)		1.81			2.02			0.86			42,057		62.15
	(3.31	)		1.75			1.99			0.65			49,491		64.06
	24.26			1.75			2.01			0.77			57,779		80.77
	3.11			1.75			2.10			1.91			54,056		81.50
	(6.73	)		1.74			2.03			1.01			68,316		83.78

	(4.94	)^(d)		0.43	^(d)		0.58	^(d)		1.30	^(d)		57,067		100.49	^(d)
	(3.99	)		0.87			1.14			1.85			63,830		62.15
	(2.46	)		0.87			1.11			1.29			78,364		64.06
	25.35			0.87			1.13			1.42			142,063		80.77
	4.02			0.87			1.22			2.71			151,246		81.50
	(5.98	)		0.87			1.18			1.98			80,747		83.78

	(4.91	)^(d)		0.38	^(d)		0.53	^(d)		1.56	^(d)		86,203		100.49	^(d)
	(3.83	)		0.77			1.04			1.92			61,077		62.15
	(2.34	)		0.77			1.01			1.50			95,958		64.06
	25.37			0.77			1.03			1.77			155,754		80.77
	4.15			0.77			1.12			2.48			107,076		81.50
	(5.78	)		0.77			1.07			2.06			222,808		83.78


	See Notes to Financial Statements.	77

Financial Highlights (concluded)

INTERNATIONAL CORE EQUITY FUND

			Per Share Operating Performance:
											Distributions
											to
											shareholders
			Investment operations:								from:

	Net asset				Net									Net asset
	value,		Net		realized and			Total from			Net			value,
	beginning of		investment		unrealized			investment			investment			end of
	period		income^(a)		gain (loss)			operations			income			period
Class P
4/30/2016^(c)	$	12.63	$	0.13	$	(0.78	)	$	(0.65	)	$	(0.14	)	$	11.84
10/31/2015		13.31		0.17		(0.75	)		(0.58	)		(0.10	)		12.63
10/31/2014		13.94		0.17		(0.55	)		(0.38	)		(0.25	)		13.31
10/31/2013		11.39		0.16		2.63			2.79			(0.24	)		13.94
10/31/2012		11.17		0.27		0.12			0.39			(0.17	)		11.39
10/31/2011		12.04		0.10		(0.84	)		(0.74	)		(0.13	)		11.17
Class R2
4/30/2016^(c)		12.58		0.12		(0.78	)		(0.66	)		(0.11	)		11.81
10/31/2015		13.29		0.17		(0.76	)		(0.59	)		(0.12	)		12.58
10/31/2014		13.92		0.15		(0.55	)		(0.40	)		(0.23	)		13.29
10/31/2013		11.41		0.15		2.61			2.76			(0.25	)		13.92
10/31/2012		11.24		0.23		0.14			0.37			(0.20	)		11.41
10/31/2011		12.14		0.18		(0.95	)		(0.77	)		(0.13	)		11.24
Class R3
4/30/2016^(c)		12.44		0.12		(0.77	)		(0.65	)		(0.13	)		11.66
10/31/2015		13.14		0.17		(0.74	)		(0.57	)		(0.13	)		12.44
10/31/2014		13.77		0.16		(0.55	)		(0.39	)		(0.24	)		13.14
10/31/2013		11.28		0.16		2.59			2.75			(0.26	)		13.77
10/31/2012		11.11		0.26		0.12			0.38			(0.21	)		11.28
10/31/2011		12.00		0.19		(0.94	)		(0.75	)		(0.14	)		11.11
Class R4
4/30/2016^(c)		12.63		0.14		(0.78	)		(0.64	)		(0.18	)		11.81
6/30/15 to 10/31/2015^(e)		13.06		0.04		(0.47	)		(0.43	)		—			12.63
Class R5
4/30/2016^(c)		12.73		0.16		(0.79	)		(0.63	)		(0.20	)		11.90
6/30/15 to 10/31/2015^(e)		13.15		0.05		(0.47	)		(0.42	)		—			12.73
Class R6
4/30/2016^(c)		12.74		0.16		(0.78	)		(0.62	)		(0.20	)		11.92
6/30/15 to 10/31/2015^(e)		13.15		0.06		(0.47	)		(0.41	)		—			12.74

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Commenced on June 30, 2015.
^(f)	Annualized.

See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

			Total
			expenses,
			after waivers						Net			Net assets,		Portfolio
Total			and/or			Total			investment			end of		turnover
return^(b)			reimbursements			expenses			income			period		rate
(%)			(%)			(%)			(%)			(000)		(%)

	(5.17	)^(d)		0.66	^(d)		0.75	^(d)		1.10	^(d)	$	108		100.49	^(d)
	(4.38	)		1.28			1.49			1.32			110		62.15
	(2.77	)		1.22			1.46			1.20			150		64.06
	24.91			1.22			1.48			1.30			278		80.77
	3.63			1.22			1.58			2.45			282		81.50
	(6.23	)		1.22			1.51			0.83			470		83.78

	(5.29	)^(d)		0.73	^(d)		0.83	^(d)		0.99	^(d)		572		100.49	^(d)
	(4.48	)		1.43			1.64			1.31			658		62.15
	(2.89	)		1.37			1.61			1.07			1,011		64.06
	24.65			1.37			1.63			1.20			868		80.77
	3.51			1.37			1.72			2.13			568		81.50
	(6.38	)		1.37			1.67			1.46			651		83.78

	(5.26	)^(d)		0.68	^(d)		0.77	^(d)		1.03	^(d)		14,842		100.49	^(d)
	(4.35	)		1.33			1.53			1.35			18,466		62.15
	(2.85	)		1.26			1.50			1.15			20,156		64.06
	24.80			1.26			1.52			1.27			19,739		80.77
	3.68			1.26			1.61			2.36			17,275		81.50
	(6.35	)		1.26			1.57			1.54			12,725		83.78

	(5.08	)^(d)		0.55	^(d)		0.64	^(d)		1.20	^(d)		9		100.49	^(d)
	(3.29	)^(d)		1.12	^(f)		1.25	^(f)		0.89	^(f)		10		62.15

	(4.99	)^(d)		0.43	^(d)		0.52	^(d)		1.32	^(d)		9		100.49	^(d)
	(3.19	)^(d)		0.87	^(f)		1.00	^(f)		1.14	^(f)		10		62.15

	(4.89	)^(d)		0.35	^(d)		0.43	^(d)		1.39	^(d)		9		100.49	^(d)
	(3.12	)^(d)		0.70	^(f)		0.84	^(f)		1.31	^(f)		10		62.15


	See Notes to Financial Statements.	79

Financial Highlights

INTERNATIONAL DIVIDEND INCOME FUND

			Per Share Operating Performance:
											Distributions to
			Investment operations:								shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Net			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income^(a)		gain (loss)			tions			income			gain			butions
Class A
4/30/2016^(c)	$	7.05	$	0.12	$	(0.23	)	$	(0.11	)	$	(0.10	)	$	—		$	(0.10	)
10/31/2015		8.75		0.25		(1.22	)		(0.97	)		(0.24	)		(0.49	)		(0.73	)
10/31/2014		9.11		0.36		(0.31	)		0.05			(0.41	)		—			(0.41	)
10/31/2013		7.80		0.33		1.31			1.64			(0.33	)		—			(0.33	)
10/31/2012		7.88		0.35		(0.08	)		0.27			(0.35	)		—			(0.35	)
10/31/2011		8.64		0.42		(0.78	)		(0.36	)		(0.40	)		—			(0.40	)
Class C
4/30/2016^(c)		6.99		0.09		(0.23	)		(0.14	)		(0.07	)		—			(0.07	)
10/31/2015		8.68		0.19		(1.20	)		(1.01	)		(0.19	)		(0.49	)		(0.68	)
10/31/2014		9.04		0.31		(0.31	)		—			(0.36	)		—			(0.36	)
10/31/2013		7.75		0.28		1.29			1.57			(0.28	)		—			(0.28	)
10/31/2012		7.84		0.29		(0.07	)		0.22			(0.31	)		—			(0.31	)
10/31/2011		8.60		0.36		(0.77	)		(0.41	)		(0.35	)		—			(0.35	)
Class F
4/30/2016^(c)		7.06		0.13		(0.24	)		(0.11	)		(0.10	)		—			(0.10	)
10/31/2015		8.77		0.27		(1.23	)		(0.96	)		(0.26	)		(0.49	)		(0.75	)
10/31/2014		9.12		0.39		(0.30	)		0.09			(0.44	)		—			(0.44	)
10/31/2013		7.81		0.36		1.30			1.66			(0.35	)		—			(0.35	)
10/31/2012		7.89		0.37		(0.08	)		0.29			(0.37	)		—			(0.37	)
10/31/2011		8.65		0.45		(0.79	)		(0.34	)		(0.42	)		—			(0.42	)
Class I
4/30/2016^(c)		7.08		0.13		(0.23	)		(0.10	)		(0.11	)		—			(0.11	)
10/31/2015		8.79		0.27		(1.22	)		(0.95	)		(0.27	)		(0.49	)		(0.76	)
10/31/2014		9.14		0.42		(0.32	)		0.10			(0.45	)		—			(0.45	)
10/31/2013		7.83		0.36		1.31			1.67			(0.36	)		—			(0.36	)
10/31/2012		7.91		0.38		(0.09	)		0.29			(0.37	)		—			(0.37	)
10/31/2011		8.66		0.43		(0.75	)		(0.32	)		(0.43	)		—			(0.43	)
Class R2
4/30/2016^(c)		7.19		0.11		(0.23	)		(0.12	)		(0.09	)		—			(0.09	)
10/31/2015		8.92		0.22		(1.24	)		(1.02	)		(0.22	)		(0.49	)		(0.71	)
10/31/2014		9.27		0.36		(0.32	)		0.04			(0.39	)		—			(0.39	)
10/31/2013		7.94		0.32		1.32			1.64			(0.31	)		—			(0.31	)
10/31/2012		8.03		0.33		(0.08	)		0.25			(0.37	)		—			(0.34	)
10/31/2011		8.76		0.45		(0.79	)		(0.34	)		(0.39	)		—			(0.39	)

80	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
					after
Net					waivers						Net			Net
asset					and/or						invest-			assets,		Portfolio
value,		Total			reimburse-			Total			ment			end of		turnover
end of		return^(b)			ments			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	6.84		(1.58	)^(d)		0.56	^(d)		0.60	^(d)		1.80	^(d)	$	489,619		28.79	^(d)
	7.05		(11.74	)		1.12			1.19			3.14			710,835		76.52
	8.75		0.47			1.12			1.24			3.99			1,000,763		72.26
	9.11		21.54			1.12			1.27			3.94			954,305		78.39
	7.80		3.60			1.12			1.36			4.59			618,824		84.81
	7.88		(4.42	)		1.12			1.43			4.96			278,975		100.16

	6.78		(1.83	)^(d)		0.93	^(d)		0.98	^(d)		1.44	^(d)		108,175		28.79	^(d)
	6.99		(12.49	)		1.84			1.90			2.40			142,492		76.52
	8.68		(0.14	)		1.77			1.89			3.42			191,120		72.26
	9.04		20.70			1.77			1.92			3.33			143,807		78.39
	7.75		2.95			1.76			2.01			3.88			74,664		84.81
	7.84		(5.03	)		1.76			2.07			4.29			22,329		100.16

	6.85		(1.49	)^(d)		0.45	^(d)		0.53	^(d)		1.89	^(d)		131,490		28.79	^(d)
	7.06		(11.65	)		0.90			1.00			3.38			210,696		76.52
	8.77		0.83			0.87			0.99			4.24			322,648		72.26
	9.12		21.80			0.87			1.02			4.23			228,586		78.39
	7.81		3.83			0.87			1.11			4.79			128,360		84.81
	7.89		(4.18	)		0.87			1.18			5.27			26,892		100.16

	6.87		(1.43	)^(d)		0.40	^(d)		0.48	^(d)		1.96	^(d)		882,866		28.79	^(d)
	7.08		(11.52	)		0.80			0.91			3.50			1,080,845		76.52
	8.79		0.93			0.77			0.89			4.53			963,200		72.26
	9.14		21.86			0.77			0.92			4.28			1,005,558		78.39
	7.83		3.91			0.77			1.01			5.00			893,066		84.81
	7.91		(3.97	)		0.77			1.09			5.06			559,879		100.16

	6.98		(1.70	)^(d)		0.73	^(d)		0.78	^(d)		1.64	^(d)		847		28.79	^(d)
	7.19		(12.13	)		1.44			1.51			2.80			1,029		76.52
	8.92		0.33			1.37			1.49			3.86			1,298		72.26
	9.27		21.13			1.37			1.52			3.73			860		78.39
	7.94		3.32			1.34			1.60			4.24			464		84.81
	8.03		(4.15	)		0.91			1.22			5.15			16		100.16

See Notes to Financial Statements.

Financial Highlights (concluded)

INTERNATIONAL DIVIDEND INCOME FUND

			Per Share Operating Performance:
											Distributions to
			Investment operations:								shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Net			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income^(a)		gain (loss)			tions			income			gain			butions
Class R3
4/30/2016^(c)	$	7.11	$	0.12	$	(0.24	)	$	(0.12	)	$	(0.09	)	$	—		$	(0.09	)
10/31/2015		8.83		0.23		(1.23	)		(1.00	)		(0.23	)		(0.49	)		(0.72	)
10/31/2014		9.18		0.37		(0.32	)		0.05			(0.40	)		—			(0.40	)
10/31/2013		7.86		0.35		1.29			1.64			(0.32	)		—			(0.32	)
10/31/2012		7.94		0.37		(0.12	)		0.25			(0.25	)		—			(0.33	)
10/31/2011		8.71		0.41		(0.79	)		(0.38	)		(0.39	)		—			(0.39	)
Class R4
4/30/2016^(c)		7.05		0.12		(0.24	)		(0.12	)		(0.10	)		—			(0.10	)
6/30/2015 to 10/31/2015^(e)		7.75		0.05		(0.72	)		(0.67	)		(0.03	)		—			(0.03	)
Class R5
4/30/2016^(c)		7.08		0.13		(0.24	)		(0.11	)		(0.11	)		—			(0.11	)
6/30/2015 to 10/31/2015^(e)		7.78		0.06		(0.72	)		(0.66	)		(0.04	)		—			(0.04	)
Class R6
4/30/2016^(c)		7.08		0.13		(0.23	)		(0.10	)		(0.11	)		—			(0.11	)
6/30/2015 to 10/31/2015^(e)		7.78		0.06		(0.72	)		(0.66	)		(0.04	)		—			(0.04	)

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Commenced on June 30, 2015.
^(f)	Annualized.

82	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
					Total
					expenses
					after
Net					waivers						Net			Net
asset					and/or						invest-			assets,		Portfolio
value,		Total			reimburse-			Total			ment			end of		turnover
end of		return^(b)			ments			expenses			income			period		rate
period		(%)			(%)			(%)			(%)			(000)		(%)

$	6.90		(1.67	)^(d)		0.68	^(d)		0.73	^(d)		1.72	^(d)		12,171		28.79	^(d)
	7.11		(12.03	)		1.34			1.40			2.93			12,680		76.52
	7.11		0.41			1.27			1.40			4.03			11,273		72.26
	9.18		21.30			1.27			1.42			4.11			5,200		78.39
	7.86		3.39			1.26			1.59			4.80			33,065		84.81
	7.94		(4.61	)		1.26			1.59			4.80			331		100.16

	6.83		(1.70	)^(d)		0.55	^(d)		0.59	^(d)		1.84	^(d)		9		28.79	^(d)
	7.05		(8.56	)^(d)		1.12	^(f)		1.15	^(f)		2.02	^(f)		9		76.52

	6.86		(1.57	)^(d)		0.43	^(d)		0.46	^(d)		1.97	^(d)		9		28.79	^(d)
	7.08		(8.46	)^(d)		0.87	^(f)		0.90	^(f)		2.28	^(f)		9		76.52

	6.87		(1.42	)^(d)		0.40	^(d)		0.40	^(d)		2.00	^(d)		9		28.79	^(d)
	7.08		(8.46	)^(d)		0.80	^(f)		0.80	^(f)		2.34	^(f)		9		76.52

See Notes to Financial Statements.

Financial Highlights

INTERNATIONAL OPPORTUNITIES FUND

			Per Share Operating Performance:
												Distributions to
			Investment operations:									shareholders from:
									Total
			Net			Net			from
	Net asset		invest-			realized			invest-
	value,		ment			and			ment			Net			Net			Total
	beginning		income			unrealized			opera-			investment			realized			distri-
	of period		(loss)^(a)			gain (loss)			tions			income			gain			butions
Class A
4/30/2016^(c)	$	17.01	$	0.06		$	(0.14	)	$	(0.08	)	$	(0.10	)	$	(0.61	)	$	(0.71	)
10/31/2015		16.22		0.09			1.36			1.45			(0.18	)		(0.48	)		(0.66	)
10/31/2014		16.83		0.11			(0.51	)		0.40			(0.21	)		—			(0.21	)
10/31/2013		13.17		0.10			3.82			3.92			(0.26	)		—			(0.26	)
10/31/2012		12.00		0.15			1.10			1.25			(0.08	)		—			(0.08	)
10/31/2011		12.87		0.10			(0.92	)		(0.82	)		(0.05	)		—			(0.05	)
Class B
4/30/2016^(c)		16.11		(0.01	)		(0.12	)		(0.13	)		—			(0.61	)		(0.61	)
10/31/2015		15.37		(0.04	)		1.30			1.26			(0.04	)		(0.48	)		(0.52	)
10/31/2014		15.96		(0.03	)		(0.46	)		(0.49	)		(0.10	)		—			(0.10	)
10/31/2013		12.49		—	^(e)		3.63			3.63			(0.16	)		—			(0.16	)
10/31/2012		11.36		0.06			1.07			1.13			—			—			—
10/31/2011		12.21		0.02			(0.87	)		(0.85	)		—			—			—
Class C
4/30/2016^(c)		15.92		—			(0.12	)		(0.12	)		(0.01	)		(0.61	)		(0.62	)
10/31/2015		15.23		(0.04	)		1.29			1.25			(0.08	)		(0.48	)		(0.56	)
10/31/2014		15.84		(0.02	)		(0.46	)		(0.48	)		(0.13	)		—			(0.13	)
10/31/2013		12.41		—	^(e)		3.61			3.61			(0.18	)		—			(0.18	)
10/31/2012		11.29		0.07			1.06			1.13			(0.01	)		—			(0.01	)
10/31/2011		12.14		0.02			(0.87	)		(0.85	)		—			—			—
Class F
4/30/2016^(c)		16.88		0.07			(0.13	)		(0.06	)		(0.13	)		(0.61	)		(0.74	)
10/31/2015		16.11		0.10			1.37			1.47			(0.22	)		(0.48	)		(0.70	)
10/31/2014		16.73		0.14			(0.50	)		(0.36	)		(0.26	)		—			(0.26	)
10/31/2013		13.09		0.17			3.76			3.93			(0.29	)		—			(0.29	)
10/31/2012		11.94		0.18			1.09			1.27			(0.12	)		—			(0.12	)
10/31/2011		12.81		0.13			(0.91	)		(0.78	)		(0.09	)		—			(0.09	)
Class I
4/30/2016^(c)		17.44		0.08			(0.14	)		(0.06	)		(0.14	)		(0.61	)		(0.75	)
10/31/2015		16.63		0.13			1.39			1.52			(0.23	)		(0.48	)		(0.71	)
10/31/2014		17.25		0.15			(0.51	)		(0.36	)		(0.26	)		—			(0.26	)
10/31/2013		13.49		0.15			3.91			4.06			(0.30	)		—			(0.30	)
10/31/2012		12.30		0.19			1.13			1.32			(0.13	)		—			(0.13	)
10/31/2011		13.18		0.16			(0.95	)		(0.79	)		(0.09	)		—			(0.09	)

84	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

								Net
Net								invest-			Net
asset								ment			assets,		Portfolio
value,		Total			Total			income			end of		turnover
end of		return^(b)			expenses			(loss)			period		rate
period		(%)			(%)			(%)			(000)		(%)

$	16.22		(0.44	)^(d)		0.66	^(d)		0.38	^(d)	$	170,447		38.46	^(d)
	17.01		9.36			1.33			0.51			160,628		81.57
	16.22		(2.39	)		1.35			0.66			117,037		80.08
	16.83		30.26			1.47			0.66			99,530		99.98
	13.17		10.59			1.52			1.20			76,139		91.18
	12.00		(6.39	)		1.49			0.79			83,729		103.98

	15.37		(0.82	)^(d)		1.03	^(d)		(0.06	)^(d)		1,848		38.46	^(d)
	16.11		8.51			2.07			(0.24	)		2,702		81.57
	15.37		(3.09	)		2.07			(0.16	)		3,999		80.08
	15.96		29.39			2.12			(0.03	)		6,357		99.98
	12.49		9.95			2.16			0.52			6,854		91.18
	11.36		(6.96	)		2.13			0.12			9,439		103.98

	15.18		(0.83	)^(d)		1.03	^(d)		0.01	^(d)		32,308		38.46	^(d)
	15.92		8.58			2.06			(0.23	)		31,273		81.57
	15.23		(3.12	)		2.06			(0.10	)		21,868		80.08
	15.84		29.43			2.10			0.03			18,138		99.98
	12.41		10.00			2.14			0.59			13,953		91.18
	11.29		(7.00	)		2.10			0.17			15,603		103.98

	16.08		(0.35	)^(d)		0.58	^(d)		0.42	^(d)		108,165		38.46	^(d)
	16.88		9.52			1.19			0.61			118,963		81.57
	16.11		(2.21	)		1.18			0.80			44,607		80.08
	16.73		30.63			1.22			1.13			18,046		99.98
	13.09		10.83			1.27			1.47			944		91.18
	11.94		(6.16	)		1.24			1.00			934		103.98

	16.63		(0.33	)^(d)		0.53	^(d)		0.50	^(d)		278,717		38.46	^(d)
	17.44		9.59			1.08			0.77			296,965		81.57
	16.63		(2.10	)		1.08			0.87			274,583		80.08
	17.25		30.74			1.12			0.99			259,952		99.98
	13.49		10.96			1.17			1.54			195,785		91.18
	12.30		(6.01	)		1.14			1.17			213,865		103.98

See Notes to Financial Statements.

Financial Highlights (concluded)

INTERNATIONAL OPPORTUNITIES FUND

			Per Share Operating Performance:
												Distributions to
			Investment operations:									shareholders from:
									Total
			Net			Net			from
	Net asset		invest-			realized			invest-
	value,		ment			and			ment			Net			Net			Total
	beginning		income			unrealized			opera-			investment			realized			distri-
	of period		(loss)^(a)			gain (loss)			tions			income			gain			butions
Class P
4/30/2016^(c)	$	17.27	$	0.03		$	(0.13	)	$	(0.10	)	$	(0.05	)	$	(0.61	)	$	(0.66	)
10/31/2015		16.46		0.05			1.40			1.45			(0.16	)		(0.48	)		(0.64	)
10/31/2014		17.08		0.07			(0.51	)		(0.44	)		(0.18	)		—			(0.18	)
10/31/2013		13.36		0.09			3.88			3.97			(0.25	)		—			(0.25	)
10/31/2012		12.17		0.14			1.12			1.26			(0.07	)		—			(0.07	)
10/31/2011		13.06		0.09			(0.94	)		(0.85	)		(0.04	)		—			(0.04	)
Class R2
4/30/2016^(c)		16.81		0.05			(0.15	)		(0.10	)		(0.09	)		(0.61	)		(0.70	)
10/31/2015		16.05		0.02			1.35			1.37			(0.13	)		(0.48	)		(0.61	)
10/31/2014		16.69		0.04			(0.48	)		(0.44	)		(0.20	)		—			(0.20	)
10/31/2013		13.07		0.06			3.79			3.85			(0.23	)		—			(0.23	)
10/31/2012		11.90		0.11			1.11			1.22			(0.05	)		—			(0.05	)
10/31/2011		12.77		0.07			(0.92	)		(0.85	)		(0.02	)		—			(0.02	)
Class R3
4/30/2016^(c)		16.73		0.06			(0.16	)		(0.10	)		(0.07	)		(0.61	)		(0.68	)
10/31/2015		15.97		0.05			1.34			1.39			(0.15	)		(0.48	)		(0.63	)
10/31/2014		16.57		0.07			(0.49	)		(0.42	)		(0.18	)		—			(0.18	)
10/31/2013		12.98		0.06			3.78			3.84			(0.25	)		—			(0.25	)
10/31/2012		11.84		0.13			1.09			1.22			(0.08	)		—			(0.08	)
10/31/2011		12.72		0.10			(0.92	)		(0.82	)		(0.06	)		—			(0.06	)
Class R4
4/30/2016^(c)		17.01		0.21			(0.28	)		(0.07	)		(0.12	)		(0.61	)		(0.73	)
6/30/2015 to 10/31/2015^(f)		17.49		—	^(e)		(0.48	)^(h)		(0.48	)		—			—			—
Class R5
4/30/2016^(c)		17.44		0.13			0.82			0.95			(0.14	)		(0.61	)		(0.75	)
6/30/2015 to 10/31/2015^(f)		17.92		0.02			(0.50	)^(h)		(0.48	)		—			—			—
Class R6
4/30/2016^(c)		17.45		0.12			(0.17	)		(0.05	)		(0.14	)		(0.61	)		(0.75	)
6/30/2015 to 10/31/2015^(f)		17.92		0.03			(0.50	)^(h)		(0.47	)		—			—			—

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Amount less than $0.01.
^(f)	Commenced on June 30, 2015.
^(g)	Annualized.
^(h)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.

86	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

								Net
Net								invest-			Net
asset								ment			assets,		Portfolio
value,		Total			Total			income			end of		turnover
end of		return^(b)			expenses			(loss)			period		rate
period		(%)			(%)			(%)			(000)		(%)

$	16.51		(0.57	)^(d)		0.76	^(d)		0.17	^(d)	$	368		38.46	^(d)
	17.27		9.15			1.53			0.29			595		81.57
	16.46		(2.60	)		1.53			0.38			872		80.08
	17.08		30.19			1.57			0.57			1,096		99.98
	13.36		10.49			1.62			1.14			929		91.18
	12.17		(6.51	)		1.59			0.69			820		103.98

	16.01		(0.59	)^(d)		0.83	^(d)		0.33	^(d)		1,798		38.46	^(d)
	16.81		8.92			1.68			0.15			935		81.57
	16.05		(2.69	)		1.68			0.26			198		80.08
	16.69		29.97			1.72			0.40			201		99.98
	13.07		10.35			1.76			0.90			91		91.18
	11.90		(6.68	)		1.74			0.56			95		103.98

	15.95		(0.57	)^(d)		0.77	^(d)		0.40	^(d)		16,846		38.46	^(d)
	16.73		9.11			1.56			0.29			9,161		81.57
	15.97		(2.63	)		1.56			0.39			6,000		80.08
	16.57		30.14			1.62			0.45			6,133		99.98
	12.98		10.49			1.65			1.11			6,212		91.18
	11.84		(6.51	)		1.60			0.74			5,097		103.98

	16.21		(0.41	)^(d)		0.65	^(d)		1.34	^(d)		251		38.46	^(d)
	17.01		(2.74	)^(d)		1.35	^(g)		0.03	^(g)		10		81.57

	17.64		(0.33	)^(d)		0.53	^(d)		0.82	^(d)		44		38.46	^(d)
	17.44		(2.68	)^(d)		1.10	^(g)		0.28	^(g)		10		81.57

	16.65		(0.26	)^(d)		0.45	^(d)		0.73	^(d)		25		38.46	^(d)
	17.45		(2.62	)^(d)		0.93	^(g)		0.48	^(g)		13		81.57

See Notes to Financial Statements.

Financial Highlights

VALUE OPPORTUNITIES FUND

			Per Share Operating Performance:
										Distributions
										to
										shareholders
			Investment operations:							from:
	Net asset		Net			Net							Net asset
	value,		investment			realized and		Total from		Net			value,
	beginning of		income			unrealized		investment		realized			end of
	period		(loss)^(a)			gain (loss)		operations		gain			period
Class A
4/30/2016^(c)	$	19.56	$	0.02		$	0.14	$	0.16	$	(1.40	)	$	18.32
10/31/2015		21.67		(0.01	)		0.77		0.76		(2.87	)		19.56
10/31/2014		21.44		(0.03	)		2.16		2.13		(1.90	)		21.67
10/31/2013		15.99		—	^(e)		5.45		5.45		—			21.44
10/31/2012		15.16		(0.03	)		0.92		0.89		(0.06	)		15.99
10/31/2011		14.45		(0.05	)		0.83		0.78		(0.07	)		15.16
Class B
4/30/2016^(c)		18.12		(0.04	)		0.12		0.08		(1.40	)		16.80
10/31/2015		20.41		(0.15	)		0.73		0.58		(2.87	)		18.12
10/31/2014		20.42		(0.16	)		2.05		1.89		(1.90	)		20.41
10/31/2013		15.32		(0.12	)		5.22		5.10		—			20.42
10/31/2012		14.63		(0.12	)		0.87		0.75		(0.06	)		15.32
10/31/2011		14.03		(0.14	)		0.81		0.67		(0.07	)		14.63
Class C
4/30/2016^(c)		18.11		(0.04	)		0.13		0.09		(1.40	)		16.80
10/31/2015		20.41		(0.15	)		0.72		0.57		(2.87	)		18.11
10/31/2014		20.42		(0.16	)		2.05		1.89		(1.90	)		20.41
10/31/2013		15.32		(0.12	)		5.22		5.10		—			20.42
10/31/2012		14.62		(0.13	)		0.89		0.76		(0.06	)		15.32
10/31/2011		14.03		(0.14	)		0.80		0.66		(0.07	)		14.62
Class F
4/30/2016^(c)		19.85		0.03			0.14		0.17		(1.40	)		18.62
10/31/2015		21.92		0.02			0.78		0.80		(2.87	)		19.85
10/31/2014		21.62		0.02			2.18		2.20		(1.90	)		21.92
10/31/2013		16.07		0.05			5.50		5.55		—			21.62
10/31/2012		15.20		0.01			0.92		0.93		(0.06	)		16.07
10/31/2011		14.45		(0.01	)		0.83		0.82		(0.07	)		15.20
Class I
4/30/2016^(c)		20.16		0.04			0.15		0.19		(1.40	)		18.95
10/31/2015		22.20		0.04			0.79		0.83		(2.87	)		20.16
10/31/2014		21.85		0.05			2.20		2.25		(1.90	)		22.20
10/31/2013		16.23		0.06			5.56		5.62		—			21.85
10/31/2012		15.34		0.02			0.93		0.95		(0.06	)		16.23
10/31/2011		14.57		0.01			0.83		0.84		(0.07	)		15.34


88	See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:

						Net
						investment			Net assets,		Portfolio
Total			Total			income			end of		turnover
return^(b)			expenses			(loss)			period		rate
(%)			(%)			(%)			(000)		(%)

	0.86	^(d)		0.59	^(d)		0.10	^(d)	$	999,780		14.61	^(d)
	3.67			1.17			(0.05	)		1,026,959		46.88
	10.72			1.26			(0.13	)		1,316,790		53.81
	34.08			1.28			(0.01	)		1,372,436		69.49	^(f)
	5.89			1.31			(0.19	)		870,567		58.84
	5.45			1.31			(0.29	)		883,444		56.87

	0.46	^(d)		0.97	^(d)		(0.27	)^(d)		8,972		14.61	^(d)
	2.93			1.92			(0.79	)		11,521		46.88
	10.02			1.91			(0.78	)		18,752		53.81
	33.29			1.93			(0.68	)		24,911		69.49	^(f)
	5.14			1.96			(0.83	)		13,315		58.84
	4.83			1.96			(0.91	)		15,700		56.87

	0.52	^(d)		0.97	^(d)		(0.27	)^(d)		331,437		14.61	^(d)
	2.87			1.92			(0.80	)		356,709		46.88
	10.02			1.91			(0.79	)		404,787		53.81
	33.29			1.93			(0.66	)		400,420		69.49	^(f)
	5.21			1.96			(0.83	)		248,357		58.84
	4.76			1.96			(0.95	)		263,798		56.87

	0.90	^(d)		0.52	^(d)		0.18	^(d)		531,548		14.61	^(d)
	3.84			1.02			0.09			557,742		46.88
	10.97			1.02			0.11			550,524		53.81
	34.54			1.03			0.26			456,370		69.49	^(f)
	6.13			1.06			0.06			369,321		58.84
	5.73			1.07			(0.06	)		385,086		56.87

	0.99	^(d)		0.47	^(d)		0.23	^(d)		488,536		14.61	^(d)
	3.94			0.92			0.20			557,008		46.88
	11.10			0.92			0.21			647,442		53.81
	34.63			0.93			0.33			675,593		69.49	^(f)
	6.21			0.97			0.15			411,546		58.84
	5.82			0.97			0.06			291,056		56.87

See Notes to Financial Statements.

Financial Highlights (concluded)

VALUE OPPORTUNITIES FUND

			Per Share Operating Performance:
												Distributions
												to
												shareholders
			Investment operations:									from:

	Net asset		Net			Net									Net asset
	value,		investment			realized and			Total from			Net			value,
	beginning of		income			unrealized			investment			realized			end of
	period		(loss)^(a)			gain (loss)			operations			gain			period
Class P
4/30/2016^(c)	$	19.36	$	—		$	0.13		$	0.13		$	(1.40	)	$	18.09
10/31/2015		21.51		(0.05	)		0.77			0.72			(2.87	)		19.36
10/31/2014		21.32		(0.05	)		2.14			2.09			(1.90	)		21.51
10/31/2013		15.90		(0.07	)		5.49			5.42			—			21.32
10/31/2012		15.09		(0.04	)		0.91			0.87			(0.06	)		15.90
10/31/2011		14.40		(0.05	)		0.81			0.76			(0.07	)		15.09
Class R2
4/30/2016^(c)		19.08		(0.01	)		0.13			0.12			(1.40	)		17.80
10/31/2015		21.27		(0.08	)		0.76			0.68			(2.87	)		19.08
10/31/2014		21.13		(0.08	)		2.12			2.04			(1.90	)		21.27
10/31/2013		15.79		(0.04	)		5.38			5.34			—			21.13
10/31/2012		15.01		(0.07	)		0.91			0.84			(0.06	)		15.79
10/31/2011		14.34		(0.09	)		0.83			0.74			(0.07	)		15.01
Class R3
4/30/2016^(c)		19.20		—			0.13			0.13			(1.40	)		17.93
10/31/2015		21.37		(0.06	)		0.76			0.70			(2.87	)		19.20
10/31/2014		21.20		(0.06	)		2.13			2.07			(1.90	)		21.37
10/31/2013		15.83		(0.03	)		5.40			5.37			—			21.20
10/31/2012		15.03		(0.05	)		0.91			0.86			(0.06	)		15.83
10/31/2011		14.34		(0.07	)		0.83			0.76			(0.07	)		15.03
Class R4
4/30/2016^(c)		19.57		(0.02	)		0.17			0.15			(1.40	)		18.32
6/30/15 to 10/31/2015^(g)		20.33		—	^(e)		(0.76	)^(h)		(0.76	)		—			19.57
Class R5
4/30/2016^(c)		20.16		0.04			0.15			0.19			(1.40	)		18.95
6/30/15 to 10/31/2015^(g)		20.93		0.01			(0.78	)^(h)		(0.77	)		—			20.16
Class R6
4/30/2016^(c)		20.17		0.06			0.14			0.20			(1.40	)		18.97
6/30/15 to 10/31/2015^(g)		20.93		0.02			(0.78	)^(h)		(0.76	)		—			20.17

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for classes A, B and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.
^(e)	Amount less than $0.01.
^(f)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Small Cap Blend Fund on July 19, 2013.
^(g)	Commenced on June 30, 2015.
^(h)	The per share amount does not represent the net realized and unrealized gain (loss) as presented on the Statements of Operations for the period due to the timing of sales of Fund shares and the amount of per share realized and unrealized gains and losses at such time.
⁽ⁱ⁾	Annualized.


90	See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:

						Net
						investment			Net assets,		Portfolio
Total			Total			income			end of		turnover
return^(b)			expenses			(loss)			period		rate
(%)			(%)			(%)			(000)		(%)

	0.71	^(d)		0.69	^(d)		—	^(d)	$	37,847		14.61	^(d)
	3.50			1.37			(0.25	)		42,225		46.88
	10.58			1.36			(0.23	)		49,179		53.81
	34.09			1.37			(0.34	)		54,081		69.49	^(f)
	5.78			1.41			(0.24	)		918		58.84
	5.33			1.41			(0.35	)		3,392		56.87

	0.66	^(d)		0.77	^(d)		(0.07	)^(d)		6,241		14.61	^(d)
	3.33			1.53			(0.40	)		7,120		46.88
	10.42			1.52			(0.38	)		10,364		53.81
	33.82			1.53			(0.24	)		13,922		69.49	^(f)
	5.61			1.56			(0.44	)		11,056		58.84
	5.21			1.57			(0.58	)		8,804		56.87

	0.71	^(d)		0.72	^(d)		(0.02	)^(d)		101,869		14.61	^(d)
	3.42			1.42			(0.30	)		114,489		46.88
	10.54			1.41			(0.29	)		133,353		53.81
	33.92			1.43			(0.17	)		130,597		69.49	^(f)
	5.74			1.46			(0.35	)		86,441		58.84
	5.35			1.47			(0.47	)		64,504		56.87

	0.81	^(d)		0.58	^(d)		(0.13	)^(d)		737		14.61	^(d)
	(3.74	)^(d)		1.15	⁽ⁱ⁾		(0.07	)⁽ⁱ⁾		10		46.88

	0.99	^(d)		0.45	^(d)		0.24	^(d)		10		14.61	^(d)
	(3.68	)^(d)		0.89	⁽ⁱ⁾		0.19	⁽ⁱ⁾		10		46.88

	1.05	^(d)		0.40	^(d)		0.30	^(d)		51,861		14.61	^(d)
	(3.63	)^(d)		0.82	⁽ⁱ⁾		0.28	⁽ⁱ⁾		29,039		46.88

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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 year ended October 31, 2015:

Funds	Share Classes
Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”)	A, B, C, F, I, P, R2, R3, R4, R5 and R6
Lord Abbett Fundamental Equity Fund (“Fundamental Equity Fund”)	A, B, C, F, I, P, R2, R3, R4, R5 and R6
Lord Abbett Growth Leaders Fund (“Growth Leaders Fund”)	A, B, C, F, I, R2, R3, R4, R5 and R6
Lord Abbett International Core Equity Fund (“International Core Equity Fund”)	A, B, C, F, I, P, R2, R3, R4, R5 and R6
Lord Abbett International Dividend Income Fund (“International Dividend Income Fund”)	A, C, F, I, R2, R3, R4, R5 and R6
Lord Abbett International Opportunities Fund (“International Opportunities Fund”)	A, B, C, F, I, P, R2, R3, R4, R5 and R6
Lord Abbett Value Opportunities Fund (“Value Opportunities Fund”)	A, B, C, F, I, P, R2, R3, R4, R5 and R6

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, R3, R4, R5 and R6 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 (“U.S. GAAP”) 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.

Notes to Financial Statements (unaudited)(continued)

Actual results could differ from those estimates. The Funds are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies.

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 utilize 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

Notes to Financial Statements (unaudited)(continued)

	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, 2012 through October 31, 2015. 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, R3 and R4 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 in each Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized loss on foreign currency related transactions in each Fund’s Statement of Operations. The Funds do 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 in 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 loss on foreign currency related transactions in each Fund’s Statement of Operations.

Notes to Financial Statements (unaudited)(continued)

(h)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically 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

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, 2016 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, 2016, 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	.53%⁽²⁾
Growth Leaders Fund	.43%⁽³⁾
International Core Equity Fund	.51%⁽⁴⁾
International Dividend Income Fund	.59%⁽⁴⁾
International Opportunities Fund	.75%⁽⁵⁾
Value Opportunities Fund	.71%⁽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, 2016 and continuing through February 28, 2017, Lord Abbett has contractually agreed to waive its management fee at an annual rate of .05%. For the six months ended April 30, 2016, 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%

Notes to Financial Statements (unaudited)(continued)

⁽⁴⁾	The management fee for International Core Equity Fund and International Dividend Income Fund are based on each Fund’s 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, with the exception of Alpha Strategy Fund, which paid no such fee during the six months ended April 30, 2016. Effective May 1, 2016, Alpha Strategy Fund pays such fee following the amendment and restatement of the Administrative Services Agreement.

For the six months ended April 30, 2016 and continuing through February 28, 2017, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees, to the following annual rates:

			Funds
	Growth		International	International
	Leaders		Core Equity	Dividend Income
Classes	Fund		Fund	Fund
A, B, C, P, R2, R3, R4 and R5	0.60%		0.87%	0.87%
F and I	0.60%		0.77%	0.81%
R6	0.50%	*	0.70%	0.80%


*	0.49% prior to March 1, 2016.

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

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, 2016, 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	—	—	—	—	37.73%	8.88%
Diversified Equity Strategy Fund	1.23%	1.72%	6.08%	—	3.35%	0.98%
Multi-Asset Balanced Opportunity Fund	—	—	1.95%	18.87%	—	—
Multi-Asset Global Opportunity Fund	—	—	0.25%	6.35%	—	—
Multi-Asset Growth Fund	—	—	1.23%	14.05%	—	—
Multi-Asset Income Fund	—	—	2.00%	11.19%	—	—

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, B, C, F, P, R2, R3 and R4 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	Class B	Class C	Class F	Class P⁽¹⁾	Class R2	Class R3	Class R4
Service	.25%	.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⁾	Fundamental Equity Fund, International Core Equity Fund, International Opportunities Fund and Value Opportunities Fund only.

Class I, R5 and R6 shares do not have a distribution plan.

Commissions

Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended April 30, 2016:

	Distributor	Dealers’
	Commissions	Concessions
Alpha Strategy Fund	$ 96,661	$ 532,874
Fundamental Equity Fund	102,534	563,256
Growth Leaders Fund	424,010	2,429,613
International Core Equity Fund	29,948	162,273
International Dividend Income Fund	72,183	384,736
International Opportunities Fund	47,956	256,833
Value Opportunities Fund	143,889	782,618

Notes to Financial Statements (unaudited)(continued)

Distributor received the following amount of CDSCs for the six months ended April 30, 2016:

	Class A	Class C
Alpha Strategy Fund	$ 1,977	$11,651
Fundamental Equity Fund	4,054	6,727
Growth Leaders Fund	13,533	57,653
International Core Equity Fund	—	995
International Dividend Income Fund	2,640	9,751
International Opportunities Fund	1,063	4,169
Value Opportunities Fund	606	6,234

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid quarterly for International Dividend Income Fund and annually for Alpha Strategy Fund, Fundamental Equity Fund, Growth Leaders Fund, International Core Equity Fund, International Opportunities Fund and Value Opportunities Fund. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the six months ended April 30, 2016 and fiscal year ended October 31, 2015 was as follows:

	Alpha Strategy Fund				Fundamental Equity Fund
	Six Months Ended				Six Months Ended
	4/30/2016		Year Ended		4/30/2016		Year Ended
	(unaudited)		10/31/2015		(unaudited)		10/31/2015
Distributions paid from:
Ordinary income	$	6,087,708	$	17,527,867	$	41,598,137	$	225,917,626
Net long-term capital gains		162,272,374		118,549,905		311,273,847		712,708,155
Total distributions paid	$	168,360,082	$	136,077,772	$	352,871,984	$	938,625,781

	Growth Leaders Fund				International Core Equity Fund
	Six Months Ended				Six Months Ended
	4/30/2016		Year Ended		4/30/2016		Year Ended
	(unaudited)		10/31/2015		(unaudited)		10/31/2015
Distributions paid from:
Ordinary income	$	86,118,259	$	73,120,882	$	6,595,906	$	6,527,984
Net long-term capital gains		10,007,653		925,072		—		—
Total distributions paid	$	96,125,912	$	74,045,954	$	6,595,906	$	6,527,984

Notes to Financial Statements (unaudited)(continued)

	International Dividend Income Fund				International Opportunities Fund
	Six Months Ended				Six Months Ended
	4/30/2016		Year Ended		4/30/2016		Year Ended
	(unaudited)		10/31/2015		(unaudited)		10/31/2015
Distributions paid from:
Ordinary income	$	25,762,551	$	81,607,020	$	10,344,304	$	5,964,486
Net long-term capital gains		—		141,434,115		16,341,537		13,687,933
Total distributions paid	$	25,762,551	$	223,041,135	$	26,685,841	$	19,652,419

	Value Opportunities Fund
	Six Months Ended
	4/30/2016		Year Ended
	(unaudited)		10/31/2015
Distributions paid from:
Ordinary income	$	—	$	65,969,568
Net long-term capital gains		191,979,908		343,597,289
Total distributions paid	$	191,979,908	$	409,566,857

As of October 31, 2015, the capital loss carryforwards, along with the related expiration dates, were as follows:

	2016		2017		Indefinite		Total
Fundamental Equity Fund	$	1,280,805	$	—	$	—	$	1,280,805
International Core Equity Fund		—		198,263,766		5,707,449		203,971,215
International Dividend Income Fund		—		—		140,981,481		140,981,481

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

As of April 30, 2016, 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	$	1,191,754,163		$	2,722,152,921		$	2,211,370,317
Gross unrealized gain		71,943,498			333,613,815			99,647,543
Gross unrealized loss		(104,759,368	)		(9,875,992	)		(32,288,081	)
Net unrealized security gain (loss)	$	(32,815,870	)	$	323,737,823		$	67,359,462

				International
	International			Dividend			International
	Core Equity Fund			Income Fund			Opportunities Fund
Tax cost	$	513,689,945		$	1,724,825,342		$	579,621,016
Gross unrealized gain		11,943,799			53,799,227			58,769,023
Gross unrealized loss		(16,568,378	)		(205,377,940	)		(29,299,437	)
Net unrealized security gain (loss)	$	(4,624,579	)	$	(151,578,713	)	$	29,469,586

	Value
	Opportunities Fund
Tax cost	$	2,115,913,093
Gross unrealized gain		494,331,818
Gross unrealized loss		(56,095,670	)
Net unrealized security gain	$	438,236,148

100

Notes to Financial Statements (unaudited)(continued)

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, 2016 were as follows:

	Purchases	Sales
Alpha Strategy Fund	$ 144,737,774	$ 89,615,618
Fundamental Equity Fund	2,545,950,529	3,114,130,336
Growth Leaders Fund	3,386,671,583	3,040,443,220
International Core Equity Fund	520,933,483	497,412,582
International Dividend Income Fund	507,055,555	952,817,468
International Opportunities Fund	222,443,233	224,162,282
Value Opportunities Fund	367,129,853	510,387,564

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2016.

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

As of April 30, 2016, International Core Equity Fund, International Dividend Income Fund and International Opportunities Fund had the following derivatives at fair value, grouped into 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⁾	$	5,317,188		$	27,282,117

Liability Derivatives
Forward Foreign Currency Exchange Contracts⁽²⁾		(3,696,618	)		(17,502,631	)

101

Notes to Financial Statements (unaudited)(continued)

	International
	Opportunities Fund
	Foreign
	Currency
Asset Derivatives	Contracts
Forward Foreign Currency Exchange Contracts⁽¹⁾	$	2,753,423

Liability Derivatives
Forward Foreign Currency Exchange Contracts⁽²⁾	$	(1,891,038	)


⁽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, 2016 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	$	1,162,041	$	(6,864,264	)
Net Change in Unrealized Appreciation/Depreciation⁽²⁾
Forward Foreign Currency Exchange Contracts	$	3,231,921	$	24,385,555
Average Notional Amounts*
Forward Foreign Currency Exchange Contracts⁽³⁾	$	204,019,030	$	1,123,137,942

	International
	Opportunities Fund
	Foreign
	Currency
	Contracts
Net Realized Gain (Loss)⁽¹⁾
Forward Foreign Currency Exchange Contracts	$	481,003
Net Change in Unrealized Appreciation/Depreciation⁽²⁾
Forward Foreign Currency Exchange Contracts	$	183,306
Average Notional Amounts*
Forward Foreign Currency Exchange Contracts⁽³⁾	$	202,728,776


^*	Calculated based on notional amounts for the semi-annual period ended April 30, 2016.
⁽¹⁾	Statements of Operations location: Net realized gain (loss) on foreign currency related transactions.
⁽²⁾	Statements of Operations location: Net change in unrealized appreciation/depreciation in 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”) requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the statements 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

102

Notes to Financial Statements (unaudited)(continued)

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:

			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	$	56,761,522	$	—	$	56,761,522
Total	$	56,761,522	$	—	$	56,761,522

	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.	$	56,761,522	$	—	$	—	$	(56,761,522	)	$	—
Total	$	56,761,522	$	—	$	—	$	(56,761,522	)	$	—

					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	$	100,484,526	$	—	$	100,484,526
Total	$	100,484,526	$	—	$	100,484,526

	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.	$	100,484,526	$	—	$	—	$	(100,484,526	)	$	—
Total	$	100,484,526	$	—	$	—	$	(100,484,526	)	$	—

			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	$	5,317,188	$	—	$	5,317,188
Repurchase Agreement		8,489,831		—		8,489,831
Total	$	13,807,019	$	—	$	13,807,019

103

Notes to Financial Statements (unaudited)(continued)

	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)
Bank of America	$	68,532	$	(136	)	$	—		$	—		$	68,396
Citibank		503,868		(176,815	)		—			—			327,053
Fixed Income Clearing Corp.		8,489,831		—			—			(8,489,831	)		—
Goldman Sachs		39,331		(39,331	)		—			—			—
J.P. Morgan Chase		381,851		(381,851	)		—			—			—
Morgan Stanley		370,821		(370,821	)		—			—			—
Standard Chartered Bank		1,209,660		(275,934	)		(510,000	)		—			423,726
State Street Bank and Trust		1,509,600		(863,205	)		—			(498,000	)		148,395
UBS AG		1,233,525		—			—			(1,059,000	)		174,525
Total	$	13,807,019	$	(2,108,093	)	$	(510,000	)	$	(10,046,831	)	$	1,142,095

			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	$	3,696,618	$	—	$	3,696,618
Total	$	3,696,618	$	—	$	3,696,618

	Net Amounts
	of Liabilities		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			Pledged^(a)			Pledged^(a)		Amount^(c)
Bank of America	$	136	$	(136	)	$	—		$	—	$	—
Citibank		176,815		(176,815	)		—			—		—
Goldman Sachs		680,753		(39,331	)		(80,000	)		—		561,422
J.P. Morgan Chase		653,292		(381,851	)		(20,000	)		—		251,441
Morgan Stanley		1,046,483		(370,821	)		—			—		675,662
Standard Chartered Bank		275,934		(275,934	)		—			—		—
State Street Bank and Trust		863,205		(863,205	)		—			—		—
Total	$	3,696,618	$	(2,108,093	)	$	(100,000	)	$	—	$	1,488,525

			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	$	27,282,117	$	—	$	27,282,117
Repurchase Agreement		5,024,231		—		5,024,231
Total	$	32,306,348	$	—	$	32,306,348

104

Notes to Financial Statements (unaudited)(continued)

	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)
Barclays Bank plc	$	994,440	$	(735,079	)	$	—		$	(259,361	)	$	—
Deutsche Bank AG		134,846		(134,846	)		—			—			—
Fixed Income Clearing Corp.		5,024,231		—			—			(5,024,231	)		—
Goldman Sachs		256,383		—			(256,383	)		—			—
J.P. Morgan Chase		6,632,055		(4,141,010	)		(2,090,000	)		—			401,045
Morgan Stanley		825,521		(825,521	)		—			—			—
Standard Chartered Bank		9,886,987		(884,752	)		(8,610,000	)		—			392,235
State Street Bank and Trust		8,457,078		(4,500,020	)		(3,957,058	)		—			—
UBS AG		94,807		(94,807	)		—			—			—
Total	$	32,306,348	$	(11,316,035	)	$	(14,913,441	)	$	(5,283,592	)	$	793,280

			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	$	17,502,631	$	—	$	17,502,631
Total	$	17,502,631	$	—	$	17,502,631

	Net Amounts
	of Liabilities		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			Pledged^(a)			Pledged^(a)		Amount^(c)
Bank of America	$	297,199	$	—		$	(270,000	)	$	—	$	27,199
Barclays Bank plc		735,079		(735,079	)		—			—		—
Citibank		472,762		—			(260,000	)		—		212,762
Deutsche Bank AG		706,299		(134,846	)		(571,453	)		—		—
J.P. Morgan Chase		4,141,010		(4,141,010	)		—			—		—
Morgan Stanley		5,636,707		(825,521	)		(1,350,000	)		—		3,461,186
Standard Chartered Bank		884,752		(884,752	)		—			—		—
State Street Bank and Trust		4,500,020		(4,500,020	)		—			—		—
UBS AG		128,803		(94,807	)		—			—		33,996
Total	$	17,502,631	$	(11,316,035	)	$	(2,451,453	)	$	—	$	3,735,143

			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	$	2,753,423	$	—	$	2,753,423
Repurchase Agreement		26,489,502		—		26,489,502
Total	$	29,242,925	$	—	$	29,242,925

105

Notes to Financial Statements (unaudited)(continued)

	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)
Bank of America	$	282,653	$	—		$	—	$	—			$	282,653
Barclays Bank plc		274,962		(274,962	)		—		—				—
Citibank		21,295		(13,002	)		—		—				8,293
Fixed Income Clearing Corp.		26,489,502		—			—		(26,489,502	)			—
J.P. Morgan Chase		89,548		(76,222	)		—		—				13,326
Morgan Stanley		473,457		(473,457	)		—		—				—
Standard Chartered Bank		969,780		(307,503	)		—		—				662,277
State Street Bank and Trust		641,728		(605,395	)		—		(36,333	)			—
Total	$	29,242,925	$	(1,750,541	)	$	—	$	(26,525,835	)		$	966,549

			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	$	1,891,038	$	—	$	1,891,038
Total	$	1,891,038	$	—	$	1,891,038

	Net Amounts
	of Liabilities		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			Pledged^(a)		Pledged^(a)		Amount^(c)
Barclays Bank plc	$	313,963	$	(274,962	)	$	—	$	—	$	39,001
Citibank		13,002		(13,002	)		—		—		—
J.P. Morgan Chase		76,222		(76,222	)		—		—		—
Morgan Stanley		574,953		(473,457	)		—		—		101,496
Standard Chartered Bank		307,503		(307,503	)		—		—		—
State Street Bank and Trust		605,395		(605,395	)		—		—		—
Total	$	1,891,038	$	(1,750,541	)	$	—	$	—	$	140,497

			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	$	45,553,736	$	—	$	45,553,736
Total	$	45,553,736	$	—	$	45,553,736

106

Notes to Financial Statements (unaudited)(continued)

	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.	$	45,553,736	$	—	$	—	$	(45,553,736	)	$	—
Total	$	45,553,736	$	—	$	—	$	(45,553,736	)	$	—


^(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, 2016.
^(c)	Net amount represents the amount owed by the Fund to each counterparty as of April 30, 2016.

8.	TRUSTEES’ REMUNERATION

The Trust’s officers and two Trustees, 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

The Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $550 million (the “Facility”), whereas State Street Bank and Trust Company (“SSB”) participates as a lender and as agent for the lenders. 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. The Facility will continue through August 29, 2016.

During the six months ended April 30, 2016, 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.

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

107

Notes to Financial Statements (unaudited)(continued)

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, 2016:

Alpha Strategy Fund


	Balance of							Balance of				Net Realized			Dividend
	Shares							Shares		Fair		Gain			Income
	Held at		Gross		Gross			Held at		Value at		11/1/2015 to			11/1/2015 to
Affiliated Issuer	10/31/2015		Additions		Sales			4/30/2016		4/30/2016		4/30/2016			4/30/2016
Lord Abbett Developing Growth Fund, Inc. – Class I		10,212,437		1,890,943		(275,692	)		11,827,688	$	221,532,598	$	19,164,374	^(a)	$	—
Lord Abbett Securities Trust – International Opportunities Fund – Class I		14,820,884		719,675		(1,409,380	)		14,131,179		235,001,500		14,659,485	^(b)		2,001,182
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I		6,442,039		2,239,857		—			8,681,896		112,083,283		20,675,447	^(c)		—
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I		4,107,639		94,877		(446,056	)		3,756,460		119,680,815		3,879,071	^(d)		—
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I		8,850,716		1,857,982		(978,557	)		9,730,141		234,982,914		36,053,876	^(e)		—
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		12,705,466		942,600		(1,212,331	)		12,435,735		235,657,184		22,615,666	^(f)		—
Total										$	1,158,938,294	$	117,047,919		$	2,001,182

^(a)	Includes $18,906,284 of distributed capital gains.
^(b)	Includes $8,751,415 of distributed capital gains.
^(c)	Includes $20,675,448 of distributed capital gains.
^(d)	Includes $3,036,067 of distributed capital gains.
^(e)	Includes $43,105,184 of distributed capital gains.
^(f)	Includes $17,739,740 of distributed capital gains.

13.

INVESTMENT RISKS

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

Large company stocks, in which Fundamental Equity Fund, 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.

108

Notes to Financial Statements (unaudited)(continued)

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, informational 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.

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

	Six Months Ended
	April 30, 2016									Year Ended
Alpha Strategy Fund				(unaudited)			October 31, 2015

Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,956,338		$	49,330,740			3,873,964		$	120,194,959
Converted from Class B*		84,994			2,086,833			144,500			4,428,542
Reinvestment of distributions		2,690,780			67,808,811			1,874,861			55,608,381
Shares reacquired		(2,751,148	)		(70,677,513	)		(4,487,732	)		(138,427,381	)
Increase		1,980,964		$	48,548,871			1,405,593		$	41,804,501

Class B Shares
Shares sold		9,541		$	222,530			13,442		$	379,613
Reinvestment of distributions		52,429			1,194,846			55,791			1,518,640
Shares reacquired		(37,905	)		(903,213	)		(113,171	)		(3,187,742	)
Converted to Class A*		(94,048	)		(2,086,833	)		(157,919	)		(4,428,542	)
Decrease		(69,983	)	$	(1,572,670	)		(201,857	)	$	(5,718,031	)

Class C Shares
Shares sold		1,092,133		$	24,435,010			1,822,858		$	50,634,624
Reinvestment of distributions		1,611,971			36,204,864			1,035,610			27,847,560
Shares reacquired		(1,570,662	)		(35,399,991	)		(1,917,956	)		(53,657,179	)
Increase		1,133,442		$	25,239,883			940,512		$	24,825,005

Class F Shares
Shares sold		1,679,809		$	41,383,325			2,626,001		$	81,100,949
Reinvestment of distributions		1,096,453			27,674,462			714,237			21,212,846
Shares reacquired		(2,439,549	)		(61,330,987	)		(2,476,491	)		(76,332,204	)
Increase		336,713		$	7,726,800			863,747		$	25,981,591

109

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
	April 30, 2016									Year Ended
Alpha Strategy Fund				(unaudited)			October 31, 2015

Class I Shares		Shares			Amount			Shares			Amount
Shares sold		1,071,493		$	24,571,451			152,896		$	4,801,060
Reinvestment of distributions		183,234			4,679,787			117,541			3,527,389
Shares reacquired		(81,033	)		(2,190,594	)		(437,191	)		(13,817,097	)
Increase (decrease)		1,173,694		$	27,060,644			(166,754	)	$	(5,488,648	)

Class R2 Shares
Shares sold		30,960		$	772,664			42,192		$	1,256,292
Reinvestment of distributions		3,619			89,352			4,158			121,075
Shares reacquired		(21,799	)		(558,289	)		(62,989	)		(1,937,941	)
Increase (decrease)		12,780		$	303,727			(16,639	)	$	(560,574	)

Class R3 Shares
Shares sold		192,190		$	4,820,412			305,299		$	9,338,834
Reinvestment of distributions		198,882			4,930,278			130,616			3,819,223
Shares reacquired		(214,726	)		(5,331,081	)		(334,311	)		(10,107,721	)
Increase		176,346		$	4,419,609			101,604		$	3,050,336

Class R4 Shares^(a)
Shares sold		4,554.78		$	105,584			314		$	10,000
Reinvestment of distributions		50.42			1,269			—			—
Shares reacquired		(1,744.45	)		(42,313	)		—			—
Increase		2,860.75		$	64,540			314		$	10,000

Class R5 Shares^(a)
Shares sold		158		$	3,973			310		$	10,000
Reinvestment of distributions		49			1,264			—			—
Shares reacquired		—			(1	)		—			—
Increase		207		$	5,236			310		$	10,000

Class R6 Shares^(a)
Shares sold		549		$	13,053			310		$	10,000
Reinvestment of distributions		50			1,266			—			—
Shares reacquired		—			(5	)		—			—
Increase		599		$	14,314			310		$	10,000

	Six Months Ended
	April 30, 2016									Year Ended
Fundamental Equity Fund				(unaudited)			October 31, 2015

Class A Shares		Shares			Amount			Shares			Amount
Shares sold		4,572,523		$	53,327,057			11,889,659		$	161,233,919
Converted from Class B*		320,414			3,696,337			674,211			8,992,377
Reinvestment of distributions		15,344,624			184,902,705			33,212,561			443,387,370
Shares reacquired		(25,190,817	)		(296,246,862	)		(61,317,357	)		(830,840,457	)
Decrease		(4,953,256	)	$	(54,320,763	)		(15,540,926	)	$	(217,226,791	)

Class B Shares
Shares sold		15,836		$	173,357			66,635		$	825,600
Reinvestment of distributions		236,631			2,619,504			642,147			7,930,518
Shares reacquired		(291,491	)		(3,123,522	)		(672,389	)		(8,346,215	)
Converted to Class A*		(349,569	)		(3,696,337	)		(730,983	)		(8,992,377	)
Decrease		(388,593	)	$	(4,026,998	)		(694,590	)	$	(8,582,474	)

110

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
	April 30, 2016						Year Ended
Fundamental Equity Fund				(unaudited)			October 31, 2015

Class C Shares		Shares			Amount			Shares			Amount
Shares sold		2,152,487		$	23,064,042			5,212,851		$	64,245,185
Reinvestment of distributions		5,200,488			57,049,349			11,783,074			144,460,492
Shares reacquired		(11,219,709	)		(120,283,073	)		(24,725,022	)		(306,733,625	)
Decrease		(3,866,734	)	$	(40,169,682	)		(7,729,097	)	$	(98,027,948	)

Class F Shares
Shares sold		2,052,767		$	23,826,453			6,208,465		$	82,756,781
Reinvestment of distributions		2,862,952			34,183,648			8,695,953			115,134,419
Shares reacquired		(11,108,280	)		(132,145,944	)		(31,709,956	)		(427,561,453	)
Decrease		(6,192,561	)	$	(74,135,843	)		(16,805,538	)	$	(229,670,253	)

Class I Shares
Shares sold		865,242		$	10,118,093			4,729,463		$	63,864,717
Reinvestment of distributions		1,818,427			22,002,971			5,576,627			74,782,574
Shares reacquired		(5,811,892	)		(68,309,569	)		(20,566,971	)		(281,269,863	)
Decrease		(3,128,223	)	$	(36,188,505	)		(10,260,881	)	$	(142,622,572	)

Class P Shares
Shares sold		49,934		$	566,442			125,349		$	1,671,285
Reinvestment of distributions		112,484			1,334,055			283,708			3,733,602
Shares reacquired		(180,570	)		(2,094,231	)		(714,726	)		(9,487,970	)
Decrease		(18,152	)	$	(193,734	)		(305,669	)	$	(4,083,083	)

Class R2 Shares
Shares sold		86,196		$	986,995			204,955		$	2,705,054
Reinvestment of distributions		53,991			638,713			138,382			1,816,959
Shares reacquired		(225,854	)		(2,534,547	)		(792,407	)		(11,000,970	)
Decrease		(85,667	)	$	(908,839	)		(449,070	)	$	(6,478,957	)

Class R3 Shares
Shares sold		636,640		$	7,312,277			1,589,478		$	21,040,784
Reinvestment of distributions		1,639,440			19,492,945			3,968,717			52,307,684
Shares reacquired		(3,839,810	)		(44,516,115	)		(9,043,976	)		(121,943,430	)
Decrease		(1,563,730	)	$	(17,710,893	)		(3,485,781	)	$	(48,594,962	)

Class R4 Shares^(a)
Shares sold		228		$	2,664			740		$	10,000
Reinvestment of distributions		82			982			—			—
Increase		310		$	3,646			740		$	10,000

Class R5 Shares^(a)
Shares sold		—		$	—			735		$	10,000
Reinvestment of distributions		82			988			—			—
Increase		82		$	988			735		$	10,000

Class R6 Shares^(a)
Shares sold		8,334		$	91,198			735		$	10,001
Reinvestment of distributions		82			989			—			—
Shares reacquired		(13	)		(158	)		—			—
Increase		8,403		$	92,029			735		$	10,001

111

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
	April 30, 2016						Year Ended
Growth Leaders Fund				(unaudited)			October 31, 2015

Class A Shares		Shares			Amount			Shares			Amount
Shares sold		12,076,863		$	266,425,845			15,770,496		$	361,927,702
Converted from Class B*		29,563			637,706			59,092			1,359,056
Reinvestment of distributions		1,410,172			32,095,519			1,148,996			25,277,921
Shares reacquired		(6,971,742	)		(148,993,934	)		(7,183,725	)		(164,150,442	)
Increase		6,544,856		$	150,165,136			9,794,859		$	224,414,237

Class B Shares
Shares sold		12,601		$	277,313			16,336		$	370,974
Reinvestment of distributions		7,585			168,835			15,738			341,521
Shares reacquired		(32,056	)		(722,975	)		(69,515	)		(1,551,349	)
Converted to Class A*		(30,276	)		(637,706	)		(60,107	)		(1,359,056	)
Decrease		(42,146	)	$	(914,533	)		(97,548	)	$	(2,197,910	)

Class C Shares
Shares sold		7,399,614		$	157,455,221			9,261,807		$	207,326,087
Reinvestment of distributions		789,874			17,400,919			538,527			11,567,556
Shares reacquired		(2,429,402	)		(50,433,862	)		(2,277,713	)		(50,799,246	)
Increase		5,760,086		$	124,422,278			7,522,621		$	168,094,397

Class F Shares
Shares sold		14,502,253		$	319,090,719			18,229,630		$	421,672,703
Reinvestment of distributions		1,259,864			28,863,484			1,002,436			22,153,845
Shares reacquired		(10,197,982	)		(217,883,889	)		(10,037,981	)		(229,415,492	)
Increase		5,564,135		$	130,070,314			9,194,085		$	214,411,056

Class I Shares
Shares sold		874,851		$	19,412,807			1,409,386		$	32,621,478
Reinvestment of distributions		147,289			3,386,168			140,149			3,104,296
Shares reacquired		(500,275	)		(10,920,681	)		(629,631	)		(14,588,043	)
Increase		521,865		$	11,878,294			919,904		$	21,137,731

Class R2 Shares
Shares sold		44,745		$	975,051			19,777		$	461,212
Reinvestment of distributions		268			6,115			260			5,735
Shares reacquired		(9,376	)		(198,257	)		(9,815	)		(230,023	)
Increase		35,637		$	782,909			10,222		$	236,924

Class R3 Shares
Shares sold		133,380		$	2,876,446			215,725		$	4,921,192
Reinvestment of distributions		27,874			631,344			26,137			573,704
Shares reacquired		(100,747	)		(2,225,309	)		(112,799	)		(2,581,441	)
Increase		60,507		$	1,282,481			129,063		$	2,913,455

Class R4 Shares^(a)
Shares sold		46,418		$	982,255			427		$	10,000
Reinvestment of distributions		21			470			—			—
Shares reacquired		(1,644	)		(35,281	)		—			—
Increase		44,795		$	947,444			427		$	10,000

112

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
	April 30, 2016						Year Ended
Growth Leaders Fund	(unaudited)						October 31, 2015

Class R5 Shares^(a)		Shares			Amount			Shares			Amount
Shares sold		15,298		$	318,071			424		$	10,000
Reinvestment of distributions		20			466			—			—
Shares reacquired		(9	)		(192	)		—			—
Increase		15,309		$	318,345			424		$	10,000

Class R6 Shares^(a)
Shares sold		22,155		$	503,651			424		$	10,000
Reinvestment of distributions		481			11,055			—			—
Shares reacquired		(1,453	)		(31,834	)		—			—
Increase		21,183		$	482,872			424		$	10,000

		Six Months Ended
		April 30, 2016						Year Ended
International Core Equity Fund					(unaudited)			October 31, 2015

Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,586,748		$	18,969,118			4,193,190		$	54,446,897
Converted from Class B*		94,079			1,098,366			224,438			2,933,802
Reinvestment of distributions		354,492			4,236,184			310,070			3,950,295
Shares reacquired		(3,089,793	)		(36,497,405	)		(5,304,255	)		(68,693,198	)
Decrease		(1,054,474	)	$	(12,193,737	)		(576,557	)	$	(7,362,204	)

Class B Shares
Shares sold		3,999		$	45,870			21,673		$	279,684
Reinvestment of distributions		1,244			14,825			1,924			24,377
Shares reacquired		(49,199	)		(575,528	)		(145,796	)		(1,872,858	)
Converted to Class A*		(94,516	)		(1,098,366	)		(226,545	)		(2,933,802	)
Decrease		(138,472	)	$	(1,613,199	)		(348,744	)	$	(4,502,599	)

Class C Shares
Shares sold		158,874		$	1,879,698			425,156		$	5,496,648
Reinvestment of distributions		16,741			198,545			13,665			172,731
Shares reacquired		(457,542	)		(5,349,688	)		(828,050	)		(10,615,629	)
Decrease		(281,927	)	$	(3,271,445	)		(389,229	)	$	(4,946,250	)

Class F Shares
Shares sold		449,791		$	5,229,885			1,255,673		$	16,208,527
Reinvestment of distributions		72,915			864,770			87,549			1,106,621
Shares reacquired		(749,995	)		(8,892,877	)		(2,169,782	)		(28,552,672	)
Decrease		(227,289	)	$	(2,798,222	)		(826,560	)	$	(11,237,524	)

Class I Shares
Shares sold		2,599,101		$	29,705,336			897,756		$	11,671,127
Reinvestment of distributions		57,791			694,648			52,035			666,045
Shares reacquired		(215,930	)		(2,505,969	)		(3,291,855	)		(43,443,304	)
Increase (decrease)		2,440,962		$	27,894,015			(2,342,064	)	$	(31,106,132	)

113

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended April 30, 2016						Year Ended
International Core Equity Fund				(unaudited)			October 31, 2015

Class P Shares	Shares			Amount			Shares			Amount
Shares sold		655		$	7,651			769		$	10,010
Reinvestment of distributions		101			1,208			81			1,034
Shares reacquired		(330	)		(3,841	)		(3,469	)		(45,182	)
Increase (decrease)		426		$	5,018			(2,619	)	$	(34,138	)

Class R2 Shares
Shares sold		4,335		$	50,691			18,765		$	241,118
Reinvestment of distributions		209			2,495			171			2,178
Shares reacquired		(8,459	)		(100,284	)		(42,699	)		(556,709	)
Decrease		(3,915	)	$	(47,098	)		(23,763	)	$	(313,413	)

Class R3 Shares
Shares sold		183,683		$	2,137,942			422,703		$	5,389,910
Reinvestment of distributions		14,836			174,917			15,641			196,610
Shares reacquired		(410,532	)		(4,797,624	)		(487,596	)		(6,192,504	)
Decrease		(212,013	)	$	(2,484,765	)		(49,252	)	$	(605,984	)

Class R4 Shares^(a)
Shares sold		—		$	—			766		$	10,000
Reinvestment of distributions		11			138			—			—
Increase		11		$	138			766		$	10,000

Class R5 Shares^(a)
Shares sold		—		$	—			760		$	10,000
Reinvestment of distributions		13			149			—			—
Increase		13		$	149			760		$	10,000

Class R6 Shares^(a)
Shares sold		—		$	—			760		$	10,000
Reinvestment of distributions		13			151			—			—
Increase		13		$	151			760		$	10,000

	Six Months Ended
	April 30, 2016						Year Ended
International Dividend Income Fund				(unaudited)			October 31, 2015

Class A Shares	Shares			Amount			Shares			Amount
Shares sold		5,410,649		$	35,865,634			34,157,964		$	272,558,029
Reinvestment of distributions		1,058,198			7,138,102			10,387,158			81,737,095
Shares reacquired		(35,713,398	)		(238,448,258	)		(58,002,068	)		(441,270,867	)
Decrease		(29,244,551	)	$	(195,444,522	)		(13,456,946	)	$	(86,975,743	)

Class C Shares
Shares sold		594,390		$	3,925,395			4,874,512		$	38,668,585
Reinvestment of distributions		159,689			1,067,189			1,658,029			12,971,559
Shares reacquired		(5,188,876	)		(34,400,429	)		(8,147,609	)		(62,688,521	)
Decrease		(4,434,797	)	$	(29,407,845	)		(1,615,068	)	$	(11,048,377	)

114

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
	April 30, 2016						Year Ended
International Dividend Income Fund	(unaudited)						October 31, 2015

Class F Shares		Shares			Amount			Shares			Amount
Shares sold		2,123,952		$	13,925,090			15,483,920		$	123,485,702
Reinvestment of distributions		275,880			1,863,800			2,880,914			22,721,013
Shares reacquired		(13,046,923	)		(87,692,437	)		(25,320,078	)		(194,252,318	)
Decrease		(10,647,091	)	$	(71,903,547	)		(6,955,244	)	$	(48,045,603	)

Class I Shares
Shares sold		1,824,163		$	12,246,861			63,634,025		$	517,592,988
Reinvestment of distributions		2,146,418			14,544,708			12,012,645			94,446,085
Shares reacquired		(28,115,850	)		(186,685,705	)		(32,557,178	)		(262,765,559	)
Increase (decrease)		(24,145,269	)	$	(159,894,136	)		43,089,492		$	349,273,514

Class R2 Shares
Shares sold		15,209		$	102,800			47,458		$	377,000
Reinvestment of distributions		688			4,734			4,627			37,120
Shares reacquired		(37,570	)		(254,611	)		(54,530	)		(431,260	)
Decrease		(21,673	)	$	(147,077	)		(2,445	)	$	(17,140	)

Class R3 Shares
Shares sold		234,301		$	1,568,105			673,339		$	5,336,575
Reinvestment of distributions		23,273			158,358			129,406			1,025,596
Shares reacquired		(276,132	)		(1,829,658	)		(296,827	)		(2,307,292	)
Increase (decrease)		(18,558	)	$	(103,195	)		505,918		$	4,054,879

Class R4 Shares^(a)
Shares sold		—		$	—			1,290		$	10,000
Reinvestment of distributions		19.10			128			7			45
Increase		19.10		$	128			1,297		$	10,045

Class R5 Shares^(a)
Shares sold		—		$	—			1,285		$	10,000
Reinvestment of distributions		20.44			139			8			51
Increase		20.44		$	139			1,293		$	10,051

Class R6 Shares^(a)
Shares sold		—		$	—			1,285		$	10,000
Reinvestment of distributions		20			139			8			51
Increase		20		$	139			1,293		$	10,051


	Six Months Ended
	April 30, 2016						Year Ended
International Opportunities Fund	(unaudited)						October 31, 2015

Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,452,282		$	39,303,358			4,674,746		$	80,280,418
Converted from Class B*		25,415			400,143			49,429			827,168
Reinvestment of distributions		407,053			6,565,766			276,906			4,300,348
Shares reacquired		(1,819,012	)		(28,229,365	)		(2,772,430	)		(45,665,589	)
Increase		1,065,738		$	18,039,902			2,228,651		$	39,742,345

115

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
	April 30, 2016						Year Ended
International Opportunities Fund	(unaudited)						October 31, 2015

Class B Shares	Shares			Amount			Shares			Amount
Shares sold		6,917		$	106,668			9,955		$	161,488
Reinvestment of distributions		5,850			89,673			8,574			126,986
Shares reacquired		(33,444	)		(504,958	)		(58,994	)		(937,947	)
Converted to Class A*		(26,779	)		(400,143	)		(52,002	)		(827,168	)
Decrease		(47,456	)	$	(708,760	)		(92,467	)	$	(1,476,641	)

Class C Shares
Shares sold		407,632		$	6,175,320			857,829		$	13,833,966
Reinvestment of distributions		74,489			1,127,012			48,814			714,146
Shares reacquired		(317,318	)		(4,702,472	)		(378,535	)		(5,891,665	)
Increase		164,803		$	2,599,860			528,108		$	8,656,447

Class F Shares
Shares sold		2,798,890		$	43,917,427			6,733,269		$	115,198,773
Reinvestment of distributions		285,553			4,563,136			75,959			1,169,017
Shares reacquired		(3,403,917	)		(52,248,928	)		(2,530,053	)		(41,734,979	)
Increase (decrease)		(319,474	)	$	(3,768,365	)		4,279,175		$	74,632,811

Class I Shares
Shares sold		600,071		$	9,509,452			2,086,280		$	35,491,113
Reinvestment of distributions		729,325			12,048,452			754,491			11,988,860
Shares reacquired		(1,599,691	)		(26,437,077	)		(2,327,766	)		(39,949,275	)
Increase (decrease)		(270,295	)	$	(4,879,173	)		513,005		$	7,530,698

Class P Shares
Shares sold		2,268		$	36,206			4,948		$	84,028
Reinvestment of distributions		1,148			18,861			2,158			34,082
Shares reacquired		(15,589	)		(248,098	)		(25,601	)		(408,320	)
Decrease		(12,173	)	$	(193,031	)		(18,495	)	$	(290,210	)

Class R2 Shares
Shares sold		59,353		$	916,404			54,884		$	923,364
Reinvestment of distributions		567			9,039			261			4,015
Shares reacquired		(3,209	)		(51,227	)		(11,911	)		(195,114	)
Increase		56,711		$	874,216			43,234		$	732,265

Class R3 Shares
Shares sold		633,459		$	10,037,080			270,606		$	4,482,189
Reinvestment of distributions		23,820			378,261			15,641			239,311
Shares reacquired		(148,928	)		(2,332,922	)		(114,354	)		(1,882,369	)
Increase		508,351		$	8,082,419			171,893		$	2,839,131

Class R4 Shares^(a)
Shares sold		14,904		$	235,083			572		$	10,000
Reinvestment of distributions		25			415			—			—
Shares reacquired		(31	)		(506	)		—			—
Increase		14,898		$	234,992			572		$	10,000

116

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended
	April 30, 2016						Year Ended
International Opportunities Fund	(unaudited)						October 31, 2015

Class R5 Shares^(a)	Shares			Amount			Shares			Amount
Shares sold		1,893		$	29,326			558		$	10,000
Reinvestment of distributions		25			417			—			—
Shares reacquired		(1	)		(21	)		—			—
Increase		1,917		$	29,722			558		$	10,000

Class R6 Shares^(a)
Shares sold		727		$	11,256			765		$	13,715
Reinvestment of distributions		38			620			—			—
Shares reacquired		(17	)		(278	)		—			(11	)
Increase		748		$	11,598			765		$	13,704

		Six Months Ended
		April 30, 2016						Year Ended
Value Opportunities Fund		(unaudited)						October 31, 2015

Class A Shares		Shares			Amount			Shares			Amount
Shares sold		5,314,660		$	93,227,829			6,946,059		$	138,580,013
Converted from Class B*		95,366			1,672,556			228,109			4,528,890
Reinvestment of distributions		3,829,547			69,774,338			8,490,788			164,126,941
Shares reacquired		(7,158,899	)		(126,079,418	)		(23,931,040	)		(476,865,936	)
Increase (decrease)		2,080,674		$	38,595,305			(8,266,084	)	$	(169,630,092	)

Class B Shares
Shares sold		16,856		$	277,089			29,738		$	542,948
Reinvestment of distributions		46,017			771,244			129,984			2,342,305
Shares reacquired		(60,774	)		(997,460	)		(197,134	)		(3,652,958	)
Converted to Class A*		(103,845	)		(1,672,556	)		(245,486	)		(4,528,890	)
Decrease		(101,746	)	$	(1,621,683	)		(282,898	)	$	(5,296,595	)

Class C Shares
Shares sold		1,224,788		$	19,925,409			1,754,567		$	32,414,877
Reinvestment of distributions		1,416,764			23,744,964			2,692,059			48,510,902
Shares reacquired		(2,599,255	)		(42,140,926	)		(4,589,904	)		(85,326,351	)
Increase (decrease)		42,297		$	1,529,447			(143,278	)	$	(4,400,572	)

Class F Shares
Shares sold		4,291,314		$	76,294,571			9,264,039		$	189,741,767
Reinvestment of distributions		1,866,669			34,552,058			3,203,589			62,726,268
Shares reacquired		(5,712,145	)		(102,527,401	)		(9,484,403	)		(191,683,885	)
Increase		445,838		$	8,319,228			2,983,225		$	60,784,150

Class I Shares
Shares sold		1,512,549		$	27,514,832			3,644,497		$	75,270,484
Reinvestment of distributions		1,993,546			37,518,542			4,011,079			79,700,142
Shares reacquired		(5,347,636	)		(96,725,080	)		(9,191,123	)		(190,561,288	)
Decrease		(1,841,541	)	$	(31,691,706	)		(1,535,547	)	$	(35,590,662	)

117

Notes to Financial Statements (unaudited)(concluded)

	Six Months Ended
	April 30, 2016						Year Ended
Value Opportunities Fund	(unaudited)						October 31, 2015

Class P Shares	Shares			Amount			Shares			Amount
Shares sold		149,318		$	2,581,955			327,233		$	6,466,393
Reinvestment of distributions		167,787			3,021,853			337,411			6,464,784
Shares reacquired		(406,654	)		(7,008,287	)		(769,540	)		(15,148,909	)
Decrease		(89,549	)	$	(1,404,479	)		(104,896	)	$	(2,217,732	)

Class R2 Shares
Shares sold		60,382		$	1,047,257			119,878		$	2,319,679
Reinvestment of distributions		13,618			241,441			39,381			744,696
Shares reacquired		(96,528	)		(1,673,969	)		(273,320	)		(5,306,824	)
Decrease		(22,528	)	$	(385,271	)		(114,061	)	$	(2,242,449	)

Class R3 Shares
Shares sold		434,771		$	7,469,595			1,052,813		$	20,695,808
Reinvestment of distributions		462,439			8,254,542			931,127			17,700,735
Shares reacquired		(1,178,736	)		(20,368,606	)		(2,261,573	)		(44,481,384	)
Decrease		(281,526	)	$	(4,644,469	)		(277,633	)	$	(6,084,841	)

Class R4 Shares^(a)
Shares sold		39,841		$	713,669			492		$	10,000
Reinvestment of distributions		38			689			—			—
Shares reacquired		(126	)		(2,269	)		—			—
Increase		39,753		$	712,089			492		$	10,000

Class R5 Shares^(a)
Shares sold		—		$	—			478		$	10,000
Reinvestment of distributions		35.57			669			—			—
Increase		35.57		$	669			478		$	10,000

Class R6 Shares^(a)
Shares sold		1,277,514		$	21,900,553			1,442,093		$	29,751,358
Reinvestment of distributions		107,061			2,015,955			—			—
Shares reacquired		(90,371	)		(1,618,474	)		(2,355	)		(47,360	)
Increase		1,294,204		$	22,298,034			1,439,738		$	29,703,998

*	Automatic conversion of Class B shares occurs on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted.
^(a)	Shares commenced on June 30, 2015.

118

Investments in Underlying Funds (unaudited)

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2016, 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		19.11%
Lord Abbett Securities Trust – International Opportunities Fund – Class I		20.28%
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I		9.67%
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I		10.33%
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I		20.28%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		20.33%

The Ten Largest Holdings and the Holdings by Sector, as of April 30, 2016, 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
Panera Bread Co. Class A		1.85%
MarketAxess Holdings, Inc.		1.55%
Pool Corp.		1.51%
Prestige Brands Holdings, Inc.		1.45%
WebMD Health Corp.		1.38%
Belden, Inc.		1.34%
TransUnion		1.33%
Ellie Mae, Inc.		1.33%
ABIOMED, Inc.		1.32%
Align Technology, Inc.		1.29%

Holdings by Sector*	% of Investments
Consumer Discretionary		17.68%
Consumer Staples		3.60%
Energy		0.52%
Financials		7.19%
Health Care		19.71%
Industrials		13.84%
Information Technology		32.23%
Materials		1.01%
Telecommunication Services		2.68%
Utilities		0.53%
Repurchase Agreement		1.01%
Total		100.00%

*	A sector may comprise several industries.

119

Investments in Underlying Funds (unaudited)(continued)

International Opportunities Fund

Ten Largest Holdings	% of Investments
Ebro Foods SA		1.77%
UDG Healthcare plc		1.66%
Charter Hall Group		1.55%
Amer Sports OYJ		1.54%
Elior Group		1.49%
Gategroup Holding AG		1.47%
Arrow Global Group plc		1.46%
Altran Technologoes SA		1.45%
Loomis AB Class B		1.40%
Cairn Homes plc – LSE Shares		1.40%

Holdings by Sector*	% of Investments
Consumer Discretionary		15.10%
Consumer Staples		8.87%
Energy		3.11%
Exchange Traded Fund		1.03%
Financials		18.92%
Health Care		3.92%
Industrials		22.61%
Information Technology		12.90%
Materials		4.15%
Telecommunication Services		1.56%
Utilities		3.48%
Repurchase Agreement		4.35%
Total		100.00%

*	A sector may comprise several industries.

Micro Cap Growth Fund

Ten Largest Holdings	% of Investments
Calavo Growers, Inc.		2.01%
MaxLinear, Inc. Class A		1.90%
FivePrime Therapeutics, Inc		1.88%
Inogen, Inc		1.86%
Ollie’s Bargain Outlet Holdings, Inc.		1.82%
Pacific Biosciences of California, Inc.		1.62%
LendingTree, Inc.		1.60%
Duluth Holdings, Inc.		1.57%
Silicon Motion Technology Corp. ADR		1.56%
Gigamon, Inc.		1.56%

120

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*	% of Investments
Consumer Discretionary		14.94%
Consumer Staples		3.34%
Energy		1.05%
Financials		5.80%
Health Care		24.13%
Industrials		12.24%
Information Technology		31.65%
Materials		2.11%
Telecommunication Services		0.86%
Utilities		0.94%
Repurchase Agreement		2.94%
Total		100.00%

*	A sector may comprise several industries.

Micro Cap Value Fund

Ten Largest Holdings	% of Investments
First Merchants Corp.		3.78%
Connecticut Water Service, Inc.		3.39%
Neenah Paper, Inc.		3.26%
Renasant Corp.		3.19%
AMERISAFE, Inc.		3.13%
Patrick Industries, Inc.		3.12%
Gibraltar Industries, Inc.		3.05%
Physicians Realty Trust		2.97%
Chesapeake Utilities Corp.		2.89%
BNC Bancorp		2.84%


Holdings by Sector*	% of Investments
Consumer Discretionary		8.87%
Consumer Staples		3.07%
Energy		5.82%
Financials		33.13%
Health Care		3.45%
Industrials		22.13%
Information Technology		7.57%
Materials		8.34%
Telecommunication Services		0.72%
Utilities		6.28%
Repurchase Agreement		0.62%
Total		100.00%

*	A sector may comprise several industries.

121

Investments in Underlying Funds (unaudited)(continued)

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

Ten Largest Holdings	% of Investments
PrivateBancorp, Inc.		2.71%
IDACORP, Inc.		2.70%
AECOM		2.55%
Littelfuse, Inc.		2.44%
First Industrial Realty Trust, Inc.		2.39%
South State Corp.		2.38%
HealthSouth Corp.		2.34%
STERIS plc		2.31%
Renasant Corp.		2.10%
CoreSite Realty Corp.		2.01%

Holdings by Sector*	% of Investments
Consumer Discretionary		8.64%
Consumer Staples		4.81%
Energy		5.52%
Financials		24.51%
Health Care		9.05%
Industrials		16.33%
Information Technology		17.17%
Materials		7.88%
Telecommunication Services		0.97%
Utilities		4.70%
Repurchase Agreement		0.42%
Total		100.00%

*	A sector may comprise several industries.

Value Opportunities Fund

Ten Largest Holdings	% of Investments
Federal Realty Investment Trust		2.72%
AECOM		2.36%
Reliance Steel & Aluminum Co.		2.25%
CMS Energy Corp.		2.13%
STERIS plc (United Kingdom)		2.12%
HealthSouth Corp.		2.06%
RenaissanceRe Holdings Ltd.		1.97%
Fidelity National Information Services, Inc.		1.92%
Booz Allen Hamilton Holding Corp.		1.91%
Pinnacle Foods, Inc.		1.85%

122

Investments in Underlying Funds (unaudited)(concluded)

Holdings by Sector*	% of Investments
Consumer Discretionary		11.19%
Consumer Staples		3.00%
Energy		6.04%
Financials		23.40%
Health Care		10.35%
Industrials		12.59%
Information Technology		16.62%
Materials		6.94%
Telecommunication Services		1.64%
Utilities		6.45%
Repurchase Agreement		1.78%
Total		100.00%

*	A sector may comprise several industries.

123

Supplemental Proxy Information (unaudited)

Joint special meetings of shareholders of International Dividend Income Fund and International Opportunities Fund were held on November 5, 2015 and joint special meetings of shareholders of Alpha Strategy Fund, Fundamental Equity Fund, International Core Equity Fund, and Value Opportunities Fund were held on December 15, 2015. Each meeting was held for a Fund’s shareholders to vote on the following matters:

	1.	To amend the Fund’s fundamental restrictions related to borrowing and lending to enable the Fund to participate in an interfund lending program; and

	2.	To ratify the selection of Deloitte & Touche LLP as independent registered public accounting firm for the Fund’s current fiscal year.

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

1. To approve the amendment to the fundamental investment restrictions of the Fund as described in the proxy statement:

(a) Amend the fundamental investment restriction with respect to Borrowing

			Votes				Broker
	Votes For		Against		Abstain		Non-Votes
Alpha Strategy Fund		15,979,568		685,769		1,004,433		4,475,293
Fundamental Equity Fund		102,174,384		7,980,141		8,398,877		32,985,186
International Core Equity Fund		15,095,233		981,976		1,052,971		5,124,868
International Dividend Income Fund		206,923,025		5,813,025		6,736,658		22,536,745
International Opportunities Fund		20,948,236		726,350		669,782		3,357,759
Value Opportunities Fund		52,836,181		2,784,725		2,793,655		15,524,696

1. To approve the amendment to the fundamental investment restrictions of the Fund as described in the proxy statement:

(b) Amend the fundamental investment restriction with respect to Lending

			Votes				Broker
	Votes For		Against		Abstain		Non-Votes
Alpha Strategy Fund		15,970,197		691,798		1,007,775		4,475,293
Fundamental Equity Fund		102,206,717		7,941,864		8,404,821		32,985,186
International Core Equity Fund		15,118,277		957,279		1,054,624		5,124,868
International Dividend Income Fund		206,809,359		5,935,828		6,727,521		22,536,745
International Opportunities Fund		20,921,368		727,232		695,768		3,357,759
Value Opportunities Fund		52,838,562		2,738,011		2,837,988		15,524,696

2. To ratify the selection of Deloitte & Touche LLP as the Fund’s independent registered public accounting firm for the Fund’s current fiscal year

			Votes				Broker
	Votes For		Against		Abstain		Non-Votes
Alpha Strategy Fund		20,552,831		412,604		1,179,628		—
Fundamental Equity Fund		140,861,195		2,714,847		7,962,546		—
International Core Equity Fund		20,785,624		533,504		935,920		—
International Dividend Income Fund		233,632,697		1,804,591		6,572,165		—
International Opportunities Fund		24,823,742		362,699		515,686		—
Value Opportunities Fund		70,003,830		1,228,166		2,707,261		—

124

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 (the “Independent Board Members”), 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 Independent Board Members also discussed the materials described above with their independent legal counsel in a private session at which no representatives of management were present.

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; and (9) 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, 2015. As to Alpha Strategy 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 of the performance peer group 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

125

Approval of Advisory Contract (continued)

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

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 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 level 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 level 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 level 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.

126

Approval of Advisory Contract (concluded)

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

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

127

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).

128

Lord Abbett Securities Trust

Lord Abbett Alpha Strategy 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.

Lord Abbett Fundamental Equity Fund

Lord Abbett Growth Leaders Fund

Lord Abbett International Core Equity Fund

Lord Abbett International Dividend Income Fund

Lord Abbett International Opportunities Fund

Lord Abbett Value Opportunities Fund

LST-3
(06/16)

2016 LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Micro Cap Growth Fund

Micro Cap Value Fund

For the six-month period ended April 30, 2016

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

16		Financial Highlights

20		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, 2016

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, 2016. 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

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, 2015 through April 30, 2016).

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 11/1/15 – 4/30/16” 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.

Micro Cap Growth Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/15	4/30/16		11/1/15 – 4/30/16

Class A
Actual	$1,000.00	$	896.60	$8.54
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,015.86	$9.07
Class I
Actual	$1,000.00	$	896.50	$8.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,015.86	$9.07

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.81% for Classes A and I) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2016

Sector*	%**
Consumer Discretionary	14.94	%
Consumer Staples	3.34	%
Energy	1.05	%
Financials	5.80	%
Health Care	24.13	%
Industrials	12.24	%
Information Technology	31.65	%
Materials	2.11	%
Telecommunication Services	0.86	%
Utilities	0.94	%
Repurchase Agreement	2.94	%
Total	100.00	%

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

Micro Cap Value Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/15	4/30/16	11/1/15 – 4/30/16
Class A
Actual	$1,000.00	$1,002.60	$9.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.86	$9.07
Class I
Actual	$1,000.00	$1,002.50	$9.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.86	$9.07

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.81% for Classes A and I) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2016

Sector*	%**
Consumer Discretionary	8.87	%
Consumer Staples	3.07	%
Energy	5.82	%
Financials	33.13	%
Health Care	3.45	%
Industrials	22.13	%
Information Technology	7.57	%
Materials	8.34	%
Telecommunication Services	0.72	%
Utilities	6.28	%
Repurchase Agreement	0.62	%
Total	100.00	%

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

Schedule of Investments (unaudited)

MICRO CAP GROWTH FUND April 30, 2016

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 96.25%

Aerospace & Defense 1.54%
Aerovironment, Inc.*		51,712	$	1,493
TASER International, Inc.*		38,442		702
Total				2,195

Air Freight & Logistics 2.11%
Air Transport Services Group, Inc.*		97,742		1,377
Echo Global Logistics, Inc.*		69,513		1,625
Total				3,002

Auto Components 1.08%
Fox Factory Holding Corp.*		88,835		1,538

Banks 1.20%
Cardinal Financial Corp.		37,403		828
ServisFirst Bancshares, Inc.		17,903		882
Total				1,710

Biotechnology 9.47%
Acceleron Pharma, Inc.*		38,403		1,150
Agios Pharmaceuticals, Inc.*		29,157		1,427
Blueprint Medicines Corp.*		38,844		590
Coherus Biosciences, Inc.*		64,156		1,208
Dynavax Technologies Corp.*		41,851		687
Emergent BioSolutions, Inc.*		29,591		1,140
Five Prime Therapeutics, Inc.*		55,592		2,646
Foundation Medicine, Inc.*		20,812		332
Genomic Health, Inc.*		33,946		892
Ophthotech Corp.*		19,912		931
Sage Therapeutics, Inc.*		27,682		1,043
Spark Therapeutics, Inc.*		39,856		1,430
Total				13,476

Building Products 3.42%
American Woodmark Corp.*		18,992		1,384
Builders FirstSource, Inc.*		165,305		1,833
Patrick Industries, Inc.*		35,858		1,644
Total				4,861

			Fair
			Value
Investments	Shares		(000)
Chemicals 0.81%
Ferro Corp.*		90,482	$	1,153

Construction & Engineering 1.19%
Comfort Systems USA, Inc.		57,351		1,691

Construction Materials 1.28%
US Concrete, Inc.*		29,432		1,818

Diversified Consumer Services 0.97%
2U, Inc.*		49,021		1,374

Diversified Financial Services 0.59%
On Deck Capital, Inc.*		97,934		845

Diversified Telecommunication Services 0.86%
8x8, Inc.*		107,177		1,215

Electrical Equipment 0.99%
LSI Industries, Inc.		111,346		1,408

Electronic Equipment, Instruments & Components 3.31%
Fabrinet (Thailand)*^(a)		47,400		1,516
II-VI, Inc.*		67,617		1,411
Rogers Corp.*		31,139		1,786
Total				4,713

Food Products 3.31%
Amplify Snack Brands, Inc.*		121,755		1,876
Calavo Growers, Inc.		49,610		2,836
Total				4,712

Health Care Equipment & Supplies 8.18%
Cynosure, Inc. Class A*		26,753		1,309
Endologix, Inc.*		65,097		730
Glaukos Corp.*		40,662		766
Inogen, Inc.*		53,806		2,629
Nevro Corp.*		29,846		2,007
NxStage Medical, Inc.*		48,734		785
Penumbra, Inc.*		34,496		1,880
ZELTIQ Aesthetics, Inc.*		51,025		1,526
Total				11,632

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND April 30, 2016

		Fair
		Value
Investments	Shares		(000)
Health Care Providers & Services 0.55%
ExamWorks Group, Inc.*	21,796	$	786

Health Care Technology 1.86%
Evolent Health, Inc. Class A*	62,622		752
Press Ganey Holdings, Inc.*	62,151		1,894
Total			2,646

Hotels, Restaurants & Leisure 2.91%
Chuy’s Holdings, Inc.*	41,615		1,271
Ruth’s Hospitality Group, Inc.	69,803		1,109
Zoe’s Kitchen, Inc.*	47,060		1,764
Total			4,144

Household Durables 3.42%
iRobot Corp.*	32,067		1,199
LGI Homes, Inc.*	60,602		1,697
Universal Electronics, Inc.*	29,527		1,961
Total			4,857

Independent Power & Renewable Electricity Producers 0.93%
8Point3 Energy Partners LP	83,712		1,320

Internet & Catalog Retail 2.91%
Duluth Holdings, Inc.*	92,980		2,212
Etsy, Inc.*	81,807		718
PetMed Express, Inc.	65,685		1,202
Total			4,132

Internet Software & Services 9.53%
Alarm.com Holdings, Inc.*	93,157		2,125
Apigee Corp.*	131,364		1,274
Benefitfocus, Inc.*	46,783		1,773
Criteo SA ADR*	52,516		2,189
Five9, Inc.*	201,471		1,864
Instructure, Inc.*	87,676		1,766
Stamps.com, Inc.*	7,858		647
Wix.com Ltd. (Israel)*^(a)	77,490		1,916
Total			13,554

Leisure Product 0.50%
Smith & Wesson Holding Corp.*	32,709		714

		Fair
		Value
Investments	Shares		(000)
Life Sciences Tools & Services 2.37%
Fluidigm Corp.*	94,971	$	910
NanoString Technologies, Inc.*	11,637		185
Pacific Biosciences of California, Inc.*	236,175		2,279
Total			3,374

Machinery 1.49%
Briggs & Stratton Corp.	31,616		669
RBC Bearings, Inc.*	19,747		1,448
Total			2,117

Media 0.55%
Entravision Communications
Corp. Class A	98,945		787

Multi-Line Retail 1.80%
Ollie’s Bargain Outlet Holdings, Inc.*	96,872		2,562

Oil, Gas & Consumable Fuels 1.04%
GasLog Ltd. (Monaco)^(a)	115,866		1,484

Pharmaceuticals 1.49%
Intra-Cellular Therapies, Inc.*	46,300		1,589
Revance Therapeutics, Inc.*	28,987		533
Total			2,122

Professional Services 1.40%
Insperity, Inc.	37,700		1,989

Real Estate Investment Trusts 1.86%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	53,540		1,039
Rexford Industrial Realty, Inc.	85,426		1,603
Total			2,642

Semiconductors & Semiconductor Equipment 6.79%
Inphi Corp.*	68,504		2,033
MaxLinear, Inc. Class A*	160,418		2,687
Photronics, Inc.*	68,661		726
Silicon Motion Technology Corp. ADR	57,094		2,201

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MICRO CAP GROWTH FUND April 30, 2016

		Fair
		Value
Investments	Shares		(000)
Semiconductors & Semiconductor Equipment (continued)
SolarEdge Technologies, Inc. (Israel)*^(a)	74,864	$	2,006
Total			9,653

Software 9.73%
Bottomline Technologies de, Inc.*	48,235		1,185
BroadSoft, Inc.*	54,601		2,138
Callidus Software, Inc.*	73,692		1,349
Gigamon, Inc.*	67,353		2,195
Globant SA (Luxembourg)*^(a)	33,978		1,206
Materialise NV ADR*	150,329		1,108
Paylocity Holding Corp.*	33,096		1,267
Rubicon Project, Inc. (The)*	87,211		1,689
Silver Spring Networks, Inc.*	121,730		1,710
Total			13,847

Technology Hardware, Storage & Peripherals 2.03%
Cray, Inc.*	51,024		1,932
Super Micro Computer, Inc.*	35,359		952
Total			2,884

Textiles, Apparel & Luxury Goods 0.68%
Vera Bradley, Inc.*	55,410		972

		Fair
		Value
Investments	Shares		(000)
Thrifts & Mortgage Finance 2.10%
HomeStreet, Inc.*	34,204	$	737
LendingTree, Inc.*	25,164		2,251
Total			2,988
Total Investments in Common Stocks (cost $119,352,480)			136,917


	Principal
	Amount
	(000)

SHORT-TERM INVESTMENT 2.91%

Repurchase Agreement
Repurchase Agreement dated 4/29/2016, 0.03% due 5/2/2016 with Fixed Income Clearing Corp. collateralized by $4,180,000 of Federal National Mortgage Assoc. at 1.375% due 11/15/2016; value: $4,227,025; proceeds: $4,140,613 (cost $4,140,602)	$	4,141		4,141
Total Investments in Securities 99.16% (cost $123,493,082)				141,058
Other Assets in Excess of Liabilities 0.84%				1,194
Net Assets 100.00%			$	142,252

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, 2016 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	$	136,917	$	–	$	–	$	136,917
Repurchase Agreement		–		4,141		–		4,141
Total	$	136,917	$	4,141	$	–	$	141,058

⁽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 1/Level 2 transfers during the period ended April 30, 2016.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

MICRO CAP VALUE FUND April 30, 2016

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 100.12%

Banks 16.58%
Ameris Bancorp		103,600	$	3,253
BNC Bancorp		185,600		4,150
First Merchants Corp.		215,479		5,527
Pacific Premier Bancorp, Inc.*		117,200		2,726
Renasant Corp.		135,800		4,663
Silver Run Acquisition Corp.*		137,262		1,417
Talmer Bancorp, Inc. Class A		119,900		2,326
Total				24,062

Beverages 2.35%
Cott Corp. (Canada)^(a)		257,009		3,408

Building Products 8.16%
Advanced Drainage Systems, Inc.		122,653		2,836
Gibraltar Industries, Inc.*		168,270		4,451
Patrick Industries, Inc.*		99,458		4,560
Total				11,847

Chemicals 3.98%
Chase Corp.		61,700		3,473
Quaker Chemical Corp.		25,800		2,298
Total				5,771

Communications Equipment 1.00%
Plantronics, Inc.		37,888		1,457

Construction & Engineering 1.24%
Argan, Inc.		52,636		1,799

Containers & Packaging 1.14%
Multi Packaging Solutions
International Ltd.*		99,616		1,656

Diversified Telecommunication Services 0.73%
Cogent Communications Holdings, Inc.		27,319		1,057

Electrical Equipment 1.36%
AZZ, Inc.		36,000		1,977

			Fair
			Value
Investments	Shares		(000)
Electronic Equipment, Instruments & Components 2.85%
Orbotech Ltd. (Israel)*^(a)		124,400	$	2,995
Vishay Precision Group, Inc.*		75,783		1,134
Total				4,129

Food Products 0.74%
Farmer Bros Co.*		35,543		1,074

Gas Utilities 2.91%
Chesapeake Utilities Corp.		71,000		4,226

Health Care Equipment & Supplies 0.95%
CONMED Corp.		33,352		1,381

Health Care Providers & Services 2.52%
Aceto Corp.		163,300		3,663

Hotels, Restaurants & Leisure 4.69%
Denny’s Corp.*		312,876		3,094
El Pollo Loco Holdings, Inc.*		281,530		3,714
Total				6,808

Household Durables 1.93%
Ethan Allen Interiors, Inc.		82,090		2,794

Insurance 3.16%
AMERISAFE, Inc.		85,000		4,580

Machinery 6.08%
EnPro Industries, Inc.		43,556		2,552
Lydall, Inc.*		112,500		4,139
Standex International Corp.		27,700		2,124
Total				8,815

Oil, Gas & Consumable Fuels 5.86%
Carrizo Oil & Gas, Inc.*		81,012		2,865
Parsley Energy, Inc. Class A*		103,328		2,420
Rice Energy, Inc.*		80,375		1,391
RSP Permian, Inc.*		59,799		1,831
Total				8,507

Paper & Forest Products 3.29%
Neenah Paper, Inc.		73,275		4,769

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MICRO CAP VALUE FUND April 30, 2016

			Fair
			Value
Investments	Shares		(000)
Professional Services 2.85%
ICF International, Inc.*		105,037	$	4,135

Real Estate Investment Trusts 7.41%
CoreSite Realty Corp.		33,800		2,533
Physicians Realty Trust		239,499		4,342
Retail Opportunity Investments Corp.		197,300		3,881
Total				10,756

Real Estate Management & Development 4.83%
Marcus & Millichap, Inc.*		122,319		3,068
RE/MAX Holdings, Inc. Class A		107,100		3,941
Total				7,009

Semiconductors & Semiconductor Equipment 1.80%
MaxLinear, Inc. Class A*		84,767		1,420
Silicon Motion Technology Corp. ADR		30,726		1,184
Total				2,604

Specialty Retail 2.32%
Francesca’s Holdings Corp.*		135,300		2,246
Zumiez, Inc.*		66,831		1,121
Total				3,367

Technology Hardware, Storage & Peripherals 1.98%
Electronics for Imaging, Inc.*		72,167		2,875

Thrifts & Mortgage Finance 1.39%
Essent Group Ltd.*		98,900		2,019

			Fair
			Value
Investments	Shares		(000)
Trading Companies & Distributors 2.60%
Lawson Products, Inc.*		119,300	$	2,337
Rush Enterprises, Inc. Class A*		72,600		1,430
Total				3,767

Water Utilities 3.42%
Connecticut Water Service, Inc.		105,400		4,956
Total Common Stocks (cost $115,537,891)				145,268

	Principal
	Amount
	(000)
SHORT-TERM INVESTMENT 0.62%

Repurchase Agreement
Repurchase Agreement dated 4/29/2016, 0.03% due 5/2/2016 with Fixed Income Clearing Corp. collateralized by $925,000 of U.S. Treasury Note at 1.00% due 9/30/2016; value: $927,313; proceeds: $907,692 (cost $907,690)	$	908		908
Total Investments in Securities 100.74% (cost $116,445,581)				146,176
Liabilities in Excess of Other Assets (0.74)%				(1,077	)
Net Assets 100.00%			$	145,099

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

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MICRO CAP VALUE FUND April 30, 2016

The following is a summary of the inputs used as of April 30, 2016 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	$	145,268	$	–	$	–	$	145,268
Repurchase Agreement		–		908		–		908
Total	$	145,268	$	908	$	–	$	146,176

⁽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 1/Level 2 transfers during the period ended April 30, 2016.

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)

April 30, 2016

	Micro Cap			Micro Cap
	Growth Fund			Value Fund
ASSETS:
Investments in securities, at cost	$	123,493,082		$	116,445,581
Investments in securities, at fair value	$	141,057,761		$	146,176,312
Receivables:
Interest and dividends		5,574			5,402
Capital shares sold		–			8,598
Investment securities sold		4,311,133			757,716
Prepaid expenses		8,574			16,489
Total assets		145,383,042			146,964,517
LIABILITIES:
Payables:
Investment securities purchased		2,857,755			1,086,112
Capital shares reacquired		–			504,275
Management fee		175,583			178,647
Trustees’ fees		16,072			17,871
Fund administration		4,682			4,764
To affiliate (See Note 3)		31,849			35,065
Accrued expenses		44,744			38,428
Total liabilities		3,130,685			1,865,162
NET ASSETS	$	142,252,357		$	145,099,355
COMPOSITION OF NET ASSETS:
Paid-in capital	$	152,427,719		$	105,430,937
Accumulated net investment loss		(1,617,072	)		(1,619,936	)
Accumulated net realized gain (loss) on investments		(26,122,969	)		11,557,623
Net unrealized appreciation on investments		17,564,679			29,730,731
Net Assets	$	142,252,357		$	145,099,355
Net assets by class:
Class A Shares	$	8,515,348		$	6,060,553
Class I Shares	$	133,737,009		$	139,038,802
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		715,563			197,571
Class I Shares		10,363,257			4,363,701
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$11.90			$30.68
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$12.63			$32.55
Class I Shares-Net asset value		$12.90			$31.86

See Notes to Financial Statements.

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2016

	Micro Cap			Micro Cap
	Growth Fund			Value Fund
Investment income:
Dividends (net of foreign withholding taxes of $0 and $2,742, respectively)	$	202,179		$	1,005,692
Interest		562			231
Total investment income		202,741			1,005,923
Expenses:
Management fee		1,038,636			1,098,012
Shareholder servicing		23,749			20,960
Professional		22,780			22,808
Reports to shareholders		3,160			3,190
Fund administration		27,697			29,280
Custody		11,873			4,106
Trustees’ fees		1,595			1,721
Registration		16,617			16,117
Subsidy (See Note 3)		104,900			118,513
Other		6,921			6,593
Gross expenses		1,257,928			1,321,300
Expense reductions (See Note 8)		(40	)		(34	)
Net expenses		1,257,888			1,321,266
Net investment loss		(1,055,147	)		(315,343	)
Net realized and unrealized gain (loss):
Net realized loss on investments		(22,310,706	)		11,610,873
Net change in unrealized appreciation/depreciation on investments		8,974,305			(11,212,322	)
Net realized and unrealized gain (loss)		(13,336,401	)		398,551
Net Increase (Decrease) in Net Assets Resulting From Operations	$	(14,391,548	)	$	83,208

See Notes to Financial Statements.

Statements of Changes in Net Assets

	Micro Cap Growth Fund
	For the Six Months
	Ended April 30, 2016				For the Year Ended
DECREASE IN NET ASSETS	(unaudited)				October 31, 2015
Operations:
Net investment loss		$	(1,055,147	)		$	(2,804,485	)
Net realized gain (loss) on investments			(22,310,706	)			28,749,646
Net change in unrealized appreciation/depreciation on investments			8,974,305				(22,832,254	)
Net increase (decrease) in net assets resulting from operations			(14,391,548	)			3,112,907
Distributions to shareholders from:
Net realized gain
Class A			(1,849,104	)			(1,633,376	)
Class I			(25,030,822	)			(18,532,831	)
Total distributions to shareholders			(26,879,926	)			(20,166,207	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares			14,544,233				7,961,986
Reinvestment of distributions			24,413,579				18,676,181
Cost of shares reacquired			(4,850,183	)			(29,706,060	)
Net increase (decrease) in net assets resulting from capital share transactions			34,107,629				(3,067,893	)
Net decrease in net assets			(7,163,845	)			(20,121,193	)
NET ASSETS:
Beginning of period		$	149,416,202			$	169,537,395
End of period		$	142,252,357			$	149,416,202
Accumulated net investment loss		$	(1,617,072	)		$	(561,925	)

See Notes to Financial Statements.

Statements of Changes in Net Assets (concluded)

	Micro Cap Value Fund
	For the Six Months
	Ended April 30, 2016				For the Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)				October 31, 2015
Operations:
Net investment loss		$	(315,343	)		$	(1,427,767	)
Net realized gain on investments			11,610,873				3,889,353
Net change in unrealized appreciation/depreciation on investments			(11,212,322	)			2,234,855
Net increase in net assets resulting from operations			83,208				4,696,441
Distributions to shareholders from:
Net realized gain
Class A			(408,358	)			(1,798,650	)
Class I			(3,480,090	)			(14,912,161	)
Total distributions to shareholders			(3,888,448	)			(16,710,811	)
Capital share transactions (See Note 12):
Net proceeds from sales of shares			857,078				8,732,431
Reinvestment of distributions			3,680,664				15,741,765
Cost of shares reacquired			(25,881,319	)			(9,053,255	)
Net increase (decrease) in net assets resulting from capital share transactions			(21,343,577	)			15,420,941
Net increase (decrease) in net assets			(25,148,817	)			3,406,571
NET ASSETS:
Beginning of period		$	170,248,172			$	166,841,601
End of period		$	145,099,355			$	170,248,172
Accumulated net investment loss		$	(1,619,936	)		$	(1,304,592	)

See Notes to Financial Statements.

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Financial Highlights

MICRO CAP GROWTH FUND

			Per Share Operating Performance:
												Distributions
												to
												shareholders
			Investment Operations:									from:
	Net asset		Net			Net									Net asset
	value,		investment			realized and			Total from			Net			value,
	beginning of		income			unrealized			investment			realized			end of
	period		(loss)^(a)			gain (loss)			operations			gain			period
Class A
4/30/2016^(c)		$16.33		$(0.09	)		$(1.14	)		$(1.23	)		$(3.20	)	$	11.90
10/31/2015		18.56		(0.30	)		0.42			0.12			(2.35	)		16.33
10/31/2014		22.57		(0.28	)		2.27			1.99			(6.00	)		18.56
10/31/2013		14.03		(0.29	)		8.94			8.65			(0.11	)		22.57
10/31/2012		15.98		(0.28	)		0.79			0.51			(2.46	)		14.03
10/31/2011		15.47		(0.33	)		0.84			0.51			–			15.98
Class I
4/30/2016^(c)		17.45		(0.10	)		(1.25	)		(1.35	)		(3.20	)		12.90
10/31/2015		19.67		(0.32	)		0.45			0.13			(2.35	)		17.45
10/31/2014		23.57		(0.29	)		2.39			2.10			(6.00	)		19.67
10/31/2013		14.64		(0.29	)		9.33			9.04			(0.11	)		23.57
10/31/2012		16.52		(0.25	)		0.83			0.58			(2.46	)		14.64
10/31/2011		15.96		(0.30	)		0.86			0.56			–			16.52

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Class A does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.

See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:

						Net			Net assets,		Portfolio
Total			Total			investment			end of		turnover
return^(b)			expenses			loss			period		rate
(%)			(%)			(%)			(000)		(%)

	(10.34	)^(d)	$	0.90	^(d)		(0.75	)^(d)	$	8,515		93.50	^(d)
	0.65			1.80			(1.64	)		13,280		202.96
	10.57			1.78			(1.50	)		12,881		208.12
	62.14			1.85			(1.64	)		11,220		197.69
	4.86			2.09			(1.92	)		11,484		119.77
	3.30			2.07			(1.98	)		15,271		120.62

	(10.35	)^(d)		0.90	^(d)		(0.76	)^(d)		133,737		93.50	^(d)
	0.71			1.80			(1.63	)		136,136		202.96
	10.58			1.78			(1.50	)		156,657		208.12
	62.22			1.81			(1.60	)		140,967		197.69
	5.10			1.84			(1.68	)		89,897		119.77
	3.57			1.82			(1.73	)		93,934		120.62

See Notes to Financial Statements.

Financial Highlights

MICRO CAP VALUE FUND

			Per Share Operating Performance:
												Distributions to
			Investment Operations:									shareholders from:
									Total
			Net			Net			from
	Net asset		invest-			realized			invest-
	value,		ment			and			ment			Net			Net			Total
	beginning		income			unrealized			opera-			investment			realized			distri-
	of period		(loss)^(a)			gain (loss)			tions			income			gain			butions
Class A
4/30/2016^(c)		$31.34	$	(0.07	)		$ 0.15		$	0.08			$ –		$	(0.74	)	$	(0.74	)
10/31/2015		34.19		(0.26	)		1.00			0.74			–			(3.59	)		(3.59	)
10/31/2014		34.74		(0.23	)		3.84			3.61			–			(4.16	)		(4.16	)
10/31/2013		26.52		(0.10	)		8.32			8.22			–			–			–
10/31/2012		22.88		(0.08	)		3.72			3.64			–			–			–
10/31/2011		23.33		(0.29	)		(0.16	)		(0.45	)		–			–			–
Class I
4/30/2016^(c)		32.52		(0.07	)		0.15			0.08			–			(0.74	)		(0.74	)
10/31/2015		35.34		(0.27	)		1.04			0.77			–			(3.59	)		(3.59	)
10/31/2014		35.77		(0.26	)		3.99			3.73			–			(4.16	)		(4.16	)
10/31/2013		27.32		(0.09	)		8.56			8.47			(0.02	)		–			(0.02	)
10/31/2012		23.50		(0.02	)		3.84			3.82			–			–			–
10/31/2011		23.91		(0.24	)		(0.17	)		(0.41	)		–			–			–

^(a)	Calculated using average shares outstanding during the period.
^(b)	Total return for Class A does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.
^(c)	Unaudited.
^(d)	Not annualized.

See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

											Net
Net asset								Net			assets,		Portfolio
value,		Total			Total			investment			end of		turnover
end of		return^(b)			expenses			loss			period		rate
period		(%)			(%)			(%)			(000)		(%)

$	30.68		0.26	^(d)	$	0.90	^(d)	$	(0.22	)^(d)	$	6,061		28.90	^(d)
	31.34		2.79			1.79			(0.86	)		17,198		70.40
	34.19		11.16			1.76			(0.68	)		20,028		59.95
	34.74		31.00			1.82			(0.34	)		32,010		73.58
	26.52		15.91			2.05			(0.32	)		30,512		34.25
	22.88		(1.93	)		2.04			(1.17	)		26,239		56.97

	31.86		0.25	^(d)		0.90	^(d)		(0.21	)^(d)		139,039		28.90	^(d)
	32.52		2.81			1.79			(0.86	)		153,050		70.40
	35.34		11.18			1.77			(0.74	)		146,813		59.95
	35.77		31.02			1.78			(0.29	)		128,093		73.58
	27.32		16.21			1.80			(0.09	)		96,962		34.25
	23.50		(1.67	)		1.79			(0.92	)		94,796		56.97

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.

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 utilize 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

Notes to Financial Statements (unaudited)(continued)

	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.

(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, 2012 through October 31, 2015. 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 are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(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

Notes to Financial Statements (unaudited)(continued)

unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy 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, 2016 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 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 fiscal six months ended April 30, 2016.

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.

Notes to Financial Statements (unaudited)(continued)

As of April 30, 2016, the percentages of Micro Cap Growth Fund’s and Micro Cap Value Fund’s outstanding shares owned by Lord Abbett Alpha Strategy Fund were 78.36% and 82.36%, 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 fiscal six months ended April 30, 2016, the Board did not authorize such Class A 12b-1 fees.

Class I shares do not have a distribution plan.

Two Trustees 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, 2016 and fiscal year ended October 31, 2015 was as follows:

	Micro Cap Growth Fund				Micro Cap Value Fund
	Six Months				Six Months
	Ended				Ended
	4/30/2016		Year Ended		4/30/2016		Year Ended
	(unaudited)		10/31/2015		(unaudited)		10/31/2015
Distributions paid from:
Ordinary income	$	6,650,591	$	3,677,493	$	–	$	–
Net long-term capital gains		20,229,335		16,488,714		3,888,448		16,710,811
Total distributions paid	$	26,879,926	$	20,166,207	$	3,888,448	$	16,710,811

As of April 30, 2016, 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	$	127,304,463		$	116,498,611
Gross unrealized gain		16,400,291			32,499,323
Gross unrealized loss		(2,646,993	)		(2,821,622	)
Net unrealized security gain	$	13,753,298		$	29,677,701

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

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, 2016 were as follows:

	Purchases	Sales
Micro Cap Growth Fund	$133,640,166	$129,648,107
Micro Cap Value Fund	42,723,396	62,935,273

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2016.

6.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

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

Micro Cap Growth Fund

Gross Amounts

Net Amounts of

Offset in the

Assets Presented

Gross Amounts of

Statement of Assets

in the Statement of

Description

Recognized Assets

and Liabilities

Assets and Liabilities

Repurchase Agreement

4,140,602

–

4,140,602

Total

4,140,602

–

4,140,602

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

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

4,140,602

–

(4,140,602

)

–

Total

4,140,602

–

(4,140,602

)

–

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

907,690

–

907,690

Total

907,690

–

907,690

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

Net

Counterparty

Liabilities

Instruments

Received^(a)

Amount^(b)

Fixed Income Clearing Corp.

907,690

–

(907,690

)

–

Total

907,690

–

(907,690

)

–

^(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, 2016.

7.	TRUSTEES’ REMUNERATION

8.	EXPENSE REDUCTIONS

9.	LINE OF CREDIT

During the six months ended April 30, 2016, the Funds did not utilize the Facility.

Notes to Financial Statements (unaudited)(concluded)

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, 2016						Year Ended
Micro Cap Growth Fund				(unaudited)			October 31, 2015
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		9,386		$	117,099			84,144		$	1,509,470
Reinvestment of distributions		132,838			1,849,104			100,381			1,633,205
Shares reacquired		(240,106	)		(3,924,289	)		(65,192	)		(1,229,708	)
Increase (decrease)		(97,882	)	$	(1,958,086	)		119,333		$	1,912,967

Class I Shares
Shares sold		1,136,247		$	14,427,134			339,691		$	6,452,516
Reinvestment of distributions		1,495,327			22,564,475			980,044			17,042,976
Shares reacquired		(71,328	)		(925,894	)		(1,481,051	)		(28,476,352	)
Increase (decrease)		2,560,246		$	36,065,715			(161,316	)	$	(4,980,860	)

	Six Months Ended
	April 30, 2016						Year Ended
Micro Cap Value Fund	(unaudited)						October 31, 2015
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,999		$	59,563			4,393		$	133,102
Reinvestment of distributions		12,601			388,270			57,549			1,701,736
Shares reacquired		(365,849	)		(11,204,249	)		(98,955	)		(3,255,230	)
Decrease		(351,249	)	$	(10,756,416	)		(37,013	)	$	(1,420,392	)

Class I Shares
Shares sold		25,908		$	797,515			279,535		$	8,599,329
Reinvestment of distributions		102,888			3,292,394			457,479			14,040,029
Shares reacquired		(471,799	)		(14,677,070	)		(185,093	)		(5,798,025	)
Increase (decrease)		(343,003	)	$	(10,587,161	)		551,921		$	16,841,333

Supplemental Proxy Information (unaudited)

A joint special meeting of shareholders of the Funds and certain other funds of the Trust was held on November 5, 2015. The joint special meeting was held for shareholders of each Fund to vote on the following matters:

To amend the Fund’s fundamental restrictions related to borrowing and lending to enable the Fund to participate in an interfund lending program; and

To ratify the selection of Deloitte & Touche LLP as independent registered public accounting firm for the Fund’s current fiscal year.

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

1. To approve the amendment to the fundamental investment restrictions of the Fund as described in the proxy statement:

(a) Amend the fundamental investment restriction with respect to Borrowing

			Votes				Broker
	Votes For		Against		Abstain		Non-Votes
Micro Cap Growth Fund		8,007,228		248,032		2,766		0
Micro Cap Value Fund		4,927,727		43,112		733		0

1. To approve the amendment to the fundamental investment restrictions of the Fund as described in the proxy statement:

(b) Amend the fundamental investment restriction with respect to Lending

			Votes				Broker
	Votes For		Against		Abstain		Non-Votes
Micro Cap Growth Fund		8,007,228		248,032		2,766		0
Micro Cap Value Fund		4,927,727		43,112		733		0

2. To ratify the selection of Deloitte & Touche LLP as the Fund’s independent registered public accounting firm for the Fund’s current fiscal year

Votes

Broker

Votes For

Against

Abstain

Non-Votes

Micro Cap Growth Fund

8,167,163

88,095

2,768

–

Micro Cap Value Fund

4,928,948

41,891

733

–

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 (the “Independent Board Members”), 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 Independent Board Members also discussed the materials described above with their independent legal counsel in a private session at which no representatives of management were present.

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, 2015. 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 below the median of the performance peer group for the one-year period and above the median for the three-year, five-year, and ten-year periods.

Approval of Advisory Contract (continued)

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

Other Benefits to Lord Abbett. As to each Fund, the Board considered the character and amount of fees paid by the Fund and the Fund’s shareholders to Lord Abbett and/or Lord Abbett Distributor LLC (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

Approval of Advisory Contract (concluded)

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

Householding

Proxy Voting Policies, Procedures and Records

Shareholder Reports and Quarterly Portfolio Disclosure

This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.	Lord Abbett Securities Trust

Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.	Lord Abbett Micro-Cap Growth Fund Lord Abbett Micro-Cap Value Fund	LAMCVF-3 (06/16)

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 24, 2016

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

Date: June 24, 2016

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 24, 2016

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

Date: June 24, 2016