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: 4/30/2017

Item 1: Report(s) to Shareholders.

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Alpha Strategy Fund

Fundamental Equity Fund

Global Core 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, 2017

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:
19	Alpha Strategy Fund
20	Fundamental Equity Fund
23	Global Core Equity Fund
29	Growth Leaders Fund
32	International Core Equity Fund
40	International Dividend Income Fund
47	International Opportunities Fund
56	Value Opportunities Fund
60	Statements of Assets and Liabilities
64	Statements of Operations
66	Statements of Changes in Net Assets
72	Financial Highlights
102	Notes to Financial Statements
134	Supplemental Information to Shareholders

Lord Abbett Securities Trust

Lord Abbett Alpha Strategy Fund, Lord Abbett Fundamental Equity Fund, Lord Abbett Global Core 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, 2017

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster Trustee, President, and Chief Executive Officer 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, 2017. 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

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2016 through April 30, 2017).

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 11/1/16 – 4/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

Alpha Strategy Fund

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

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†#
			11/1/16 -
	11/1/16	4/30/17	4/30/17
Class A*
Actual	$1,000.00	$1,129.70	$2.11
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.81	$2.01
Class B*
Actual	$1,000.00	$1,125.60	$6.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.14	$5.71
Class C*
Actual	$1,000.00	$1,125.70	$6.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.09	$5.76
Class F*
Actual	$1,000.00	$1,130.60	$1.32
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.55	$1.25
Class F3
Actual	$1,000.00	$1,021.80	$0.05
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,003.51	$0.05
Class I*
Actual	$1,000.00	$1,131.30	$0.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.05	$0.75
Class R2*
Actual	$1,000.00	$1,127.50	$3.96
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.08	$3.76
Class R3*
Actual	$1,000.00	$1,128.10	$3.38
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.62	$3.21
Class R4*
Actual	$1,000.00	$1,129.90	$2.22
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.71	$2.11
Class R5*
Actual	$1,000.00	$1,131.20	$0.90
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.95	$0.85
Class R6*
Actual	$1,000.00	$1,131.30	$0.37
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.45	$0.35

†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.40% for Class A, 1.14% for Classes B and C, 0.25% for Class F, 0.07% for Class F3, 0.15% for Class I, 0.75% for Class R2, 0.64% for Class R3, 0.42% for Class R4, 0.17% for Class R5 and 0.07% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period for Classes A, B, C, F, I, R2, R3, R4, R5 and R6) and multiplied by 26/365 (to reflect the period from April 4, 2017, commencement of operations, to April 30, 2017, for Class F3).
#	Does not include expenses of Underlying Funds in which Alpha Strategy Fund invests.
*	The annualized expenses have been updated (0.47% for Class A, 1.22% for Classes B and C, 0.32% for Class F, 0.22% for Class I, 0.82% for Class R2, 0.72% for Class R3, 0.47% for Class R4, 0.22% for Class R5 and 0.09% for Class R6). Had these updates been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

3

		Hypothetical
		(5% Return
	Actual	Before Expenses)
Class A	$2.48	$2.36
Class B	$6.43	$6.11
Class C	$6.43	$6.11
Class F	$1.69	$1.61
Class I	$1.16	$1.10
Class R2	$4.33	$4.11
Class R3	$3.80	$3.61
Class R4	$2.48	$2.36
Class R5	$1.16	$1.10
Class R6	$0.48	$0.45

Portfolio Holdings Presented by Portfolio Allocation

April 30, 2017

Underlying Fund Name	%*
Lord Abbett Developing Growth Fund, Inc. – Class I	20.05	%
Lord Abbett Securities Trust – International Opportunities Fund – Class I	20.23	%
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I	10.01	%
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I	9.94	%
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I	19.94	%
Lord Abbett Securities Trust-Value Opportunities Fund – Class I	19.83	%
Total	100.00	%

* Represents percent of total investments.

4

Fundamental Equity Fund

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

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/16 -
	11/1/16	4/30/17	4/30/17
Class A
Actual	$1,000.00	$1,106.50	$5.12
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.93	$4.91
Class B
Actual	$1,000.00	$1,102.30	$9.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.22	$8.65
Class C
Actual	$1,000.00	$1,103.30	$9.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.22	$8.65
Class F
Actual	$1,000.00	$1,107.50	$4.34
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.68	$4.16
Class F3
Actual	$1,000.00	$1,003.00	$0.44
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,003.16	$0.44
Class I
Actual	$1,000.00	$1,107.80	$3.82
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.17	$3.66
Class P
Actual	$1,000.00	$1,105.40	$6.16
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.94	$5.91
Class R2
Actual	$1,000.00	$1,104.80	$6.94
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.20	$6.66
Class R3
Actual	$1,000.00	$1,105.50	$6.37
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.74	$6.11
Class R4
Actual	$1,000.00	$1,107.10	$5.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.03	$4.81
Class R5
Actual	$1,000.00	$1,108.00	$3.76
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.22	$3.61
Class R6
Actual	$1,000.00	$1,109.60	$3.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.77	$3.06

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.98% for Class A, 1.73% for Classes B and C, 0.83% for Class F, 0.61% for Class F3, 0.73% for Class I, 1.18% for Class P, 1.33% for Class R2, 1.22% for Class R3, 0.96% for Class R4, 0.72% for Class R5 and 0.61% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period for Classes A, B, C, F, I, P, R2, R3, R4, R5 and R6) and multiplied by 26/365 (to reflect the period from April 4, 2017, commencement of operations, to April 30, 2017, for Class F3).

5

Portfolio Holdings Presented by Sector

April 30, 2017

Sector*	%**
Consumer Discretionary		6.61	%
Consumer Staples		7.11	%
Energy		10.10	%
Financials		24.38	%
Health Care		13.36	%
Industrials		10.98	%
Information Technology		12.43	%
Materials		3.43	%
Real Estate		1.97	%
Telecommunication Services		2.72	%
Utilities		4.96	%
Repurchase Agreement		1.95	%
Total		100.00	%

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

6

Global Core Equity Fund

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

	Beginning Account Value	Ending Account Value	Expenses Paid During Period†
			11/1/16 -
	11/1/16	4/30/17	4/30/17
Class A
Actual	$1,000.00	$1,054.00	$3.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,011.15	$2.98
Class C
Actual	$1,000.00	$1,052.00	$5.21
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,009.00	$5.10
Class F
Actual	$1,000.00	$1,055.00	$2.61
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,011.57	$2.55
Class F3
Actual	$1,000.00	$1,027.20	$0.54
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,003.36	$0.54
Class I
Actual	$1,000.00	$1,055.00	$2.32
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,011.85	$2.27
Class R2
Actual	$1,000.00	$1,053.00	$4.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,010.30	$3.97
Class R3
Actual	$1,000.00	$1,054.00	$3.76
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,010.58	$3.69
Class R4
Actual	$1,000.00	$1,054.00	$3.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,011.29	$2.98
Class R5
Actual	$1,000.00	$1,055.00	$2.31
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,011.96	$2.27
Class R6
Actual	$1,000.00	$1,055.00	$2.17
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,012.05	$2.13

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.05% for Class A, 1.80% for Class C, 0.90% for Class F, 0.75% for Class F3, 0.80% for Class I, 1.40% for Class R2, 1.30% for Class R3, 1.05% for Class R4, 0.80% for Class R5 and 0.75% for Class R6) multiplied by the average account value over the period, multiplied by 103/365 (to reflect one-half year period from January 17, 2017, commencement of operations, to April 30, 2017, for Classes A, C, F, I, R2, R3, R4, R5 and R6) and multiplied by 26/365 (to reflect the period from April 4, 2017, commencement of operations, to April 30, 2017, for Class F3).

7

Portfolio Holdings Presented by Sector

April 30, 2017

Sector*	%**
Consumer Discretionary	9.14	%
Consumer Staples	11.70	%
Energy	5.68	%
Financials	21.75	%
Health Care	8.62	%
Industrials	11.38	%
Information Technology	19.07	%
Materials	7.57	%
Real Estate	0.93	%
Telecommunication Services	2.56	%
Utilities	1.60	%
Total	100.00	%

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

8

Growth Leaders Fund

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

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/16 -
	11/1/16	4/30/17	4/30/17
Class A*
Actual	$1,000.00	$1,114.20	$4.61
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.43	$4.41
Class B*
Actual	$1,000.00	$1,110.70	$8.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.76	$8.10
Class C*
Actual	$1,000.00	$1,110.50	$8.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.71	$8.15
Class F
Actual	$1,000.00	$1,115.50	$3.67
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.32	$3.51
Class F3
Actual	$1,000.00	$1,022.60	$0.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,003.16	$0.41
Class I*
Actual	$1,000.00	$1,116.40	$3.31
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.67	$3.16
Class R2*
Actual	$1,000.00	$1,112.80	$6.44
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.70	$6.16
Class R3*
Actual	$1,000.00	$1,113.30	$5.92
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.19	$5.66
Class R4*
Actual	$1,000.00	$1,114.60	$4.61
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.43	$4.41
Class R5*
Actual	$1,000.00	$1,115.90	$3.31
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.67	$3.16
Class R6*
Actual	$1,000.00	$1,116.20	$2.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.97	$2.86

†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.88% for Class A, 1.62% for Classes B and C, 0.70% for Class F, 0.57% for Class F3, 0.63% for Class I, 1.22% for Class R2, 1.13% for Class R3, 0.88% for Class R4, 0.63% for Class R5 and 0.57% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period for Classes A, B, C, F, I, R2, R3, R4, R5 and R6) and multiplied by 26/365 (to reflect the period from April 4, 2017, commencement of operations, to April 30, 2017, for Class F3).

*

The annualized expenses have been updated (0.95% for Class A, 1.70% for Classes B and C, 0.70% for Class I, 1.30% for Class R2, 1.20% for Class R3, 0.95% for Class R4, 0.70% for Class R5 and 0.60% for Class R6). Had these updates been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

9

		Hypothetical
		(5% Return
	Actual	Before Expenses)
Class A	$4.98	$4.76
Class B	$8.90	$8.50
Class C	$8.90	$8.50
Class I	$3.67	$3.51
Class R2	$6.81	$6.51
Class R3	$6.29	$6.01
Class R4	$4.98	$4.76
Class R5	$3.67	$3.51
Class R6	$3.15	$3.01

Portfolio Holdings Presented by Sector

April 30, 2017

Sector*	%**
Consumer Discretionary		24.58	%
Consumer Staples		0.96	%
Energy		0.47	%
Financials		8.25	%
Health Care		14.68	%
Industrials		7.64	%
Information Technology		41.49	%
Materials		1.50	%
Repurchase Agreement		0.43	%
Total		100.00	%

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

10

International Core Equity Fund

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

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/16 -
	11/1/16	4/30/17	4/30/17
Class A
Actual	$1,000.00	$1,076.50	$5.77
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.24	$5.61
Class B
Actual	$1,000.00	$1,073.10	$9.61
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.52	$9.35
Class C
Actual	$1,000.00	$1,073.00	$9.51
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.62	$9.25
Class F
Actual	$1,000.00	$1,078.40	$4.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.48	$4.36
Class F3
Actual	$1,000.00	$1,035.70	$0.51
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,003.06	$0.50
Class I
Actual	$1,000.00	$1,078.40	$3.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.98	$3.86
Class P
Actual	$1,000.00	$1,075.40	$6.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.25	$6.61
Class R2
Actual	$1,000.00	$1,074.20	$7.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.50	$7.35
Class R3
Actual	$1,000.00	$1,075.70	$6.95
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.10	$6.76
Class R4
Actual	$1,000.00	$1,077.30	$5.77
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.24	$5.61
Class R5
Actual	$1,000.00	$1,078.30	$4.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.48	$4.36
Class R6
Actual	$1,000.00	$1,079.30	$3.61
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.32	$3.51

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.87% for Class B, 1.85% for Class C, 0.87% for Class F, 0.70% for Class F3, 0.77% for Class I, 1.32% for Class P, 1.47% for Class R2, 1.35% for Class R3, 1.12% for Class R4, 0.87% for Class R5 and 0.70% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period for Classes A, B, C, F, I, P, R2, R3, R4, R5 and R6) and multiplied by 26/365 (to reflect the period from April 4, 2017, commencement of operations, to April 30, 2017, for Class F3).

11

Portfolio Holdings Presented by Sector

April 30, 2017

Sector*	%**
Consumer Discretionary	14.31	%
Consumer Staples	8.20	%
Energy	6.18	%
Financials	23.45	%
Health Care	8.25	%
Industrials	14.14	%
Information Technology	6.49	%
Materials	8.23	%
Real Estate	2.47	%
Telecommunication Services	4.17	%
Utilities	3.67	%
Repurchase Agreement	0.44	%
Total	100.00	%

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

12

International Dividend Income Fund

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

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/16 -
	11/1/16	4/30/17	4/30/17
Class A
Actual	$1,000.00	$1,077.60	$5.77
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.24	$5.61
Class C
Actual	$1,000.00	$1,072.40	$9.61
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.52	$9.35
Class F
Actual	$1,000.00	$1,078.30	$4.69
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.28	$4.56
Class F3
Actual	$1,000.00	$1,015.60	$0.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,003.06	$0.56
Class I
Actual	$1,000.00	$1,078.50	$4.17
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.78	$4.06
Class R2
Actual	$1,000.00	$1,074.00	$7.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.50	$7.35
Class R3
Actual	$1,000.00	$1,075.50	$7.05
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.00	$6.85
Class R4
Actual	$1,000.00	$1,076.60	$5.66
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.34	$5.51
Class R5
Actual	$1,000.00	$1,078.70	$4.38
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.58	$4.26
Class R6
Actual	$1,000.00	$1,078.60	$4.07
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.88	$3.96

^† 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, 0.79% for Class F3, 0.81% for Class I, 1.47% for Class R2, 1.37% for Class R3, 1.12% for Class R4, 0.85% for Class R5 and 0.79% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period for Classes A, C, F, I, R2, R3, R4, R5 and R6) and multiplied by 26/365 (to reflect the period from April 4, 2017, commencement of operations, to April 30, 2017, for Class F3).

13

Portfolio Holdings Presented by Sector

April 30, 2017

Sector*	%**
Consumer Discretionary	8.93%
Consumer Staples	7.15%
Energy	8.24%
Financials	34.18%
Health Care	6.48%
Industrials	8.82%
Information Technology	6.78%
Materials	5.18%
Real Estate	2.63%
Telecommunication Services	5.30%
Utilities	4.78%
Repurchase Agreement	1.53%
Total	100.00%

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

14

International Opportunities Fund

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

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/16 -
	11/1/16	4/30/17	4/30/17
Class A
Actual	$1,000.00	$1,129.60	$6.76
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.45	$6.41
Class B
Actual	$1,000.00	$1,125.40	$10.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,014.68	$10.19
Class C
Actual	$1,000.00	$1,125.70	$10.70
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,014.73	$10.14
Class F
Actual	$1,000.00	$1,130.60	$5.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.19	$5.66
Class F3
Actual	$1,000.00	$1,047.90	$0.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,002.90	$0.66
Class I
Actual	$1,000.00	$1,131.20	$5.44
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.69	$5.16
Class P
Actual	$1,000.00	$1,128.10	$7.86
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.41	$7.45
Class R2
Actual	$1,000.00	$1,128.10	$8.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.76	$8.10
Class R3
Actual	$1,000.00	$1,128.00	$8.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.26	$7.60
Class R4
Actual	$1,000.00	$1,130.10	$6.76
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.45	$6.41
Class R5
Actual	$1,000.00	$1,131.30	$5.44
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.69	$5.16
Class R6
Actual	$1,000.00	$1,132.00	$4.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.28	$4.56

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.28% for Class A, 2.04% for Class B, 2.03% for Class C, 1.13% for Class F, 0.93% for Class F3, 1.03% for Class I, 1.49% for Class P, 1.62% for Class R2, 1.52% for Class R3, 1.28% for Class R4, 1.03% for Class R5 and 0.91% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period for Classes A, B, C, F, I, P, R2, R3, R4, R5, and R6) and multiplied by 26/365 (to reflect the period from April 4, 2017, commencement of operations, to April 30, 2017, for Class F3).

15

Portfolio Holdings Presented by Sector

April 30, 2017

Sector*	%**
Purchased Option	0.25%
Consumer Discretionary	16.96%
Consumer Staples	5.44%
Energy	4.43%
Financials	16.42%
Health Care	4.31%
Industrials	21.44%
Information Technology	11.76%
Materials	7.16%
Real Estate	6.24%
Telecommunication Services	1.38%
Utilities	3.04%
Repurchase Agreement	1.17%
Total	100.00%

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

16

Value Opportunities Fund

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

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/16 -
	11/1/16	4/30/17	4/30/17
Class A
Actual	$1,000.00	$1,095.30	$5.92
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.14	$5.71
Class B
Actual	$1,000.00	$1,090.80	$9.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.42	$9.44
Class C
Actual	$1,000.00	$1,090.80	$9.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.47	$9.39
Class F
Actual	$1,000.00	$1,095.80	$5.14
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.89	$4.96
Class F3
Actual	$1,000.00	$1,005.40	$0.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,003.06	$0.56
Class I
Actual	$1,000.00	$1,096.60	$4.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.38	$4.46
Class P
Actual	$1,000.00	$1,093.80	$6.96
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.15	$6.71
Class R2
Actual	$1,000.00	$1,093.20	$7.73
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.41	$7.45
Class R3
Actual	$1,000.00	$1,094.20	$7.17
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.95	$6.90
Class R4
Actual	$1,000.00	$1,095.10	$5.87
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.19	$5.66
Class R5
Actual	$1,000.00	$1,096.60	$4.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.38	$4.46
Class R6
Actual	$1,000.00	$1,097.10	$4.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.93	$3.91

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.14% for Class A, 1.89% for Class B, 1.88% for Class C, 0.99% for Class F, 0.78% for Class F3, 0.89% for Class I, 1.34% for Class P, 1.49% for Class R2, 1.38% for Class R3, 1.13% for Class R4, 0.89% for Class R5 and 0.78% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period for Classes A, B, C, F, I, P, R2, R3, R4, R5 and R6) and multiplied by 26/365 (to reflect the period from April 4, 2017, commencement of operations, to April 30, 2017, for Class F3).

17

Portfolio Holdings Presented by Sector

April 30, 2017

Sector*	%**
Consumer Discretionary	11.07%
Consumer Staples	1.95%
Energy	5.12%
Financials	20.62%
Health Care	8.36%
Industrials	15.05%
Information Technology	15.66%
Materials	8.70%
Real Estate	4.24%
Telecommunication Services	1.73%
Utilities	5.23%
Repurchase Agreement	2.27%
Total	100.00%

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

18

Schedule of Investments (unaudited)

ALPHA STRATEGY FUND April 30, 2017

Investments	Shares		Fair Value (000)
INVESTMENTS IN UNDERLYING FUNDS(a) 100.14%
Lord Abbett Developing Growth Fund, Inc. – Class I*(b)		10,035,765	$	224,600
Lord Abbett Securities Trust – International Opportunities Fund – Class I(c)		12,212,024		226,533
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I*(c)		6,849,566		112,059
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I*(c)		3,213,899		111,362
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I*(c)		8,692,879		223,320

Investments	Shares		Fair Value (000)
Lord Abbett Securities Trust – Value Opportunities Fund – Class I(c)		10,928,596	$	222,069
Total Investments in Underlying Funds (cost $1,058,691,134)				1,119,943
Liabilities in Excess of Other Assets (0.14)%				(1,573	)
Net Assets 100.00%			$	1,118,370

*	Non-income producing security.
(a)	Affiliated issuers (See Note 13).
(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, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Investments in Underlying Funds	$	1,119,943	$	–	$	–	$	1,119,943
Total	$	1,119,943	$	–	$	–	$	1,119,943

(1)	Refer to Note 2(l) 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, 2017.

See Notes to Financial Statements. 19

Schedule of Investments (unaudited)

FUNDAMENTAL EQUITY FUND April 30, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 97.57%
Aerospace & Defense 2.17%
General Dynamics Corp.		310,245	$	60,122
Airlines 0.51%
Delta Air Lines, Inc.		313,848		14,261
Banks 15.86%
Bank of America Corp.		2,158,010		50,368
Citigroup, Inc.		717,357		42,410
Citizens Financial Group, Inc.		1,087,774		39,932
Comerica, Inc.		441,322		31,201
East West Bancorp, Inc.		699,636		37,969
JPMorgan Chase & Co.		1,488,343		129,486
Signature Bank*		139,951		19,376
Webster Financial Corp.		417,804		21,229
Wells Fargo & Co.		1,265,651		68,143
Total				440,114
Beverages 1.89%
Coca-Cola Co. (The)		353,230		15,242
PepsiCo, Inc.		327,800		37,133
Total				52,375
Biotechnology 0.45%
Amgen, Inc.		76,697		12,526
Building Products 0.41%
Johnson Controls International plc		275,419		11,449
Capital Markets 3.35%
Charles Schwab Corp. (The)		529,553		20,573
Goldman Sachs Group, Inc. (The)		142,216		31,828
Invesco Ltd.		1,231,193		40,556
Total				92,957
Chemicals 1.93%
Dow Chemical Co. (The)		853,132		53,577

Investments	Shares		Fair Value (000)
Communications Equipment 1.98%
Cisco Systems, Inc.		1,608,748	$	54,810
Consumer Finance 0.80%
Discover Financial Services		353,613		22,133
Containers & Packaging 0.79%
Packaging Corp. of America		221,846		21,914
Diversified Telecommunication Services 2.71%
AT&T, Inc.		1,698,182		67,299
Verizon Communications, Inc.		171,752		7,885
Total				75,184
Electric: Utilities 3.56%
Duke Energy Corp.		505,622		41,714
NextEra Energy, Inc.		427,951		57,157
Total				98,871
Electrical Equipment 0.90%
AMETEK, Inc.		434,857		24,874
Electronic Equipment, Instruments & Components 0.21%
Corning, Inc.		201,981		5,827
Energy Equipment & Services 1.51%
Halliburton Co.		915,491		42,003
Equity Real Estate Investment Trusts 1.96%
Boston Properties, Inc.		221,817		28,082
Vornado Realty Trust		273,600		26,331
Total				54,413
Food & Staples Retailing 0.99%
CVS Health Corp.		146,093		12,044
Wal-Mart Stores, Inc.		204,982		15,410
Total				27,454
Food Products 2.18%
Kraft Heinz Co. (The)		181,878		16,440
Mondelez International, Inc. Class A		977,553		44,019
Total				60,459

20 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FUNDAMENTAL EQUITY FUND April 30, 2017

Investments	Shares		Fair Value (000)
Health Care Equipment & Supplies 1.93%
Abbott Laboratories		1,224,100	$	53,420
Health Care Providers & Services 3.07%
Aetna, Inc.		296,601		40,062
UnitedHealth Group, Inc.		257,507		45,033
Total				85,095
Hotels, Restaurants & Leisure 2.38%
Carnival Corp.		654,965		40,457
Yum! Brands, Inc.		390,723		25,690
Total				66,147
Household Durables 1.01%
Lennar Corp. Class A		556,608		28,109
Household Products 1.77%
Clorox Co. (The)		102,725		13,733
Colgate-Palmolive Co.		263,597		18,990
Procter & Gamble Co. (The)		186,501		16,287
Total				49,010
Industrial Conglomerates 2.37%
General Electric Co.		1,190,615		34,516
Honeywell International, Inc.		238,923		31,332
Total				65,848
Information Technology Services 1.06%
Fidelity National Information Services, Inc.		350,545		29,512
Insurance 4.25%
Allstate Corp. (The)		539,800		43,880
American International Group, Inc.		162,665		9,908
Chubb Ltd. (Switzerland)(a)		304,021		41,727
Hartford Financial Services Group, Inc. (The)		465,266		22,500
Total				118,015
Internet Software & Services 0.73%
Akamai Technologies, Inc.*		138,844		8,461
Alphabet, Inc. Class A*		12,682		11,725
Total				20,186

Investments	Shares		Fair Value (000)
Life Sciences Tools & Services 1.52%
Thermo Fisher Scientific, Inc.		255,402	$	42,226
Machinery 3.76%
Caterpillar, Inc.		157,047		16,060
Dover Corp.		423,119		33,376
ITT, Inc.		673,636		28,380
PACCAR, Inc.		396,706		26,472
Total				104,288
Media 2.58%
Comcast Corp. Class A		994,498		38,974
Walt Disney Co. (The)		282,491		32,656
Total				71,630
Metals & Mining 0.69%
Reliance Steel & Aluminum Co.		244,329		19,258
Multi-Line Retail 0.29%
Target Corp.		145,620		8,133
Multi-Utilities 1.37%
Sempra Energy		336,432		38,024
Oil, Gas & Consumable Fuels 8.53%
Anadarko Petroleum Corp.		300,669		17,144
Chevron Corp.		557,730		59,510
Devon Energy Corp.		697,393		27,540
EOG Resources, Inc.		405,736		37,531
Exxon Mobil Corp.		852,876		69,637
Hess Corp.		236,462		11,546
Range Resources Corp.		524,204		13,886
Total				236,794
Pharmaceuticals 6.34%
Johnson & Johnson		641,403		79,194
Merck & Co., Inc.		541,379		33,744
Pfizer, Inc.		1,853,400		62,867
Total				175,805
Road & Rail 0.81%
CSX Corp.		441,790		22,461

See Notes to Financial Statements. 21

Schedule of Investments (unaudited)(concluded)

FUNDAMENTAL EQUITY FUND April 30, 2017

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 3.16%
Applied Materials, Inc.		240,400	$	9,763
Broadcom Ltd.		109,985		24,286
Intel Corp.		796,878		28,807
Microchip Technology, Inc.		329,853		24,930
Total				87,786
Software 3.46%
Microsoft Corp.		579,700		39,686
Oracle Corp.		1,251,300		56,259
Total				95,945
Specialty Retail 0.31%
Burlington Stores, Inc.*		86,203		8,527
Technology Hardware, Storage & Peripherals 1.77%
Apple, Inc.		341,612		49,073
Tobacco 0.25%
Altria Group, Inc.		97,674		7,011
Total Common Stocks (cost $2,260,991,996)				2,707,626

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 1.93%
Repurchase Agreement
Repurchase Agreement dated 4/28/2017, 0.09% due 5/1/2017 with Fixed Income Clearing Corp. collateralized by $56,200,000 of U.S. Treasury Bond at 2.75% due 11/15/2042; value: $54,810,343; proceeds: $53,734,528 (cost $53,734,125)	$	53,734	$	53,734
Total Investments in Securities 99.50% (cost $2,314,726,121)				2,761,360
Other Assets in Excess of Liabilities 0.50%				13,752
Net Assets 100.00%			$	2,775,112

*	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, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	2,707,626	$	–	$	–	$	2,707,626
Repurchase Agreement		–		53,734		–		53,734
Total	$	2,707,626	$	53,734	$	–	$	2,761,360

(1)	Refer to Note 2(l) 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, 2017.

22 See Notes to Financial Statements.

Schedule of Investments (unaudited)

GLOBAL CORE EQUITY FUND April 30, 2017

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 98.48%
Australia 1.49%
Equity Real Estate Investment Trusts 0.40%
Mirvac Group		8,349		$	14
Metals & Mining 0.77%
BHP Billiton plc		1,151			18
South32 Ltd.		4,435			9
					27
Multi-Line Retail 0.32%
Myer Holdings Ltd.		13,032			11
Total Australia					52
Austria 1.06%
Banks
Erste Group Bank AG		1,029			37
Belgium 0.75%
Beverages
Anheuser-Busch InBev SA		232			26
Canada 1.09%
Auto Components 0.49%
Linamar Corp.		400			17
Oil, Gas & Consumable Fuels 0.60%
Seven Generations Energy Ltd. Class A*		1,200			21
Total Canada					38
China 0.92%
Internet Software & Services 0.52%
Alibaba Group Holding Ltd. ADR *		154			18
Oil, Gas & Consumable Fuels 0.40%
China Petroleum & Chemical Corp. H Shares		18,000			14
Total China					32

Investments	Shares		U.S. $ Fair Value (000)
Denmark 0.71%
Banks
Danske Bank A/S		680		$	25
France 5.02%
Automobiles 0.75%
Renault SA		284			26
Banks 1.46%
BNP Paribas SA		405			29
Societe Generale SA		406			22
					51
Construction & Engineering 1.75%
Eiffage SA		150			13
Vinci SA		565			48
					61
Electrical Equipment 0.49%
Legrand SA		267			17
Textiles, Apparel & Luxury Goods 0.57%
LVMH Moet Hennessy Louis Vuitton SE		80			20
Total France					175
Germany 3.21%
Auto Components 1.03%
Hella KGaA Hueck & Co.		716			36
Hotels, Restaurants & Leisure 0.44%
TUI AG		1,060			15
Industrial Conglomerates 0.77%
Siemens AG Registered Shares		189			27
Insurance 0.97%
Allianz SE Registered Shares		176			34
Total Germany					112
India 0.46%
Banks
ICICI Bank Ltd. ADR		1,853			16

See Notes to Financial Statements. 23

Schedule of Investments (unaudited)(continued)

GLOBAL CORE EQUITY FUND April 30, 2017

Investments	Shares		U.S. $ Fair Value (000)
Ireland 1.17%
Banks 0.69%
Bank of Ireland*		97,395		$	24
Building Products 0.49%
Allegion plc		210			17
Total Ireland					41
Italy 1.58%
Banks 1.06%
UniCredit SpA*		2,282			37
Diversified Telecommunication Services 0.52%
Telecom Italia SpA*		20,438			18
Total Italy					55
Japan 8.77%
Banks 1.18%
Mitsubishi UFJ Financial Group, Inc.		6,500			41
Chemicals 0.97%
Mitsubishi Chemical Holdings Corp.		4,300			34
Insurance 1.06%
T&D Holdings, Inc.		2,500			37
Machinery 2.27%
Komatsu Ltd.		1,400			37
Makino Milling Machine Co., Ltd.		3,000			27
NTN Corp.		3,000			15
					79
Semiconductors & Semiconductor Equipment 0.80%
Rohm Co., Ltd.		400			28
Software 0.72%
Nintendo Co., Ltd.		100			25
Trading Companies & Distributors 0.68%
Mitsubishi Corp.		1,100			24

Investments	Shares		U.S. $ Fair Value (000)
Wireless Telecommunication Services 1.09%
SoftBank Group Corp.		500		$	38
Total Japan					306
Netherlands 1.40%
Food & Staples Retailing 0.45%
Koninklijke Ahold Delhaize NV		754			16
Oil, Gas & Consumable Fuels 0.95%
Royal Dutch Shell plc B Shares		1,242			33
Total Netherlands					49
Portugal 0.52%
Oil, Gas & Consumable Fuels
Galp Energia SGPS SA		1,153			18
Singapore 1.12%
Food Products
Wilmar International Ltd.		15,300			39
South Korea 2.01%
Diversified Telecommunication Services 0.49%
KT Corp. ADR		1,046			17
Technology Hardware, Storage & Peripherals 1.52%
Samsung Electronics Co., Ltd.		27			53
Total South Korea					70
Spain 1.92%
Banks 0.43%
Banco Bilbao Vizcaya Argentaria SA		1,921			15
Electric: Utilities 0.86%
Iberdrola SA		4,168			30
Oil, Gas & Consumable Fuels 0.63%
Repsol SA		1,389			22
Total Spain					67

24 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL CORE EQUITY FUND April 30, 2017

Investments	Shares		U.S. $ Fair Value (000)
Sweden 0.92%
Metals & Mining
Boliden AB		1,127		$	32
Switzerland 2.17%
Insurance 0.52%
Swiss Life Holding AG Registered Shares*		56			18
Pharmaceuticals 1.65%
Roche Holding AG		220			58
Total Switzerland					76
Taiwan 1.32%
Electronic Equipment, Instruments & Components
Hon Hai Precision Industry Co., Ltd.		14,000			46
United Kingdom 7.54%
Auto Components 0.89%
GKN plc		6,608			31
Banks 0.54%
Royal Bank of Scotland Group plc*		5,570			19
Beverages 0.40%
Coca-Cola European Partners plc		370			14
Capital Markets 1.23%
London Stock Exchange Group plc		980			43
Hotels, Restaurants & Leisure 0.75%
Compass Group plc		1,270			26
Insurance 0.97%
XL Group Ltd.		805			34
Metals & Mining 0.95%
Rio Tinto Ltd.		732			33

Investments	Shares		U.S. $ Fair Value (000)
Road & Rail 0.49%
Firstgroup plc*		9,615		$	17
Tobacco 1.32%
British American Tobacco plc		690			46
Total United Kingdom					263
United States 53.33%
Airlines 0.54%
Alaska Air Group, Inc.		220			19
Auto Components 0.80%
Cooper-Standard Holdings, Inc.*		126			14
Tenneco, Inc.		220			14
					28
Banks 7.40%
Bank of America Corp.		1,572			37
Citigroup, Inc.		683			40
Citizens Financial Group, Inc.		505			18
Comerica, Inc.		432			30
East West Bancorp, Inc.		307			17
Fifth Third Bancorp		967			24
JPMorgan Chase & Co.		670			58
KeyCorp		1,851			34
					258
Beverages 1.64%
Coca-Cola Co. (The)		1,325			57
Biotechnology 0.97%
AbbVie, Inc.		283			19
Shire plc		259			15
					34
Building Products 1.32%
A.O. Smith Corp.		305			16
Owens Corning		215			13
Ply Gem Holdings, Inc.*		854			17
					46

See Notes to Financial Statements. 25

Schedule of Investments (unaudited)(continued)

GLOBAL CORE EQUITY FUND April 30, 2017

Investments	Shares		U.S. $ Fair Value (000)
United States (continued)
Capital Markets 0.66%
E*TRADE Financial Corp.*		680		$	23
Chemicals 1.49%
Dow Chemical Co. (The)		822			52
Containers & Packaging 2.35%
Owens-Illinois, Inc.*		2,409			53
Packaging Corp. of America		294			29
					82
Diversified Financial Services 1.01%
Leucadia National Corp.		1,387			35
Diversified Telecommunication Services 0.43%
AT&T, Inc.		373			15
Electric: Utilities 0.32%
Great Plains Energy, Inc.		357			11
Electronic Equipment, Instruments & Components 1.40%
Plexus Corp.*		392			20
Sanmina Corp.*		414			15
SYNNEX Corp.		126			14
					49
Energy Equipment & Services 1.89%
Baker Hughes, Inc.		235			14
Halliburton Co.		640			29
Schlumberger Ltd.		312			23
					66
Food & Staples Retailing 2.12%
Kroger Co. (The)		957			29
Walgreens Boots Alliance, Inc.		523			45
					74
Food Products 1.72%
Mondelez International, Inc. Class A		1,335			60

Investments	Shares		U.S. $ Fair Value (000)
Health Care Equipment & Supplies 1.58%
Boston Scientific Corp.*		1,090		$	29
Intuitive Surgical, Inc.*		31			26
					55
Health Care Providers & Services 2.10%
Aetna, Inc.		120			16
UnitedHealth Group, Inc.		326			57
					73
Information Technology Services 3.99%
First Data Corp. Class A*		1,861			29
Global Payments, Inc.		387			32
PayPal Holdings, Inc.*		745			36
Visa, Inc. Class A		464			42
					139
Internet & Direct Marketing Retail 1.12%
Amazon.com, Inc.*		42			39
Internet Software & Services 2.12%
Alphabet, Inc. Class A*		65			60
Facebook, Inc. Class A*		96			14
					74
Life Sciences Tools & Services 1.00%
Agilent Technologies, Inc.		630			35
Machinery 1.63%
Dover Corp.		287			23
Parker-Hannifin Corp.		213			34
					57
Media 0.97%
Comcast Corp. Class A		876			34
Multi-Utilities 0.40%
Sempra Energy		128			14
Oil, Gas & Consumable Fuels 0.60%
Chevron Corp.		72			8
Hess Corp.		280			13
					21

26 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL CORE EQUITY FUND April 30, 2017

Investments	Shares		U.S. $ Fair Value (000)
United States (continued)
Personal Products 0.54%
Edgewell Personal Care Co.*		270		$	19
Pharmaceuticals 1.18%
Merck & Co., Inc.		664			41
Real Estate Management & Development 0.52%
CBRE Group, Inc. Class A*		500			18
Semiconductors & Semiconductor Equipment 4.27%
Applied Materials, Inc.		710			29
Intel Corp.		1,465			53
Lam Research Corp.		226			33
Micron Technology, Inc.*		1,248			34
					149
Software 0.40%
Microsoft Corp.		201			14
Specialty Retail 0.92%
Home Depot, Inc. (The)		203			32

Investments	Shares		U.S. $ Fair Value (000)
Technology Hardware, Storage & Peripheral 1.73%
Apple, Inc.		420		$	60
Tobacco 1.43%
Altria Group, Inc.		692			50
Trading Companies & Distributors 0.77%
United Rentals, Inc. *		243			27
Total United States					1,860
Total Investments in Common Stock 98.48% (cost $3,244,940)					3,435
Foreign Cash, Cash and Other Assets in Excess of Liabilities(a) 1.52%					53
Net Assets 100.00%				$	3,488

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

Open Forward Foreign Currency Exchange Contracts at April 30, 2017:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
Brazilian real	Buy	Goldman Sachs	5/23/2017		49,000	$	14,840	$	15,360		$	520
Japanese yen	Buy	Goldman Sachs	5/23/2017		4,550,000		40,315		40,848			533
South African rand	Buy	Bank of America	5/23/2017		122,000		8,769		9,098			329
South Korean won	Buy	Goldman Sachs	6/1/2017		7,750,000		6,609		6,814			205
South Korean won	Sell	Goldman Sachs	6/1/2017		7,750,000		6,828		6,814			14
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts											$	1,601

See Notes to Financial Statements. 27

Schedule of Investments (unaudited)(concluded)

GLOBAL CORE EQUITY FUND April 30, 2017

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Canadian dollar	Buy	Goldman Sachs	5/23/2017		23,300	$	17,809	$	17,074		$	(735	)
Canadian dollar	Buy	Goldman Sachs	5/23/2017		35,000		26,190		25,648			(542	)
Canadian dollar	Buy	Goldman Sachs	5/23/2017		20,000		15,082		14,656			(426	)
Japanese yen	Buy	Bank of America	5/23/2017		730,000		6,600		6,554			(46	)
Japanese yen	Buy	Goldman Sachs	5/23/2017		555,000		5,000		4,983			(17	)
Japanese yen	Buy	Goldman Sachs	5/23/2017		900,000		8,308		8,080			(228	)
British pound	Sell	Bank of America	9/5/2017		21,000		27,271		27,299			(28	)
euro	Sell	Goldman Sachs	6/19/2017		16,000		16,985		17,470			(485	)
euro	Sell	Goldman Sachs	6/19/2017		16,000		17,071		17,470			(399	)
euro	Sell	Goldman Sachs	6/19/2017		8,000		8,509		8,735			(226	)
euro	Sell	Goldman Sachs	6/19/2017		20,000		21,360		21,837			(477	)
euro	Sell	Goldman Sachs	6/19/2017		6,000		6,496		6,551			(55	)
euro	Sell	Goldman Sachs	6/19/2017		23,000		24,959		25,113			(154	)
Japanese yen	Sell	Goldman Sachs	5/23/2017		10,270,000		89,722		92,200			(2,478	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts											$	(6,296	)

The following is a summary of the inputs used as of April 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)			Level 3 (000)		Total (000)
Common Stocks	$	3,435	$	–		$	–	$	3,435
Total	$	3,435	$	–		$	–	$	3,435
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	2		$	–	$	2
Liabilities		–		(6	)		–		(6	)
Total	$	–	$	(4	)	$	–	$	(4	)

(1)	Refer to Note 2(l) 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, 2017.

28 See Notes to Financial Statements.

Schedule of Investments (unaudited)

GROWTH LEADERS FUND April 30, 2017

			Fair
			Value
Investments	Shares		(000)
COMMON STOCKS 99.60%
Aerospace & Defense 1.24%
General Dynamics Corp.		141,684	$	27,457
Air Freight & Logistics 0.82%
FedEx Corp.		95,320		18,082
Auto Components 1.03%
Delphi Automotive plc (United Kingdom)(a)		284,492		22,873
Automobiles 2.52%
Tesla, Inc.*		177,937		55,885
Banks 6.32%
Citizens Financial Group, Inc.		624,786		22,936
Comerica, Inc.		312,256		22,076
Fifth Third Bancorp		330,603		8,077
First Republic Bank		274,409		25,372
M&T Bank Corp.		129,947		20,195
SVB Financial Group*		235,378		41,412
Total				140,068
Beverages 0.96%
Constellation Brands, Inc.
Class A		123,948		21,386
Biotechnology 6.06%
Celgene Corp.*		218,978		27,164
Clovis Oncology, Inc.*		156,121		9,038
Exact Sciences Corp.*		516,383		15,497
Exelixis, Inc.*		499,048		11,179
Incyte Corp.*		127,156		15,803
TESARO, Inc.*		106,574		15,729
Vertex Pharmaceuticals, Inc.*		336,874		39,852
Total				134,262
Building Products 0.89%
A.O. Smith Corp.		365,918		19,716

			Fair
			Value
Investments	Shares		(000)
Capital Markets 1.93%
Charles Schwab Corp. (The)		536,393	$	20,839
MarketAxess Holdings, Inc.		113,716		21,892
Total				42,731
Chemicals 0.50%
Sherwin-Williams Co. (The)		33,323		11,153
Communications Equipment 1.29%
Arista Networks, Inc.*		204,458		28,551
Construction Materials 0.99%
Eagle Materials, Inc.		112,239		10,771
Martin Marietta Materials, Inc.		51,027		11,236
Total				22,007
Electrical Equipment 2.08%
Rockwell Automation, Inc.		292,954		46,096
Electronic Equipment, Instruments & Components 3.65%
Cognex Corp.		398,735		34,028
IPG Photonics Corp.*		179,704		22,700
Trimble, Inc.*		680,419		24,107
Total				80,835
Health Care Equipment & Supplies 3.93%
DexCom, Inc.*		72,347		5,640
IDEXX Laboratories, Inc.*		74,960		12,573
Intuitive Surgical, Inc.*		28,110		23,496
Nevro Corp.*		233,262		21,978
Penumbra, Inc.*		273,079		23,335
Total				87,022
Health Care Providers & Services 1.57%
UnitedHealth Group, Inc.		198,597		34,731
Health Care Technology 0.79%
Veeva Systems, Inc. Class A*		327,387		17,554

See Notes to Financial Statements. 29

Schedule of Investments (unaudited)(continued)

GROWTH LEADERS FUND April 30, 2017

			Fair
			Value
Investments	Shares		(000)
Hotels, Restaurants & Leisure 5.58%
Dave & Buster’s Entertainment, Inc.*		449,005	$	28,741
Marriott International, Inc. Class A		242,745		22,920
Royal Caribbean Cruises Ltd.		169,156		18,032
Starbucks Corp.		179,716		10,794
Wynn Resorts Ltd.		93,295		11,476
Yum China Holdings, Inc.*		932,453		31,815
Total				123,778
Household Durables 0.95%
iRobot Corp.*		263,875		21,041
Information Technology Services 4.75%
Mastercard, Inc. Class A		199,330		23,186
PayPal Holdings, Inc.*		744,883		35,546
Visa, Inc. Class A		511,251		46,636
Total				105,368
Internet & Direct Marketing Retail 9.76%
Amazon.com, Inc.*		116,098		107,389
JD.com, Inc. ADR*		395,377		13,866
Netflix, Inc.*		394,565		60,053
Priceline Group, Inc. (The)*		18,994		35,079
Total				216,387
Internet Software & Services 14.90%
2U, Inc.*		393,278		17,855
Alibaba Group Holding Ltd. ADR*		113,428		13,101
Alphabet, Inc. Class A*		102,231		94,515
Facebook, Inc. Class A*		836,499		125,684
MercadoLibre, Inc. (Argentina)(a)		77,198		17,671
Shopify, Inc. Class A (Canada)*(a)		388,509		29,507
Wix.com Ltd. (Israel)*(a)		386,803		31,892
Total				330,225

			Fair
			Value
Investments	Shares		(000)
Leisure Products 0.47%
Brunswick Corp.		182,200	$	10,340
Life Sciences Tools & Services 2.34%
Agilent Technologies, Inc.		517,124		28,468
Illumina, Inc.*		65,520		12,112
Mettler-Toledo International, Inc.*		21,906		11,247
Total				51,827
Machinery 0.98%
Nordson Corp.		173,463		21,718
Media 3.28%
Comcast Corp. Class A		857,994		33,625
Live Nation Entertainment, Inc.*		692,129		22,259
Sirius XM Holdings, Inc.		3,377,459		16,718
Total				72,602
Oil, Gas & Consumable Fuels 0.48%
Diamondback Energy, Inc.*		105,472		10,530
Professional Services 1.63%
WageWorks, Inc.*		490,783		36,220
Semiconductors & Semiconductor Equipment 5.44%
Analog Devices, Inc.		232,325		17,703
Applied Materials, Inc.		753,260		30,590
Broadcom Ltd.		114,371		25,254
Lam Research Corp.		167,506		24,263
Micron Technology, Inc.*		823,693		22,792
Total				120,602
Software 6.73%
Activision Blizzard, Inc.		325,583		17,011
Adobe Systems, Inc.*		231,373		30,944
Microsoft Corp.		1,479,855		101,311
Total				149,266

30 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GROWTH LEADERS FUND April 30, 2017

			Fair
			Value
Investments	Shares		(000)
Specialty Retail 1.00%
Ulta Salon, Cosmetics & Fragrance, Inc.*		78,599	$	22,121
Technology Hardware, Storage & Peripherals 4.74%
Apple, Inc.		730,676		104,962
Total Common Stocks (cost $1,947,904,822)				2,207,396

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 0.43%
Repurchase Agreement
Repurchase Agreement dated 4/28/2017, 0.09% due 5/1/2017 with Fixed Income Clearing Corp. collateralized by $9,620,000 of U.S. Treasury Note at 2.00% due 12/31/2021; value: $9,768,369; proceeds: $9,574,959 (cost $9,574,887)	$	9,575	$	9,575
Total Investments in Securities 100.03% (cost $1,957,479,709)				2,216,971
Liabilities in Excess of Other Assets (0.03)%				(699	)
Net Assets 100.00%			$	2,216,272

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, 2017 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	$	2,207,396	$	–	$	–	$	2,207,396
Repurchase Agreement		–		9,575		–		9,575
Total	$	2,207,396	$	9,575	$	–	$	2,216,971

(1)	Refer to Note 2(l) 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, 2017

See Notes to Financial Statements. 31

Schedule of Investments (unaudited)

INTERNATIONAL CORE EQUITY FUND April 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
COMMON STOCKS 98.77%
Australia 2.71%
Equity Real Estate Investment Trusts 1.56%
Mirvac Group		5,878,973	$	9,993
Metals & Mining 1.15%
BlueScope Steel Ltd.		327,678		2,871
South32 Ltd.		2,168,160		4,513
				7,384
Total Australia				17,377
Austria 1.13%
Banks
Erste Group Bank AG		202,331		7,233
Belgium 2.42%
Beverages 1.43%
Anheuser-Busch InBev SA		81,760		9,209
Insurance 0.99%
Ageas		154,714		6,337
Total Belgium				15,546
Brazil 2.85%
Electric: Utilities 0.37%
EDP-Energias do Brasil SA		560,100		2,368
Food Products 0.79%
Minerva SA		1,594,800		5,075
Health Care Providers & Services 0.59%
Qualicorp SA		531,600		3,785
Household Durables 1.10%
MRV Engenharia e Participacoes SA		1,403,500		7,048
Total Brazil				18,276
Canada 1.42%
Independent Power and Renewable Electricity Producer 0.33%
TransAlta Corp.		414,200		2,121

			U.S. $
			Fair Value
Investments	Shares		(000)
Oil, Gas & Consumable Fuels 1.09%
Seven Generations Energy Ltd. Class A*		396,900	$	7,028
Total Canada				9,149
China 1.30%
Construction & Engineering 0.46%
China Railway Group Ltd. H Shares		3,472,000		2,946
Oil, Gas & Consumable Fuels 0.84%
China Petroleum & Chemical Corp. H Shares		6,654,000		5,389
Total China				8,335
Denmark 0.89%
Banks
Danske Bank A/S		158,165		5,745
Finland 0.35%
Paper & Forest Products
UPM-Kymmene OYJ		84,825		2,239
France 14.95%
Auto Components 1.45%
Valeo SA		129,345		9,299
Automobiles 0.81%
Renault SA		55,741		5,198
Banks 3.59%
BNP Paribas SA		178,738		12,613
Societe Generale SA		190,552		10,422
				23,035
Construction & Engineering 1.89%
Vinci SA		142,593		12,131
Diversified Telecommunication Services 0.96%
Orange SA		399,509		6,180
Food Products 0.55%
Danone SA		50,601		3,538

32 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
France (continued)
Information Technology Services 0.96%
Atos SE		46,886	$	6,144
Machinery 0.49%
Alstom SA*		100,210		3,182
Oil, Gas & Consumable Fuels 1.65%
Total SA		206,013		10,585
Pharmaceuticals 0.68%
Sanofi		46,516		4,388
Textiles, Apparel & Luxury Goods 1.92%
LVMH Moet Hennessy Louis Vuitton SE		49,888		12,309
Total France				95,989
Germany 6.30%
Hotels, Restaurants & Leisure 0.89%
TUI AG		392,227		5,705
Industrial Conglomerates 2.14%
Siemens AG Registered Shares		95,904		13,748
Insurance 2.24%
Allianz SE Registered Shares		75,645		14,403
Life Sciences Tools & Services 0.64%
MorphoSys AG*		67,462		4,095
Software 0.39%
SAP SE		25,033		2,511
Total Germany				40,462
Hong Kong 1.45%
Industrial Conglomerates 0.56%
Jardine Strategic Holdings Ltd.		84,600		3,576
Real Estate Management & Development 0.89%
Hysan Development Co., Ltd.		1,220,000		5,756
Total Hong Kong				9,332

			U.S. $
			Fair Value
Investments	Shares		(000)
India 0.55%
Banks
ICICI Bank Ltd. ADR		409,223	$	3,507
Ireland 1.15%
Banks
Bank of Ireland*		29,364,514		7,389
Italy 4.04%
Banks 1.37%
UniCredit SpA*		539,470		8,779
Diversified Telecommunication Services 1.42%
Telecom Italia SpA*		10,299,338		9,144
Electric: Utilities 1.25%
Enel SpA		1,690,148		8,034
Total Italy				25,957
Japan 22.02%
Airlines 0.73%
Japan Airlines Co., Ltd.		147,200		4,648
Automobiles 4.19%
Honda Motor Co., Ltd.		342,900		9,942
Mazda Motor Corp.		349,200		5,119
Subaru Corp.		226,700		8,566
Toyota Motor Corp.		60,300		3,264
				26,891
Banks 1.81%
Mitsubishi UFJ Financial Group, Inc.		1,828,500		11,633
Chemicals 3.77%
Asahi Kasei Corp.		521,486		4,971
Mitsubishi Chemical Holdings Corp.		1,171,800		9,169
Mitsubishi Gas Chemical Co., Inc.		364,800		7,795
Teijin Ltd.		117,200		2,270
				24,205

See Notes to Financial Statements. 33

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Japan (continued)
Construction & Engineering 1.12%
Obayashi Corp.		242,800	$	2,355
Shimizu Corp.		226,000		2,167
Taisei Corp.		350,000		2,669
				7,191
Diversified Financial Services 0.93%
ORIX Corp.		390,300		5,956
Household Durables 0.44%
Sony Corp.		84,400		2,846
Insurance 2.19%
T&D Holdings, Inc.		585,200		8,680
Tokio Marine Holdings, Inc.		126,800		5,337
				14,017
Machinery 2.01%
Makino Milling Machine Co., Ltd.		653,000		5,811
NTN Corp.		1,394,000		7,090
				12,901
Marine 1.04%
Mitsui OSK Lines Ltd.		922,000		2,820
Nippon Yusen KK*		1,920,000		3,858
				6,678
Metals & Mining 0.59%
JFE Holdings, Inc.		168,800		2,878
Nippon Steel & Sumitomo Metal Corp.		41,000		923
				3,801
Software 0.60%
Nintendo Co., Ltd.		15,300		3,849
Trading Companies & Distributors 0.85%
Mitsubishi Corp.		253,600		5,468
Wireless Telecommunication Services 1.75%
SoftBank Group Corp.		148,400		11,238
Total Japan				141,322

			U.S. $
			Fair Value
Investments	Shares		(000)
Macau 0.65%
Hotels, Restaurants & Leisure
Wynn Macau Ltd.*		1,900,800	$	4,179
Netherlands 5.73%
Air Freight & Logistics 0.59%
PostNL NV		766,734		3,797
Banks 1.86%
ING Groep NV		732,879		11,931
Food & Staples Retailing 0.62%
Koninklijke Ahold Delhaize NV		191,090		3,959
Industrial Conglomerates 0.67%
Koninklijke Philips NV		123,481		4,280
Insurance 0.67%
NN Group NV		130,185		4,317
Oil, Gas & Consumable Fuels 1.32%
Royal Dutch Shell plc B Shares		319,206		8,486
Total Netherlands				36,770
New Zealand 0.65%
Health Care Providers & Services
Metlifecare Ltd.		1,046,302		4,174
Portugal 0.22%
Electric: Utilities
EDP - Energias de Portugal SA		434,226		1,433
Singapore 1.33%
Food Products
Wilmar International Ltd.		3,358,600		8,534

34 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
South Korea 2.34%
Food & Staples Retailing 0.70%
E-MART, Inc.		22,270	$	4,501
Technology Hardware, Storage & Peripherals 1.64%
Samsung Electronics Co., Ltd.		5,360		10,509
Total South Korea				15,010
Spain 4.36%
Banks 1.19%
Banco Bilbao Vizcaya Argentaria SA		951,666		7,618
Construction & Engineering 0.74%
Sacyr SA*		1,896,492		4,752
Electric: Utilities 1.47%
Iberdrola SA		1,307,536		9,403
Oil, Gas & Consumable Fuels 0.96%
Repsol SA		390,940		6,190
Total Spain				27,963
Sweden 1.19%
Machinery 0.73%
Volvo AB B Shares		287,293		4,700
Metals & Mining 0.46%
Boliden AB		102,394		2,927
Total Sweden				7,627
Switzerland 4.47%
Insurance 1.16%
Swiss Life Holding AG Registered Shares*		22,891		7,450
Pharmaceuticals 3.31%
Roche Holding AG		81,149		21,229
Total Switzerland				28,679

			U.S. $
			Fair Value
Investments	Shares		(000)
Taiwan 2.86%
Electronic Equipment, Instruments & Components 1.51%
Hon Hai Precision Industry Co., Ltd.		2,955,000	$	9,676
Semiconductors & Semiconductor Equipment 1.35%
Advanced Semiconductor Engineering, Inc.		6,882,272		8,657
Total Taiwan				18,333
United Kingdom 9.12%
Auto Components 1.65%
GKN plc		2,285,058		10,622
Banks 1.56%
Royal Bank of Scotland Group plc*		2,905,540		9,988
Hotels, Restaurants & Leisure 1.09%
Compass Group plc		346,187		6,986
Metals & Mining 1.85%
Anglo American plc*		251,427		3,603
Rio Tinto Ltd.		182,263		8,249
				11,852
Oil, Gas & Consumable Fuels 0.26%
Premier Oil plc*		2,074,821		1,673
Personal Products 0.96%
Unilever NV CVA		117,408		6,157
Tobacco 1.75%
British American Tobacco plc		166,733		11,262
Total United Kingdom				58,540
United States 2.32%
Biotechnology
Shire plc		253,118		14,874
Total Common Stocks (cost $583,480,093)				633,974

See Notes to Financial Statements. 35

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2017

	Principal		U.S. $
	Amount		Fair Value
Investments	(000)		(000)
SHORT- TERM INVESTMENT 0.43%
Repurchase Agreement
Repurchase Agreement dated 4/28/2017, 0.09% due 5/1/2017 with Fixed Income Clearing Corp. collateralized by $2,790,000 of U.S. Treasury Note at 2.00% due 12/31/2021; value: $2,833,030; proceeds: $2,774,297 (cost $2,774,277)	$	2,774	$	2,774
Total Investments in Securities 99.20% (cost $586,254,370)				636,748
Foreign Cash and Other Assets in Excess of Liabilities(a) 0.80%				5,137
Net Assets 100.00%			$	641,885

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

Open Forward Foreign Currency Exchange Contracts at April 30, 2017:

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Appreciation
British pound	Buy	Bank of America	6/6/2017		1,300,000	$	1,615,177	$	1,685,307		$	70,130
British pound	Buy	Barclays Bank plc	6/6/2017		2,860,000		3,664,579		3,707,676			43,097
British pound	Buy	Citibank	6/6/2017		5,570,000		7,009,048		7,220,894			211,846
British pound	Buy	Citibank	6/6/2017		980,000		1,194,606		1,270,462			75,856
British pound	Buy	Goldman Sachs	6/6/2017		1,550,000		1,893,104		2,009,405			116,301
British pound	Buy	Goldman Sachs	6/6/2017		2,300,000		2,875,579		2,981,698			106,119
British pound	Buy	Goldman Sachs	6/6/2017		2,830,000		3,632,342		3,668,784			36,442
British pound	Buy	J.P. Morgan	6/6/2017		1,700,000		2,071,947		2,203,863			131,916
British pound	Buy	J.P. Morgan	6/6/2017		4,430,000		5,557,291		5,743,009			185,718
British pound	Buy	J.P. Morgan	6/6/2017		2,000,000		2,580,242		2,592,781			12,539
British pound	Buy	State Street Bank and Trust	6/6/2017		2,200,000		2,724,295		2,852,059			127,764
British pound	Buy	State Street Bank and Trust	6/6/2017		1,300,000		1,627,428		1,685,307			57,879

36 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2017

Open Forward Foreign Currency Exchange Contracts at April 30, 2017 (continued):

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Appreciation
British pound	Buy	State Street Bank and Trust	6/6/2017		2,370,000	$	2,913,010	$	3,072,445		$	159,435
British pound	Buy	State Street Bank and Trust	6/6/2017		4,770,000		5,848,310		6,183,782			335,472
British pound	Buy	State Street Bank and Trust	6/6/2017		420,000		519,934		544,484			24,550
British pound	Buy	State Street Bank and Trust	6/6/2017		1,480,000		1,900,962		1,918,658			17,696
euro	Buy	J.P. Morgan	6/19/2017		4,230,000		4,528,283		4,618,585			90,302
Japanese yen	Buy	State Street Bank and Trust	6/21/2017		628,000,000		5,633,560		5,644,646			11,086
Japanese yen	Buy	State Street Bank and Trust	6/21/2017		295,000,000		2,627,264		2,651,546			24,282
Japanese yen	Buy	State Street Bank and Trust	6/21/2017		128,000,000		1,141,640		1,150,501			8,861
Japanese yen	Buy	State Street Bank and Trust	6/21/2017		40,900,000		366,527		367,621			1,094
Japanese yen	Buy	State Street Bank and Trust	6/21/2017		467,000,000		4,130,738		4,197,532			66,794
Japanese yen	Buy	State Street Bank and Trust	6/21/2017		530,325,000		4,671,953		4,766,715			94,762
Swedish krona	Buy	Goldman Sachs	8/21/2017		67,100,000		7,486,291		7,620,456			134,165
Swiss franc	Buy	Bank of America	6/21/2017		4,020,000		4,031,558		4,052,451			20,893
Swiss franc	Buy	Goldman Sachs	6/21/2017		5,155,000		5,188,059		5,196,614			8,555
Swiss franc	Buy	State Street Bank and Trust	6/21/2017		4,280,000		4,270,872		4,314,550			43,678
Swiss franc	Buy	State Street Bank and Trust	6/21/2017		7,525,000		7,575,308		7,585,745			10,437
Australian dollar	Sell	State Street Bank and Trust	6/21/2017		1,830,000		1,394,896		1,369,098			25,798
Canadian dollar	Sell	State Street Bank and Trust	8/14/2017		2,450,000		1,834,350		1,797,704			36,646
Canadian dollar	Sell	State Street Bank and Trust	8/14/2017		2,000,000		1,507,191		1,467,514			39,677
euro	Sell	State Street Bank and Trust	6/19/2017		1,900,000		2,081,616		2,074,542			7,074
Japanese yen	Sell	State Street Bank and Trust	6/21/2017		145,280,000		1,310,136		1,305,819			4,317
Japanese yen	Sell	UBS AG	6/21/2017		597,345,000		5,401,218		5,369,110			32,108
South Korean won	Sell	Goldman Sachs	6/23/2017		1,760,000,000		1,551,488		1,547,702			3,786
Taiwan dollar	Sell	J.P. Morgan	7/6/2017		76,000,000		2,531,561		2,522,707			8,854
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts											$	2,385,929

See Notes to Financial Statements. 37

Schedule of Investments (unaudited)(continued)

INTERNATIONAL CORE EQUITY FUND April 30, 2017

Forward
Foreign						U.S. $
Currency						Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign		Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency		Date		Value		Depreciation
Australian dollar	Buy	Bank of America	6/21/2017		25,000,000	$	19,229,575	$	18,703,524		$	(526,051	)
Australian dollar	Buy	Barclays Bank plc	6/21/2017		3,240,000		2,471,231		2,423,977			(47,254	)
Japanese yen	Buy	Bank of America	6/21/2017		618,000,000		5,565,031		5,554,764			(10,267	)
Japanese yen	Buy	State Street Bank and Trust	6/21/2017		507,000,000		4,595,607		4,557,063			(38,544	)
Japanese yen	Buy	State Street Bank and Trust	6/21/2017		279,000,000		2,526,310		2,507,733			(18,577	)
Swiss franc	Buy	Credit Suisse International	6/21/2017		3,190,000		3,217,104		3,215,751			(1,353	)
Swiss franc	Buy	State Street Bank and Trust	6/21/2017		930,000		938,844		937,507			(1,337	)
British pound	Sell	Bank of America	6/6/2017		4,070,000		5,116,889		5,276,308			(159,419	)
euro	Sell	Goldman Sachs	6/19/2017		1,725,000		1,833,157		1,883,465			(50,308	)
euro	Sell	J.P. Morgan	6/19/2017		2,900,000		3,164,081		3,166,406			(2,325	)
euro	Sell	J.P. Morgan	6/19/2017		3,170,000		3,398,408		3,461,209			(62,801	)
euro	Sell	J.P. Morgan	6/19/2017		1,970,000		2,079,697		2,150,972			(71,275	)
euro	Sell	Morgan Stanley	6/19/2017		8,500,000		9,183,164		9,280,844			(97,680	)
euro	Sell	Morgan Stanley	6/19/2017		6,450,000		6,855,172		7,042,523			(187,351	)
euro	Sell	Standard Chartered Bank	6/19/2017		8,720,000		9,244,717		9,521,054			(276,337	)
euro	Sell	State Street Bank and Trust	6/19/2017		1,725,000		1,834,693		1,883,465			(48,772	)
euro	Sell	State Street Bank and Trust	6/19/2017		5,450,000		5,785,804		5,950,659			(164,855	)
euro	Sell	State Street Bank and Trust	6/19/2017		2,585,000		2,757,300		2,822,469			(65,169	)
euro	Sell	State Street Bank and Trust	6/19/2017		5,300,000		5,740,866		5,786,879			(46,013	)
euro	Sell	State Street Bank and Trust	6/19/2017		1,700,000		1,824,184		1,856,169			(31,985	)
Japanese yen	Sell	State Street Bank and Trust	6/21/2017		628,000,000		5,556,145		5,644,646			(88,501	)
Japanese yen	Sell	State Street Bank and Trust	6/21/2017		576,000,000		5,041,961		5,177,255			(135,294	)
Japanese yen	Sell	State Street Bank and Trust	6/21/2017		119,000,000		1,043,229		1,069,607			(26,378	)
Japanese yen	Sell	State Street Bank and Trust	6/21/2017		23,600,000		206,838		212,124			(5,286	)
South Korean won	Sell	J.P. Morgan	6/23/2017		1,800,000,000		1,566,307		1,582,877			(16,570	)
South Korean won	Sell	Morgan Stanley	6/23/2017		1,500,000,000		1,314,702		1,319,064			(4,362	)
South Korean won	Sell	State Street Bank and Trust	6/23/2017		4,940,000,000		4,318,371		4,344,117			(25,746	)
Taiwan dollar	Sell	UBS AG	7/6/2017		112,500,000		3,718,148		3,734,270			(16,122	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts											$	(2,225,932	)

38 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL CORE EQUITY FUND April 30, 2017

The following is a summary of the inputs used as of April 30, 2017 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	$	633,974	$	–		$	–	$	633,974
Repurchase Agreement		–		2,774			–		2,774
Total	$	633,974	$	2,774		$	–	$	636,748
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	2,386		$	–	$	2,386
Liabilities		–		(2,226	)		–		(2,226	)
Total	$	–	$	160		$	–	$	160

(1)	Refer to Note 2(l) 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, 2017.

See Notes to Financial Statements. 39

Schedule of Investments (unaudited)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2017

Investments	Shares		U.S. $ Fair Value (000)
LONG-TERM INVESTMENTS 98.43%
COMMON STOCKS 97.58%
Australia 5.68%
Banks 1.31%
National Australia Bank Ltd.		550,869	$	14,024
Capital Markets 1.28%
Macquarie Group Ltd.		197,606		13,761
Equity Real Estate Investment Trusts 1.00%
Mirvac Group		6,276,071		10,668
Hotels, Restaurants & Leisure 1.14%
Crown Resorts Ltd.		1,306,914		12,233
Metals & Mining 0.95%
BHP Billiton Ltd.		570,120		10,126
Total Australia				60,812
Austria 0.50%
Banks
Erste Group Bank AG		150,397		5,377
Belgium 1.93%
Air Freight & Logistics 1.23%
bpost SA		548,670		13,149
Beverages 0.70%
Anheuser-Busch InBev SA		66,486		7,488
Total Belgium				20,637
Brazil 3.00%
Electric: Utilities 1.08%
Transmissora Alianca de Energia Eletrica SA Unit		1,598,800		11,590
Household Durables 1.24%
MRV Engenharia e Participacoes SA		2,645,500		13,286

Investments	Shares		U.S. $ Fair Value (000)
Independent Power & Renewable Electricity Producers 0.68%
AES Tiete Energia SA Unit		1,706,918	$	7,255
Total Brazil				32,131
Canada 8.36%
Banks 3.28%
Bank of Nova Scotia (The)		293,700		16,326
Royal Bank of Canada		274,800		18,817
				35,143
Insurance 1.24%
Manulife Financial Corp.		759,300		13,316
Oil, Gas & Consumable Fuels 3.84%
Pembina Pipeline Corp.		471,300		15,019
TransCanada Corp.		377,400		17,523
Whitecap Resources, Inc.		1,210,000		8,563
				41,105
Total Canada				89,564
China 3.31%
Banks
Bank of China Ltd. H Shares		51,497,000		24,959
China Merchants Bank Co. Ltd. H Shares		4,057,000		10,536
Total China				35,495
Denmark 0.73%
Diversified Telecommunication Services
TDC A/S		1,451,055		7,788
France 8.33%
Automobiles 1.03%
Renault SA		117,672		10,973
Banks 1.54%
BNP Paribas SA		234,082		16,518
Construction & Engineering 1.29%
Vinci SA		162,784		13,849

40 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2017

Investments	Shares		U.S. $ Fair Value (000)
France (continued)
Diversified Telecommunication Services 1.20%
Orange SA		833,456	$	12,892
Insurance 1.45%
AXA SA		579,643		15,476
Pharmaceuticals 1.82%
Sanofi		206,074		19,442
Total France				89,150
Germany 7.19%
Chemicals 2.19%
BASF SE		240,623		23,448
Hotels, Restaurants & Leisure 1.03%
TUI AG		761,040		11,069
Industrial Conglomerates 1.14%
Siemens AG Registered Shares		85,529		12,261
Insurance 2.83%
Allianz SE Registered Shares		158,888		30,254
Total Germany				77,032
Hong Kong 4.95%
Commercial Services & Supplies 1.19%
China Everbright International Ltd.		9,414,000		12,732
Communications Equipment 0.88%
VTech Holdings Ltd.		741,300		9,392
Construction & Engineering 1.25%
China State Construction International Holdings Ltd.		7,364,000		13,368
Equity Real Estate Investment Trusts 0.99%
Link REIT		1,478,500		10,635
Real Estate Management & Development 0.64%
Hysan Development Co., Ltd.		1,454,000		6,860
Total Hong Kong				52,987

Investments	Shares		U.S. $ Fair Value (000)
India 1.35%
Thrifts & Mortgage Finance
Indiabulls Housing Finance Ltd.		913,492	$	14,441
Indonesia 1.21%
Banks
PT Bank Negara Indonesia (Persero) Tbk		27,085,800		12,955
Japan 2.36%
Automobiles 1.05%
Nissan Motor Co., Ltd.		1,178,200		11,187
Banks 1.31%
Sumitomo Mitsui Financial Group, Inc.		379,400		14,036
Total Japan				25,223
Macau 1.92%
Hotels, Restaurants & Leisure
Sands China Ltd.		2,580,800		11,712
Wynn Macau Ltd.*		4,003,200		8,801
Total Macau				20,513
Netherlands 3.92%
Industrial Conglomerates 0.74%
Koninklijke Philips NV		228,131		7,907
Insurance 1.80%
ASR Nederland NV*		270,777		8,010
NN Group NV		338,933		11,238
				19,248
Oil, Gas & Consumable Fuels 1.38%
Royal Dutch Shell plc Class A ADR		282,927		14,766
Total Netherlands				41,921

See Notes to Financial Statements. 41

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2017

Investments	Shares		U.S. $ Fair Value (000)
New Zealand 3.18%
Airlines 0.98%
Air New Zealand Ltd.		5,990,747	$	10,489
Construction Materials 0.52%
Fletcher Building Ltd.		949,672		5,575
Diversified Telecommunication Services 1.68%
Spark New Zealand Ltd.		7,108,432		18,034
Total New Zealand				34,098
Portugal 0.88%
Oil, Gas & Consumable Fuels
Galp Energia SGPS SA		607,002		9,435
Russia 0.87%
Oil, Gas & Consumable Fuels
Lukoil PJSC ADR		186,630		9,269
Singapore 1.39%
Banks
DBS Group Holdings Ltd.		1,072,800		14,858
South Africa 1.27%
Banks 0.68%
Barclays Africa Group Ltd.		655,890		7,215
Capital Markets 0.59%
Coronation Fund Managers Ltd.		1,338,121		6,347
Total South Africa				13,562
South Korea 3.18%
Insurance 0.81%
ING Life Insurance Korea Ltd.*		300,000		8,700
Technology Hardware, Storage & Peripherals 1.42%
Samsung Electronics Co., Ltd.		7,767		15,228
Wireless Telecommunication Services 0.95%
SK Telecom Co., Ltd.		48,032		10,110
Total South Korea				34,038

Investments	Shares		U.S. $ Fair Value (000)
Spain 5.16%
Banks 1.44%
Banco Bilbao Vizcaya Argentaria SA		1,928,633	$	15,439
Capital Markets 1.19%
Bolsas y Mercados Espanoles, SHMFS, SA		355,822		12,752
Electric: Utilities 1.26%
Red Electrica Corp. SA		689,281		13,440
Oil, Gas & Consumable Fuels 1.27%
Enagas SA		516,015		13,575
Total Spain				55,206
Switzerland 2.98%
Food Products 1.33%
Nestle SA Registered Shares		184,982		14,250
Pharmaceuticals 1.65%
Roche Holding AG		67,705		17,712
Total Switzerland				31,962
Taiwan 4.47%
Electronic Equipment, Instruments & Components 1.87%
Hon Hai Precision Industry Co., Ltd.		6,107,000		19,999
Semiconductors & Semiconductor Equipment 2.60%
Advanced Semiconductor Engineering, Inc.		11,446,000		14,397
Taiwan Semiconductor Manufacturing Co., Ltd.		2,096,000		13,512
				27,909
Total Taiwan				47,908
Turkey 0.52%
Automobiles
Tofas Turk Otomobil Fabrikasi AS		674,807		5,620

42 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2017

Investments	Shares		U.S. $ Fair Value (000)
United Kingdom 18.94%
Aerospace & Defense 0.99%
BAE Systems plc		1,309,837	$	10,637
Banks 1.89%
HSBC Holdings plc		2,449,285		20,192
Beverages 0.74%
Coca-Cola European Partners plc		208,584		7,891
Capital Markets 1.13%
Jupiter Fund Management plc		1,960,518		12,051
Household Durables 0.99%
Berkeley Group Holdings plc		252,289		10,646
Insurance 1.78%
Lancashire Holdings Ltd.		898,368		7,941
Prudential plc		502,727		11,174
				19,115
Metals & Mining 1.53%
Rio Tinto plc ADR		410,422		16,343
Multi-Utilities 1.76%
National Grid plc		1,457,035		18,872
Pharmaceuticals 3.01%
AstraZeneca plc		246,310		14,794
GlaxoSmithKline plc		869,208		17,450
				32,244
Tobacco 4.38%
British American Tobacco plc		448,660		30,305
Imperial Brands plc		339,543		16,632
				46,937
Wireless Telecommunication Services 0.74%
Vodafone Group plc		3,056,469		7,880
Total United Kingdom				202,808
Total Common Stocks (cost $983,687,060)				1,044,790

Investments	Principal Amount (000)		U.S. $ Fair Value (000)
CORPORATE BOND 0.85%
Spain
Banks
Banco Popular Espanol SA(a) (cost $12,557,988)	$	9,000	$	9,106
Total Investments in Long-Term 98.43% (cost $996,245,048)				1,053,896
SHORT-TERM INVESTMENT 1.53%
Repurchase Agreement
Repurchase Agreement dated 4/28/2017, 0.09% due 5/1/2017 with Fixed Income Clearing Corp. collateralized by $16,405,000 of U.S. Treasury Note at 2.00% due 12/31/2021; value: $16,658,014; proceeds: $16,328,570 (cost $16,328,447)		16,328		16,328
Total Investments in Securities 99.96% (cost $1,012,573,495)				1,070,224
Foreign Cash and Other Assets in Excess of Liabilities(b) 0.04%				421
Net Assets 100.00%			$	1,070,645

ADR	American Depositary Receipt.
Unit	More than one class of securities traded together.
*	Non-income producing security.
(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. 43

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2017

Open Forward Foreign Currency Exchange Contracts at April 30, 2017:

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Appreciation
British pound	Buy	Bank of America	6/6/2017		3,100,000	$	3,919,941	$	4,018,810		$	98,869
British pound	Buy	Barclays Bank plc	6/6/2017		4,000,000		4,940,278		5,185,561			245,283
British pound	Buy	Citibank	6/6/2017		25,700,000		32,339,775		33,317,229			977,454
British pound	Buy	Goldman Sachs	6/6/2017		1,380,000		1,726,658		1,789,019			62,361
British pound	Buy	Goldman Sachs	6/6/2017		1,525,000		1,906,634		1,976,995			70,361
British pound	Buy	J.P. Morgan	6/6/2017		3,850,000		4,831,570		4,991,102			159,532
British pound	Buy	State Street Bank and Trust	6/6/2017		2,100,000		2,628,922		2,722,420			93,498
British pound	Buy	State Street Bank and Trust	6/6/2017		3,450,000		4,229,910		4,472,546			242,636
British pound	Buy	State Street Bank and Trust	6/6/2017		3,110,000		3,802,533		4,031,774			229,241
British pound	Buy	State Street Bank and Trust	6/6/2017		1,250,000		1,556,301		1,620,488			64,187
British pound	Buy	State Street Bank and Trust	6/6/2017		1,720,000		2,142,005		2,229,791			87,786
euro	Buy	Goldman Sachs	6/19/2017		3,520,000		3,765,618		3,843,361			77,743
euro	Buy	J.P. Morgan	5/17/2017		6,360,000		6,745,178		6,932,609			187,431
euro	Buy	J.P. Morgan	6/19/2017		2,570,000		2,775,917		2,806,091			30,174
euro	Buy	Morgan Stanley	6/19/2017		5,930,000		6,280,308		6,474,754			194,446
euro	Buy	Standard Chartered Bank	6/19/2017		3,100,000		3,348,606		3,384,779			36,173
euro	Buy	State Street Bank and Trust	6/19/2017		2,400,000		2,548,364		2,620,474			72,110
Japanese yen	Buy	J.P. Morgan	6/21/2017		1,163,000,000		10,367,088		10,453,382			86,294
Japanese yen	Buy	State Street Bank and Trust	6/21/2017		367,000,000		3,268,495		3,298,703			30,208
Japanese yen	Buy	State Street Bank and Trust	6/21/2017		270,000,000		2,386,632		2,426,838			40,206
Japanese yen	Buy	State Street Bank and Trust	6/21/2017		440,000,000		3,874,831		3,954,848			80,017
Japanese yen	Buy	State Street Bank and Trust	6/21/2017		215,000,000		1,885,816		1,932,482			46,666
Japanese yen	Buy	State Street Bank and Trust	6/21/2017		135,000,000		1,198,527		1,213,419			14,892
South African rand	Buy	Bank of America	8/4/2017		13,400,000		979,332		987,038			7,706
Taiwan dollar	Buy	State Street Bank and Trust	5/17/2017		803,000,000		25,483,569		26,587,559			1,103,990
Australian dollar	Sell	Bank of America	6/21/2017		17,565,000		13,510,699		13,141,096			369,603
Canadian dollar	Sell	Goldman Sachs	6/21/2017		5,580,000		4,197,643		4,090,752			106,891
Canadian dollar	Sell	State Street Bank and Trust	6/21/2017		2,880,000		2,154,063		2,111,356			42,707
euro	Sell	UBS AG	6/19/2017		7,950,000		8,687,887		8,680,319			7,568
Japanese yen	Sell	State Street Bank and Trust	5/8/2017		34,754,940		312,041		311,843			198
New Zealand dollar	Sell	UBS AG	7/31/2017		41,420,000		28,989,030		28,376,898			612,132
Taiwan dollar	Sell	Goldman Sachs	5/17/2017		81,190,000		2,691,014		2,688,224			2,790
Taiwan dollar	Sell	UBS AG	5/17/2017		131,550,000		4,363,184		4,355,658			7,526
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts											$	5,488,679

44 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2017

Forward Foreign Currency Exchange Contracts	Transaction Type	Counterparty	Expiration Date	Foreign Currency		U.S. $ Cost on Origination Date		U.S. $ Current Value		Unrealized Depreciation
Australian dollar	Buy	Citibank	6/21/2017		11,810,000	$	9,048,598	$	8,835,545	$	(213,053	)
Australian dollar	Buy	J.P. Morgan	6/21/2017		2,955,000		2,274,603		2,210,757		(63,846	)
Australian dollar	Buy	State Street Bank and Trust	6/21/2017		1,100,000		834,024		822,955		(11,069	)
Australian dollar	Buy	State Street Bank and Trust	6/21/2017		1,700,000		1,309,745		1,271,840		(37,905	)
Canadian dollar	Buy	UBS AG	6/21/2017		50,700,000		38,935,816		37,168,661		(1,767,155	)
South Korean won	Buy	Standard Chartered Bank	6/23/2017		3,000,000,000		2,644,990		2,638,128		(6,862	)
British pound	Sell	Goldman Sachs	6/6/2017		22,500,000		27,408,114		29,168,781		(1,760,667	)
British pound	Sell	Goldman Sachs	6/6/2017		2,810,000		3,479,072		3,642,857		(163,785	)
British pound	Sell	Morgan Stanley	6/6/2017		2,640,000		3,293,802		3,422,470		(128,668	)
British pound	Sell	State Street Bank and Trust	6/6/2017		1,750,000		2,240,585		2,268,683		(28,098	)
euro	Sell	J.P. Morgan	6/19/2017		3,470,000		3,782,596		3,788,768		(6,172	)
euro	Sell	Morgan Stanley	6/19/2017		5,300,000		5,632,932		5,786,879		(153,947	)
euro	Sell	Standard Chartered Bank	6/19/2017		21,070,000		22,337,866		23,005,575		(667,709	)
euro	Sell	State Street Bank and Trust	5/17/2017		6,360,000		6,746,376		6,932,608		(186,232	)
euro	Sell	State Street Bank and Trust	6/19/2017		15,000,000		16,043,534		16,377,961		(334,427	)
euro	Sell	State Street Bank and Trust	6/19/2017		2,920,000		3,179,796		3,188,243		(8,447	)
Japanese yen	Sell	State Street Bank and Trust	6/21/2017		2,590,000,000		22,911,483		23,279,672		(368,189	)
South Korean won	Sell	State Street Bank and Trust	6/23/2017		28,900,000,000		25,263,342		25,413,966		(150,624	)
Taiwan dollar	Sell	Goldman Sachs	5/17/2017		41,260,000		1,337,146		1,366,130		(28,984	)
Taiwan dollar	Sell	UBS AG	5/17/2017		123,000,000		4,028,824		4,072,565		(43,741	)
Taiwan dollar	Sell	UBS AG	5/17/2017		318,000,000		10,402,355		10,529,070		(126,715	)
Taiwan dollar	Sell	UBS AG	5/17/2017		44,000,000		1,422,567		1,456,852		(34,285	)
Taiwan dollar	Sell	UBS AG	5/17/2017		64,000,000		2,108,731		2,119,058		(10,327	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(6,300,907	)

See Notes to Financial Statements. 45

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL DIVIDEND INCOME FUND April 30, 2017

The following is a summary of the inputs used as of April 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)			Level 3 (000)			Total (000)
Common Stocks
Other Countries	$	1,010,752	$	–		$	–		$	1,010,752
South Korea		25,338		–			8,700	(4)		34,038
Corporate Bond		–		9,106			–			9,106
Repurchase Agreement		–		16,328			–			16,328
Total	$	1,036,090	$	25,434		$	8,700		$	1,070,224
Other Financial Instruments
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	5,489		$	–		$	5,489
Liabilities		–		(6,301	)		–			(6,301	)
Total	$	–	$	(812	)	$	–		$	(812	)

(1)	Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2)	See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy.
(3)	There were no Level 1/Level 2 transfers during the period ended April 30, 2017.
(4)	Level 3 security fair valued by the Pricing Committee, as described in Note 2(a) in the Notes to Financial Statements.

The following is a reconciliation of investments with unobservable inputs (Level 3) that were used in determining fair value:

Investment Type	Common Stock
Balance as of November 1, 2016	$	–
Accrued discounts/premiums		–
Realized gain (loss)		–
Change in unrealized appreciation/depreciation		(149,218	)
Purchases		8,849,455
Sales		–
Net transfers in or out of Level 3		–
Balance as of April 30, 2017	$	8,700,237
Net change in unrealized appreciation/depreciation for period ended April 30, 2017 related to Level 3 investments held at April 30, 2017	$	(149,218	)

46 See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
COMMON STOCKS 98.70%
Australia 1.43%
Beverages 0.45%
Treasury Wine Estates Ltd.		279,647	$	2,513
Electric: Utilities 0.98%
AusNet Services		4,226,827		5,539
Total Australia				8,052
Austria 0.75%
Semiconductors & Semiconductor Equipment
ams AG		65,413		4,207
Brazil 0.73%
Household Durables
MRV Engenharia e Participacoes SA		819,700		4,117
Canada 5.89%
Electric: Utilities 1.27%
Emera, Inc.		205,200		7,103
Metals & Mining 0.54%
Hudbay Minerals, Inc.		504,566		3,013
Oil, Gas & Consumable Fuels 3.41%
Africa Oil Corp.*		2,459,549		3,865
Canacol Energy Ltd.*		2,122,500		6,344
Vermilion Energy, Inc.		137,300		4,834
Whitecap Resources, Inc.		579,500		4,101
				19,144
Paper & Forest Products 0.67%
Interfor Corp.*		256,709		3,791
Total Canada				33,051
China 0.60%
Consumer Finance
China Rapid Finance Ltd. ADR*		526,999		3,373

			U.S. $
			Fair Value
Investments	Shares		(000)
Finland 2.26%
Metals & Mining 0.98%
Outotec OYJ*		741,235	$	5,511
Trading Companies & Distributors 1.28%
Cramo OYJ		275,470		7,162
Total Finland				12,673
France 6.95%
Building Products 1.07%
Tarkett SA		128,402		6,034
Construction Materials 0.50%
Vicat SA		39,124		2,783
Health Care Providers & Services 0.96%
Korian SA		166,609		5,367
Hotels, Restaurants & Leisure 1.14%
Elior Group†		257,043		6,412
Information Technology Services 0.96%
Altran Technologies SA		320,181		5,375
Life Sciences Tools & Services 0.32%
Genfit*		51,980		1,798
Real Estate Management & Development 0.75%
Nexity SA		77,549		4,217
Specialty Retail 1.25%
Maisons du Monde SA*†		201,908		7,007
Total France				38,993
Germany 5.97%
Industrial Conglomerates 1.79%
Rheinmetall AG		109,419		10,042
Internet Software & Services 1.02%
XING AG		24,535		5,742
Life Sciences Tools & Services 2.12%
Gerresheimer AG		103,216		8,098
MorphoSys AG*		62,547		3,796
				11,894

See Notes to Financial Statements. 47

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Germany (continued)
Machinery 1.04%
Deutz AG		749,562	$	5,838
Total Germany				33,516
Hong Kong 2.40%
Communications Equipment 0.50%
VTech Holdings Ltd.		220,200		2,790
Diversified Telecommunication Services 0.73%
HKBN Ltd.		3,792,206		4,100
Energy Equipment & Services 0.34%
Hilong Holding Ltd.		8,712,900		1,904
Paper & Forest Products 0.83%
Lee & Man Paper Manufacturing Ltd.		5,958,000		4,673
Total Hong Kong				13,467
India 3.46%
Consumer Finance 0.48%
Bharat Financial Inclusion Ltd.*		215,030		2,686
Information Technology Services 0.78%
Vakrangee Ltd.		819,228		4,357
Real Estate Management & Development 0.94%
Housing Development & Infrastructure Ltd.*		3,756,297		5,302
Thrifts & Mortgage Finance 1.26%
Dewan Housing Finance Corp., Ltd.		1,069,668		7,096
Total India				19,441
Indonesia 1.16%
Banks 0.95%
Bank Tabungan Negara Persero Tbk PT		31,070,004		5,361

			U.S. $
			Fair Value
Investments	Shares		(000)
Consumer Finance 0.21%
PT Clipan Finance Indonesia Tbk*		52,233,850	$	1,172
Total Indonesia				6,533
Ireland 4.74%
Beverages 0.73%
C&C Group plc		989,722		4,083
Equity Real Estate Investment Trusts 0.67%
Hibernia REIT plc		2,730,606		3,792
Food Products 0.80%
Origin Enterprises plc		551,786		4,478
Health Care Providers & Services 0.92%
UDG Healthcare plc		532,366		5,151
Household Durables 1.62%
Cairn Homes plc*		5,347,211		9,116
Total Ireland				26,620
Israel 1.35%
Chemicals 0.80%
Frutarom Industries Ltd.		76,517		4,498
Electronic Equipment, Instruments & Components 0.55%
Orbotech Ltd.*		93,571		3,081
Total Israel				7,579
Italy 5.17%
Beverages 0.84%
Davide Campari-Milano SpA		398,298		4,712
Capital Markets 0.85%
Anima Holding SpA†		727,395		4,754
Construction Materials 0.90%
Buzzi Unicem SpA		196,887		5,061
Electrical Equipment 0.70%
Prysmian SpA		135,323		3,908

48 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Italy (continued)
Textiles, Apparel & Luxury Goods 1.88%
Brunello Cucinelli SpA		196,929	$	5,157
Moncler SpA		219,001		5,406
				10,563
Total Italy				28,998
Japan 22.05%
Banks 1.41%
Fukuoka Financial Group, Inc.		623,000		2,839
Shinsei Bank Ltd.		2,727,000		5,088
				7,927
Beverages 0.98%
Coca-Cola Bottlers Japan, Inc.		185,600		5,519
Construction & Engineering 1.26%
SHO-BOND Holdings Co., Ltd.		155,000		7,091
Containers & Packaging 0.83%
Fuji Seal International, Inc.		195,800		4,662
Electronic Equipment, Instruments & Components 0.46%
Taiyo Yuden Co., Ltd.		210,000		2,560
Equity Real Estate Investment Trusts 1.13%
GLP J-Reit		3,408		3,843
Hulic Reit, Inc.		1,559		2,503
				6,346
Food & Staples Retailing 0.79%
Sundrug Co., Ltd.		126,700		4,444
Food Products 0.86%
Nichirei Corp.		192,600		4,795
Hotels, Restaurants & Leisure 1.92%
HIS Co., Ltd.		125,700		2,997
Resorttrust, Inc.		111,600		1,920
St. Marc Holdings Co., Ltd.		192,500		5,863
				10,780

			U.S. $
			Fair Value
Investments	Shares		(000)
Information Technology Services 1.62%
NS Solutions Corp.		198,400	$	4,343
Obic Co., Ltd.		88,300		4,768
				9,111
Insurance 1.04%
Anicom Holdings, Inc.		243,000		5,805
Machinery 4.33%
CKD Corp.		325,600		4,074
DMG Mori Co., Ltd.		270,900		4,467
Nabtesco Corp.		87,500		2,480
Takeuchi Manufacturing Co., Ltd.		336,900		5,975
Tsubakimoto Chain Co.		832,000		7,307
				24,303
Professional Services 0.66%
en-japan, Inc.		165,600		3,680
Real Estate Management & Development 1.08%
Kenedix, Inc.		1,314,600		6,062
Semiconductors & Semiconductor Equipment 1.07%
Sumco Corp.		344,000		6,014
Software 0.85%
Trend Micro, Inc.		108,400		4,765
Specialty Retail 1.11%
United Arrows Ltd.		200,700		6,211
Wireless Telecommunication Services 0.65%
Okinawa Cellular Telephone Co.		112,600		3,672
Total Japan				123,747
Luxembourg 0.74%
Machinery
Stabilus SA		57,291		4,149
Netherlands 4.41%
Air Freight & Logistics 1.18%
PostNL NV		1,331,224		6,594

See Notes to Financial Statements. 49

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
Netherlands (continued)
Hotels, Restaurants & Leisure 1.03%
Basic-Fit NV*†		331,814	$	5,801
Insurance 1.18%
ASR Nederland NV*		223,864		6,622
Machinery 1.02%
Aalberts Industries NV		143,866		5,707
Total Netherlands				24,724
Philippines 2.25%
Banks 0.89%
Rizal Commercial Banking Corp.		2,105,280		2,299
Security Bank Corp.		637,280		2,719
				5,018
Hotels, Restaurants & Leisure 0.69%
Bloomberry Resorts Corp.*		21,456,100		3,865
Real Estate Management & Development 0.67%
Filinvest Land, Inc.		108,287,000		3,755
Total Philippines				12,638
Portugal 0.79%
Multi-Utilities
REN—Redes Energeticas Nacionais SGPS SA*		1,503,013		4,419
South Korea 0.80%
Auto Components
Mando Corp.		22,156		4,478
Spain 2.08%
Equity Real Estate Investment Trusts 1.00%
Hispania Activos Inmobiliarios SOCIMI SA		370,747		5,598
Household Durables 1.08%
Neinor Homes SLU*†		307,481		6,064
Total Spain				11,662

			U.S. $
			Fair Value
Investments	Shares		(000)
Sweden 4.14%
Commercial Services & Supplies 3.09%
Bravida Holding AB†		832,397	$	5,883
Intrum Justitia AB		79,213		3,148
Loomis AB Class B		228,809		8,305
				17,336
Consumer Finance 1.05%
Hoist Finance AB†		624,159		5,867
Total Sweden				23,203
Switzerland 0.67%
Household Durables
Forbo Holding AG Registered Shares		2,294		3,760
Taiwan 1.31%
Semiconductors & Semiconductor Equipment
Realtek Semiconductor Corp.		1,280,000		4,327
Visual Photonics Epitaxy Co., Ltd.		1,606,000		3,024
				7,351
United Kingdom 13.91%
Capital Markets 3.32%
Jupiter Fund Management plc		773,400		4,754
Man Group plc		4,214,077		8,389
TP ICAP plc		925,276		5,490
				18,633
Consumer Finance 1.39%
Arrow Global Group plc		1,645,587		7,806
Electronic Equipment, Instruments & Components 0.15%
accesso Technology Group plc*		35,991		860

50 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2017

			U.S. $
			Fair Value
Investments	Shares		(000)
United Kingdom (continued)
Household Durables 0.90%
Countryside Properties plc†		1,447,907	$	5,060
Internet & Direct Marketing Retail 1.06%
ASOS plc*		78,616		5,926
Machinery 2.05%
Bodycote plc		520,148		5,615
Concentric AB		357,509		5,893
				11,508
Metals & Mining 1.11%
Hill & Smith Holdings plc		361,613		6,220
Multi-Line Retail 1.09%
B&M European Value Retail SA		1,406,030		6,137
Oil, Gas & Consumable Fuels 0.69%
Tullow Oil plc*		1,420,310		3,861
Professional Services 0.50%
Exova Group plc		914,801		2,826
Semiconductors & Semiconductor Equipment 0.88%
IQE plc*		6,061,890		4,907
Trading Companies & Distributors 0.77%
Diploma plc		298,739		4,291
Total United Kingdom				78,035
United States 2.09%
Exchange-Traded Funds 1.20%
iShares MSCI EAFE Small-Cap		57,023		3,217
VanEck Vectors Junior Gold Miners		109,900		3,542
				6,759
Semiconductors & Semiconductor Equipment 0.89%
CEVA, Inc.*		138,126		4,973
Total United States				11,732

			U.S. $
			Fair Value
Investments	Shares		(000)
Vietnam 0.60%
Closed-Ended Fund
VinaCapital Vietnam Opportunity Fund Ltd.*		921,810	$	3,352
Total Common Stocks (cost $476,810,197)				553,870
OTC OPTIONS PURCHASED 0.25%
	Contracts
United States
MSCI EAFE Index, expires 3/16/2018, Strike Price $1,610, Put (cost $2,065,000)		350		1,379
	Principal Amount (000)
SHORT-TERM INVESTMENT 1.17%
Repurchase Agreement
Repurchase Agreement dated 4/28/2017, 0.09% due 5/1/2017 with Fixed Income Clearing Corp. collateralized by $6,595,000 of U.S. Treasury Note at 2.00% due 12/31/2021; value: $6,696,715; proceeds: $6,563,244 (cost $6,563,195)		$ 6,563		6,563
Total Investments in Securities 100.12% (cost $485,438,392)				561,812
Liabilities in Excess of Foreign Cash and Other Assets(a) (0.12)%				(675	)
Net Assets 100.00%			$	561,137

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

See Notes to Financial Statements. 51

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2017

			U.S. $			Unrealized
Investments	Contracts		Fair Value			Appreciation
OTC OPTIONS WRITTEN (0.13)%
United States
MSCI EAFE Index, expires 3/16/2018, Strike Price $1,440, Put (premiums received ($1,064,000))		(350)*		(714,000	)		$350,000

* There were no options written outstanding on October 31, 2016.

Open Forward Foreign Currency Exchange Contracts at April 30, 2017:

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Appreciation
British pound	Buy	Barclays Bank plc	6/6/2017	2,350,000	$	3,011,105	$	3,046,517	$	35,412
British pound	Buy	Citibank	6/6/2017	1,076,000		1,353,484		1,394,916		41,432
British pound	Buy	Goldman Sachs	6/6/2017	2,320,000		2,833,549		3,007,625		174,076
British pound	Buy	J.P. Morgan	6/6/2017	1,920,000		2,471,217		2,489,069		17,852
British pound	Buy	State Street Bank and Trust	6/6/2017	1,900,000		2,368,868		2,463,141		94,273
British pound	Buy	State Street Bank and Trust	6/6/2017	1,600,000		1,995,923		2,074,224		78,301
British pound	Buy	State Street Bank and Trust	6/6/2017	650,000		809,277		842,654		33,377
British pound	Buy	State Street Bank and Trust	6/6/2017	527,000		653,458		683,198		29,740
British pound	Buy	State Street Bank and Trust	6/6/2017	746,000		927,691		967,107		39,416
British pound	Buy	State Street Bank and Trust	6/6/2017	481,000		601,338		623,564		22,226
British pound	Buy	State Street Bank and Trust	6/6/2017	850,000		1,088,485		1,101,932		13,447
British pound	Buy	State Street Bank and Trust	6/6/2017	610,000		787,600		790,798		3,198
British pound	Buy	State Street Bank and Trust	6/21/2017	1,000,000		1,253,511		1,297,006		43,495
Danish krone	Buy	Morgan Stanley	6/19/2017	31,140,000		4,439,206		4,571,789		132,583
euro	Buy	Goldman Sachs	6/19/2017	2,820,000		3,001,100		3,079,057		77,957
euro	Buy	J.P. Morgan	6/19/2017	930,000		981,786		1,015,434		33,648
euro	Buy	Morgan Stanley	6/19/2017	600,000		635,444		655,118		19,674
euro	Buy	State Street Bank and Trust	6/19/2017	1,490,000		1,625,163		1,626,877		1,714
Japanese yen	Buy	State Street Bank and Trust	6/21/2017	147,800,000		1,301,329		1,328,469		27,140
Japanese yen	Buy	State Street Bank and Trust	6/21/2017	193,000,000		1,688,852		1,734,740		45,888
South Korean won	Buy	Barclays Bank plc	8/21/2017	9,600,000,000		8,400,420		8,448,529		48,109
Swiss franc	Buy	State Street Bank and Trust	7/20/2017	550,000		549,818		555,461		5,643
Swiss franc	Buy	State Street Bank and Trust	7/20/2017	700,000		697,060		706,951		9,891

52 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2017

Open Forward Foreign Currency Exchange Contracts at April 30, 2017 (continued):

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	State Street Bank and Trust	7/20/2017	2,180,000	$	2,170,216	$	2,201,646		$	31,430
Japanese yen	Sell	Morgan Stanley	6/21/2017	673,000,000		6,060,491		6,049,120			11,371
Japanese yen	Sell	State Street Bank and Trust	6/21/2017	305,000,000		2,787,040		2,741,429			45,611
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts										$	1,116,904
Forward
Foreign					U.S. $
Currency					Cost on			U.S. $
Exchange	Transaction		Expiration	Foreign	Origination			Current	Unrealized
Contracts	Type	Counterparty	Date	Currency	Date			Value	Depreciation
Australian dollar	Buy	Bank of America	6/21/2017	21,020,000	$	16,168,226	$	15,725,923	$		(442,303	)
Australian dollar	Buy	Citibank	6/21/2017	1,750,000		1,340,817		1,309,247			(31,570	)
Australian dollar	Buy	Goldman Sachs	6/21/2017	1,440,000		1,086,034		1,077,323			(8,711	)
Australian dollar	Buy	J.P. Morgan	6/21/2017	2,180,000		1,634,911		1,630,947			(3,964	)
British pound	Buy	Morgan Stanley	6/6/2017	430,000		557,971		557,448			(523	)
Canadian dollar	Buy	Citibank	8/14/2017	14,135,000		10,633,248		10,371,654			(261,594	)
euro	Buy	UBS AG	6/19/2017	2,160,000		2,360,483		2,358,426			(2,057	)
Japanese yen	Buy	J.P. Morgan	6/21/2017	507,200,000		4,588,664		4,558,861			(29,803	)
Japanese yen	Buy	Standard Chartered Bank	6/21/2017	305,000,000		2,759,924		2,741,429			(18,495	)
South Korean won	Buy	UBS AG	7/24/2017	10,750,000,000		9,623,295		9,456,660			(166,635	)
Swiss franc	Buy	UBS AG	7/20/2017	24,040,000		24,307,873		24,278,707			(29,166	)
British pound	Sell	Bank of America	6/6/2017	1,440,000		1,820,876		1,866,802			(45,926	)
British pound	Sell	Bank of America	6/6/2017	1,700,000		2,125,818		2,203,863			(78,045	)
British pound	Sell	Bank of America	6/6/2017	730,000		917,574		946,365			(28,791	)
British pound	Sell	Bank of America	6/6/2017	515,000		640,786		667,641			(26,855	)
British pound	Sell	Citibank	6/6/2017	9,150,000		11,513,967		11,861,971			(348,004	)
British pound	Sell	J.P. Morgan	6/6/2017	980,000		1,194,798		1,270,462			(75,664	)
British pound	Sell	J.P. Morgan	6/6/2017	450,000		551,241		583,375			(32,134	)
British pound	Sell	J.P. Morgan	6/6/2017	952,000		1,222,010		1,234,164			(12,154	)
British pound	Sell	State Street Bank and Trust	6/6/2017	780,000		981,335		1,011,184			(29,849	)
British pound	Sell	State Street Bank and Trust	6/6/2017	1,070,000		1,346,894		1,387,138			(40,244	)
British pound	Sell	State Street Bank and Trust	6/6/2017	1,335,000		1,637,351		1,730,681			(93,330	)
British pound	Sell	State Street Bank and Trust	6/6/2017	870,000		1,089,504		1,127,860			(38,356	)
British pound	Sell	State Street Bank and Trust	6/6/2017	1,400,000		1,748,698		1,814,946			(66,248	)
British pound	Sell	State Street Bank and Trust	6/6/2017	1,282,000		1,641,056		1,661,972			(20,916	)
British pound	Sell	State Street Bank and Trust	6/21/2017	1,000,000		1,251,034		1,297,006			(45,972	)

See Notes to Financial Statements. 53

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2017

Open Forward Foreign Currency Exchange Contracts at April 30, 2017 (continued):

Forward
Foreign					U.S. $
Currency					Cost on		U.S. $
Exchange	Transaction		Expiration	Foreign	Origination		Current		Unrealized
Contracts	Type	Counterparty	Date	Currency	Date		Value		Depreciation
euro	Sell	Barclays Bank plc	6/19/2017	1,370,000	$	1,472,266	$	1,495,854		$	(23,588	)
euro	Sell	J.P. Morgan	6/19/2017	4,400,000		4,715,469		4,804,202			(88,733	)
euro	Sell	J.P. Morgan	6/19/2017	1,820,000		1,928,588		1,987,192			(58,604	)
euro	Sell	J.P. Morgan	6/19/2017	1,820,000		1,960,499		1,987,193			(26,694	)
euro	Sell	J.P. Morgan	6/19/2017	1,475,000		1,609,317		1,610,499			(1,182	)
euro	Sell	Morgan Stanley	6/19/2017	1,100,000		1,169,099		1,201,050			(31,951	)
euro	Sell	Standard Chartered Bank	6/19/2017	23,200,000		24,596,037		25,331,246			(735,209	)
euro	Sell	State Street Bank and Trust	6/19/2017	2,380,000		2,545,680		2,598,636			(52,956	)
euro	Sell	State Street Bank and Trust	6/19/2017	1,330,000		1,411,948		1,452,179			(40,231	)
euro	Sell	State Street Bank and Trust	6/19/2017	1,650,000		1,759,979		1,801,576			(41,597	)
euro	Sell	State Street Bank and Trust	6/19/2017	1,020,000		1,083,055		1,113,701			(30,646	)
euro	Sell	State Street Bank and Trust	6/19/2017	1,630,000		1,746,920		1,779,738			(32,818	)
euro	Sell	State Street Bank and Trust	6/19/2017	1,170,000		1,263,663		1,277,481			(13,818	)
euro	Sell	State Street Bank and Trust	6/19/2017	2,820,000		3,067,269		3,079,057			(11,788	)
euro	Sell	State Street Bank and Trust	6/19/2017	1,100,000		1,185,726		1,201,050			(15,324	)
euro	Sell	State Street Bank and Trust	6/19/2017	660,000		706,785		720,630			(13,845	)
euro	Sell	State Street Bank and Trust	6/19/2017	615,000		653,862		671,496			(17,634	)
euro	Sell	State Street Bank and Trust	6/19/2017	567,000		602,896		619,087			(16,191	)
euro	Sell	State Street Bank and Trust	6/19/2017	879,000		935,950		959,749			(23,799	)
euro	Sell	State Street Bank and Trust	6/19/2017	1,100,000		1,197,868		1,201,050			(3,182	)
Indian rupee	Sell	State Street Bank and Trust	6/9/2017	400,000,000		5,937,802		6,197,913			(260,111	)
Indian rupee	Sell	UBS AG	8/7/2017	372,500,000		5,644,367		5,734,950			(90,583	)
Japanese yen	Sell	Standard Chartered Bank	6/21/2017	420,000,000		3,723,383		3,775,082			(51,699	)
Japanese yen	Sell	Standard Chartered Bank	6/21/2017	260,000,000		2,302,879		2,336,956			(34,077	)
Japanese yen	Sell	State Street Bank and Trust	6/21/2017	168,000,000		1,473,902		1,510,033			(36,131	)
Swedish krona	Sell	Goldman Sachs	8/21/2017	102,000,000		11,380,055		11,584,002			(203,947	)
Swedish krona	Sell	State Street Bank and Trust	8/21/2017	14,600,000		1,632,568		1,658,102			(25,534	)
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts										$	(3,959,181	)

54 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2017

The following is a summary of the inputs used as of April 30, 2017 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	$	553,870	$	–		$	–	$	553,870
OTC Options Purchased		–		1,379			–		1,379
Repurchase Agreement		–		6,563			–		6,563
Total	$	553,870	$	7,942		$	–	$	561,812
Other Financial Instruments
OTC Options Written
Assets	$	–	$	–		$	–	$	–
Liabilities		–		(714	)		–		(714	)
Forward Foreign Currency Exchange Contracts
Assets	$	–	$	1,117		$	–	$	1,117
Liabilities		–		(3,959	)		–		(3,959	)
Total	$	–	$	(3,556	)	$	–	$	(3,556	)

(1)	Refer to Note 2(l) 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, 2017.

See Notes to Financial Statements. 55

Schedule of Investments (unaudited)

VALUE OPPORTUNITIES FUND April 30, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 96.56%
Air Freight & Logistics 0.75%
XPO Logistics, Inc.*		467,038	$	23,067
Airlines 0.98%
Alaska Air Group, Inc.		352,939		30,032
Automobiles 1.15%
Thor Industries, Inc.		368,018		35,396
Banks 9.91%
Bank of Hawaii Corp.		567,500		46,240
Chemical Financial Corp.		465,073		22,068
Citizens Financial Group, Inc.		830,839		30,500
East West Bancorp, Inc.		1,135,788		61,639
First Horizon National Corp.		2,248,329		41,257
Webster Financial Corp.		608,327		30,909
Western Alliance Bancorp*		1,487,844		71,268
Total				303,881
Capital Markets 2.80%
Moelis & Co. Class A		765,112		28,080
Raymond James Financial, Inc.		776,238		57,845
Total				85,925
Chemicals 2.73%
Ingevity Corp.*		115,150		7,281
RPM International, Inc.		487,798		25,639
Trinseo SA		550,599		36,560
Valvoline, Inc.		643,160		14,310
Total				83,790
Commercial Services & Supplies 0.51%
KAR Auction Services, Inc.		355,727		15,517
Communications Equipment 0.74%
ARRIS International plc*		876,765		22,787

Investments	Shares		Fair Value (000)
Construction & Engineering 2.69%
AECOM*		1,215,323	$	41,576
Jacobs Engineering Group, Inc.		744,181		40,871
Total				82,447
Containers & Packaging 3.54%
Berry Plastics Group, Inc.*		862,099		43,105
Sealed Air Corp.		801,033		35,261
WestRock Co.		565,723		30,300
Total				108,666
Diversified Telecommunication Services 1.71%
Zayo Group Holdings, Inc.*		1,495,028		52,431
Electrical Equipment 0.94%
Hubbell, Inc.		255,782		28,937
Electronic Equipment, Instruments & Components 2.19%
Amphenol Corp. Class A		429,379		31,049
Belden, Inc.		520,189		36,257
Total				67,306
Energy Equipment & Services 1.37%
Ensco plc Class A (United Kingdom)(a)		2,344,360		18,497
Helmerich & Payne, Inc.		389,670		23,630
Total				42,127
Equity Real Estate Investment Trusts 4.19%
Highwoods Properties, Inc.		850,000		43,248
Physicians Realty Trust		1,998,244		39,246
QTS Realty Trust, Inc. Class A		433,747		23,179
Retail Opportunity Investments Corp.		1,113,101		22,930
Total				128,603
Food Products 1.93%
Pinnacle Foods, Inc.		1,016,253		59,095

56 See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2017

Investments	Shares		Fair Value (000)
Health Care Equipment & Supplies 2.88%
Cooper Cos., Inc. (The)		283,916	$	56,877
STERIS plc (United Kingdom)(a)		424,829		31,352
Total				88,229
Health Care Providers & Services 1.20%
HealthSouth Corp.		782,770		36,712
Hotels, Restaurants & Leisure 1.58%
Aramark		680,643		24,857
Texas Roadhouse, Inc.		505,248		23,686
Total				48,543
Household Durables 2.02%
Lennar Corp. Class A		599,846		30,292
Newell Brands, Inc.		661,250		31,568
Total				61,860
Information Technology Services 6.66%
Acxiom Corp.*		1,267,297		36,625
Amdocs Ltd.		661,752		40,526
Booz Allen Hamilton Holding Corp.		1,722,851		61,902
Conduent, Inc.*		1,411,404		23,020
Fidelity National Information Services, Inc.		500,220		42,113
Total				204,186
Insurance 6.70%
Arch Capital Group Ltd.*		829,094		80,397
Markel Corp.*		30,577		29,647
RenaissanceRe Holdings Ltd.		355,667		50,565
Validus Holdings Ltd.		813,343		44,962
Total				205,571
Internet Software & Services 1.01%
Akamai Technologies, Inc.*		510,180		31,090

Investments	Shares		Fair Value (000)
Life Sciences Tools & Services 3.52%
Bio-Techne Corp.		154,030	$	16,493
ICON plc (Ireland)*(a)		292,993		24,755
Patheon NV (Netherlands)*(a)		866,064		23,306
PerkinElmer, Inc.		729,600		43,346
Total				107,900
Machinery 2.91%
Timken Co. (The)		698,966		33,725
Wabtec Corp.		661,865		55,524
Total				89,249
Marine 1.25%
Kirby Corp.*		543,389		38,363
Media 2.85%
AMC Networks, Inc. Class A*		381,308		22,756
Live Nation Entertainment, Inc.*		986,128		31,714
New York Times Co. (The) Class A		2,289,484		33,083
Total				87,553
Metals & Mining 2.32%
Reliance Steel & Aluminum Co.		776,200		61,180
United States Steel Corp.		452,099		10,091
Total				71,271
Multi-Line Retail 0.99%
Nordstrom, Inc.		631,631		30,489
Multi-Utilities 3.87%
Black Hills Corp.		555,120		37,759
CMS Energy Corp.		998,499		45,332
NiSource, Inc.		1,466,124		35,554
Total				118,645

See Notes to Financial Statements. 57

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2017

Investments	Shares		Fair Value (000)
Oil, Gas & Consumable Fuels 3.68%
Carrizo Oil & Gas, Inc.*		761,024	$	19,140
Cimarex Energy Co.		255,805		29,847
EQT Corp.		411,195		23,907
Rice Energy, Inc.*		1,878,678		39,997
Total				112,891
Pharmaceuticals 0.67%
Prestige Brands Holdings, Inc.*		356,001		20,438
Professional Services 1.01%
Robert Half International, Inc.		670,846		30,892
Road & Rail 2.42%
Genesee & Wyoming, Inc. Class A*		489,034		33,137
Old Dominion Freight Line, Inc.		464,800		41,144
Total				74,281
Semiconductors & Semiconductor Equipment 4.10%
Cypress Semiconductor Corp.		571,221		8,003
MACOM Technology Solutions Holdings, Inc.*		1,010,321		49,384
Qorvo, Inc.*		487,545		33,168
Synaptics, Inc.*		640,376		35,073
Total				125,628
Software 0.77%
FireEye, Inc.*		1,893,111		23,683
Specialty Retail 0.74%
Urban Outfitters, Inc.*		989,731		22,645
Textiles, Apparel & Luxury Goods 1.59%
Steven Madden Ltd.*		1,284,902		48,890
Thrifts & Mortgage Finance 0.97%
Essent Group Ltd.*		801,617		29,668

Investments	Shares		Fair Value (000)
Trading Companies & Distributors 1.42%
Beacon Roofing Supply, Inc.*		624,929	$	30,977
Triton International Ltd.		406,103		12,431
Total				43,408
Water Utilities 1.30%
American Water Works Co., Inc.		499,371		39,830
Total Common Stocks (cost $2,334,319,121)				2,961,922
	Principal Amount (000)
SHORT-TERM INVESTMENT 2.24%
Repurchase Agreement
Repurchase Agreement dated 4/28/2017, 0.09% due 5/1/2017 with Fixed Income Clearing Corp. collateralized by $69,070,000 of U.S. Treasury Note at 2.00% due 12/31/2021; value: $70,135,267; proceeds: $68,759,832 (cost $68,759,316)		$68,759		68,759
Total Investments in Securities 98.80% (cost $2,403,078,437)				3,030,681
Other Assets in Excess of Liabilities 1.20%				36,658
Net Assets 100.00%			$	3,067,339

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

58 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

VALUE OPPORTUNITIES FUND April 30, 2017

The following is a summary of the inputs used as of April 30, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	2,961,922	$	–	$	–	$	2,961,922
Repurchase Agreement		–		68,759		–		68,759
Total	$	2,961,922	$	68,759	$	–	$	3,030,681

(1)	Refer to Note 2(l) 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, 2017.

See Notes to Financial Statements. 59

Statements of Assets and Liabilities (unaudited)

April 30, 2017

	Alpha Strategy				Fundamental			Global Core
		Fund				Equity Fund			Equity Fund
ASSETS:
Investments in securities, at cost		$	–			$	2,314,726,121		$	3,244,940
Investments in Underlying Funds, at cost			1,058,691,134				–			–
Investments in securities, at fair value			–			$	2,761,360,441		$	3,435,030
Investments in Underlying Funds, at value		$	1,119,943,087				–			–
Cash			–				–			23,556
Segregated cash held at custodian			–				–			–
Foreign cash, at value (cost $0, $0, $9,536, $0, $430,681, $3,099,630, $4,388,291 and $0, respectively)			–				–			9,648
Receivables:
Investment securities sold			–				39,437,382			43,544
Capital shares sold			1,234,286				1,667,633			5,000
Interest and dividends			–				3,336,171			7,479
From advisor (See Note 3)			–				–			12,199
Investments in Underlying Funds sold			1,504,794				–			–
Unrealized appreciation on forward foreign currency exchange contracts			–				–			1,601
Prepaid expenses and other assets			84,875				119,292			52,480
Total assets			1,122,767,042				2,805,920,919			3,590,537
LIABILITIES:
Payables:
Investment securities purchased			–				21,734,487			58,628
Capital shares reacquired			3,079,583				5,064,595			–
Management fee			–				1,221,275			1,955
12b-1 distribution plan			389,286				1,052,776			368
Trustees’ fees			143,673				736,319			7
Fund administration			36,534				91,455			112
To bank			373,184				–			–
Offering costs			–				–			15,329
Unrealized depreciation on forward foreign currency exchange contracts			–				–			6,296
Options written outstanding, at value (Premiums received $1,064,000)			–				–			–
Accrued expenses			375,195				907,941			20,280
Total liabilities			4,397,455				30,808,848			102,975
NET ASSETS		$	1,118,369,587			$	2,775,112,071		$	3,487,562
COMPOSITION OF NET ASSETS:
Paid-in capital		$	977,649,830			$	2,176,665,322		$	3,308,245
Undistributed (distributions in excess of) net investment income			(3,464,065	)			8,871,326			14,083
Accumulated net realized gain (loss) on investments, options and foreign currency related transactions			82,931,869				142,941,103			(20,213	)
Net unrealized appreciation on investments, investments, options and translation of assets and liabilities denominated in foreign currencies			61,251,953				446,634,320			185,447
Net Assets		$	1,118,369,587			$	2,775,112,071		$	3,487,562

60 See Notes to Financial Statements.

			International			International			International			Value
Growth			Core Equity			Dividend			Opportunities			Opportunities
Leaders Fund			Fund			Income Fund			Fund			Fund
$	1,957,479,709		$	586,254,370		$	1,012,573,495		$	485,438,392		$	2,403,078,437
	–			–			–			–			–
$	2,216,970,974		$	636,747,857		$	1,070,223,932		$	561,811,700		$	3,030,681,374
	–			–			–			–			–
	–			–			–			–			–
	–			1,220,000			3,820,000			2,642,328			–
	–			435,068			3,106,251			4,464,548			–
	64,140,181			1,726,116			10,166,115			5,795,159			57,356,124
	4,106,280			6,393,449			767,149			4,877,131			9,839,245
	349,846			3,324,904			4,309,324			1,680,014			559,311
	171,105			64,640			34,844			–			–
	–			–			–			–			–
	–			2,385,929			5,488,679			1,116,904			–
	52,973			74,163			60,116			77,883			231,024
	2,285,791,359			652,372,126			1,097,976,410			582,465,667			3,098,667,078
	63,592,781			6,706,058			17,800,318			10,374,632			16,113,359
	3,453,089			744,197			1,781,567			5,504,772			11,506,509
	973,320			351,976			612,088			338,114			1,763,800
	770,850			68,749			168,936			79,506			833,664
	119,362			131,367			199,668			71,692			379,281
	71,290			20,113			35,138			18,033			100,955
	–			–			–			–			–
	–			–			–			–			–
	–			2,225,932			6,300,907			3,959,181			–
	–			–			–			714,000			–
	538,964			238,239			432,991			268,601			630,241
	69,519,656			10,486,631			27,331,613			21,328,531			31,327,809
$	2,216,271,703		$	641,885,495		$	1,070,644,797		$	561,137,136		$	3,067,339,269
$	1,917,132,320		$	833,846,324		$	1,472,504,935		$	493,592,890		$	2,348,632,323
	(2,665,491	)		3,205,933			738,672			(1,175,284	)		2,230,645
	42,313,609			(245,789,086	)		(459,450,918	)		(5,235,030	)		88,873,364
	259,491,265			50,622,324			56,852,108			73,954,560			627,602,937
$	2,216,271,703		$	641,885,495		$	1,070,644,797		$	561,137,136		$	3,067,339,269

See Notes to Financial Statements. 61

Statements of Assets and Liabilities (unaudited)(concluded)

April 30, 2017

	Alpha Strategy			Fundamental			Global Core
	Fund			Equity Fund			Equity Fund
Net assets by class:
Class A Shares		$	499,848,412		$	1,613,881,009		$	1,330,276
Class B Shares		$	2,796,179		$	9,271,260			–
Class C Shares		$	245,593,418		$	515,117,533		$	26,794
Class F Shares		$	263,110,356		$	326,735,023		$	1,033,610
Class F3 Shares		$	10,219		$	10,032		$	10,269
Class I Shares		$	65,139,405		$	128,521,369		$	1,033,901
Class P Shares			–		$	9,923,206			–
Class R2 Shares		$	2,677,604		$	7,884,015		$	10,532
Class R3 Shares		$	34,289,692		$	154,670,869		$	10,535
Class R4 Shares		$	1,097,467		$	3,393,468		$	10,543
Class R5 Shares		$	86,033		$	483,100		$	10,550
Class R6 Shares		$	3,720,802		$	5,221,187		$	10,552
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares			19,059,793			122,428,286			126,180
Class B Shares			120,748			770,110			–
Class C Shares			10,781,789			43,304,561			2,546
Class F Shares			9,993,752			25,014,973			98,000
Class F3 Shares			382.41			755.28			972.76
Class I Shares			2,438,109			9,696,719			98,000
Class P Shares			–			766,067			–
Class R2 Shares			105,007			610,556			1,000
Class R3 Shares			1,336,918			11,920,586			1,000
Class R4 Shares			41,911			258,339			1,000
Class R5 Shares			3,218			36,440			1,000
Class R6 Shares			139,234			393,009			1,000
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$26.23			$13.18			$10.54
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)			$27.83			$13.98			$11.18
Class B Shares-Net asset value			$23.16			$12.04			–
Class C Shares-Net asset value			$22.78			$11.90			$10.52
Class F Shares-Net asset value			$26.33			$13.06			$10.55
Class F3 Shares-Net asset value			$26.72			$13.28			$10.56
Class I Shares-Net asset value			$26.72			$13.25			$10.55
Class P Shares-Net asset value			–			$12.95			–
Class R2 Shares-Net asset value			$25.50			$12.91			$10.53
Class R3 Shares-Net asset value			$25.65			$12.98			$10.54
Class R4 Shares-Net asset value			$26.19			$13.14			$10.54
Class R5 Shares-Net asset value			$26.73			$13.26			$10.55
Class R6 Shares-Net asset value			$26.72			$13.29			$10.55

62 See Notes to Financial Statements.

		International		International		International		Value
Growth		Core Equity		Dividend		Opportunities		Opportunities
Leaders Fund		Fund		Income Fund		Fund		Fund
$	677,304,825	$	233,947,786	$	365,513,471	$	146,974,215	$	1,037,003,552
$	1,218,132	$	1,718,581		–	$	729,536	$	5,022,563
$	479,811,248	$	27,214,008	$	72,580,144	$	26,326,241	$	358,496,029
$	932,906,221	$	65,368,277	$	110,799,999	$	111,870,290	$	981,372,194
$	10,225	$	10,357	$	10,160	$	10,482	$	10,056
$	86,496,623	$	283,755,267	$	505,551,073	$	242,906,064	$	391,530,467
	–	$	84,359		–	$	237,158	$	35,151,784
$	1,453,009	$	743,862	$	699,558	$	4,081,804	$	8,796,417
$	13,326,208	$	13,477,652	$	12,798,666	$	8,787,293	$	96,924,557
$	3,274,125	$	221,847	$	20,814	$	2,634,546	$	10,126,524
$	5,174,962	$	33,954	$	9,749	$	3,365,904	$	50,693,845
$	15,296,125	$	15,309,545	$	2,661,163	$	13,213,603	$	92,211,281
	27,108,978		18,461,843		51,406,731		8,122,004		52,914,017
	50,379		135,898		–		42,539		283,309
	20,059,680		2,168,015		10,297,749		1,555,340		20,217,647
	37,017,545		5,193,365		15,542,091		6,238,317		49,198,643
	403		810.37		1,422		563.38		494
	3,415,442		22,230,468		70,733,870		13,089,492		19,267,431
	–		6,653		–		12,856		1,821,432
	58,430		58,827		96,336		229,005		464,468
	538,058		1,079,797		1,782,809		494,243		5,073,213
	131,021		17,550		2,930		146,000		517,086
	204,290		2,665		1,366		181,433		2,494,069
	603,082		1,198,348		372,432		710,334		4,527,266
	$24.98		$12.67		$7.11		$18.10		$19.60
	$26.50		$13.44		$7.54		$19.20		$20.80
	$24.18		$12.65		–		$17.15		$17.73
	$23.92		$12.55		$7.05		$16.93		$17.73
	$25.20		$12.59		$7.13		$17.93		$19.95
	$25.37		$12.78		$7.14		$18.61		$20.36
	$25.33		$12.76		$7.15		$18.56		$20.32
	–		$12.68		–		$18.45		$19.30
	$24.87		$12.64		$7.26		$17.82		$18.94
	$24.77		$12.48		$7.18		$17.78		$19.11
	$24.99		$12.64		$7.10		$18.04		$19.58
	$25.33		$12.74		$7.14		$18.55		$20.33
	$25.36		$12.78		$7.15		$18.60		$20.37

See Notes to Financial Statements. 63

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2017

	Alpha Strategy				Fundamental				Global Core
	Fund				Equity Fund				Equity Fund*
Investment income:
Dividends (net of foreign withholding taxes of $0, $0, $1,343, $0, $699,526, $2,038,819, $416,488 and $0, respectively)		$	–			$	32,896,683			$	22,839
Dividends received from Underlying Funds			2,515,441				–				–
Interest and other			12,572				8,367				6
Interest earned from Interfund Lending (See Note 11)			–				762				–
Total investment income			2,528,013				32,905,812				22,845
Expenses:
Management fee			562,637				7,644,238				6,578
12b-1 distribution plan-Class A			631,527				2,085,184				884
12b-1 distribution plan-Class B			18,812				65,848				–
12b-1 distribution plan-Class C			1,286,432				2,711,853				41
12b-1 distribution plan-Class F			124,490				160,464				283
12b-1 distribution plan-Class P			–				24,093				–
12b-1 distribution plan-Class R2			7,938				24,784				17
12b-1 distribution plan-Class R3			86,143				397,365				14
12b-1 distribution plan-Class R4			653				1,480				7
Shareholder servicing			778,856				1,802,980				651
Fund administration			225,054				573,851				376
Reports to shareholders			48,742				147,359				359
Registration			70,292				76,908				1,481
Custody			10,331				22,812				10,767
Trustees’ fees			14,177				36,001				13
Professional			19,111				33,076				13,215
Subsidy (See Note 3)			–				15,671				–
Offering costs			–				–				10,413
Other			18,914				68,675				2,016
Gross expenses			3,904,109				15,892,642				47,115
Expense reductions (See Note 9)			(3,690	)			(9,507	)			(9	)
Expenses assumed by Underlying Funds (See Note 3)			(344,854	)			–				–
Fees waived and expenses reimbursed (See Note 3)			(562,637	)			–				(38,344	)
Net expenses			2,992,928				15,883,135				8,762
Net investment income (loss)			(464,915	)			17,022,677				14,083
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds			57,871,335				–				–
Net realized gain (loss) on investments (net of foreign capital gains tax of $0, $0, $0, $0, $0, $0, $360,930 and $0, respectively)			–				196,867,591				(15,688	)
Net realized gain (loss) on options and foreign currency related transactions			–				–				(4,525	)
Net realized gain on investments and Underlying Funds			35,571,791				–				–
Net change in unrealized appreciation/depreciation on investments			–				79,217,662				190,090
Net change in unrealized appreciation/depreciation on investments and Underlying Funds			44,533,778				–				–
Net change in unrealized appreciation/depreciation on options and translation of assets and liabilities denominated in foreign currencies			–				–				(4,643	)
Net realized and unrealized gain			137,976,904				276,085,253				165,234
Net Increase in Net Assets Resulting From Operations		$	137,511,989			$	293,107,930			$	179,317

* For the period January 17, 2017 (commencement of operations) to April 30, 2017.

64 See Notes to Financial Statements.

			International			International			International			Value
Growth			Core Equity			Dividend			Opportunities			Opportunities
Leaders Fund			Fund			Income Fund			Fund			Fund
$	8,374,878		$	7,070,486		$	24,199,907		$	4,428,876		$	21,495,851
	–			–			–			–			–
	4,667			–			797,281			401			14,501
	1,327			372			1,815			340			3,616
	8,380,872			7,070,858			24,999,003			4,429,617			21,513,968
	5,823,767			1,872,576			4,279,228			2,016,068			10,408,709
	885,199			298,048			477,509			173,448			1,303,568
	9,103			12,091			–			5,186			32,713
	2,368,291			141,109			382,963			122,862			1,781,447
	411,776			30,708			54,810			43,814			420,458
	–			201			–			627			82,978
	3,948			1,850			1,995			8,924			19,769
	32,868			33,783			31,483			33,930			252,880
	2,250			61			14			2,601			7,338
	1,114,899			383,896			462,319			292,770			1,692,522
	426,230			107,004			248,079			107,524			594,761
	104,303			39,188			36,149			25,054			126,234
	95,514			66,052			62,922			67,888			115,434
	19,620			67,024			206,681			107,843			20,666
	26,562			6,397			16,648			6,840			35,313
	27,495			44,032			44,936			38,121			31,869
	15,325			37,472			166,379			73,878			80,820
	–			–			–			–			–
	46,987			30,528			55,270			32,891			56,236
	11,414,137			3,172,020			6,527,385			3,160,269			17,063,715
	(7,053	)		(1,140	)		(2,098	)		(951	)		(9,043	)
	–			–			–			–			–
	(1,090,728	)		(455,029	)		(418,505	)		–			–
	10,316,356			2,715,851			6,106,782			3,159,318			17,054,672
	(1,935,484	)		4,355,007			18,892,221			1,270,299			4,459,296
	–			–			–			–			–
	111,945,995			854,967			(30,959,136	)		21,305,141			92,796,188
	–			(432,640	)		3,424,344			(545,037	)		–
	–			–			–			–			–
	122,409,644			35,929,358			102,456,467			44,672,389			156,641,489
	–			–			–			–			–
	–			538,626			(1,783,547	)		(455,650	)		–
	234,355,639			36,890,311			73,138,128			64,976,843			249,437,677
$	232,420,155		$	41,245,318		$	92,030,349		$	66,247,142		$	253,896,973

See Notes to Financial Statements. 65

Statements of Changes in Net Assets

	Alpha Strategy Fund
	For the Six Months				For the
	Ended April 30, 2017				Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)				October 31, 2016
Operations:
Net investment income (loss)		$	(464,915	)		$	(2,901,644	)
Capital gain distributions received from Underlying Funds			57,871,335				112,214,138
Net realized gain (loss) on investments, options and foreign currency related transactions			–				–
Net realized gain on investments and Underlying Funds			35,571,791				21,721,025
Net change in unrealized appreciation/depreciation on investments, options written and translation of assets and liabilities denominated in foreign currencies			–				–
Net change in unrealized appreciation/depreciation on investments and Underlying Funds			44,533,778				(121,674,817	)
Net increase in net assets resulting from operations			137,511,989				9,358,702
Distributions to shareholders from:
Net investment income
Class A			–				(3,540,518	)
Class B			–				–
Class C			–				–
Class F			–				(2,025,531	)
Class I			–				(368,660	)
Class P			–				–
Class R2			–				(6,227	)
Class R3			–				(146,537	)
Class R4			–				(71	)
Class R5			–				(81	)
Class R6			–				(83	)
Net realized gain
Class A			(55,318,828	)			(72,940,775	)
Class B			(508,140	)			(1,311,490	)
Class C			(32,030,506	)			(44,116,897	)
Class F			(26,130,404	)			(33,387,144	)
Class I			(7,340,823	)			(5,349,136	)
Class P			–				–
Class R2			(298,197	)			(357,484	)
Class R3			(3,825,073	)			(4,805,885	)
Class R4			(40,486	)			(1,198	)
Class R5			(1,052	)			(1,183	)
Class R6			(80,661	)			(1,182	)
Total distributions to shareholders			(125,574,170	)			(168,360,082	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares			184,381,245				225,073,813
Reinvestment of distributions			107,105,886				142,586,198
Cost of shares reacquired			(299,341,118	)			(354,558,513	)
Net increase (decrease) in net assets resulting from capital share transactions			(7,853,987	)			13,101,498
Net increase (decrease) in net assets			4,083,832				(145,899,882	)
NET ASSETS:
Beginning of period		$	1,114,285,755			$	1,260,185,637
End of period		$	1,118,369,587			$	1,114,285,755
Undistributed (distributions in excess of) net investment income		$	(3,464,065	)		$	(2,999,150	)

66 See Notes to Financial Statements.

Fundamental Equity Fund						Global Core Equity Fund
For the Six Months			For the			For the Six Months
Ended April 30, 2017			Year Ended			Ended April 30, 2017*
(unaudited)			October 31, 2016			(unaudited)
$	17,022,677		$	45,475,201		$	14,083
	–			–			–
	196,867,591			131,982,500			(20,213	)
	–			–			–
	79,217,662			(67,930,253	)		185,447
	–			–			–
	293,107,930			109,527,448			179,317
	(25,173,661	)		(25,637,542	)		–
	(102,842	)		(140,661	)		–
	(4,948,705	)		(4,078,407	)		–
	(5,204,051	)		(5,816,644	)		–
	(2,486,080	)		(3,639,747	)		–
	(148,944	)		(147,160	)		–
	(94,171	)		(93,933	)		–
	(2,055,670	)		(2,043,594	)		–
	(2,106	)		(142	)		–
	(2,310	)		(153	)		–
	(7,568	)		(154	)		–
	(60,367,654	)		(169,563,148	)		–
	(619,571	)		(2,635,889	)		–
	(21,921,732	)		(65,139,785	)		–
	(11,296,010	)		(34,565,047	)		–
	(5,102,200	)		(19,814,462	)		–
	(410,518	)		(1,186,895	)		–
	(296,884	)		(917,197	)		–
	(5,891,910	)		(17,448,912	)		–
	(4,501	)		(840	)		–
	(4,692	)		(835	)		–
	(15,303	)		(835	)		–
	(146,157,083	)		(352,871,982	)		–
	235,341,659			220,760,807			3,308,245
	133,849,976			322,229,904			–
	(578,141,236	)		(1,136,868,787	)		–
	(208,949,601	)		(593,878,076	)		3,308,245
	(61,998,754	)		(837,222,610	)		3,487,562
$	2,837,110,825		$	3,674,333,435		$	–
$	2,775,112,071		$	2,837,110,825		$	3,487,562
$	8,871,326		$	32,074,757		$	14,083

* For the period January 17, 2017 (commencement of operations) to April 30, 2017.

See Notes to Financial Statements. 67

Statements of Changes in Net Assets (continued)

	Growth Leaders Fund
	For the Six Months				For the
	Ended April 30, 2017				Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)				October 31, 2016
Operations:
Net investment income (loss)		$	(1,935,484	)		$	213,354
Capital gain distributions received from Underlying Funds			–				–
Net realized gain (loss) on investments, options and foreign currency related transactions			111,945,995				(36,013,707	)
Net realized gain on investments and Underlying Funds			–				–
Net change in unrealized appreciation/depreciation on investments, options written and translation of assets and liabilities denominated in foreign currencies			122,409,644				9,283,304
Net change in unrealized appreciation/depreciation on investments and Underlying Funds			–				–
Net increase (decrease) in net assets resulting from operations			232,420,155				(26,517,049	)
Distributions to shareholders from:
Net investment income
Class A			–				–
Class B			–				–
Class C			–				–
Class F			–				–
Class I			–				–
Class P			–				–
Class R2			–				–
Class R3			–				–
Class R4			–				–
Class R5			–				–
Class R6			–				–
Net realized gain
Class A			–				(35,621,327	)
Class B			–				(178,478	)
Class C			–				(20,530,447	)
Class F			–				(34,683,777	)
Class I			–				(4,426,828	)
Class P			–				–
Class R2			–				(42,130	)
Class R3			–				(630,934	)
Class R4			–				(470	)
Class R5			–				(466	)
Class R6			–				(11,055	)
Total distributions to shareholders			–				(96,125,912	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares			457,360,738				1,047,526,269
Reinvestment of distributions			–				82,564,474
Cost of shares reacquired			(592,900,878	)			(892,874,146	)
Net increase (decrease) in net assets resulting from capital share transactions			(135,540,140	)			237,216,597
Net increase (decrease) in net assets			96,880,015				114,573,636
NET ASSETS:
Beginning of period		$	2,119,391,688			$	2,004,818,052
End of period		$	2,216,271,703			$	2,119,391,688
Undistributed (distributions in excess of) net investment income		$	(2,665,491	)		$	(730,007	)

68 See Notes to Financial Statements.

International Core Equity Fund						International Dividend Income Fund
For the Six Months			For the			For the Six Months			For the
Ended April 30, 2017			Year Ended			Ended April 30, 2017			Year Ended
(unaudited)			October 31, 2016			(unaudited)			October 31, 2016
$	4,355,007		$	11,556,075		$	18,892,221		$	60,844,239
	–			–			–			–
	422,327			(37,266,598	)		(27,534,792	)		(244,286,740	)
	–			–			–			–
	36,467,984			7,224,481			100,672,920			135,423,840
	–			–			–			–
	41,245,318			(18,486,042	)		92,030,349			(48,018,661	)
	(5,326,381	)		(4,327,062	)		(6,375,065	)		(16,343,755	)
	(31,492	)		(14,972	)		–			–
	(420,035	)		(216,668	)		(983,588	)		(2,751,461	)
	(1,455,989	)		(901,673	)		(1,945,352	)		(4,596,054	)
	(3,938,350	)		(952,923	)		(10,870,720	)		(32,191,585	)
	(1,887	)		(1,208	)		–			–
	(9,725	)		(5,473	)		(9,825	)		(23,851	)
	(294,578	)		(175,489	)		(195,819	)		(385,952	)
	(206	)		(138	)		(251	)		(304	)
	(227	)		(149	)		(169	)		(326	)
	(270,198	)		(151	)		(26,692	)		(326	)
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	–			–			–			–
	(11,749,068	)		(6,595,906	)		(20,407,481	)		(56,293,614	)
	186,859,292			188,432,563			85,262,858			142,481,586
	11,216,982			6,187,992			19,586,517			54,232,406
	(133,328,986	)		(155,767,927	)		(447,429,499	)		(909,403,451	)
	64,747,288			38,852,628			(342,580,124	)		(712,689,459	)
	94,243,538			13,770,680			(270,957,256	)		(817,001,734	)
$	547,641,957		$	533,871,277		$	1,341,602,053		$	2,158,603,787
$	641,885,495		$	547,641,957		$	1,070,644,797		$	1,341,602,053
$	3,205,933		$	10,599,994		$	738,672		$	2,253,932

See Notes to Financial Statements. 69

Statements of Changes in Net Assets (concluded)

	International Opportunities Fund
	For the Six Months				For the
	Ended April 30, 2017				Year Ended
INCREASE (DECREASE) IN NET ASSETS	(unaudited)				October 31, 2016
Operations:
Net investment income (loss)		$	1,270,299			$	5,372,649
Capital gain distributions received from Underlying Funds			–				–
Net realized gain (loss) on investments, options and foreign currency related transactions			20,760,104				(21,269,627	)
Net realized gain on investments and Underlying Funds			–				–
Net change in unrealized appreciation/depreciation on investments, options written and translation of assets and liabilities denominated in foreign currencies			44,216,739				7,991,575
Net change in unrealized appreciation/depreciation on investments and Underlying Funds			–				–
Net increase (decrease) in net assets resulting from operations			66,247,142				(7,905,403	)
Distributions to shareholders from:
Net investment income
Class A			(1,014,524	)			(1,050,238	)
Class B			–				–
Class C			–				(18,260	)
Class F			(725,716	)			(938,607	)
Class I			(2,470,038	)			(2,334,522	)
Class P			(1,121	)			(1,464	)
Class R2			(15,577	)			(5,781	)
Class R3			(108,350	)			(41,103	)
Class R4			(16,612	)			(68	)
Class R5			(26,598	)			(78	)
Class R6			(22,874	)			(118	)
Net realized gain
Class A			–				(6,077,165	)
Class B			–				(92,296	)
Class C			–				(1,231,535	)
Class F			–				(4,392,710	)
Class I			–				(10,107,379	)
Class P			–				(17,397	)
Class R2			–				(38,773	)
Class R3			–				(337,158	)
Class R4			–				(347	)
Class R5			–				(338	)
Class R6			–				(502	)
Total distributions to shareholders			(4,401,410	)			(26,685,839	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares			99,270,828				162,415,053
Reinvestment of distributions			4,117,625				24,801,645
Cost of shares reacquired			(169,413,581	)			(208,561,854	)
Net increase (decrease) in net assets resulting from capital share transactions			(66,025,128	)			(21,345,156	)
Net increase (decrease) in net assets			(4,179,396	)			(55,936,398	)
NET ASSETS:
Beginning of period		$	565,316,532			$	621,252,930
End of period		$	561,137,136			$	565,316,532
Undistributed (distributions in excess of) net investment income		$	(1,175,284	)		$	1,955,827

70 See Notes to Financial Statements.

Value Opportunities Fund
For the Six Months			For the
Ended April 30, 2017			Year Ended
(unaudited)			October 31, 2016
$	4,459,296		$	1,588,832
	–			–
	92,796,188			157,322,302
	–			–
	156,641,489			(55,911,286	)
	–			–
	253,896,973			102,999,848
	–			–
	–			–
	–			–
	(744,559	)		–
	(875,266	)		–
	–			–
	–			–
	–			–
	(2,857	)		–
	(83,687	)		–
	(122,483	)		–
	(57,219,828	)		(72,951,605	)
	(455,599	)		(870,863	)
	(21,417,677	)		(27,261,109	)
	(39,955,662	)		(38,590,474	)
	(26,858,098	)		(38,495,440	)
	(2,180,705	)		(3,022,260	)
	(381,708	)		(516,346	)
	(6,001,389	)		(8,254,498	)
	(194,885	)		(689	)
	(2,454,897	)		(669	)
	(3,441,365	)		(2,015,955	)
	(162,390,665	)		(191,979,908	)
	751,939,419			649,722,205
	152,980,522			179,896,069
	(603,735,553	)		(768,820,227	)
	301,184,388			60,798,047
	392,690,696			(28,182,013	)
$	2,674,648,573		$	2,702,830,586
$	3,067,339,269		$	2,674,648,573
$	2,230,645		$	(399,799	)

See Notes to Financial Statements. 71

Financial Highlights

ALPHA STRATEGY FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)			Net realized and unrealized gain (loss)		Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2017(c)		$25.94		$ 0.01			$3.21		$  3.22			$       –			$(2.93	)		$(2.93	)
10/31/2016		29.79		(0.03	)		0.19		0.16			(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	)
Class B
4/30/2017(c)		23.30		(0.07	)		2.86		2.79			–			(2.93	)		(2.93	)
10/31/2016		27.16		(0.18	)		0.14		(0.04	)		–			(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	)
Class C
4/30/2017(c)		22.96		(0.08	)		2.83		2.75			–			(2.93	)		(2.93	)
10/31/2016		26.83		(0.19	)		0.14		(0.05	)		–			(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	)
Class F
4/30/2017(c)		26.01		0.02			3.23		3.25			–			(2.93	)		(2.93	)
10/31/2016		29.87		0.02			0.17		0.19			(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	)
Class F3
4/4/2017 to 4/30/2017(c)(e)		26.15		–			0.57		0.57			–			–			–
Class I
4/30/2017(c)		26.34		0.04			3.27		3.31			–			(2.93	)		(2.93	)
10/31/2016		30.20		0.02			0.20		0.22			(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		24.99		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	)
Class R2
4/30/2017(c)		25.34		(0.04	)		3.13		3.09			–			(2.93	)		(2.93	)
10/31/2016		29.16		(0.11	)		0.18		0.07			(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	)

72 See Notes to Financial Statements.

					Ratios to Average Net Assets:*									Supplemental Data:
Net asset value, end of period		Total return (%)(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	$26.23		12.97	(d)		0.20	(d)		0.28	(d)		0.03	(d)		$499,848		5.55	(d)
	25.94		0.91			0.27			0.55			(0.10	)		507,241		12.50
	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
	23.16		12.56	(d)		0.57	(d)		0.65	(d)		(0.30	)(d)		2,796		5.55	(d)
	23.30		0.16			1.02			1.30			(0.80	)		4,709		12.50
	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
	22.78		12.57	(d)		0.57	(d)		0.65	(d)		(0.34	)(d)		245,593		5.55	(d)
	22.96		0.12			1.02			1.30			(0.84	)		265,906		12.50
	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
	26.33		13.06	(d)		0.12	(d)		0.20	(d)		0.09	(d)		263,110		5.55	(d)
	26.01		1.05			0.12			0.40			0.06			230,558		12.50
	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
	26.72		2.18	(d)		0.01	(d)(e)		0.01	(d)(e)		(0.01	)(d)(e)		10		5.55	(d)
	26.72		13.13	(d)		0.07	(d)		0.15	(d)		0.15	(d)		65,139		5.55
	26.34		1.15			0.02			0.30			0.09			67,982		12.50
	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
	25.50		12.75	(d)		0.37	(d)		0.45	(d)		(0.15	)(d)		2,678		5.55	(d)
	25.34		0.57			0.62			0.90			(0.45	)		2,704		12.50
	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

See Notes to Financial Statements. 73

Financial Highlights (concluded)

ALPHA STRATEGY FUND

			Per Share Operating Performance:
			Investment operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R3
4/30/2017(c)		$25.46		$(0.02	)		$  3.14			$  3.12			$       –			$(2.93	)		$(2.93	)
10/31/2016		29.30		(0.09	)		0.19			0.10			(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	)
Class R4
4/30/2017(c)		25.90		(0.01	)		3.23			3.22			–			(2.93	)		(2.93	)
10/31/2016		29.79		(0.07	)		0.23			0.16			(0.23	)		(3.82	)		(4.05	)
6/30/2015 to 10/31/2015(f)		31.87		(0.03	)		(2.05	)(g)		(2.08	)		–			–			–
Class R5
4/30/2017(c)		26.35		–			3.31			3.31			–			(2.93	)		(2.93	)
10/31/2016		30.20		0.04			0.19			0.23			(0.26	)		(3.82	)		(4.08	)
6/30/2015 to 10/31/2015(f)		32.28		–			(2.08	)(g)		(2.08	)		–			–			–
Class R6
4/30/2017(c)		26.34		0.02			3.29			3.31			–			(2.93	)		(2.93	)
10/31/2016		30.20		–	(i)		0.23			0.23			(0.27	)		(3.82	)		(4.09	)
6/30/2015 to 10/31/2015(f)		32.28		–	(i)		(2.08	)(g)		(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 April 4, 2017.
(f)	Commenced on June 30, 2015.
(g)	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.
(h)	Annualized.
(i)	Amount less than $0.01.

74 See Notes to Financial Statements.

					Ratios to Average Net Assets:*									Supplemental Data:
Net asset value, end of period		Total return (%)(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	$25.65		12.81	(d)		0.32	(d)		0.40	(d)		(0.10	)(d)		$34,290		5.55	(d)
	25.46		0.68			0.52			0.80			(0.35	)		34,223		12.50
	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
	26.19		12.99	(d)		0.21	(d)		0.28	(d)		(0.06	)(d)		1,097		5.55	(d)
	25.90		0.91			0.28			0.55			(0.27	)		278		12.50
	29.79		(6.53	)(d)		0.25	(h)		0.53	(h)		(0.25	)(h)		9		8.24
	26.73		13.12	(d)		0.08	(d)		0.15	(d)		0.01	(d)		86		5.55	(d)
	26.35		1.19			–			0.30			0.16			9		12.50
	30.20		(6.44	)(d)		0.00	(h)		0.28	(h)		0.00	(h)		9		8.24
	26.72		13.13	(d)		0.04	(d)		0.09	(d)		0.08	(d)		3,721		5.55	(d)
	26.34		1.17			0.03			0.17			(0.01	)		675		12.50
	30.20		(6.44	)(d)		0.00	(h)		0.12	(h)		0.03	(h)		9		8.24

See Notes to Financial Statements. 75

Financial Highlights

FUNDAMENTAL EQUITY FUND

			Per Share Operating Performance:
			Investment operations:							Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)			Net realized and unrealized gain (loss)		Total from invest- ment opera- tions		Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2017(c)		$12.54		$  0.09			$1.21		$1.30		$(0.19	)		$(0.47	)		$(0.66	)
10/31/2016		13.32		0.19			0.34		0.53		(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	)
Class B
4/30/2017(c)		11.44		0.04			1.11		1.15		(0.08	)		(0.47	)		(0.55	)
10/31/2016		12.24		0.10			0.30		0.40		(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		–	(f)		(0.15	)		(0.15	)
10/31/2012		11.89		0.01			0.73		0.74		–			(0.27	)		(0.27	)
Class C
4/30/2017(c)		11.33		0.03			1.12		1.15		(0.11	)		(0.47	)		(0.58	)
10/31/2016		12.14		0.09			0.31		0.40		(0.07	)		(1.14	)		(1.21	)
10/31/2015		14.83		0.04			0.04		0.08		–	(f)		(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		–	(f)		0.73		0.73		–			(0.27	)		(0.27	)
Class F
4/30/2017(c)		12.44		0.09			1.22		1.31		(0.22	)		(0.47	)		(0.69	)
10/31/2016		13.23		0.21			0.33		0.54		(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	)
Class F3
4/4/2017 to 4/30/2017(c)(g)		13.24		–	(f)		0.04		0.04		–			–			–
Class I
4/30/2017(c)		12.62		0.10			1.23		1.33		(0.23	)		(0.47	)		(0.70	)
10/31/2016		13.40		0.23			0.34		0.57		(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	)
Class P
4/30/2017(c)		12.32		0.07			1.20		1.27		(0.17	)		(0.47	)		(0.64	)
10/31/2016		13.10		0.17			0.33		0.50		(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	)

76 See Notes to Financial Statements.

		Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return (%)(b)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	$13.18		10.65	(d)		0.48	(d)		0.65	(d)		$1,613,881		54.85	(d)
	12.54		4.36			0.98			1.60			1,653,389		135.08
	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	(e)
	12.04		10.23	(d)		0.86	(d)		0.31	(d)		9,271		54.85	(d)
	11.44		3.65			1.73			0.87			15,928		135.08
	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	(e)
	11.90		10.33	(d)		0.86	(d)		0.28	(d)		515,118		54.85	(d)
	11.33		3.59			1.73			0.85			544,649		135.08
	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	(e)
	13.06		10.75	(d)		0.41	(d)		0.72	(d)		326,735		54.85	(d)
	12.44		4.48			0.83			1.76			304,083		135.08
	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	(e)
	13.28		0.30	(d)		0.04	(d)(g)		0.07	(d)(g)		10		54.85	(d)
	13.25		10.78	(d)		0.36	(d)		0.78	(d)		128,521		54.85	(d)
	12.62		4.64			0.73			1.87			142,316		135.08
	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	(e)
	12.95		10.54	(d)		0.58	(d)		0.56	(d)		9,923		54.85	(d)
	12.32		4.17			1.18			1.40			10,798		135.08
	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	(e)

See Notes to Financial Statements. 77

Financial Highlights (concluded)

FUNDAMENTAL EQUITY FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R2
4/30/2017(c)		$12.27		$0.06		$  1.20			$  1.26			$(0.15	)		$(0.47	)		$(0.62	)
10/31/2016		13.05		0.15		0.33			0.48			(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			–	(f)		(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	)
Class R3
4/30/2017(c)		12.34		0.07		1.20			1.27			(0.16	)		(0.47	)		(0.63	)
10/31/2016		13.12		0.16		0.33			0.49			(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	)
Class R4
4/30/2017(c)		12.52		0.07		1.24			1.31			(0.22	)		(0.47	)		(0.69	)
10/31/2016		13.32		0.17		0.36			0.53			(0.19	)		(1.14	)		(1.33	)
6/30/2015 to 10/31/2015(h)		13.52		0.05		(0.25	)(i)		(0.20	)		–			–			–
Class R5
4/30/2017(c)		12.63		0.08		1.25			1.33			(0.23	)		(0.47	)		(0.70	)
10/31/2016		13.41		0.17		0.40			0.57			(0.21	)		(1.14	)		(1.35	)
6/30/2015 to 10/31/2015(h)		13.60		0.06		(0.25	)(i)		(0.19	)		–			–			–
Class R6
4/30/2017(c)		12.64		0.08		1.27			1.35			(0.23	)		(0.47	)		(0.70	)
10/31/2016		13.41		0.23		0.35			0.58			(0.21	)		(1.14	)		(1.35	)
6/30/2015 to 10/31/2015(h)		13.60		0.06		(0.25	)(i)		(0.19	)		–			–			–

(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)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Large Cap Value Fund on June 15, 2012.
(f)	Amount less than $0.01.
(g)	Commenced on April 4, 2017.
(h)	Commenced on June 30, 2015.
(i)	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.
(j)	Annualized.

78 See Notes to Financial Statements.

		Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return (%)(b)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	$12.91		10.48	(d)		0.66	(d)		0.48	(d)		$    7,884		54.85	(d)
	12.27		3.97			1.33			1.25			7,952		135.08
	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	(e)
	12.98		10.55	(d)		0.61	(d)		0.53	(d)		154,671		54.85	(d)
	12.34		4.09			1.23			1.35			157,626		135.08
	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	(e)
	13.14		10.71	(d)		0.48	(d)		0.50	(d)		3,393		54.85	(d)
	12.52		4.37			0.95			1.40			121		135.08
	13.32		(1.48	)(d)		0.93	(j)		1.12	(j)		10		149.38
	13.26		10.80	(d)		0.36	(d)		0.62	(d)		483		54.85	(d)
	12.63		4.64			0.68			1.40			125		135.08
	13.41		(1.40	)(d)		0.68	(j)		1.37	(j)		10		149.38
	13.29		10.96	(d)		0.30	(d)		0.64	(d)		5,221		54.85	(d)
	12.64		4.73			0.61			1.88			123		135.08
	13.41		(1.40	)(d)		0.59	(j)		1.46	(j)		10		149.38

See Notes to Financial Statements. 79

Financial Highlights

GLOBAL CORE EQUITY FUND

	Per Share Operating Performance:
			Investment Operations:
	Net asset					Net
	value,		Net			realized and		Total from
	beginning		investment			unrealized		investment
	of period		income(a)			gain		operations
Class A
1/17/2017 to 4/30/2017(d)(e)		$10.00		$0.04			$0.50		$0.54
Class C
1/17/2017 to 4/30/2017(d)(e)		10.00		0.02			0.50		0.52
Class F
1/17/2017 to 4/30/2017(d)(e)		10.00		0.04			0.51		0.55
Class F3
4/4/2017 to 4/30/2017(d)(f)		10.28		–	(g)		0.28		0.28
Class I
1/17/2017 to 4/30/2017(d)(e)		10.00		0.05			0.50		0.55
Class R2
1/17/2017 to 4/30/2017(d)(e)		10.00		0.03			0.50		0.53
Class R3
1/17/2017 to 4/30/2017(d)(e)		10.00		0.03			0.51		0.54
Class R4
1/7/2017 to 4/30/2017(d)(e)		10.00		0.04			0.50		0.54
Class R5
1/17/2017 to 4/30/2017(d)(e)		10.00		0.05			0.50		0.55
Class R6
1/17/2017 to 4/30/2017(d)(e)		10.00		0.05			0.50		0.55

(a)	Calculated using average shares outstanding during the period.
(b)	Total return for classes A 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)	Not annualized.
(d)	Unaudited.
(e)	Commenced on January 17, 2017.
(f)	Commenced on April 4, 2017.
(g)	Amount is less than $0.01.

80 See Notes to Financial Statements.

				Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return (%)(b)(c)		Total expenses after waivers and/or reimburse- ments(%)(c)			Total expenses (%)(c)			Net investment income (loss) (%)(c)			Net assets, end of period (000)		Portfolio turnover rate (%)(c)
	$10.54		5.40		0.30			1.45			0.39			$1,330		37.12
	10.52		5.20		0.51			1.68			0.20			27		37.12
	10.55		5.50		0.25			1.40			0.43			1,034		37.12
	10.56		2.72		0.05	(f)		0.34	(f)		(0.55	)(f)		10		37.12
	10.55		5.50		0.23			1.38			0.46			1,034		37.12
	10.53		5.30		0.38			1.53			0.30			11		37.12
	10.54		5.40		0.35			1.50			0.33			11		37.12
	10.54		5.40		0.28			1.43			0.40			11		37.12
	10.55		5.50		0.21			1.37			0.47			11		37.12
	10.55		5.50		0.20			1.35			0.48			11		37.12

See Notes to Financial Statements. 81

Financial Highlights

GROWTH LEADERS FUND

			Per Share Operating Performance:
			Investment operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2017(c)		$22.42		$(0.01	)		$  2.57			$  2.56			$       –			$       –			$       –
10/31/2016		23.73		0.03			(0.24	)		(0.21	)		–			(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			–			–			–
Class B
4/30/2017(c)		21.77		(0.09	)		2.50			2.41			–			–			–
10/31/2016		23.24		(0.13	)		(0.24	)		(0.37	)		–			(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	)
2/11/2013 to 10/31/2013(f)		16.56		(0.11	)		4.88			4.77			–			–			–
Class C
4/30/2017(c)		21.54		(0.09	)		2.47			2.38			–			–			–
10/31/2016		23.01		(0.14	)		(0.23	)		(0.37	)		–			(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			–			–			–
Class F
4/30/2017(c)		22.59		0.01			2.60			2.61			–			–			–
10/31/2016		23.87		0.06			(0.24	)		(0.18	)		–			(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	)
Class F3
4/4/2017 to 4/30/2017(c)(i)		24.81		–			0.56			0.56			–			–			–
Class I
4/30/2017(c)		22.69		0.02			2.62			2.64			–			–			–
10/31/2016		23.95		0.08			(0.24	)		(0.16	)		–			(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	)
Class R2
4/30/2017(c)		22.35		(0.05	)		2.57			2.52			–			–			–
10/31/2016		23.74		(0.05	)		(0.24	)		(0.29	)		–			(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			–			–			–

82 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return (%)(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	$24.98		11.42	(d)		0.44	(d)		0.48	(d)		(0.04	)(d)		$677,305		132.60	(d)
	22.42		(0.96	)		0.85			0.98			0.12			750,576		245.91
	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	(g)
	15.15		4.48			0.85			1.55			(0.06	)		15,372		683.50
	24.18		11.07	(d)		0.80	(d)		0.85	(d)		(0.40	)(d)		1,218		132.60	(d)
	21.77		(1.74	)		1.60			1.73			(0.60	)		2,287		245.91
	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	(h)		1.88	(h)		(0.82	)(h)		8,041		451.09	(g)
	23.92		11.05	(d)		0.81	(d)		0.85	(d)		(0.42	)(d)		479,811		132.60	(d)
	21.54		(1.72	)		1.60			1.73			(0.64	)		482,693		245.91
	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	(g)
	15.02		3.80			1.49			2.15			(0.70	)		1,898		683.50
	25.20		11.55	(d)		0.35	(d)		0.41	(d)		0.04	(d)		932,906		132.60	(d)
	22.59		(0.82	)		0.70			0.83			0.26			763,623		245.91
	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	(g)
	15.18		4.69			0.60			1.33			0.21			3,797		683.50
	25.37		2.26	(d)		0.04	(d)(i)		0.04	(d)(i)		(0.03	)(d)(i)		10		132.60	(d)
	25.33		11.64	(d)		0.31	(d)		0.36	(d)		0.09	(d)		86,497		132.60	(d)
	22.69		(0.73	)		0.60			0.74			0.36			98,506		245.91
	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	(g)
	15.20		4.87			0.50			1.22			0.29			2,697		683.50
	24.87		11.28	(d)		0.61	(d)		0.66	(e)		(0.22	)(d)		1,453		132.60	(d)
	22.35		(1.35	)		1.20			1.34			(0.24	)		1,267		245.91
	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	(g)
	15.19		4.83			0.48			1.22			0.31			10		683.50

See Notes to Financial Statements. 83

Financial Highlights (concluded)

GROWTH LEADERS FUND

			Per Share Operating Performance:
			Investment operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R3
4/30/2017(c)		$22.25		$(0.04	)		$  2.56			$  2.52			$       –			$      –			$       –
10/31/2016		23.62		(0.04	)		(0.23	)		(0.27	)		–			(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			–			–			–
Class R4
4/30/2017(c)		22.42		(0.02	)		2.59			2.57			–			–			–
10/31/2016		23.74		(0.01	)		(0.21	)		(0.22	)		–			(1.10	)		(1.10	)
6/30/2015 to 10/31/2015(j)		23.42		(0.01	)		0.33			0.32			–			–			–
Class R5
4/30/2017(c)		22.70		0.02			2.61			2.63			–			–			–
10/31/2016		23.95		0.02			(0.17	)		(0.15	)		–			(1.10	)		(1.10	)
6/30/2015 to 10/31/2015(j)		23.61		0.01			0.33			0.34			–			–			–
Class R6
4/30/2017(c)		22.72		(0.01	)		2.65			2.64			–			–			–
10/31/2016		23.96		0.08			(0.22	)		(0.14	)		–			(1.10	)		(1.10	)
6/30/2015 to 10/31/2015(j)		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 February 11, 2013.
(g)	Excludes purchases and sales of securities in connection with the acquisition of Lord Abbett Stock Appreciation Fund on March 22, 2013.
(h)	Annualized.
(i)	Commenced on April 4, 2017.
(j)	Commenced on June 30, 2015.

84 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return (%)(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	$24.77		11.33	(d)		0.56	(d)		0.61	(d)		(0.17	)(d)		$13,326		132.60	(d)
	22.25		(1.23	)		1.10			1.24			(0.17	)		13,471		245.91
	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	(g)
	15.16		4.62			0.72			1.42			0.08			11		683.50
	24.99		11.46	(d)		0.44	(d)		0.48	(d)		(0.07	)(d)		3,274		132.60	(d)
	22.42		(1.00	)		0.85			1.00			(0.03	)		1,735		245.91
	23.74		1.37	(d)		0.87	(h)		0.99	(h)		(0.18	)(h)		10		270.68
	25.33		11.59	(d)		0.31	(d)		0.36	(d)		0.07	(d)		5,175		132.60	(d)
	22.70		(0.68	)		0.60			0.75			0.08			3,700		245.91
	23.95		1.44	(d)		0.60	(h)		0.72	(h)		0.09	(h)		10		270.68
	25.36		11.62	(d)		0.28	(d)		0.31	(d)		(0.05	)(d)		15,296		132.60	(d)
	22.72		(0.64	)		0.50			0.63			0.34			1,534		245.91
	23.96		1.48	(d)		0.48	(h)		0.60	(h)		0.21	(h)		10		270.68

See Notes to Financial Statements. 85

Financial Highlights

INTERNATIONAL CORE EQUITY FUND

			Per Share Operating Performance:
			Investment operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
4/30/2017(c)		$12.03		$0.09			$  0.81			$  0.90			$(0.26	)		$12.67
10/31/2016		12.64		0.27			(0.72	)		(0.45	)		(0.16	)		12.03
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
Class B
4/30/2017(c)		11.92		0.03			0.83			0.86			(0.13	)		12.65
10/31/2016		12.48		0.17			(0.70	)		(0.53	)		(0.03	)		11.92
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
Class C
4/30/2017(c)		11.86		0.04			0.81			0.85			(0.16	)		12.55
10/31/2016		12.45		0.18			(0.70	)		(0.52	)		(0.07	)		11.86
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
Class F
4/30/2017(c)		11.96		0.10			0.81			0.91			(0.28	)		12.59
10/31/2016		12.55		0.29			(0.70	)		(0.41	)		(0.18	)		11.96
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
Class F3
4/4/2017 to 4/30/2017(c)(e)		12.34		–	(f)		0.44			0.44			–			12.78
Class I
4/30/2017(c)		12.13		0.12			0.81			0.93			(0.30	)		12.76
10/31/2016		12.73		0.33			(0.73	)		(0.40	)		(0.20	)		12.13
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
Class P
4/30/2017(c)		12.03		0.07			0.82			0.89			(0.24	)		12.68
10/31/2016		12.63		0.25			(0.71	)		(0.46	)		(0.14	)		12.03
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

86 See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:
Total return (%)(b)			Total expenses after waivers and/or reimbursements (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	7.65	(d)		0.56	(d)		0.62	(d)		0.71	(d)		$233,948		80.37	(d)
	(3.54	)		1.12			1.31			2.29			263,064		163.86
	(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
	7.31	(d)		0.93	(d)		0.99	(d)		0.25	(d)		1,719		80.37	(d)
	(4.23	)		1.87			2.06			1.46			3,110		163.86
	(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
	7.30	(d)		0.92	(d)		0.98	(d)		0.34	(d)		27,214		80.37	(d)
	(4.21	)		1.85			2.04			1.54			31,798		163.86
	(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
	7.84	(d)		0.43	(d)		0.54	(d)		0.86	(d)		65,368		80.37	(d)
	(3.24	)		0.87			1.16			2.48			62,655		163.86
	(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
	3.57	(d)		0.05	(d)(e)		0.05	(d)(e)		0.15	(d)(e)		10		80.37	(d)
	7.84	(d)		0.38	(d)		0.49	(d)		1.00	(d)		283,755		80.37	(d)
	(3.15	)		0.77			1.05			2.74			160,673		163.86
	(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
	7.54	(d)		0.66	(d)		0.72	(d)		0.58	(d)		84		80.37	(d)
	(3.65	)		1.32			1.51			2.12			95		163.86
	(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

See Notes to Financial Statements. 87

Financial Highlights (concluded)

INTERNATIONAL CORE EQUITY FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class R2
4/30/2017(c)		$11.99		$0.08		$  0.79			$  0.87			$(0.22	)		$12.64
10/31/2016		12.58		0.23		(0.71	)		(0.48	)		(0.11	)		11.99
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
Class R3
4/30/2017(c)		11.84		0.07		0.81			0.88			(0.24	)		12.48
10/31/2016		12.44		0.23		(0.70	)		(0.47	)		(0.13	)		11.84
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
Class R4
4/30/2017(c)		12.00		0.16		0.74			0.90			(0.26	)		12.64
10/31/2016		12.63		0.27		(0.72	)		(0.45	)		(0.18	)		12.00
6/30/2015 to 10/31/2015(g)		13.06		0.04		(0.47	)		(0.43	)		–			12.63
Class R5
4/30/2017(c)		12.11		0.12		0.80			0.92			(0.29	)		12.74
10/31/2016		12.73		0.30		(0.72	)		(0.42	)		(0.20	)		12.11
6/30/2015 to 10/31/2015(g)		13.15		0.05		(0.47	)		(0.42	)		–			12.73
Class R6
4/30/2017(c)		12.14		0.12		0.82			0.94			(0.30	)		12.78
10/31/2016		12.74		0.17		(0.57	)		(0.40	)		(0.20	)		12.14
6/30/2015 to 10/31/2015(g)		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 April 4, 2017.
(f)	Amount less than $0.01.
(g)	Commenced on June 30, 2015.
(h)	Annualized.

88 See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:
Total return (%)(b)			Total expenses after waivers and/or reimbursements (%)			Total expenses (%)			Net investment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	7.42	(d)		0.73	(d)		0.79	(d)		0.65	(d)	$	744		80.37	(d)
	(3.85	)		1.47			1.66			1.93			517		163.86
	(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
	7.57	(d)		0.67	(d)		0.73	(d)		0.60	(d)		13,478		80.37	(d)
	(3.79	)		1.36			1.54			1.99			14,945		163.86
	(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
	7.73	(d)		0.54	(d)		0.60	(d)		1.28	(d)		222		80.37	(d)
	(3.55	)		1.12			1.28			2.27			9		163.86
	(3.29	)(d)		1.12	(h)		1.25	(h)		0.89	(h)		10		62.15
	7.83	(d)		0.43	(d)		0.48	(d)		0.99	(d)		34		80.37	(d)
	(3.31	)		0.87			1.04			2.52			9		163.86
	(3.19	)(d)		0.87	(h)		1.00	(h)		1.14	(h)		10		62.15
	7.93	(d)		0.35	(d)		0.42	(d)		1.00	(d)		15,310		80.37	(d)
	(3.14	)		0.65			0.88			1.39			10,765		163.86
	(3.12	)(d)		0.70	(h)		0.84	(h)		1.31	(h)		10		62.15

See Notes to Financial Statements. 89

Financial Highlights

INTERNATIONAL DIVIDEND INCOME FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2017(c)		$6.71		$0.10		$  0.42			$  0.52			$(0.12	)	$	–			$(0.12	)
10/31/2016		7.05		0.24		(0.35	)		(0.11	)		(0.23	)		–			(0.23	)
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	)
Class C
4/30/2017(c)		6.66		0.07		0.41			0.48			(0.09	)		–			(0.09	)
10/31/2016		6.99		0.19		(0.34	)		(0.15	)		(0.18	)		–			(0.18	)
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	)
Class F
4/30/2017(c)		6.73		0.10		0.42			0.52			(0.12	)		–			(0.12	)
10/31/2016		7.06		0.25		(0.34	)		(0.09	)		(0.24	)		–			(0.24	)
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	)
Class F3
4/4/2017 to 4/30/2017(c)(e)		7.03		0.01		0.10			0.11			–			–			–
Class I
4/30/2017(c)		6.75		0.11		0.41			0.52			(0.12	)		–			(0.12	)
10/31/2016		7.08		0.26		(0.34	)		(0.08	)		(0.25	)		–			(0.25	)
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	)
Class R2
4/30/2017(c)		6.86		0.09		0.41			0.50			(0.10	)		–			(0.10	)
10/31/2016		7.19		0.22		(0.35	)		(0.13	)		(0.20	)		–			(0.20	)
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			(0.34	)		–			(0.34	)
Class R3
4/30/2017(c)		6.78		0.09		0.42			0.51			(0.11	)		–			(0.11	)
10/31/2016		7.11		0.22		(0.34	)		(0.12	)		(0.21	)		–			(0.21	)
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			(0.33	)		–			(0.33	)

90 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return (%)(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	$7.11		7.76	(d)		0.55	(d)		0.57	(d)		1.44	(d)	$	365,513		34.73	(d)
	6.71		(1.52	)		1.12			1.20			3.57			419,886		57.71
	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
	7.05		7.24	(d)		0.93	(d)		0.94	(d)		1.06	(d)		72,580		34.73	(d)
	6.66		(2.01	)		1.87			1.95			2.85			86,306		57.71
	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
	7.13		7.83	(d)		0.45	(d)		0.50	(d)		1.53	(d)		110,800		34.73	(d)
	6.73		(1.22	)		0.91			1.05			3.78			111,056		57.71
	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
	7.14		1.56	(d)		0.06	(d)(e)		0.06	(d)(e)		0.09	(d)(e)		10		34.73	(d)
	7.15		7.85	(d)		0.40	(d)		0.45	(d)		1.61	(d)		505,551		34.73	(d)
	6.75		(1.10	)		0.81			0.95			3.90			710,951		57.71
	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
	7.26		7.40	(d)		0.73	(d)		0.74	(d)		1.27	(d)		700		34.73	(d)
	6.86		(1.70	)		1.47			1.55			3.28			680		57.71
	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
	7.18		7.55	(d)		0.68	(d)		0.69	(d)		1.32	(d)		12,799		34.73	(d)
	6.78		(1.58	)		1.37			1.44			3.29			12,697		57.71
	7.11		(12.03	)		1.34			1.40			2.93			12,680		76.52
	8.83		0.41			1.27			1.39			4.03			11,273		72.26
	9.18		21.30			1.27			1.42			4.11			5,200		78.39
	7.86		3.39			1.27			1.50			4.80			33,065		84.81

See Notes to Financial Statements. 91

Financial Highlights (concluded)

INTERNATIONAL DIVIDEND INCOME FUND

			Per Share Operating Performance:
			Investment operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain		Total distri- butions
Class R4
4/30/2017(c)		$6.71		$0.09		$  0.42			$  0.51			$(0.12	)		$  –		$(0.12	)
10/31/2016		7.05		0.24		(0.35	)		(0.11	)		(0.23	)		–		(0.23	)
6/30/2015 to 10/31/2015(f)		7.75		0.05		(0.72	)		(0.67	)		(0.03	)		–		(0.03	)
Class R5
4/30/2017(c)		6.74		0.11		0.42			0.53			(0.13	)		–		(0.13	)
10/31/2016		7.08		0.26		(0.35	)		(0.09	)		(0.25	)		–		(0.25	)
6/30/2015 to 10/31/2015(f)		7.78		0.06		(0.72	)		(0.66	)		(0.04	)		–		(0.04	)
Class R6
4/30/2017(c)		6.75		0.08		0.45			0.53			(0.13	)		–		(0.13	)
10/31/2016		7.08		0.26		(0.34	)		(0.08	)		(0.25	)		–		(0.25	)
6/30/2015 to 10/31/2015(f)		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 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 April 4, 2017.
(f)	Commenced on June 30, 2015.
(g)	Annualized.

92 See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
Net asset value, end of period		Total return (%)(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
	7.10		7.66	(d)		0.54	(d)		0.55	(d)		1.36	(d)	$	21		34.73	(d)
	6.71		(1.48	)		1.12			1.16			3.57			9		57.71
	7.05		(8.56	)(d)		1.12	(g)		1.15	(g)		2.02	(g)		9		76.52
	7.14		7.87	(d)		0.42	(d)		0.43	(d)		1.59	(d)		10		34.73	(d)
	6.74		(1.24	)		0.87			0.92			3.81			9		57.71
	7.08		(8.46	)(d)		0.87	(g)		0.90	(g)		2.28	(g)		9		76.52
	7.15		7.86	(d)		0.39	(d)		0.41	(d)		1.07	(d)		2,661		34.73	(d)
	6.75		(1.09	)		0.80			0.82			3.88			9		57.71
	7.08		(8.46	)(d)		0.80	(g)		0.80	(g)		2.34	(g)		9		76.52

See Notes to Financial Statements. 93

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
4/30/2017(c)		$16.13		$0.03			$ 2.05			$ 2.08			$(0.11	)		$      –			$(0.11	)
10/31/2016		17.01		0.13			(0.30	)		(0.17	)		(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	)
Class B
4/30/2017(c)		15.23		(0.04	)		1.96			1.92			–			–			–
10/31/2016		16.11		–	(e)		(0.27	)		(0.27	)		–			(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			–			–			–
Class C
4/30/2017(c)		15.03		(0.03	)		1.93			1.90			–			–			–
10/31/2016		15.92		0.01			(0.28	)		(0.27	)		(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	)
Class F
4/30/2017(c)		16.00		0.05			2.02			2.07			(0.14	)		–			(0.14	)
10/31/2016		16.88		0.15			(0.29	)		(0.14	)		(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	)
Class F3
4/4/2017 to 4/30/2017(c)(f)		17.75		–	(e)		0.86			0.86			–			–			–
Class I
4/30/2017(c)		16.56		0.05			2.11			2.16			(0.16	)		–			(0.16	)
10/31/2016		17.44		0.17			(0.30	)		(0.13	)		(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	)
Class P
4/30/2017(c)		16.40		–	(e)		2.11			2.11			(0.06	)		–			(0.06	)
10/31/2016		17.27		0.08			(0.29	)		(0.21	)		(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	)

94 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			expenses			(loss)			period		rate
period		(%)(b)			(%)			(%)			(000)		(%)
	$18.10		12.96	(d)		0.64	(d)		0.18	(d)		$146,974		35.89	(d)
	16.13		(0.99	)		1.35			0.82			153,000		81.73
	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
	17.15		12.54	(d)		1.01	(d)		(0.26	)(d)		730		35.89	(d)
	15.23		(1.72	)		2.09			0.01			1,397		81.73
	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
	16.93		12.57	(d)		1.01	(d)		(0.19	)(d)		26,326		35.89	(d)
	15.03		(1.75	)		2.09			0.08			27,396		81.73
	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
	17.93		13.06	(d)		0.56	(d)		0.29	(d)		111,870		35.89	(d)
	16.00		(0.84	)		1.20			0.96			88,852		81.73
	16.88		9.52			1.18			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
	18.61		4.79	(d)		0.06	(d)(f)		0.12	(d)(f)		10		35.89	(d)
	18.56		13.12	(d)		0.51	(d)		0.30	(d)		242,906		35.89	(d)
	16.56		(0.75	)		1.10			1.06			267,188		81.73
	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
	18.45		12.81	(d)		0.74	(d)		0.02	(d)		237		35.89	(d)
	16.40		(1.17	)		1.55			0.49			363		81.73
	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

See Notes to Financial Statements. 95

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 R2
4/30/2017(c)		$15.89		$0.01			$ 2.01			$ 2.02			$(0.09	)		$      –			$(0.09	)
10/31/2016		16.81		0.08			(0.30	)		(0.22	)		(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	)
Class R3
4/30/2017(c)		15.85		(0.01	)		2.03			2.02			(0.09	)		–			(0.09	)
10/31/2016		16.73		0.11			(0.31	)		(0.20	)		(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	)
Class R4
4/30/2017(c)		16.11		0.04			2.03			2.07			(0.14	)		–			(0.14	)
10/31/2016		17.01		0.09			(0.26	)		(0.17	)		(0.12	)		(0.61	)		(0.73	)
6/30/2015 to 10/31/2015(g)		17.49		–	(e)		(0.48	)(h)		(0.48	)		–			–			–
Class R5
4/30/2017(c)		16.56		0.05			2.10			2.15			(0.16	)		–			(0.16	)
10/31/2016		17.44		0.18			(0.31	)		(0.13	)		(0.14	)		(0.61	)		(0.75	)
6/30/2015 to 10/31/2015(g)		17.92		0.02			(0.50	)(h)		(0.48	)		–			–			–
Class R6
4/30/2017(c)		16.60		0.12			2.04			2.16			(0.16	)		–			(0.16	)
10/31/2016		17.45		0.17			(0.27	)		(0.10	)		(0.14	)		(0.61	)		(0.75	)
6/30/2015 to 10/31/2015(g)		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 April 4, 2017.
(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.

96 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			expenses			(loss)			period		rate
period		(%)(b)			(%)			(%)			(000)		(%)
	$17.82		12.81	(d)		0.81	(d)		0.06	(d)	$	4,082		35.89	(d)
	15.89		(1.34	)		1.71			0.49			2,520		81.73
	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
	17.78		12.80	(d)		0.75	(d)		(0.04	)(d)		8,787		35.89	(d)
	15.85		(1.20	)		1.59			0.67			18,124		81.73
	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
	18.04		13.01	(d)		0.63	(d)		0.23	(d)		2,635		35.89	(d)
	16.11		(1.03	)		1.38			0.57			1,883		81.73
	17.01		(2.74	)(d)		1.35	(i)		0.03	(i)		10		81.57
	18.55		13.13	(d)		0.51	(d)		0.33	(d)		3,366		35.89	(d)
	16.56		(0.75	)		1.13			1.06			2,751		81.73
	17.44		(2.68	)(d)		1.10	(i)		0.28	(i)		10		81.57
	18.60		13.20	(d)		0.45	(d)		0.67	(d)		13,214		35.89	(d)
	16.60		(0.56	)		0.94			1.00			1,843		81.73
	17.45		(2.62	)(d)		0.93	(i)		0.48	(i)		13		81.57

See Notes to Financial Statements. 97

Financial Highlights

VALUE OPPORTUNITIES FUND

			Per Share Operating Performance:
													Distributions
													to
													shareholders
			Investment operations:										from:
	Net asset		Net			Net
	value,		investment			realized and		Total from		Net			Net
	beginning		income			unrealized		investment		investment			realized
	of period		(loss)(a)			gain (loss)		operations		income			gain
Class A
4/30/2017(c)		$18.95		$  0.03			$1.75		$1.78		$      –			$(1.13	)
10/31/2016		19.56		0.02			0.77		0.79		–			(1.40	)
10/31/2015		21.67		(0.01	)		0.77		0.76		–			(2.87	)
10/31/2014		21.44		(0.03	)		2.16		2.13		–			(1.90	)
10/31/2013		15.99		–	(e)		5.45		5.45		–			–
10/31/2012		15.16		(0.03	)		0.92		0.89		–			(0.06	)
Class B
4/30/2017(c)		17.31		(0.04	)		1.59		1.55		–			(1.13	)
10/31/2016		18.12		(0.11	)		0.70		0.59		–			(1.40	)
10/31/2015		20.41		(0.15	)		0.73		0.58		–			(2.87	)
10/31/2014		20.42		(0.16	)		2.05		1.89		–			(1.90	)
10/31/2013		15.32		(0.12	)		5.22		5.10		–			–
10/31/2012		14.63		(0.12	)		0.87		0.75		–			(0.06	)
Class C
4/30/2017(c)		17.31		(0.04	)		1.59		1.55		–			(1.13	)
10/31/2016		18.11		(0.11	)		0.71		0.60		–			(1.40	)
10/31/2015		20.41		(0.15	)		0.72		0.57		–			(2.87	)
10/31/2014		20.42		(0.16	)		2.05		1.89		–			(1.90	)
10/31/2013		15.32		(0.12	)		5.22		5.10		–			–
10/31/2012		14.62		(0.13	)		0.89		0.76		–			(0.06	)
Class F
4/30/2017(c)		19.28		0.04			1.78		1.82		(0.02	)		(1.13	)
10/31/2016		19.85		0.04			0.79		0.83		–			(1.40	)
10/31/2015		21.92		0.02			0.78		0.80		–			(2.87	)
10/31/2014		21.62		0.02			2.18		2.20		–			(1.90	)
10/31/2013		16.07		0.05			5.50		5.55		–			–
10/31/2012		15.20		0.01			0.92		0.93		–			(0.06	)
Class F3
4/4/2017 to 4/30/2017(c)(g)		20.25		–			0.11		0.11		–			–
Class I
4/30/2017(c)		19.62		0.06			1.81		1.87		(0.04	)		(1.13	)
10/31/2016		20.16		0.06			0.80		0.86		–			(1.40	)
10/31/2015		22.20		0.04			0.79		0.83		–			(2.87	)
10/31/2014		21.85		0.05			2.20		2.25		–			(1.90	)
10/31/2013		16.23		0.06			5.56		5.62		–			–
10/31/2012		15.34		0.02			0.93		0.95		–			(0.06	)
Class P
4/30/2017(c)		18.70		0.01			1.72		1.73		–			(1.13	)
10/31/2016		19.36		(0.02	)		0.76		0.74		–			(1.40	)
10/31/2015		21.51		(0.05	)		0.77		0.72		–			(2.87	)
10/31/2014		21.32		(0.05	)		2.14		2.09		–			(1.90	)
10/31/2013		15.90		(0.07	)		5.49		5.42		–			–
10/31/2012		15.09		(0.04	)		0.91		0.87		–			(0.06	)

98 See Notes to Financial Statements.

		Ratios to Average Net Assets:									Supplemental Data:
Net								Net
asset								investment			Net assets,		Portfolio
value,		Total			Total			income			end of		turnover
end of		return			expenses			(loss)			period		rate
period		(%)(b)			(%)			(%)			(000)		(%)
	$19.60		9.53	(d)		0.56	(d)		0.16	(d)	$	1,037,004		26.18	(d)
	18.95		4.33			1.17			0.09			959,416		36.93
	19.56		3.67			1.17			(0.05	)		1,026,959		46.88
	21.67		10.72			1.26			(0.13	)		1,316,790		53.81
	21.44		34.08			1.28			(0.01	)		1,372,436		69.49	(f)
	15.99		5.89			1.31			(0.19	)		870,567		58.84
	17.73		9.08	(d)		0.94	(d)		(0.20	)(d)		5,023		26.18	(d)
	17.31		3.51			1.92			(0.65	)		7,296		36.93
	18.12		2.93			1.92			(0.79	)		11,521		46.88
	20.41		10.02			1.91			(0.78	)		18,752		53.81
	20.42		33.29			1.93			(0.68	)		24,911		69.49	(f)
	15.32		5.14			1.96			(0.83	)		13,315		58.84
	17.73		9.08	(d)		0.93	(d)		(0.22	)(d)		358,496		26.18	(d)
	17.31		3.57			1.92			(0.66	)		330,066		36.93
	18.11		2.87			1.92			(0.80	)		356,709		46.88
	20.41		10.02			1.91			(0.79	)		404,787		53.81
	20.42		33.29			1.93			(0.66	)		400,420		69.49	(f)
	15.32		5.21			1.96			(0.83	)		248,357		58.84
	19.95		9.58	(d)		0.49	(d)		0.22	(d)		981,372		26.18	(d)
	19.28		4.48			1.02			0.23			663,069		36.93
	19.85		3.84			1.02			0.09			557,742		46.88
	21.92		10.97			1.02			0.11			550,524		53.81
	21.62		34.54			1.03			0.26			456,370		69.49	(f)
	16.07		6.13			1.06			0.06			369,321		58.84
	20.36		0.54	(d)		0.05	(d)(g)		(0.02	)(d)(g)		10		26.18	(d)
	20.32		9.66	(d)		0.44	(d)		0.29	(d)		391,530		26.18	(d)
	19.62		4.57			0.92			0.34			470,399		36.93
	20.16		3.94			0.92			0.20			557,008		46.88
	22.20		11.10			0.92			0.21			647,442		53.81
	21.85		34.63			0.93			0.33			675,593		69.49	(f)
	16.23		6.21			0.97			0.15			411,546		58.84
	19.30		9.38	(d)		0.66	(d)		0.06	(d)		35,152		26.18	(d)
	18.70		4.10			1.37			(0.11	)		36,327		36.93
	19.36		3.50			1.37			(0.25	)		42,225		46.88
	21.51		10.58			1.36			(0.23	)		49,179		53.81
	21.32		34.09			1.37			(0.34	)		54,081		69.49	(f)
	15.90		5.78			1.41			(0.24	)		918		58.84

See Notes to Financial Statements. 99

Financial Highlights (concluded)

VALUE OPPORTUNITIES FUND

			Per Share Operating Performance:
															Distributions
															to
															shareholders
			Investment operations:												from:
	Net asset		Net			Net
	value,		investment			realized and			Total from			Net			Net
	beginning		income			unrealized			investment			investment			realized
	of period		(loss)(a)			gain (loss)			operations			income			gain
Class R2
4/30/2017(c)		$18.38		$(0.01	)		$  1.70			$  1.69			$      –			$(1.13	)
10/31/2016		19.08		(0.05	)		0.75			0.70			–			(1.40	)
10/31/2015		21.27		(0.08	)		0.76			0.68			–			(2.87	)
10/31/2014		21.13		(0.08	)		2.12			2.04			–			(1.90	)
10/31/2013		15.79		(0.04	)		5.38			5.34			–			–
10/31/2012		15.01		(0.07	)		0.91			0.84			–			(0.06	)
Class R3
4/30/2017(c)		18.52		0.01			1.71			1.72			–			(1.13	)
10/31/2016		19.20		(0.03	)		0.75			0.72			–			(1.40	)
10/31/2015		21.37		(0.06	)		0.76			0.70			–			(2.87	)
10/31/2014		21.20		(0.06	)		2.13			2.07			–			(1.90	)
10/31/2013		15.83		(0.03	)		5.40			5.37			–			–
10/31/2012		15.03		(0.05	)		0.91			0.86			–			(0.06	)
Class R4
4/30/2017(c)		18.95		0.02			1.76			1.78			(0.02	)		(1.13	)
10/31/2016		19.57		(0.01	)		0.79			0.78			–			(1.40	)
6/30/2015 to 10/31/2015(h)		20.33		–	(e)		(0.76	)(i)		(0.76	)		–			–
Class R5
4/30/2017(c)		19.63		0.06			1.81			1.87			(0.04	)		(1.13	)
10/31/2016		20.16		0.05			0.82			0.87			–			(1.40	)
6/30/2015 to 10/31/2015(h)		20.93		0.01			(0.78	)(i)		(0.77	)		–			–
Class R6
4/30/2017(c)		19.66		0.06			1.82			1.88			(0.04	)		(1.13	)
10/31/2016		20.17		0.09			0.80			0.89			–			(1.40	)
6/30/2015 to 10/31/2015(h)		20.93		0.02			(0.78	)(i)		(0.76	)		–			–

(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 April 4, 2017.
(h)	Commenced on June 30, 2015.
(i)	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.
(j)	Annualized.

100 See Notes to Financial Statements.

		Ratios to Average Net Assets:									Supplemental Data:
Net								Net
asset								investment			Net assets,		Portfolio
value,		Total			Total			income			end of		turnover
end of		return			expenses			(loss)			period		rate
period		(%)(b)			(%)			(%)			(000)		(%)
	$18.94		9.32	(d)		0.74	(d)		(0.03	)(d)	$	8,796		26.18	(d)
	18.38		3.94			1.52			(0.26	)		6,245		36.93
	19.08		3.33			1.53			(0.40	)		7,120		46.88
	21.27		10.42			1.52			(0.38	)		10,364		53.81
	21.13		33.82			1.53			(0.24	)		13,922		69.49	(f)
	15.79		5.61			1.56			(0.44	)		11,056		58.84
	19.11		9.42	(d)		0.69	(d)		0.04	(d)		96,925		26.18	(d)
	18.52		4.03			1.42			(0.16	)		99,544		36.93
	19.20		3.42			1.42			(0.30	)		114,489		46.88
	21.37		10.54			1.41			(0.29	)		133,353		53.81
	21.20		33.92			1.43			(0.17	)		130,597		69.49	(f)
	15.83		5.74			1.46			(0.35	)		86,441		58.84
	19.58		9.51	(d)		0.56	(d)		0.08	(d)		10,127		26.18	(d)
	18.95		4.28			1.14			(0.06	)		2,929		36.93
	19.57		(3.74	)(d)		1.15	(j)		(0.07	)(j)		10		46.88
	20.33		9.66	(d)		0.44	(d)		0.28	(d)		50,694		26.18	(d)
	19.63		4.62			0.89			0.24			42,825		36.93
	20.16		(3.68	)(d)		0.89	(j)		0.19	(j)		10		46.88
	20.37		9.71	(d)		0.39	(d)		0.31	(d)		92,211		26.18	(d)
	19.66		4.72			0.79			0.46			56,533		36.93
	20.17		(3.63	)(d)		0.82	(j)		0.28	(j)		29,039		46.88

See Notes to Financial Statements. 101

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 ten funds. This report covers the following eight funds (separately, a “Fund” and collectively, the “Funds”) and their respective active share classes during the six months ended April 30, 2017:

Funds	Share Classes
Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”)	A, B, C, F, F3, I, R2, R3, R4, R5 and R6
Lord Abbett Fundamental Equity Fund (“Fundamental Equity Fund”)	A, B, C, F, F3 I, P, R2, R3, R4, R5 and R6
Lord Abbett Global Core Equity Fund (“Global Core Equity Fund”)	A, C, F, F3, I, R2, R3, R4, R5 and R6
Lord Abbett Growth Leaders Fund (“Growth Leaders Fund”)	A, B, C, F, F3, I, R2, R3, R4, R5 and R6
Lord Abbett International Core Equity Fund (“International Core Equity Fund”)	A, B, C, F, F3, I, P, R2, R3, R4, R5 and R6
Lord Abbett International Dividend Income Fund (“International Dividend Income Fund”)	A, C, F, F3, I, R2, R3, R4, R5 and R6
Lord Abbett International Opportunities Fund (“International Opportunities Fund”)	A, B, C, F, F3, I, P, R2, R3, R4, R5 and R6
Lord Abbett Value Opportunities Fund (“Value Opportunities Fund”)	A, B, C, F, F3, 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. Global Core Equity Fund commenced operations on January 17, 2017. Class F3 shares commenced on April 4, 2017.

Each of Alpha Strategy Fund’s, Global Core Equity 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, F3, I, P, R2, R3, R4, R5, R6 and T 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

102

Notes to Financial Statements (unaudited)(continued)

estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. These 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

103

Notes to Financial Statements (unaudited)(continued)

	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, 2013 through October 31, 2016. 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–Global Core Equity Fund, 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 gain/(loss) on foreign currency related transactions in each Fund’s Statement of Operations.

104

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)	Options–The Funds may purchase and write exchange-listed and over-the-counter put or call options on securities, stock indices, currencies and other financial instruments for hedging purposes, to enhance portfolio returns and reduce overall volatility.
	When a Fund writes (sells) an option, an amount equal to the premium received by the Fund is recorded on the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the fair value of the option written. When an option expires, the Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by the Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.
	When a fund purchases an option, an amount equal to the premium is recorded on the Statement of Assets and Liabilities as an asset and included in Investments in securities at cost. The amount of the asset is subsequently marked-to-market to reflect the fair value of the option purchased. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.
(j)	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.

105

Notes to Financial Statements (unaudited)(continued)

(k)

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.

(l)

Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk — for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

•	Level 1 –	unadjusted quoted prices in active markets for identical investments;
•	Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
•	Level 3 –	significant unobservable inputs (including 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, 2017 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.

106

Notes to Financial Statements (unaudited)(continued)

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, 2017, 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)
Global Core Equity Fund	.00%(3)
Growth Leaders Fund	.46%(4)
International Core Equity Fund	.57%(3)
International Dividend Income Fund	.66%(3)
International Opportunities Fund	.75%(5)
Value Opportunities Fund	.70%(6)

(1)

The management fee for Alpha Strategy Fund is based on the Fund’s average daily net assets at an annual rate of .10%. For the period ended April 30, 2017 and continuing through February 28, 2018, Lord Abbett has contractually agreed to waive its management fee at an annual rate of .05%. For the period ended April 30, 2017, 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 Global Core Equity Fund, 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%

⁽⁴⁾ 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%

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

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

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

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

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund’s average daily net assets. For the period May 1, 2016 to April 30, 2017, Alpha Strategy Fund paid such fee.

107

Notes to Financial Statements (unaudited)(continued)

For the six months ended April 30, 2017 and continuing through February 28, 2018, Lord Abbett & Co. LLC 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
Classes	Global Core Equity Fund	Growth Leaders Fund		International Core Equity Fund	International Dividend Income Fund
A, B, C, P, R2, R3, R4 and R5	.80%	0.70%	(1)	0.87%	0.87%
F and I	.80%	0.70%		0.77%	0.81%
F3 and R6	.75%	0.60%	(2)	0.70%	0.81%	(3)

(1)	0.60% prior to March 1, 2017.
(2)	0.50% prior to March 1, 2017 for Class R6.
(3)	0.80% prior to March 1, 2017 for Class R6.

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 entered into a Servicing Arrangement with the Underlying Funds in which it invested, pursuant to which each Underlying Fund paid a portion of the expenses (excluding management fees, fund administration 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. Effective January 1, 2017, the Board approved the discontinuation of the Servicing Arrangement with the Underlying Funds. As a result, Alpha Strategy Fund will bear its expenses fully beginning as of that date.

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”), entered into a Servicing Arrangement with certain “Fund of Funds” managed by Lord Abbett, pursuant to which each Underlying Fund paid a portion of the expenses (excluding management fees, fund administration 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. Effective January 1, 2017, the Board approved the discontinuation of the Servicing Arrangement with Fund of Funds managed by Lord Abbett. As a result, each Fund of Funds will bear its expenses fully and each of the Underlying Funds will no longer pay a portion of Fund of Funds expenses.

As of April 30, 2017, 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:

108

Notes to Financial Statements (unaudited)(continued)

Fund of Funds	Fundamental Equity Fund	Growth Leaders Fund	International Core Equity Fund	International Dividend Income Fund	International Opportunities Fund	Value Opportunities Fund
Alpha Strategy Fund	–	–	–	–	39.62%	6.97%
Multi-Asset Focused Growth Fund (Formerly, “Diversified Equity Strategy Fund”)	1.21%	1.56%	7.15	–	0.68%	0.12%
Multi-Asset Balanced Opportunity Fund	–	–	13.36%	13.30%	–	–
Multi-Asset Global Opportunity Fund	–	–	1.28%	6.17%	–	–
Multi-Asset Growth Fund	–	–	8.16%	11.70%	–
Multi-Asset Income Fund	–	–	12.30%	12.03%	–	–

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 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(1)(2)	Class P(3)	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)	The Class F Share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Fund’s prospectus.
(2)	Effective March 1, 2017 and continued through February 28, 2018, the Distributor has contractually agreed to waive Growth Leaders Fund’s 0.10% Rule 12b-1 fee for Class F. This agreement may be terminated only by the Fund’s Board of Trustees.
(3)	Fundamental Equity Fund, International Core Equity Fund, International Opportunities Fund and Value Opportunities Fund only.

Class F3, 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, 2017:

	Distributor Commissions	Dealers’ Concessions
Alpha Strategy Fund	$  53,748	$  294,669
Fundamental Equity Fund	93,629	510,055
Global Core Equity Fund	179	950
Growth Leaders Fund	132,037	736,673
International Core Equity Fund	15,599	84,626
International Dividend Income Fund	44,244	233,117
International Opportunities Fund	24,292	127,173
Value Opportunities Fund	344,716	1,879,463

109

Notes to Financial Statements (unaudited)(continued)

Distributor received the following amount of CDSCs for the six months ended April 30, 2017:

	Class A	Class C
Alpha Strategy Fund	$ 5,213	$93,916
Fundamental Equity Fund	4,436	7,677
Growth Leaders Fund	52,662	54,049
International Core Equity Fund	2,671	577
International Dividend Income Fund	18,496	4,377
International Opportunities Fund	1,018	2,230
Value Opportunities Fund	6,959	18,680

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 quarterly for International Dividend Income Fund and annually for Alpha Strategy Fund, Fundamental Equity Fund, Global Core 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, 2017 and fiscal year ended October 31, 2016 was as follows:

	Alpha Strategy Fund					Fundamental Equity Fund
	Six Months Ended 4/30/2017 (unaudited)		Year Ended 10/31/2016		Six Months Ended 4/30/2017 (unaudited)		Year Ended 10/31/2016
Distributions paid from:
Ordinary income	$	–	$	6,087,708	$	40,226,108	$	41,598,137
Net long-term capital gains		125,574,170		162,272,374		105,930,975		311,273,845
Total distributions paid	$	125,574,170	$	168,360,082	$	146,157,083	$	352,871,982
	Global Core Equity Fund					Growth Leaders Fund
	Period Ended 4/30/2017 (unaudited)				Six Months Ended 4/30/2017 (unaudited)		Year Ended 10/31/2016
Distributions paid from:
Ordinary income	$	–			$	–	$	86,118,259
Net long-term capital gains		–				–		10,007,653
Total distributions paid	$	–			$	–	$	96,125,912

110

Notes to Financial Statements (unaudited)(continued)

	International Core Equity Fund				International Dividend Income Fund
	Six Months Ended 4/30/2017 (unaudited)		Year Ended 10/31/2016		Six Months Ended 4/30/2017 (unaudited)		Year Ended 10/31/2016
Distributions paid from:
Ordinary income	$	11,749,068	$	6,595,906	$	20,407,481	$	56,293,614
Total distributions paid	$	11,749,068	$	6,595,906	$	20,407,481	$	56,293,614
	International Opportunities Fund				Value Opportunities Fund
	Six Months Ended 4/30/2017 (unaudited)		Year Ended 10/31/2016		Six Months Ended 4/30/2017 (unaudited)		Year Ended 10/31/2016
Distributions paid from:
Ordinary income	$	4,401,410	$	10,345,359	$	1,828,852	$	–
Net long-term capital gains		–		16,340,480		160,561,813		191,979,908
Total distributions paid	$	4,401,410	$	26,685,839	$	162,390,665	$	191,979,908

As of October 31, 2016, the capital loss carryforwards, along with the related expiration dates, were as follows:

	2017		Indefinite		Total
Growth Leaders Fund	$	–	$	50,721,751	$	50,721,751
International Core Equity Fund		198,263,766		44,967,273		243,231,039
International Dividend Income Fund		–		376,705,020		376,705,020
International Opportunities Fund		–		25,099,463		25,099,463

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, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Alpha Strategy Fund			Fundamental Equity Fund			Global Core Equity Fund
Tax cost	$	1,069,202,057		$	2,368,635,085		$	3,244,940
Gross unrealized gain		86,920,693			412,693,437			237,683
Gross unrealized loss		(36,179,663	)		(19,968,081	)		(47,593	)
Net unrealized security gain	$	50,741,030		$	392,725,356		$	190,090
	Growth Leaders Fund			International Core Equity Fund			International Dividend Income Fund
Tax cost	$	1,976,390,344		$	589,984,860		$	1,068,516,833
Gross unrealized gain		248,156,336			53,352,673			29,162,799
Gross unrealized loss		(7,575,706	)		(6,589,676	)		(27,455,700	)
Net unrealized security gain	$	240,580,630		$	46,762,997		$	1,707,099
	International Opportunities Fund			Value Opportunities Fund
Tax cost	$	490,170,199		$	2,406,999,921
Gross unrealized gain		85,204,823			664,305,703
Gross unrealized loss		(13,563,322	)		(40,624,250	)
Net unrealized security gain	$	71,641,501		$	623,681,453

111

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, 2017 were as follows:

	Purchases	Sales
Alpha Strategy Fund	$     62,754,644	$   138,969,152
Fundamental Equity Fund	1,543,053,877	1,885,562,396
Global Core Equity Fund	4,496,684	1,236,056
Growth Leaders Fund	2,812,345,457	2,909,962,557
International Core Equity Fund	493,355,204	439,280,540
International Dividend Income Fund	419,307,089	751,673,003
International Opportunities Fund	190,964,173	242,109,070
Value Opportunities Fund	891,466,249	757,033,280

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2017.

Each Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the period ended April 30, 2017, the following Funds engaged in cross-trades:

Fund	Purchases	Sales	Gain/(Loss)
Growth Leaders Fund	669,783.88	–	–
International Core Equity Fund	2,791,380.60	1,142,929.23	142,977.22
International Dividend Income Fund	1,274,085.04	2,877,454.79	475,308.13
Fundamental Equity Fund	–	4,227,443.82	1,067,864.31
Value Opportunities Fund	2,500,068.16	3,138,841.07	633,261.67

Transaction in written option contracts for the six months ended April 30, 2017, were as follows for International Opportunities Fund:

	Number of Contracts		Premiums
Written option contracts outstanding at October 31, 2016		–	$	–
Option contracts written		350		1,064,000
Written option contracts outstanding at April 30, 2017		350		1,064,000

6. DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  

Global Core Equity Fund, International Core Equity Fund, International Dividend Income Fund and International Opportunities Fund entered into forward foreign currency exchange contracts for the six months ended April 30, 2017 (as described in note 2(g)). A forward foreign currency exchange contract reduces each Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. Each Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and each Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the

112

Notes to Financial Statements (unaudited)(continued)

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.

International Opportunities Fund entered into option contracts for the six months ended April 30, 2017 (as described in note 2(i)) for hedging purposes. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract.

As of April 30, 2017, Global Core Equity Fund, 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:

	Global Core Equity Fund
Asset Derivatives	Foreign Currency Contracts
Forward Foreign Currency Exchange Contracts(1)	$	1,601
Liability Derivatives
Forward Foreign Currency Exchange Contracts(2)	$	6,296
	International Core Equity Fund
Asset Derivatives	Foreign Currency Contracts
Forward Foreign Currency Exchange Contracts(1)	$	2,385,929
Liability Derivatives
Forward Foreign Currency Exchange Contracts(2)	$	2,225,932
	International Dividend Income Fund
Asset Derivatives	Foreign Currency Contracts
Forward Foreign Currency Exchange Contracts(1)	$	5,488,679
Liability Derivatives
Forward Foreign Currency Exchange Contracts(2)	$	6,300,907

113

Notes to Financial Statements (unaudited)(continued)

	International Opportunities Fund
Asset Derivatives	Foreign Currency Contracts		Options on Index Contracts
Forward Foreign Currency Exchange Contracts(1)	$	1,116,904		–
Options Purchased(3)		–	$	1,379,000
Liability Derivatives
Forward Foreign Currency Exchange Contracts(2)	$	3,959,181		–
Options Written(4)			$	714,000

(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.
(3)	Statements of Assets and Liabilities location: Investments in securities at fair value.
(4)	Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/depreciation of written options as reported in the Schedule of Investments. Only current fair value is reported within the Statements of Assets and Liabilities.

Transactions in derivative Instruments for fiscal year ended April 30, 2017, were as follows:

	Global Core Equity Fund
	Forward Currency Contracts
Net Change in Unrealized Appreciation/Depreciation(1)
Forward Foreign Currency Exchange Contracts	$	(4,695	)
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts(2)	$	147,149
	International Core Equity Fund
	Forward Currency Contracts
Net Realized Gain (Loss)(3)
Forward Foreign Currency Exchange Contracts	$	(370,028	)
Net Change in Unrealized Appreciation/Depreciation(1)
Forward Foreign Currency Exchange Contracts		469,578
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts(2)	$	210,565,175
	International Dividend Income Fund
	Forward Currency Contracts
Net Realized Gain (Loss)(3)
Forward Foreign Currency Exchange Contracts	$	2,946,609
Net Change in Unrealized Appreciation/Depreciation(1)
Forward Foreign Currency Exchange Contracts		(1,934,912	)
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts(2)	$	618,379,707

114

Notes to Financial Statements (unaudited)(continued)

	International Opportunities Fund
	Forward Currency Contracts			Options on Index Contracts
Net Realized Gain (Loss)(3)
Forward Foreign Currency Exchange Contracts	$	(602,338	)		–
Net Change in Unrealized Appreciation/Depreciation(1)
Forward Foreign Currency Exchange Contracts		(937,875	)		–
Option Purchased		–		$	(686,000	)
Option Written		–			350,000
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts(2)	$	247,464,927			–
Option Purchased(4)					350
Option Written(4)					350

*	Calculated based on the number of contracts or notional amounts for the six months ended April 30, 2017.
(1)	Statements of Operations location: Net change in unrealized appreciation/depreciation on options and translation of assets and liabilities denominated in foreign currencies.
(2)	Amount represents notional amounts in U.S. dollars.
(3)	Statements of Operations location: Net realized gain (loss) on options and foreign currency related transactions.
(4)	Amount represents number of contracts.

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 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
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement	$	53,734,125	$	–	$	53,734,125
Total	$	53,734,125	$	–	$	53,734,125

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received(a)		Securities Collateral Received(a)			Net Amount(b)
Fixed Income Clearing Corp.	$	53,734,125	$	–	$	–	$	(53,734,125	)	$	–
Total	$	53,734,125	$	–	$	–	$	(53,734,125	)	$	–

115

Notes to Financial Statements (unaudited)(continued)

			Growth Leaders Fund
Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement	$	9,574,887		$	–	$	9,574,887
Total	$	9,574,887		$	–	$	9,574,887

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received(a)		Securities Collateral Received(a)			Net Amount(b)
Fixed Income Clearing Corp.	$	9,574,887	$	–	$	–	$	(9,574,887	)	$	–
Total	$	9,574,887	$	–	$	–	$	(9,574,887	)	$	–

			International Core Equity Fund
Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	2,385,929		$	–	$	2,385,929
Repurchase Agreement		2,774,277			–		2,774,277
Total	$	5,160,206		$	–	$	5,160,206

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received(a)			Securities Collateral Received(a)			Net Amount(b)
Bank of America	$	91,023	$	(91,023	)	$	–		$	–		$	–
Barclays Bank plc		43,097		(43,097	)		–			–			–
Citibank		287,702		–			–			–			287,702
Fixed Income Clearing Corp.		2,774,277		–			–			(2,774,277	)		–
Goldman Sachs		405,368		(50,308	)		(280,000	)		–			75,060
J.P. Morgan Chase		429,329		(152,971	)		–			–			276,358
State Street Bank and Trust		1,097,302		(696,457	)		(400,000	)		–			845
UBS AG		32,108		(16,122	)		–			–			15,986
Total	$	5,160,206	$	(1,049,978	)	$	(680,000	)	$	(2,774,277	)	$	655,951

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	2,225,932	$	–	$	2,225,932
Total	$	2,225,932	$	–	$	2,225,932

116

Notes to Financial Statements (unaudited)(continued)

	Net Amounts of Liabilities Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged(a)			Securities Collateral Pledged(a)		Net Amount(c)
Bank of America	$	695,737	$	(91,023	)	$	(580,000	)	$	–	$	24,714
Barclays Bank plc		47,254		(43,097	)		–			–		4,157
Credit Suisse International		1,353		–			–			–		1,353
Goldman Sachs		50,308		(50,308	)		–			–		–
J.P. Morgan Chase		152,971		(152,971	)		–			–		–
Morgan Stanley		289,393		–			(289,393	)		–		–
Standard Chartered Bank		276,337		–			(270,000	)		–		6,337
State Street Bank and Trust		696,457		(696,457	)		–			–		–
UBS AG		16,122		(16,122	)		–			–		–
Total	$	2,225,932	$	(1,049,978	)	$	(1,139,393	)	$	–	$	36,561

			International Dividend Income Fund
Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	5,488,679		$	–	$	5,488,679
Repurchase Agreement		16,328,447			–		16,328,447
Total	$	21,817,126		$	–	$	21,817,126

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received(a)			Securities Collateral Received(a)			Net Amount(b)
Bank of America	$	476,178	$	–		$	(290,000	)	$	–		$	186,178
Barclays Bank plc		245,283		–			–			–			245,283
Citibank		977,454		(213,053	)		(348,414	)		–			415,987
Fixed Income Clearing Corp.		16,328,447		–			–			(16,328,447	)		–
Goldman Sachs		320,146		(320,146	)		–			–			–
J.P. Morgan Chase		463,431		(70,018	)		(310,000	)		–			83,413
Morgan Stanley		194,446		(194,446	)		–			–			–
Standard Chartered Bank		36,173		(36,173	)		–			–			–
State Street Bank and Trust		2,148,342		(1,124,991	)		(870,000	)		–			153,351
UBS AG		627,226		(627,226	)		–			–			–
Total	$	21,817,126	$	(2,586,053	)	$	(1,818,414	)	$	(16,328,447	)	$	1,084,212

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	6,300,907	$	–	$	6,300,907
Total	$	6,300,907	$	–	$	6,300,907

117

Notes to Financial Statements (unaudited)(continued)

	Net Amounts of Liabilities Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities			Financial Instruments			Cash Collateral Pledged(a)			Securities Collateral Pledged(a)		Net Amount(c)
Citibank	$	213,053	$	(213,053	)	$	–		$	–	$	–
Goldman Sachs		1,953,436		(320,146	)		(1,520,000	)		–		113,290
J.P. Morgan Chase		70,018		(70,018	)		–			–		–
Morgan Stanley		282,615		(194,446	)		–			–		88,169
Standard Chartered Bank		674,571		(36,173	)		(638,398	)		–		–
State Street Bank and Trust		1,124,991		(1,124,991	)		–			–		–
UBS AG		1,982,223		(627,226	)		(1,354,997	)		–		–
Total	$	6,300,907	$	(2,586,053	)	$	(3,513,395	)	$	–	$	201,459

			International Opportunities Fund
Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	1,116,904		$	–	$	1,116,904
Repurchase Agreement		6,563,195			–		6,563,195
Total	$	7,680,099		$	–	$	7,680,099

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Received(a)			Securities Collateral Received(a)			Net Amount(b)
Barclays Bank plc	$	83,521	$	(23,588	)	$	–		$	–		$	59,933
Citibank		41,432		(41,432	)		–			–			–
Fixed Income Clearing Corp.		6,563,195		–			–			(6,563,195	)		–
Goldman Sachs		252,033		(212,658	)		(39,375	)		–			–
J.P. Morgan Chase		51,500		(51,500	)		–			–			–
Morgan Stanley		163,628		(32,474	)		–			(131,154	)		–
State Street Bank and Trust		524,790		(524,790	)		–			–			–
Total	$	7,680,099	$	(886,442	)	$	(39,375	)	$	(6,694,349	)	$	59,933

Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Foreign Currency Exchange Contracts	$	3,959,181	$	–	$	3,959,181
Total	$	3,959,181	$	–	$	3,959,181

118

Notes to Financial Statements (unaudited)(continued)

	Net Amounts of Liabilities Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged(a)			Securities Collateral Pledged(a)		Net Amount(c)
Bank of America	$	621,920	$	–		$	(540,000	)	$	–	$	81,920
Barclays Bank plc		23,588		(23,588	)		–			–		–
Citibank		641,168		(41,432	)		(322,328	)		–		277,408
Goldman Sachs		212,658		(212,658	)		–			–		–
J.P. Morgan Chase		328,932		(51,500	)		(277,432	)		–		–
Morgan Stanley		32,474		(32,474	)		–			–		–
Standard Chartered Bank		839,480		–			(839,480	)		–		–
State Street Bank and Trust		970,520		(524,790	)		(340,000	)		–		105,730
UBS AG		288,441		–			(200,000	)		–		88,441
Total	$	3,959,181	$	(886,442	)	$	(2,519,240	)	$	–	$	553,499

			Value Opportunities Fund
Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement	$	68,759,316		$	–	$	68,759,316
Total	$	68,759,316		$	–	$	68,759,316

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received(a)		Securities Collateral Received(a)			Net Amount(b)
Fixed Income Clearing Corp.	$	68,759,316	$	–	$	–	$	(68,759,316	)	$	–
Total	$	68,759,316	$	–	$	–	$	(68,759,316	)	$	–

(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, 2017.
(c)	Net amount represents the amount owed by the Fund to the counterparty as of April 30, 2017.

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.

119

Notes to Financial Statements (unaudited)(continued)

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 28, 2017.

During the six months ended April 30, 2017, the Funds did not utilize the Facility.

11. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”) certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the six months ended April 30, 2017, six Funds of the Trust participated as lenders in the Interfund Lending Program. The average amount loaned, interest rate and interest income were as follows:

Fund	Average Loan	Average Interest Rate	Interest Income*
Fundamental Equity	$ 9,251,553	0.826%	$    762
Growth Leaders	15,359,385	0.826%	1,327
International Core Equity	18,703,275	0.725%	372
International Dividend	17,595,351	0.752%	1,815
International Opportunities	17,106,653	0.725%	340
Value Opportunities	39,910,450	0.823%	3,616

* Included in the Statement of Operations

There were no interfund loans outstanding as of April 30, 2017.

12. 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.

13. TRANSACTIONS WITH AFFILIATED ISSUERS  

An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. Alpha Strategy Fund had the following transactions with affiliated issuers (i.e. the Underlying Funds) during the fiscal six months ended April 30, 2017:

120

Notes to Financial Statements (unaudited)(continued)

Alpha Strategy Fund
Affiliated Issuer	Balance of Shares Held at 10/31/2016		Gross Additions		Gross Sales			Balance of Shares Held at 4/30/2017		Fair Value at 4/30/2017		Net Realized Gain 11/1/2016 to 4/30/2017			Dividend Income 11/1/2016 to 4/30/2017
Lord Abbett Developing Growth Fund, Inc. – Class I		10,921,383		45,517		(931,135	)		10,035,765	$	224,600,412	$	4,110,897		$	–
Lord Abbett Securities Trust – International Opportunities Fund – Class I		13,654,913		132,107		(1,574,996	)		12,212,024		226,533,049		12,650,795			2,097,861
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I		7,678,517		79,005		(907,956	)		6,849,566		112,058,897		1,526,778			–
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I		3,250,885		567,842		(604,828	)		3,213,899		111,361,599		26,647,987	(a)		–
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I		8,867,080		1,027,847		(1,202,048	)		8,692,879		223,320,057		28,508,778	(b)		–
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		11,450,885		665,224		(1,187,513	)		10,928,596		222,069,073		19,997,891	(c)		417,580
Total										$	1,119,943,087	$	93,443,126		$	2,515,441

(a)	Includes $18,937,557 of distributed capital gains.
(b)	Includes $26,120,063 of distributed capital gains.
(c)	Includes $12,813,715 of distributed capital gains.

14. 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, Global Core 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, Global Core Equity Fund, Growth Leaders Fund employs a growth investing style and Global Core Equity Fund, 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.

Global Core Equity Fund, 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

121

Notes to Financial Statements (unaudited)(continued)

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 similarly may 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.

15. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of beneficial interest were as follows:

Alpha Strategy Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,197,461		$	56,242,412			2,701,861		$	68,590,147
Converted from Class B*		50,508			1,312,777			147,789			3,684,404
Reinvestment of distributions		1,949,479			48,717,462			2,690,780			67,808,810
Shares reacquired		(4,693,847	)		(120,886,393	)		(5,487,466	)		(142,043,052	)
Increase (decrease)		(496,399	)	$	(14,613,742	)		52,964		$	(1,959,691	)
Class B Shares
Shares sold		16,770		$	377,460			9,940		$	232,007
Reinvestment of distributions		21,575			477,251			52,429			1,194,846
Shares reacquired		(62,671	)		(1,446,773	)		(61,246	)		(1,446,050	)
Converted to Class A*		(57,006	)		(1,312,777	)		(163,815	)		(3,684,404	)
Decrease		(81,332	)	$	(1,904,839	)		(162,692	)	$	(3,703,601	)
Class C Shares
Shares sold		1,625,134		$	35,974,788			1,431,293		$	32,204,862
Reinvestment of distributions		1,218,846			26,522,079			1,611,971			36,204,864
Shares reacquired		(3,641,352	)		(81,905,215	)		(3,203,478	)		(73,041,645	)
Decrease		(797,372	)	$	(19,408,348	)		(160,214	)	$	(4,631,919	)
Class F Shares
Shares sold		2,608,026		$	67,672,302			3,361,417		$	85,514,460
Reinvestment of distributions		826,161			20,711,860			1,096,453			27,674,462
Shares reacquired		(2,304,300	)		(59,812,209	)		(4,696,551	)		(119,928,932	)
Increase (decrease)		1,129,887		$	28,571,953			(238,681	)	$	(6,740,010	)

122

Notes to Financial Statements (unaudited)(continued)

Alpha Strategy Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class F3 Shares(a)	Shares			Amount			Shares			Amount
Shares sold		382.41		$	10,000			–		$	–
Increase		382.41		$	10,000			–		$	–
Class I Shares
Shares sold		68,685		$	1,795,547			1,197,343		$	27,894,935
Reinvestment of distributions		261,892			6,659,921			183,234			4,679,787
Shares reacquired		(473,029	)		(12,503,757	)		(228,260	)		(6,044,812	)
Increase (decrease)		(142,452	)	$	(4,048,289	)		1,152,317		$	26,529,910
Class R2 Shares
Shares sold		22,826		$	561,936			42,706		$	1,065,360
Reinvestment of distributions		3,215			78,219			3,619			89,352
Shares reacquired		(27,757	)		(689,787	)		(32,344	)		(829,710	)
Increase (decrease)		(1,716	)	$	(49,632	)		13,981		$	325,002
Class R3 Shares
Shares sold		586,049		$	14,613,061			339,056		$	8,553,804
Reinvestment of distributions		156,331			3,823,860			198,882			4,930,278
Shares reacquired		(749,829	)		(18,776,980	)		(444,536	)		(11,151,496	)
Increase (decrease)		(7,449	)	$	(340,059	)		93,402		$	2,332,586
Class R4 Shares
Shares sold		34,147		$	883,378			12,514.58		$	309,355
Reinvestment of distributions		1,344			33,521			50.42			1,269
Shares reacquired		(4,311	)		(109,122	)		(2,148	)		(52,916	)
Increase		31,180		$	807,777			10,417.00		$	257,708
Class R5 Shares
Shares sold		2,818.18		$	73,610			157.65		$	3,973
Reinvestment of distributions		41			1,052			49.49			1,264
Shares reacquired		(0.46	)		(12	)		(157.65	)		(3,902	)
Increase		2,858.72		$	74,650			49.49		$	1,335
Class R6 Shares
Shares sold		234,484		$	6,176,751			25,851		$	704,910
Reinvestment of distributions		3,172			80,661			49.52			1,266
Shares reacquired		(124,038	)		(3,210,870	)		(594.31	)		(15,998	)
Increase		113,618		$	3,046,542			25,306		$	690,178

123

Notes to Financial Statements (unaudited)(continued)

Fundamental Equity Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		7,672,245		$	99,979,547			7,125,774		$	85,074,509
Converted from Class B*		395,823			5,193,122			634,665			7,587,343
Reinvestment of distributions		6,472,250			81,162,018			15,344,862			184,905,854
Shares reacquired		(23,938,465	)		(312,191,883	)		(43,483,600	)		(524,287,644	)
Decrease		(9,398,147	)	$	(125,857,196	)		(20,378,299	)	$	(246,719,938	)
Class B Shares
Shares sold		112,851		$	1,345,574			27,626		$	307,570
Reinvestment of distributions		59,411			682,631			236,624			2,619,413
Shares reacquired		(361,773	)		(4,292,977	)		(532,097	)		(5,862,298	)
Converted to Class A*		(432,696	)		(5,193,122	)		(693,492	)		(7,587,342	)
Decrease		(622,207	)	$	(7,457,894	)		(961,339	)	$	(10,522,657	)
Class C Shares
Shares sold		2,219,361		$	26,011,942			2,685,317		$	29,059,965
Reinvestment of distributions		1,955,101			22,190,394			5,200,487			57,049,346
Shares reacquired		(8,921,221	)		(105,090,620	)		(18,614,064	)		(203,545,733	)
Decrease		(4,746,759	)	$	(56,888,284	)		(10,728,260	)	$	(117,436,422	)
Class F Shares
Shares sold		5,170,466		$	66,769,074			6,153,160		$	74,838,270
Reinvestment of distributions		1,136,362			14,102,246			2,862,952			34,183,648
Shares reacquired		(5,727,778	)		(74,015,403	)		(17,563,279	)		(212,002,755	)
Increase (decrease)		579,050		$	6,855,917			(8,547,167	)	$	(102,980,837	)
Class F3 Shares(a)
Shares sold		755.28		$	10,000			–		$	–
Increase		755.28		$	10,000			–		$	–
Class I Shares
Shares sold		442,119		$	5,795,999			1,219,181		$	14,523,390
Reinvestment of distributions		551,292			6,940,763			1,818,427			22,002,971
Shares reacquired		(2,570,296	)		(33,892,421	)		(9,434,658	)		(113,708,876	)
Decrease		(1,576,885	)	$	(21,155,659	)		(6,397,050	)	$	(77,182,515	)
Class P Shares
Shares sold		90,776		$	1,166,385			86,346		$	1,012,821
Reinvestment of distributions		45,374			559,462			112,484			1,334,055
Shares reacquired		(246,351	)		(3,187,256	)		(370,654	)		(4,411,638	)
Decrease		(110,201	)	$	(1,461,409	)		(171,824	)	$	(2,064,762	)
Class R2 Shares
Shares sold		76,036		$	967,881			140,926		$	1,652,619
Reinvestment of distributions		18,730			230,384			53,991			638,713
Shares reacquired		(132,042	)		(1,705,262	)		(354,997	)		(4,132,371	)
Decrease		(37,276	)	$	(506,997	)		(160,080	)	$	(1,841,039	)

124

Notes to Financial Statements (unaudited)(continued)

Fundamental Equity Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class R3 Shares	Shares			Amount			Shares			Amount
Shares sold		1,561,445		$	20,074,543			1,180,295		$	13,951,086
Reinvestment of distributions		643,368			7,945,598			1,639,440			19,492,945
Shares reacquired		(3,058,029	)		(39,282,382	)		(5,827,361	)		(68,903,142	)
Decrease		(853,216	)	$	(11,262,241	)		(3,007,626	)	$	(35,459,111	)
Class R4 Shares
Shares sold		260,490		$	3,399,711			9,549.00		$	118,606
Reinvestment of distributions		529			6,607			82			982
Shares reacquired		(12,373	)		(164,891	)		(676	)		(8,498	)
Increase		248,646		$	3,241,427			8,955.00		$	111,090
Class R5 Shares
Shares sold		26,444		$	359,209			9,117		$	116,754
Reinvestment of distributions		556			7,002			82			988
Shares reacquired		(495	)		(6,443	)		–			–
Increase		26,505		$	359,768			9,199		$	117,742
Class R6 Shares
Shares sold		707,744		$	9,461,794			9,431		$	105,217
Reinvestment of distributions		1,814			22,871			82			989
Shares reacquired		(326,314	)		(4,311,698	)		(484	)		(5,831	)
Increase		383,244		$	5,172,967			9,029		$	100,375
Global Core Equity Fund**				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		126,180		$	1,262,188			–		$	–
Increase		126,180		$	1,262,188			–		$	–
Class C Shares
Shares sold		2,546		$	26,057			–		$	–
Increase		2,546		$	26,057			–		$	–
Class F Shares
Shares sold		98,000		$	980,000			–		$	–
Increase		98,000		$	980,000			–		$	–
Class F3 Shares(a)
Shares sold		972.76		$	10,000			–		$	–
Increase		972.76		$	10,000			–		$	–
Class I Shares
Shares sold		98,000		$	980,000			–		$	–
Increase		98,000		$	980,000			–		$	–
Class R2 Shares
Shares sold		1,000		$	10,000			–		$	–
Increase		1,000		$	10,000			–		$	–

125

Notes to Financial Statements (unaudited)(continued)

Global Core Equity Fund**				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class R3 Shares	Shares			Amount			Shares			Amount
Shares sold		1,000		$	10,000			–		$	–
Increase		1,000		$	10,000			–		$	–
Class R4 Shares
Shares sold		1,000		$	10,000			–		$	–
Increase		1,000		$	10,000			–		$	–
Class R5 Shares
Shares sold		1,000		$	10,000			–		$	–
Increase		1,000		$	10,000			–		$	–
Class R6 Shares
Shares sold		1,000		$	10,000			–		$	–
Increase		1,000		$	10,000			–		$	–
Growth Leaders Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		4,679,302		$	109,282,325			15,264,718		$	337,560,393
Converted from Class B*		38,106			912,129			55,316			1,212,606
Reinvestment of distributions		–			–			1,410,176			32,095,614
Shares reacquired		(11,091,704	)		(260,990,138	)		(14,529,407	)		(317,731,181	)
Increase (decrease)		(6,374,296	)	$	(150,795,684	)		2,200,803		$	53,137,432
Class B Shares
Shares sold		28,213		$	644,458			19,280		$	419,351
Reinvestment of distributions		–			–			7,585			168,835
Shares reacquired		(43,541	)		(993,091	)		(45,401	)		(1,011,070	)
Converted to Class A*		(39,323	)		(912,129	)		(56,748	)		(1,212,606	)
Decrease		(54,651	)	$	(1,260,762	)		(75,284	)	$	(1,635,490	)
Class C Shares
Shares sold		2,034,962		$	45,882,190			9,177,319		$	195,548,463
Reinvestment of distributions		–			–			789,874			17,400,924
Shares reacquired		(4,383,926	)		(98,788,058	)		(5,574,461	)		(118,105,343	)
Increase (decrease)		(2,348,964	)	$	(52,905,868	)		4,392,732		$	94,844,044
Class F Shares
Shares sold		11,065,610		$	263,453,696			21,475,824		$	475,803,724
Reinvestment of distributions		–			–			1,259,864			28,863,484
Shares reacquired		(7,851,066	)		(185,325,082	)		(19,656,010	)		(429,600,892	)
Increase		3,214,544		$	78,128,614			3,079,678		$	75,066,316
Class F3 Shares(a)
Shares sold		403		$	10,000			–		$	–
Increase		403		$	10,000			–		$	–

126

Notes to Financial Statements (unaudited)(continued)

Growth Leaders Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		329,189		$	7,780,527			1,128,081		$	25,106,560
Reinvestment of distributions		–			–			147,289			3,386,168
Shares reacquired		(1,254,511	)		(30,621,873	)		(946,064	)		(20,987,194	)
Increase (decrease)		(925,322	)	$	(22,841,346	)		329,306		$	7,505,534
Class R2 Shares
Shares sold		6,277		$	146,958			52,314		$	1,141,641
Reinvestment of distributions		–			–			268			6,114
Shares reacquired		(4,555	)		(104,633	)		(20,844	)		(456,005	)
Increase		1,722		$	42,325			31,738		$	691,750
Class R3 Shares
Shares sold		429,527		$	10,032,898			205,129		$	4,473,829
Reinvestment of distributions		–			–			27,873			631,344
Shares reacquired		(496,944	)		(11,600,076	)		(199,031	)		(4,395,915	)
Increase (decrease)		(67,417	)	$	(1,567,178	)		33,971		$	709,258
Class R4 Shares
Shares sold		84,658		$	2,045,168			82,419		$	1,777,881
Reinvestment of distributions		–			–			21			470
Shares reacquired		(31,008	)		(720,276	)		(5,497	)		(121,704	)
Increase		53,650		$	1,324,892			76,943		$	1,656,647
Class R5 Shares
Shares sold		60,625		$	1,410,109			170,194		$	3,894,136
Reinvestment of distributions		–			–			20			466
Shares reacquired		(19,343	)		(454,366	)		(7,631	)		(175,323	)
Increase		41,282		$	955,743			162,583		$	3,719,279
Class R6 Shares
Shares sold		671,054		$	16,672,409			79,288		$	1,800,291
Reinvestment of distributions		–			–			481			11,055
Shares reacquired		(135,476	)		(3,303,285	)		(12,689	)		(289,519	)
Increase		535,578		$	13,369,124			67,080		$	1,521,827
International Core Equity Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,506,613		$	30,099,930			2,211,314		$	26,366,020
Converted from Class B*		73,057			886,167			146,302			1,713,421
Reinvestment of distributions		447,247			5,223,849			354,489			4,236,145
Shares reacquired		(6,437,668	)		(77,105,402	)		(7,862,410	)		(93,356,462	)
Decrease		(3,410,751	)	$	(40,895,456	)		(5,150,305	)	$	(61,040,876	)

127

Notes to Financial Statements (unaudited)(continued)

International Core Equity Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class B Shares	Shares			Amount			Shares			Amount
Shares sold		41,318		$	495,869			5,090		$	58,443
Reinvestment of distributions		2,641			30,869			1,244			14,825
Shares reacquired		(95,866	)		(1,147,074	)		(95,516	)		(1,121,471	)
Converted to Class A*		(73,154	)		(886,167	)		(147,106	)		(1,713,421	)
Decrease		(125,061	)	$	(1,506,503	)		(236,288	)	$	(2,761,624	)
Class C Shares
Shares sold		747,973		$	8,912,902			233,644		$	2,755,542
Reinvestment of distributions		33,477			388,336			16,741			198,545
Shares reacquired		(1,293,975	)		(15,406,547	)		(946,769	)		(11,092,209	)
Decrease		(512,525	)	$	(6,105,309	)		(696,384	)	$	(8,138,122	)
Class F Shares
Shares sold		804,291		$	9,584,400			1,770,643		$	20,883,435
Reinvestment of distributions		122,092			1,415,048			72,915			864,770
Shares reacquired		(972,562	)		(11,548,832	)		(1,688,539	)		(20,048,471	)
Increase (decrease)		(46,179	)	$	(549,384	)		155,019		$	1,699,734
Class F3 Shares(a)
Shares sold		810.37		$	10,000			–		$	–
Increase		810.37		$	10,000			–		$	–
Class I Shares
Shares sold		9,808,105		$	121,952,478			10,295,009		$	123,267,905
Reinvestment of distributions		305,429			3,588,786			57,791			694,648
Shares reacquired		(1,130,799	)		(13,824,133	)		(1,902,046	)		(23,028,997	)
Increase		8,982,735		$	111,717,131			8,450,754		$	100,933,556
Class P Shares
Shares sold		163		$	1,949			971		$	11,398
Reinvestment of distributions		161			1,887			101			1,208
Shares reacquired		(1,570	)		(19,091	)		(1,858	)		(21,488	)
Decrease		(1,246	)	$	(15,255	)		(786	)	$	(8,882	)
Class R2 Shares
Shares sold		20,209		$	240,529			7,444		$	87,252
Reinvestment of distributions		389			4,538			209			2,495
Shares reacquired		(4,947	)		(58,901	)		(16,794	)		(198,505	)
Increase (decrease)		15,651		$	186,166			(9,141	)	$	(108,758	)
Class R3 Shares
Shares sold		742,702		$	8,790,963			337,247		$	3,937,387
Reinvestment of distributions		25,459			293,038			14,835			174,918
Shares reacquired		(950,307	)		(11,253,001	)		(574,888	)		(6,715,309	)
Decrease		(182,146	)	$	(2,169,000	)		(222,806	)	$	(2,603,004	)
Class R4 Shares
Shares sold		16,931		$	207,818			–		$	–
Reinvestment of distributions		18			206			11			138
Shares reacquired		(176	)		(2,133	)		–			–
Increase		16,773		$	205,891			11		$	138

128

Notes to Financial Statements (unaudited)(continued)

International Core Equity Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class R5 Shares	Shares			Amount			Shares			Amount
Shares sold		1,873		$	23,732			–		$	–
Reinvestment of distributions		19			227			13			149
Increase		1,892		$	23,959			13		$	149
Class R6 Shares
Shares sold		529,945		$	6,538,722			901,192.00		$	11,065,181
Reinvestment of distributions		22,976			270,198			13			151
Shares reacquired		(241,398	)		(2,963,872	)		(15,140	)		(185,015	)
Increase		311,523		$	3,845,048			886,065		$	10,880,317
International Dividend Income Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		3,297,422		$	22,550,868			8,897,678		$	59,337,179
Reinvestment of distributions		906,727			6,216,249			2,373,082			15,886,465
Shares reacquired		(15,333,381	)		(104,505,996	)		(49,598,375	)		(332,044,632	)
Decrease		(11,129,232	)	$	(75,738,879	)		(38,327,615	)	$	(256,820,988	)
Class C Shares
Shares sold		476,705		$	3,236,155			878,682		$	5,825,972
Reinvestment of distributions		129,155			877,897			368,833			2,443,942
Shares reacquired		(3,276,404	)		(22,075,689	)		(8,678,584	)		(57,649,616	)
Decrease		(2,670,544	)	$	(17,961,637	)		(7,431,069	)	$	(49,379,702	)
Class F Shares
Shares sold		5,620,851		$	38,341,914			6,615,741		$	44,392,810
Reinvestment of distributions		244,017			1,676,781			588,468			3,950,449
Shares reacquired		(6,822,609	)		(46,594,376	)		(20,545,029	)		(138,296,073	)
Decrease		(957,741	)	$	(6,575,681	)		(13,340,820	)	$	(89,952,814	)
Class F3 Shares(a)
Shares sold		1,422		$	10,000			–		$	–
Increase		1,422		$	10,000			–		$	–
Class I Shares
Shares sold		2,305,101		$	15,385,507			4,355,371		$	29,265,107
Reinvestment of distributions		1,547,279			10,616,787			4,690,904			31,556,414
Shares reacquired		(38,487,019	)		(270,320,030	)		(56,373,338	)		(377,699,997	)
Decrease		(34,634,639	)	$	(244,317,736	)		(47,327,063	)	$	(316,878,476	)
Class R2 Shares
Shares sold		9,629		$	67,395			27,058.7		$	184,116
Reinvestment of distributions		343			2,402			1,215			8,302
Shares reacquired		(12,819	)		(88,623	)		(72,190	)		(489,261	)
Decrease		(2,847	)	$	(18,826	)		(43,916.3	)	$	(296,843	)

129

Notes to Financial Statements (unaudited)(continued)

International Dividend Income Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class R3 Shares	Shares			Amount			Shares			Amount
Shares sold		234,400		$	1,616,219			514,921		$	3,476,402
Reinvestment of distributions		28,265			195,812			57,109			385,878
Shares reacquired		(352,983	)		(2,444,643	)		(481,268	)		(3,223,872	)
Increase (decrease)		(90,318	)	$	(632,612	)		90,762		$	638,408
Class R4 Shares
Shares sold		1,558		$	10,990			–		$	–
Reinvestment of distributions		36			251			46			304
Shares reacquired		(7	)		(46	)		–			–
Increase		1,587		$	11,195			46		$	304
Class R5 Shares
Reinvestment of distributions		25			169			48			326
Increase		25		$	169			48		$	326
Class R6 Shares
Shares sold		567,943		$	4,043,810			–		$	–
Reinvestment of distributions		25			169			48			326
Shares reacquired		(196,877	)		(1,400,096	)		–			–
Increase		371,091		$	2,643,883			48		$	326
International Opportunities Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,686,412		$	27,981,543			3,205,088		$	51,449,371
Converted from Class B*		27,623			456,201			40,727			644,781
Reinvestment of distributions		59,795			926,823			407,053			6,565,759
Shares reacquired		(3,138,910	)		(51,078,609	)		(3,609,366	)		(57,013,749	)
Increase (decrease)		(1,365,080	)	$	(21,714,042	)		43,502		$	1,646,162
Class B Shares
Shares sold		18,461		$	288,725			7,659		$	117,814
Reinvestment of distributions		–			–			5,850			89,673
Shares reacquired		(38,527	)		(594,418	)		(46,481	)		(703,040	)
Converted to Class A*		(29,131	)		(456,201	)		(42,967	)		(644,781	)
Decrease		(49,197	)	$	(761,894	)		(75,939	)	$	(1,140,334	)
Class C Shares
Shares sold		329,450		$	5,146,636			501,315		$	7,581,584
Reinvestment of distributions		–			–			74,489			1,127,012
Shares reacquired		(596,467	)		(9,082,348	)		(717,647	)		(10,721,752	)
Decrease		(267,017	)	$	(3,935,712	)		(141,843	)	$	(2,013,156	)
Class F Shares
Shares sold		2,508,106		$	41,358,583			4,287,342		$	67,776,353
Reinvestment of distributions		41,462			636,438			285,553			4,563,136
Shares reacquired		(1,865,487	)		(29,666,814	)		(6,066,514	)		(94,284,169	)
Increase (decrease)		684,081		$	12,328,207			(1,493,619	)	$	(21,944,680	)

130

Notes to Financial Statements (unaudited)(continued)

International Opportunities Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class F3 Shares(a)	Shares			Amount			Shares			Amount
Shares sold		563.38		$	10,000			–		$	–
Increase		563.38		$	10,000			–		$	–
Class I Shares
Shares sold		149,169		$	2,503,024			742,472		$	11,868,315
Reinvestment of distributions		149,643			2,376,338			729,325			12,048,452
Shares reacquired		(3,342,821	)		(58,446,409	)		(2,364,512	)		(39,198,394	)
Decrease		(3,044,009	)	$	(53,567,047	)		(892,715	)	$	(15,281,627	)
Class P Shares
Shares sold		876		$	14,611			4,010		$	64,840
Reinvestment of distributions		71			1,121			1,148			18,861
Shares reacquired		(10,230	)		(167,898	)		(17,475	)		(277,935	)
Decrease		(9,283	)	$	(152,166	)		(12,317	)	$	(194,234	)
Class R2 Shares
Shares sold		95,624		$	1,560,670			131,494		$	2,064,548
Reinvestment of distributions		346			5,286			567			9,039
Shares reacquired		(25,516	)		(406,698	)		(29,095	)		(463,995	)
Increase		70,454		$	1,159,258			102,966		$	1,609,592
Class R3 Shares
Shares sold		371,437		$	5,941,883			894,885		$	14,178,267
Reinvestment of distributions		7,109			108,339			23,820			378,261
Shares reacquired		(1,028,040	)		(16,517,767	)		(322,495	)		(5,076,196	)
Increase (decrease)		(649,494	)	$	(10,467,545	)		596,210		$	9,480,332
Class R4 Shares
Shares sold		38,163		$	626,821			118,621.48		$	1,920,357
Reinvestment of distributions		894			13,808			26			415
Shares reacquired		(9,890	)		(161,749	)		(2,386	)		(39,059	)
Increase		29,167		$	478,880			116,261.48		$	1,881,713
Class R5 Shares
Shares sold		30,334		$	505,207			189,741		$	3,157,089
Reinvestment of distributions		1,676			26,598			25			417
Shares reacquired		(16,741	)		(282,796	)		(24,160	)		(404,859	)
Increase		15,269		$	249,009			165,606		$	2,752,647
Class R6 Shares
Shares sold		771,472		$	13,333,125			132,813		$	2,236,515
Reinvestment of distributions		1,438			22,874			37			620
Shares reacquired		(173,621	)		(3,008,075	)		(22,571	)		(378,706	)
Increase		599,289		$	10,347,924			110,279		$	1,858,429

131

Notes to Financial Statements (unaudited)(continued)

Value Opportunities Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		10,742,432		$	210,759,003			10,508,880		$	191,757,917
Converted from Class B*		94,651			1,867,985			162,424			2,931,720
Reinvestment of distributions		2,847,532			54,701,085			3,829,534			69,774,112
Shares reacquired		(11,398,446	)		(223,569,946	)		(16,364,241	)		(300,451,414	)
Increase (decrease)		2,286,169		$	43,758,127			(1,863,403	)	$	(35,987,665	)
Class B Shares
Shares sold		58,637		$	1,042,418			21,778		$	363,010
Reinvestment of distributions		22,165			386,337			46,017			771,244
Shares reacquired		(114,550	)		(2,036,036	)		(105,055	)		(1,769,522	)
Converted to Class A*		(104,495	)		(1,867,985	)		(177,149	)		(2,931,720	)
Decrease		(138,243	)	$	(2,475,266	)		(214,409	)	$	(3,566,988	)
Class C Shares
Shares sold		3,614,754		$	64,371,877			2,744,387		$	46,310,029
Reinvestment of distributions		1,090,878			19,024,911			1,416,764			23,744,964
Shares reacquired		(3,558,885	)		(63,262,430	)		(4,782,166	)		(79,996,659	)
Increase (decrease)		1,146,747		$	20,134,358			(621,015	)	$	(9,941,666	)
Class F Shares
Shares sold		18,682,441		$	373,158,516			14,223,196		$	269,287,074
Reinvestment of distributions		1,911,365			37,348,068			1,866,670			34,552,058
Shares reacquired		(5,794,645	)		(115,643,310	)		(9,790,352	)		(181,206,332	)
Increase		14,799,161		$	294,863,274			6,299,514		$	122,632,800
Class F3 Shares(a)
Shares sold		494		$	10,000			–		$	–
Increase		494		$	10,000			–		$	–
Class I Shares
Shares sold		1,009,321		$	20,513,335			2,079,301		$	38,601,684
Reinvestment of distributions		1,350,262			26,856,722			1,993,547			37,518,542
Shares reacquired		(7,064,803	)		(143,561,182	)		(7,727,105	)		(143,468,732	)
Decrease		(4,705,220	)	$	(96,191,125	)		(3,654,257	)	$	(67,348,506	)
Class P Shares
Shares sold		160,464		$	3,103,990			289,322		$	5,195,262
Reinvestment of distributions		115,181			2,180,377			167,787			3,021,853
Shares reacquired		(397,153	)		(7,659,667	)		(695,489	)		(12,393,812	)
Decrease		(121,508	)	$	(2,375,300	)		(238,380	)	$	(4,176,697	)
Class R2 Shares
Shares sold		227,706		$	4,255,844			111,936		$	1,998,982
Reinvestment of distributions		10,482			194,856			13,618			241,441
Shares reacquired		(113,511	)		(2,147,075	)		(158,945	)		(2,826,912	)
Increase (decrease)		124,677		$	2,303,625			(33,391	)	$	(586,489	)

132

Notes to Financial Statements (unaudited)(concluded)

Value Opportunities Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended October 31, 2016
Class R3 Shares	Shares			Amount			Shares			Amount
Shares sold		972,429		$	18,615,091			938,971		$	16,844,938
Reinvestment of distributions		320,069			6,001,300			462,439			8,254,542
Shares reacquired		(1,593,538	)		(30,460,467	)		(1,990,444	)		(35,433,934	)
Decrease		(301,040	)	$	(5,844,076	)		(589,034	)	$	(10,334,454	)
Class R4 Shares
Shares sold		442,264		$	8,675,155			181,108		$	3,408,944
Reinvestment of distributions		9,606			184,435			38			689
Shares reacquired		(89,328	)		(1,747,541	)		(27,094	)		(519,823	)
Increase		362,542		$	7,112,049			154,052		$	2,889,810
Class R5 Shares
Shares sold		324,724		$	6,617,120			2,335,253		$	45,222,883
Reinvestment of distributions		127,567			2,538,584			35			669
Shares reacquired		(140,036	)		(2,812,680	)		(153,952	)		(3,027,234	)
Increase		312,255		$	6,343,024			2,181,336		$	42,196,318
Class R6 Shares
Shares sold		2,006,863		$	40,817,070			1,726,267		$	30,731,482
Reinvestment of distributions		178,818			3,563,847			107,061			2,015,955
Shares reacquired		(534,334	)		(10,835,219	)		(397,147	)		(7,725,853	)
Increase		1,651,347		$	33,545,698			1,436,181		$	25,021,584

*	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.
**	Commenced January 17, 2017.
(a)	Commenced on April 4, 2017.

16. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Funds, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Funds’ net assets or results of operations.

133

Investments in Underlying Funds (unaudited)

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2017, 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		20.05%
Lord Abbett Securities Trust – International Opportunities Fund – Class I		20.23%
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I		10.01%
Lord Abbett Securities Trust – Micro-Cap Value Fund – Class I		9.94%
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I		19.94%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		19.83%

The Ten Largest Holdings and the Holdings by Sector, as of April 30, 2017, 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
Wix.com Ltd.		2.49%
Shopify, Inc. Class A		2.20%
Cognex Corp.		2.18%
Dave & Buster’s Entertainment, Inc.		2.09%
WageWorks, Inc.		1.93%
Allison Transmission Holdings, Inc.		1.86%
Exact Sciences Corp.		1.83%
Live Nation Entertainment, Inc.		1.75%
Cavium, Inc.		1.71%
2U, Inc.		1.64%

Holdings by Sector*	% of Investments
Consumer Discretionary		14.39%
Energy		3.22%
Financials		12.06%
Health Care		18.05%
Industrials		16.97%
Information Technology		29.90%
Materials		3.36%
Repurchase		2.05%
Total		100.00%

* A sector may comprise several industries.

134

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Securities, Inc. – International Opportunities Fund

Ten Largest Holdings	% of Investments
Rheinmetall AG		1.79%
Cairn Homes plc		1.62%
Man Group plc		1.49%
Loomis AB Class B		1.48%
Gerresheimer AG		1.44%
Arrow Global Group plc		1.39%
Tsubakimoto Chain Co.		1.30%
Cramo OYJ		1.27%
Emera, Inc.		1.26%
Dewan Housing Finance Corp., Ltd.		1.26%

Holdings by Sector*	% of Investments
Consumer Discretionary		16.96%
Consumer Staples		5.44%
Energy		4.43%
Financials		16.42%
Health Care		4.31%
Industrials		22.61%
Information Technology		11.76%
Materials		7.16%
Real Estate		6.24%
Telecommunication Services		1.38%
Utilities		3.04%
Purchased Options		0.25%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Securities, Inc. – Micro Cap Growth Fund

Ten Largest Holdings	% of Investments
Blueprint Medicines Corp.		3.17%
CenterState Banks, Inc.		2.88%
NV5 Global, Inc.		2.85%
Malibu Boats, Inc. Class A		2.57%
Control4 Corp.		2.47%
LGI Homes, Inc.		2.29%
Five9, Inc.		2.19%
Kornit Digital Ltd.		2.17%
Fox Factory Holding Corp.		1.93%
Patrick Industries, Inc.		1.82%

135

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*	% of Investments
Consumer Discretionary		14.13%
Consumer Staples		0.98%
Energy		2.69%
Financials		14.10%
Health Care		29.19%
Industrials		15.16%
Information Technology		19.95%
Materials		3.80%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Securities, Inc. – Micro Cap Value Fund

Ten Largest Holdings	% of Investments
First Merchants Corp.		5.59%
National Commerce Corp.		5.42%
ICF International, Inc.		3.37%
Gibraltar Industries, Inc.		3.29%
Seacoast Banking Corp. of Florida		3.24%
Milacron Holdings Corp.		3.23%
Chase Corp.		3.13%
Connecticut Water Service, Inc.		2.84%
Orbotech Ltd.		2.76%
Vishay Precision Group, Inc.		2.72%

Holdings by Sector*	% of Investments
Consumer Discretionary		9.08%
Consumer Staples		3.31%
Energy		5.24%
Financials		25.86%
Health Care		3.46%
Industrials		27.06%
Information Technology		8.52%
Materials		5.59%
Real Estate		3.71%
Utilities		5.50%
Repurchase Agreement		2.67%
Total		100.00%

* A sector may comprise several industries.

136

Investments in Underlying Funds (unaudited)(continued)

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

Ten Largest Holdings	% of Investments
First Merchants Corp.		3.75%
Black Hills Corp.		2.90%
Chemical Financial Corp.		2.79%
Orbotech Ltd.		2.45%
IDACORP, Inc.		2.45%
First Industrial Realty Trust, Inc.		2.26%
Primoris Services Corp.		2.14%
Littelfuse, Inc.		1.91%
AECOM		1.87%
Atkore International Group, Inc.		1.85%

Holdings by Sector*	% of Investments
Consumer Discretionary		8.84%
Consumer Staples		2.13%
Energy		5.33%
Financials		17.97%
Health Care		5.69%
Industrials		19.89%
Information Technology		15.27%
Materials		8.87%
Real Estate		6.35%
Utilities		5.35%
Repurchase Agreement		4.31%
Total		100.00%

* A sector may comprise several industries.

Lord Abbett Securities, Inc. – Value Opportunities Fund

Ten Largest Holdings	% of Investments
Arch Capital Group Ltd.		2.65%
Western Alliance Bancorp		2.35%
Booz Allen Hamilton Holding Corp.		2.04%
East West Bancorp, Inc.		2.03%
Reliance Steel & Aluminum Co.		2.02%
Pinnacle Foods, Inc.		1.95%
Raymond James Financial, Inc.		1.91%
Cooper Cos., Inc. (The)		1.88%
Wabtec Corp.		1.83%
Zayo Group Holdings, Inc.		1.73%

137

Investments in Underlying Funds (unaudited)(concluded)

Holdings by Sector*	% of Investments
Consumer Discretionary		11.07%
Consumer Staples		1.95%
Energy		5.12%
Financials		20.62%
Health Care		8.36%
Industrials		15.05%
Information Technology		15.66%
Materials		8.70%
Real Estate		4.24%
Telecommunication Services		1.73%
Utilities		5.23%
Repurchase Agreement		2.27%
Total		100.00%

* A sector may comprise several industries.

138

Approval of Advisory Contract

Global Core Equity Fund

At the initial organizational meeting for the Fund, the Board, including all of the Trustees who are not interested persons of the Fund or Lord Abbett, considered whether to approve the proposed management agreement between the Fund and Lord Abbett. The Board received materials relating to the management agreement before and at the meeting and had the opportunity to ask questions and request further information in connection with its consideration. The Board also took into account its familiarity with Lord Abbett gained through its previous meetings and discussions.

The materials received by the Board as to the Fund included, but were not limited to, (1) information provided by Morningstar, Inc. (“Morningstar”) regarding the effective management fee rates and expense ratios for the Fund’s expense peer group; (2) information provided by Morningstar regarding the expense ratios, contractual and effective management fee rates, and other expense components for the Fund and funds in the expense peer group; (3) information provided by Lord Abbett on the projected expense ratios, management fee rates, and other expense components for the Fund; and (4) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund. The Trustees who are not interested persons of the Fund or of Lord Abbett also discussed the materials described above with their independent legal counsel in a private session at which no representatives of management were present.

Investment Management Services Generally. The Board considered the investment management services to be provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all relevant 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. In addition, the Board considered its experience with other funds advised by Lord Abbett.

Investment Performance. Because the Fund had not yet begun operations, the Board was not able to review the Fund’s investment performance and compliance.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel who would provide investment management services to the 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 to be performed by Lord Abbett and the nature and extent of Lord Abbett’s supervision of third party service providers, including the Fund’s transfer agent and custodian.

Expenses. The Board considered estimated expense levels of the Fund and the expense levels of the expense peer group. It also considered the amount and nature of the fees paid by shareholders. The Board noted that the Fund and Lord Abbett had proposed to enter into an agreement providing that Lord Abbett, through February 28, 2018, would waive all or a portion of its management fee and, if necessary, reimburse the Fund’s other expenses to the extent necessary so that the total net annual operating expenses for each class other than Class R6, excluding 12b-1 fees, would not exceed an annual rate of 0.80%, and the net operating expenses for Class R6 would not exceed an annual rate of 0.75%.

139

Approval of Advisory Contract (continued)

Profitability. Because the Fund had not yet begun operations, the Board was not able to consider the level of Lord Abbett’s profits in managing the Fund. The Board took into account Lord Abbett’s overall 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 each Fund.

Economies of Scale. The Board considered whether there might be economies of scale in managing the Fund and whether the Fund would benefit appropriately from any such economies of scale. The Board concluded that the proposed management fee schedule, with its breakpoints in the level of the management fee, adequately addressed any economies of scale in managing the Fund.

Other Benefits to Lord Abbett. The Board considered the character and amount of fees to be paid by the Fund and the Fund’s shareholders to Lord Abbett and 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 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 from the Funds, 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 that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectuses of the Lord Abbett Funds, has entered into revenue sharing arrangements with certain entities that distribute shares of the Funds.

After considering all of the relevant factors, the Board unanimously found that approval of the management agreement was in the best interests of the Fund and voted unanimously to approve the management agreement. In considering whether to approve 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.

Funds Other Than Global Core Equity Fund

The Board, including all of the Trustees who are not interested persons of the Company or of Lord Abbett (the “Independent Trustees”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (referred to herein as the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the 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 review 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 Trustees also met 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 regarding the investment performance of the Fund

140

Approval of Advisory Contract (continued)

compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, based, in part, on the Fund’s Morningstar 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 certain funds in the same Morningstar category, with generally the same or similar 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 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 Agreement to Lord Abbett; (8) when applicable, information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett’s 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 each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and one or more appropriate benchmarks as of various periods ended August 31, 2016. 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-, three-, five-, and ten-year periods, noting that that the Fund had undergone a partial portfolio manager change during 2016. The Board also observed that the Fund’s one-year performance ranked in the 56th percentile of its peer group, noting the relative improvement as compared to its peer group over the three-, five-, and ten-year periods. As to Fundamental Equity Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, and ten-year periods and below the median of the performance peer group for the five-year period. As to Growth Leaders Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the five-year period and below the median of the performance peer group for the one- and three-year periods. As to International Core Equity Fund, the Board observed that the Fund’s investment performance ranked within the 20th percentile of the performance peer group for the one-year period and below the median of the performance peer group for the three-, five-, and ten-year periods. The Board also noted that the International Core Equity Fund had undergone a portfolio manager change during 2016. As to International Dividend Income Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year period and below the median of the performance peer group for the three- and five-year periods. As to International

141

Approval of Advisory Contract (continued)

Opportunities Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, and five-year periods and below the median of the performance peer group for the ten-year period. 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-, three-, five-, and ten-year periods. The Board also considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board and the willingness of Lord Abbett to take steps intended to improve performance when necessary. After reviewing these and related factors, the Board concluded that each Fund’s investment performance was reasonable and supported the continuation of the Agreement on behalf of each Fund.

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 level of each Fund and the expense levels of the Fund’s expense peer group as of the date of each fund’s most recent annual report as of August 31, 2016. It also considered how the expense level of each Fund related 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 slightly above the median of the expense peer group. As to each Fundamental Equity Fund, Growth Leaders Fund, International Core Equity Fund, International Dividend Income Fund, International Opportunities Fund and Value Opportunities Fund, the Board observed that the overall expense level was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the expense level of each Fund was reasonable in light of the services received and supported the continuation of the Agreement on behalf of each Fund.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to each Fund’s business. The Board considered Lord Abbett’s profit margins in comparison with available industry data, both accounting for and excluding 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 overall profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to each Fund was not excessive.

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’s shareholders had appropriately

142

Approval of Advisory Contract (concluded)

benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. With respect to Alpha Strategy Fund, the Board concluded that the contractual fee level adequately addressed any economies of scale in managing the Fund. With respect to each of Fundamental Equity Fund, International Opportunities Fund and Value Opportunities, the Board concluded that the contractual breakpoints in the existing management fee schedule adequately addressed any economies of scale in managing the Fund. With respect to Growth Leaders Fund, the Board concluded that the contractual breakpoint in the existing management fee schedule, in conjunction with the Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing the Fund. With respect to each of International Core Equity Fund and International Dividend Income Fund, the Board concluded that the contractual breakpoints in the existing management fee schedule, in conjunction with the Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing the Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the character and amount of fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each 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 of the Lord Abbett Funds. 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 prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of each Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of each Fund’s brokerage transactions.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the 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 Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

143

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).

144

	We Recycle This document is printed on recycled paper. Go Paperless! Visit www.lordabbett.com to learn how to receive all your shareholder communications online.	Lord Abbett Securities Trust Lord Abbett Alpha Strategy Fund Lord Abbett Fundamental Equity Fund Lord Abbett Global Core Equity Fund Lord Abbett Growth Leaders Fund Lord Abbett International Core Equity Fund Lord Abbett International Dividend Income Fund Lord Abbett International Opportunities Fund Lord Abbett Value Opportunities Fund
This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus. Lord Abbett mutual fund shares are distributed by LORD ABBETT DISTRIBUTOR LLC.			LST-3 (06/17)

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

Micro Cap Growth Fund
Micro Cap Value Fund

For the six-month period ended April 30, 2017

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
10	Statements of Assets and Liabilities
11	Statements of Operations
12	Statements of Changes in Net Assets
14	Financial Highlights
18	Notes to Financial Statements
26	Supplemental Information to Shareholders

Lord Abbett Securities Trust

Lord Abbett Micro Cap Growth Fund and
Lord Abbett Micro Cap Value Fund
Semiannual Report

For the six-month period ended April 30, 2017

  From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Daria L. Foster Trustee, President, and Chief Executive Officer 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, 2017. For additional information about the Funds, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries by the Funds’ portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our website. Thank you for investing in Lord Abbett mutual funds. We value the trust that you place in us and look forward to serving your investment needs in the years to come.   Best regards,   Daria L. Foster Trustee, President and Chief Executive Officer

1

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2016 through April 30, 2017).

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 11/1/16 – 4/30/17” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

2

Micro Cap Growth Fund

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

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/16 -
	11/1/16	4/30/17	4/30/17
Class A
Actual	$1,000.00	$1,151.90	$9.07
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.36	$8.50
Class I
Actual	$1,000.00	$1,152.10	$9.07
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.36	$8.50

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.70% for Classes A and I) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2017

Sector*	%**
Consumer Discretionary	14.13	%
Consumer Staples	0.98	%
Energy	2.69	%
Financials	14.10	%
Health Care	29.19	%
Industrials	15.16	%
Information Technology	19.95	%
Materials	3.80	%
Total	100.00	%

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

3

Micro Cap Value Fund

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

	Beginning	Ending	Expenses
	Account	Account	Paid During
	Value	Value	Period†
			11/1/16 -
	11/1/16	4/30/17	4/30/17
Class A
Actual	$1,000.00	$1,170.60	$9.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.41	$8.45
Class I
Actual	$1,000.00	$1,170.50	$9.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.41	$8.45

^† For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.69% for Classes A and I) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2017

Sector*	%**
Consumer Discretionary	9.08	%
Consumer Staples	3.31	%
Energy	5.24	%
Financials	25.86	%
Health Care	3.46	%
Industrials	27.06	%
Information Technology	8.52	%
Materials	5.59	%
Real Estate	3.71	%
Utilities	5.50	%
Repurchase Agreement	2.67	%
Total	100.00	%

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

4

Schedule of Investments (unaudited)

MICRO CAP GROWTH FUND April 30, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 100.45%
Aerospace & Defense 0.76%
Mercury Systems, Inc.*		29,069	$	1,086
Air Freight & Logistics 1.67%
Air Transport Services Group, Inc.*		130,106		2,393
Auto Components 1.94%
Fox Factory Holding Corp.*		92,636		2,784
Banks 10.85%
Bridge Bancorp, Inc.		29,167		1,057
Bryn Mawr Bank Corp.		40,907		1,755
Capstar Financial Holdings, Inc.*		54,306		958
CenterState Banks, Inc.		164,359		4,147
First Interstate BancSystem, Inc. Class A		25,853		976
Heritage Commerce Corp.		36,846		526
Independent Bank Group, Inc.		24,499		1,473
Lakeland Bancorp, Inc.		55,974		1,089
Live Oak Bancshares, Inc.		47,893		1,157
Pacific Premier Bancorp, Inc.*		66,525		2,431
Total				15,569
Beverages 0.99%
MGP Ingredients, Inc.		27,095		1,419
Biotechnology 17.70%
Acceleron Pharma, Inc.*		23,389		772
Blueprint Medicines Corp.*		97,978		4,564
Calithera Biosciences, Inc.*		78,211		849
Clovis Oncology, Inc.*		29,044		1,681
Coherus Biosciences, Inc.*		59,653		1,145
Epizyme, Inc.*		48,444		874
Five Prime Therapeutics, Inc.*		15,330		534
Foundation Medicine, Inc.*		62,670		2,225
Genomic Health, Inc.*		48,297		1,587
Global Blood Therapeutics, Inc.*		37,911		1,098
Loxo Oncology, Inc.*		47,754		2,200
Repligen Corp.*		50,911		1,873

Investments	Shares		Fair Value (000)
Sage Therapeutics, Inc.*		14,792	$	1,050
Spark Therapeutics, Inc.*		23,014		1,334
Versartis, Inc.*		65,475		1,205
Xencor, Inc.*		93,475		2,400
Total				25,391
Building Products 3.74%
Builders FirstSource, Inc.*		90,094		1,443
NCI Building Systems, Inc.*		74,067		1,296
Patrick Industries, Inc.*		36,989		2,628
Total				5,367
Capital Markets 3.30%
Greenhill & Co., Inc.		79,660		2,015
Hamilton Lane, Inc. Class A*		36,994		693
Piper Jaffray Cos.		32,444		2,031
Total				4,739
Chemicals 1.26%
Ferro Corp.*		100,557		1,802
Communications Equipment 2.53%
Applied Optoelectronics, Inc.*		45,986		2,271
Oclaro, Inc.*		169,448		1,357
Total				3,628
Construction & Engineering 2.86%
NV5 Global, Inc.*		105,971		4,101
Construction Materials 1.00%
U.S. Concrete, Inc.*		23,251		1,441
Diversified Consumer Services 1.61%
Chegg, Inc.*		256,491		2,311
Electrical Equipment 1.26%
TPI Composites, Inc.*		91,819		1,804
Electronic Equipment, Instruments & Components 3.51%
Control4 Corp.*		210,919		3,565
Fabrinet (Thailand)*(a)		30,253		1,049
Rogers Corp.*		4,142		426
Total				5,040

See Notes to Financial Statements. 5

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND April 30, 2017

Investments	Shares		Fair Value (000)
Energy Equipment & Services 1.47%
Pioneer Energy Services Corp.*		134,786	$	411
Smart Sand, Inc.*		139,730		1,702
Total				2,113
Health Care Equipment & Supplies 6.82%
Glaukos Corp.*		34,155		1,623
Inogen, Inc.*		18,520		1,535
iRhythm Technologies, Inc.*		49,887		1,761
NxStage Medical, Inc.*		30,915		924
Spectranetics Corp. (The)*		83,467		2,387
Tactile Systems Technology, Inc.*		81,950		1,545
Total				9,775
Health Care Providers & Services 1.75%
Tivity Health, Inc.*		74,845		2,515
Hotels, Restaurants & Leisure 1.43%
Del Taco Restaurants, Inc.*		155,408		2,044
Household Durables 5.82%
Cavco Industries, Inc.*		12,157		1,444
LGI Homes, Inc.*		103,497		3,294
SodaStream International Ltd. (Israel)*(a)		27,269		1,483
Universal Electronics, Inc.*		30,739		2,130
Total				8,351
Internet & Direct Marketing Retail 0.80%
Duluth Holdings, Inc. Class B*		52,060		1,153
Internet Software & Services 6.10%
Alarm.com Holdings, Inc.*		46,153		1,505
Alteryx, Inc. Class A*		66,894		1,069
Five9, Inc.*		172,747		3,152
Mimecast Ltd.*		64,124		1,550
MINDBODY, Inc. Class A*		51,877		1,471
Total				8,747

Investments	Shares		Fair Value (000)
Leisure Products 2.59%
Malibu Boats, Inc. Class A*		160,943	$	3,708
Life Sciences Tools & Services 0.64%
Pacific Biosciences of California, Inc.*		232,951		918
Machinery 3.37%
Kornit Digital Ltd. (Israel)*(a)		155,663		3,129
NN, Inc.		61,731		1,704
Total				4,833
Metals & Mining 1.56%
Ryerson Holding Corp.*		147,808		2,025
SunCoke Energy, Inc.*		22,817		209
Total				2,234
Oil, Gas & Consumable Fuels 1.23%
GasLog Ltd. (Monaco)(a)		125,641		1,759
Pharmaceuticals 2.41%
Achaogen, Inc.*		58,398		1,406
Corcept Therapeutics, Inc.*		214,747		2,049
Total				3,455
Semiconductors & Semiconductor Equipment 2.58%
CEVA, Inc.*		65,777		2,368
MaxLinear, Inc.*		47,818		1,331
Total				3,699
Software 5.32%
8x8, Inc.*		99,985		1,455
Blackline, Inc.*		25,841		849
Everbridge, Inc.*		85,305		1,980
Materialise NV ADR*		77,951		858
Talend SA ADR*		83,264		2,487
Total				7,629

6 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MICRO CAP GROWTH FUND April 30, 2017

Investments	Shares		Fair Value (000)
Trading Companies & Distributors 1.58%
DXP Enterprises, Inc.*		62,087	$	2,265
Total Investments in Common Stock 100.45% (cost $117,252,574)				144,073
Liabilities in Excess of Other Assets (0.45)%				(641	)
Net Assets 100.00%			$	143,432

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, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	144,073	$	–	$	–	$	144,073
Total	$	144,073	$	–	$	–	$	144,073

(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, 2017.

See Notes to Financial Statements. 7

Schedule of Investments (unaudited)

MICRO CAP VALUE FUND April 30, 2017

Investments	Shares		Fair Value (000)
COMMON STOCKS 97.28%
Banks 20.08%
Ameris Bancorp		55,025	$	2,592
BNC Bancorp		80,403		2,689
FB Financial Corp.*		80,437		2,915
First Merchants Corp.		189,638		7,847
National Commerce Corp.*		196,641		7,610
Seacoast Banking Corp. of Florida*		187,707		4,543
Total				28,196
Beverages 1.92%
Cott Corp. (Canada)(a)		204,560		2,694
Building Products 7.73%
Advanced Drainage Systems, Inc.		140,489		3,239
American Woodmark Corp.*		32,525		2,989
Gibraltar Industries, Inc.*		117,810		4,624
Total				10,852
Capital Markets 2.20%
Donnelley Financial Solutions, Inc.*		138,917		3,087
Chemicals 3.12%
Chase Corp.		42,800		4,387
Communications Equipment 1.29%
Plantronics, Inc.		33,160		1,811
Construction & Engineering 2.42%
Primoris Services Corp.		148,153		3,403
Electrical Equipment 3.95%
Atkore International Group, Inc.*		130,203		3,419
AZZ, Inc.		36,000		2,126
Total				5,545

Investments	Shares		Fair Value (000)
Electronic Equipment, Instruments & Components 5.48%
Orbotech Ltd. (Israel)*(a)		117,555	$	3,871
Vishay Precision Group, Inc.*		222,283		3,823
Total				7,694
Equity Real Estate Investment Trusts 1.95%
Physicians Realty Trust		139,199		2,734
Food Products 1.39%
Farmer Bros Co.*		54,872		1,948
Gas Utilities 2.66%
Chesapeake Utilities Corp.		51,000		3,738
Health Care Equipment & Supplies 1.16%
CONMED Corp.		33,252		1,635
Hotels, Restaurants & Leisure 4.98%
Denny’s Corp.*		272,676		3,463
El Pollo Loco Holdings, Inc.*		281,530		3,533
Total				6,996
Household Durables 1.66%
Ethan Allen Interiors, Inc.		78,214		2,331
Insurance 2.08%
AMERISAFE, Inc.		50,670		2,916
Life Sciences Tools & Services 2.29%
Albany Molecular Research, Inc.*		200,828		3,215
Machinery 3.23%
Milacron Holdings Corp.*		240,976		4,535
Media 1.03%
Hemisphere Media Group, Inc.*		124,379		1,449

8 See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MICRO CAP VALUE FUND April 30, 2017

Investments	Shares		Fair Value (000)
Oil, Gas & Consumable Fuels 5.24%
Carrizo Oil & Gas, Inc.*		53,019	$	1,334
Centennial Resource Development, Inc. Class A*		154,481		2,547
Parsley Energy, Inc. Class A*		59,422		1,770
Rice Energy, Inc.*		80,375		1,711
Total				7,362
Paper & Forest Products 2.46%
Neenah Paper, Inc.		44,087		3,454
Professional Services 3.37%
ICF International, Inc.*		107,188		4,732
Real Estate Management & Development 1.76%
RE/MAX Holdings, Inc. Class A		41,800		2,473
Semiconductors & Semiconductor Equipment 1.74%
MaxLinear, Inc.*		87,996		2,449
Textiles, Apparel & Luxury Goods 1.40%
Oxford Industries, Inc.		33,843		1,962
Thrifts & Mortgage Finance 1.50%
OceanFirst Financial Corp.		76,034		2,102
Trading Companies & Distributors 6.35%
Lawson Products, Inc.*		153,172		3,485
Rush Enterprises, Inc. Class A*		72,600		2,741
Textainer Group Holdings Ltd.		180,294		2,695
Total				8,921

Investments	Shares		Fair Value (000)
Water Utilities 2.84%
Connecticut Water Service, Inc.		74,300	$	3,988
Total Common Stocks (cost $99,006,691)				136,609
	Principal Amount (000)
SHORT-TERM INVESTMENT 2.67%
Repurchase Agreement
Repurchase Agreement dated 4/28/2017, 0.09% due 5/1/2017 with Fixed Income Clearing Corp. collateralized by $3,770,000 of U.S. Treasury Note at 2.00% due 12/31/2021; value: $3,828,145; proceeds: $3,749,244 (cost $3,749,215)	$	3,749		3,749
Total Investments in Securities 99.95% (cost $102,755,906)				140,358
Other Assets in Excess of Liabilities 0.05%				70
Net Assets 100.00%			$	140,428

*	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, 2017 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type(2)(3)	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	136,609	$	–	$	–	$	136,609
Repurchase Agreement		–		3,749		–		3,749
Total	$	136,609	$	3,749	$	–	$	140,358

(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, 2017.

See Notes to Financial Statements. 9

Statements of Assets and Liabilities (unaudited)

April 30, 2017

	Micro Cap Growth Fund				Micro Cap Value Fund
ASSETS:
Investments in securities, at cost		$	117,252,574			$	102,755,906
Investments in securities, at fair value		$	144,073,246			$	140,357,546
Receivables:
Investment securities sold			1,782,741				282,942
Interest and dividends			14,795				6,148
Capital shares sold			6,928				6,500
Prepaid expenses			6,652				14,594
Total assets			145,884,362				140,667,730
LIABILITIES:
Payables:
To bank			1,075,843				–
Investment securities purchased			631,497				–
Capital shares reacquired			501,598				3,760
Management fee			175,225				172,655
Trustees’ fees			17,259				18,886
Fund administration			4,673				4,604
Accrued expenses			46,064				40,103
Total liabilities			2,452,159				240,008
NET ASSETS		$	143,432,203			$	140,427,722
COMPOSITION OF NET ASSETS:
Paid-in capital		$	117,381,434			$	87,355,877
Accumulated net investment loss			(2,872,285	)			(1,552,785	)
Accumulated net realized gain on investments			2,102,382				17,022,990
Net unrealized appreciation on investments			26,820,672				37,601,640
Net Assets		$	143,432,203			$	140,427,722
Net assets by class:
Class A Shares		$	8,373,294			$	6,729,060
Class I Shares		$	135,058,909			$	133,698,662
Outstanding shares by class (unlimited number of authorized shares of beneficial interest)
Class A Shares			555,066				203,138
Class I Shares			8,256,691				3,858,541
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$15.09				$33.13
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)			$16.01				$35.15
Class I Shares-Net asset value			$16.36				$34.65

10 See Notes to Financial Statements.

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2017

	Micro Cap Growth Fund				Micro Cap Value Fund
Investment income:
Dividends (net of foreign withholding taxes of $0 and $3,682, respectively)		$	247,141			$	745,884
Interest			399				317
Total investment income			247,540				746,201
Expenses:
Management fee			1,090,272				1,089,081
Shareholder servicing			18,636				14,687
Fund administration			29,074				29,042
Subsidy (See Note 3)			34,244				36,077
Registration			18,524				18,524
Reports to shareholders			3,354				3,339
Trustees’ fees			1,832				1,816
Professional			23,034				23,023
Custody			8,528				2,851
Other			7,643				7,429
Gross expenses			1,235,141				1,225,869
Expense reductions (See Note 8)			(111	)			(107	)
Net expenses			1,235,030				1,225,762
Net investment loss			(987,490	)			(479,561	)
Net realized and unrealized gain:
Net realized gain on investments			14,292,167				17,057,166
Net change in unrealized appreciation/depreciation on investments			7,367,975				6,929,425
Net realized and unrealized gain			21,660,142				23,986,591
Net Increase in Net Assets Resulting From Operations		$	20,672,652			$	23,507,030

See Notes to Financial Statements. 11

Statements of Changes in Net Assets

	Micro Cap Growth Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2017 (unaudited)				For the Year Ended October 31, 2016
Operations:
Net investment loss		$	(987,490	)		$	(2,194,140	)
Net realized gain (loss) on investments			14,292,167				(8,433,042	)
Net change in unrealized appreciation/depreciation on investments			7,367,975				10,862,323
Net increase in net assets resulting from operations			20,672,652				235,141
Distributions to shareholders from:
Net realized gain
Class A			–				(1,849,104	)
Class I			–				(25,030,822	)
Total distributions to shareholders			–				(26,879,926	)
Capital share transactions (See Note 13):
Net proceeds from sales of shares			2,773,292				16,014,661
Reinvestment of distributions			–				24,413,579
Cost of shares reacquired			(20,541,789	)			(22,671,609	)
Net increase (decrease) in net assets resulting from capital share transactions			(17,768,497	)			17,756,631
Net increase (decrease) in net assets			2,904,155				(8,888,154	)
NET ASSETS:
Beginning of period		$	140,528,048			$	149,416,202
End of period		$	143,432,203			$	140,528,048
Accumulated net investment loss		$	(2,872,285	)		$	(1,884,795	)

12 See Notes to Financial Statements.

Statements of Changes in Net Assets (concluded)

	Micro Cap Value Fund
DECREASE IN NET ASSETS	For the Six Months Ended April 30, 2017 (unaudited)				For the Year Ended October 31, 2016
Operations:
Net investment loss		$	(479,561	)		$	(1,047,902	)
Net realized gain on investments			17,057,166				25,081,519
Net change in unrealized appreciation/depreciation on investments			6,929,425				(10,270,838	)
Net increase in net assets resulting from operations			23,507,030				13,762,779
Distributions to shareholders from:
Net realized gain
Class A			(1,086,361	)			(408,358	)
Class I			(22,696,813	)			(3,480,090	)
Total distributions to shareholders			(23,783,174	)			(3,888,448	)
Capital share transactions (See Note 13):
Net proceeds from sales of shares			2,979,775				2,300,457
Reinvestment of distributions			22,147,857				3,680,664
Cost of shares reacquired			(25,776,532	)			(44,750,858	)
Net decrease in net assets resulting from capital share transactions			(648,900	)			(38,769,737	)
Net decrease in net assets			(925,044	)			(28,895,406	)
NET ASSETS:
Beginning of period		$	141,352,766			$	170,248,172
End of period		$	140,427,722			$	141,352,766
Accumulated net investment loss		$	(1,552,785	)		$	(1,073,224	)

See Notes to Financial Statements. 13

Financial Highlights

MICRO CAP GROWTH 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			realized			end of
	period		income (loss)(a)			gain		operations			gain			period
Class A
4/30/2017(c)		$13.09		$(0.10	)		$2.10		$ 2.00			$     –			$15.09
10/31/2016		16.33		(0.19	)		0.15		(0.04	)		(3.20	)		13.09
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
Class I
4/30/2017(c)		14.20		(0.10	)		2.26		2.16			–			16.36
10/31/2016		17.45		(0.21	)		0.16		(0.05	)		(3.20	)		14.20
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

(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.

14 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			income (loss)			\period		rate
(%)			(%)			(%)			(000)		(%)
	15.19	(d)		0.84	(d)		(0.67	)(d)		$   8,373		59.08	(d)
	(1.30	)		1.81			(1.52	)		7,416		160.53
	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
	15.21	(d)		0.84	(d)		(0.67	)(d)		135,059		59.08	(d)
	(1.39	)		1.81			(1.52	)		133,112		160.53
	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

See Notes to Financial Statements. 15

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		tions		income			gain			butions
Class A
4/30/2017(c)		$33.65		$(0.11	)		$5.61		$5.50		$     –			$(6.02	)		$(6.02	)
10/31/2016		31.34		(0.22	)		3.27		3.05		–			(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		–			–			–
Class I
4/30/2017(c)		34.95		(0.11	)		5.83		5.72		–			(6.02	)		(6.02	)
10/31/2016		32.52		(0.23	)		3.40		3.17		–			(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		–			–			–

(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.

16 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			income (loss)			period		rate
period		(%)			(%)			(%)			(000)		(%)
	$33.13		17.06	(d)		0.84	(d)		(0.34	)(d)		$   6,729		15.38	(d)
	33.65		10.00			1.80			(0.71	)		6,083		52.03
	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
	34.65		17.05	(d)		0.84	(d)		(0.33	)(d)		133,699		15.38	(d)
	34.95		9.97			1.80			(0.72	)		135,269		52.03
	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

See Notes to Financial Statements. 17

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 ten funds. This report covers the following two funds (separately, a “Fund” and collectively, the “Funds”) and their respective classes: Lord Abbett Micro-Cap Growth Fund (“Micro Cap Growth Fund”), Class A and I shares and Lord Abbett Micro-Cap Value Fund (“Micro Cap Value Fund”), Class A and I shares. The investment objective of both Micro Cap Growth Fund and Micro Cap Value Fund is long-term capital appreciation.

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. A contingent deferred sales charge (“CDSC”) may apply to certain redemptions of Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus). Class I shares are not subject to any sales charges.

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“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. Actual results could differ from those estimates. Each Fund is 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 & 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

18

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, 2013 through October 31, 2016. 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 unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly

19

Notes to Financial Statements (unaudited)(continued)

to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

•	Level 1 –	unadjusted quoted prices in active markets for identical investments;
•	Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
•	Level 3 –	significant unobservable inputs (including 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 October 31, 2012 and, if applicable, Level 1/Level 2 transfers and Level 3 rollforwards for the six months then ended is included in each Fund’s Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. All transfers between different levels within the three-tier hierarchy are deemed to have occurred as of the beginning of the reporting period. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES  

Management Fee

The Trust has a management agreement with Lord Abbett, pursuant to which Lord Abbett supplies each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund’s investment portfolio.

The management fee is based on each Fund’s average daily net assets at an annual rate of 1.50%, which was the Funds’ annualized effective management fee rate for the fiscal six months ended April 30, 2017.

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

Each Fund, along with certain other funds managed by Lord Abbett (collectively, the “Underlying Funds”), entered into a Servicing Arrangement with Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”) of the Trust, pursuant to which each Underlying Fund paid a portion of the expenses (excluding management fees, fund administration 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

20

Notes to Financial Statements (unaudited)(continued)

in Subsidy expense on each Fund’s Statement of Operations and Payable to affiliate on each Fund’s Statement of Assets and Liabilities. Effective January 1, 2017, the Board approved the discontinuation of the Servicing Arrangement with Fund of Funds managed by Lord Abbett. As a result, each Fund of Funds will bear its expenses fully and each of the underlying Funds will no longer pay a portion of Fund of Funds expenses.

As of April 30, 2017, the percentages of Micro Cap Growth Fund’s and Micro Cap Value Fund’s outstanding shares owned by Lord Abbett Alpha Strategy Fund were 77.73% and 79.13%, 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, 2017, 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, 2017 and fiscal year ended October 31, 2016 was as follows:

	Micro Cap Growth Fund					Micro Cap Value Fund
	Six Months Ended 4/30/2017 (unaudited		)	Year Ended 10/31/2016		Six Months Ended 4/30/2017 (unaudited		)	Year Ended 10/31/2016
Distributions paid from:
Ordinary income	$	–		$	6,650,591	$	1,862,576		$	–
Net long-term capital gains		–			20,229,335		21,920,598			3,888,448
Total distributions paid	$	–		$	26,879,926	$	23,783,174		$	3,888,448

As of October 31, 2016, Micro Cap Growth Fund had capital losses of $9,945,487 that will carryforward indefinitely.

21

Notes to Financial Statements (unaudited)(continued)

As of April 30, 2017, the aggregate unrealized security gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Micro Cap Growth Fund			Micro Cap Value Fund
Tax cost	$	119,496,872		$	102,789,881
Gross unrealized gain		28,128,995			39,154,325
Gross unrealized loss		(3,552,621	)		(1,586,660	)
Net unrealized security gain	$	24,576,374		$	37,567,665

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, 2017 were as follows:

	Purchases		Sales
Micro Cap Growth Fund	$	84,586,942	$	100,606,520
Micro Cap Value Fund		22,035,375		45,590,937

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2017.

Each Fund is permitted to purchase and sell securities (“cross-trade”) from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a-7 under the Act (the “Rule”). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the period ended April 30, 2017, the following Funds engaged in cross-trades:

Fund	Purchases		Sales		Gain/(Loss)
Micro-Cap Growth Fund	$	–	$	423,176.92		$70,130

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:

22

Notes to Financial Statements (unaudited)(continued)

	Micro Cap Value Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement		$3,749,215	$	–		$3,749,215
Total		$3,749,215	$	–		$3,749,215

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received(a)		Securities Collateral Received(a)			Net Amount(b)
Fixed Income Clearing Corp.	$	3,749,215	$	–	$	–	$	(3,749,215	)	$	–
Total	$	3,749,215	$	–	$	–	$	(3,749,215	)	$	–

(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, 2017.

7. 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.

8. EXPENSE REDUCTIONS  

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

9. LINE OF CREDIT  

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 28, 2017.

During the six months ended April 30, 2017, the Funds did not utilize the Facility.

23

Notes to Financial Statements (unaudited)(continued)

10. INTERFUND LENDING PROGRAM  

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (“SEC exemptive order”), certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Funds to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions. There were no interfund loans outstanding as of April 30, 2017.

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. 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.

13. SUMMARY OF CAPITAL TRANSACTIONS  

Transactions in shares of beneficial interest were as follows:

Micro Cap Growth Fund				Six Months Ended April 30, 2017 (unaudited)						Year Ended  October 31, 2016
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		4,917		$	69,589			11,701		$	147,277
Reinvestment of distributions		–			–			132,838			1,849,104
Shares reacquired		(16,223	)		(219,225	)		(391,612	)		(5,836,444	)
Decrease		(11,306	)	$	(149,636	)		(247,073	)	$	(3,840,063	)
Class I Shares
Shares sold		172,402		$	2,703,703			1,239,003		$	15,867,384
Reinvestment of distributions		–			–			1,495,326			22,564,475
Shares reacquired		(1,290,374	)		(20,322,564	)		(1,162,677	)		(16,835,165	)
Increase (decrease)		(1,117,972	)	$	(17,618,861	)		1,571,652		$	21,596,694

24

Notes to Financial Statements (unaudited)(concluded)

Micro Cap Value Fund				Six Months Ended April 30, 2017 (unaudited		)				Year Ended October 31, 2016
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,033		$	68,021			4,665		$	148,933
Reinvestment of distributions		34,072			1,086,208			12,602			388,270
Shares reacquired		(13,769	)		(450,134	)		(385,285	)		(11,863,165	)
Increase (decrease)		22,336		$	704,095			(368,018	)	$	(11,325,962	)
Class I Shares
Shares sold		86,095		$	2,911,754			65,171		$	2,151,524
Reinvestment of distributions		631,534			21,061,649			102,887			3,292,394
Shares reacquired		(729,560	)		(25,326,398	)		(1,004,290	)		(32,887,693	)
Decrease		(11,931	)	$	(1,352,995	)		(836,232	)	$	(27,443,775	)

14. RECENT ACCOUNTING REGULATION  

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X that, along with other regulatory changes, are intended to modernize the reporting and disclosure of information by registered investment companies. In part, the amendments require standardized, enhanced disclosure about derivatives in investment company financial statements. The compliance date for the amendments is August 1, 2017. Although management continues to evaluate the potential impact of the amendments on the Funds, it expects such impact will be limited to additional financial statement disclosures, with no effect on the Funds’ net assets or results of operations.

25

Approval of Advisory Contract

The Board, including all of the Trustees who are not interested persons of the Company or of Lord Abbett (the “Independent Trustees”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (referred to herein as the “Agreement”). In connection with its most recent approval, the Board reviewed materials relating specifically to the 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 review 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 Trustees also met 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, Inc. (“Morningstar”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Morningstar, based, in part, on the Fund’s Morningstar category (the “performance peer group”), and the investment performance of two 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 certain funds in the same Morningstar category, with generally the same or similar 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 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 Agreement to Lord Abbett; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett’s 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 each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and two appropriate benchmarks as of various periods ended August 31, 2016. As to Micro Cap Growth Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-, five-, and ten-year periods and below the median of the performance peer group for the one-year period. As to

26

Approval of Advisory Contract (continued)

Micro Cap Value Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, five-, and ten-year periods. The Board also considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board and the willingness of Lord Abbett to take steps intended to improve performance when necessary. After reviewing these and related factors, the Board concluded that each Fund’s investment performance was reasonable and supported the continuation of the Agreement on behalf of each Fund.

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 level of each Fund and the expense levels of the Fund’s expense peer group as of the date of each fund’s most recent annual report as of August 31, 2016. It also considered how the expense level of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to each Fund, the Board observed that the overall expense level was above the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the expense level of each Fund was reasonable in light of the services received and supported the continuation of the Agreement on behalf of each Fund.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board also considered the profits realized from other business segments of Lord Abbett, which may benefit from or be related to each Fund’s business. The Board considered Lord Abbett’s profit margins in comparison with available industry data, both accounting for and excluding 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 overall profitability was a factor in enabling it to attract and retain qualified investment management personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s profitability with respect to each Fund was not excessive.

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’s shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. With respect to each Fund, the Board concluded that the contractual fee level adequately addressed any economies of scale in managing the Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the character and amount of fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services

27

Approval of Advisory Contract (concluded)

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 each 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 of the Lord Abbett Funds. 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 prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of each Fund. The Board also took into consideration the investment research that Lord Abbett receives as a result of each Fund’s brokerage transactions.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the 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 Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

28

Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

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

29

 

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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 Securities Trust   Lord Abbett Micro-Cap Growth Fund   Lord Abbett Micro-Cap Value Fund LAMCVF-3 (06/17)

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 28, 2017

By:	/s/ Bernard J. Grzelak
	Bernard J. Grzelak
	Chief Financial Officer and Vice President

Date: June 28, 2017

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 28, 2017

By:	/s/ Bernard J. Grzelak
	Bernard J. Grzelak
	Chief Financial Officer and Vice President

Date: June 28, 2017