N-CSRS 1 c100025_ncsrs.htm CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT

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)

John T. Fitzgerald, 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: (888) 522-2388

Date of fiscal year end: 10/31

Date of reporting period: 4/30/2020

Item 1:

Report(s) to Shareholders.

LORD ABBETT

SEMIANNUAL REPORT

Lord Abbett

Alpha Strategy Fund	Growth Leaders Fund
Durable Growth Fund	Health Care Fund
Focused Growth Fund	International Equity Fund
Focused Large Cap Value Fund	International Opportunities Fund
Focused Small Cap Value Fund	International Value Fund
Fundamental Equity Fund	Value Opportunities Fund
Global Equity Research Fund

For the six-month period ended April 30, 2020

Important Information on Paperless Delivery

Beginning in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, investment advisor or bank. Instead, the reports will be made available on Lord Abbett’s website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Shareholders who hold accounts directly with a Fund may elect to receive shareholder reports and other communications from the Fund electronically by signing into your Lord Abbett online account at lordabbett.com and selecting “Log In.” For further information, you may also contact the Funds at (800) 821-5129. Shareholders who hold accounts through a financial intermediary should contact them directly.

You may elect to receive all future reports in paper free of charge by contacting a Fund at (800) 821-5129. Your election to receive reports in paper will apply to all funds held with Lord Abbett. If your fund shares are held through a financial intermediary please contact them directly. Your election applies to all funds held with that intermediary.

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:

29		Alpha Strategy Fund

30		Durable Growth Fund

33		Focused Growth Fund

35		Focused Large Cap Value Fund

37		Focused Small Cap Value Fund

40		Fundamental Equity Fund

43		Global Equity Research Fund

48		Growth Leaders Fund

51		Health Care Fund

54		International Equity Fund

60		International Opportunities Fund

66		International Value Fund

71		Value Opportunities Fund

74		Statements of Assets and Liabilities

82		Statements of Operations

86		Statements of Changes in Net Assets

100		Financial Highlights

142		Notes to Financial Statements

180		Supplemental Information to Shareholders

Lord Abbett Securities Trust

Lord Abbett Alpha Strategy Fund, Lord Abbett Durable Growth Fund, Lord Abbett Focused Growth Fund, Lord Abbett Focused Large Cap Value Fund, Lord Abbett Focused Small Cap Value Fund, Lord Abbett Fundamental Equity Fund, Lord Abbett Global Equity Research Fund, Lord Abbett Growth Leaders Fund, Lord Abbett Health Care Fund, Lord Abbett International Equity Fund, Lord Abbett International Opportunities Fund, Lord Abbett International Value Fund, and Lord Abbett Value Opportunities Fund

Semiannual Report

For the six-month period ended April 30, 2020

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, 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, 2020. 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,

Douglas B. Sieg

Trustee, President, and Chief Executive Officer

Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2019 through April 30, 2020).

Actual Expenses

For each class of each Fund, the first line of the table 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 11/1/19 – 4/30/20” 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 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 the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Alpha Strategy Fund

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

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†#
	11/1/19	4/30/20		11/1/19 - 4/30/20
Class A
Actual	$1,000.00	$	870.70	$2.05
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.68	$2.21
Class C
Actual	$1,000.00	$	867.50	$5.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.90	$6.02
Class F
Actual	$1,000.00	$	871.40	$1.35
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,023.42	$1.46
Class F3
Actual	$1,000.00	$	871.90	$0.42
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,024.42	$0.45
Class I
Actual	$1,000.00	$	871.50	$0.88
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,023.92	$0.96
Class R2
Actual	$1,000.00	$	869.30	$3.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.89	$4.02
Class R3
Actual	$1,000.00	$	869.70	$3.21
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.43	$3.47
Class R4
Actual	$1,000.00	$	870.80	$2.05
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.68	$2.21
Class R5
Actual	$1,000.00	$	871.50	$0.88
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,023.92	$0.96
Class R6
Actual	$1,000.00	$	872.30	$0.42
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,024.42	$0.45


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.44% for Class A, 1.20% for Class C, 0.29% for Class F, 0.09% for Class F3, 0.19% for Class I, 0.80% for Class R2, 0.69% for Class R3, 0.44% for Class R4, 0.19% for Class R5 and 0.09% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).
^#	Does not include expenses of Underlying Funds in which Alpha Strategy Fund invests.

Portfolio Holdings Presented by Portfolio Allocation

April 30, 2020

Underlying Fund Name	%*
Lord Abbett Developing Growth Fund, Inc. – Class I	20.40	%
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I	9.19	%
Lord Abbett Securities Trust – International Opportunities Fund – Class I	19.99	%
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I	10.66	%
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I	19.61	%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I	20.15	%
Total	100.00	%


*	Represents percent of total investments.

Durable Growth Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/19	4/30/20	11/1/19 - 4/30/20
Class A
Actual	$1,000.00	$1,050.80	$4.76
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.81	$4.69
Class C
Actual	$1,000.00	$1,046.70	$8.51
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.14	$8.38
Class F
Actual	$1,000.00	$1,051.70	$3.51
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.03	$3.46
Class F3
Actual	$1,000.00	$1,052.50	$3.21
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.32	$3.16
Class I
Actual	$1,000.00	$1,052.50	$3.51
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.03	$3.46
Class R3
Actual	$1,000.00	$1,049.70	$6.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.58	$5.92
Class R4
Actual	$1,000.00	$1,050.80	$4.76
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.81	$4.69
Class R5
Actual	$1,000.00	$1,051.90	$3.51
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.03	$3.46
Class R6
Actual	$1,000.00	$1,052.50	$3.21
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.32	$3.16

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.95% for Class A, 1.70% for Class C, 0.70% for Class F, 0.64% for Class F3, 0.70% for Class I, 1.20% for Class R3, 0.95% for Class R4, 0.70% for Class R5 and 0.64% for Class R6) multiplied by the average account value over the period, multiplied by 179/366 (to reflect the period from November 1, 2019 commencement of operations, to April 30, 2020.).

Portfolio Holdings Presented by Sector

April 30, 2020

Sector*	%**
Communication Services		13.49	%
Consumer Discretionary		15.93	%
Consumer Staples		4.26	%
Energy		0.52	%
Financials		2.32	%
Health Care		15.01	%
Industrials		7.98	%
Information Technology		35.94	%
Materials		2.30	%
Real Estate		2.25	%
Total		100.00	%


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

Focused Growth Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/19	4/30/20	11/1/19 - 4/30/20
Class A
Actual	$1,000.00	$1,168.10	$5.66
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.64	$5.27
Class C
Actual	$1,000.00	$1,163.30	$9.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.91	$9.02
Class F
Actual	$1,000.00	$1,169.70	$4.32
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.89	$4.02
Class F3*
Actual	$1,000.00	$1,170.20	$3.94
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.23	$3.67
Class I
Actual	$1,000.00	$1,169.00	$4.31
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.89	$4.02
Class R3
Actual	$1,000.00	$1,165.80	$7.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.40	$6.52
Class R4
Actual	$1,000.00	$1,167.40	$5.66
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.64	$5.27
Class R5
Actual	$1,000.00	$1,169.70	$4.32
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.89	$4.02
Class R6*
Actual	$1,000.00	$1,170.20	$3.94
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.23	$3.67


^†	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, 0.80% for Class F, 0.73% for Class F3, 0.80% for Class I, 1.30% for Class R3, 1.05% for Class R4, 0.80% for Class R5 and 0.73% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half period).
*	The annualized expenses have been updated to 0.72% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:


	Actual	Hypothetical (5% Return Before Expenses)
Class F3	$3.89	$3.62
Class R6	$3.89	$3.62

Portfolio Holdings Presented by Sector

April 30, 2020

Sector*	%**
Communication Services		9.56	%
Consumer Discretionary		18.54	%
Health Care		11.85	%
Information Technology		50.45	%
Real Estate		2.75	%
Repurchase Agreement		6.85	%
Total		100.00	%


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

Focused Large Cap Value Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/19	4/30/20		11/1/19 - 4/30/20
Class A
Actual	$1,000.00	$	789.90	$4.27
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.09	$4.82
Class C
Actual	$1,000.00	$	786.60	$7.60
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.36	$8.57
Class F
Actual	$1,000.00	$	790.50	$3.16
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.33	$3.57
Class F3
Actual	$1,000.00	$	790.90	$2.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.73	$3.17
Class I
Actual	$1,000.00	$	790.90	$3.16
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.33	$3.57
Class R3
Actual	$1,000.00	$	788.20	$5.38
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.85	$6.07
Class R4
Actual	$1,000.00	$	789.20	$4.27
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.09	$4.82
Class R5
Actual	$1,000.00	$	790.20	$3.16
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.33	$3.57
Class R6
Actual	$1,000.00	$	790.90	$2.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.73	$3.17


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.96% for Class A, 1.71% for Class C, 0.71% for Class F, 0.63% for Class F3, 0.71% for Class I, 1.21% for Class R3, 0.96% for Class R4, 0.71% for Class R5 and 0.63% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2020

Sector*	%**
Communication Services		7.04	%
Consumer Discretionary		13.55	%
Consumer Staples		5.98	%
Energy		6.59	%
Financials		29.75	%
Health Care		11.81	%
Industrials		8.62	%
Information Technology		6.06	%
Materials		9.90	%
Repurchase Agreement		0.70	%
Total		100.00	%


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

Focused Small Cap Value Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/19	4/30/20		11/1/19 - 4/30/20
Class A
Actual	$1,000.00	$	715.80	$ 5.46
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.50	$ 6.42
Class C
Actual	$1,000.00	$	712.10	$ 8.60
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,014.82	$10.12
Class F
Actual	$1,000.00	$	716.30	$ 4.40
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.74	$ 5.17
Class F3
Actual	$1,000.00	$	717.10	$ 4.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.14	$ 4.77
Class I
Actual	$1,000.00	$	716.30	$ 4.40
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.74	$ 5.17
Class R3
Actual	$1,000.00	$	714.80	$ 6.52
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.26	$ 7.67
Class R4
Actual	$1,000.00	$	715.90	$ 5.46
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.50	$ 6.42
Class R5
Actual	$1,000.00	$	716.30	$ 4.40
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.74	$ 5.17
Class R6
Actual	$1,000.00	$	716.80	$ 4.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.14	$ 4.77


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.28% for Class A, 2.02% for Class C, 1.03% for Class F, 0.95% for Class F3, 1.03% for Class I, 1.53% for Class R3, 1.28% for Class R4, 1.03% for Class R5 and 0.95% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2020

Sector*	%**
Communication Services		2.01	%
Consumer Discretionary		13.53	%
Consumer Staples		2.80	%
Energy		5.22	%
Financials		29.77	%
Health Care		2.91	%
Industrials		23.50	%
Information Technology		6.59	%
Materials		8.12	%
Real Estate		2.79	%
Repurchase Agreement		0.32	%
Money Market Funds^(a)		2.44	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Securities were purchased with the cash collateral from loaned securities.

Fundamental Equity Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/19	4/30/20		11/1/19- 4/30/20
Class A
Actual	$1,000.00	$	863.40	$4.40
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.14	$4.77
Class C
Actual	$1,000.00	$	859.60	$7.91
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.36	$8.57
Class F
Actual	$1,000.00	$	863.20	$3.71
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.89	$4.02
Class F3
Actual	$1,000.00	$	864.40	$2.92
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.73	$3.17
Class I
Actual	$1,000.00	$	864.40	$3.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.38	$3.52
Class P
Actual	$1,000.00	$	862.20	$5.37
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.10	$5.82
Class R2
Actual	$1,000.00	$	861.60	$6.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.35	$6.57
Class R3
Actual	$1,000.00	$	862.30	$5.60
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.85	$6.07
Class R4
Actual	$1,000.00	$	863.40	$4.40
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.14	$4.77
Class R5
Actual	$1,000.00	$	864.30	$3.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.38	$3.52
Class R6
Actual	$1,000.00	$	864.30	$2.92
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.73	$3.17

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.95% for Class A, 1.71% for Class C, 0.80% for Class F, 0.63% for Class F3, 0.70% for Class I, 1.16% for Class P, 1.31% for Class R2, 1.21% for Class R3, 0.95% for Class R4, 0.70% for Class R5 and 0.63% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2020

Sector*	%**
Communication Services		8.65	%
Consumer Discretionary		5.88	%
Consumer Staples		8.81	%
Energy		6.69	%
Financials		20.69	%
Health Care		15.61	%
Industrials		10.17	%
Information Technology		9.11	%
Materials		4.20	%
Real Estate		2.83	%
Utilities		6.95	%
Repurchase Agreement		0.41	%
Total		100.00	%


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

Global Equity Research Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/19	4/30/20		11/1/19- 4/30/20
Class A
Actual	$1,000.00	$	922.60	$4.30
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.39	$4.52
Class C
Actual	$1,000.00	$	919.60	$7.88
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.66	$8.27
Class F
Actual	$1,000.00	$	923.90	$3.59
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.13	$3.77
Class F3*
Actual	$1,000.00	$	924.40	$3.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.73	$3.17
Class I
Actual	$1,000.00	$	924.00	$3.11
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.63	$3.27
Class R2
Actual	$1,000.00	$	921.30	$5.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.65	$6.27
Class R3
Actual	$1,000.00	$	921.90	$5.50
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.14	$5.77
Class R4
Actual	$1,000.00	$	922.70	$4.30
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.39	$4.52
Class R5
Actual	$1,000.00	$	924.10	$3.11
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.63	$3.27
Class R6*
Actual	$1,000.00	$	924.40	$3.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.73	$3.17


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.90% for Class A, 1.65% for Class C, 0.75% for Class F, 0.63% for Class F3, 0.65% for Class I, 1.25% for Class R2, 1.15% for Class R3, 0.90% for Class R4, 0.65% for Class R5 and 0.63% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.61% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:


	Actual	Hypothetical (5% Return Before Expenses)
Class F3	$2.92	$3.07
Class R6	$2.92	$3.07

Portfolio Holdings Presented by Sector

April 30, 2020

Sector*	%**
Communication Services		10.00	%
Consumer Discretionary		10.79	%
Consumer Staples		11.11	%
Energy		3.59	%
Financials		12.96	%
Health Care		11.74	%
Industrials		9.64	%
Information Technology		18.65	%
Materials		3.60	%
Real Estate		3.31	%
Utilities		4.61	%
Total		100.00	%


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

Growth Leaders Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/19	4/30/20	11/1/19 - 4/30/20
Class A
Actual	$1,000.00	$1,129.50	$4.87
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.29	$4.62
Class C
Actual	$1,000.00	$1,125.30	$8.88
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.51	$8.42
Class F
Actual	$1,000.00	$1,130.60	$3.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.53	$3.37
Class F3
Actual	$1,000.00	$1,131.10	$3.23
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.83	$3.07
Class I
Actual	$1,000.00	$1,130.50	$3.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.53	$3.37
Class R2
Actual	$1,000.00	$1,127.10	$6.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.55	$6.37
Class R3
Actual	$1,000.00	$1,128.20	$6.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.05	$5.87
Class R4
Actual	$1,000.00	$1,129.40	$4.87
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.29	$4.62
Class R5
Actual	$1,000.00	$1,130.80	$3.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.53	$3.37
Class R6
Actual	$1,000.00	$1,131.10	$3.23
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.83	$3.07

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.92% for Class A, 1.68% for Class C, 0.67% for Class F, 0.61% for Class F3, 0.67% for Class I, 1.27% for Class R2, 1.17% for Class R3, 0.92% for Class R4, 0.67% for Class R5 and 0.61% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2020

Sector*	%**
Communication Services		10.61	%
Consumer Discretionary		17.23	%
Consumer Staples		0.55	%
Financials		1.98	%
Health Care		14.92	%
Industrials		4.56	%
Information Technology		45.38	%
Real Estate		1.30	%
Repurchase Agreement		3.03	%
Money Market Funds^(a)		0.44	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Securities were purchased with the cash collateral from loaned securities.

Health Care Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/19	4/30/20	11/1/19 - 4/30/20
Class A
Actual	$1,000.00	$1,111.20	$5.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.74	$5.17
Class C
Actual	$1,000.00	$1,107.30	$9.33
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.01	$8.92
Class F
Actual	$1,000.00	$1,112.60	$4.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.98	$3.92
Class F3
Actual	$1,000.00	$1,113.20	$3.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.38	$3.52
Class I
Actual	$1,000.00	$1,112.30	$4.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.98	$3.92
Class R3
Actual	$1,000.00	$1,109.90	$6.71
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.50	$6.42
Class R4
Actual	$1,000.00	$ 1,111.20	$5.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.74	$5.17
Class R5
Actual	$1,000.00	$1,112.30	$4.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.98	$3.92
Class R6
Actual	$1,000.00	$1,113.20	$3.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.38	$3.52


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.03% for Class A, 1.78% for Class C, 0.78% for Class F, 0.70% for Class F3, 0.78% for Class I, 1.28% for Class R3, 1.03% for Class R4, 0.78% for Class R5 and 0.70% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2020

Sector*	%**
Financials		0.39	%
Health Care		95.23	%
Repurchase Agreement		4.38	%
Total		100.00	%


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

International Equity Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/19	4/30/20		11/1/19 - 4/30/20
Class A
Actual	$1,000.00	$	880.70	$5.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.05	$5.87
Class C
Actual	$1,000.00	$	877.40	$8.96
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,015.32	$9.62
Class F
Actual	$1,000.00	$	881.50	$4.49
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.09	$4.82
Class F3*
Actual	$1,000.00	$	881.50	$3.98
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.86	$4.32
Class I
Actual	$1,000.00	$	881.90	$4.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.59	$4.32
Class P
Actual	$1,000.00	$	880.00	$6.40
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.15	$6.87
Class R2
Actual	$1,000.00	$	879.60	$7.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.30	$7.62
Class R3
Actual	$1,000.00	$	879.50	$6.64
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.80	$7.12
Class R4
Actual	$1,000.00	$	880.30	$5.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.05	$5.87
Class R5
Actual	$1,000.00	$	881.50	$4.30
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.29	$4.62
Class R6*
Actual	$1,000.00	$	882.20	$3.98
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.64	$4.27


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.17% for Class A, 1.92% for Class C, 0.96% for Class F, 0.85% for Class F3, 0.86% for Class I, 1.37% for Class P, 1.52% for Class R2, 1.42% for Class R3, 1.17% for Class R4, 0.92% for Class R5 and 0.85% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.84% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class F3	$3.93	$4.21
Class R6	$3.93	$4.21

Portfolio Holdings Presented by Sector

April 30, 2020

Sector*	%**
Communication Services		4.07	%
Consumer Discretionary		11.63	%
Consumer Staples		9.13	%
Energy		3.63	%
Financials		17.29	%
Health Care		11.51	%
Industrials		14.08	%
Information Technology		13.88	%
Materials		7.47	%
Real Estate		3.01	%
Utilities		2.13	%
Repurchase Agreement		2.17	%
Total		100.00	%


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

International Opportunities Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/19	4/30/20		11/1/19 - 4/30/20
Class A
Actual	$1,000.00	$	850.00	$ 5.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.60	$ 6.32
Class C
Actual	$1,000.00	$	847.00	$ 9.28
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,014.82	$10.12
Class F
Actual	$1,000.00	$	850.90	$ 5.11
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.34	$ 5.57
Class F3
Actual	$1,000.00	$	851.50	$ 4.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.29	$ 4.62
Class I
Actual	$1,000.00	$	851.20	$ 4.65
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.84	$ 5.07
Class P
Actual	$1,000.00	$	849.70	$ 6.71
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.60	$ 7.32
Class R2
Actual	$1,000.00	$	849.00	$ 7.45
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,016.81	$ 8.12
Class R3
Actual	$1,000.00	$	848.90	$ 6.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.30	$ 7.62
Class R4
Actual	$1,000.00	$	850.00	$ 5.80
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.60	$ 6.32
Class R5
Actual	$1,000.00	$	851.70	$ 4.65
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.84	$ 5.07
Class R6
Actual	$1,000.00	$	851.50	$ 4.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.29	$ 4.62

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.26% for Class A, 2.02% for Class C, 1.11% for Class F, 0.92% for Class F3, 1.01% for Class I, 1.46% for Class P, 1.62% for Class R2, 1.52% for Class R3, 1.26% for Class R4, 1.01% for Class R5 and 0.92% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2020

Sector*	%**
Communication Services		5.14	%
Consumer Discretionary		9.78	%
Consumer Staples		7.08	%
Financials		11.31	%
Health Care		7.65	%
Industrials		23.71	%
Information Technology		14.47	%
Materials		7.80	%
Real Estate		8.15	%
Utilities		3.88	%
Repurchase Agreement		1.03	%
Total		100.00	%


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

International Value Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/19	4/30/20		11/1/19 - 4/30/20
Class A
Actual	$1,000.00	$	810.40	$5.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.29	$5.62
Class C
Actual	$1,000.00	$	807.00	$8.40
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,015.56	$9.37
Class F
Actual	$1,000.00	$	810.40	$4.14
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.29	$4.62
Class F3*
Actual	$1,000.00	$	811.20	$3.65
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.84	$4.07
Class I
Actual	$1,000.00	$	811.50	$3.69
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.79	$4.12
Class R2
Actual	$1,000.00	$	806.70	$6.60
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.55	$7.37
Class R3
Actual	$1,000.00	$	809.70	$6.16
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.05	$6.87
Class R4
Actual	$1,000.00	$	810.20	$5.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.29	$5.62
Class R5
Actual	$1,000.00	$	810.90	$3.92
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.54	$4.37
Class R6*
Actual	$1,000.00	$	811.20	$3.65
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.84	$4.07


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.87% for Class C, 0.92% for Class F, 0.81% for Class F3, 0.82% for Class I, 1.47% for Class R2, 1.37% for Class R3, 1.12% for Class R4, 0.87% for Class R5 and 0.81% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.80% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half- year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class F3	$3.60	$4.01
Class R6	$3.60	$4.01

Portfolio Holdings Presented by Sector

April 30, 2020

Sector*	%**
Communication Services		4.97	%
Consumer Discretionary		12.35	%
Consumer Staples		7.44	%
Energy		4.77	%
Financials		23.94	%
Health Care		11.51	%
Industrials		11.71	%
Information Technology		6.04	%
Materials		4.68	%
Real Estate		4.87	%
Utilities		5.19	%
Money Market Funds^(a)		2.53	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Securities were purchased with the cash collateral from loaned securities.

Value Opportunities Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/19	4/30/20		11/1/19 - 4/30/20
Class A
Actual	$1,000.00	$	893.30	$5.65
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.90	$6.02
Class C
Actual	$1,000.00	$	889.40	$9.21
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,015.12	$9.82
Class F
Actual	$1,000.00	$	893.80	$4.94
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.64	$5.27
Class F3
Actual	$1,000.00	$	894.70	$3.96
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.69	$4.22
Class I
Actual	$1,000.00	$	893.90	$4.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.14	$4.77
Class P
Actual	$1,000.00	$	892.10	$6.59
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.90	$7.02
Class R2
Actual	$1,000.00	$	891.50	$7.34
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.11	$7.82
Class R3
Actual	$1,000.00	$	892.00	$6.87
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.60	$7.32
Class R4
Actual	$1,000.00	$	893.00	$5.65
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.90	$6.02
Class R5
Actual	$1,000.00	$	894.10	$4.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.14	$4.77
Class R6
Actual	$1,000.00	$	894.60	$3.96
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.69	$4.22

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.20% for Class A, 1.96% for Class C, 1.05% for Class F, 0.84% for Class F3, 0.95% for Class I, 1.40% for Class P, 1.56% for Class R2, 1.46% for Class R3, 1.20% for Class R4, 0.95% for Class R5 and 0.84% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2020

Sector*	%**
Communication Services		0.76	%
Consumer Discretionary		10.99	%
Consumer Staples		0.74	%
Energy		1.42	%
Financials		15.98	%
Health Care		15.27	%
Industrials		17.53	%
Information Technology		17.60	%
Materials		7.54	%
Real Estate		6.02	%
Utilities		6.04	%
Repurchase Agreement		0.11	%
Total		100.00	%


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

Schedule of Investments (unaudited)

ALPHA STRATEGY FUND April 30, 2020

Investments	Shares		Fair Value (000)
INVESTMENTS IN UNDERLYING FUNDS^(a)(b)99.98%
Lord Abbett Developing Growth Fund, Inc. – Class I^*(c)		6,050,401	$	143,395
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I^*(d)		3,953,545		64,561
Lord Abbett Securities Trust – International Opportunities Fund – Class I^(d)		10,146,862		140,534
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I^*(d)		5,376,444		74,948
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I^(d)		10,202,537		137,836

Investments	Shares		Fair Value (000)
Lord Abbett Securities Trust – Value Opportunities Fund –Class I^(d)		9,127,569	$	141,660
Total Investments in Underlying Funds (cost $915,552,091)				702,934
Cash and Other Assets in Excess of Liabilities 0.02%				114
Net Assets 100.00%			$	703,048

*		Non-income producing security.
^(a)		Affiliated issuer (see Note 13).
^(b)		These investments offer daily redemptions.
^(c)		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.
^(d)		Fund investment objective is long-term capital appreciation.

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Investments in Underlying Funds	$	702,934	$	–	$	–	$	702,934
Total	$	702,934	$	–	$	–	$	702,934

⁽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 in Underlying Funds.

See Notes to Financial Statements.

Schedule of Investments (continued)

DURABLE GROWTH FUND April 30, 2020

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.19%

Aerospace & Defense 1.42%
Airbus SE*^(a)	EUR	187	$	12
Airbus SE ADR*		45,118		710
L3Harris Technologies, Inc.		7,420		1,437
TransDigm Group, Inc.		1,021		371
Total				2,530

Automobiles 0.34%
Tesla, Inc.*		765		598

Banks 0.85%
First Republic Bank		14,493		1,512

Beverages 2.75%
Brown-Forman Corp. Class B		20,219		1,257
Coca-Cola Co. (The)		56,026		2,571
PepsiCo, Inc.		8,025		1,062
Total				4,890

Biotechnology 2.98%
AbbVie, Inc.		26,084		2,144
Neurocrine Biosciences, Inc.*		6,789		666
Vertex Pharmaceuticals, Inc.*		9,923		2,493
Total				5,303

Capital Markets 0.87%
Moody’s Corp.		6,313		1,540

Chemicals 0.73%
Air Products and
Chemicals, Inc.		5,796		1,307

Construction Materials 1.01%
Vulcan Materials Co.		15,979		1,805

Containers & Packaging 0.53%
Avery Dennison Corp.		8,540		943

Entertainment 2.46%
Netflix, Inc.*		7,842		3,293
Walt Disney Co. (The)		9,988		1,080
Total				4,373

Investments	Shares		Fair Value (000)
Equity Real Estate Investment Trusts 2.23%
American Tower Corp.		9,081	$	2,161
SBA Communications Corp.		6,256		1,814
Total				3,975

Food & Staples Retailing 1.14%
Walmart, Inc.		16,704		2,030

Health Care Equipment & Supplies 5.58%
ABIOMED, Inc.*		4,348		832
Align Technology, Inc.*		6,455		1,387
Boston Scientific Corp.*		39,818		1,492
Danaher Corp.		12,759		2,086
DexCom, Inc.*		3,284		1,101
Intuitive Surgical, Inc.*		3,353		1,713
Teleflex, Inc.		3,928		1,317
Total				9,928

Health Care Providers & Services 2.25%
Anthem, Inc.		5,648		1,586
Centene Corp.*		36,384		2,422
Total				4,008

Hotels, Restaurants & Leisure 1.70%
Aramark		41,943		1,145
Chipotle Mexican Grill, Inc.*		2,142		1,882
Total				3,027

Household Products 0.34%
Church & Dwight Co., Inc.		8,564		599

Industrial Conglomerates 2.26%
Honeywell International, Inc.		14,235		2,020
Roper Technologies, Inc.		5,875		2,004
Total				4,024

Information Technology Services 9.76%
Fidelity National Information Services, Inc.		20,827		2,747
Genpact Ltd.		46,147		1,589
Global Payments, Inc.		9,410		1,562
Mastercard, Inc. Class A		19,224		5,286

30	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

DURABLE GROWTH FUND April 30, 2020

Investments	Shares		Fair Value (000)
Information Technology Services (continued)
PayPal Holdings, Inc.*		27,134	$	3,337
Visa, Inc. Class A		15,939		2,849
Total				17,370

Insurance 0.59%
RenaissanceRe Holdings Ltd.		7,169		1,047

Interactive Media & Services 10.92%
Alphabet, Inc. Class A*		8,192		11,032
Facebook, Inc. Class A*		32,965		6,748
IAC/InterActiveCorp.*		7,477		1,671
Total				19,451

Internet & Direct Marketing Retail 8.05%
Amazon.com, Inc.*		5,796		14,339

Machinery 0.80%
Stanley Black & Decker, Inc.		12,905		1,422

Multi-Line Retail 0.80%
Dollar Tree, Inc.*		17,821		1,420

Oil, Gas & Consumable Fuels 0.51%
Pioneer Natural Resources Co.		10,221		913

Pharmaceuticals 4.08%
AstraZeneca plc ADR		21,891		1,145
Bristol-Myers Squibb Co.		29,288		1,781
Merck & Co., Inc.		12,871		1,021
Zoetis, Inc.		25,701		3,323
Total				7,270

Professional Services 0.97%
CoStar Group, Inc.*		2,665		1,728

Road & Rail 2.47%
J.B. Hunt Transport Services, Inc.		17,906		1,811
Norfolk Southern Corp.		5,318		910
Old Dominion Freight Line, Inc.		11,553		1,678
Total				4,399

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 5.40%
Analog Devices, Inc.		22,496	$	2,466
Lam Research Corp.		4,348		1,110
NVIDIA Corp.		9,081		2,654
QUALCOMM, Inc.		22,958		1,806
Xilinx, Inc.		18,081		1,580
Total				9,616

Software 15.63%
Microsoft Corp.		102,586		18,384
RingCentral, Inc. Class A*		12,330		2,818
salesforce.com, Inc.*		19,224		3,113
ServiceNow, Inc.*		6,600		2,320
Splunk, Inc.*		8,540		1,199
Total				27,834

Specialty Retail 3.18%
Burlington Stores, Inc.*		11,135		2,034
O’Reilly Automotive, Inc.*		5,047		1,950
TJX Cos., Inc. (The)		34,163		1,676
Total				5,660

Technology Hardware, Storage & Peripheral 4.86%
Apple, Inc.		29,482		8,662

Textiles, Apparel & Luxury Goods 1.73%
NIKE, Inc. Class B		35,386		3,085
Total Investments in Common Stock 99.19% (cost $184,087,414)				176,608
Cash and Other Assets in Excess of Liabilities 0.81%				1,446
Net Assets 100.00%			$	178,054

ADR		American Depositary Receipt.
EUR		Euro.
*		Non-income producing security.
^(a)		Investment in non-U.S. dollar denominated securities.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

DURABLE GROWTH FUND April 30, 2020

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks
Aerospace & Defense	$	2,518	$	12	$	–	$	2,530
Remaining Industries		174,078		–		–		174,078
Total	$	176,596	$	12	$	–	$	176,608

⁽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.

32	See Notes to Financial Statements.

Schedule of Investments (unaudited)

FOCUSED GROWTH FUND April 30, 2020

Investments	Shares		Fair Value (000)
COMMON STOCKS 96.49%

Automobiles 3.69%
Tesla, Inc.*		602	$	471

Biotechnology 6.31%
Immunomedics, Inc.*		6,644		202
Iovance Biotherapeutics, Inc.*		3,642		117
Mirati Therapeutics, Inc.*		1,280		109
Vertex Pharmaceuticals, Inc.*		1,496		376
Total				804

Diversified Consumer Services 1.94%
Chegg, Inc.*		5,792		248

Entertainment 3.52%
Netflix, Inc.*		1,070		449

Health Care Equipment & Supplies 4.49%
DexCom, Inc.*		886		297
Nevro Corp.*		2,335		275
Total				572

Health Care Technology 1.48%
Teladoc Health, Inc.*		1,150		189

Information Technology Services 12.03%
EPAM Systems, Inc.*		1,121		248
Mastercard, Inc. Class A		2,085		573
Shopify, Inc. Class A (Canada)*^(a)		644		407
Square, Inc. Class A*		4,676		305
Total				1,533

Interactive Media & Services 6.38%
Alphabet, Inc. Class A*		604		813

Internet & Direct Marketing Retail 9.74%
Amazon.com, Inc.*		401		992
Chewy, Inc. Class A*		5,777		250
Total				1,242

Investments	Shares		Fair Value (000)
Real Estate Management & Development 2.85%
Redfin Corp.*		17,203	$	363

Semiconductors & Semiconductor Equipment 13.14%
Advanced Micro Devices, Inc.*		7,230		379
Applied Materials, Inc.		3,674		183
Inphi Corp.*		3,120		301
NVIDIA Corp.		1,945		568
QUALCOMM, Inc.		3,101		244
Total				1,675

Software 21.83%
DocuSign, Inc.*		2,837		297
Microsoft Corp.		5,263		943
Paycom Software, Inc.*		1,053		275
RingCentral, Inc. Class A*		1,771		405
SVMK, Inc.*		19,802		311
Trade Desk, Inc. (The) Class A*		1,137		332
Zoom Video Communications, Inc. Class A*		1,626		220
Total				2,783

Technology Hardware, Storage & Peripheral 5.26%
Apple, Inc.		2,285		671

Textiles, Apparel & Luxury Goods 3.83%
Lululemon Athletica, Inc. (Canada)*^(a)		1,088		243
NIKE, Inc. Class B		2,808		245
Total				488
Total Common Stocks (cost $10,793,805)				12,301

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FOCUSED GROWTH FUND April 30, 2020

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 7.10%

Repurchase Agreement
Repurchase Agreement dated 4/30/2020, 0.00% due 5/1/2020 with Fixed Income Clearing Corp. collateralized by $900,000 of U.S. Treasury Note at 2.125% due 8/15/2021; value: $926,600; proceeds: $905,080 (cost $905,080)	$	905	$	905
Total Investments in Securities 103.59% (cost $11,698,885)				13,206
Liabilities in Excess of Other Assets (3.59)%				(458	)
Net Assets 100.00%			$	12,748


*		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, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	12,301	$	–	$	–	$	12,301
Short-Term Investment
Repurchase Agreement		–		905		–		905
Total	$	12,301	$	905	$	–	$	13,206

⁽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.

34	See Notes to Financial Statements.

Schedule of Investments (unaudited)

FOCUSED LARGE CAP VALUE FUND April 30, 2020

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.69%

Aerospace & Defense 2.57%
General Dynamics Corp.		48,847	$	6,380

Airlines 2.87%
Delta Air Lines, Inc.		275,530		7,139

Auto Components 2.48%
Lear Corp.		63,167		6,168

Automobiles 4.13%
Thor Industries, Inc.		154,987		10,260

Banks 8.56%
Citigroup, Inc.		166,792		8,099
U.S. Bancorp		169,470		6,186
Wells Fargo & Co.		240,384		6,983
Total				21,268

Capital Markets 7.85%
Ameriprise Financial, Inc.		68,646		7,890
Invesco Ltd.		721,968		6,224
KKR & Co., Inc. Class A		213,417		5,380
Total				19,494

Chemicals 6.96%
Dow, Inc.*		233,437		8,565
DuPont de Nemours, Inc.		185,786		8,735
Total				17,300

Consumer Finance 7.12%
Ally Financial, Inc.		521,752		8,552
Discover Financial Services		212,478		9,130
Total				17,682

Diversified Telecommunication Services 1.74%
Verizon Communications, Inc.		75,406		4,332

Electronic Equipment, Instruments & Components 3.22%
Avnet, Inc.		266,611		8,004

Investments	Shares		Fair Value (000)
Energy Equipment & Services 1.45%
National Oilwell Varco, Inc.		285,136	$	3,604

Entertainment 1.87%
Walt Disney Co. (The)		42,963		4,646

Health Care Providers & Services 11.73%
CVS Health Corp.		122,822		7,560
Laboratory Corp. of America Holdings*		42,579		7,002
McKesson Corp.		52,400		7,401
Universal Health Services, Inc. Class B		68,086		7,196
Total				29,159

Household Products 3.29%
Spectrum Brands Holdings, Inc.		190,122		8,187

Insurance 6.04%
American International Group, Inc.		323,947		8,238
AXA SA^(a)	EUR	381,291		6,778
Total				15,016

Leisure Products 4.04%
Brunswick Corp.		210,452		10,043

Machinery 3.13%
Westinghouse Air Brake Technologies Corp.		137,772		7,773

Media 3.39%
Nexstar Media Group, Inc. Class A		120,081		8,411

Metals & Mining 2.88%
Nucor Corp.		173,875		7,162

Oil, Gas & Consumable Fuels 5.10%
Marathon Petroleum Corp.		137,812		4,421
Noble Energy, Inc.		485,159		4,759
Total SA ADR		99,114		3,484
Total				12,664

See Notes to Financial Statements.

Schedule of Investments (continued)

FOCUSED LARGE CAP VALUE FUND April 30, 2020

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 2.80%
Intel Corp.		116,001	$	6,958

Specialty Retail 2.82%
Lowe’s Cos., Inc.		66,818		6,999

Tobacco 2.65%
Altria Group, Inc.		167,846		6,588
Total Common Stocks (cost $224,115,722)				245,237

Investments	Shares		Fair Value (000)
SHORT-TERM INVESTMENT 0.69%

Repurchase Agreement
Repurchase Agreement dated 4/30/2020, 0.00% due 5/1/2020 with Fixed Income Clearing Corp. collateralized by $1,725,000 of U.S. Treasury Note at 1.75% due 7/31/2021; value: $1,766,447; proceeds: $1,726,836 (cost $1,726,836)		$1,727	$	1,727
Total Investments in Securities 99.38% (cost $225,842,558)				246,964
Other Assets in Excess of Liabilities 0.62%				1,530
Net Assets 100.00%			$	248,494


ADR		American Depositary Receipt.
EUR		Euro.
*		Non-income producing security.
^(a)		Investment in non-U.S. dollar denominated securities.

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾	(000)		(000)		(000)		(000)
Common Stocks
Insurance	$	8,238	$	6,778	$	–	$	15,016
Remaining Industries		230,221		–		–		230,221
Short-Term Investment
Repurchase Agreement		–		1,727		–		1,727
Total	$	238,459	$	8,505	$	–	$	246,964

⁽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.

36	See Notes to Financial Statements.

Schedule of Investments (unaudited)

FOCUSED SMALL CAP VALUE FUND April 30, 2020

Investments	Shares		Fair Value (000)
LONG-TERM INVESTMENTS 99.53%

COMMON STOCKS 98.00%

Aerospace & Defense 1.29%
Triumph Group, Inc.		153,491	$	1,081

Auto Components 4.49%
American Axle & Manufacturing Holdings, Inc.*		305,559		1,320
LCI Industries		28,081		2,435
Total				3,755

Automobiles 3.23%
Thor Industries, Inc.		40,777		2,700

Banks 16.12%
Bancorp, Inc. (The)*		336,656		2,346
BankUnited, Inc.		101,500		2,011
Cullen/Frost Bankers, Inc.		33,534		2,410
Opus Bank		126,001		2,422
Sterling Bancorp		121,100		1,493
TCF Financial Corp.		65,696		1,950
Valley National Bancorp		101,165		846
Total				13,478

Building Products 3.72%
Masonite International Corp.*		52,644		3,110

Capital Markets 7.48%
Brightsphere Investment Group, Inc.*		236,893		1,756
Golub Capital BDC, Inc.^(a)		151,400		1,553
Moelis & Co. Class A		59,800		1,786
Victory Capital Holdings, Inc. Class A		77,169		1,165
Total				6,260

Chemicals 5.00%
AdvanSix, Inc.*		173,744		2,116
Axalta Coating Systems Ltd.*		104,717		2,067
Total				4,183

Investments	Shares		Fair Value (000)
Construction & Engineering 6.84%
Arcosa, Inc.	49,709	$	1,853
Comfort Systems USA, Inc.	57,122		1,902
EMCOR Group, Inc.	30,892		1,962
Total			5,717

Consumer Finance 2.12%
Ally Financial, Inc.	108,073		1,771

Electronic Equipment, Instruments & Components 2.56%
Avnet, Inc.	71,258		2,139

Energy Equipment & Services 0.83%
Core Laboratories NV (Netherlands)^(a)(b)	35,361		693

Equity Real Estate Investment Trusts 1.75%
Outfront Media, Inc.	93,467		1,467

Health Care Equipment & Supplies 1.81%
Natus Medical, Inc.*	60,696		1,517

Health Care Providers & Services 1.17%
AMN Healthcare Services, Inc.*	20,798		977

Household Products 2.87%
Spectrum Brands Holdings, Inc.	55,727		2,400

Insurance 3.48%
Axis Capital Holdings Ltd.	31,800		1,164
ProSight Global, Inc.*	208,430		1,742
Total			2,906

Leisure Products 3.92%
Malibu Boats, Inc. Class A*	95,400		3,280

Machinery 9.78%
Alamo Group, Inc.	21,642		2,131
Blue Bird Corp.*	95,300		1,169
Columbus McKinnon Corp.	85,500		2,315
Hillenbrand, Inc.	122,443		2,565
Total			8,180

See Notes to Financial Statements.

Schedule of Investments (continued)

FOCUSED SMALL CAP VALUE FUND April 30, 2020

Investments	Shares		Fair Value (000)
Media 2.06%
Nexstar Media Group, Inc. Class A		24,596	$	1,723

Metals & Mining 3.31%
Lundin Mining Corp.^(c)	CAD	565,200		2,769

Oil, Gas & Consumable Fuels 4.11%
MEG Energy Corp.*^(c)	CAD	308,200		688
Par Pacific Holdings, Inc.*		132,508		1,288
Parsley Energy, Inc. Class A		71,071		672
WPX Energy, Inc.*		129,195		792
Total				3,440

Semiconductors & Semiconductor Equipment 4.19%
Advanced Energy Industries, Inc.*		25,700		1,429
Ichor Holdings Ltd.*		83,300		2,074
Total				3,503

Specialty Retail 2.21%
Williams-Sonoma, Inc.		29,891		1,849

Thrifts & Mortgage Finance 1.24%
Essent Group Ltd.		38,100		1,041

Trading Companies & Distributors 2.42%
Beacon Roofing Supply, Inc.*		91,948		2,023
Total Common Stocks (cost $101,049,536)				81,962

	Principal Amount (000)
CORPORATE BONDS 1.50%

Oil, Gas & Consumable Fuels 0.40%
Centennial Resource Production LLC^†(d)		$1,100,000		336

Real Estate Management & Development 1.10%
Realogy Group LLC^†(e)		1,300,000		918
Total Corporate Bonds (cost $2,248,428)				1,254

Investments	Shares		Fair Value (000)
RIGHTS 0.03%

Capital Markets
Golub Capital BDC, Inc.*^(f)		37,475	$	24
Total Long-Term Investments (cost $103,297,964)				83,240

	Principal Amount (000)
SHORT-TERM INVESTMENTS 2.81%

Repurchase Agreement 0.32%
Repurchase Agreement dated 4/30/2020, 0.00% due 5/1/2020 with Fixed Income Clearing Corp. collateralized by $270,000 of U.S. Treasury Note at 2.125% due 8/15/2021; value: $277,980; proceeds: $270,009 (cost $270,009)		$270		270

	Shares (000)
Money Market Funds 2.49%
CitiBank N.A.^(g)		208		208
Fidelity Government Portfolio^(g)		1,877		1,877
Total Money Market Funds (cost $2,085,120)				2,085
Total Short-Term Investments (cost $2,355,129)				2,355
Total Investments in Securities 102.34% (cost $105,653,093)				85,595
Liabilities in Excess of Cash, Securities Lending and Other Assets (2.34)%				(1,960	)
Net Assets 100.00%			$	83,635

38	See Notes to Financial Statements.

Schedule of Investments (continued)

FOCUSED SMALL CAP VALUE FUND April 30, 2020

CAD		Canadian dollar.
*		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. At April 30, 2020, the total value of Rule 144A securities was $1,254, which represents 1.50% of net assets.
^(a)		All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers.
^(b)		Foreign security traded in U.S. dollars.
^(c)		Investment in non-U.S. dollar denominated securities.
^(d)		The security has an interest rate 6.88% with a maturity of 4/01/2027.
^(e)		The security has an interest rate 9.38% with a maturity of 4/01/2027.
^(f)		The rights has an expiration of 5/07/2020.
^(g)		Security was purchased with the cash collateral from loaned securities.

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾	(000)		(000)		(000)		(000)
Long-Term Investments
Common Stocks	$	81,962	$	–	$	–	$	81,962
Corporate Bonds		–		1,254		–		1,254
Rights		24		–		–		24
Short-Term Investments
Repurchase Agreement		–		270		–		270
Money Market Funds		2,085		–		–		2,085
Total	$	84,071	$	1,524	$	–	$	85,595

⁽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.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

FUNDAMENTAL EQUITY FUND April 30, 2020

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.44%

Aerospace & Defense 3.06%
General Dynamics Corp.		211,982	$	27,689
Raytheon Technologies Corp.		443,798		28,763
Total				56,452

Auto Components 0.85%
Lear Corp.		160,699		15,692

Banks 9.57%
Citigroup, Inc.		818,334		39,738
East West Bancorp, Inc.		739,333		25,929
JPMorgan Chase & Co.		549,643		52,634
U.S. Bancorp		716,905		26,167
Wells Fargo & Co.		1,111,538		32,290
Total				176,758

Beverages 1.70%
PepsiCo, Inc.		237,966		31,480

Biotechnology 1.46%
Amgen, Inc.		57,668		13,795
Gilead Sciences, Inc.		156,553		13,151
Total				26,946

Building Products 1.49%
Masco Corp.		671,790		27,570

Capital Markets 4.38%
Ameriprise Financial, Inc.		237,366		27,283
BlackRock, Inc.		48,585		24,392
E*TRADE Financial Corp.		718,877		29,193
Total				80,868

Chemicals 3.64%
Corteva, Inc.*		901,410		23,608
Dow, Inc.*		492,710		18,077
PPG Industries, Inc.		282,139		25,627
Total				67,312

Consumer Finance 1.83%
American Express Co.		371,000		33,854

Investments	Shares		Fair Value (000)
Diversified Telecommunication Services 2.67%
Verizon Communications, Inc.		857,110	$	49,241

Electric: Utilities 5.79%
American Electric Power Co., Inc.		274,142		22,784
Duke Energy Corp.		300,122		25,408
Edison International		467,798		27,465
NextEra Energy, Inc.		135,851		31,398
Total				107,055

Electrical Equipment 1.52%
Hubbell, Inc.		225,656		28,078

Electronic Equipment, Instruments & Components 1.10%
Avnet, Inc.		674,489		20,248

Energy Equipment & Services 0.67%
National Oilwell Varco, Inc.		976,945		12,349

Entertainment 1.26%
Walt Disney Co. (The)		215,891		23,349

Equity Real Estate Investment Trusts 2.82%
Alexandria Real Estate
Equities, Inc.		165,325		25,971
Prologis, Inc.		293,457		26,185
Total				52,156

Food Products 2.94%
Danone SA^(a)	EUR	134,200		9,354
General Mills, Inc.		372,754		22,324
Nestle SA ADR		215,623		22,662
Total				54,340

Health Care Equipment & Supplies 2.58%
Alcon, Inc. (Switzerland)*^(b)		310,052		16,374
Medtronic plc (Ireland)^(b)		320,219		31,263
Total				47,637

40	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FUNDAMENTAL EQUITY FUND April 30, 2020

Investments	Shares		Fair Value (000)
Health Care Providers & Services 5.89%
Anthem, Inc.		100,776	$	28,291
CVS Health Corp.		494,276		30,423
McKesson Corp.		121,673		17,186
Quest Diagnostics, Inc.		101,531		11,179
Universal Health Services, Inc. Class B		205,400		21,709
Total				108,788

Hotels, Restaurants & Leisure 0.58%
Starbucks Corp.		139,900		10,734

Household Products 1.66%
Procter & Gamble Co. (The)		260,763		30,736

Industrial Conglomerates 0.95%
Honeywell International, Inc.		124,214		17,626

Information Technology Services 1.01%
Mastercard, Inc. Class A		67,800		18,643

Insurance 4.88%
American International Group, Inc.		939,722		23,897
Axis Capital Holdings Ltd.		451,216		16,514
Everest Re Group Ltd.		102,015		17,662
Globe Life, Inc.		117,800		9,700
Hartford Financial Services Group, Inc. (The)		588,466		22,356
Total				90,129

Interactive Media & Services 2.70%
Alphabet, Inc. Class A*		21,430		28,860
Facebook, Inc. Class A*		102,670		21,017
Total				49,877

Internet & Direct Marketing Retail 1.23%
eBay, Inc.		571,300		22,755

Machinery 3.14%
Cummins, Inc.		204,200		33,386
Westinghouse Air Brake Technologies Corp.		435,657		24,580
Total				57,966

Investments	Shares		Fair Value (000)
Media 2.01%
Comcast Corp. Class A		460,222	$	17,318
Fox Corp. Class A		355,500		9,197
Nexstar Media Group, Inc. Class A		150,650		10,551
Total				37,066

Metals & Mining 0.55%
Nucor Corp.		246,285		10,144

Multi-Utilities 1.15%
CMS Energy Corp.		370,600		21,158

Oil, Gas & Consumable Fuels 6.01%
Chevron Corp.		314,530		28,937
Marathon Petroleum Corp.		732,453		23,497
Noble Energy, Inc.		2,395,081		23,495
ONEOK, Inc.		299,262		8,957
Suncor Energy, Inc. (Canada)^(b)		549,457		9,808
Total SA ADR		466,920		16,412
Total				111,106

Personal Products 0.92%
Unilever plc^(a)	GBP	330,200		17,003

Pharmaceuticals 5.66%
Johnson & Johnson		159,397		23,916
Merck & Co., Inc.		351,749		27,908
Novartis AG ADR		346,123		29,327
Sanofi^(a)	EUR	239,450		23,388
Total				104,539

Semiconductors & Semiconductor Equipment 2.59%
Intel Corp.		644,978		38,686
Texas Instruments, Inc.		78,497		9,111
Total				47,797

Software 2.88%
Microsoft Corp.		152,100		27,258
Oracle Corp.		491,410		26,030
Total				53,288

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FUNDAMENTAL EQUITY FUND April 30, 2020

Investments	Shares		Fair Value (000)
Specialty Retail 3.21%
Lowe’s Cos., Inc.		300,900	$	31,519
TJX Cos., Inc. (The)		568,206		27,871
Total				59,390

Technology Hardware, Storage & Peripherals 1.52%
Apple, Inc.		95,500		28,058

Tobacco 1.57%
Philip Morris International, Inc.		387,762		28,927
Total Common Stocks (cost $1,846,478,331)				1,837,115

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.41%

Repurchase Agreement
Repurchase Agreement dated 4/30/2020, 0.00% due 5/1/2020 with Fixed Income Clearing Corp. collateralized by $7,565,000 of U.S. Treasury Note at 2.00% due 8/31/2021; value: $7,773,771; proceeds: $7,616,639 (cost $7,616,639)		$7,617	$	7,617
Total Investments in Securities 99.85% (cost $1,854,094,970)				1,844,732
Cash, Foreign Cash and Other Assets in Excess Liabilities 0.15%				2,685
Net Assets 100.00%			$	1,847,417

ADR		American Depositary Receipt.
EUR		Euro.
GBP		British pound.
*		Non-income producing security.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		Foreign security traded in U.S. dollars.

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾	(000)		(000)		(000)		(000)
Common Stocks
Food Products	$	44,986	$	9,354	$	–	$	54,340
Personal Products		–		17,003		–		17,003
Pharmaceuticals		81,151		23,388		–		104,539
Remaining Industries		1,661,233		–		–		1,661,233
Short-Term Investment
Repurchase Agreement		–		7,617		–		7,617
Total	$	1,787,370	$	57,362	$	–	$	1,844,732

⁽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.

42	See Notes to Financial Statements.

Schedule of Investments (unaudited)

GLOBAL EQUITY RESEARCH FUND April 30, 2020

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 98.36%

Australia 1.04%

Equity Real Estate Investment Trusts
Goodman Group		8,447	$	72

Austria 0.65%

Banks
BAWAG Group AG^†		1,322		45

Belgium 1.34%

Banks
KBC Group NV		1,709		93

Brazil 0.96%

Metals & Mining
Vale SA		8,101		67

Canada 4.61%

Information Technology Services 1.53%
Shopify, Inc.*		168		106

Insurance 1.30%
Intact Financial Corp.		943		90

Multi-Utilities 1.02%
Algonquin Power & Utilities Corp.		5,095		71

Oil, Gas & Consumable Fuels 0.76%
Pembina Pipeline Corp.		2,324		53
Total Canada				320

China 5.01%

Insurance 1.29%
Ping An Insurance Group Co. of China Ltd. Class H		8,799		90

Interactive Media & Services 1.86%
Tencent Holdings Ltd.		2,456		129

Investments	Shares		U.S. $ Fair Value (000)
Internet & Direct Marketing Retail 1.86%
Alibaba Group Holding Ltd. ADR*		636	$	129
Total China				348

Denmark 2.61%

Beverages 1.30%
Carlsberg A/S Class B		718		90

Pharmaceuticals 1.31%
Novo Nordisk A/S Class B		1,424		91
Total Denmark				181

France 2.95%

Beverages 1.08%
Pernod Ricard SA		490		75

Oil, Gas & Consumable Fuels 0.83%
Total SA		1,633		58

Textiles, Apparel & Luxury Goods 1.04%
LVMH Moet Hennessy Louis Vuitton SE		188		72
Total France				205

Germany 2.16%

Industrial Conglomerates 1.14%
Siemens AG Registered Shares		854		79

Semiconductors & Semiconductor Equipment 1.02%
Infineon Technologies AG		3,802		71
Total Germany				150

Hong Kong 1.24%

Real Estate Management & Development
Kerry Properties Ltd.		31,107		86

India 0.94%

Banks
ICICI Bank Ltd. ADR		6,615		65

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY RESEARCH FUND April 30, 2020

Investments	Shares		U.S. $ Fair Value (000)
Japan 4.37%

Building Products 1.35%
Sanwa Holdings Corp.		12,078	$	94

Construction & Engineering 1.12%
SHO-BOND Holdings Co. Ltd.		1,938		78

Electronic Equipment, Instruments & Components 1.19%
Azbil Corp.		3,137		82

Personal Products 0.71%
Shiseido Co., Ltd.		840		49
Total Japan				303

Mexico 0.72%

Banks
Grupo Financiero Banorte SAB de CV		18,463		50

New Zealand 1.27%

Diversified Telecommunication Services
Spark New Zealand Ltd.		32,667		88

Russia 0.76%

Oil, Gas & Consumable Fuels
Lukoil PJSC ADR		813		53

South Africa 0.73%

Metals & Mining
Anglo American plc		2,842		51

South Korea 2.23%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co., Ltd.		3,765		155

Spain 0.69%

Containers & Packaging
Vidrala SA		536		48

Investments	Shares		U.S. $ Fair Value (000)
Taiwan 1.40%

Semiconductors & Semiconductor Equipment
Taiwan Semiconductor Manufacturing Co., Ltd.		9,645	$	97

United Kingdom 5.21%

Capital Markets 1.37%
London Stock Exchange Group plc		1,016		95

Insurance 1.22%
Prudential plc		6,037		85

Multi-Utilities 1.18%
National Grid plc		6,955		82

Pharmaceuticals 1.44%
AstraZeneca plc ADR		1,915		100
Total United Kingdom				362

United States 57.47%

Aerospace & Defense 0.65%
Raytheon Technologies Corp.		695		45

Auto Components 1.20%
Lear Corp.		851		83

Banks 1.47%
JPMorgan Chase & Co.		1,069		102

Beverages 1.81%
Coca-Cola Co. (The)		2,752		126

Biotechnology 1.54%
Vertex Pharmaceuticals, Inc.*		426		107

Capital Markets 1.46%
MSCI, Inc.		310		101

Chemicals 1.15%
Axalta Coating Systems Ltd.*		4,041		80

Commercial Services & Supplies 0.94%
Waste Management, Inc.		652		65

44	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY RESEARCH FUND April 30, 2020

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

Consumer Finance 0.99%
Discover Financial Services		1,608	$	69

Electric: Utilities 2.33%
Evergy, Inc.		1,373		80
FirstEnergy Corp.		1,986		82
				162

Electrical Equipment 1.17%
AMETEK, Inc.		970		81

Entertainment 2.06%
Netflix, Inc.*		180		75
Walt Disney Co. (The)		626		68
				143

Equity Real Estate Investment Trusts 0.98%
Alexandria Real Estate
Equities, Inc.		432		68

Food & Staples Retailing 3.61%
Sysco Corp.		1,500		84
Walmart, Inc.		1,371		167
				251

Food Products 0.72%
Mondelez International, Inc. Class A		961		50

Health Care Equipment & Supplies 0.96%
Boston Scientific Corp.*		1,798		67

Health Care Providers & Services 2.13%
CVS Health Corp.		1,584		97
UnitedHealth Group, Inc.		173		51
				148

Hotels, Restaurants & Leisure 1.51%
Aramark		1,428		39
Chipotle Mexican Grill, Inc.*		75		66
				105

Investments	Shares		U.S. $ Fair Value (000)
Information Technology Services 1.63%
Mastercard, Inc. Class A		412	$	113

Interactive Media & Services 3.61%
Alphabet, Inc. Class A*		129		174
Facebook, Inc. Class A*		378		77
				251

Internet & Direct Marketing Retail 3.53%
Amazon.com, Inc.*		99		245

Life Sciences Tools & Services 0.88%
10X Genomics, Inc. Class A*		768		61

Machinery 1.30%
Hillenbrand, Inc.		1,593		34
Stanley Black & Decker, Inc.		510		56
				90

Multi-Line Retail 0.66%
Dollar Tree, Inc.*		571		46

Oil, Gas & Consumable Fuels 1.17%
Marathon Petroleum Corp.		1,133		37
Noble Energy, Inc.		4,498		44
				81

Pharmaceuticals 3.28%
Merck & Co., Inc.		1,770		140
Zoetis, Inc.		680		88
				228

Road & Rail 1.81%
Norfolk Southern Corp.		383		66
Saia, Inc.*		653		60
				126

Semiconductors & Semiconductor Equipment 1.96%
NVIDIA Corp.		465		136

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY RESEARCH FUND April 30, 2020

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

Software 7.40%
Microsoft Corp.		1,318	$	236
RingCentral, Inc. Class A*		380		87
salesforce.com, Inc.*		610		99
Trade Desk, Inc. (The) Class A*		313		92
				514

Specialty Retail 0.82%
TJX Cos., Inc. (The)		1,154		57

Tobacco 1.70%
Philip Morris International, Inc.		1,583		118

Investments	Shares		U.S. $ Fair Value (000)
Wireless Telecommunication Services 1.04%
T-Mobile US, Inc.*		815	$	72
Total United States				3,991
Total Investments in Common Stock 98.36% (cost $6,990,222)				6,830
Cash, Foreign Cash and Other Assets in Excess Liabilities 1.64%				114
Net Assets 100.00%			$	6,944

ADR		American Depositary Receipt.
^†		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. At April 30, 2020, the total value of Rule 144A securities was $45, which represents 0.65% of net assets.
*		Non-income producing security.

46	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GLOBAL EQUITY RESEARCH FUND April 30, 2020

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾	(000)		(000)		(000)		(000)
Common Stocks
Australia	$	–	$	72	$	–	$	72
Austria		–		45		–		45
Belgium		–		93		–		93
Brazil		67		–		–		67
Canada		320		–		–		320
China		129		219		–		348
Denmark		–		181		–		181
France		–		205		–		205
Germany		–		150		–		150
Hong Kong		–		86		–		86
India		65		–		–		65
Japan		–		303		–		303
Mexico		50		–		–		50
New Zealand		–		88		–		88
Russia		–		53		–		53
South Africa		–		51		–		51
South Korea		–		155		–		155
Spain		48		–		–		48
Taiwan		–		97		–		97
United Kingdom		185		177		–		362
United States		3,991		–		–		3,991
Total	$	4,855	$	1,975	$	–	$	6,830

⁽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.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

GROWTH LEADERS FUND April 30, 2020

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.91%

Aerospace & Defense 0.78%
Teledyne Technologies, Inc.*		102,662	$	33,434

Air Freight & Logistics 0.48%
ZTO Express Cayman, Inc. ADR		697,126		20,746

Automobiles 1.88%
Tesla, Inc.*		103,561		80,972

Biotechnology 7.75%
Arena Pharmaceuticals, Inc.*		414,466		20,297
Argenx SE ADR*		127,461		18,672
Immunomedics, Inc.*		1,716,132		52,136
Iovance Biotherapeutics, Inc.*		952,446		30,621
Mirati Therapeutics, Inc.*		308,173		26,207
Regeneron Pharmaceuticals, Inc.*		36,611		19,253
Seattle Genetics, Inc.*		380,699		52,243
Turning Point Therapeutics, Inc.*		351,228		18,092
Vertex Pharmaceuticals, Inc.*		383,174		96,253
Total				333,774

Capital Markets 2.03%
MarketAxess Holdings, Inc.		99,804		45,412
MSCI, Inc.		128,533		42,030
Total				87,442

Communications Equipment 0.91%
Lumentum Holdings, Inc.*		483,120		39,089

Diversified Consumer Services 1.48%
Bright Horizons Family Solutions, Inc.*		180,134		20,977
Chegg, Inc.*		1,003,771		42,911
Total				63,888

Investments	Shares		Fair Value (000)
Electrical Equipment 1.45%
AMETEK, Inc.		349,246	$	29,292
Generac Holdings, Inc.*		340,489		33,177
Total				62,469

Entertainment 3.75%
Activision Blizzard, Inc.		328,959		20,964
Netflix, Inc.*		248,988		104,538
Roku, Inc.*		298,182		36,149
Total				161,651

Food & Staples Retailing 0.57%
Costco Wholesale Corp.		80,594		24,420

Health Care Equipment & Supplies 4.70%
Danaher Corp.		201,842		32,993
DexCom, Inc.*		208,240		69,802
Insulet Corp.*		160,591		32,074
Intuitive Surgical, Inc.*		62,590		31,976
Nevro Corp.*		300,256		35,322
Total				202,167

Health Care Technology 0.77%
Teladoc Health, Inc.*		202,270		33,292

Hotels, Restaurants & Leisure 0.78%
Chipotle Mexican Grill, Inc.*		38,319		33,665

Information Technology Services 9.50%
Akamai Technologies, Inc.*		558,603		54,581
EPAM Systems, Inc.*		200,858		44,368
Mastercard, Inc. Class A		364,696		100,280
PayPal Holdings, Inc.*		184,514		22,695
Shopify, Inc. Class A (Canada)*^(a)		130,331		82,407
Square, Inc. Class A*		680,399		44,321
Visa, Inc. Class A		336,683		60,172
Total				408,824

48	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GROWTH LEADERS FUND April 30, 2020

Investments	Shares		Fair Value (000)
Interactive Media & Services 7.11%
Alphabet, Inc. Class A*		145,295	$	195,669
Facebook, Inc. Class A*		435,167		89,083
Match Group, Inc.*		279,204		21,487
Total				306,239

Internet & Direct Marketing Retail 9.01%
Alibaba Group Holding Ltd. ADR*		95,709		19,397
Amazon.com, Inc.*		118,437		293,013
Chewy, Inc. Class A*		1,269,777		54,905
MercadoLibre, Inc. (Argentina)*^(a)		35,454		20,688
Total				388,003

Leisure Products 1.23%
Peloton Interactive, Inc. Class A*		564,427		17,779
YETI Holdings, Inc.*		1,269,089		35,040
Total				52,819

Life Sciences Tools & Services 1.29%
10X Genomics, Inc. Class A*		421,760		33,686
Thermo Fisher Scientific, Inc.		65,369		21,878
Total				55,564

Pharmaceuticals 0.77%
Zoetis, Inc.		256,187		33,128

Professional Services 0.79%
TransUnion		429,428		33,835

Real Estate Management & Development 1.33%
Redfin Corp.*		2,718,426		57,440

Road & Rail 1.18%
Old Dominion Freight Line, Inc.		203,439		29,558
Uber Technologies, Inc.*		697,454		21,112
Total				50,670

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 8.95%
Advanced Micro Devices, Inc.*		1,279,666	$	67,042
Applied Materials, Inc.		624,970		31,048
Inphi Corp.*		679,299		65,580
Monolithic Power Systems, Inc.		219,616		43,903
NVIDIA Corp.		396,562		115,907
QUALCOMM, Inc.		787,926		61,986
Total				385,466

Software 22.33%
Adobe, Inc.*		88,242		31,206
Alteryx, Inc. Class A*		247,862		28,053
Atlassian Corp. plc Class A (Australia)*(a)		279,566		43,470
Coupa Software, Inc.*		113,094		19,915
Crowdstrike Holdings, Inc. Class A*		804,334		54,421
DocuSign, Inc.*		806,778		84,510
Five9, Inc.*		650,687		60,299
Intuit, Inc.		148,109		39,961
Microsoft Corp.		1,692,493		303,312
Paycom Software, Inc.*		111,450		29,091
Paylocity Holding Corp.*		400,238		45,839
RingCentral, Inc. Class A*		354,301		80,969
SVMK, Inc.*		2,199,821		34,537
Trade Desk, Inc. (The)Class A*		176,558		51,657
Zoom Video Communications, Inc. Class A*		402,131		54,356
Total				961,596

Specialty Retail 0.90%
Carvana Co.*^(b)		481,116		38,542

Technology Hardware, Storage & Peripherals 4.81%
Apple, Inc.		704,544		206,995

See Notes to Financial Statements.

Schedule of Investments (continued)

GROWTH LEADERS FUND April 30, 2020

Investments	Shares		Fair Value (000)
Textiles, Apparel & Luxury Goods 2.38%
Lululemon Athletica, Inc. (Canada)*^(a)		191,390	$	42,772
NIKE, Inc. Class B		683,742		59,608
Total				102,380
Total Common Stocks (cost $3,525,356,153)				4,258,510

	Principal Amount (000)
SHORT-TERM INVESTMENTS 3.55%

Repurchase Agreement
Repurchase Agreement dated 4/30/2020, 0.00% due 5/1/2020 with Fixed Income Clearing Corp. collateralized by $130,075,000 of U.S. Treasury Note at 2.625% due 12/15/2021 value: $136,451,146; proceeds: $133,774,523 (cost $133,774,523)	$	133,775	$	133,775

Investments	Shares		Fair Value (000)
Money Market Funds 0.44%
CitiBank N.A.^(c)		1,919	$	1,919
Fidelity Government Portfolio^(c)		17,267		17,267
Total Money Market Funds (cost $19,186,124)				19,186
Total Short-Term Investments (cost $152,960,647)				152,961
Total Investments in Securities 102.46% (cost $3,678,316,800)				4,411,471
Liabilities in Excess of Cash, Securities Lending and Other Assets (2.46)%				(105,796	)
Net Assets 100.00%			$	4,305,675

ADR		American Depositary Receipt.
*		Non-income producing security.
^(a)		Foreign security traded in U.S. dollars.
^(b)		All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers.
^(c)		Security was purchased with the cash collateral from loaned securities.

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	4,258,510	$	–	$	–	$	4,258,510
Short-Term Investments
Repurchase Agreement		–		133,775		–		133,775
Money Market Funds		19,186		–		–		19,186
Total	$	4,277,696	$	133,775	$	–	$	4,411,471

⁽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.

50	See Notes to Financial Statements.

Schedule of Investments (unaudited)

HEALTH CARE FUND April 30, 2020

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 94.00%

Belgium 1.34%

Pharmaceuticals
UCB SA		566		$	52

Denmark 4.72%

Biotechnology 1.36%
Genmab A/S*		221			53

Pharmaceuticals 3.36%
Novo Nordisk A/S Class B		2,055			131
Total Denmark					184

Germany 0.31%

Biotechnology
MorphoSys AG ADR*		444			12

Netherlands 1.44%

Biotechnology
Argenx SE*		224			33
uniQure NV*		356			23
Total Netherlands					56

Switzerland 6.38%

Life Sciences Tools & Services 2.30%
Lonza Group AG Registered Shares*		158			69
Tecan Group AG		65			21
					90

Pharmaceuticals 4.08%
Novartis AG Registered Shares		484			41
Roche Holding AG		341			118
					159
Total Switzerland					249

Investments	Shares		U.S. $ Fair Value (000)
United Kingdom 3.64%

Pharmaceuticals
AstraZeneca plc		1,189		$	124
GW Pharmaceuticals plc ADR*		180			18
Total United Kingdom					142

United States 76.17%

Biotechnology 25.97%
Acceleron Pharma, Inc.*		350			32
Amgen, Inc.		405			97
Arena Pharmaceuticals, Inc.*		550			27
Black Diamond Therapeutics, Inc.*		450			17
Blueprint Medicines Corp.*		281			16
Bridgebio Pharma, Inc.*		1,133			34
ChemoCentryx, Inc.*		641			34
Coherus Biosciences, Inc.*		977			16
Immunomedics, Inc.*		2,088			63
Insmed, Inc.*		902			21
Iovance Biotherapeutics, Inc.*		1,144			37
Karuna Therapeutics, Inc.*		323			27
Krystal Biotech, Inc.*		522			25
Mirati Therapeutics, Inc.*		371			31
Natera, Inc.*		1,130			42
Neurocrine Biosciences, Inc.*		333			33
NextCure, Inc.*		553			18
PTC Therapeutics, Inc.*		350			18
Regeneron Pharmaceuticals, Inc.*		89			47
REVOLUTION Medicines, Inc.*		680			21
Rocket Pharmaceuticals, Inc.*		1,329			20
Sarepta Therapeutics, Inc.*		326			38
Seattle Genetics, Inc.*		461			63
Stoke Therapeutics, Inc.*		730			15
TG Therapeutics, Inc.*		1,774			21
Turning Point Therapeutics, Inc.*		616			32
Twist Bioscience Corp.*		1,188			39
Vertex Pharmaceuticals, Inc.*		514			129
					1,013

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HEALTH CARE FUND April 30, 2020

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

Health Care Equipment & Supplies 21.59%
Abbott Laboratories		1,507		$	139
Align Technology, Inc.*		157			34
Axonics Modulation Technologies, Inc.*		749			24
Boston Scientific Corp.*		2,004			75
Cooper Cos., Inc. (The)		123			35
Danaher Corp.		692			113
DexCom, Inc.*		197			66
Edwards Lifesciences Corp.*		251			55
IDEXX Laboratories, Inc.*		112			31
Insulet Corp.*		233			46
Intuitive Surgical, Inc.*		131			67
Natus Medical, Inc.*		796			20
Nevro Corp.*		345			41
Penumbra, Inc.*		107			19
Teleflex, Inc.		114			38
Zimmer Biomet Holdings, Inc.		327			39
					842

Health Care Providers & Services 10.43%
Anthem, Inc.		172			48
Centene Corp.*		952			64
CVS Health Corp.		1,301			80
Guardant Health, Inc.*		354			27
HealthEquity, Inc.*		321			18
UnitedHealth Group, Inc.		581			170
					407

Health Care Technology 2.05%
Phreesia, Inc.*		822			21
Teladoc Health, Inc.*		208			34
Veeva Systems, Inc. Class A*		128			25
					80

Insurance 0.38%
eHealth, Inc.*		141			15

Investments	Shares		U.S. $ Fair Value (000)
Life Sciences Tools & Services 7.44%
10X Genomics, Inc. Class A*		530		$	42
Adaptive Biotechnologies Corp.*		575			18
Bio-Rad Laboratories, Inc. Class A*		133			59
Charles River Laboratories International, Inc.*		199			29
Codexis, Inc.*		1,915			22
Repligen Corp.*		258			30
Thermo Fisher Scientific, Inc.		268			90
					290

Pharmaceuticals 8.31%
Johnson & Johnson		543			82
Merck & Co., Inc.		1,918			152
Zoetis, Inc.		699			90
					324
Total United States					2,971
Total Common Stocks (cost $3,382,195)					3,666

	Principal Amount (000)
SHORT-TERM INVESTMENT 4.31%

Repurchase Agreement
Repurchase Agreement dated 4/30/2020, 0.00% due 5/1/2020 with Fixed Income Clearing Corp. collateralized by $170,000 of U.S. Treasury Note at 2.125% due 8/15/2021; value: $175,025; proceeds: $167,608 (cost $167,608)		$168			168
Total Investments in Securities 98.31% (cost $3,549,803)					3,834
Other Assets in Excess of Liabilities 1.69%					66
Net Assets 100.00%				$	3,900

ADR		American Depositary Receipt.
*		Non-income producing security.

52	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

HEALTH CARE FUND April 30, 2020

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks
Belgium	$	–	$	52	$	–	$	52
Denmark		–		184		–		184
Germany		12		–		–		12
Netherlands		23		33		–		56
Switzerland		–		249		–		249
United Kingdom		18		124		–		142
United States		2,971		–		–		2,971
Short-Term Investment
Repurchase Agreement		–		168		–		168
Total	$	3,024	$	810	$	–	$	3,834

⁽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.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL EQUITY FUND April 30, 2020

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 97.79%

Australia 3.54%

Biotechnology 0.61%
CSL Ltd.		10,232	$	2,040

Capital Markets 0.91%
Macquarie Group Ltd.		45,713		3,028

Equity Real Estate Investment Trusts 0.63%
Goodman Group		245,029		2,087

Metals & Mining 1.39%
BHP Group Ltd.		225,734		4,608
Total Australia				11,763

Belgium 2.67%

Banks 1.21%
KBC Group NV		73,797		4,003

Beverages 0.52%
Anheuser-Busch InBev SA		37,389		1,741

Pharmaceuticals 0.94%
UCB SA		34,048		3,120
Total Belgium				8,864

Canada 2.70%

Aerospace & Defense 0.69%
CAE, Inc.		138,000		2,280

Food & Staples Retailing 0.79%
Alimentation Couche-Tard, Inc. Class B		93,800		2,618

Insurance 0.47%
Intact Financial Corp.		16,500		1,570

Oil, Gas & Consumable Fuels 0.75%
Pembina Pipeline Corp.		109,467		2,510
Total Canada				8,978

Investments	Shares		U.S. $ Fair Value (000)
Chile 0.48%

Metals & Mining
Lundin Mining Corp.		328,200	$	1,608

China 10.69%

Banks 1.13%
China Construction Bank Corp. Class H		4,659,000		3,740

Information Technology Services 0.84%
GDS Holdings Ltd. ADR*		48,817		2,798

Insurance 1.55%
Ping An Insurance Group Co. of China Ltd. Class H		505,500		5,144

Interactive Media & Services 2.89%
Tencent Holdings Ltd.		182,600		9,599

Internet & Direct Marketing Retail 3.28%
Alibaba Group Holding Ltd. ADR*		53,727		10,889

Real Estate Management & Development 1.00%
Logan Property Holdings Co., Ltd.		2,112,000		3,329
Total China				35,499

Denmark 4.25%

Air Freight & Logistics 0.55%
DSV PANALPINA A/S		17,559		1,824

Beverages 1.17%
Carlsberg A/S Class B		30,850		3,892

Biotechnology 1.09%
Genmab A/S*		15,002		3,606

Pharmaceuticals 1.44%
Novo Nordisk A/S Class B		74,917		4,779
Total Denmark				14,101

54	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2020

Investments	Shares		U.S. $ Fair Value (000)
Finland 0.54%

Banks
Nordea Bank Abp		276,628	$	1,793

France 9.49%

Aerospace & Defense 0.37%
Safran SA		13,247		1,232

Auto Components 0.94%
Cie Generale des Etablissements Michelin SCA		32,283		3,119

Beverages 1.04%
Pernod Ricard SA		22,589		3,449

Chemicals 1.39%
Air Liquide SA		36,307		4,613

Construction & Engineering 1.08%
Vinci SA		43,875		3,594

Oil, Gas & Consumable Fuels 0.78%
Total SA		73,035		2,592

Personal Products 1.39%
L’Oreal SA		15,909		4,626

Pharmaceuticals 0.61%
Sanofi		20,584		2,011

Software 0.22%
Dassault Systemes SE		5,011		734

Textiles, Apparel & Luxury Goods 1.67%
LVMH Moet Hennessy Louis Vuitton SE		14,300		5,528
Total France				31,498

Germany 7.58%

Air Freight & Logistics 1.04%
Deutsche Post AG Registered Shares		115,957		3,445

Investments	Shares		U.S. $ Fair Value (000)
Automobiles 0.78%
Volkswagen AG		17,432	$	2,577

Chemicals 0.80%
Symrise AG		26,293		2,664

Insurance 1.15%
Allianz SE Registered Shares		20,798		3,828

Media 1.18%
Stroeer SE & Co. KGaA		61,941		3,920

Real Estate Management & Development 0.51%
Vonovia SE		34,281		1,695

Software 1.65%
SAP SE		46,111		5,492

Textiles, Apparel & Luxury Goods 0.47%
adidas AG		6,781		1,552
Total Germany				25,173

Hong Kong 4.53%

Capital Markets 1.21%
Hong Kong Exchanges & Clearing Ltd.		125,300		4,018

Insurance 1.95%
AIA Group Ltd.		703,800		6,459

Machinery 0.50%
Techtronic Industries Co. Ltd.		219,500		1,664

Real Estate Management & Development 0.87%
Kerry Properties Ltd.		1,043,500		2,882
Total Hong Kong				15,023

India 1.23%

Banks
HDFC Bank Ltd. ADR		44,822		1,943
ICICI Bank Ltd. ADR		220,017		2,147
Total India				4,090

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2020

Investments	Shares		U.S. $ Fair Value (000)
Indonesia 0.56%

Banks
Bank Rakyat Indonesia Persero Tbk PT		10,162,600	$	1,849

Ireland 1.23%

Construction Materials
CRH plc		135,324		4,080

Japan 14.84%

Automobiles 1.86%
Toyota Motor Corp.		99,900		6,176

Beverages 0.76%
Asahi Group Holdings Ltd.		73,800		2,538

Building Products 1.23%
Daikin Industries Ltd.		31,700		4,068

Commercial Services & Supplies 0.82%
Secom Co. Ltd.		32,600		2,713

Electrical Equipment 0.99%
Nidec Corp.		56,200		3,272

Electronic Equipment, Instruments & Components 3.86%
Hitachi Ltd.		80,800		2,398
Keyence Corp.		6,900		2,464
Murata Manufacturing Co., Ltd.		83,700		4,716
TDK Corp.		37,700		3,250
				12,828

Health Care Equipment & Supplies 1.16%
Hoya Corp.		42,100		3,839

Household Durables 1.97%
Sony Corp.		101,900		6,558

Insurance 0.49%
Tokio Marine Holdings, Inc.		34,800		1,633

Investments	Shares		U.S. $ Fair Value (000)
Specialty Retail 0.66%
Fast Retailing Co. Ltd.		4,600	$	2,181

Trading Companies & Distributors 1.04%
ITOCHU Corp.		175,400		3,439
Total Japan				49,245

Netherlands 3.42%

Chemicals 1.13%
Akzo Nobel NV		49,552		3,760

Oil, Gas & Consumable Fuels 0.86%
Royal Dutch Shell plc A Shares		172,809		2,845

Semiconductors & Semiconductor Equipment 1.43%
ASML Holding NV		16,295		4,760
Total Netherlands				11,365

Peru 0.53%

Banks
Credicorp Ltd.		11,693		1,743

Russia 1.24%

Oil, Gas & Consumable Fuels
Lukoil PJSC ADR		62,850		4,100

Singapore 0.71%

Banks
United Overseas Bank Ltd.		164,900		2,356

South Africa 1.04%

Metals & Mining
Anglo American plc		194,338		3,456

South Korea 2.79%

Personal Products 0.60%
LG Household & Health Care Ltd.		1,737		1,970

56	See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL EQUITY FUND April 30, 2020

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

Technology Hardware, Storage & Peripherals 2.19%
Samsung Electronics Co., Ltd.		176,999	$	7,278
Total South Korea				9,248

Spain 1.03%

Electric: Utilities
Iberdrola SA		343,323		3,415

Sweden 2.31%

Building Products 0.80%
Assa Abloy AB Class B		148,345		2,656

Machinery 1.51%
Atlas Copco AB A Shares		48,565		1,674
Sandvik AB*		217,076		3,339
				5,013
Total Sweden				7,669

Switzerland 8.08%

Capital Markets 1.02%
UBS Group AG		315,881		3,382

Food Products 2.14%
Nestle SA Registered Shares		67,054		7,102

Insurance 0.88%
Zurich Financial Services AG		9,231		2,927

Life Sciences Tools & Services 1.79%
Lonza Group AG Registered Shares		13,644		5,958

Pharmaceuticals 2.25%
Novartis AG Registered Shares		18,713		1,597
Roche Holding AG		16,909		5,855
				7,452
Total Switzerland				26,821

Investments	Shares		U.S. $ Fair Value (000)
Taiwan 3.18%

Machinery 1.17%
Airtac International Group		202,000	$	3,871

Semiconductors & Semiconductor Equipment 2.01%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		125,907		6,690
Total Taiwan				10,561

United Kingdom 6.93%

Capital Markets 1.25%
London Stock Exchange Group plc		44,338		4,150

Insurance 0.50%
Prudential plc		118,176		1,667

Multi-Utilities 1.10%
National Grid plc		311,882		3,655

Personal Products 0.71%
Unilever NV		47,422		2,362

Pharmaceuticals 1.62%
AstraZeneca plc		51,453		5,381

Professional Services 1.75%
Intertek Group plc		34,519		2,060
RELX plc		165,349		3,731
				5,791
Total United Kingdom				23,006

United States 2.20%

Information Technology Services 1.65%
Accenture plc Class A		13,191		2,443
Fidelity National Information Services, Inc.		22,939		3,025
				5,468

Trading Companies & Distributors 0.55%
Ferguson plc		25,573		1,844
Total United States				7,312
Total Common Stocks (cost $325,276,008)				324,616

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2020

Investments	Principal Amount (000)		U.S. $ Fair Value (000)
SHORT-TERM INVESTMENT 2.17%

Repurchase Agreement
Repurchase Agreement dated 4/30/2020, 0.00% due 5/1/2020 with Fixed Income Clearing Corp. collateralized by $660,000 of U.S. Treasury Note at 1.625% due 12/31/21; and $6,365,000 of U.S. Treasury Note at 2.625% due 12/31/2021; value: $7,356,168; proceeds: $7,209,188 (cost $7,209,188)		$7,209	$	7,209
Total Investments in Securities 99.96% (cost $332,485,196)				331,825
Foreign Cash and Other Assets in Excess of Liabilities 0.04%				132
Net Assets 100.00%			$	331,957

ADR		American Depositary Receipt.
*		Non-income producing security.

58	See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL EQUITY FUND April 30, 2020

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks
Australia	$	–	$	11,763	$	–	$	11,763
Belgium		–		8,864		–		8,864
Canada		8,978		–		–		8,978
Chile		1,608		–		–		1,608
China		13,687		21,812		–		35,499
Denmark		–		14,101		–		14,101
Finland		1,793		–		–		1,793
France		–		31,498		–		31,498
Germany		–		25,173		–		25,173
Hong Kong		–		15,023		–		15,023
India		4,090		–		–		4,090
Indonesia		–		1,849		–		1,849
Ireland		–		4,080		–		4,080
Japan		–		49,245		–		49,245
Netherlands		–		11,365		–		11,365
Peru		1,743		–		–		1,743
Russia		–		4,100		–		4,100
Singapore		–		2,356		–		2,356
South Africa		–		3,456		–		3,456
South Korea		–		9,248		–		9,248
Spain		–		3,415		–		3,415
Sweden		–		7,669		–		7,669
Switzerland		–		26,821		–		26,821
Taiwan		6,690		3,871		–		10,561
United Kingdom		–		23,006		–		23,006
United States		5,468		1,844		–		7,312
Short-Term Investment
Repurchase Agreement		–		7,209		–		7,209
Total	$	44,057	$	287,768	$	–	$	331,825

⁽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.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2020

			U.S. $
			Fair Value
Investments	Shares		(000)
COMMON STOCKS 96.49%

Australia 3.36%

Auto Components 0.78%
GUD Holdings Ltd.		502,399	$	2,982

Diversified Financial Services 0.70%
Omni Bridgeway Ltd.		1,032,510		2,693

Electric: Utilities 1.88%
AusNet Services		5,930,402		7,233
Total Australia				12,908

Austria 4.63%

Banks 1.44%
BAWAG Group AG^†		162,610		5,527

Electronic Equipment, Instruments & Components 1.30%
AT&S Austria Technologie & Systemtechnik AG		288,751		4,977

Machinery 1.89%
ANDRITZ AG		221,381		7,274
Total Austria				17,778

Belgium 1.25%

Equity Real Estate Investment Trusts 0.69%
Warehouses De Pauw CVA		97,414		2,672

Wireless Telecommunication Services 0.56%
Orange Belgium SA		128,637		2,140
Total Belgium				4,812

Canada 1.22%

Aerospace & Defense 0.77%
CAE, Inc.		179,200		2,961

Paper & Forest Products 0.45%
Interfor Corp.*		290,400		1,713
Total Canada				4,674

			U.S. $
			Fair Value
Investments	Shares		(000)
Chile 0.82%

Metals & Mining
Lundin Mining Corp.		643,600	$	3,153

Denmark 1.70%

Machinery
FLSmidth & Co. A/S*		248,576		6,542

France 1.42%

Construction Materials 0.55%
Vicat SA		75,301		2,113

Health Care Providers & Services 0.87%
Korian SA		99,525		3,343
Total France				5,456

Germany 7.91%

Biotechnology 1.03%
MorphoSys AG*		37,630		3,948

Industrial Conglomerates 1.56%
Rheinmetall AG		88,348		5,979

Life Sciences Tools & Services 1.62%
Gerresheimer AG		78,192		6,219

Media 1.52%
Stroeer SE & Co. KGaA		92,407		5,848

Real Estate Management & Development 2.18%
LEG Immobilien AG		27,426		3,149
PATRIZIA AG		234,313		5,232
				8,381
Total Germany				30,375

Hong Kong 4.57%

Consumer Finance 0.49%
Sun Hung Kai & Co., Ltd.		4,571,000		1,879

Hotels, Restaurants & Leisure 0.81%
Melco International Development Ltd.		1,665,000		3,112

60	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2020

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

Pharmaceuticals 0.35%
SSY Group Ltd.		1,904,000	$	1,341

Real Estate Management & Development 1.07%
Kerry Properties Ltd.		1,485,000		4,102

Semiconductors & Semiconductor Equipment 1.35%
ASM Pacific Technology Ltd. 513,900				5,193

Textiles, Apparel & Luxury Goods 0.50%
Stella International Holdings Ltd.		1,918,432		1,930
Total Hong Kong				17,557

Iceland 0.98%

Machinery
Marel HF^†		881,658		3,779

Ireland 3.43%

Beverages 0.20%
C&C Group plc		315,215		774

Equity Real Estate Investment Trusts 0.90%
Hibernia REIT plc		2,650,135		3,447

Health Care Providers & Services 1.18%
UDG Healthcare plc		572,143		4,516

Household Durables 0.33%
Glenveagh Properties plc*^†		2,059,635		1,281

Information Technology Services 0.82%
Keywords Studios plc		157,492		3,155
Total Ireland				13,173

Israel 0.84%

Food Products
Strauss Group Ltd.		114,237		3,229

			U.S. $
			Fair Value
Investments	Shares		(000)
Italy 6.44%

Auto Components 1.44%
Freni Brembo SpA		652,988	$	5,539

Capital Markets 1.76%
Anima Holding SpA^†		1,915,238		6,780

Construction Materials 0.81%
Buzzi Unicem SpA		158,043		3,101

Diversified Financial Services 0.39%
doValue SpA^†		201,129		1,486

Machinery 1.39%
IMA Industria Macchine Automatiche SpA		78,569		5,356

Textiles, Apparel & Luxury Goods 0.65%
Brunello Cucinelli SpA		77,140		2,488
Total Italy				24,750

Japan 22.34%

Building Products 1.19%
Sanwa Holdings Corp.		587,000		4,555

Chemicals 0.47%
Kansai Paint Co., Ltd.		95,500		1,814

Construction & Engineering 2.40%
SHO-BOND Holdings Co. Ltd.		229,500		9,211

Distributors 1.08%
PALTAC Corp.		79,600		4,157

Electronic Equipment, Instruments & Components 3.57%
Azbil Corp.		319,500		8,402
Taiyo Yuden Co., Ltd.		190,500		5,312
				13,714

Entertainment 1.44%
Capcom Co., Ltd.		180,300		5,527

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2020

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

Equity Real Estate Investment Trusts 2.10%
GLP J-REIT		2,910	$	3,752
Nippon Prologis REIT, Inc.		1,565		4,332
				8,084

Food Products 1.63%
Nichirei Corp.		250,600		6,269

Information Technology Services 1.49%
NS Solutions Corp.		49,100		1,240
TIS, Inc.		234,600		4,474
				5,714

Machinery 2.38%
CKD Corp.		365,600		6,095
OSG Corp.		234,500		3,047
				9,142

Professional Services 0.78%
TechnoPro Holdings, Inc.		52,900		3,013

Real Estate Management & Development 1.00%
Kenedix, Inc.		851,100		3,846

Software 0.31%
Freee KK*		33,200		1,173

Specialty Retail 1.14%
Bic Camera, Inc.		386,500		3,578
United Arrows Ltd.		50,800		792
				4,370

Thrifts & Mortgage Finance 0.24%
Aruhi Corp.		81,100		937

Wireless Telecommunication Services 1.12%
Okinawa Cellular Telephone Co.		112,600		4,300
Total Japan				85,826

			U.S. $
			Fair Value
Investments	Shares		(000)
Jersey 1.46%

Construction Materials
Breedon Group plc*		5,196,151	$	5,592

Netherlands 0.96%

Biotechnology 0.60%
uniQure NV*		36,208		2,304

Machinery 0.36%
Aalberts NV		49,207		1,386
Total Netherlands				3,690

Philippines 0.14%

Industrial Conglomerates
Alliance Global Group, Inc.*		4,224,600		537

Portugal 2.05%

Banks 0.15%
Banco Comercial Portugues SA		5,061,875		566

Multi-Utilities 1.90%
REN- Redes Energeticas Nacionais SGPS SA		2,697,054		7,306
Total Portugal				7,872

South Korea 3.15%

Food & Staples Retailing 1.16%
GS Retail Co., Ltd.		143,193		4,462

Semiconductors & Semiconductor Equipment 0.73%
WONIK IPS Co., Ltd.*		121,920		2,785

Software 1.26%
Douzone Bizon Co. Ltd.		66,737		4,836
Total South Korea				12,083

Spain 2.90%

Containers & Packaging 1.39%
Vidrala SA		59,512		5,331

62	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30 2020

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

Food Products 1.05%
Ebro Foods SA		190,351	$	4,047

Professional Services 0.46%
Applus Services SA		270,572		1,775
Total Spain				11,153

Sweden 3.38%

Commercial Services & Supplies 2.40%
Bravida Holding AB*^†		575,657		4,648
Loomis AB Class B		188,260		4,591
				9,239

Food & Staples Retailing 0.98%
Axfood AB		176,246		3,749
Total Sweden				12,988

Switzerland 5.27%

Airlines 0.73%
Wizz Air Holdings plc*^†		77,922		2,816

Containers & Packaging 1.67%
SIG Combibloc Group AG*		395,323		6,403

Insurance 0.63%
Swiss Life Holding AG Registered Shares		6,842		2,426

Life Sciences Tools & Services 0.96%
Tecan Group AG		11,417	$	3,676

Machinery 1.28%
Sulzer AG		69,568		4,921
Total Switzerland				20,242

Taiwan 2.77%

Machinery 0.67%
Airtac International Group		135,000		2,587

			U.S. $
			Fair Value
Investments	Shares		(000)
Semiconductors & Semiconductor Equipment 2.10%
Realtek Semiconductor Corp.		693,000	$	5,935
Visual Photonics Epitaxy Co., Ltd.		722,000		2,122
				8,057
Total Taiwan				10,644

United Arab Emirates 1.19%

Information Technology Services
Network International Holdings plc*^†		875,743		4,567

United Kingdom 10.33%

Aerospace & Defense 0.54%
Senior plc		2,558,219		2,089

Beverages 1.04%
Britvic plc		432,542		3,981

Capital Markets 1.29%
Man Group plc		2,951,998		4,946

Consumer Finance 0.36%
Arrow Global Group plc		1,079,979		1,371

Household Durables 0.58%
Countryside Properties plc^†		435,336		2,218

Insurance 1.61%
Lancashire Holdings Ltd.		802,485		6,186

Machinery 0.64%
Concentric AB*		216,977		2,446

Media 0.37%
Huntsworth plc		1,067,645		1,446

Multi-Line Retail 1.47%
B&M European Value Retail SA		1,349,497		5,644

Pharmaceuticals 0.85%
Dechra Pharmaceuticals plc		94,356		3,284

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2020

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

Specialty Retail 0.76%
WH Smith PLC		184,369	$	2,910

Trading Companies & Distributors 0.82%
Grafton Group plc Unit		395,670		3,157
Total United Kingdom				39,678

United States 1.74%

Exchange-Traded Funds
VanEck Vectors Junior Gold Miners		165,038		6,661

Vietnam 0.24%

Closed-Ended Fund
VinaCapital Vietnam Opportunity Fund Ltd.		256,946		904
Total Common Stocks (cost $413,983,729)				370,623

	Principal		Fair
	Amount		Value
Investments	(000)		(000)
SHORT-TERM INVESTMENT 1.00%

Repurchase Agreement
Repurchase Agreement dated 4/30/2020, 0.00% due 5/1/2020 with Fixed Income Clearing Corp. collateralized by $3,805,000 of U.S. Treasury Note at 1.75% due 11/30/2021; value: $3,926,265; proceeds: $3,849,126 (cost $3,849,126)		$3,849	$	3,849
Total Investments in Securities 97.49% (cost $417,832,855)				374,472
Foreign Cash and Other Assets in Excess of Liabilities^(a)2.51%				9,657
Net Assets 100.00%			$	384,129

REIT		Real Estate Investment Trust.
*		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. At April 30, 2020, the total value of Rule 144A securities was $33,102, which represents 8.62% of net assets.
^(a)		Foreign Cash and Other Assets in Excess of Liabilities net unrealized appreciation on Total return swaps as follows:

Open Total Return Swap Contracts at April 30, 2020:

Swap

Referenced

Termination

Notional

Unrealized

Counterparty

Index*

Spread

Units

Position

Date

Amount

Value

Appreciation

Bank of America

MLEILAEN

1 Mo. LIBOR + .28%

69,067

Long

6/11/2020

4,248,311

4,268,042

19,731

Bank of America

MLEILAEN

1 Mo. LIBOR + .28%

25,051

Long

6/12/2020

1,540,887

1,548,044

7,157

Total

5,789,198

5,816,086

26,888

*	Merrill Lynch Custom Basket Index.

64	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2020

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

	Level 1		Level 2		Level 3		Total
Investment Type⁽²⁾	(000)		(000)		(000)		(000)
Common Stocks
Australia	$	–	$	12,908	$	–	$	12,908
Austria		–		17,778		–		17,778
Belgium		–		4,812		–		4,812
Canada		4,674		–		–		4,674
Chile		3,153		–		–		3,153
Denmark		–		6,542		–		6,542
France		–		5,456		–		5,456
Germany		–		30,375		–		30,375
Hong Kong		–		17,557		–		17,557
Iceland		–		3,779		–		3,779
Ireland		774		12,399		–		13,173
Israel		–		3,229		–		3,229
Italy		1,486		23,264		–		24,750
Japan		–		85,826		–		85,826
Jersey		–		5,592		–		5,592
Netherlands		2,304		1,386		–		3,690
Philippines		–		537		–		537
Portugal		–		7,872		–		7,872
South Korea		–		12,083		–		12,083
Spain		4,047		7,106		–		11,153
Sweden		–		12,988		–		12,988
Switzerland		–		20,242		–		20,242
Taiwan		–		10,644		–		10,644
United Arab Emirates		–		4,567		–		4,567
United Kingdom		7,632		32,046		–		39,678
United States		6,661		–		–		6,661
Vietnam		–		904		–		904
Short-Term Investment
Repurchase Agreement		–		3,849		–		3,849
Total	$	30,731	$	343,741	$	–	$	374,472
Other Financial Instruments
Total Return Swap Contracts
Assets	$	–	$	27	$	–	$	27
Liabilities		–		–		–		–
Total	$	–	$	27	$	–	$	27

	⁽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.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL VALUE FUND April 30, 2020

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 97.89%

Australia 4.34%

Banks 1.39%
National Australia Bank Ltd.		549,932	$	6,026

Capital Markets 1.04%
Macquarie Group Ltd.		67,898		4,498

Equity Real Estate Investment Trusts 0.74%
Goodman Group		375,061		3,194

Metals & Mining 1.17%
BHP Group Ltd.		246,742		5,037
Total Australia				18,755

Austria 0.99%

Banks
BAWAG Group AG^†		126,059		4,284

Belgium 1.85%

Beverages 0.82%
Anheuser-Busch InBev SA		75,843		3,532

Pharmaceuticals 1.03%
UCB SA		48,489		4,444
Total Belgium				7,976

Brazil 0.67%

Metals & Mining
Vale SA ADR		351,547		2,900

Canada 2.43%

Banks 1.08%
Royal Bank of Canada		76,000		4,675

Oil, Gas & Consumable Fuels 1.35%
Pembina Pipeline Corp.		253,033		5,803
Total Canada				10,478

Investments	Shares		U.S. $ Fair Value (000)
Chile 1.44%

Metals & Mining 0.73%
Lundin Mining Corp.		647,455	$	3,172

Water Utilities 0.71%
Aguas Andinas SA		9,084,038		3,047
Total Chile				6,219

China 3.75%

Banks 1.04%
China Construction Bank Corp. Class H		5,595,000		4,491

Internet & Direct Marketing Retail 0.86%
Alibaba Group Holding Ltd. ADR *		18,405		3,730

Oil, Gas & Consumable Fuels 0.75%
CNOOC Ltd.		2,920,000		3,229

Real Estate Management & Development 1.10%
Logan Property Holdings Co., Ltd.		3,016,000		4,754
Total China				16,204

France 14.36%

Aerospace & Defense 0.82%
Safran SA		38,232		3,554

Banks 1.35%
Credit Agricole SA		725,479		5,835

Building Products 1.03%
Cie de Saint-Gobain		166,496		4,430

Construction & Engineering 1.39%
Vinci SA		72,947		5,976

Diversified Telecommunication Services 1.26%
Orange SA		448,848		5,453

Food Products 1.67%
Danone SA		103,432		7,209

66	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2020

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

Gas Utilities 0.89%
Rubis SCA		85,609	$	3,836

Insurance 1.60%
AXA SA		387,189		6,883

Oil, Gas & Consumable Fuels 1.11%
Total SA		135,510		4,810

Pharmaceuticals 3.24%
Sanofi^(a)		143,370		14,003
Total France				61,989

Germany 12.17%

Air Freight & Logistics 1.65%
Deutsche Post AG Registered Shares		240,469		7,144

Auto Components 0.78%
Continental AG		40,212		3,360

Automobiles 1.30%
Volkswagen AG		37,891		5,602

Industrial Conglomerates 1.12%
Siemens AG Registered Shares		52,434		4,839

Insurance 2.11%
Allianz SE Registered Shares		49,609		9,130

Machinery 0.80%
KION Group AG		69,963		3,470

Media 1.14%
Stroeer SE & Co. KGaA		77,865		4,928

Pharmaceuticals 1.15%
Bayer AG Registered Shares		75,136		4,942

Real Estate Management & Development 1.22%
Aroundtown SA		816,416		4,391
Vonovia SE		17,584		870
				5,261

Investments	Shares		U.S. $ Fair Value (000)
Semiconductors & Semiconductor Equipment 0.90%
Infineon Technologies AG		209,003	$	3,885
Total Germany				52,561

Hong Kong 3.21%

Electric: Utilities 1.38%
CK Infrastructure Holdings Ltd.		1,001,000		5,946

Real Estate Management & Development 1.83%
Kerry Properties Ltd.		2,859,000		7,896
Total Hong Kong				13,842

Italy 0.49%

Auto Components
Freni Brembo SpA^(a)		251,995		2,138

Japan 17.34%

Automobiles 2.75%
Toyota Motor Corp.		192,300		11,889

Banks 1.66%
Sumitomo Mitsui Financial Group, Inc.		272,300		7,161

Beverages 1.64%
Asahi Group Holdings Ltd.		206,300		7,094

Building Products 1.42%
Sanwa Holdings Corp.		788,500		6,119

Diversified Financial Services 1.37%
ORIX Corp.		500,900		5,894

Electronic Equipment, Instruments & Components 1.95%
Hitachi Ltd.		74,700		2,256
TDK Corp.		71,600		6,172
				8,428

Household Durables 2.26%
Sony Corp.		151,600		9,756

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2020

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

Insurance 1.44%
Tokio Marine Holdings, Inc.		132,900	$	6,235

Trading Companies & Distributors 1.45%
ITOCHU Corp.		319,000		6,254

Wireless Telecommunication Services 1.40%
SoftBank Group Corp.		140,800		6,035
Total Japan				74,865

Macau 1.33%

Hotels, Restaurants & Leisure
Sands China Ltd.		1,414,800		5,728

Mexico 0.56%

Banks
Grupo Financiero Banorte SAB de CV		887,466		2,427

Netherlands 2.11%

Oil, Gas & Consumable Fuels
Royal Dutch Shell plc Class A ADR^(a)		275,198		9,117

New Zealand 1.19%

Diversified Telecommunication Services
Spark New Zealand Ltd.		1,905,180		5,156

Russia 1.59%

Oil, Gas & Consumable Fuels
Lukoil PJSC ADR		105,126		6,858

Singapore 0.85%

Electronic Equipment, Instruments & Components
Venture Corp. Ltd.		329,700		3,685

South Africa 2.12%

Metals & Mining
Anglo American plc		515,336		9,165

Investments	Shares		U.S. $ Fair Value (000)
South Korea 1.73%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co., Ltd.		181,501	$	7,463

Spain 0.86%

Banks
Banco Santander SA		1,661,578		3,713

Switzerland 7.36%

Capital Markets 0.84%
UBS Group AG		337,135		3,610

Insurance 2.18%
Swiss Life Holding AG Registered Shares		12,425		4,406
Zurich Financial Services AG		15,840		5,022
				9,428

Pharmaceuticals 4.34%
Novartis AG Registered Shares		107,215		9,149
Roche Holding AG		27,721		9,600
				18,749
Total Switzerland				31,787

Taiwan 0.64%

Semiconductors & Semiconductor Equipment
Realtek Semiconductor Corp.		321,000		2,749

United Kingdom 14.51%

Aerospace & Defense 1.46%
BAE Systems plc		988,713		6,306

Hotels, Restaurants & Leisure 0.94%
GVC Holdings plc		429,820		4,080

Household Durables 1.00%
Persimmon plc		155,292		4,303

68	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2020

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

Insurance 2.42%
Prudential plc		405,998	$	5,728
RSA Insurance Group plc		1,037,787		4,703
				10,431

Multi-Line Retail 0.69%
Next plc		50,077		2,981

Multi-Utilities 2.24%
National Grid plc		826,781		9,689

Pharmaceuticals 1.80%
AstraZeneca plc		74,232		7,764

Tobacco 3.34%
British American Tobacco plc		251,159		9,680
Imperial Brands plc		225,340		4,741
				14,421

Trading Companies & Distributors 0.62%
Ashtead Group plc		97,658		2,668
Total United Kingdom				62,643
Total Common Stocks (cost $477,843,744)				422,702

Investments	Shares (000)		U.S. $ Fair Value (000)
SHORT-TERM INVESTMENTS 2.54%

Money Market Funds
CitiBank N.A.^(b)	$	1,097	$	1,097
Fidelity Government Portfolio^(b)		9,874		9,874
Total Money Market Funds (cost $10,970,585)				10,971
Total Investments in Securities 100.43% (cost $488,814,329)				433,673
Foreign Cash, Securities Lending and Other Assets in Excess of Liabilities (0.43)%				(1,861	)
Net Assets 100.00%			$	431,812


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. At April 30, 2020, the total value of Rule 144A securities was $4,284, which represents 0.99% of net assets.
^(a)		All or a portion of this security was on loan to brokers at April 30, 2020.
^(b)		Security was purchased with the cash collateral from loaned securities.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL VALUE FUND April 30, 2020

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks
Australia	$	–	$	18,755	$	–	$	18,755
Austria		–		4,284		–		4,284
Belgium		–		7,976		–		7,976
Brazil		2,900		–		–		2,900
Canada		10,478		–		–		10,478
Chile		6,219		–		–		6,219
China		3,730		12,474		–		16,204
France		–		61,989		–		61,989
Germany		–		52,561		–		52,561
Hong Kong		–		13,842		–		13,842
Italy		–		2,138		–		2,138
Japan		–		74,865		–		74,865
Macau		–		5,728		–		5,728
Mexico		2,427		–		–		2,427
Netherlands		9,117		–		–		9,117
New Zealand		–		5,156		–		5,156
Russia		–		6,858		–		6,858
Singapore		–		3,685		–		3,685
South Africa		–		9,165		–		9,165
South Korea		–		7,463		–		7,463
Spain		–		3,713		–		3,713
Switzerland		–		31,787		–		31,787
Taiwan		–		2,749		–		2,749
United Kingdom		–		62,643		–		62,643
Short-Term Investments
Money Market Funds		10,971		–		–		10,971
Total	$	45,842	$	387,831	$	–	$	433,673


⁽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.

70	See Notes to Financial Statements.

Schedule of Investments (unaudited)

VALUE OPPORTUNITIES FUND April 30, 2020

Investments	Shares		Fair Value (000)
COMMON STOCKS 100.03%

Aerospace & Defense 1.70%
Teledyne Technologies, Inc.*		72,070	$	23,471

Auto Components 4.56%
Dorman Products, Inc.*		258,870		16,329
LCI Industries		288,364		25,007
Lear Corp.		220,441		21,526
Total				62,862

Banks 7.24%
Bank of Hawaii Corp.		316,727		21,594
Cullen/Frost Bankers, Inc.		307,057		22,065
East West Bancorp, Inc.		449,035		15,748
First Republic Bank		196,048		20,446
SVB Financial Group*		103,184		19,932
Total				99,785

Beverages 0.74%
Primo Water Corp.		991,968		10,178

Building Products 5.24%
A.O. Smith Corp.		561,542		23,798
Allegion plc (Ireland)^(a)		229,487		23,073
Simpson Manufacturing Co., Inc.		351,596		25,350
Total				72,221

Capital Markets 2.15%
Ares Capital Corp.		1,400,893		17,988
Hamilton Lane, Inc. Class A		178,046		11,546
Total				29,534

Chemicals 4.41%
Axalta Coating
Systems Ltd.*		1,205,058		23,788
PolyOne Corp.		687,822		16,019
Valvoline, Inc.		1,221,112		20,991
Total				60,798

Consumer Finance 1.16%
Discover Financial Services		373,009		16,028

Investments	Shares		Fair Value (000)
Containers & Packaging 1.65%
Avery Dennison Corp.		205,303	$	22,663

Electric: Utilities 3.12%
IDACORP, Inc.		240,182		22,044
Portland General Electric Co.		447,267		20,927
Total				42,971

Electrical Equipment 4.32%
Acuity Brands, Inc.		261,534		22,646
AMETEK, Inc.		274,321		23,007
Generac Holdings, Inc.*		141,398		13,778
Total				59,431

Electronic Equipment, Instruments & Components 3.45%
FLIR Systems, Inc.		626,560		27,193
Littelfuse, Inc.		139,640		20,281
Total				47,474

Equity Real Estate Investment Trusts 5.04%
Alexandria Real Estate Equities, Inc.		161,318		25,342
First Industrial Realty Trust, Inc.		623,036		23,532
UDR, Inc.		547,136		20,501
Total				69,375

Health Care Equipment & Supplies 8.09%
Cooper Cos., Inc. (The)		71,360		20,459
Hill-Rom Holdings, Inc.		206,198		23,195
LivaNova plc (United Kingdom)*^(a)		183,097		9,726
NuVasive, Inc.*		280,385		17,070
STERIS plc		171,284		24,408
Varian Medical Systems, Inc.*		145,215		16,610
Total				111,468

Health Care Providers & Services 1.02%
Encompass Health Corp.		212,127		14,053

Hotels, Restaurants & Leisure 1.79%
Dunkin’ Brands Group, Inc.		393,133		24,704

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2020

Investments	Shares		Fair Value (000)
Industrial Conglomerates 1.36%
Carlisle Cos., Inc.		155,288	$	18,784

Information Technology Services 7.15%
Amdocs Ltd.		341,526		22,008
Booz Allen Hamilton Holding Corp.		372,461		27,354
EPAM Systems, Inc.*		51,987		11,483
Jack Henry & Associates, Inc.		132,828		21,724
MAXIMUS, Inc.		236,840		15,944
Total				98,513

Insurance 5.45%
Arch Capital Group Ltd.*		289,785		6,964
Brown & Brown, Inc.		251,821		9,043
Globe Life, Inc.		172,164		14,176
Hanover Insurance Group, Inc. (The)		218,838		21,967
RenaissanceRe Holdings Ltd.		157,348		22,974
Total				75,124

Leisure Products 1.17%
Malibu Boats, Inc. Class A*		469,508		16,142

Life Sciences Tools & Services 6.18%
Bio-Techne Corp.		89,337		20,101
Charles River Laboratories International, Inc.*		197,994		28,644
ICON plc (Ireland)*^(a)		95,817		15,376
PerkinElmer, Inc.		232,129		21,014
Total				85,135

Machinery 1.24%
Crane Co.		312,895		17,037

Media 0.76%
Interpublic Group of Cos., Inc. (The)		619,293		10,516

Metals & Mining 1.49%
Reliance Steel & Aluminum Co.		228,629		20,481

Investments	Shares		Fair Value (000)
Multi-Utilities 1.41%
NorthWestern Corp.		336,532	$	19,414

Oil, Gas & Consumable Fuels 1.42%
Concho Resources, Inc.		144,964		8,222
Par Pacific Holdings, Inc.*		400,269		3,891
Parsley Energy, Inc. Class A		784,973		7,418
Total				19,531

Real Estate Management & Development 0.99%
Marcus & Millichap, Inc.*		470,800		13,677

Road & Rail 3.70%
Landstar System, Inc.		259,200		26,778
Old Dominion Freight Line, Inc.		166,062		24,127
Total				50,905

Semiconductors & Semiconductor Equipment 5.92%
Entegris, Inc.		634,959		34,434
Monolithic Power Systems, Inc.		111,167		22,223
Teradyne, Inc.		397,433		24,856
Total				81,513

Software 1.11%
Synopsys, Inc.*		97,554		15,328

Specialty Retail 1.96%
Burlington Stores, Inc.*		147,543		26,955

Textiles, Apparel & Luxury Goods 1.52%
Columbia Sportswear Co.		286,148		20,857

Water Utilities 1.52%
American Water Works Co., Inc.		172,332		20,971
Total Common Stocks (cost $1,298,811,566)				1,377,899

72	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

VALUE OPPORTUNITIES FUND April 30, 2020

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENT 0.10%

Repurchase Agreement
Repurchase Agreement dated 4/30/2020, 0.00% due 5/1/2020 with Fixed Income Clearing Corp. collateralized by $1,445,000 of U.S.Treasury Note at 1.625% due 12/31/2021; value: $1,486,953; proceeds: $1,455,622 (cost $1,455,622)		$1,456	$	1,456
Total Investments in Securities 100.13% (cost $1,300,267,188)				1,379,355
Liabilities in Excess of Other Assets (0.13)%				(1,846	)
Net Assets 100.00%			$	1,377,509

*		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, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)			Level 3 (000)		Total (000)
Common Stocks	$	1,377,899		$	–	$	–	$	1,377,899
Short-Term Investment
Repurchase Agreement		–			1,456		–		1,456
Total	$	1,377,899		$	1,456	$	–	$	1,379,355

⁽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.

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)

April 30, 2020

	Alpha Strategy Fund				Durable Growth Fund				Focused Growth Fund
ASSETS:
Investments in securities, at cost		$	–			$	184,087,414			$	11,698,885
Investments in Underlying Funds, at cost			915,552,091				–				–
Investments in securities, at fair value including $0, $0, $0, $0, $2,002,705, $0 and $0, respectively, of securities loaned		$	–			$	176,608,397			$	13,206,163
Investments in Underlying Funds, at value			702,933,708				–				–
Cash			60,138				1,451,553				–
Foreign cash, at value (cost $0, $0, $0, $0, $0, $9,163,378, $991, respectively)			–				–				–
Receivables:
Investment securities sold			–				853,517				692,767
Capital shares sold			495,026				–				70,864
Interest and dividends			–				69,139				1,193
Securities lending income receivable			–				–				–
From advisor (See Note 3)			19				29				13,836
Investments in Underlying Funds sold			760,709				–				–
Prepaid expenses and other assets			67,665				43,481				76,992
Total assets			704,317,265				179,026,116				14,061,815
LIABILITIES:
Payables:
Investments securities purchased			–				865,437				1,256,619
Payable for collateral due to broker for securities lending			–				–				–
Capital shares reacquired			718,009				–				–
Management fee			–				76,474				5,985
Trustees’ fees			126,716				–				136
12b-1 distribution plan			120,126				296				1,396
Fund administration			21,203				5,562				368
Offering costs			–				1,905				25,298
Accrued expenses			282,719				22,715				23,915
Total liabilities			1,268,773				972,389				1,313,717
Commitments and contingent liabilities
NET ASSETS		$	703,048,492			$	178,053,727			$	12,748,098
COMPOSITION OF NET ASSETS:
Paid-in capital		$	857,961,825			$	188,147,990			$	11,143,541
Total distributable earnings (loss)			(154,913,333	)			(10,094,263	)			1,604,557
Net Assets		$	703,048,492			$	178,053,727			$	12,748,098

74	See Notes to Financial Statements.

Focused Large Cap Value Fund			Focused Small Cap Value Fund				Fundamental Equity Fund				Global Equity Research Fund

	$	225,842,558		$	105,653,093			$	1,854,094,970			$	6,990,222
		–			–				–				–

	$	246,964,448		$	85,595,316			$	1,844,731,853			$	6,829,766
		–			–				–				–
		–			–				312,374				99,341

		–			–				9,218,962				1,002

		–			447,092				44,782,473				24,591
		30,005,048			98,793				305,985				811
		326,571			51,340				3,329,629				10,360
		–			1,204				–				–
		3,086			22,024				–				16,418
		–			–				–				–
		57,232			89,984				90,792				68,928
		277,356,385			86,305,753				1,902,772,068				7,051,217

		28,713,388			361,160				19,660,613				20,887

		–			2,085,120				–				–
		–			98,242				33,136,550				9
		94,535			48,200				812,432				2,396
		349			16,560				557,765				324
		300			898				275,786				1,171
		6,409			2,410				58,765				213
		7,835			–				–				14,707
		39,679			58,588				853,177				67,382
		28,862,495			2,671,178				55,355,088				107,089

	$	248,493,890		$	83,634,575			$	1,847,416,980			$	6,944,128

	$	231,215,510		$	114,926,128			$	1,927,535,487			$	6,926,406
		17,278,380			(31,291,553	)			(80,118,507	)			17,722
	$	248,493,890		$	83,634,575			$	1,847,416,980			$	6,944,128

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2020

	Alpha Strategy Fund			Durable Growth Fund			Focused Growth Fund

Net assets by class:
Class A Shares		$	383,421,931		$	791,305		$	5,592,313
Class C Shares		$	67,469,014		$	121,349		$	450,911
Class F Shares		$	115,107,127		$	266,190		$	1,528,909
Class F3 Shares		$	28,133,420		$	115,757		$	620,890
Class I Shares		$	81,106,181		$	176,584,924		$	1,679,666
Class P Shares			–			–			–
Class R2 Shares		$	1,094,772			–			–
Class R3 Shares		$	19,631,713		$	10,495		$	12,330
Class R4 Shares		$	3,180,044		$	10,507		$	12,368
Class R5 Shares		$	393,399		$	10,520		$	12,407
Class R6 Shares		$	3,510,891		$	142,680		$	2,838,304
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares			21,002,468			50,232			301,505
Class C Shares			4,669,319			7,728			24,532
Class F Shares			6,246,919			16,885			82,160
Class F3 Shares			1,485,984			7,342			33,333
Class I Shares			4,297,032			11,200,924			90,248
Class P Shares			–			–			–
Class R2 Shares			62,851			–			–
Class R3 Shares			1,118,118			666.90			667
Class R4 Shares			174,642			667			666.66
Class R5 Shares			20,833			667.43			666.67
Class R6 Shares			185,381			9,049			152,383
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$18.26			$15.75			$18.55
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)			$19.37			$16.71			$19.68
Class C Shares-Net asset value			$14.45			$15.70			$18.38
Class F Shares-Net asset value			$18.43			$15.76			$18.61
Class F3 Shares-Net asset value			$18.93			$15.77			$18.63
Class I Shares-Net asset value			$18.87			$15.77			$18.61
Class P Shares-Net asset value			–			–			–
Class R2 Shares-Net asset value			$17.42			–			–
Class R3 Shares-Net asset value			$17.56			$15.74			$18.49
Class R4 Shares-Net asset value			$18.21			$15.75			$18.55
Class R5 Shares-Net asset value			$18.88			$15.76			$18.61
Class R6 Shares-Net asset value			$18.94			$15.77			$18.63

76	See Notes to Financial Statements.

Focused Large Cap Value Fund			Focused Small Cap Value Fund			Fundamental Equity Fund			Global Equity Research Fund

	$	818,835		$	4,566,896		$	1,048,828,263		$	3,270,431
	$	164,890		$	67,830		$	112,774,589		$	555,456
	$	444,614		$	48,635		$	123,054,881		$	1,202,924
	$	389,093		$	7,015		$	15,886,902		$	11,610
	$	246,088,106		$	77,930,290		$	442,211,570		$	1,168,023
		–			–		$	3,505,766			–
		–			–		$	3,171,797		$	11,685
	$	7,748		$	6,981		$	81,518,794		$	192,112
	$	7,762		$	6,996		$	3,415,937		$	11,820
	$	7,777		$	7,010		$	1,533,588		$	11,918
	$	565,065		$	992,922		$	11,514,893		$	508,149

		70,677			301,922			107,689,912			311,104
		14,277			4,195			13,261,575			53,185
		38,338			2,977.38			12,798,873			114,239
		33,544			429			1,611,325			1,102
		21,216,310			4,770,887			45,099,431			110,909
		–			–			367,835			–
		–			–			333,575			1,112
		669.48			429.32			8,546,022			18,364
		670.17			429.24			352,899			1,124
		671			429.19			156,309			1,132
		48,714			60,722			1,167,316			48,241

		$11.59			$15.13			$ 9.74			$10.51

		$12.30			$16.05			$10.33			$11.15
		$11.55			$16.17			$ 8.50			$10.44
		$11.60			$16.33			$ 9.61			$10.53
		$11.60			$16.35			$ 9.86			$10.54
		$11.60			$16.33			$ 9.81			$10.53
		–			–			$ 9.53			–
		–			–			$ 9.51			$10.51
		$11.57			$16.26			$ 9.54			$10.46
		$11.58			$16.30			$ 9.68			$10.52
		$11.59			$16.33			$ 9.81			$10.53
		$11.60			$16.35			$ 9.86			$10.53

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2020

	Growth Leaders Fund			Health Care Fund			International Equity Fund
ASSETS:
Investments in securities, at cost		$	3,678,316,800		$	3,549,803		$	332,485,196
Investments in securities, at fair value including $17,697,020, $0, $0, $0, $9,438,134 and $0, respectively, of securities loaned		$	4,411,470,579		$	3,833,894		$	331,824,989
Due from broker			–			–			–
Foreign cash, at value (cost $0, $0, $1,299,142, $6,110,273, $12,751,616 and $0, respectively)			–			–			1,305,441
Receivables:
Investment securities sold			59,048,575			65,916			6,260,274
Capital shares sold			19,444,372			19,930			46,044
Interest and dividends			271,816			2,773			1,720,725
Securities lending income receivable			10,785			–			–
From advisor (See Note 3)			121,538			13,889			25,035
Total return swap, at fair value			–			–			–
Prepaid expenses and other assets			128,641			59,643			–
Total assets			4,490,496,306			3,996,045			341,182,508
LIABILITIES:
Payables:
Investment securities purchased			156,312,526			29,379			8,155,238
Payable for collateral due to broker for securities lending			19,186,124			–			–
Capital shares reacquired			5,934,333			–			541,886
Management fee			1,681,481			1,813			184,948
Trustees’ fees			214,765			25			99,175
12b-1 distribution plan			862,446			347			(221	)
To bank			–			–			–
Fund administration			127,961			117			10,568
Offering costs			–			42,220			–
Variation margin on futures contracts			–			–			–
Accrued expenses			502,155			21,676			233,808
Total liabilities			184,821,791			95,577			9,225,402
Commitments and contingent liabilities
NET ASSETS		$	4,305,674,515		$	3,900,468		$	331,957,106
COMPOSITION OF NET ASSETS:
Paid-in capital		$	3,436,904,504		$	3,674,276		$	366,643,792
Total distributable earnings (loss)			868,770,011			226,192			(34,686,686	)
Net Assets		$	4,305,674,515		$	3,900,468		$	331,957,106

78	See Notes to Financial Statements.

International Opportunities Fund				International Value Fund				Value Opportunities Fund

	$	417,832,855			$	488,814,329			$	1,300,267,188

	$	374,472,082			$	433,673,117			$	1,379,354,535
		53,886				–				–

		6,225,335				12,977,947				–

		3,470,763				5,063,373				3,910,653
		435,549				266,920				1,286,711
		1,355,978				3,794,239				310,829
		–				166				–
		–				39,350				–
		26,888				–				–
		60,147				46,613				116,538
		386,100,628				455,861,725				1,384,979,266

		918,725				10,553,406				1,318,967

		–				10,970,585				–
		369,496				329,867				4,182,515
		222,421				234,561				784,316
		71,977				148,400				328,499
		32,201				55,368				169,867
		–				1,384,967				–
		11,862				13,404				42,476
		–				–				–
		–				–				–
		344,977				359,538				643,503
		1,971,659				24,050,096				7,470,143

	$	384,128,969			$	431,811,629			$	1,377,509,123

	$	539,168,817			$	935,572,678			$	1,263,800,633
		(155,039,848	)			(503,761,049	)			113,708,490
	$	384,128,969			$	431,811,629			$	1,377,509,123

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)

April 30, 2020

	Growth Leaders Fund			Health Care Fund			International Equity Fund

Net assets by class:
Class A Shares		$	1,170,337,307		$	1,148,541		$	140,566,144
Class C Shares		$	687,656,523		$	152,385		$	8,090,123
Class F Shares		$	1,641,426,575		$	540,353		$	9,656,866
Class F3 Shares		$	104,368,740		$	537,656		$	3,648,463
Class I Shares		$	627,992,104		$	118,211		$	161,334,422
Class P Shares			–			–		$	36,544
Class R2 Shares		$	606,010			–		$	158,728
Class R3 Shares		$	15,017,260		$	10,706		$	5,549,647
Class R4 Shares		$	9,730,432		$	10,726		$	923,294
Class R5 Shares		$	10,150,733		$	10,746		$	43,654
Class R6 Shares		$	38,388,831		$	1,371,144		$	1,949,221
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares			39,332,144			71,378			12,274,384
Class C Shares			25,245,291			9,524			709,390
Class F Shares			54,013,965			33,524			847,655
Class F3 Shares			3,396,047			33,356			314,984
Class I Shares			20,527,291			7,337			13,954,371
Class P Shares			–			–			3,187
Class R2 Shares			20,761			–			13,866
Class R3 Shares			515,459			666.67			491,883
Class R4 Shares			326,908			666.67			80,997
Class R5 Shares			331,664			666.97			3,794
Class R6 Shares			1,249,163			85,056			168,362
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$29.76			$16.09			$11.45
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)			$31.58			$17.07			$12.15
Class C Shares-Net asset value			$27.24			$16.00			$11.40
Class F Shares-Net asset value			$30.39			$16.12			$11.39
Class F3 Shares-Net asset value			$30.73			$16.12			$11.58
Class I Shares-Net asset value			$30.59			$16.11			$11.56
Class P Shares-Net asset value			–			–			$11.47
Class R2 Shares-Net asset value			$29.19			–			$11.45
Class R3 Shares-Net asset value			$29.13			$16.06			$11.28
Class R4 Shares-Net asset value			$29.77			$16.09			$11.40
Class R5 Shares-Net asset value			$30.61			$16.11			$11.51
Class R6 Shares-Net asset value			$30.73			$16.12			$11.58

80	See Notes to Financial Statements.

International Opportunities Fund			International Value Fund			Value Opportunities Fund

	$	94,883,808		$	185,395,205		$	603,237,457
	$	14,504,626		$	21,896,553		$	98,192,877
	$	46,168,824		$	23,297,939		$	138,489,903
	$	15,242,445		$	18,920,297		$	202,613,542
	$	158,152,903		$	175,731,933		$	208,719,828
	$	100,579			–		$	15,925,119
	$	2,390,249		$	17,490		$	4,738,374
	$	13,110,423		$	5,524,191		$	43,524,528
	$	4,916,685		$	39,282		$	33,877,781
	$	8,965,717		$	8,641		$	1,736,561
	$	25,692,710		$	980,098		$	26,453,153

		7,052,916			33,014,176			40,738,090
		1,164,054			3,932,307			7,748,814
		3,468,720			4,129,025			9,119,926
		1,094,916			3,347,963			12,964,435
		11,415,701			31,070,732			13,446,445
		7,275			–			1,102,087
		180,736			3,037			337,074
		996,295			972,747			3,052,273
		367,227			7,008			2,291,065
		647,514			1,532			111,782
		1,845,544			173,389			1,693,943

		$13.45			$5.62			$14.81

		$14.27			$5.96			$15.71
		$12.46			$5.57			$12.67
		$13.31			$5.64			$15.19
		$13.92			$5.65			$15.63
		$13.85			$5.66			$15.52
		$13.83			–			$14.45
		$13.23			$5.76			$14.06
		$13.16			$5.68			$14.26
		$13.39			$5.61			$14.79
		$13.85			$5.64			$15.54
		$13.92			$5.65			$15.62

See Notes to Financial Statements.

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2020

	Alpha Strategy Fund				Durable Growth Fund			*	Focused Growth Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $0, $0, $11,798, $4,241, $549,296 and $4,088, respectively)		$	4,743,569			$	392,252			$	25,962
Securities lending net income			–				–				–
Interest			8,304				6,841				869
Total investment income			4,751,873				399,093				26,831
Expenses:
Management fee			419,221				254,831				37,105
12b-1 distribution plan-Class A			557,300				620				6,832
12b-1 distribution plan-Class C			422,040				563				1,267
12b-1 distribution plan-Class F			78,370				246				583
12b-1 distribution plan-Class P			–				–				–
12b-1 distribution plan-Class R2			4,108				–				–
12b-1 distribution plan-Class R3			58,896				25				28
12b-1 distribution plan-Class R4			4,350				13				14
Shareholder servicing			425,914				764				1,442
Fund administration			167,688				18,533				2,283
Registration			65,903				2,303				52,812
Reports to shareholders			41,337				367				206
Professional			21,363				23,686				17,558
Trustees’ fees			13,495				–				148
Custody			4,269				656				1,471
Offering costs			–				30,326				17,527
Other			10,954				6,038				5,141
Gross expenses			2,295,208				338,971				144,417
Expense reductions (See Note 9)			(9,604	)			(19	)			(100	)
Fees waived and expenses reimbursed (See Note 3)			(419,221	)			(18,423	)			(91,576	)
Net expenses			1,866,383				320,529				52,741
Net investment income (loss)			2,885,490				78,564				(25,910	)
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds			99,573,231				–				–
Net realized gain (loss) on Investment in Underlying Funds			(18,086,749	)			–				–
Net realized gain (loss) on investments			–				(2,691,802	)			513,484
Net realized gain (loss) on futures contracts			–				–				–
Net realized gain (loss) on foreign currency related transactions			–				(22	)			–
Net change in unrealized appreciation/depreciation on investments			–				(7,479,017	)			982,755
Net change in unrealized appreciation/depreciation in Underlying Funds			(196,976,455	)			–				–
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies			–				–				–
Net realized and unrealized gain (loss)			(115,489,973	)			(10,170,841	)			1,496,239
Net Increase (Decrease) in Net Assets Resulting From Operations		$	(112,604,483	)		$	(10,092,277	)		$	1,470,329

*	For the period November 1, 2019 (commencement of operations) to April 30, 2020.

82	See Notes to Financial Statements.

Focused Large Cap Value Fund				Focused Small Cap Value Fund				Fundamental Equity Fund				Global Equity Research Fund

	$	892,873			$	1,056,380			$	30,322,520			$	68,157
		–				1,204				–				–
		15,870				123,708				–				121
		908,743				1,181,292				30,322,520				68,278

		200,055				442,390				6,147,654				16,833
		791				11,662				1,561,361				4,265
		634				220				697,889				2,844
		237				15				80,805				718
		–				–				9,668				–
		–				–				10,737				37
		23				22				230,730				500
		11				11				5,127				16
		18,017				24,886				908,556				2,589
		13,563				22,120				454,020				1,496
		11,144				83,381				79,882				67,648
		2,237				4,346				100,756				2,786
		21,448				28,530				36,582				26,495
		559				1,812				36,617				115
		482				6,606				8,992				10,297
		29,070				–				–				–
		4,473				13,790				84,919				7,595
		302,744				639,791				10,454,295				144,234
		(17	)			(335	)			(20,345	)			(80	)
		(60,925	)			(58,508	)			–				(111,535	)
		241,802				580,948				10,433,950				32,619
		666,941				600,344				19,888,570				35,659

		–				–				–				–

		–				–				–				–
		(4,271,945	)			(11,727,950	)			(66,554,818	)			223,028
		–				(680	)			–				160

		1,474				3,808				65,273				(744	)

		21,000,577				(23,555,086	)			(297,143,850	)			(798,968	)

		–				–				–				–

		1,509				4				(42,825	)			(69	)
		16,731,615				(35,279,904	)			(363,676,220	)			(576,593	)

	$	17,398,556			$	(34,679,560	)		$	(343,787,650	)		$	(540,934	)

See Notes to Financial Statements.

Statements of Operations (unaudited)(concluded)

For the Six Months Ended April 30, 2020

	Growth Leaders Fund				Health Care Fund				International Equity Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $1,245, $588,492, $513,255, $1,213,727 and $18,611, respectively)		$	10,370,681			$	16,499			$	4,153,925
Securities lending net income			10,785				–				–
Interest			182,161				267				28,760
Total investment income			10,563,627				16,766				4,182,685
Expenses:
Management fee			10,303,113				10,521				1,433,041
12b-1 distribution plan-Class A			1,319,663				1,252				207,764
12b-1 distribution plan-Class C			3,246,087				667				48,837
12b-1 distribution plan-Class F			751,242				258				18,312
12b-1 distribution plan-Class P			–				–				91
12b-1 distribution plan-Class R2			3,229				–				1,192
12b-1 distribution plan-Class R3			36,123				26				16,042
12b-1 distribution plan-Class R4			10,859				13				1,336
Shareholder servicing			1,393,441				1,122				195,940
Fund administration			784,468				679				81,888
Registration			123,583				11,144				66,553
Reports to shareholders			151,339				565				24,581
Professional			39,122				23,206				54,637
Trustees’ fees			56,510				44				6,614
Custody			14,038				514				25,330
Offering costs			–				34,057				–
Other			103,130				4,615				44,966
Gross expenses			18,335,947				88,683				2,227,124
Expense reductions (See Note 9)			(41,292	)			(21	)			(2,619	)
Fees waived and expenses reimbursed (See Note 3)			(751,242	)			(74,108	)			(115,537	)
Net expenses			17,543,413				14,554				2,108,968
Net investment income (loss)			(6,979,786	)			2,212				2,073,717
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments			155,873,411				(7,679	)			(11,934,453	)
Net realized gain (loss) on futures contracts			–				–				–
Net realized gain (loss) on forward foreign currency exchange contracts			–				–				–
Net realized gain (loss) on swap contracts			–				–				–
Net realized gain (loss) on foreign currency related transactions			–				75				30,277
Net change in unrealized appreciation/depreciation on investments			328,408,839				310,462				(37,789,798	)
Net change in unrealized appreciation/depreciation on swap contracts			–				–				–
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies			–				27				5,893
Net realized and unrealized gain (loss)			484,282,250				302,885				(49,688,081	)
Net Increase (Decrease) in Net Assets Resulting From Operations		$	477,302,464			$	305,097			$	(47,614,364	)

84	See Notes to Financial Statements.

International Opportunities Fund				International Value Fund				Value Opportunities Fund

	$	2,962,583			$	6,091,854			$	13,007,180
		–				166				–
		63,608				15,659				12,273
		3,026,191				6,107,679				13,019,453

		1,819,809				1,831,877				6,030,101
		141,472				289,252				881,210
		97,408				142,229				611,495
		35,577				16,656				90,066
		219				–				43,161
		8,864				117				17,615
		42,777				16,280				128,984
		6,929				47				49,553
		224,117				234,888				877,170
		97,057				104,679				330,370
		68,078				65,229				78,050
		29,783				33,040				133,274
		39,614				53,202				33,152
		8,110				8,489				27,364
		41,832				27,338				9,593
		–				–				–
		64,025				62,737				79,215
		2,725,671				2,886,060				9,420,373
		(3,217	)			(3,839	)			(14,369	)
		–				(206,645	)			–
		2,722,454				2,675,576				9,406,004
		303,737				3,432,103				3,613,449

		(24,413,154	)			(33,895,407	)			34,687,822
		–				(50	)			–

		(4,819	)			–				–
		(4,747,872	)			–				–

		(75,486	)			26,829				–

		(47,138,103	)			(72,810,384	)			(213,073,243	)

		15,007				–				–

		116,256				169,672				–
		(76,248,171	)			(106,509,340	)			(178,385,421	)

	$	(75,944,434	)		$	(103,077,237	)		$	(174,771,972	)

See Notes to Financial Statements.

Statements of Changes in Net Assets

	Alpha Strategy Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2020 (unaudited)				For the Year Ended October 31, 2019
Operations:
Net investment income (loss)		$	2,885,490			$	(1,510,876	)
Capital gain distributions received from Underlying Funds			99,573,231				141,088,951
Net realized gain (loss) on investments in Underlying Funds			(18,086,749	)			(22,111,433	)
Net change in unrealized appreciation/depreciation on investments in Underlying Funds			(196,976,455	)			(70,488,971	)
Net increase (decrease) in net assets resulting from operations			(112,604,483	)			46,977,671
Distributions to shareholders:
Class A			(64,393,529	)			(64,320,005	)
Class C			(15,294,929	)			(18,964,806	)
Class F			(23,235,257	)			(25,648,079	)
Class F3			(4,127,641	)			(4,274,550	)
Class I			(11,845,960	)			(10,723,289	)
Class R2			(211,258	)			(237,992	)
Class R3			(3,583,900	)			(3,664,779	)
Class R4			(473,062	)			(401,776	)
Class R5			(39,612	)			(40,519	)
Class R6			(566,017	)			(516,083	)
Total distributions to shareholders			(123,771,165	)			(128,791,878	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			76,009,591				134,508,508
Reinvestment of distributions			107,813,540				110,704,653
Cost of shares reacquired			(161,847,830	)			(258,558,622	)
Net increase (decrease) in net assets resulting from capital share transactions			21,975,301				(13,345,461	)
Net decrease in net assets			(214,400,347	)			(95,159,668	)
NET ASSETS:
Beginning of period		$	917,448,839			$	1,012,608,507
End of period		$	703,048,492			$	917,448,839

*	For the period November 1, 2019 (commencement of operations) to April 30, 2020.
**	For the period January 20, 2019 (commencement of operations) to October 31, 2019.
***	For the period July 26, 2019 (commencement of operations) to October 31, 2019.

86	See Notes to Financial Statements.

This page is intentionally left blank.

Statements of Changes in Net Assets (continued)

	Durable Growth Fund
INCREASE (DECREASE) IN NET ASSETS	For the Period Ended April 30, 2020 (unaudited)*
Operations:
Net investment income (loss)		$	78,564
Net realized gain (loss) on investments and foreign currency related transactions			(2,691,824	)
Net change in unrealized appreciation/depreciation on investments			(7,479,017	)
Net increase (decrease) in net assets resulting from operations			(10,092,277	)
Distributions to shareholders:
Class A			(185	)
Class F			(493	)
Class F3			(128	)
Class I			(573	)
Class R3			(4	)
Class R4			(8	)
Class R5			(12	)
Class R6			(583	)
Total distributions to shareholders			(1,986	)
Capital share transactions (See Note 16):
Net proceeds from sales of shares			193,250,174
Reinvestment of distributions			1,986
Cost of shares reacquired			(5,104,170	)
Net increase in net assets resulting from capital share transactions			188,147,990
Net increase in net assets			178,053,727
NET ASSETS:
Beginning of period		$	–
End of period		$	178,053,727

88	See Notes to Financial Statements.

Focused Growth Fund
For the Six Months Ended April 30, 2020 (unaudited)				For the Period Ended October 31, 2019**

	$	(25,910	)		$	(34,755	)

		513,484				(390,246	)

		982,755				524,523

		1,470,329				99,522

		–				–
		–				–
		–				–
		–				–
		–				–
		–				–
		–				–
		–				–
		–				–

		3,784,653				10,315,635
		–				–
		(2,432,589	)			(489,452	)

		1,352,064				9,826,183
		2,822,393				9,925,705

	$	9,925,705			$	–
	$	12,748,098			$	9,925,705

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Focused Large Cap Value Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2020 (unaudited)				For the Period Ended October 31, 2019***
Operations:
Net investment income (loss)		$	666,941			$	69,175
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions			(4,270,471	)			(62,101	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			21,002,086				121,313
Net increase (decrease) in net assets resulting from operations			17,398,556				128,387
Distributions to shareholders:
Class A			(2,766	)			–
Class C			(326	)			–
Class F			(2,983	)			–
Class F3			(3,213	)			–
Class I			(249,650	)			–
Class R3			(43	)			–
Class R4			(53	)			–
Class R5			(64	)			–
Class R6			(3,681	)			–
Total distributions to shareholders			(262,779	)			–
Capital share transactions (See Note 16):
Net proceeds from sales of shares			191,047,868				40,578,830
Reinvestment of distributions			262,312				–
Cost of shares reacquired			(318,990	)			(340,294	)
Net increase in net assets resulting from capital share transactions			190,991,190				40,238,536
Net increase (decrease) in net assets			208,126,967				40,366,923
NET ASSETS:
Beginning of period		$	40,366,923			$	–
End of period		$	248,493,890			$	40,366,923

90	See Notes to Financial Statements.

Focused Small Cap Value Fund
For the Six Months Ended April 30, 2020 (unaudited)				For the Year Ended October 31, 2019

	$	600,344			$	(88,791	)

		(11,724,822	)			18,107,304


		(23,555,082	)			(16,643,010	)
		(34,679,560	)			1,375,503

		(930,691	)			(921,358	)
		(1,499	)			–
		(1,499	)			–
		(1,500	)			–
		(16,913,603	)			(17,602,082	)
		(1,500	)			–
		(1,500	)			–
		(1,500	)			–
		(224,135	)			–
		(18,077,427	)			(18,523,440	)

		13,784,918				6,106,925
		17,320,956				17,420,876
		(15,926,515	)			(18,785,893	)

		15,179,359				4,741,908
		(37,577,628	)			(12,406,029	)

	$	121,212,203			$	133,618,232
	$	83,634,575			$	121,212,203

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Fundamental Equity Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2020 (unaudited)				For the Year Ended October 31, 2019
Operations:
Net investment income		$	19,888,570			$	36,555,458
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions			(66,489,545	)			231,898,572
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(297,186,675	)			(92,878,635	)
Net increase (decrease) in net assets resulting from operations			(343,787,650	)			175,575,395
Distributions to shareholders:
Class A			(139,407,947	)			(123,304,286	)
Class C			(16,649,980	)			(19,708,286	)
Class F			(18,953,312	)			(21,587,807	)
Class F3			(2,109,059	)			(1,772,318	)
Class I			(62,285,912	)			(8,065,892	)
Class P			(512,325	)			(460,530	)
Class R2			(400,669	)			(293,042	)
Class R3			(9,958,421	)			(9,723,337	)
Class R4			(503,129	)			(447,256	)
Class R5			(150,353	)			(71,449	)
Class R6			(2,273,124	)			(1,511,589	)
Total distributions to shareholders			(253,204,231	)			(186,945,792	)
Capital share transactions (See Note 16):
Net proceeds from sales of shares			192,151,225				392,224,846
Net proceeds from reorganizations (See Note 17)			–				423,880,340
Reinvestment of distributions			243,117,721				172,204,806
Cost of shares reacquired			(479,418,341	)			(677,408,504	)
Net increase (decrease) in net assets resulting from capital share transactions			(44,149,395	)			310,901,488
Net increase (decrease) in net assets			(641,141,276	)			299,531,091
NET ASSETS:
Beginning of period		$	2,488,558,256			$	2,189,027,165
End of period		$	1,847,416,980			$	2,488,558,256

92	See Notes to Financial Statements.

Global Equity Research Fund
For the Six Months Ended April 30, 2020 (unaudited)				For the Year Ended October 31, 2019

	$	35,659			$	92,628

		222,444				(53,617	)

		(799,037	)			763,337
		(540,934	)			802,348

		(41,267	)			(143,845	)
		(1,897	)			(27,294	)
		(17,441	)			(57,059	)
		(181	)			(551	)
		(17,804	)			(55,069	)
		–				–
		(107	)			(487	)
		(1,908	)			(8,046	)
		(150	)			(531	)
		(182	)			(562	)
		(8,710	)			(27,363	)
		(89,647	)			(320,807	)

		782,915				2,204,559
		–				–
		80,997				293,134
		(1,834,038	)			(1,044,597	)

		(970,126	)			1,453,096
		(1,600,707	)			1,934,637

	$	8,544,835			$	6,610,198
	$	6,944,128			$	8,544,835

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Growth Leaders Fund
INCREASE IN NET ASSETS	For the Six Months Ended April 30, 2020 (unaudited)				For the Year Ended October 31, 2019
Operations:
Net investment income (loss)		$	(6,979,786	)		$	(16,937,658	)
Net realized gain (loss) on investments and foreign currency related transactions			155,873,411				312,471,158
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			328,408,839				205,849,051
Net increase (decrease) in net assets resulting from operations			477,302,464				501,382,551
Distributions to shareholders:
Class A			(81,848,840	)			(139,466,357	)
Class C			(55,520,466	)			(98,074,145	)
Class F			(115,075,437	)			(197,323,552	)
Class F3			(5,998,021	)			(7,037,899	)
Class I			(41,625,583	)			(106,192,456	)
Class R2			(94,793	)			(212,191	)
Class R3			(1,134,003	)			(2,381,926	)
Class R4			(604,646	)			(985,529	)
Class R5			(741,362	)			(1,325,658	)
Class R6			(2,986,993	)			(4,060,630	)
Total distributions to shareholders			(305,630,144	)			(557,060,343	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			855,383,575				1,059,846,667
Reinvestment of distributions			278,119,573				507,905,692
Cost of shares reacquired			(739,562,104	)			(1,387,549,103	)
Net increase in net assets resulting from capital share transactions			393,941,044				180,203,256
Net increase in net assets			565,613,364				124,525,464
NET ASSETS:
Beginning of period		$	3,740,061,151			$	3,615,535,687
End of period		$	4,305,674,515			$	3,740,061,151

****	For the period July 26, 2019 (commencement of operations) to October 31, 2019.

94	See Notes to Financial Statements.

Health Care Fund
For the Six Months Ended April 30, 2020 (unaudited)				For the Period Ended October 31, 2019****

	$	2,212			$	(1,558	)

		(7,604	)			(52,402	)

		310,489				(26,371	)
		305,097				(80,331	)

		–				–
		–				–
		(37	)			–
		(346	)			–
		(54	)			–
		–				–
		–				–
		–				–
		(5	)			–
		(563	)			–
		(1,005	)			–

		1,377,190				2,700,258
		788				–
		(401,529	)			–

		976,449				2,700,258
		1,280,541				2,619,927

	$	2,619,927			$	–
	$	3,900,468			$	2,619,927

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	International Equity Fund
DECREASE IN NET ASSETS	For the Six Months Ended April 30, 2020 (unaudited)				For the Year Ended October 31, 2019
Operations:
Net investment income		$	2,073,717			$	8,226,596
Net realized gain (loss) on investments, forward foreign currency exchange contracts, swaps and foreign currency related transactions			(11,904,176	)			(19,724,648	)
Net change in unrealized appreciation/depreciation on investments, swaps and translation of assets and liabilities denominated in foreign currencies			(37,783,905	)			62,344,104
Net increase (decrease) in net assets resulting from operations			(47,614,364	)			50,846,052
Distributions to shareholders:
Class A			(2,639,912	)			(3,896,951	)
Class C			(71,571	)			(107,427	)
Class F			(800,991	)			(1,270,319	)
Class F3			(76,992	)			(112,288	)
Class I			(3,329,607	)			(6,366,583	)
Class P			(544	)			(706	)
Class R2			(5,530	)			(5,759	)
Class R3			(89,018	)			(155,667	)
Class R4			(16,392	)			(20,580	)
Class R5			(1,430	)			(1,612	)
Class R6			(43,726	)			(61,964	)
Total distributions to shareholders			(7,075,713	)			(11,999,856	)
Capital share transactions (See Note 16):
Net proceeds from sales of shares			7,704,998				22,087,754
Reinvestment of distributions			6,953,333				11,810,501
Cost of shares reacquired			(80,490,387	)			(181,068,582	)
Net decrease in net assets resulting from capital share transactions			(65,832,056	)			(147,170,327	)
Net decrease in net assets			(120,522,133	)			(108,324,131	)
NET ASSETS:
Beginning of period		$	452,479,239			$	560,803,370
End of period		$	331,957,106			$	452,479,239

96	See Notes to Financial Statements.

International Opportunities Fund
For the Six Months Ended April 30, 2020 (unaudited)				For the Year Ended October 31, 2019

	$	303,737			$	7,251,498

		(29,241,331	)			(78,498,976	)

		(47,006,840	)			108,574,437
		(75,944,434	)			37,326,959

		(1,578,626	)			(16,618,071	)
		(105,055	)			(3,197,538	)
		(1,183,908	)			(17,138,682	)
		(280,820	)			(2,259,887	)
		(3,153,719	)			(23,771,223	)
		(891	)			(11,144	)
		(28,321	)			(371,090	)
		(187,243	)			(3,678,989	)
		(84,735	)			(494,086	)
		(266,449	)			(3,884,423	)
		(509,434	)			(3,869,296	)
		(7,379,201	)			(75,294,429	)

		37,177,260				121,724,408
		6,975,122				68,420,987
		(137,699,881	)			(381,295,013	)

		(93,547,499	)			(191,149,618	)
		(176,871,134	)			(229,117,088	)

	$	561,000,103			$	790,117,191
	$	384,128,969			$	561,000,103

See Notes to Financial Statements.

Statements of Changes in Net Assets (concluded)

	International Value Fund
DECREASE IN NET ASSETS	For the Six Months Ended April 30, 2020 (unaudited)				For the Year Ended October 31, 2019
Operations:
Net investment income		$	3,432,103			$	20,176,335
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions			(33,868,628	)			(16,618,660	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(72,640,712	)			36,853,093
Net increase (decrease) in net assets resulting from operations			(103,077,237	)			40,410,768
Distributions to shareholders:
Class A			(1,524,251	)			(8,071,368	)
Class C			(85,001	)			(846,038	)
Class F			(249,824	)			(1,347,041	)
Class F3			(179,938	)			(841,245	)
Class I			(1,553,660	)			(8,117,139	)
Class P			–				–
Class R2			–				(10,825	)
Class R3			(33,868	)			(200,439	)
Class R4			(229	)			(1,084	)
Class R5			(78	)			(367	)
Class R6			(10,792	)			(50,339	)
Total distributions to shareholders			(3,637,641	)			(19,485,885	)
Capital share transactions (See Note 16):
Net proceeds from sales of shares			36,761,409				69,499,865
Reinvestment of distributions			3,546,416				18,898,989
Cost of shares reacquired			(81,851,655	)			(267,470,860	)
Net decrease in net assets resulting from capital share transactions			(41,543,830	)			(179,072,006	)
Net decrease in net assets			(148,258,708	)			(158,147,123	)
NET ASSETS:
Beginning of period		$	580,070,337			$	738,217,460
End of period		$	431,811,629			$	580,070,337

98	See Notes to Financial Statements.

Value Opportunities Fund
For the Six Months Ended April 30, 2020 (unaudited)				For the Year Ended October 31, 2019

	$	3,613,449			$	7,214,039

		34,687,822				240,098,045

		(213,073,243	)			(156,042,103	)
		(174,771,972	)			91,269,981

		(85,094,354	)			(82,769,526	)
		(17,196,886	)			(22,544,150	)
		(22,240,666	)			(34,047,751	)
		(27,977,023	)			(29,372,410	)
		(31,069,513	)			(39,402,346	)
		(2,448,798	)			(2,324,620	)
		(736,437	)			(696,446	)
		(6,339,609	)			(7,151,640	)
		(4,776,365	)			(4,905,199	)
		(306,961	)			(168,860	)
		(4,315,563	)			(8,231,369	)
		(202,502,175	)			(231,614,317	)

		84,404,803				209,293,368
		196,957,357				219,865,690
		(380,330,717	)			(1,016,349,328	)

		(98,968,557	)			(587,190,270	)
		(476,242,704	)			(727,534,606	)

	$	1,853,751,827			$	2,581,286,433
	$	1,377,509,123			$	1,853,751,827

See Notes to Financial Statements.

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)^(b)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2020^(d)		$24.04		$ 0.06			$(2.55	)		$(2.49	)		$ –			$(3.29	)		$(3.29	)
10/31/2019		26.62		(0.03	)		0.87			0.84			(0.26	)		(3.16	)		(3.42	)
10/31/2018		28.92		(0.05	)		0.93			0.88			–			(3.18	)		(3.18	)
10/31/2017		25.94		(0.05	)		5.96			5.91			–			(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	)
Class C
4/30/2020^(d)		19.73		–	^(g)		(1.99	)		(1.99	)		–			(3.29	)		(3.29	)
10/31/2019		22.43		(0.17	)		0.66			0.49			(0.03	)		(3.16	)		(3.19	)
10/31/2018		25.03		(0.21	)		0.79			0.58			–			(3.18	)		(3.18	)
10/31/2017		22.96		(0.21	)		5.21			5.00			–			(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	)
Class F
4/30/2020^(d)		24.22		0.08			(2.58	)		(2.50	)		–			(3.29	)		(3.29	)
10/31/2019		26.80		0.01			0.87			0.88			(0.30	)		(3.16	)		(3.46	)
10/31/2018		29.06		–	^(g)		0.92			0.92			–			(3.18	)		(3.18	)
10/31/2017		26.01		(0.02	)		6.00			5.98			–			(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	)
Class F3
4/30/2020^(d)		24.78		0.09			(2.65	)		(2.56	)		–			(3.29	)		(3.29	)
10/31/2019		27.32		0.05			0.91			0.96			(0.34	)		(3.16	)		(3.50	)
10/31/2018		29.52		0.05			0.93			0.98			–			(3.18	)		(3.18	)
4/4/2017 to 10/31/2017^(h)		26.15		(0.01	)		3.38			3.37			–			–			–
Class I
4/30/2020^(d)		24.72		0.08			(2.64	)		(2.56	)		–			(3.29	)		(3.29	)
10/31/2019		27.29		0.03			0.89			0.92			(0.33	)		(3.16	)		(3.49	)
10/31/2018		29.50		0.02			0.95			0.97			–			(3.18	)		(3.18	)
10/31/2017		26.34		0.02			6.07			6.09			–			(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	)
Class R2
4/30/2020^(d)		23.11		0.03			(2.43	)		(2.40	)		–			(3.29	)		(3.29	)
10/31/2019		25.65		(0.10	)		0.83			0.73			(0.11	)		(3.16	)		(3.27	)
10/31/2018		28.07		(0.13	)		0.89			0.76			–			(3.18	)		(3.18	)
10/31/2017		25.34		(0.14	)		5.80			5.66			–			(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	)

100	See Notes to Financial Statements.

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

	$18.26		(12.93	)^(e)		0.44	^(f)		0.54	^(f)		0.71	^(f)		$383,422		15	^(e)
	24.04		5.65			0.44			0.54			(0.13	)		482,675		17
	26.62		3.11			0.42			0.52			(0.17	)		508,472		8
	28.92		24.55			0.41			0.54			(0.19	)		510,601		6
	25.94		0.91			0.27			0.55			(0.10	)		507,241		13
	29.79		2.54			0.25			0.53			0.08			580,945		8

	14.45		(13.25	)^(e)		1.20	^(f)		1.30	^(f)		(0.02	)^(f)		67,469		15	^(e)
	19.73		4.86			1.19			1.29			(0.85	)		97,096		17
	22.43		2.31			1.17			1.27			(0.87	)		140,681		8
	25.03		23.69			1.16			1.29			(0.92	)		224,568		6
	22.96		0.12			1.02			1.30			(0.84	)		265,906		13
	26.83		1.76			1.00			1.28			(0.67	)		314,946		8

	18.43		(12.86	)^(e)		0.29	^(f)		0.39	^(f)		0.90	^(f)		115,107		15	^(e)
	24.22		5.81			0.29			0.39			0.04			176,784		17
	26.80		3.25			0.27			0.37			(0.01	)		204,245		8
	29.06		24.78			0.27			0.39			(0.06	)		247,908		6
	26.01		1.05			0.12			0.40			0.06			230,558		13
	29.87		2.68			0.10			0.38			0.23			271,865		8

	18.93		(12.81	)^(e)		0.09	^(f)		0.19	^(f)		1.02	^(f)		28,133		15	^(e)
	24.78		6.03			0.10			0.20			0.20			32,219		17
	27.32		3.42			0.08			0.19			0.17			33,677		8
	29.52		12.89	^(e)		0.09	^(f)		0.19	^(f)		(0.08	)^(f)		34,672		6

	18.87		(12.85	)^(e)		0.19	^(f)		0.29	^(f)		0.91	^(f)		81,106		15	^(e)
	24.72		5.88			0.19			0.29			0.11			92,448		17
	27.29		3.38			0.17			0.27			0.08			87,441		8
	29.50		24.90			0.16			0.30			0.06			69,232		6
	26.34		1.15			0.02			0.30			0.09			67,982		13
	30.20		2.78			0.00			0.28			0.36			43,135		8

	17.42		(13.07	)^(e)		0.80	^(f)		0.90	^(f)		0.37	^(f)		1,095		15	^(e)
	23.11		5.26			0.79			0.89			(0.45	)		1,476		17
	25.65		2.75			0.77			0.87			(0.49	)		2,531		8
	28.07		24.11			0.76			0.89			(0.55	)		3,064		6
	25.34		0.57			0.62			0.90			(0.45	)		2,704		13
	29.16		2.16			0.60			0.88			(0.22	)		2,704		8

See Notes to Financial Statements.

101

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)^(b)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R3
4/30/2020^(d)		$23.26		$ 0.04			$(2.45	)		$(2.41	)		$ –			$(3.29	)		$(3.29	)
10/31/2019		25.86		(0.09	)		0.84			0.75			(0.19	)		(3.16	)		(3.35	)
10/31/2018		28.25		(0.11	)		0.90			0.79			–			(3.18	)		(3.18	)
10/31/2017		25.46		(0.11	)		5.83			5.72			–			(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	)
Class R4
4/30/2020^(d)		23.98		0.05			(2.53	)		(2.48	)		–			(3.29	)		(3.29	)
10/31/2019		26.58		(0.04	)		0.87			0.83			(0.27	)		(3.16	)		(3.43	)
10/31/2018		28.88		(0.06	)		0.94			0.88			–			(3.18	)		(3.18	)
10/31/2017		25.90		(0.09	)		6.00			5.91			–			(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⁽ⁱ⁾		31.87		(0.03	)		(2.05	)		(2.08	)		–			–			–
Class R5
4/30/2020^(d)		24.73		0.06			(2.62	)		(2.56	)		–			(3.29	)		(3.29	)
10/31/2019		27.30		0.03			0.89			0.92			(0.33	)		(3.16	)		(3.49	)
10/31/2018		29.52		0.02			0.94			0.96			–			(3.18	)		(3.18	)
10/31/2017		26.35		(0.04	)		6.14			6.10			–			(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⁽ⁱ⁾		32.28		–	^(g)		(2.08	)		(2.08	)		–			–			–
Class R6
4/30/2020^(d)		24.78		0.09			(2.64	)		(2.55	)		–			(3.29	)		(3.29	)
10/31/2019		27.33		0.05			0.90			0.95			(0.34	)		(3.16	)		(3.50	)
10/31/2018		29.52		0.05			0.94			0.99			–			(3.18	)		(3.18	)
10/31/2017		26.34		(0.01	)		6.12			6.11			–			(2.93	)		(2.93	)
10/31/2016		30.20		–	^(g)		0.23			0.23			(0.27	)		(3.82	)		(4.09	)
6/30/2015 to 10/31/2015⁽ⁱ⁾		32.28		–	^(g)		(2.08	)		(2.08	)		–			–			–

^(a)	Does not include expenses of the Underlying Funds in which the Fund invests.
^(b)	Calculated using average shares outstanding during the period.
^(c)	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.
^(d)	Unaudited.
^(e)	Not annualized.
^(f)	Annualized.
^(g)	Amount less than $0.01.
^(h)	Commenced on April 4, 2017.
⁽ⁱ⁾	Commenced on June 30, 2015.

102	See Notes to Financial Statements.

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

	$17.56		(13.03	)^(e)		0.69	^(f)		0.79	^(f)		0.49	^(f)		$19,632		15	^(e)
	23.26		5.38			0.69			0.79			(0.38	)		26,729		17
	25.86		2.84			0.67			0.77			(0.40	)		28,601		8
	28.25		24.24			0.65			0.79			(0.43	)		33,190		6
	25.46		0.68			0.52			0.80			(0.35	)		34,223		13
	29.30		2.28			0.50			0.78			(0.17	)		36,656		8

	18.21		(12.92	)^(e)		0.44	^(f)		0.54	^(f)		0.64	^(f)		3,180		15	^(e)
	23.98		5.61			0.44			0.54			(0.16	)		3,461		17
	26.58		3.12			0.42			0.52			(0.22	)		3,236		8
	28.88		24.60			0.42			0.53			(0.34	)		1,998		6
	25.90		0.91			0.28			0.55			(0.27	)		278		13
	29.79		(6.53	)^(e)		0.25	^(f)		0.53	^(f)		(0.25	)^(f)		9		8

	18.88		(12.85	)^(e)		0.19	^(f)		0.29	^(f)		0.76	^(f)		393		15	^(e)
	24.73		5.90			0.19			0.29			0.13			296		17
	27.30		3.34			0.17			0.27			0.06			106		8
	29.52		24.93			0.18			0.28			(0.13	)		84		6
	26.35		1.19			–			0.30			0.16			9		13
	30.20		(6.44	)^(e)		0.00	^(f)		0.28	^(f)		0.00	^(f)		9		8

	18.94		(12.77	)^(e)		0.09	^(f)		0.19	^(f)		1.05	^(f)		3,511		15	^(e)
	24.78		5.98			0.10			0.20			0.19			4,266		17
	27.33		3.45			0.08			0.19			0.17			3,619		8
	29.52		24.98			0.09			0.19			1.34			3,855		6
	26.34		1.17			0.03			0.17			(0.01	)		675		13
	30.20		(6.44	)^(e)		0.00	^(f)		0.12	^(f)		0.03	^(f)		9		8

See Notes to Financial Statements.

103

Financial Highlights

DURABLE GROWTH 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		Total from invest- ment opera- tions		Net invest- ment income			Net asset value, end of period
Class A
11/1/2019 to 4/30/2020^(e)(f)		$15.00		$ –	^(g)		$0.76		$0.76		$(0.01	)		$15.75
Class C
11/1/2019 to 4/30/2020^(e)(f)		15.00		(0.04	)		0.74		0.70		–			15.70
Class F
11/1/2019 to 4/30/2020^(e)(f)		15.00		0.03			0.74		0.77		(0.01	)		15.76
Class F3
11/1/2019 to 4/30/2020^(e)(f)		15.00		0.03			0.76		0.79		(0.02	)		15.77
Class I
11/1/2019 to 4/30/2020^(e)(f)		15.00		0.01			0.78		0.79		(0.02	)		15.77
Class R3
11/1/2019 to 4/30/2020^(e)(f)		15.00		(0.01	)		0.76		0.75		(0.01	)		15.74
Class R4
11/1/2019 to 4/30/2020^(e)(f)		15.00		–	^(g)		0.76		0.76		(0.01	)		15.75
Class R5
11/1/2019 to 4/30/2020^(e)(f)		15.00		0.02			0.77		0.79		(0.02	)		15.77
Class R6
11/1/2019 to 4/30/2020^(e)(f)		15.00		0.03			0.76		0.79		(0.02	)		15.77

^(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)	Annualized.
^(e)	Unaudited.
^(f)	Commenced on November 1, 2019.
^(g)	Amount less than $0.01.

104	See Notes to Financial Statements.

		Ratios to Average Net Assets:							Supplemental Data:

Total return (%)^(b)(c)		Total expenses after waivers and/or reimburse- ments (%)^(d)		Total expenses (%)^(d)		Net invest- ment income (loss) (%)^(d)			Net assets, end of period (000)		Portfolio turnover rate (%)^(c)

	5.08		0.95		2.22		0.01		$	791		11

	4.67		1.70		4.09		(0.63	)		121		11

	5.17		0.70		3.28		0.41			266		11

	5.25		0.64		3.07		0.45			116		11

	5.25		0.70		0.69		0.17			176,585		11

	4.97		1.20		3.65		(0.14	)		10		11

	5.08		0.95		3.44		0.06			11		11

	5.19		0.70		3.14		0.36			11		11

	5.25		0.64		3.00		0.48			143		11

See Notes to Financial Statements.

105

Financial Highlights

FOCUSED GROWTH FUND

			Per Share Operating Performance:

			Investment Operations:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain		Total from invest- ment opera- tions		Net asset value, end of period		Total return (%)^(b)(c)
Class A
4/30/2020^(e)		$15.88		$(0.04	)		$2.71		$2.67		$18.55		16.81
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.10	)		0.98		0.88		15.88		5.87
Class C
4/30/2020^(e)		15.80		(0.10	)		2.68		2.58		18.38		16.33
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.19	)		0.99		0.80		15.80		5.33
Class F
4/30/2020^(e)		15.91		(0.02	)		2.72		2.70		18.61		16.97
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.07	)		0.98		0.91		15.91		6.07
Class F3
4/30/2020^(e)		15.92		(0.02	)		2.73		2.71		18.63		17.02
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.06	)		0.98		0.92		15.92		6.13
Class I
4/30/2020^(e)		15.92		(0.02	)		2.71		2.69		18.61		16.90
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.07	)		0.99		0.92		15.92		6.13
Class R3
4/30/2020^(e)		15.86		(0.06	)		2.69		2.63		18.49		16.58
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.13	)		0.99		0.86		15.86		5.73
Class R4
4/30/2020^(e)		15.89		(0.04	)		2.70		2.66		18.55		16.74
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.10	)		0.99		0.89		15.89		5.93
Class R5
4/30/2020^(e)		15.91		(0.02	)		2.72		2.70		18.61		16.97
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.07	)		0.98		0.91		15.91		6.07
Class R6
4/30/2020^(e)		15.92		(0.02	)		2.73		2.71		18.63		17.02
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.06	)		0.98		0.92		15.92		6.13

^(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)	Annualized.
^(e)	Unaudited.
^(f)	Commencement of operations was 1/30/2019, SEC effective date was 1/31/2019 and date shares first became available to the public was 2/1/2019.
^(g)	Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 1/30/2019 through 1/31/2019.

106	See Notes to Financial Statements.

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

	1.05		2.66		(0.58	)		$ 5,592		100
	1.05		3.09		(0.83	)		4,889		130

	1.80		3.39		(1.37	)		451		100
	1.80		4.10		(1.55	)		156		130

	0.80		2.50		(0.34	)		1,529		100
	0.80		3.14		(0.56	)		1,005		130

	0.73		2.39		(0.26	)		621		100
	0.73		3.07		(0.48	)		531		130

	0.80		2.42		(0.33	)		1,680		100
	0.80		2.91		(0.60	)		1,492		130

	1.30		2.87		(0.80	)		12		100
	1.30		3.64		(1.06	)		11		130

	1.05		2.62		(0.55	)		12		100
	1.05		3.37		(0.80	)		11		130

	0.80		2.38		(0.32	)		12		100
	0.80		3.12		(0.55	)		11		130

	0.73		2.38		(0.28	)		2,838		100
	0.73		2.83		(0.50	)		1,821		130

See Notes to Financial Statements.

107

Financial Highlights

FOCUSED LARGE CAP VALUE 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
4/30/2020^(e)		$14.75		$0.10		$(3.18	)		$(3.08	)		$(0.08	)		$11.59
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.06		(0.31	)^(h)		(0.25	)		–			14.75
Class C
4/30/2020^(e)		14.72		0.06		(3.19	)		(3.13	)		(0.04	)		11.55
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.03		(0.31	)^(h)		(0.28	)		–			14.72
Class F
4/30/2020^(e)		14.76		0.12		(3.19	)		(3.07	)		(0.09	)		11.60
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.07		(0.31	)^(h)		(0.24	)		–			14.76
Class F3
4/30/2020^(e)		14.76		0.13		(3.19	)		(3.06	)		(0.10	)		11.60
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.07		(0.31	)^(h)		(0.24	)		–			14.76
Class I
4/30/2020^(e)		14.76		0.11		(3.17	)		(3.06	)		(0.10	)		11.60
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.04		(0.28	)^(h)		(0.24	)		–			14.76
Class R3
4/30/2020^(e)		14.74		0.09		(3.20	)		(3.11	)		(0.06	)		11.57
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.05		(0.31	)^(h)		(0.26	)		–			14.74
Class R4
4/30/2020^(e)		14.75		0.11		(3.20	)		(3.09	)		(0.08	)		11.58
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.06		(0.31	)^(h)		(0.25	)		–			14.75
Class R5
4/30/2020^(e)		14.76		0.12		(3.19	)		(3.07	)		(0.10	)		11.59
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.07		(0.31	)^(h)		(0.24	)		–			14.76
Class R6
4/30/2020^(e)		14.76		0.12		(3.18	)		(3.06	)		(0.10	)		11.60
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.07		(0.31	)^(h)		(0.24	)		–			14.76

^(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)	Annualized.
^(e)	Unaudited.
^(f)	Commencement of operations was 7/26/2019, SEC effective date was 7/31/2019 and date shares first became available to the public was 8/1/2019.
^(g)	Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 7/26/2019 through 7/31/2019.
^(h)	Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain(loss) in the Statement of Operations for the period ended October 31, 2019, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values of the Fund’s portfolio.

108	See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:

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

	(21.01	)		0.96		1.24		1.81	$	819		31
	(1.67	)		0.96		4.40		1.57		508		16

	(21.34	)		1.71		1.99		1.03		165		31
	(1.87	)		1.71		5.27		0.75		108		16

	(20.95	)		0.71		1.12		2.06		445		31
	(1.60	)		0.71		4.37		1.75		492		16

	(20.91	)		0.63		0.94		2.13		389		31
	(1.60	)		0.63		4.21		1.83		492		16

	(20.91	)		0.71		0.87		1.93		246,088		31
	(1.60	)		0.71		1.07		1.10		38,221		16

	(21.18	)		1.21		1.48		1.56		8		31
	(1.73	)		1.21		4.78		1.24		10		16

	(21.08	)		0.96		1.21		1.83		8		31
	(1.67	)		0.96		4.51		1.47		10		16

	(20.98	)		0.71		0.97		2.07		8		31
	(1.60	)		0.71		4.27		1.75		10		16

	(20.91	)		0.63		0.93		2.12		565		31
	(1.60	)		0.63		4.21		1.83		517		16

See Notes to Financial Statements.

109

Financial Highlights

FOCUSED SMALL CAP VALUE FUND

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


	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
Class A
4/30/2020^(c)		$25.14		$0.06			$(5.96	)		$(5.90	)		$(4.11	)		$15.13
10/31/2019		29.02		(0.04	)		0.39			0.35			(4.23	)		25.14
10/31/2018		34.92		(0.32	)		0.47			0.15			(6.05	)		29.02
10/31/2017		33.65		(0.27	)		7.56			7.29			(6.02	)		34.92
10/31/2016		31.34		(0.22	)		3.27			3.05			(0.74	)		33.65
10/31/2015		34.19		(0.26	)		1.00			0.74			(3.59	)		31.34
Class C
4/30/2020^(c)		26.71		(0.03	)		(6.40	)		(6.43	)		(4.11	)		16.17
6/28/2019 to 10/31/2019^(f)		27.39		(0.03	)		(0.65	)		(0.68	)		–			26.71
Class F
4/30/2020^(c)		26.80		0.08			(6.44	)		(6.36	)		(4.11	)		16.33
6/28/2019 to 10/31/2019^(f)		27.39		0.06			(0.65	)		(0.59	)		–			26.80
Class F3
4/30/2020^(c)		26.80		0.10			(6.44	)		(6.34	)		(4.11	)		16.35
6/28/2019 to 10/31/2019^(f)		27.39		0.06			(0.65	)		(0.59	)		–			26.80
Class I
4/30/2020^(c)		26.80		0.09			(6.45	)		(6.36	)		(4.11	)		16.33
10/31/2019		30.64		(0.02	)		0.41			0.39			(4.23	)		26.80
10/31/2018		36.53		(0.33	)		0.49			0.16			(6.05	)		30.64
10/31/2017		34.95		(0.28	)		7.88			7.60			(6.02	)		36.53
10/31/2016		32.52		(0.23	)		3.40			3.17			(0.74	)		34.95
10/31/2015		35.34		(0.27	)		1.04			0.77			(3.59	)		32.52
Class R3
4/30/2020^(c)		26.75		0.05			(6.43	)		(6.38	)		(4.11	)		16.26
6/28/2019 to 10/31/2019^(f)		27.39		0.01			(0.65	)		(0.64	)		–			26.75
Class R4
4/30/2020^(c)		26.77		0.07			(6.43	)		(6.36	)		(4.11	)		16.30
6/28/2019 to 10/31/2019^(f)		27.39		0.03			(0.65	)		(0.62	)		–			26.77
Class R5
4/30/2020^(c)		26.80		0.09			(6.45	)		(6.36	)		(4.11	)		16.33
6/28/2019 to 10/31/2019^(f)		27.39		0.05			(0.64	)		(0.59	)		–			26.80
Class R6
4/30/2020^(c)		26.81		0.10			(6.45	)		(6.35	)		(4.11	)		16.35
6/28/2019 to 10/31/2019^(f)		27.39		0.09			(0.67	)		(0.58	)		–			26.81

^(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.
^(e)	Annualized.
^(f)	Commencement of operation was 6/28/2019 and date shares first became available to the public was 7/1/2019.

110	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 (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	(28.42	)^(d)		1.28	^(e)		1.39	^(e)		0.83	^(e)	$	4,567		44	^(d)
	1.68			1.53			1.58			(0.16	)		5,729		135
	0.11			1.63			1.63			(1.02	)		6,382		57
	23.38			1.66			1.66			(0.81	)		6,698		48
	10.00			1.80			1.80			(0.71	)		6,083		52
	2.79			1.79			1.79			(0.86	)		17,198		70

	(28.79	)^(d)		2.02	^(e)		2.20	^(e)		(0.35	)^(e)		68		44	^(d)
	(2.48	)^(d)		2.03	^(e)		2.14	^(e)		(0.37	)^(e)		10		135

	(28.37	)^(d)		1.03	^(e)		1.34	^(e)		1.06	^(e)		49		44	^(d)
	(2.15	)^(d)		1.03	^(e)		1.30	^(e)		0.65	^(e)		10		135

	(28.29	)^(d)		0.95	^(e)		1.10	^(e)		1.17	^(e)		7		44	^(d)
	(2.15	)^(d)		0.95	^(e)		1.15	^(e)		0.71	^(e)		10		135

	(28.37	)^(d)		1.03	^(e)		1.15	^(e)		1.12	^(e)		77,930		44	^(d)
	1.77			1.45			1.50			(0.07	)		114,088		135
	0.10			1.63			1.63			(1.02	)		127,236		57
	23.40			1.66			1.66			(0.80	)		135,852		48
	9.97			1.80			1.80			(0.72	)		135,269		52
	2.81			1.79			1.79			(0.86	)		153,050		70

	(28.52	)^(d)		1.53	^(e)		1.62	^(e)		0.58	^(e)		7		44	^(d)
	(2.34	)^(d)		1.53	^(e)		1.64	^(e)		0.12	^(e)		10		135

	(28.41	)^(d)		1.28	^(e)		1.37	^(e)		0.83	^(e)		7		44	^(d)
	(2.26	)^(d)		1.28	^(e)		1.40	^(e)		0.37	^(e)		10		135

	(28.37	)^(d)		1.03	^(e)		1.12	^(e)		1.08	^(e)		7		44	^(d)
	(2.15	)^(d)		1.03	^(e)		1.15	^(e)		0.62	^(e)		10		135

	(28.32	)^(d)		0.95	^(e)		1.11	^(e)		1.18	^(e)		993		44	^(d)
	(2.12	)^(d)		0.95	^(e)		1.24	^(e)		1.01	^(e)		1,336		135

See Notes to Financial Statements.

111

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^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2020^(c)		$12.53		$0.09		$(1.60	)		$(1.51	)		$(0.19	)		$(1.09	)		$(1.28	)
10/31/2019		12.64		0.19		0.79			0.98			(0.18	)		(0.91	)		(1.09	)
10/31/2018		13.99		0.16		0.10			0.26			(0.18	)		(1.43	)		(1.61	)
10/31/2017		12.54		0.17		1.94			2.11			(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	)
Class C
4/30/2020^(c)		11.04		0.04		(1.40	)		(1.36	)		(0.09	)		(1.09	)		(1.18	)
10/31/2019		11.22		0.09		0.69			0.78			(0.05	)		(0.91	)		(0.96	)
10/31/2018		12.58		0.06		0.08			0.14			(0.07	)		(1.43	)		(1.50	)
10/31/2017		11.33		0.07		1.76			1.83			(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	)
Class F
4/30/2020^(c)		12.40		0.09		(1.58	)		(1.49	)		(0.21	)		(1.09	)		(1.30	)
10/31/2019		12.52		0.21		0.78			0.99			(0.20	)		(0.91	)		(1.11	)
10/31/2018		13.87		0.18		0.10			0.28			(0.20	)		(1.43	)		(1.63	)
10/31/2017		12.44		0.19		1.93			2.12			(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	)
Class F3
4/30/2020^(c)		12.69		0.10		(1.62	)		(1.52	)		(0.22	)		(1.09	)		(1.31	)
10/31/2019		12.78		0.23		0.80			1.03			(0.21	)		(0.91	)		(1.12	)
10/31/2018		14.12		0.21		0.09			0.30			(0.21	)		(1.43	)		(1.64	)
4/4/2017 to 10/31/2017^(g)		13.24		0.11		0.77			0.88			–			–			–
Class I
4/30/2020^(c)		12.63		0.10		(1.61	)		(1.51	)		(0.22	)		(1.09	)		(1.31	)
10/31/2019		12.73		0.22		0.80			1.02			(0.21	)		(0.91	)		(1.12	)
10/31/2018		14.09		0.19		0.09			0.28			(0.21	)		(1.43	)		(1.64	)
10/31/2017		12.62		0.21		1.96			2.17			(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	)
Class P
4/30/2020^(c)		12.28		0.07		(1.56	)		(1.49	)		(0.17	)		(1.09	)		(1.26	)
10/31/2019		12.40		0.16		0.77			0.93			(0.14	)		(0.91	)		(1.05	)
10/31/2018		13.74		0.13		0.09			0.22			(0.13	)		(1.43	)		(1.56	)
10/31/2017		12.32		0.14		1.92			2.06			(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	)

112	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 (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	9.74		(13.66	)^(d)		0.95	^(e)		1.75	^(e)	$	1,048,828		30	^(d)
	12.53		8.52			0.99			1.57			1,378,201		88
	12.64		1.99			0.96			1.22			1,446,816		92
	13.99		17.45			0.96			1.29			1,571,170		96
	12.54		4.36			0.98			1.60			1,653,389		135
	13.32		1.18			0.97			1.09			2,027,292		149

	8.50		(14.04	)^(d)		1.71	^(e)		0.99	^(e)		112,775		30	^(d)
	11.04		7.71			1.74			0.83			157,803		88
	11.22		1.21			1.71			0.48			232,937		92
	12.58		16.63			1.71			0.55			445,017		96
	11.33		3.59			1.73			0.85			544,649		135
	12.14		0.40			1.72			0.34			713,824		149

	9.61		(13.68	)^(d)		0.80	^(e)		1.89	^(e)		123,055		30	^(d)
	12.40		8.71			0.84			1.73			183,310		88
	12.52		2.17			0.81			1.38			247,704		92
	13.87		17.62			0.81			1.43			323,584		96
	12.44		4.48			0.83			1.76			304,083		135
	13.23		1.35			0.82			1.25			436,263		149

	9.86		(13.56	)^(d)		0.63	^(e)		2.07	^(e)		15,887		30	^(d)
	12.69		8.92			0.64			1.92			20,698		88
	12.78		2.36			0.62			1.57			20,270		92
	14.12		6.65	^(d)		0.62	^(e)		1.42	^(e)		20,497		96

	9.81		(13.56	)^(d)		0.70	^(e)		2.01	^(e)		442,212		30	^(d)
	12.63		8.84			0.74			1.79			613,182		88
	12.73		2.19			0.71			1.48			92,508		92
	14.09		17.81			0.72			1.54			120,146		96
	12.62		4.64			0.73			1.87			142,316		135
	13.40		1.37			0.72			1.36			236,867		149

	9.53		(13.78	)^(d)		1.16	^(e)		1.54	^(e)		3,506		30	^(d)
	12.28		8.30			1.19			1.36			5,117		88
	12.40		1.77			1.16			1.02			5,648		92
	13.74		17.28			1.17			1.11			7,096		96
	12.32		4.17			1.18			1.40			10,798		135
	13.10		0.94			1.17			0.90			13,733		149

See Notes to Financial Statements.

113

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^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R2
4/30/2020^(c)		$12.24		$0.07		$(1.57	)		$(1.50	)		$(0.14	)		$(1.09	)		$(1.23	)
10/31/2019		12.33		0.14		0.78			0.92			(0.10	)		(0.91	)		(1.01	)
10/31/2018		13.68		0.11		0.10			0.21			(0.13	)		(1.43	)		(1.56	)
10/31/2017		12.27		0.12		1.91			2.03			(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	)
Class R3
4/30/2020^(c)		12.28		0.07		(1.56	)		(1.49	)		(0.16	)		(1.09	)		(1.25	)
10/31/2019		12.40		0.16		0.77			0.93			(0.14	)		(0.91	)		(1.05	)
10/31/2018		13.75		0.12		0.10			0.22			(0.14	)		(1.43	)		(1.57	)
10/31/2017		12.34		0.14		1.90			2.04			(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	)
Class R4
4/30/2020^(c)		12.46		0.09		(1.59	)		(1.50	)		(0.19	)		(1.09	)		(1.28	)
10/31/2019		12.58		0.19		0.78			0.97			(0.18	)		(0.91	)		(1.09	)
10/31/2018		13.94		0.16		0.10			0.26			(0.19	)		(1.43	)		(1.62	)
10/31/2017		12.52		0.16		1.95			2.11			(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	)		(0.20	)		–			–			–
Class R5
4/30/2020^(c)		12.63		0.10		(1.61	)		(1.51	)		(0.22	)		(1.09	)		(1.31	)
10/31/2019		12.74		0.22		0.79			1.01			(0.21	)		(0.91	)		(1.12	)
10/31/2018		14.09		0.19		0.10			0.29			(0.21	)		(1.43	)		(1.64	)
10/31/2017		12.63		0.19		1.97			2.16			(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	)		(0.19	)		–			–			–
Class R6
4/30/2020^(c)		12.69		0.10		(1.62	)		(1.52	)		(0.22	)		(1.09	)		(1.31	)
10/31/2019		12.79		0.23		0.79			1.02			(0.21	)		(0.91	)		(1.12	)
10/31/2018		14.12		0.21		0.10			0.31			(0.21	)		(1.43	)		(1.64	)
10/31/2017		12.64		0.21		1.97			2.18			(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	)		(0.19	)		–			–			–

^(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)	Annualized.
^(f)	Amount less than $0.01.
^(g)	Commenced on April 4, 2017.
^(h)	Commenced on June 30, 2015.

114	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 (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	9.51		(13.84	)^(d)		1.31	^(e)		1.40	^(e)	$	3,172		30	^(d)
	12.24		8.17			1.34			1.20			4,009		88
	12.33		1.64			1.31			0.88			3,587		92
	13.68		17.07			1.31			0.93			8,062		96
	12.27		3.97			1.33			1.25			7,952		135
	13.05		0.81			1.33			0.76			10,543		149

	9.54		(13.77	)^(d)		1.21	^(e)		1.49	^(e)		81,519		30	^(d)
	12.28		8.27			1.24			1.32			98,059		88
	12.40		1.66			1.21			0.97			116,719		92
	13.75		17.19			1.21			1.04			147,010		96
	12.34		4.09			1.23			1.35			157,626		135
	13.12		0.97			1.22			0.84			206,984		149

	9.68		(13.66	)^(d)		0.95	^(e)		1.76	^(e)		3,416		30	^(d)
	12.46		8.51			0.99			1.56			4,880		88
	12.58		2.00			0.96			1.22			5,164		92
	13.94		17.45			0.95			1.19			4,355		96
	12.52		4.37			0.95			1.40			121		135
	13.32		(1.48	)^(d)		0.93	^(e)		1.12	^(e)		10		149

	9.81		(13.57	)^(d)		0.70	^(e)		2.01	^(e)		1,534		30	^(d)
	12.63		8.76			0.74			1.80			1,482		88
	12.74		2.28			0.71			1.45			810		92
	14.09		17.73			0.70			1.40			1,049		96
	12.63		4.64			0.68			1.40			125		135
	13.41		(1.40	)^(d)		0.68	^(e)		1.37	^(e)		10		149

	9.86		(13.57	)^(d)		0.63	^(e)		2.08	^(e)		11,515		30	^(d)
	12.69		8.83			0.64			1.89			21,815		88
	12.79		2.36			0.62			1.57			16,864		92
	14.12		17.97			0.62			1.51			6,440		96
	12.64		4.73			0.61			1.88			123		135
	13.41		(1.40	)^(d)		0.59	^(e)		1.46	^(e)		10		149

See Notes to Financial Statements.

115

Financial Highlights

GLOBAL EQUITY RESEARCH 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
4/30/2020^(c)		$11.52		$0.05			$(0.93	)		$(0.88	)		$(0.13	)	$	–			$(0.13	)
10/31/2019		10.93		0.13			0.97			1.10			(0.09	)		(0.42	)		(0.51	)
10/31/2018		11.58		0.09			(0.11	)		(0.02	)		(0.11	)		(0.52	)		(0.63	)
1/17/2017 to 10/31/2017^(f)		10.00		0.08			1.50			1.58			–			–			–
Class C
4/30/2020^(c)		11.40		0.01			(0.93	)		(0.92	)		(0.04	)		–			(0.04	)
10/31/2019		10.81		0.05			0.97			1.02			(0.01	)		(0.42	)		(0.43	)
10/31/2018		11.52		0.01			(0.12	)		(0.11	)		(0.08	)		(0.52	)		(0.60	)
1/17/2017 to 10/31/2017^(f)		10.00		(0.02	)		1.54			1.52			–			–			–
Class F
4/30/2020^(c)		11.54		0.05			(0.91	)		(0.86	)		(0.15	)		–			(0.15	)
10/31/2019		10.94		0.15			0.97			1.12			(0.10	)		(0.42	)		(0.52	)
10/31/2018		11.60		0.11			(0.12	)		(0.01	)		(0.13	)		(0.52	)		(0.65	)
1/17/2017 to 10/31/2017^(f)		10.00		0.10			1.50			1.60			–			–			–
Class F3
4/30/2020^(c)		11.56		0.06			(0.91	)		(0.85	)		(0.17	)		–			(0.17	)
10/31/2019		10.96		0.16			0.97			1.13			(0.11	)		(0.42	)		(0.53	)
10/31/2018		11.61		0.12			(0.11	)		0.01			(0.14	)		(0.52	)		(0.66	)
4/4/2017 to 10/31/2017^(g)		10.28		0.07			1.26			1.33			–			–			–
Class I
4/30/2020^(c)		11.55		0.06			(0.92	)		(0.86	)		(0.16	)		–			(0.16	)
10/31/2019		10.95		0.16			0.97			1.13			(0.11	)		(0.42	)		(0.53	)
10/31/2018		11.61		0.12			(0.12	)		–			(0.14	)		(0.52	)		(0.66	)
1/17/2017 to 10/31/2017^(f)		10.00		0.10			1.51			1.61			–			–			–
Class R2
4/30/2020^(c)		11.50		0.03			(0.92	)		(0.89	)		(0.10	)		–			(0.10	)
10/31/2019		10.89		0.10			0.97			1.07			(0.04	)		(0.42	)		(0.46	)
10/31/2018		11.55		0.05			(0.12	)		(0.07	)		(0.07	)		(0.52	)		(0.59	)
1/17/2017 to 10/31/2017^(f)		10.00		0.05			1.50			1.55			–			–			–

116	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 (%)

	$10.51		(7.74	)^(d)		0.90	^(e)		3.93	^(e)		0.94	^(e)		$3,270		91	^(d)
	11.52		10.85			0.90			4.20			1.24			3,551		65
	10.93		(0.22	)		0.95			5.07			0.79			3,124		108
	11.58		15.80	^(d)		1.05	^(e)		5.00	^(e)		0.96	^(e)		1,667		140

	10.44		(8.04	)^(d)		1.65	^(e)		4.69	^(e)		0.18	^(e)		555		91	^(d)
	11.40		10.05			1.65			4.96			0.46			581		65
	10.81		(1.07	)		1.70			5.76			0.07			699		108
	11.52		15.20	^(d)		1.80	^(e)		5.61	^(e)		(0.24	)^(e)		336		140

	10.53		(7.61	)^(d)		0.75	^(e)		3.77	^(e)		1.07	^(e)		1,203		91	^(d)
	11.54		11.07			0.75			4.09			1.37			2,207		65
	10.94		(0.19	)		0.82			4.90			0.94			1,203		108
	11.60		16.00	^(d)		0.90	^(e)		4.86	^(e)		1.12	^(e)		1,178		140

	10.54		(7.56	)^(d)		0.63	^(e)		3.61	^(e)		1.21	^(e)		12		91	^(d)
	11.56		11.22			0.63			3.88			1.50			13		65
	10.96		0.01			0.69			4.80			1.08			11		108
	11.61		12.94	^(d)		0.75	^(e)		4.78	^(e)		1.04	^(e)		11		140

	10.53		(7.60	)^(d)		0.65	^(e)		3.68	^(e)		1.20	^(e)		1,168		91	^(d)
	11.55		11.19			0.65			3.95			1.49			1,264		65
	10.95		(0.10	)		0.72			4.81			1.03			1,137		108
	11.61		16.10	^(d)		0.80	^(e)		4.76	^(e)		1.23	^(e)		1,137		140

	10.51		(7.87	)^(d)		1.25	^(e)		4.26	^(e)		0.60	^(e)		12		91	^(d)
	11.50		10.57			1.25			4.52			0.89			13		65
	10.89		(0.66	)		1.32			5.40			0.44			11		108
	11.55		15.50	^(d)		1.40	^(e)		5.36	^(e)		0.64	^(e)		12		140

See Notes to Financial Statements.

117

Financial Highlights (concluded)

GLOBAL EQUITY RESEARCH 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
4/30/2020^(c)		$11.45		$0.03		$(0.91	)		$(0.88	)		$(0.11	)	$	–			$(0.11	)
10/31/2019		10.90		0.11		0.96			1.07			(0.10	)		(0.42	)		(0.52	)
10/31/2018		11.56		0.03		(0.09	)		(0.06	)		(0.08	)		(0.52	)		(0.60	)
1/17/2017 to 10/31/2017^(f)		10.00		0.06		1.50			1.56			–			–			–
Class R4
4/30/2020^(c)		11.53		0.05		(0.92	)		(0.87	)		(0.14	)		–			(0.14	)
10/31/2019		10.93		0.13		0.97			1.10			(0.08	)		(0.42	)		(0.50	)
10/31/2018		11.58		0.10		(0.12	)		(0.02	)		(0.11	)		(0.52	)		(0.63	)
1/17/2017 to 10/31/2017^(f)		10.00		0.08		1.50			1.58			–			–			–
Class R5
4/30/2020^(c)		11.55		0.06		(0.92	)		(0.86	)		(0.16	)		–			(0.16	)
10/31/2019		10.95		0.16		0.97			1.13			(0.11	)		(0.42	)		(0.53	)
10/31/2018		11.61		0.12		(0.12	)		–			(0.14	)		(0.52	)		(0.66	)
1/17/2017 to 10/31/2017^(f)		10.00		0.10		1.51			1.61			–			–			–
Class R6
4/30/2020^(c)		11.56		0.06		(0.92	)		(0.86	)		(0.17	)		–			(0.17	)
10/31/2019		10.96		0.17		0.96			1.13			(0.11	)		(0.42	)		(0.53	)
10/31/2018		11.61		0.13		(0.12	)		0.01			(0.14	)		(0.52	)		(0.66	)
1/17/2017 to 10/31/2017^(f)		10.00		0.11		1.50			1.61			–			–			–

^(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)	Annualized.
^(f)	Commenced on January 17, 2017.
^(g)	Commenced on April 4, 2017.

118	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 (%)

	$10.46		(7.81	)^(d)		1.15	^(e)		4.19	^(e)		0.70	^(e)		$192		91	^(d)
	11.45		10.63			1.15			4.46			0.98			200		65
	10.90		(0.56	)		1.18			5.98			0.27			165		108
	11.56		15.60	^(d)		1.30	^(e)		5.25	^(e)		0.74	^(e)		12		140

	10.52		(7.73	)^(d)		0.90	^(e)		3.93	^(e)		0.93	^(e)		12		91	^(d)
	11.53		10.89			0.90			4.18			1.24			13		65
	10.93		(0.24	)		0.97			5.05			0.83			12		108
	11.58		15.80	^(d)		1.05	^(e)		5.00	^(e)		0.93	^(e)		12		140

	10.53		(7.59	)^(d)		0.65	^(e)		3.67	^(e)		1.19	^(e)		12		91	^(d)
	11.55		11.19			0.65			3.93			1.49			13		65
	10.95		(0.10	)		0.72			4.80			1.03			12		108
	11.61		16.10	^(d)		0.80	^(e)		4.74	^(e)		1.25	^(e)		12		140

	10.53		(7.56	)^(d)		0.63	^(e)		3.61	^(e)		1.22	^(e)		508		91	^(d)
	11.56		11.13			0.63			3.88			1.56			690		65
	10.96		0.01			0.63			4.62			1.12			236		108
	11.61		16.10	^(d)		0.75	^(e)		4.72	^(e)		1.30	^(e)		12		140

See Notes to Financial Statements.

119

Financial Highlights

GROWTH LEADERS FUND

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

	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
Class A
4/30/2020^(c)		$28.61		$(0.04	)		$ 3.53			$ 3.49			$(2.34	)		$29.76
10/31/2019		29.82		(0.13	)		3.57			3.44			(4.65	)		28.61
10/31/2018		28.97		(0.14	)		2.82			2.68			(1.83	)		29.82
10/31/2017		22.42		(0.06	)		6.61			6.55			–			28.97
10/31/2016		23.73		0.03			(0.24	)		(0.21	)		(1.10	)		22.42
10/31/2015		23.08		(0.02	)		1.96			1.94			(1.29	)		23.73
Class C
4/30/2020^(c)		26.47		(0.11	)		3.22			3.11			(2.34	)		27.24
10/31/2019		28.14		(0.31	)		3.29			2.98			(4.65	)		26.47
10/31/2018		27.63		(0.35	)		2.69			2.34			(1.83	)		28.14
10/31/2017		21.54		(0.24	)		6.33			6.09			–			27.63
10/31/2016		23.01		(0.14	)		(0.23	)		(0.37	)		(1.10	)		21.54
10/31/2015		22.57		(0.19	)		1.92			1.73			(1.29	)		23.01
Class F
4/30/2020^(c)		29.14		(0.01	)		3.60			3.59			(2.34	)		30.39
10/31/2019		30.21		(0.06	)		3.64			3.58			(4.65	)		29.14
10/31/2018		29.26		(0.07	)		2.85			2.78			(1.83	)		30.21
10/31/2017		22.59		(0.01	)		6.68			6.67			–			29.26
10/31/2016		23.87		0.06			(0.24	)		(0.18	)		(1.10	)		22.59
10/31/2015		23.17		0.01			1.98			1.99			(1.29	)		23.87
Class F3
4/30/2020^(c)		29.43		(0.01	)		3.65			3.64			(2.34	)		30.73
10/31/2019		30.45		(0.05	)		3.68			3.63			(4.65	)		29.43
10/31/2018		29.46		(0.06	)		2.88			2.82			(1.83	)		30.45
4/4/2017 to 10/31/2017^(f)		24.81		(0.03	)		4.68			4.65			–			29.46
Class I
4/30/2020^(c)		29.32		(0.01	)		3.62			3.61			(2.34	)		30.59
10/31/2019		30.37		(0.06	)		3.66			3.60			(4.65	)		29.32
10/31/2018		29.40		(0.07	)		2.87			2.80			(1.83	)		30.37
10/31/2017		22.69		(0.01	)		6.72			6.71			–			29.40
10/31/2016		23.95		0.08			(0.24	)		(0.16	)		(1.10	)		22.69
10/31/2015		23.23		0.04			1.97			2.01			(1.29	)		23.95
Class R2
4/30/2020^(c)		28.15		(0.07	)		3.45			3.38			(2.34	)		29.19
10/31/2019		29.51		(0.22	)		3.51			3.29			(4.65	)		28.15
10/31/2018		28.78		(0.24	)		2.80			2.56			(1.83	)		29.51
10/31/2017		22.35		(0.15	)		6.58			6.43			–			28.78
10/31/2016		23.74		(0.05	)		(0.24	)		(0.29	)		(1.10	)		22.35
10/31/2015		23.17		(0.10	)		1.96			1.86			(1.29	)		23.74

120	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 (loss) (%)			Net assets, end of period (000)	Portfolio turnover rate (%)

12.95	^(d)		0.92	^(e)	0.92	^(e)	(0.38	)^(e)		$1,170,337	68	^(d)
15.32			0.93		0.93		(0.48	)		1,001,973	143
9.68			0.91		0.91		(0.47	)		900,405	161
29.21			0.91		0.96		(0.23	)		754,101	192
(0.96	)		0.85		0.98		0.12			750,576	246
8.84			0.85		0.99		(0.09	)		742,393	271

12.53	^(d)		1.68	^(e)	1.68	^(e)	(1.13	)^(e)		687,657	68	^(d)
14.45			1.68		1.68		(1.23	)		631,400	143
8.87			1.65		1.66		(1.21	)		595,344	161
28.27			1.66		1.71		(0.99	)		523,008	192
(1.72	)		1.60		1.73		(0.64	)		482,693	246
8.07			1.59		1.74		(0.84	)		414,557	271

13.06	^(d)		0.67	^(e)	0.77	^(e)	(0.12	)^(e)		1,641,427	68	^(d)
15.63			0.68		0.78		(0.23	)		1,444,533	143
9.94			0.66		0.76		(0.22	)		1,315,881	161
29.53			0.70		0.81		(0.04	)		1,103,103	192
(0.82	)		0.70		0.83		0.26			763,623	246
9.03			0.70		0.84		0.06			733,463	271

13.11	^(d)		0.61	^(e)	0.61	^(e)	(0.08	)^(e)		104,369	68	^(d)
15.68			0.62		0.62		(0.19	)		74,378	143
10.01			0.60		0.60		(0.18	)		44,379	161
18.74	^(d)		0.59	^(e)	0.62	^(e)	(0.19	)^(e)		18,841	192

13.05	^(d)		0.67	^(e)	0.67	^(e)	(0.13	)^(e)		627,992	68	^(d)
15.62			0.68		0.68		(0.20	)		520,195	143
9.96			0.66		0.66		(0.21	)		702,389	161
29.57			0.67		0.70		(0.06	)		303,795	192
(0.73	)		0.60		0.74		0.36			98,506	246
9.10			0.60		0.74		0.16			96,090	271

12.71	^(d)		1.27	^(e)	1.28	^(e)	(0.66	)^(e)		606	68	^(d)
14.94			1.28		1.28		(0.82	)		1,153	143
9.31			1.26		1.26		(0.79	)		1,332	161
28.77			1.26		1.30		(0.60	)		1,784	192
(1.35	)		1.20		1.34		(0.24	)		1,267	246
8.49			1.20		1.34		(0.44	)		593	271

See Notes to Financial Statements.

121

Financial Highlights (concluded)

GROWTH LEADERS FUND

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

	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
Class R3
4/30/2020^(c)		$28.09		$(0.06	)		$ 3.44			$ 3.38			$(2.34	)		$29.13
10/31/2019		29.43		(0.19	)		3.50			3.31			(4.65	)		28.09
10/31/2018		28.68		(0.21	)		2.79			2.58			(1.83	)		29.43
10/31/2017		22.25		(0.12	)		6.55			6.43			–			28.68
10/31/2016		23.62		(0.04	)		(0.23	)		(0.27	)		(1.10	)		22.25
10/31/2015		23.03		(0.08	)		1.96			1.88			(1.29	)		23.62
Class R4
4/30/2020^(c)		28.62		(0.04	)		3.53			3.49			(2.34	)		29.77
10/31/2019		29.82		(0.13	)		3.58			3.45			(4.65	)		28.62
10/31/2018		28.97		(0.15	)		2.83			2.68			(1.83	)		29.82
10/31/2017		22.42		(0.08	)		6.63			6.55			–			28.97
10/31/2016		23.74		(0.01	)		(0.21	)		(0.22	)		(1.10	)		22.42
6/30/2015 to 10/31/2015^(g)		23.42		(0.01	)		0.33			0.32			–			23.74
Class R5
4/30/2020^(c)		29.33		(0.01	)		3.63			3.62			(2.34	)		30.61
10/31/2019		30.38		(0.06	)		3.66			3.60			(4.65	)		29.33
10/31/2018		29.41		(0.07	)		2.87			2.80			(1.83	)		30.38
10/31/2017		22.70		–	^(h)		6.71			6.71			–			29.41
10/31/2016		23.95		0.02			(0.17	)		(0.15	)		(1.10	)		22.70
6/30/2015 to 10/31/2015^(g)		23.61		0.01			0.33			0.34			–			23.95
Class R6
4/30/2020^(c)		29.43		(0.01	)		3.65			3.64			(2.34	)		30.73
10/31/2019		30.45		(0.05	)		3.68			3.63			(4.65	)		29.43
10/31/2018		29.46		(0.05	)		2.87			2.82			(1.83	)		30.45
10/31/2017		22.72		(0.02	)		6.76			6.74			–			29.46
10/31/2016		23.96		0.08			(0.22	)		(0.14	)		(1.10	)		22.72
6/30/2015 to 10/31/2015^(g)		23.61		0.02			0.33			0.35			–			23.96

^(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)	Annualized.
^(f)	Commenced on April 4, 2017.
^(g)	Commenced on June 30, 2015.
^(h)	Amount less than $0.01.

122	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 (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	12.82	^(d)		1.17	^(e)		1.17	^(e)		(0.63	)^(e)		$15,017		68	^(d)
	15.03			1.18			1.18			(0.71	)		13,610		143
	9.41			1.16			1.16			(0.71	)		15,206		161
	28.90			1.16			1.21			(0.48	)		13,261		192
	(1.23	)		1.10			1.24			(0.17	)		13,471		246
	8.58			1.10			1.24			(0.35	)		13,501		271

	12.94	^(d)		0.92	^(e)		0.92	^(e)		(0.38	)^(e)		9,730		68	^(d)
	15.35			0.93			0.93			(0.47	)		6,543		143
	9.68			0.91			0.91			(0.47	)		6,345		161
	29.21			0.92			0.95			(0.31	)		4,698		192
	(1.00	)		0.85			1.00			(0.03	)		1,735		246
	1.37	^(d)		0.87	^(e)		0.99	^(e)		(0.18	)^(e)		10		271

	13.08	^(d)		0.67	^(e)		0.67	^(e)		(0.12	)^(e)		10,151		68	^(d)
	15.61			0.68			0.68			(0.22	)		9,344		143
	9.96			0.66			0.66			(0.22	)		8,598		161
	29.56			0.67			0.71			(0.01	)		5,810		192
	(0.68	)		0.60			0.75			0.08			3,700		246
	1.44	^(d)		0.60	^(e)		0.72	^(e)		0.09	^(e)		10		271

	13.11	^(d)		0.61	^(e)		0.61	^(e)		(0.05	)^(e)		38,389		68	^(d)
	15.68			0.62			0.62			(0.18	)		36,932		143
	10.01			0.60			0.60			(0.16	)		25,657		161
	29.67			0.59			0.62			(0.06	)		20,884		192
	(0.64	)		0.50			0.63			0.34			1,534		246
	1.48	^(d)		0.48	^(e)		0.60	^(e)		0.21	^(e)		10		271

See Notes to Financial Statements.

123

Financial Highlights

HEALTH CARE FUND

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

	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
4/30/2020^(e)		$14.48		$(0.01	)		$ 1.62			$ 1.61			$ –			$16.09
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.01	)		(0.51	)		(0.52	)		–			14.48
Class C
4/30/2020^(e)		14.45		(0.05	)		1.60			1.55			–			16.00
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.04	)		(0.51	)		(0.55	)		–			14.45
Class F
4/30/2020^(e)		14.49		0.01			1.62			1.63			–	^(h)		16.12
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.01	)		(0.50	)		(0.51	)		–			14.49
Class F3
4/30/2020^(e)		14.49		0.02			1.62			1.64			(0.01	)		16.12
7/26/2019 to 10/31/2019^(f)(g)		15.00		–	^(h)		(0.51	)		(0.51	)		–			14.49
Class I
4/30/2020^(e)		14.49		0.01			1.62			1.63			(0.01	)		16.11
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.01	)		(0.50	)		(0.51	)		–			14.49
Class R3
4/30/2020^(e)		14.47		(0.02	)		1.61			1.59			–			16.06
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.02	)		(0.51	)		(0.53	)		–			14.47
Class R4
4/30/2020^(e)		14.48		(0.01	)		1.62			1.61			–			16.09
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.01	)		(0.51	)		(0.52	)		–			14.48
Class R5
4/30/2020^(e)		14.49		0.01			1.62			1.63			(0.01	)		16.11
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.01	)		(0.50	)		(0.51	)		–			14.49
Class R6
4/30/2020^(e)		14.49		0.02			1.62			1.64			(0.01	)		16.12
7/26/2019 to 10/31/2019^(f)(g)		15.00		–	^(h)		(0.51	)		(0.51	)		–			14.49

^(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)	Annualized.
^(e)	Unaudited.
^(f)	Commencement of operations was 7/26/2019, SEC effective date was 7/31/2019 and date shares first became available to the public was 8/1/2019.
^(g)	Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 7/26/2019 through 7/31/2019.
^(h)	Amount less than $0.01.

124	See Notes to Financial Statements.

			Ratios to Average Net Assets:							Supplemental Data:

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

	11.12			1.03		5.41		(0.10	)		$1,149		32
	(3.47	)		1.03		9.00		(0.36	)		906		16

	10.73			1.78		6.16		(0.83	)		152		32
	(3.67	)		1.78		9.84		(1.17	)		129		16

	11.26			0.78		5.28		0.18			540		32
	(3.40	)		0.78		8.95		(0.16	)		483		16

	11.32			0.70		5.07		0.26			538		32
	(3.40	)		0.70		8.72		(0.08	)		483		16

	11.23			0.78		5.18		0.18			118		32
	(3.40	)		0.78		8.85		(0.16	)		106		16

	10.99			1.28		5.70		(0.35	)		11		32
	(3.53	)		1.28		9.36		(0.64	)		10		16

	11.12			1.03		5.45		(0.12	)		11		32
	(3.47	)		1.03		9.12		(0.40	)		10		16

	11.23			0.78		5.20		0.14			11		32
	(3.40	)		0.78		8.83		(0.16	)		10		16

	11.32			0.70		5.12		0.38			1,371		32
	(3.40	)		0.70		8.72		(0.08	)		484		16

See Notes to Financial Statements.

125

Financial Highlights

INTERNATIONAL 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
4/30/2020^(c)		$13.19		$0.05		$(1.59	)		$(1.54	)		$(0.20	)		$11.45
10/31/2019		12.18		0.18		1.08			1.26			(0.25	)		13.19
10/31/2018		14.10		0.19		(1.83	)		(1.64	)		(0.28	)		12.18
10/31/2017		12.03		0.18		2.15			2.33			(0.26	)		14.10
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
Class C
4/30/2020^(c)		13.08		0.01		(1.60	)		(1.59	)		(0.09	)		11.40
10/31/2019		12.02		0.08		1.08			1.16			(0.10	)		13.08
10/31/2018		13.92		0.09		(1.82	)		(1.73	)		(0.17	)		12.02
10/31/2017		11.86		0.09		2.13			2.22			(0.16	)		13.92
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
Class F
4/30/2020^(c)		13.13		0.04		(1.56	)		(1.52	)		(0.22	)		11.39
10/31/2019		12.12		0.20		1.08			1.28			(0.27	)		13.13
10/31/2018		14.02		0.22		(1.82	)		(1.60	)		(0.30	)		12.12
10/31/2017		11.96		0.22		2.12			2.34			(0.28	)		14.02
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
Class F3
4/30/2020^(c)		13.36		0.07		(1.62	)		(1.55	)		(0.23	)		11.58
10/31/2019		12.32		0.22		1.11			1.33			(0.29	)		13.36
10/31/2018		14.25		0.24		(1.86	)		(1.62	)		(0.31	)		12.32
4/4/2017 to 10/31/2017^(f)		12.34		0.05		1.86			1.91			–			14.25
Class I
4/30/2020^(c)		13.33		0.07		(1.61	)		(1.54	)		(0.23	)		11.56
10/31/2019		12.30		0.23		1.08			1.31			(0.28	)		13.33
10/31/2018		14.23		0.25		(1.87	)		(1.62	)		(0.31	)		12.30
10/31/2017		12.13		0.24		2.16			2.40			(0.30	)		14.23
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
Class P
4/30/2020^(c)		13.20		0.04		(1.60	)		(1.56	)		(0.17	)		11.47
10/31/2019		12.17		0.16		1.09			1.25			(0.22	)		13.20
10/31/2018		14.10		0.14		(1.82	)		(1.68	)		(0.25	)		12.17
10/31/2017		12.03		0.15		2.16			2.31			(0.24	)		14.10
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

126	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 (%)^(c)

	(11.93	)^(d)		1.17	^(e)		1.21	^(e)		0.92	^(e)		$140,566		47	^(d)
	10.64			1.17			1.17			1.43			178,701		88
	(11.91	)		1.15			1.16			1.34			194,360		124
	19.80			1.12			1.22			1.43			241,626		163
	(3.54	)		1.12			1.31			2.29			263,064		164
	(4.16	)		1.12			1.33			1.56			341,437		62

	(12.26	)^(d)		1.92	^(e)		1.97	^(e)		0.15	^(e)		8,090		47	^(d)
	9.88			1.92			1.92			0.68			10,652		88
	(12.59	)		1.90			1.92			0.65			12,821		124
	19.02			1.85			1.95			0.71			25,687		163
	(4.21	)		1.85			2.04			1.54			31,798		164
	(4.86	)		1.81			2.02			0.86			42,057		62

	(11.85	)^(d)		0.96	^(e)		1.05	^(e)		0.68	^(e)		9,657		47	^(d)
	10.90			0.96			1.02			1.64			48,782		88
	(11.77	)		0.92			1.01			1.63			58,347		124
	20.17			0.87			1.06			1.71			63,479		163
	(3.24	)		0.87			1.16			2.48			62,655		164
	(3.99	)		0.87			1.14			1.85			63,830		62

	(11.85	)^(d)		0.85	^(e)		0.87	^(e)		1.26	^(e)		3,648		47	^(d)
	11.13			0.84			0.85			1.76			4,527		88
	(11.62	)		0.78			0.85			1.73			5,083		124
	15.48	^(d)		0.68	^(e)		0.91	^(e)		0.65	^(e)		5,847		163

	(11.81	)^(d)		0.86	^(e)		0.96	^(e)		1.24	^(e)		161,334		47	^(d)
	11.04			0.86			0.92			1.82			198,368		88
	(11.65	)		0.82			0.91			1.78			277,141		124
	20.26			0.77			0.96			1.87			292,598		163
	(3.15	)		0.77			1.05			2.74			160,673		164
	(3.83	)		0.77			1.04			1.92			61,077		62

	(12.00	)^(d)		1.37	^(e)		1.42	^(e)		0.73	^(e)		37		47	^(d)
	10.50			1.37			1.37			1.25			42		88
	(12.14	)		1.35			1.36			1.02			40		124
	19.59			1.32			1.42			1.19			89		163
	(3.65	)		1.32			1.51			2.12			95		164
	(4.38	)		1.28			1.49			1.32			110		62

See Notes to Financial Statements.

127

Financial Highlights (concluded)

INTERNATIONAL 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
4/30/2020^(c)		$13.17		$0.02		$(1.58	)		$(1.56	)		$(0.16	)		$11.45
10/31/2019		12.13		0.14		1.08			1.22			(0.18	)		13.17
10/31/2018		14.05		0.13		(1.83	)		(1.70	)		(0.22	)		12.13
10/31/2017		11.99		0.16		2.12			2.28			(0.22	)		14.05
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
Class R3
4/30/2020^(c)		12.98		0.04		(1.58	)		(1.54	)		(0.16	)		11.28
10/31/2019		11.98		0.15		1.06			1.21			(0.21	)		12.98
10/31/2018		13.87		0.14		(1.79	)		(1.65	)		(0.24	)		11.98
10/31/2017		11.84		0.15		2.12			2.27			(0.24	)		13.87
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
Class R4
4/30/2020^(c)		13.14		0.05		(1.59	)		(1.54	)		(0.20	)		11.40
10/31/2019		12.13		0.18		1.09			1.27			(0.26	)		13.14
10/31/2018		14.07		0.19		(1.83	)		(1.64	)		(0.30	)		12.13
10/31/2017		12.00		0.17		2.16			2.33			(0.26	)		14.07
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
4/30/2020^(c)		13.27		0.06		(1.59	)		(1.53	)		(0.23	)		11.51
10/31/2019		12.26		0.21		1.08			1.29			(0.28	)		13.27
10/31/2018		14.19		0.22		(1.84	)		(1.62	)		(0.31	)		12.26
10/31/2017		12.11		0.16		2.21			2.37			(0.29	)		14.19
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
4/30/2020^(c)		13.35		0.07		(1.61	)		(1.54	)		(0.23	)		11.58
10/31/2019		12.32		0.22		1.10			1.32			(0.29	)		13.35
10/31/2018		14.24		0.24		(1.85	)		(1.61	)		(0.31	)		12.32
10/31/2017		12.14		0.26		2.14			2.40			(0.30	)		14.24
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 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)	Annualized.
^(f)	Commenced on April 4, 2017.
^(g)	Commenced on June 30, 2015.

128	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 (%)

	(12.04	)^(d)		1.52	^(e)		1.57	^(e)		0.41	^(e)		$ 159		47	^(d)
	10.32			1.52			1.52			1.09			451		88
	(12.28	)		1.50			1.52			0.93			375		124
	19.40			1.47			1.56			1.22			679		163
	(3.85	)		1.47			1.66			1.93			517		164
	(4.48	)		1.43			1.64			1.31			658		62

	(12.05	)^(d)		1.42	^(e)		1.46	^(e)		0.68	^(e)		5,550		47	^(d)
	10.39			1.42			1.42			1.21			7,208		88
	(12.18	)		1.40			1.41			1.05			8,954		124
	19.63			1.34			1.44			1.23			12,674		163
	(3.79	)		1.36			1.54			1.99			14,945		164
	(4.35	)		1.33			1.53			1.35			18,466		62

	(11.97	)^(d)		1.17	^(e)		1.21	^(e)		0.94	^(e)		923		47	^(d)
	10.77			1.17			1.17			1.46			1,180		88
	(11.96	)		1.15			1.16			1.36			948		124
	19.92			1.10			1.18			1.25			582		163
	(3.55	)		1.12			1.28			2.27			9		164
	(3.29	)^(d)		1.12	^(e)		1.25	^(e)		0.89	^(e)		10		62

	(11.85	)^(d)		0.92	^(e)		0.95	^(e)		1.14	^(e)		44		47	^(d)
	11.00			0.92			0.92			1.68			81		88
	(11.68	)		0.90			0.91			1.61			69		124
	20.10			0.87			0.94			1.21			71		163
	(3.31	)		0.87			1.04			2.52			9		164
	(3.19	)^(d)		0.87	^(e)		1.00	^(e)		1.14	^(e)		10		62

	(11.78	)^(d)		0.85	^(e)		0.87	^(e)		1.24	^(e)		1,949		47	^(d)
	11.04			0.84			0.85			1.78			2,489		88
	(11.62	)		0.78			0.85			1.73			2,667		124
	20.35			0.70			0.86			2.04			3,074		163
	(3.14	)		0.65			0.88			1.39			10,765		164
	(3.12	)^(d)		0.70	^(e)		0.84	^(e)		1.31	^(e)		10		62

See Notes to Financial Statements.

129

Financial Highlights

INTERNATIONAL OPPORTUNITIES 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
4/30/2020^(c)		$16.02	$	–	^(d)	$	(2.36	)	$	(2.36	)	$	(0.21	)	$	–		$	(0.21	)
10/31/2019		16.84		0.16			0.77			0.93			(0.17	)		(1.58	)		(1.75	)
10/31/2018		20.88		0.14			(3.28	)		(3.14	)		(0.17	)		(0.73	)		(0.90	)
10/31/2017		16.13		0.09			4.77			4.86			(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	)
Class C
4/30/2020^(c)		14.78		(0.05	)		(2.20	)		(2.25	)		(0.07	)		–			(0.07	)
10/31/2019		15.61		0.04			0.71			0.75			–			(1.58	)		(1.58	)
10/31/2018		19.46		–	^(d)		(3.05	)		(3.05	)		(0.07	)		(0.73	)		(0.80	)
10/31/2017		15.03		(0.04	)		4.47			4.43			–			–			–
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	)
Class F
4/30/2020^(c)		15.86		–	^(d)		(2.32	)		(2.32	)		(0.23	)		–			(0.23	)
10/31/2019		16.70		0.18			0.76			0.94			(0.20	)		(1.58	)		(1.78	)
10/31/2018		20.70		0.18			(3.25	)		(3.07	)		(0.20	)		(0.73	)		(0.93	)
10/31/2017		16.00		0.11			4.73			4.84			(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	)
Class F3
4/30/2020^(c)		16.59		0.03			(2.45	)		(2.42	)		(0.25	)		–			(0.25	)
10/31/2019		17.38		0.22			0.80			1.02			(0.23	)		(1.58	)		(1.81	)
10/31/2018		21.49		0.23			(3.39	)		(3.16	)		(0.22	)		(0.73	)		(0.95	)
4/4/2017 to 10/31/2017^(h)		17.75		(0.02	)		3.76			3.74			–			–			–
Class I
4/30/2020^(c)		16.51		0.02			(2.43	)		(2.41	)		(0.25	)		–			(0.25	)
10/31/2019		17.32		0.21			0.79			1.00			(0.23	)		(1.58	)		(1.81	)
10/31/2018		21.44		0.19			(3.37	)		(3.18	)		(0.21	)		(0.73	)		(0.94	)
10/31/2017		16.56		0.14			4.90			5.04			(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	)
Class P
4/30/2020^(c)		16.43		–	^(d)		(2.44	)		(2.44	)		(0.16	)		–			(0.16	)
10/31/2019		17.18		0.14			0.79			0.93			(0.10	)		(1.58	)		(1.68	)
10/31/2018		21.26		0.10			(3.33	)		(3.23	)		(0.12	)		(0.73	)		(0.85	)
10/31/2017		16.40		0.04			4.88			4.92			(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	)

130	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 (000)		Portfolio turnover rate (%)

	$13.45		(15.00	)^(e)		1.26	^(f)		0.03	^(f)		$ 94,884		27	^(e)
	16.02		7.05			1.25			1.04			126,700		58
	16.84		(15.72	)		1.20			0.73			172,940		81
	20.88		30.38			1.23			0.50			190,861		76
	16.13		(0.99	)		1.35			0.82			153,000		82
	17.01		9.36			1.33			0.51			160,628		82

	12.46		(15.30	)^(e)		2.02	^(f)		(0.76	)^(f)		14,505		27	^(e)
	14.78		6.23			2.00			0.29			22,450		58
	15.61		(16.34	)		1.95			–	^(g)		33,874		81
	19.46		29.47			1.97			(0.26	)		39,434		76
	15.03		(1.75	)		2.09			0.08			27,396		82
	15.92		8.58			2.06			(0.23	)		31,273		82

	13.31		(14.91	)^(e)		1.11	^(f)		0.07	^(f)		46,169		27	^(e)
	15.86		7.19			1.09			1.20			91,019		58
	16.70		(15.58	)		1.05			0.91			206,400		81
	20.70		30.59			1.07			0.58			264,221		76
	16.00		(0.84	)		1.20			0.96			88,852		82
	16.88		9.52			1.18			0.61			118,963		82

	13.92		(14.85	)^(e)		0.92	^(f)		0.40	^(f)		15,242		27	^(e)
	16.59		7.43			0.91			1.40			19,153		58
	17.38		(15.46	)		0.87			1.11			22,158		81
	21.49		21.13	^(e)		0.89	^(f)		(0.15	)^(f)		18,095		76

	13.85		(14.88	)^(e)		1.01	^(f)		0.28	^(f)		158,153		27	^(e)
	16.51		7.24			1.00			1.32			221,455		58
	17.32		(15.46	)		0.95			0.94			235,952		81
	21.44		30.74			0.99			0.76			249,331		76
	16.56		(0.75	)		1.10			1.06			267,188		82
	17.44		9.59			1.08			0.77			296,965		82

	13.83		(15.03	)^(e)		1.46	^(f)		(0.06	)^(f)		101		27	^(e)
	16.43		6.80			1.45			0.91			96		58
	17.18		(15.87	)		1.40			0.50			132		81
	21.26		30.12			1.45			0.23			229		76
	16.40		(1.17	)		1.55			0.49			363		82
	17.27		9.15			1.53			0.29			595		82

See Notes to Financial Statements.

131

Financial Highlights (concluded)

INTERNATIONAL OPPORTUNITIES 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
4/30/2020^(c)		$15.72		$(0.02	)		$(2.33	)		$(2.35	)		$(0.14	)		$ –			$(0.14	)
10/31/2019		16.54		0.11			0.75			0.86			(0.10	)		(1.58	)		(1.68	)
10/31/2018		20.53		0.06			(3.21	)		(3.15	)		(0.11	)		(0.73	)		(0.84	)
10/31/2017		15.89		0.04			4.69			4.73			(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	)
Class R3
4/30/2020^(c)		15.64		(0.02	)		(2.31	)		(2.33	)		(0.15	)		–			(0.15	)
10/31/2019		16.53		0.09			0.77			0.86			(0.17	)		(1.58	)		(1.75	)
10/31/2018		20.49		0.10			(3.21	)		(3.11	)		(0.12	)		(0.73	)		(0.85	)
10/31/2017		15.85		0.02			4.71			4.73			(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	)
Class R4
4/30/2020^(c)		15.95		–	^(d)		(2.34	)		(2.34	)		(0.22	)		–			(0.22	)
10/31/2019		16.79		0.14			0.78			0.92			(0.18	)		(1.58	)		(1.76	)
10/31/2018		20.82		0.16			(3.28	)		(3.12	)		(0.18	)		(0.73	)		(0.91	)
10/31/2017		16.11		0.10			4.75			4.85			(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⁽ⁱ⁾		17.49		–	^(d)		(0.48	)		(0.48	)		–			–			–
Class R5
4/30/2020^(c)		16.50		0.01			(2.41	)		(2.40	)		(0.25	)		–			(0.25	)
10/31/2019		17.32		0.16			0.83			0.99			(0.23	)		(1.58	)		(1.81	)
10/31/2018		21.43		0.21			(3.38	)		(3.17	)		(0.21	)		(0.73	)		(0.94	)
10/31/2017		16.56		0.15			4.88			5.03			(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⁽ⁱ⁾		17.92		0.02			(0.50	)		(0.48	)		–			–			–
Class R6
4/30/2020^(c)		16.59		0.02			(2.44	)		(2.42	)		(0.25	)		–			(0.25	)
10/31/2019		17.39		0.21			0.80			1.01			(0.23	)		(1.58	)		(1.81	)
10/31/2018		21.49		0.21			(3.36	)		(3.15	)		(0.22	)		(0.73	)		(0.95	)
10/31/2017		16.60		0.20			4.85			5.05			(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⁽ⁱ⁾		17.92		0.03			(0.50	)		(0.47	)		–			–			–

^(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)	Amount less than $0.01.
^(e)	Not annualized.
^(f)	Annualized.
^(g)	Amount is less than 0.01%.
^(h)	Commenced on April 4, 2017.
⁽ⁱ⁾	Commenced on June 30, 2015.

132	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 (000)		Portfolio turnover rate (%)

	$13.23		(15.10	)^(e)		1.62	^(f)		(0.31	)^(f)		$2,390		27	^(e)
	15.72		6.67			1.60			0.72			3,318		58
	16.54		(16.00	)		1.55			0.32			3,476		81
	20.53		29.96			1.57			0.21			5,228		76
	15.89		(1.34	)		1.71			0.49			2,520		82
	16.81		8.92			1.68			0.15			935		82

	13.16		(15.11	)^(e)		1.52	^(f)		(0.28	)^(f)		13,110		27	^(e)
	15.64		6.77			1.50			0.58			19,568		58
	16.53		(15.87	)		1.46			0.54			35,677		81
	20.49		30.07			1.47			0.14			9,828		76
	15.85		(1.20	)		1.59			0.67			18,124		82
	16.73		9.11			1.56			0.29			9,161		82

	13.39		(15.00	)^(e)		1.26	^(f)		0.06	^(f)		4,917		27	^(e)
	15.95		7.06			1.25			0.93			6,293		58
	16.79		(15.70	)		1.20			0.80			5,606		81
	20.82		30.43			1.23			0.55			3,334		76
	16.11		(1.03	)		1.38			0.57			1,883		82
	17.01		(2.74	)^(e)		1.35	^(f)		0.03	^(f)		10		82

	13.85		(14.83	)^(e)		1.01	^(f)		0.10	^(f)		8,966		27	^(e)
	16.50		7.25			1.00			1.00			17,765		58
	17.32		(15.47	)		0.97			1.06			39,621		81
	21.43		30.69			0.98			0.79			4,121		76
	16.56		(0.75	)		1.13			1.06			2,751		82
	17.44		(2.68	)^(e)		1.10	^(f)		0.28	^(f)		10		82

	13.92		(14.85	)^(e)		0.92	^(f)		0.36	^(f)		25,693		27	^(e)
	16.59		7.37			0.91			1.30			33,183		58
	17.39		(15.41	)		0.87			1.04			34,281		81
	21.49		30.85			0.90			1.03			17,212		76
	16.60		(0.56	)		0.94			1.00			1,843		82
	17.45		(2.62	)^(e)		0.93	^(f)		0.48	^(f)		13		82

See Notes to Financial Statements.

133

Financial Highlights

INTERNATIONAL VALUE 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
4/30/2020^(c)		$6.98		$ 0.04			$(1.36	)		$(1.32	)		$(0.04	)		$ –			$(0.04	)
10/31/2019		6.73		0.20			0.26			0.46			(0.21	)		–			(0.21	)
10/31/2018		7.63		0.22			(0.89	)		(0.67	)		(0.23	)		–			(0.23	)
10/31/2017		6.71		0.22			0.95			1.17			(0.25	)		–			(0.25	)
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	)
Class C
4/30/2020^(c)		6.92		0.01			(1.34	)		(1.33	)		(0.02	)		–			(0.02	)
10/31/2019		6.67		0.15			0.25			0.40			(0.15	)		–			(0.15	)
10/31/2018		7.56		0.16			(0.88	)		(0.72	)		(0.17	)		–			(0.17	)
10/31/2017		6.66		0.17			0.92			1.09			(0.19	)		–			(0.19	)
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	)
Class F
4/30/2020^(c)		7.01		0.04			(1.36	)		(1.32	)		(0.05	)		–			(0.05	)
10/31/2019		6.76		0.21			0.26			0.47			(0.22	)		–			(0.22	)
10/31/2018		7.66		0.23			(0.89	)		(0.66	)		(0.24	)		–			(0.24	)
10/31/2017		6.73		0.24			0.95			1.19			(0.26	)		–			(0.26	)
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	)
Class F3
4/30/2020^(c)		7.02		0.05			(1.37	)		(1.32	)		(0.05	)		–			(0.05	)
10/31/2019		6.77		0.22			0.26			0.48			(0.23	)		–			(0.23	)
10/31/2018		7.67		0.24			(0.89	)		(0.65	)		(0.25	)		–			(0.25	)
4/4/2017 to 10/31/2017^(f)		7.03		(0.01	)		0.79			0.78			(0.14	)		–			(0.14	)
Class I
4/30/2020^(c)		7.03		0.05			(1.37	)		(1.32	)		(0.05	)		–			(0.05	)
10/31/2019		6.77		0.23			0.25			0.48			(0.22	)		–			(0.22	)
10/31/2018		7.68		0.23			(0.89	)		(0.66	)		(0.25	)		–			(0.25	)
10/31/2017		6.75		0.25			0.94			1.19			(0.26	)		–			(0.26	)
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	)
Class R2
4/30/2020^(c)		7.14		0.01			(1.39	)		(1.38	)		–			–			–
10/31/2019		6.88		0.18			0.26			0.44			(0.18	)		–			(0.18	)
10/31/2018		7.80		0.18			(0.90	)		(0.72	)		(0.20	)		–			(0.20	)
10/31/2017		6.86		0.21			0.95			1.16			(0.22	)		–			(0.22	)
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	)

134	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 (%)

	$5.62		(18.96	)^(d)		1.12	^(e)		1.19	^(e)		1.23	^(e)		$185,395		42	^(d)
	6.98		6.91			1.12			1.16			2.97			256,381		62
	6.73		(9.05	)		1.12			1.14			2.85			290,289		74
	7.63		17.68			1.12			1.14			3.15			367,465		61
	6.71		(1.52	)		1.12			1.20			3.57			419,886		58
	7.05		(11.74	)		1.12			1.19			3.14			710,835		77

	5.57		(19.30	)^(d)		1.87	^(e)		1.95	^(e)		0.45	^(e)		21,897		42	^(d)
	6.92		6.12			1.87			1.91			2.17			32,274		62
	6.67		(9.71	)		1.87			1.89			2.07			45,888		74
	7.56		16.60			1.87			1.89			2.41			68,558		61
	6.66		(2.01	)		1.87			1.95			2.85			86,306		58
	6.99		(12.49	)		1.84			1.90			2.40			142,492		77

	5.64		(18.96	)^(d)		0.92	^(e)		1.04	^(e)		1.42	^(e)		23,298		42	^(d)
	7.01		7.04			0.92			1.01			3.10			37,857		62
	6.76		(8.87	)		0.91			0.99			3.06			54,167		74
	7.66		17.96			0.91			0.99			3.37			95,299		61
	6.73		(1.22	)		0.91			1.05			3.78			111,056		58
	7.06		(11.65	)		0.90			1.00			3.38			210,696		77

	5.65		(18.88	)^(d)		0.81	^(e)		0.86	^(e)		1.55	^(e)		18,920		42	^(d)
	7.02		7.15			0.81			0.84			3.28			24,764		62
	6.77		(8.76	)		0.82			0.83			3.21			26,911		74
	7.67		11.16	^(d)		0.77	^(e)		0.83	^(e)		(0.19	)^(e)		27,215		61

	5.66		(18.85	)^(d)		0.82	^(e)		0.94	^(e)		1.54	^(e)		175,732		42	^(d)
	7.03		7.29			0.82			0.91			3.35			219,764		62
	6.77		(8.89	)		0.81			0.89			3.05			310,984		74
	7.68		18.02			0.81			0.89			3.48			471,341		61
	6.75		(1.10	)		0.81			0.95			3.90			710,951		58
	7.08		(11.52	)		0.80			0.91			3.50			1,080,845		77

	5.76		(19.33	)^(d)		1.47	^(e)		1.58	^(e)		0.25	^(e)		17		42	^(d)
	7.14		6.54			1.47			1.51			2.64			449		62
	6.88		(9.44	)		1.47			1.49			2.35			369		74
	7.80		17.17			1.47			1.49			2.93			592		61
	6.86		(1.70	)		1.47			1.55			3.28			680		58
	7.19		(12.13	)		1.44			1.51			2.80			1,029		77

See Notes to Financial Statements.

135

Financial Highlights (concluded)

INTERNATIONAL VALUE 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
4/30/2020^(c)		$7.05		$0.03		$(1.37	)		$(1.34	)		$(0.03	)		$ –			$(0.03	)
10/31/2019		6.80		0.18		0.26			0.44			(0.19	)		–			(0.19	)
10/31/2018		7.71		0.19		(0.89	)		(0.70	)		(0.21	)		–			(0.21	)
10/31/2017		6.78		0.21		0.95			1.16			(0.23	)		–			(0.23	)
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	)
Class R4
4/30/2020^(c)		6.97		0.04		(1.36	)		(1.32	)		(0.04	)		–			(0.04	)
10/31/2019		6.72		0.20		0.26			0.46			(0.21	)		–			(0.21	)
10/31/2018		7.62		0.20		(0.87	)		(0.67	)		(0.23	)		–			(0.23	)
10/31/2017		6.71		0.21		0.95			1.16			(0.25	)		–			(0.25	)
10/31/2016		7.05		0.24		(0.35	)		(0.11	)		(0.23	)		–			(0.23	)
6/30/2015 to 10/31/2015^(g)		7.75		0.05		(0.72	)		(0.67	)		(0.03	)		–			(0.03	)
Class R5
4/30/2020^(c)		7.01		0.05		(1.37	)		(1.32	)		(0.05	)		–			(0.05	)
10/31/2019		6.76		0.23		0.25			0.48			(0.23	)		–			(0.23	)
10/31/2018		7.66		0.24		(0.89	)		(0.65	)		(0.25	)		–			(0.25	)
10/31/2017		6.74		0.24		0.94			1.18			(0.26	)		–			(0.26	)
10/31/2016		7.08		0.26		(0.35	)		(0.09	)		(0.25	)		–			(0.25	)
6/30/2015 to 10/31/2015^(g)		7.78		0.06		(0.72	)		(0.66	)		(0.04	)		–			(0.04	)
Class R6
4/30/2020^(c)		7.02		0.05		(1.37	)		(1.32	)		(0.05	)		–			(0.05	)
10/31/2019		6.77		0.22		0.26			0.48			(0.23	)		–			(0.23	)
10/31/2018		7.67		0.24		(0.89	)		(0.65	)		(0.25	)		–			(0.25	)
10/31/2017		6.75		0.26		0.92			1.18			(0.26	)		–			(0.26	)
10/31/2016		7.08		0.26		(0.34	)		(0.08	)		(0.25	)		–			(0.25	)
6/30/2015 to 10/31/2015^(g)		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)	Annualized.
^(f)	Commenced on April 4, 2017.
^(g)	Commenced on June 30, 2015.

136	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 (%)

	$5.68		(19.03	)^(d)		1.37	^(e)		1.45	^(e)		0.98	^(e)		$ 5,524		42	^(d)
	7.05		6.56			1.37			1.41			2.70			7,029		62
	6.80		(9.35	)		1.37			1.39			2.41			7,801		74
	7.71		17.35			1.37			1.39			2.90			12,888		61
	6.78		(1.58	)		1.37			1.44			3.29			12,697		58
	7.11		(12.03	)		1.34			1.40			2.93			12,680		77

	5.61		(18.98	)^(d)		1.12	^(e)		1.19	^(e)		1.37	^(e)		39		42	^(d)
	6.97		6.92			1.12			1.17			2.99			36		62
	6.72		(9.06	)		1.12			1.13			2.67			40		74
	7.62		17.60			1.11			1.11			2.85			38		61
	6.71		(1.48	)		1.12			1.16			3.57			9		58
	7.05		(8.56	)^(d)		1.12	^(e)		1.15	^(e)		2.02	^(e)		9		77

	5.64		(18.91	)^(d)		0.87	^(e)		0.92	^(e)		1.50	^(e)		9		42	^(d)
	7.01		7.16			0.87			0.89			3.36			10		62
	6.76		(8.78	)		0.86			0.86			3.12			10		74
	7.66		17.90			0.87			0.86			3.39			11		61
	6.74		(1.24	)		0.87			0.92			3.81			9		58
	7.08		(8.46	)^(d)		0.87	^(e)		0.90	^(e)		2.28	^(e)		9		77

	5.65		(18.88	)^(d)		0.81	^(e)		0.86	^(e)		1.52	^(e)		980		42	^(d)
	7.02		7.15			0.81			0.84			3.22			1,507		62
	6.77		(8.76	)		0.82			0.83			3.17			1,758		74
	7.67		17.88			0.81			0.83			3.45			2,229		61
	6.75		(1.09	)		0.80			0.82			3.88			9		58
	7.08		(8.46	)^(d)		0.80	^(e)		0.80	^(e)		2.34	^(e)		9		77

See Notes to Financial Statements.

137

Financial Highlights

VALUE OPPORTUNITIES 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
4/30/2020^(c)		$18.62		$ 0.03			$(1.76	)		$(1.73	)		$(0.07	)		$(2.01	)		$(2.08	)
10/31/2019		19.50		0.05			0.84			0.89			(0.01	)		(1.76	)		(1.77	)
10/31/2018		20.80		0.01			(0.06	)		(0.05	)		–			(1.25	)		(1.25	)
10/31/2017		18.95		0.03			2.95			2.98			–			(1.13	)		(1.13	)
10/31/2016		19.56		0.02			0.77			0.79			–			(1.40	)		(1.40	)
10/31/2015		21.67		(0.01	)		0.77			0.76			–			(2.87	)		(2.87	)
Class C
4/30/2020^(c)		16.22		(0.02	)		(1.52	)		(1.54	)		–			(2.01	)		(2.01	)
10/31/2019		17.32		(0.07	)		0.73			0.66			–			(1.76	)		(1.76	)
10/31/2018		18.75		(0.12	)		(0.06	)		(0.18	)		–			(1.25	)		(1.25	)
10/31/2017		17.31		(0.11	)		2.68			2.57			–			(1.13	)		(1.13	)
10/31/2016		18.11		(0.11	)		0.71			0.60			–			(1.40	)		(1.40	)
10/31/2015		20.41		(0.15	)		0.72			0.57			–			(2.87	)		(2.87	)
Class F
4/30/2020^(c)		19.06		0.04			(1.81	)		(1.77	)		(0.09	)		(2.01	)		(2.10	)
10/31/2019		19.92		0.08			0.86			0.94			(0.04	)		(1.76	)		(1.80	)
10/31/2018		21.18		0.04			(0.04	)		–			(0.01	)		(1.25	)		(1.26	)
10/31/2017		19.28		0.05			3.00			3.05			(0.02	)		(1.13	)		(1.15	)
10/31/2016		19.85		0.04			0.79			0.83			–			(1.40	)		(1.40	)
10/31/2015		21.92		0.02			0.78			0.80			–			(2.87	)		(2.87	)
Class F3
4/30/2020^(c)		19.56		0.05			(1.85	)		(1.80	)		(0.12	)		(2.01	)		(2.13	)
10/31/2019		20.38		0.12			0.88			1.00			(0.06	)		(1.76	)		(1.82	)
10/31/2018		21.65		0.08			(0.05	)		0.03			(0.05	)		(1.25	)		(1.30	)
4/4/2017 to 10/31/2017^(f)		20.25		(0.03	)		1.43			1.40			–			–			–
Class I
4/30/2020^(c)		19.45		0.05			(1.85	)		(1.80	)		(0.12	)		(2.01	)		(2.13	)
10/31/2019		20.29		0.10			0.88			0.98			(0.06	)		(1.76	)		(1.82	)
10/31/2018		21.59		0.06			(0.06	)		–			(0.05	)		(1.25	)		(1.30	)
10/31/2017		19.62		0.08			3.06			3.14			(0.04	)		(1.13	)		(1.17	)
10/31/2016		20.16		0.06			0.80			0.86			–			(1.40	)		(1.40	)
10/31/2015		22.20		0.04			0.79			0.83			–			(2.87	)		(2.87	)
Class P
4/30/2020^(c)		18.20		0.01			(1.72	)		(1.71	)		(0.03	)		(2.01	)		(2.04	)
10/31/2019		19.13		0.01			0.82			0.83			–			(1.76	)		(1.76	)
10/31/2018		20.46		(0.03	)		(0.05	)		(0.08	)		–			(1.25	)		(1.25	)
10/31/2017		18.70		(0.01	)		2.90			2.89			–			(1.13	)		(1.13	)
10/31/2016		19.36		(0.02	)		0.76			0.74			–			(1.40	)		(1.40	)
10/31/2015		21.51		(0.05	)		0.77			0.72			–			(2.87	)		(2.87	)

138	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

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

	$14.81		(10.67	)^(d)		1.20	^(e)		0.39	^(e)		$ 603,237		15	^(d)
	18.62		5.22			1.18			0.29			775,746		51
	19.50		(0.28	)		1.11			0.06			922,813		54
	20.80		16.23			1.15			0.14			1,028,166		57
	18.95		4.33			1.17			0.09			959,416		37
	19.56		3.67			1.17			(0.05	)		1,026,959		47

	12.67		(11.06	)^(d)		1.96	^(e)		(0.37	)^(e)		98,193		15	^(d)
	16.22		4.48			1.93			(0.46	)		142,020		51
	17.32		(1.05	)		1.87			(0.69	)		225,551		54
	18.75		15.35			1.89			(0.61	)		335,148		57
	17.31		3.57			1.92			(0.66	)		330,066		37
	18.11		2.87			1.92			(0.80	)		356,709		47

	15.19		(10.62	)^(d)		1.05	^(e)		0.55	^(e)		138,490		15	^(d)
	19.06		5.38			1.03			0.45			210,350		51
	19.92		(0.03	)		0.97			0.22			390,627		54
	21.18		16.34			1.00			0.27			807,684		57
	19.28		4.48			1.02			0.23			663,069		37
	19.85		3.84			1.02			0.09			557,742		47

	15.63		(10.53	)^(d)		0.84	^(e)		0.76	^(e)		202,614		15	^(d)
	19.56		5.61			0.83			0.64			260,948		51
	20.38		0.13			0.78			0.39			331,176		54
	21.65		6.91	^(d)		0.79	^(e)		(0.25	)^(e)		315,394		57

	15.52		(10.61	)^(d)		0.95	^(e)		0.65	^(e)		208,720		15	^(d)
	19.45		5.51			0.93			0.54			292,610		51
	20.29		(0.02	)		0.86			0.30			450,720		54
	21.59		16.51			0.90			0.41			397,265		57
	19.62		4.57			0.92			0.34			470,399		37
	20.16		3.94			0.92			0.20			557,008		47

	14.45		(10.79	)^(d)		1.40	^(e)		0.20	^(e)		15,925		15	^(d)
	18.20		5.05			1.38			0.08			22,113		51
	19.13		(0.49	)		1.31			(0.14	)		25,501		54
	20.46		15.96			1.35			(0.05	)		33,644		57
	18.70		4.10			1.37			(0.11	)		36,327		37
	19.36		3.50			1.37			(0.25	)		42,225		47

See Notes to Financial Statements.

139

Financial Highlights (concluded)

VALUE OPPORTUNITIES 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
4/30/2020^(c)		$17.75		$ –	^(g)		$(1.67	)		$(1.67	)		$(0.01	)		$(2.01	)		$(2.02	)
10/31/2019		18.72		(0.01	)		0.80			0.79			–			(1.76	)		(1.76	)
10/31/2018		20.06		(0.06	)		(0.03	)		(0.09	)		–			(1.25	)		(1.25	)
10/31/2017		18.38		(0.05	)		2.86			2.81			–			(1.13	)		(1.13	)
10/31/2016		19.08		(0.05	)		0.75			0.70			–			(1.40	)		(1.40	)
10/31/2015		21.27		(0.08	)		0.76			0.68			–			(2.87	)		(2.87	)
Class R3
4/30/2020^(c)		17.97		0.01			(1.70	)		(1.69	)		(0.01	)		(2.01	)		(2.02	)
10/31/2019		18.92		0.01			0.80			0.81			–			(1.76	)		(1.76	)
10/31/2018		20.25		(0.04	)		(0.04	)		(0.08	)		–			(1.25	)		(1.25	)
10/31/2017		18.52		(0.02	)		2.88			2.86			–			(1.13	)		(1.13	)
10/31/2016		19.20		(0.03	)		0.75			0.72			–			(1.40	)		(1.40	)
10/31/2015		21.37		(0.06	)		0.76			0.70			–			(2.87	)		(2.87	)
Class R4
4/30/2020^(c)		18.60		0.03			(1.77	)		(1.74	)		(0.06	)		(2.01	)		(2.07	)
10/31/2019		19.47		0.05			0.85			0.90			(0.01	)		(1.76	)		(1.77	)
10/31/2018		20.79		0.01			(0.06	)		(0.05	)		(0.02	)		(1.25	)		(1.27	)
10/31/2017		18.95		–			2.99			2.99			(0.02	)		(1.13	)		(1.15	)
10/31/2016		19.57		(0.01	)		0.79			0.78			–			(1.40	)		(1.40	)
6/30/2015 to 10/31/2015^(h)		20.33		–	^(g)		(0.76	)		(0.76	)		–			–			–
Class R5
4/30/2020^(c)		19.46		0.05			(1.84	)		(1.79	)		(0.12	)		(2.01	)		(2.13	)
10/31/2019		20.30		0.10			0.88			0.98			(0.06	)		(1.76	)		(1.82	)
10/31/2018		21.59		0.07			(0.07	)		–			(0.04	)		(1.25	)		(1.29	)
10/31/2017		19.63		0.10			3.03			3.13			(0.04	)		(1.13	)		(1.17	)
10/31/2016		20.16		0.05			0.82			0.87			–			(1.40	)		(1.40	)
6/30/2015 to 10/31/2015^(h)		20.93		0.01			(0.78	)		(0.77	)		–			–			–
Class R6
4/30/2020^(c)		19.55		0.06			(1.86	)		(1.80	)		(0.12	)		(2.01	)		(2.13	)
10/31/2019		20.37		0.12			0.88			1.00			(0.06	)		(1.76	)		(1.82	)
10/31/2018		21.65		0.08			(0.06	)		0.02			(0.05	)		(1.25	)		(1.30	)
10/31/2017		19.66		0.09			3.07			3.16			(0.04	)		(1.13	)		(1.17	)
10/31/2016		20.17		0.09			0.80			0.89			–			(1.40	)		(1.40	)
6/30/2015 to 10/31/2015^(h)		20.93		0.02			(0.78	)		(0.76	)		–			–			–

^(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)	Annualized.
^(f)	Commenced on April 4, 2017.
^(g)	Amount less than $0.01.
^(h)	Commenced on June 30, 2015.

140	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

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

	$14.06		(10.85	)^(d)		1.56	^(e)		0.05	^(e)		$ 4,738		15	^(d)
	17.75		4.88			1.53			(0.07	)		6,483		51
	18.72		(0.50	)		1.46			(0.29	)		7,339		54
	20.06		15.79			1.50			(0.25	)		9,047		57
	18.38		3.94			1.52			(0.26	)		6,245		37
	19.08		3.33			1.53			(0.40	)		7,120		47

	14.26		(10.80	)^(d)		1.46	^(e)		0.14	^(e)		43,525		15	^(d)
	17.97		4.94			1.43			0.04			56,855		51
	18.92		(0.45	)		1.36			(0.19	)		77,440		54
	20.25		15.94			1.39			(0.10	)		88,592		57
	18.52		4.03			1.42			(0.16	)		99,544		37
	19.20		3.42			1.42			(0.30	)		114,489		47

	14.79		(10.70	)^(d)		1.20	^(e)		0.39	^(e)		33,878		15	^(d)
	18.60		5.27			1.18			0.29			43,879		51
	19.47		(0.30	)		1.11			0.06			54,408		54
	20.79		16.27			1.15			(0.01	)		63,867		57
	18.95		4.28			1.14			(0.06	)		2,929		37
	19.57		(3.74	)^(d)		1.15	^(e)		(0.07	)^(e)		10		47

	15.54		(10.59	)^(d)		0.95	^(e)		0.67	^(e)		1,737		15	^(d)
	19.46		5.55			0.93			0.52			2,599		51
	20.30		(0.01	)		0.87			0.31			1,927		54
	21.59		16.46			0.89			0.51			5,111		57
	19.63		4.62			0.89			0.24			42,825		37
	20.16		(3.68	)^(d)		0.89	^(e)		0.19	^(e)		10		47

	15.62		(10.54	)^(d)		0.84	^(e)		0.77	^(e)		26,453		15	^(d)
	19.55		5.62			0.83			0.66			40,149		51
	20.37		0.08			0.78			0.39			93,784		54
	21.65		16.60			0.78			0.45			104,218		57
	19.66		4.72			0.79			0.46			56,533		37
	20.17		(3.63	)^(d)		0.82	^(e)		0.28	^(e)		29,039		47

See Notes to Financial Statements.

141

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 an open-end management investment company and was organized as a Delaware statutory trust on February 26, 1993.

As of April 30, 2020, the Trust currently consists of fourteen funds. All funds are diversified except Lord Abbett Focused Growth Fund and Lord Abbett Focused Large Cap Value Fund. This report covers the following thirteen funds (separately, a “Fund” and collectively, the “Funds”) and their respective active share classes during the period ended April 30, 2020:

Funds	Share Classes
Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”)	A, C, F, F3, I, R2, R3, R4, R5 and R6
Lord Abbett Durable Growth Fund (“Durable Growth Fund”)	A, C, F, F3, I, R3, R4, R5 and R6
Lord Abbett Focused Growth Fund (“Focused Growth Fund”)	A, C, F, F3, I, R3, R4, R5 and R6
Lord Abbett Focused Large Cap Value Fund (“Focused Large Cap Value Fund”)	A, C, F, F3, I, R3, R4, R5 and R6
Lord Abbett Focused Small Cap Value Fund (“Focused Small Cap Value Fund”)	A, C, F, F3, I, R3, R4, R5 and R6
Lord Abbett Fundamental Equity Fund (“Fundamental Equity Fund”)	A, C, F, F3 I, P, R2, R3, R4, R5 and R6
Lord Abbett Global Equity Research Fund (“Global Equity Research Fund)	A, C, F, F3, I, R2, R3, R4, R5 and R6
Lord Abbett Growth Leaders Fund (“Growth Leaders Fund”)	A, C, F, F3, I, R2, R3, R4, R5 and R6
Lord Abbett Health Care Fund (“Health Care Fund”)	A, C, F, F3, I, R3, R4, R5 and R6
Lord Abbett International Equity Fund (“International Equity Fund”)	A, C, F, F3, I, P, R2, R3, R4, R5 and R6
Lord Abbett International Opportunities Fund (“International Opportunities Fund”)	A, C, F, F3, I, P, R2, R3, R4, R5 and R6
Lord Abbett International Value Fund (“International Value Fund)	A, C, F, F3, I, R2, R3, R4, R5 and R6
Lord Abbett Value Opportunities Fund (“Value Opportunities Fund”)	A, C, F, F3, I, P, R2, R3, R4, R5 and R6

The Funds’ Class P shares are closed to substantially all investors, with certain exceptions as set forth in the Funds’ prospectus. Durable Growth Fund commenced operations on November 1, 2019.

Each of Alpha Strategy Fund’s, Focused Large Cap Value Fund’s, Focused Small Cap Value Fund’s, Global Equity Research Fund’s, Health Care Fund’s, International 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. Durable Growth Fund’s, Growth Leaders Fund’s and Focused Growth Fund’s investment objective is to seek capital appreciation. International Value 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 C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert into 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 tenth anniversary of the month on which the purchase order was accepted.

142

Notes to Financial Statements (unaudited)(continued)

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. 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, 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 (“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 quoted 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. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available. 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 may employ 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.

143

Notes to Financial Statements (unaudited)(continued)

(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 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, 2016 through October 31, 2019. 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, C, A1, 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 Equity Research Fund, Health Care Fund, International Equity Fund, International Opportunities Fund and International Value 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

144

Notes to Financial Statements (unaudited)(continued)

	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.

(h)	Futures Contracts–Each Fund may purchase and sell futures contracts to enhance returns, to attempt to economically hedge some of its investment risk, or as a substitute position in lieu of holding the underlying asset on which the instrument is based. At the time of entering into a futures transaction, an investor is required to deposit and maintain a specified amount of cash or eligible securities called “initial margin.” Subsequent payments made or received by a Fund called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

(i)	Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a Fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

(j)	When-Issued or Forward Transactions–Each Fund may purchase portfolio securities on a when-issued or forward basis. When-issued or forward transactions involve a commitment by a Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at each Fund’s custodian in order to pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in determining its NAV. Each Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

(k)	Total Return Swaps–Each Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. Each Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, each Fund also may be required to pay an amount equal to that decline in value to their counterparty.

145

Notes to Financial Statements (unaudited)(continued)

(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, 2020 and, if applicable, 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. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

For the six months ended April 30, 2020, 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⁾
Durable Growth Fund		.51%⁽²⁾
Focused Growth Fund		.00%⁽³⁾
Focused Large Cap Value Fund		.40%⁽⁴⁾
Focused Small Cap Value Fund		.70%⁽⁵⁾
Fundamental Equity Fund		.55%⁽⁶⁾
Global Equity Research Fund		.00%⁽⁷⁾

146

Notes to Financial Statements (unaudited)(continued)

		Net Effective
		Management Fee
Growth Leaders Fund		.53%⁽⁸⁾
Health Care Fund		.00%⁽⁹⁾
International Equity Fund		.70%⁽¹⁰⁾
International Opportunities Fund		.76%⁽¹¹⁾
International Value Fund		.67%⁽¹⁰⁾
Value Opportunities Fund		.74%⁽¹²⁾

⁽¹⁾	Lord Abbett is voluntarily waiving the entire management fee of 0.10%. Lord Abbett may discontinue the voluntary waiver at any time without notice.
⁽²⁾	The management fee for Durable Growth Fund is based on the Fund’s average daily net assets at the following annual rates:

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


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

	First $1 billion	.65%
	Next $1 billion	.63%
	Next $5 billion	.60%
	Over $7 billion	.59%


⁽⁴⁾	The management fee for Focused Large Cap Value Fund is based on the Fund’s average daily net assets at the following annual rates:

	First $1 billion	.59%
	Over $1 billion	.53%


⁽⁵⁾	The management fee for Focused Small Cap Value Fund is 0.80% on the Fund’s average daily net assets.
⁽⁶⁾	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%


⁽⁷⁾	The management fee for Global Equity Research Fund is based on the Fund’s average daily net assets at the following annual rates:

	First $1 billion	.45%
	Next $2 billion	.43%
	Over $3 billion	.41%


⁽⁸⁾	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%


⁽⁹⁾	The management fee for Health Care Fund is based on the Fund’s average daily net assets at the following annual rates:

	First $1 billion	.62%
	Over $1 billion	.51%


⁽¹⁰⁾	The management fees for International Equity Fund and International Value 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%


⁽¹¹⁾	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%

147

Notes to Financial Statements (unaudited)(continued)

⁽¹²⁾	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 ended April 30, 2020 and continuing through February 28, 2021, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees, to the following annual rates:

		Durable Growth Fund*
Classes
A, C, F, I, R2, R3, R4 and R5		0.70%
F3 and R6		0.64%
* Effective November 1, 2019.

	Focused Growth Fund
	Effective	Prior to
Classes	March 1, 2020	March 1, 2020
A, C, F, I, R2, R3, R4 and R5	0.80%	0.80%
F3 and R6	0.72%	0.73%

		Focused Large Cap Value Fund
Classes
A, C, F, I, R3, R4 and R5		0.71%
F3 and R6		0.63%

		Focused Small Cap Value Fund
Classes
A, C, F, I, R3, R4 and R5		1.03%
F3 and R6		0.95%

	Global Equity Research Fund
	Effective	Prior to
Classes	March 1, 2020	March 1, 2020
A, C, F, I, R2, R3, R4 and R5	0.65%	0.65%
F3 and R6	0.61%	0.63%

		Health Care Fund
Classes
A, C, F, I, R3, R4 and R5		0.78%
F3 and R6		0.70%

	International Equity Fund
	Effective	Prior to
Classes	March 1, 2020	March 1, 2020
A, C, P, R2, R3, R4 and R5	0.92%	0.92%
F and I	0.86%	0.86%
F3 and R6	0.84%	0.85%

148

Notes to Financial Statements (unaudited)(continued)

	International Value Fund
	Effective	Prior to
Classes	March 1, 2020	March 1, 2020
A, C, R2, R3, R4 and R5	0.87%	0.87%
F and I	0.82%	0.82%
F3 and R6	0.80%	0.81%

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

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The following annual rates have been authorized by the Board pursuant to the plan:

Fees*	Class A⁽¹⁾	Class C	Class F⁽²⁾	⁽³⁾	Class P⁽⁴⁾	Class R2	Class R3	Class R4
Service	.25%	.25%	–		.25%	.25%	.25%	.25%
Distribution	–	.75%	.10%		.20%	.35%	.25%	–

*	The Funds may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. (“FINRA”) sales charge limitations.
⁽¹⁾	Prior to July 1, 2019 the Board did not authorize such Class A 12b-1 fees on the Focused Small Cap Value Fund. This agreement may be terminated only by the Fund’s Board.
⁽²⁾	The Class F Share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus.
⁽³⁾	For the six months ended April 30, 2020 and continuing through February 28, 2021, the Distributor has contractually agreed to waive Durable Growth Fund’s, Growth Leaders Fund’s, Focused Growth Fund’s, Focused Small Cap Value Fund’s, Focused Large Cap Value Fund’s and Health Care Fund’s 0.10% Rule 12b-1 fee for Class F. These agreements may be terminated only by the Fund’s Board.
⁽⁴⁾	Fundamental Equity Fund, International 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, 2020:

	Distributor		Dealers’
	Commissions		Concessions
Alpha Strategy Fund	$	25,331	$	142,726
Durable Growth Fund		–		–
Focused Growth Fund		6,158		35,200
Focused Large Cap Value Fund		–		–
Focused Small Cap Value Fund		–		–
Fundamental Equity Fund		33,926		186,589
Global Equity Research Fund		176		1,021
Growth Leaders Fund		286,305		1,601,498
Health Care Fund		–		–
International Equity Fund		5,948		31,623
International Opportunities Fund		10,268		53,979
International Value Fund		20,933		111,430
Value Opportunities Fund		35,362		190,456

149

Notes to Financial Statements (unaudited)(continued)

Distributor received the following amount of CDSCs for the six months ended April 30, 2020:

	Class A		Class C
Alpha Strategy Fund	$	118	$	2,823
Durable Growth Fund		–		–
Focused Growth Fund		–		–
Focused Large Cap Value Fund		–		–
Focused Small Cap Value Fund		–		–
Fundamental Equity Fund		270		1,774
Global Equity Research Fund		–		–
Growth Leaders Fund		27,747		36,018
Health Care Fund		–		–
International Equity Fund		134		445
International Opportunities Fund		106		492
International Value Fund		58		132
Value Opportunities Fund		1,319		2,280

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

Other Related Parties

As of April 30, 2020, the percentages of Durable Growth Fund’s, Focused Large Cap Value Fund’s, Focused Small Cap Value Fund’s, Fundamental Equity Fund’s, Growth Leaders Fund’s, International Value Fund’s, International Equity Fund’s, International Opportunities Fund’s and Value Opportunities Fund’s outstanding shares owned by each Fund of Funds were as follows:

Fund of Funds

Durable
Growth
Fund

Focused
Large Cap
Value
Fund

Focused
Small Cap
Value
Fund

Fundamental
Equity
Fund

Growth
Leaders
Fund

International
Value
Fund

International
Equity
Fund

International
Opportunities
Fund

Value
Opportunities
Fund

Alpha Strategy Fund

–

76.88%

–

35.93%

9.86%

Multi-Asset Balanced Opportunity Fund

79.93%

68.88

–

16.65%

5.54%

25.13%

31.24%

–

Multi-Asset Income Fund

19.25%

30.11

–

4.29%

1.41%

12.39%

16.54%

–

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid quarterly for International Value Fund, annually for Alpha Strategy Fund, Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Fundamental Equity Fund, Global Equity Research Fund, Growth Leaders Fund, Health Care Fund, International 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 U.S. GAAP. 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.

150

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the six months ended April 30, 2020 and fiscal year ended October 31, 2019, was as follows:

	Alpha Strategy Fund						Durable Growth Fund
	Six Months Ended 4/30/2020 (unaudited)			Year Ended 10/31/2019			Six Months Ended 4/30/2020 (unaudited)			Period Ended 10/31/2019
Distributions paid from:
Ordinary income		$	–		$	9,057,439		$	1,986		$	–
Net long-term capital gains			123,771,165			119,734,439			–			–
Total distributions paid		$	123,771,165		$	128,791,878		$	1,986		$	–

		Focused Growth Fund						Focused Large Cap Value Fund
	Six Months Ended 4/30/2020 (unaudited)			Year Ended 10/31/2019			Six Months Ended 4/30/2020 (unaudited)			Year Ended 10/31/2019
Distributions paid from:
Ordinary income		$	–		$	–		$	262,779		$	–
Net long-term capital gains			–			–			–			–
Total distributions paid		$	–		$	–		$	262,779		$	–

		Focused Small Cap Value Fund						Fundamental Equity Fund
	Six Months Ended 4/30/2020 (unaudited)			Year Ended 10/31/2019			Six Months Ended 4/30/2020 (unaudited)			Year Ended 10/31/2019
Distributions paid from:
Ordinary income		$	–		$	2,788,803		$	37,742,194		$	43,144,200
Net long-term capital gains			18,077,427			15,734,637			215,462,036			143,801,592
Total distributions paid		$	18,077,427		$	18,523,440		$	253,204,230		$	186,945,792

		Global Equity Research Fund						Growth Leaders Fund
		Six Months Ended 4/30/2020 (unaudited)			Year Ended 10/31/2019			Six Months Ended 4/30/2020 (unaudited)			Year Ended 10/31/2019
Distributions paid from:
Ordinary income		$	89,647		$	191,532		$	50,781,905		$	211,623,767
Net long-term capital gains			–			129,275			254,848,239			345,436,576
Total distributions paid		$	89,647		$	320,807		$	305,630,144		$	557,060,343

					Health Care Fund			International Equity Fund
		Six Months Ended 4/30/2020 (unaudited)			Year Ended 10/31/2019			Six Months Ended 4/30/2020 (unaudited)			Year Ended 10/31/2019
Distributions paid from:
Ordinary income		$	1,005		$	–		$	7,075,713		$	11,999,856
Net long-term capital gains			–			–			–			–
Total distributions paid		$	1,005		$	–		$	7,075,713		$	11,999,856

151

Notes to Financial Statements (unaudited)(continued)

		International Opportunities Fund						International Value Fund
	Six Months Ended 4/30/2020 (unaudited)			Year Ended 10/31/2019			Six Months Ended 4/30/2020 (unaudited)			Year Ended 10/31/2019
Distributions paid from:
Ordinary income		$	7,379,201		$	8,261,793		$	3,637,641		$	19,485,885
Net long-term capital gains			–			67,032,636			–			–
Total distributions paid		$	7,379,201		$	75,294,429		$	3,637,641		$	19,485,885

	Value Opportunities Fund
	Six Months Ended 4/30/2020 (unaudited)		Year Ended 10/31/2019
Distributions paid from:
Ordinary income	$	7,526,613	$	40,730,253
Net long-term capital gains		194,975,562		190,884,064
Total distributions paid	$	202,502,175	$	231,614,317

As of April 30, 2020, the following funds had capital losses, which will carry forward indefinitely:

Focused Growth Fund	$	377,291
Focused Large Cap Value		61,752
Global Equity Research Fund		49,919
Health Care Fund		46,625
International Equity Fund		19,566,790
International Opportunities Fund		74,186,108
International Value Fund		398,027,470

In accordance with the Regulated Investment Company Modernization Act of 2010, each Fund will carry forward 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 losses.

As of April 30, 2020, the aggregate unrealized security gains and losses on investments and other financial instruments, if any, based on cost for U.S. federal income tax purposes were as follows:

	Alpha			Durable			Focused
	Strategy Fund			Growth Fund			Growth Fund
Tax cost	$	939,199,879		$	184,087,414		$	11,711,840
Gross unrealized gain		7,665,513			8,140,773			1,679,223
Gross unrealized loss		(243,931,684	)		(15,619,790	)		(184,900	)
Net unrealized security gain (loss)	$	(236,266,171	)	$	(7,479,017	)	$	1,494,323

	Focused Large			Focused Small			Fundamental
	Cap Value Fund			Cap Value Fund			Equity Fund
Tax cost	$	225,842,558		$	103,652,968		$	1,870,142,659
Gross unrealized gain		24,690,076			4,078,118			209,584,972
Gross unrealized loss		(3,568,186	)		(24,220,890	)		(234,995,778	)
Net unrealized security gain (loss)	$	21,121,890		$	(20,142,772	)	$	(25,410,806	)

152

Notes to Financial Statements (unaudited)(continued)

	Global Equity			Growth			Health
	Research Fund			Leaders Fund			Care Fund
Tax cost	$	7,008,061		$	3,691,382,386		$	3,549,803
Gross unrealized gain		514,094			774,433,865			404,373
Gross unrealized loss		(692,389	)		(54,345,672	)		(120,282	)
Net unrealized security gain	$	(178,295	)	$	720,088,193		$	284,091

	International			International			International
	Equity Fund			Opportunities Fund			Value Fund
Tax cost	$	336,554,269		$	426,462,098		$	506,941,157
Gross unrealized gain		19,711,507			22,320,375			12,331,188
Gross unrealized loss		(24,440,787	)		(74,283,503	)		(85,599,228	)
Net unrealized security gain (loss)	$	(4,729,280	)	$	(51,963,128	)	$	(73,268,040	)

	Value Opportunities Fund
Tax cost	$	1,301,737,682
Gross unrealized gain		241,162,702
Gross unrealized loss		(163,545,849	)
Net unrealized security gain	$	77,616,853

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2020 were as follows:

	Purchases		Sales
Alpha Strategy Fund	$	122,851,877	$	122,378,619
Durable Growth Fund		200,204,235		13,425,019
Focused Growth Fund		12,049,517		10,965,953
Focused Large Cap Value Fund		216,515,068		28,185,971
Focused Small Cap Value Fund		47,726,050		49,718,794
Fundamental Equity Fund		666,931,381		943,989,730
Global Equity Research Fund		6,659,149		7,651,227
Growth Leaders Fund		2,710,033,143		2,646,272,723
Health Care Fund		1,812,304		1,026,460
International Equity Fund		188,442,388		256,529,183
International Opportunities Fund		126,285,842		212,135,588
International Value Fund		213,110,266		247,023,555
Value Opportunities Fund		240,318,287		536,959,664

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2020.

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 six months ended April 30, 2020, the following Funds engaged in cross-trades:

153

Notes to Financial Statements (unaudited)(continued)

Fund	Purchases		Sales		Gain/(Loss		)
Focused Large Cap Value Fund	$	8,781,847	$	–	$	–
Focused Small Cap Value Fund		168,165		128,656		(58,620	)
Fundamental Equity Fund		25,885,977		9,902,107		(3,600,586	)
Growth Leaders Fund		5,059,615		–		–
International Opportunities		180,982		–		–
International Value Fund		180,982		–		(43,958	)
Value Opportunities Fund		221,989		2,221,770		253,296

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

International Opportunities Fund entered into forward foreign currency exchange contracts for the six months ended April 30, 2020 (as described in note 2(g)). A forward foreign currency exchange contract reduces the 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. The Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and the Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. The Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts.

International Opportunities Fund entered into total return swaps on indexes for the six months ended April 30, 2020 (as described in note 2(k)) to hedge credit risk. The Fund may enter into total return swap agreements to obtain exposure to a security or market without owning such security or investing directly in that market. The Fund may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap. If the value of the asset underlying a total return swap declines over the term of the swap, the Fund also may be required to pay an amount equal to that decline in value to their counterparty.

As of April 30, 2020, International Opportunities Fund had the following derivatives at fair value, grouped into risk categories that illustrate the Funds’ use of derivative instruments:

International Opportunities Fund
	Equity
Asset Derivatives	Contracts
Total Return Swap Contracts⁽¹⁾		$26,888

⁽¹⁾	Statements of Assets and Liabilities location: Total return swap, at fair value.

154

Notes to Financial Statements (unaudited)(continued)

Transaction in derivatives instruments for the period ended April 30, 2020, were as follows:

Focused Small Cap Value Fund
	Equity
	Contracts
Net Realized Gain (Loss)
Futures Contracts⁽¹⁾	$	(680	)

Global Equity Research Fund
	Equity
	Contracts
Net Realized Gain (Loss)
Futures Contracts⁽¹⁾	$	160
Average Number of Contracts/Notional Amounts
Futures Contracts⁽⁵⁾		1

	International Opportunities Fund
	Forward
	Currency			Equity
	Contracts			Contracts
Net Realized Gain (Loss)
Forward Foreign Currency Exchange Contracts⁽²⁾	$	(4,819	)		–
Total Return Swaps Contracts⁽³⁾		–		$	(4,747,872	)
Net Change in Unrealized Appreciation/Depreciation
Total Return Swaps Contracts⁽⁴⁾		–		$	15,007
Average Number of Contracts/Notional Amounts*
Total Return Swaps Contracts⁽⁶⁾	$	–		$	151,813

International Value Fund
	Equity
	Contracts
Net Realized Gain (Loss)
Futures Contracts⁽¹⁾	$	(50	)

*	Calculated based on the number of contracts or notional amounts for the six months ended April 30, 2020.
⁽¹⁾	Statements of Operations location: Net realized gain(loss) on futures contracts.
⁽²⁾	Statements of Operations location: Net realized gain(loss) on forward foreign currency exchange contracts.
⁽³⁾	Statements of Operations location: Net realized gain(loss) on swap contracts.
⁽⁴⁾	Statements of Operations location: Net change in unrealized appreciation/depreciation on swap contracts.
⁽⁵⁾	Amount represents number of contracts.
⁽⁶⁾	Amounts represents notional amounts in U.S. dollars.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

The Financial Accounting Standards Board (“FASB”) requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the Statements of Assets and Liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by a 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

155

Notes to Financial Statements (unaudited)(continued)

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:

			Focused Growth 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		$905,080	$	–		$905,080
Total		$905,080	$	–		$905,080

	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.		$905,080	$	–	$	–		$(905,080	)	$	–
Total		$905,080	$	–	$	–		$(905,080	)	$	–

			Focused Large 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		$1,726,836	$	–		$1,726,836
Total		$1,726,836	$	–		$1,726,836

	Net Amounts of Assets		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Presented in the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	1,726,836	$	–	$	–	$	(1,726,836	)	$	–
Total	$	1,726,836	$	–	$	–	$	(1,726,836	)	$	–

			Focused Small 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		$270,009	$	–		$270,009
Total		$270,009	$	–		$270,009

	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.		$270,009	$	–	$	–		$(270,009	)	$	–
Total		$270,009	$	–	$	–		$(270,009	)	$	–

156

Notes to Financial Statements (unaudited)(continued)

			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		$7,616,639	$	–		$7,616,639
Total		$7,616,639	$	–		$7,616,639

	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.	$	7,616,639	$	–	$	–	$	(7,616,639	)	$	–
Total	$	7,616,639	$	–	$	–	$	(7,616,639	)	$	–

			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		$133,774,523	$	–		$133,774,523
Total		$133,774,523	$	–		$133,774,523

	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.	$	133,774,523	$	–	$	–	$	(133,774,523	)	$	–
Total	$	133,774,523	$	–	$	–	$	(133,774,523	)	$	–

			Health Care 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		$167,608	$	–		$167,608
Total		$167,608	$	–		$167,608

	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.		$167,608	$	–	$	–		$(167,608	)	$	–
Total		$167,608	$	–	$	–		$(167,608	)	$	–

157

Notes to Financial Statements (unaudited)(continued)

			International 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		$7,209,188	$	–		$7,209,188
Total		$7,209,188	$	–		$7,209,188

	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.	$	7,209,188	$	–	$	–	$	(7,209,188	)	$	–
Total	$	7,209,188	$	–	$	–	$	(7,209,188	)	$	–

			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
Repurchase Agreement		$3,849,126	$	–		$3,849,126
Total Return Equity Swaps		26,888		–		26,888
Total		$3,876,014	$	–		$3,876,014

	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	$	26,888	$	–	$	–	$	–		$	26,888
Fixed Income Clearing Corp.		3,849,126		–		–		(3,849,126	)		–
Total	$	3,876,014	$	–	$	–	$	(3,849,126	)	$	26,888

			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		$1,455,622	$	–		$1,455,622
Total		$1,455,622	$	–		$1,455,622

	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.	$	1,455,622	$	–	$	–	$	(1,455,622	)	$	–
Total	$	1,455,622	$	–	$	–	$	(1,455,622	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statement 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, 2020.

158

Notes to Financial Statements (unaudited)(continued)

8.	TRUSTEES’ REMUNERATION

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

9.	EXPENSE REDUCTIONS

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

10.

LINE OF CREDIT

For the period ended April 30, 2020, the Funds (except Alpha Strategy Fund, Durable Growth Fund, Focused Large Cap Value Fund and Health Care Fund) and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a Syndicated Facility with various lenders for $1.17 billion whereas State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds are subject to graduated borrowing limits of one third of Fund net assets (if Fund net assets are less than $750 million), $250 million, $300 million, $350 million, $500 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended April 30, 2020, the Participating Funds entered a Bilateral Facility with SSB for $330 million, $250 million committed and $80 million uncommitted. Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of Fund net assets (if net assets are less than $750 million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions.

The Growth Leaders Fund utilized the Facility on November 22, 2019 with a borrowing amount of $50,200,000. The average interest rate was 2.80% and total interest paid amounted to $11,725.

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 limitations and conditions.

For the six months ended April 30, 2020, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

159

Notes to Financial Statements (unaudited)(continued)

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 six months ended April 30, 2020:

Alpha Strategy Fund
Affiliated Issuer	Balance of Shares Held at 10/31/2019		Gross Additions		Gross Sales			Balance of Shares Held at 4/30/2020		Fair Value at 4/30/2020		Net Realized Gain 11/1/2019 to 4/30/2020			Dividend Income 11/1/2019 to 4/30/2020		Change in Appreciation (Depreciation) 11/1/2019 to 4/30/2020
Lord Abbett Developing Growth Fund, Inc. – Class I		6,293,405		1,219,794		(1,462,798	)		6,050,401	$	143,394,512	$	24,555,366	^(a)	$	–	$	(23,273,679	)
Lord Abbett Securities Trust- Focused Small Cap Value Fund – Class I		3,528,280		778,098		(352,833	)		3,953,545		64,561,395		12,638,672	^(b)		–		(37,547,071	)
Lord Abbett Securities Trust – International Opportunities Fund – Class I		11,395,952		305,386		(1,554,476	)		10,146,862		140,534,033		1,750,319			2,763,597		(31,312,002	)
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I		5,576,731		935,326		(1,135,613	)		5,376,444		74,947,634		12,400,027	^(c)		–		(7,959,868	)
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I		8,905,270		1,831,642		(534,375	)		10,202,537		137,836,269		16,953,029	^(d)		880,426		(63,195,124	)
Lord Abbett Securities Trust- Value Opportunities Fund – Class I		9,590,809		1,363,372		(1,826,612	)		9,127,569		141,659,865		13,189,069	^(e)		1,099,546		(33,688,711	)
Total										$	702,933,708	$	81,486,482		$	4,743,569	$	(196,976,455	)

^(a)	Includes $28,247,947 of distributed capital gains.
^(b)	Includes $13,929,615 of distributed capital gains.
^(c)	Includes $13,216,296 of distributed capital gains.
^(d)	Includes $25,232,472 of distributed capital gains.
^(e)	Includes $18,946,901 of distributed capital gains.

14.

SECURITIES LENDING AGREEMENT

The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds’ securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to each Fund on the next business day. As with other extensions of credit, each Fund may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its

160

Notes to Financial Statements (unaudited)(continued)

agreement with each Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Such income earned from securities lending is included in Securities Lending Income on the Statement of Operations.

As of April 30, 2020, the market value of securities loaned and collateral received for the Funds was as follows:

Funds	Market Value of Securities Loaned			Collateral Received
Lord Abbett Focused Small Cap Value Fund		$	2,002,705		$	2,085,120
Lord Abbett Growth Leaders Fund			17,697,020			19,186,124
Lord Abbett International Value Fund			9,438,134			10,970,585

15.

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 favorable market.

Large company stocks, in which Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Fundamental Equity Fund, Global Equity Research Fund, Growth Leaders Fund, International Equity Fund and International Value 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, Focused Small Cap Value Fund, Focused Growth Fund, Fundamental Equity Fund, Growth Leaders Fund, International 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, Durable Growth Fund, Focused Growth Fund and Growth Leaders Fund employ a growth investing style, Global Equity Research Fund employs a blended growth investing and value investing style, and Focused Large Cap Value Fund, Focused Small Cap Value Fund, Fundamental Equity Fund, International Value 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 Equity Research Fund, International Equity Fund, International Opportunities Fund and International Value Fund are subject to the risks of investing in foreign securities. Foreign securities may pose greater risks than domestic securities, including greater price fluctuations, economic, political, and social instability and subject to less government supervision, lack of transparency, inadequate regulatory and accounting standards, foreign taxes, and higher transaction costs. Foreign investments also may be affected by changes in currency rates or currency controls. These risks are generally greater for securities issued by companies in emerging market companies. Similarly, due to their investments in multinational and foreign companies, Alpha Strategy Fund, Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Fundamental Equity Fund, Growth Leaders Fund, Health Care Fund, and Value Opportunities Fund are subject to the risks of investing in foreign securities and similarly may experience increased market, liquidity, currency, political, informational, and other risks.

161

Notes to Financial Statements (unaudited)(continued)

Health Care Fund is subject to the risks of investing in the health care sector, including changes in government regulations, dependence on patents and intellectual property rights, expenses and losses from litigation based on product liability and similar claims, industry competition, extensive research and development, marketing, and sales costs, and rapid technological change and potential for product obsolescence. Health Care Fund is also subject to the risks of investing in structured securities. As a result, Health Care Fund is subject to the same risks associated with direct investments in the underlying securities or other instruments they seek to replicate, as well as liquidity risk and the risk that the issuer and/or the counterparty of the structured security may be unable to perform under the terms of the instrument, or may disagree as to the meaning or application of such terms.

International Value 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. There is no guarantee that companies that currently pay dividends will continue to do so. International Value 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. In addition, the Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds.

Alpha Strategy Fund, Global Equity Research Fund, Health Care Fund, International Equity Fund, International Opportunities Fund and International Value Fund are 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. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Funds’ returns since the Funds may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether a Fund’s use of derivatives is successful will depend on, among other things, the Fund’s ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If a Fund incorrectly forecasts these and other factors, its performance could suffer. A Fund’s use of derivatives could result in a loss exceeding the amount of the Fund’s investment in these instruments.

Health Care Fund, Focused Large Cap Value Fund and Focused Small Cap Value Fund are subject to the general risks and considerations associated with investing in fixed income securities. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when interest rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to a Fund, a risk that is greater with high-yield bonds (sometimes called “junk bonds”) in which one or more of the Funds may invest. Some issuers, particularly of high-yield bonds, may default as to principal and/or interest payments after a Fund purchases their securities. A default, or concerns in the market about an increase in risk of default, may result in losses to each Fund. High-yield bonds are subject to greater price fluctuations and increased liquidity risk, as well as additional risks.

162

Notes to Financial Statements (unaudited)(continued)

Focused Growth Fund and Focused Large Cap Value Fund are non-diversified mutual funds under the Act. The value of each Fund’s investments may be more adversely affected by a single economic, political or regulatory event than the value of the investments of a diversified mutual fund.

Geopolitical and other events (e.g., wars, terrorism, natural disasters, epidemics or pandemics, such as the COVID-19 outbreak which began in late 2019) may disrupt securities markets and adversely affect global economies and markets, thereby decreasing the value of the Fund’s investments. Market disruptions can also prevent the Fund from implementing its investment strategies and achieving its investment objective.

Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Global Equity Research Fund and Health Care Fund are newly organized and there can be no assurance that a Fund will reach or maintain a sufficient asset size to effectively implement its investment strategy. A Fund’s gross expense ratio may fluctuate during its initial operating period because of the Fund’s relatively smaller asset size and, until the Fund achieves sufficient scale, a Fund shareholder may experience proportionally higher Fund expenses than would be experienced by shareholders of a fund with a larger asset base.

These factors can affect each Fund’s performance.

16.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

Alpha Strategy Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,663,166		$	34,244,773			1,936,873		$	44,322,451
Converted from Class C*		238,324			4,795,186			716,346			17,053,037
Reinvestment of distributions		2,522,201			56,648,626			2,793,742			56,209,490
Shares reacquired		(3,502,384	)		(71,437,681	)		(4,466,691	)		(104,513,019	)
Increase		921,307		$	24,250,904			980,270		$	13,071,959

Class C Shares
Shares sold		373,386		$	6,295,338			648,264		$	11,881,327
Reinvestment of distributions		745,028			13,276,398			999,837			16,617,299
Shares reacquired		(1,070,868	)		(18,230,110	)		(2,128,169	)		(41,118,494	)
Converted to Class A*		(299,432	)		(4,795,186	)		(870,238	)		(17,053,037	)
Decrease		(251,886	)	$	(3,453,560	)		(1,350,306	)	$	(29,672,905	)

Class F Shares
Shares sold		726,338		$	15,542,583			2,031,440		$	47,362,668
Reinvestment of distributions		772,654			17,500,621			958,776			19,415,210
Shares reacquired		(2,552,079	)		(49,483,428	)		(3,310,986	)		(77,171,909	)
Decrease		(1,053,087	)	$	(16,440,224	)		(320,770	)	$	(10,394,031	)

Class F3 Shares
Shares sold		297,664		$	5,942,650			306,118		$	7,490,426
Reinvestment of distributions		177,457			4,127,641			206,700			4,274,550
Shares reacquired		(289,591	)		(6,206,021	)		(444,819	)		(10,871,528	)
Increase		185,530		$	3,864,270			67,999		$	893,448

163

Notes to Financial Statements (unaudited)(continued)

Alpha Strategy Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		525,108		$	11,052,785			710,550		$	17,555,047
Reinvestment of distributions		508,610			11,799,741			474,059			9,789,326
Shares reacquired		(476,459	)		(9,812,160	)		(649,328	)		(15,636,447	)
Increase		557,259		$	13,040,366			535,281		$	11,707,926

Class R2 Shares
Shares sold		8,479		$	178,709			16,203		$	348,739
Reinvestment of distributions		7,418			159,120			6,506			126,278
Shares reacquired		(16,895	)		(306,393	)		(57,525	)		(1,360,572	)
Increase (decrease)		(998	)	$	31,436			(34,816	)	$	(885,555	)

Class R3 Shares
Shares sold		77,855		$	1,547,310			133,797		$	3,056,487
Reinvestment of distributions		165,768			3,583,900			187,841			3,664,779
Shares reacquired		(274,609	)		(5,675,027	)		(278,393	)		(6,386,647	)
Increase (decrease)		(30,986	)	$	(543,817	)		43,245		$	334,619

Class R4 Shares
Shares sold		28,550		$	610,181			50,981		$	1,190,516
Reinvestment of distributions		20,202			452,531			19,121			383,942
Shares reacquired		(18,440	)		(379,558	)		(47,528	)		(1,122,234	)
Increase		30,312		$	683,154			22,574		$	452,224

Class R5 Shares
Shares sold		7,571		$	177,471			10,161		$	275,029
Reinvestment of distributions		1,707			39,612			1,961			40,519
Shares reacquired		(401	)		(7,216	)		(4,044	)		(91,221	)
Increase		8,877		$	209,867			8,078		$	224,327

Class R6 Shares
Shares sold		19,534		$	417,791			42,360		$	1,025,818
Reinvestment of distributions		9,684			225,350			8,857			183,260
Shares reacquired		(15,988	)		(310,236	)		(11,481	)		(286,551	)
Increase		13,230		$	332,905			39,736		$	922,527

Durable Growth Fund				Six Months Ended April 30, 2020 (unaudited)^(a)
Class A Shares		Shares		Amount
Shares sold		68,043		$	1,025,110
Reinvestment of distributions		12			185
Shares reacquired		(17,823	)		(270,347	)
Increase		50,232		$	754,948

Class C Shares
Shares sold		8,559		$	128,296
Shares reacquired		(831	)		(12,237	)
Increase		7,728		$	116,059

164

Notes to Financial Statements (unaudited)(continued)

Durable Growth Fund				Six Months Ended April 30, 2020 (unaudited)^(a)
Class F Shares	Shares			Amount
Shares sold		33,334		$	500,000
Reinvestment of distributions		32			493
Shares reacquired		(16,481	)		(251,000	)
Increase		16,885		$	249,493

Class F3 Shares
Shares sold		7,334		$	110,000
Reinvestment of distributions		8			128
Increase		7,342		$	110,128

Class I Shares
Shares sold		11,465,994		$	190,824,868
Reinvestment of distributions		38			573
Shares reacquired		(265,108	)		(4,070,681	)
Increase		11,200,924		$	186,754,760

Class R3 Shares
Shares sold		666.90		$	10,000
Reinvestment of distributions		–			4
Shares reacquired		–			59
Increase		666.90		$	10,063

Class R4 Shares
Shares sold		667		$	10,000
Reinvestment of distributions		–			8
Increase		667		$	10,008

Class R5 Shares
Shares sold		666		$	10,000
Reinvestment of distributions		1.43			12
Increase		667.43		$	10,012

Class R6 Shares
Shares sold		41,841		$	631,900
Reinvestment of distributions		38			583
Shares reacquired		(32,830	)		(499,964	)
Increase		9,049		$	132,519

Focused Growth Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019^(b)
Class A Shares	Shares			Amount			Shares				Amount
Shares sold		136,092		$	2,327,465			313,088			$	4,982,505
Converted from Class C*		18			272			–				–
Shares reacquired		(142,446	)		(2,203,094	)		(5,247	)			(86,577	)
Increase (decrease)		(6,336	)	$	124,643			307,841			$	4,895,928

165

Notes to Financial Statements (unaudited)(continued)

Focused Growth Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019^(b)
Class C Shares	Shares			Amount			Shares				Amount
Shares sold		17,178		$	289,775			9,893			$	150,587
Shares reacquired		(2,521	)		(43,242	)		–				–
Converted to Class A *		(18	)		(272	)		–				–
Increase		14,639		$	246,261			9,893			$	150,587

Class F Shares
Shares sold		20,217		$	364,979			65,436			$	1,018,838
Shares reacquired		(1,218	)		(19,258	)		(2,275	)			(37,420	)
Increase		18,999		$	345,721			63,161			$	981,418

Class F3 Shares
Shares sold		–		$	–			33,333			$	500,000
Increase (decrease)		–		$	–			33,333			$	500,000

Class I Shares
Shares sold		5,482		$	95,141			118,709			$	1,862,022
Shares reacquired		(8,953	)		(145,028	)		(24,990	)			(414,549	)
Increase (decrease)		(3,471	)	$	(49,887	)		93,719			$	1,447,473

Class R3 Shares
Shares sold		–		$	–			666.66			$	10,000
Increase (decrease)		–		$	–			666.66			$	10,000

Class R4 Shares
Shares sold		–		$	–			666.66			$	10,000
Increase		–		$	–			666.66			$	10,000

Class R5 Shares
Shares sold		–		$	–			666.67			$	10,000
Increase		–		$	–			666.67			$	10,000

Class R6 Shares
Shares sold		39,276		$	707,293			114,343			$	1,820,777
Shares reacquired		(1,236	)		(21,967	)		–				–
Increase		38,040		$	685,326			114,343			$	1,820,777

Focused Large Cap Value Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019^(c)
Class A Shares		Shares			Amount			Shares				Amount
Shares sold		56,389		$	749,441			34,405			$	511,285
Reinvestment of distributions		182			2,767			–				–
Shares reacquired		(20,299	)		(318,990	)		–				–
Increase		36,272		$	433,218			34,405			$	511,285

Class C Shares
Shares sold		6,923		$	74,336			7,903			$	118,476
Reinvestment of distributions		21			326			–				–
Shares reacquired		–			–			(570	)			(8,082	)
Increase		6,944		$	74,662			7,333			$	110,394

166

Notes to Financial Statements (unaudited)(continued)

Focused Large Cap Value Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019^(c)
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		4,809		$	62,373			33,333		$	500,000
Reinvestment of distributions		196			2,983			–			–
Increase		5,005		$	65,356			33,333		$	500,000

Class F3 Shares
Shares sold		–		$	–			33,333		$	500,000
Reinvestment of distributions		211			3,214			–			–
Increase		211		$	3,214			33,333		$	500,000

Class I Shares
Shares sold		18,610,201		$	190,010,000			2,612,058		$	38,394,069
Reinvestment of distributions		16,392			249,649			–			–
Shares reacquired		–			–			(22,341	)		(332,212	)
Increase		18,626,593		$	190,259,649			2,589,717		$	38,061,857

Class R3 Shares
Shares sold		–		$	–			666.67		$	10,000
Reinvestment of distributions		2.81			43			–			–
Increase		2.81		$	43			666.67		$	10,000

Class R4 Shares
Shares sold		–		$	–			666.67		$	10,000
Reinvestment of distributions		3.50			53			–			–
Increase		3.50		$	53			666.67		$	10,000

Class R5 Shares
Shares sold		–		$	–			666.67		$	10,000
Reinvestment of distributions		4			64			–			–
Increase		4		$	64			666.67		$	10,000

Class R6 Shares
Shares sold		13,495		$	151,718			35,008		$	525,000
Reinvestment of distributions		211			3,213			–			–
Increase		13,706		$	154,931			35,008		$	525,000

Focused Small Cap Value Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		414,073		$	8,749,295			11,847		$	281,257
Reinvestment of distributions		42,884			930,586			37,848			921,231
Shares reacquired		(382,945	)		(5,991,722	)		(41,661	)		(1,035,362	)
Increase		74,012		$	3,688,159			8,034		$	167,126

Class C Shares^(d)
Shares sold		3,761		$	77,127			365.10		$	10,000
Reinvestment of distributions		69			1,597			–			–
Shares reacquired		–			6			–			–
Increase		3,830		$	78,730			365.10		$	10,000

167

Notes to Financial Statements (unaudited)(continued)

Focused Small Cap Value Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class F Shares^(d)	Shares			Amount			Shares			Amount
Shares sold		3,217.09		$	63,500			365.10		$	10,000
Reinvestment of distributions		64.09			1,500			–			–
Shares reacquired		(668.90	)		(9,532	)		–			–
Increase		2,612.28		$	55,468			365.10		$	10,000

Class F3 Shares^(d)
Shares sold		–		$	–			365.10		$	10,000
Reinvestment of distributions		64			1,500			–			–
Increase		64		$	1,500			365.10		$	10,000

Class I Shares
Shares sold		196,530		$	4,404,797			161,876		$	4,447,058
Reinvestment of distributions		699,990			16,379,773			636,560			16,499,645
Shares reacquired		(383,111	)		(9,747,446	)		(694,231	)		(17,750,531	)
Increase		513,409		$	11,037,124			104,205		$	3,196,172

Class R3 Shares^(d)
Shares sold		–		$	–			365.10		$	10,000
Reinvestment of distributions		64.22			1,500			–			–
Increase		64.22		$	1,500			365.10		$	10,000

Class R4 Shares^(d)
Shares sold		–		$	–			365.10		$	10,000
Reinvestment of distributions		64.14			1,500			–			–
Increase		64.14		$	1,500			365.10		$	10,000

Class R5 Shares^(d)
Shares sold		–		$	–			365.10		$	10,000
Reinvestment of distributions		64.09			1,500			–			–
Increase		64.09		$	1,500			365.10		$	10,000

Class R6 Shares^(d)
Shares sold		21,684		$	490,199			49,829		$	1,318,610
Reinvestment of distributions		64			1,500			–			–
Shares reacquired		(10,855	)		(177,821	)		–			–
Increase		10,893		$	313,878			49,829		$	1,318,610

Fundamental Equity Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		2,689,599		$	27,752,549			4,718,174		$	55,165,061
Converted from Class C*		735,959			7,782,997			3,683,848			44,448,681
Reinvestment of distributions		11,401,122			132,024,995			10,083,565			115,658,483
Shares reacquired		(17,121,473	)		(184,075,969	)		(27,315,112	)		(324,121,133	)
Shares issued in reorganization (See Note 17)		–			–			4,361,818			52,385,435
Decrease		(2,294,793	)	$	(16,515,428	)		(4,467,707	)	$	(56,463,473	)

168

Notes to Financial Statements (unaudited)(continued)

Fundamental Equity Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		517,663		$	4,810,050			870,720		$	8,928,523
Reinvestment of distributions		1,522,175			15,434,858			1,754,685			17,845,137
Shares reacquired		(2,232,183	)		(21,370,259	)		(6,028,943	)		(63,103,130	)
Converted to Class A*		(841,709	)		(7,782,997	)		(4,170,352	)		(44,448,681	)
Shares issued in reorganization (See Note 17)		–			–			1,107,914			11,777,130
Decrease		(1,034,054	)	$	(8,908,348	)		(6,465,976	)	$	(69,001,021	)

Class F Shares
Shares sold		868,170		$	9,581,331			2,235,497		$	26,350,493
Reinvestment of distributions		1,631,329			18,629,776			1,532,614			17,364,522
Shares reacquired		(4,488,069	)		(47,510,344	)		(10,171,607	)		(118,364,600	)
Shares issued in reorganization (See Note 17)		–			–			1,405,515			16,683,465
Decrease		(1,988,570	)	$	(19,299,237	)		(4,997,981	)	$	(57,966,120	)

Class F3 Shares
Shares sold		157,676		$	1,762,375			179,608		$	2,191,371
Reinvestment of distributions		180,261			2,109,059			153,157			1,772,029
Shares reacquired		(358,257	)		(3,987,490	)		(528,928	)		(6,385,071	)
Shares issued in reorganization (See Note 17)		–			–			241,589			2,930,474
Increase (decrease)		(20,320	)	$	(116,056	)		45,426		$	508,803

Class I Shares
Shares sold		11,997,835		$	133,916,107			22,514,073		$	280,040,627
Reinvestment of distributions		5,308,220			61,787,685			674,198			7,773,499
Shares reacquired		(20,771,764	)		(195,318,949	)		(9,822,144	)		(118,890,371	)
Shares issued in reorganization (See Note 17)		–			–			27,933,427			337,435,793
Increase (decrease)		(3,465,709	)	$	384,843			41,299,554		$	506,359,548

Class P Shares
Shares sold		23,446		$	236,541			39,457		$	460,418
Reinvestment of distributions		45,179			512,324			40,900			460,530
Shares reacquired		(117,558	)		(1,285,192	)		(119,152	)		(1,397,845	)
Decrease		(48,933	)	$	(536,327	)		(38,795	)	$	(476,897	)

Class R2 Shares
Shares sold		28,853		$	294,214			136,576		$	1,594,416
Reinvestment of distributions		25,618			290,000			16,758			188,189
Shares reacquired		(48,518	)		(555,590	)		(160,033	)		(1,897,172	)
Shares issued in reorganization (See Note 17)		–			–			43,370			509,602
Increase		5,953		$	28,624			36,671		$	395,035

169

Notes to Financial Statements (unaudited)(continued)

Fundamental Equity Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class R3 Shares	Shares			Amount			Shares			Amount
Shares sold		1,102,520		$	11,324,232			685,521		$	8,057,902
Reinvestment of distributions		877,394			9,958,420			863,530			9,723,346
Shares reacquired		(1,418,760	)		(15,007,613	)		(2,982,209	)		(35,034,683	)
Increase (decrease)		561,154		$	6,275,039			(1,433,158	)	$	(17,253,435	)

Class R4 Shares
Shares sold		53,219		$	585,824			101,971		$	1,217,294
Reinvestment of distributions		36,123			415,774			28,501			324,914
Shares reacquired		(128,088	)		(1,402,637	)		(150,357	)		(1,834,834	)
Decrease		(38,746	)	$	(401,039	)		(19,885	)	$	(292,626	)

Class R5 Shares
Shares sold		61,723		$	734,568			76,473		$	912,647
Reinvestment of distributions		10,804			125,869			6,197			71,449
Shares reacquired		(33,526	)		(355,683	)		(30,030	)		(368,002	)
Increase		39,001		$	504,754			52,640		$	616,094

Class R6 Shares
Shares sold		101,165		$	1,153,434			630,249		$	7,306,094
Reinvestment of distributions		156,188			1,828,961			88,317			1,022,708
Shares reacquired		(808,748	)		(8,548,615	)		(487,162	)		(6,011,663	)
Increase (decrease)		(551,395	)	$	(5,566,220	)		231,404		$	2,317,139

Global Equity Research Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		51,182		$	586,556			53,087		$	547,006
Converted from Class C*		27			323			213			2,344
Reinvestment of distributions		3,449			41,353			14,647			143,542
Shares reacquired		(51,856	)		(608,703	)		(45,581	)		(495,091	)
Increase		2,802		$	19,529			22,366		$	197,801

Class C Shares
Shares sold		7,845		$	90,626			11,438		$	121,417
Reinvestment of distributions		157			1,871			2,799			27,287
Shares reacquired		(5,800	)		(64,779	)		(27,655	)		(302,168	)
Converted to Class A*		(27	)		(323	)		(214	)		(2,344	)
Increase (decrease)		2,175		$	27,395			(13,632	)	$	(155,808	)

Class F Shares
Shares sold		82		$	1,000			77,850		$	888,980
Reinvestment of distributions		1,452			17,441			5,822			57,059
Shares reacquired		(78,536	)		(926,233	)		(2,391	)		(27,496	)
Increase (decrease)		(77,002	)	$	(907,792	)		81,281		$	918,543

170

Notes to Financial Statements (unaudited)(continued)

Global Equity Research Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class F3 Shares	Shares			Amount			Shares			Amount
Reinvestment of distributions		15		$	181			56		$	551
Increase		15		$	181			56		$	551

Class I Shares
Reinvestment of distributions		1,484		$	17,804			5,619		$	55,069
Increase		1,484		$	17,804			5,619		$	55,069

Class R2 Shares
Reinvestment of distributions		9		$	107			49		$	487
Increase		9		$	107			49		$	487

Class R3 Shares
Shares sold		725		$	8,401			3,162		$	34,863
Reinvestment of distributions		160			1,908			824			8,046
Shares reacquired		(6	)		(70	)		(1,598	)		(16,908	)
Increase		879		$	10,239			2,388		$	26,001

Class R4 Shares
Reinvestment of distributions		13			150			54			531
Increase		13		$	150			54		$	531

Class R5 Shares
Reinvestment of distributions		15			182			58			562
Increase		15		$	182			58		$	562

Class R6 Shares
Shares sold		7,791		$	96,332			56,579		$	612,293
Shares reacquired		(19,262	)		(234,253	)		(18,445	)		(202,934	)
Increase (decrease)		(11,471	)	$	(137,921	)		38,134		$	409,359

Growth Leaders Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		8,044,299		$	223,387,873			9,574,121		$	260,894,777
Converted from Class C*		149,952			4,183,187			450,402			12,611,775
Reinvestment of distributions		2,858,584			78,067,940			5,703,953			131,362,113
Shares reacquired		(6,740,917	)		(183,820,733	)		(10,904,698	)		(291,740,042	)
Increase		4,311,918		$	121,818,267			4,823,778		$	113,128,623

Class C Shares
Shares sold		3,129,408		$	79,437,673			4,874,829		$	120,614,002
Reinvestment of distributions		2,026,352			50,820,908			4,194,598			90,016,077
Shares reacquired		(3,596,423	)		(91,472,969	)		(5,890,335	)		(145,940,340	)
Converted to Class A*		(163,574	)		(4,183,187	)		(485,536	)		(12,611,775	)
Increase		1,395,763		$	34,602,425			2,693,556		$	52,077,964

171

Notes to Financial Statements (unaudited)(continued)

Growth Leaders Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		12,485,811		$	354,616,739			17,961,047		$	493,296,464
Reinvestment of distributions		3,547,411			98,830,859			7,214,078			168,809,431
Shares reacquired		(11,593,788	)		(326,130,544	)		(19,155,816	)		(517,175,665	)
Increase		4,439,434		$	127,317,054			6,019,309		$	144,930,230

Class F3 Shares
Shares sold		1,107,513		$	31,436,335			1,460,074		$	41,997,664
Reinvestment of distributions		212,922			5,998,021			297,904			7,036,481
Shares reacquired		(451,331	)		(12,919,393	)		(688,380	)		(19,372,905	)
Increase		869,104		$	24,514,963			1,069,598		$	29,661,240

Class I Shares
Shares sold		5,033,002		$	149,061,506			4,186,429		$	118,557,567
Reinvestment of distributions		1,446,088			40,562,759			4,452,801			104,818,928
Shares reacquired		(3,694,399	)		(106,854,921	)		(14,025,170	)		(393,625,778	)
Increase (decrease)		2,784,691		$	82,769,344			(5,385,940	)	$	(170,249,283	)

Class R2 Shares
Shares sold		29,666		$	826,377			21,383		$	552,400
Reinvestment of distributions		1,660			44,544			3,881			88,243
Shares reacquired		(51,525	)		(1,423,609	)		(29,433	)		(799,202	)
Decrease		(20,199	)	$	(552,688	)		(4,169	)	$	(158,559	)

Class R3 Shares
Shares sold		50,108		$	1,367,861			79,419		$	2,148,140
Reinvestment of distributions		42,361			1,134,001			105,069			2,381,915
Shares reacquired		(61,456	)		(1,628,506	)		(216,716	)		(5,723,924	)
Increase (decrease)		31,013		$	873,356			(32,228	)	$	(1,193,869	)

Class R4 Shares
Shares sold		146,427		$	4,091,846			86,092		$	2,250,949
Reinvestment of distributions		10,913			298,136			14,565			335,582
Shares reacquired		(59,062	)		(1,641,111	)		(84,758	)		(2,346,240	)
Increase		98,278		$	2,748,871			15,899		$	240,291

Class R5 Shares
Shares sold		62,317		$	1,883,667			129,982		$	3,744,733
Reinvestment of distributions		26,421			741,362			56,291			1,325,659
Shares reacquired		(75,645	)		(2,210,464	)		(150,726	)		(4,168,242	)
Increase		13,093		$	414,565			35,547		$	902,150

Class R6 Shares
Shares sold		323,151		$	9,273,698			575,215		$	15,789,971
Reinvestment of distributions		57,545			1,621,043			73,296			1,731,263
Shares reacquired		(386,326	)		(11,459,854	)		(236,259	)		(6,656,765	)
Increase (decrease)		(5,630	)	$	(565,113	)		412,252		$	10,864,469

172

Notes to Financial Statements (unaudited)(continued)

Health Care Fund				Six Months Ended April 30, 2020 (unaudited)					Year Ended October 31, 2019^(c)
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		32,489		$	511,036			62,564		$	927,336
Shares reacquired		(23,675	)		(367,133	)		–			–
Increase		8,814		$	143,903			62,564		$	927,336

Class C Shares
Shares sold		2,431		$	38,975			8,941		$	132,309
Shares reacquired		(1,848	)		(27,396	)		–			–
Increase		583		$	11,579			8,941		$	132,309

Class F Shares
Shares sold		189		$	3,021			33,333		$	500,000
Reinvestment of distributions		2			37			–			–
Increase		191		$	3,058			33,333		$	500,000

Class F3 Shares
Shares sold		–		$	–			33,333		$	500,000
Reinvestment of distributions		23			346			–			–
Increase		23		$	346			33,333		$	500,000

Class I Shares
Shares sold		–		$	–			7,333		$	110,000
Reinvestment of distributions		4			54			–			–
Increase		4		$	54			7,333		$	110,000

Class R3 Shares
Shares sold		–		$	–			666.67		$	10,000
Increase (decrease)		–		$	–			666.67		$	10,000

Class R4 Shares
Shares sold		–		$	–			666.67		$	10,000
Increase		–		$	–			666.67		$	10,000

Class R5 Shares
Shares sold		–		$	–			666.67		$	10,000
Reinvestment of distributions		0.30			5			–			–
Increase		0.30		$	5			666.67		$	10,000

Class R6 Shares
Shares sold		52,183		$	824,158			33,377		$	500,613
Reinvestment of distributions		23			346			–			–
Shares reacquired		(527	)		(7,000	)		–			–
Increase		51,679		$	817,504			33,377		$	500,613

173

Notes to Financial Statements (unaudited)(continued)

International Equity Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		371,520		$	4,621,802			767,237		$	9,361,078
Converted from Class C*		38,708			478,567			56,367			712,132
Reinvestment of distributions		189,205			2,569,398			332,029			3,801,727
Shares reacquired		(1,868,953	)		(22,776,401	)		(3,571,725	)		(44,065,459	)
Decrease		(1,269,520	)	$	(15,106,634	)		(2,416,092	)	$	(30,190,522	)

Class C Shares
Shares sold		27,500		$	328,907			64,962		$	787,135
Reinvestment of distributions		5,241			71,063			9,329			106,626
Shares reacquired		(98,563	)		(1,172,935	)		(270,455	)		(3,316,716	)
Converted to Class A*		(38,832	)		(478,567	)		(56,744	)		(712,132	)
Decrease		(104,654	)	$	(1,251,532	)		(252,908	)	$	(3,135,087	)

Class F Shares
Shares sold		101,416		$	1,346,499			216,036		$	2,660,956
Reinvestment of distributions		58,860			794,606			110,757			1,260,411
Shares reacquired		(3,026,942	)		(37,410,592	)		(1,426,548	)		(17,554,903	)
Decrease		(2,866,666	)	$	(35,269,487	)		(1,099,755	)	$	(13,633,536	)

Class F3 Shares
Shares sold		23,150		$	304,798			40,455		$	507,547
Reinvestment of distributions		5,612			76,992			9,709			112,239
Shares reacquired		(52,712	)		(675,559	)		(123,719	)		(1,546,723	)
Decrease		(23,950	)	$	(293,769	)		(73,555	)	$	(926,937	)

Class I Shares
Shares sold		22,512		$	278,269			553,797		$	6,945,062
Reinvestment of distributions		243,036			3,329,599			549,976			6,346,721
Shares reacquired		(1,191,639	)		(16,093,600	)		(8,753,899	)		(110,005,402	)
Decrease		(926,091	)	$	(12,485,732	)		(7,650,126	)	$	(96,713,619	)

Class P Shares
Shares sold		35		$	448			66		$	825
Reinvestment of distributions		40			544			62			706
Shares reacquired		(95	)		(1,278	)		(188	)		(2,350	)
Decrease		(20	)	$	(286	)		(60	)	$	(819	)

Class R2 Shares
Shares sold		2,164		$	27,561			8,518		$	106,300
Reinvestment of distributions		162			2,195			185			2,126
Shares reacquired		(22,701	)		(242,349	)		(5,347	)		(67,134	)
Increase (decrease)		(20,375	)	$	(212,593	)		3,356		$	41,292

Class R3 Shares
Shares sold		48,914		$	589,412			98,258		$	1,192,235
Reinvestment of distributions		6,648			89,018			13,788			155,667
Shares reacquired		(118,871	)		(1,536,642	)		(304,335	)		(3,711,897	)
Decrease		(63,309	)	$	(858,212	)		(192,289	)	$	(2,363,995	)

174

Notes to Financial Statements (unaudited)(continued)

International Equity Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class R4 Shares	Shares			Amount			Shares			Amount
Shares sold		13,056		$	166,849			29,206		$	360,320
Reinvestment of distributions		1,212			16,392			1,800			20,518
Shares reacquired		(23,070	)		(290,421	)		(19,307	)		(236,550	)
Increase (decrease)		(8,802	)	$	(107,180	)		11,699		$	144,288

Class R5 Shares
Shares sold		486		$	5,484			861		$	10,950
Reinvestment of distributions		105			1,430			140			1,612
Shares reacquired		(2,919	)		(39,436	)		(509	)		(6,415	)
Increase (decrease)		(2,328	)	$	(32,522	)		492		$	6,147

Class R6 Shares
Shares sold		2,612		$	34,969			13,196		$	155,346
Reinvestment of distributions		153			2,096			186			2,148
Shares reacquired		(20,813	)		(251,174	)		(43,449	)		(555,033	)
Decrease		(18,048	)	$	(214,109	)		(30,067	)	$	(397,539	)

International Opportunities Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		519,662		$	7,876,300			773,410		$	11,705,432
Converted from Class C*		26,143			387,210			38,705			601,117
Reinvestment of distributions		87,790			1,454,675			1,093,179			15,282,642
Shares reacquired		(1,489,885	)		(22,225,893	)		(4,262,836	)		(65,159,953	)
Decrease		(856,290	)	$	(12,507,708	)		(2,357,542	)	$	(37,570,762	)

Class C Shares
Shares sold		98,072		$	1,441,409			171,903		$	2,372,915
Reinvestment of distributions		6,381			98,205			230,489			2,991,751
Shares reacquired		(431,189	)		(5,832,280	)		(1,011,279	)		(14,347,970	)
Converted to Class A*		(28,201	)		(387,210	)		(41,834	)		(601,117	)
Decrease		(354,937	)	$	(4,679,876	)		(650,721	)	$	(9,584,421	)

Class F Shares
Shares sold		551,412		$	8,118,446			3,127,784		$	46,668,008
Reinvestment of distributions		62,373			1,022,286			931,165			12,868,695
Shares reacquired		(2,884,002	)		(42,339,014	)		(10,678,693	)		(163,231,093	)
Decrease		(2,270,217	)	$	(33,198,282	)		(6,619,744	)	$	(103,694,390	)

Class F3 Shares
Shares sold		174,111		$	2,580,066			256,576		$	4,086,577
Reinvestment of distributions		16,393			280,820			156,610			2,259,887
Shares reacquired		(250,361	)		(3,831,476	)		(533,032	)		(8,479,003	)
Decrease		(59,857	)	$	(970,590	)		(119,846	)	$	(2,132,539	)

175

Notes to Financial Statements (unaudited)(continued)

International Opportunities Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		300,797		$	4,684,842			1,468,815		$	23,403,291
Reinvestment of distributions		184,630			3,147,949			1,638,684			23,564,274
Shares reacquired		(2,481,267	)		(37,728,982	)		(3,315,166	)		(52,601,168	)
Decrease		(1,995,840	)	$	(29,896,191	)		(207,667	)	$	(5,633,603	)

Class P Shares
Shares sold		2,044		$	34,125			498		$	7,839
Reinvestment of distributions		52			891			776			11,144
Shares reacquired		(682	)		(10,196	)		(3,099	)		(50,736	)
Increase (decrease)		1,414		$	24,820			(1,825	)	$	(31,753	)

Class R2 Shares
Shares sold		32,580		$	440,897			74,942		$	1,138,054
Reinvestment of distributions		1,631			26,601			21,672			298,204
Shares reacquired		(64,565	)		(905,640	)		(95,660	)		(1,451,607	)
Increase (decrease)		(30,354	)	$	(438,142	)		954		$	(15,349	)

Class R3 Shares
Shares sold		116,479		$	1,618,747			381,954		$	5,669,574
Reinvestment of distributions		11,544			187,243			268,932			3,678,988
Shares reacquired		(382,576	)		(5,248,511	)		(1,558,908	)		(23,275,731	)
Decrease		(254,553	)	$	(3,442,521	)		(908,022	)	$	(13,927,169	)

Class R4 Shares
Shares sold		63,707		$	932,290			210,639		$	3,269,594
Reinvestment of distributions		4,037			66,568			24,276			337,923
Shares reacquired		(94,997	)		(1,516,729	)		(174,290	)		(2,752,340	)
Increase (decrease)		(27,253	)	$	(517,871	)		60,625		$	855,177

Class R5 Shares
Shares sold		110,808		$	1,633,978			318,352		$	4,896,019
Reinvestment of distributions		15,637			266,448			270,315			3,884,423
Shares reacquired		(555,460	)		(7,517,585	)		(1,799,660	)		(28,372,327	)
Decrease		(429,015	)	$	(5,617,159	)		(1,210,993	)	$	(19,591,885	)

Class R6 Shares
Shares sold		518,017		$	7,816,160			1,165,326		$	18,507,105
Reinvestment of distributions		24,719			423,436			224,744			3,243,056
Shares reacquired		(697,703	)		(10,543,575	)		(1,361,388	)		(21,573,085	)
Increase (decrease)		(154,967	)	$	(2,303,979	)		28,682		$	177,076

International Value Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,876,265		$	11,794,051			3,801,220		$	25,543,177
Converted from Class C*		75,227			483,423			399,257			2,749,743
Reinvestment of distributions		224,803			1,508,671			1,174,724			7,982,832
Shares reacquired		(5,905,645	)		(37,354,667	)		(11,762,268	)		(79,261,194	)
Decrease		(3,729,350	)	$	(23,568,522	)		(6,387,067	)	$	(42,985,442	)

176

Notes to Financial Statements (unaudited)(continued)

International Value Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		88,636		$	568,938			156,977		$	1,052,086
Reinvestment of distributions		10,411			75,795			112,990			766,245
Shares reacquired		(755,932	)		(4,749,957	)		(2,080,259	)		(13,904,624	)
Converted to Class A*		(75,912	)		(483,423	)		(402,931	)		(2,749,743	)
Decrease		(732,797	)	$	(4,588,647	)		(2,213,223	)	$	(14,836,036	)

Class F Shares
Shares sold		667,691		$	4,389,414			2,762,728		$	18,744,587
Reinvestment of distributions		32,378			216,526			164,638			1,121,397
Shares reacquired		(1,971,811	)		(11,984,421	)		(5,543,501	)		(37,378,303	)
Decrease		(1,271,742	)	$	(7,378,481	)		(2,616,135	)	$	(17,512,319	)

Class F3 Shares
Shares sold		413,089		$	2,611,321			818,922		$	5,549,050
Reinvestment of distributions		27,163			179,938			123,243			841,245
Shares reacquired		(619,399	)		(4,009,060	)		(1,391,262	)		(9,491,928	)
Decrease		(179,147	)	$	(1,217,801	)		(449,097	)	$	(3,101,633	)

Class I Shares
Shares sold		2,848,793		$	16,857,427			2,593,354		$	17,570,912
Reinvestment of distributions		230,836			1,531,197			1,169,360			7,984,324
Shares reacquired		(3,285,316	)		(22,375,737	)		(18,398,216	)		(124,903,980	)
Decrease		(205,687	)	$	(3,987,113	)		(14,635,502	)	$	(99,348,744	)

Class R2 Shares
Shares sold		502		$	3,445			19,777		$	136,968
Reinvestment of distributions		–			–			75			523
Shares reacquired		(60,318	)		(432,491	)		(10,637	)		(73,753	)
Increase (decrease)		(59,816	)	$	(429,046	)		9,215		$	63,738

Class R3 Shares
Shares sold		74,378		$	475,381			115,300		$	783,081
Reinvestment of distributions		4,888			33,868			29,117			200,440
Shares reacquired		(102,845	)		(664,434	)		(294,971	)		(2,025,828	)
Decrease		(23,579	)	$	(155,185	)		(150,554	)	$	(1,042,307	)

Class R4 Shares
Shares sold		2,527		$	17,507			1,440		$	9,542
Reinvestment of distributions		35			229			160			1,084
Shares reacquired		(725	)		(5,111	)		(2,401	)		(16,297	)
Increase (decrease)		1,837		$	12,625			(801	)	$	(5,671	)

Class R5 Shares
Shares sold		34		$	182			258		$	1,756
Reinvestment of distributions		12			78			54			367
Shares reacquired		–			–			(264	)		(1,831	)
Increase		46		$	260			48		$	292

177

Notes to Financial Statements (unaudited)(continued)

International Value Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class R6 Shares	Shares			Amount			Shares			Amount
Shares sold		6,804		$	43,743			15,922		$	108,706
Reinvestment of distributions		17			114			78			532
Shares reacquired		(47,985	)		(275,777	)		(61,084	)		(413,122	)
Decrease		(41,164	)	$	(231,920	)		(45,084	)	$	(303,884	)

Value Opportunities Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		2,037,749		$	31,835,740			3,752,897		$	66,187,933
Converted from Class C*		296,461			4,700,322			1,149,150			20,901,483
Reinvestment of distributions		4,842,769			81,745,942			4,554,701			78,887,425
Shares reacquired		(8,093,544	)		(130,262,076	)		(15,125,658	)		(266,938,327	)
Decrease		(916,565	)	$	(11,980,072	)		(5,668,910	)	$	(100,961,486	)

Class C Shares
Shares sold		256,402		$	3,567,762			529,849		$	8,095,824
Reinvestment of distributions		1,138,754			16,511,937			1,402,722			21,307,340
Shares reacquired		(2,057,742	)		(29,218,969	)		(4,878,778	)		(75,020,977	)
Converted to Class A*		(345,927	)		(4,700,322	)		(1,317,261	)		(20,901,483	)
Decrease		(1,008,513	)	$	(13,839,592	)		(4,263,468	)	$	(66,519,296	)

Class F Shares
Shares sold		594,521		$	9,813,508			2,313,077		$	41,740,454
Reinvestment of distributions		1,260,844			21,812,599			1,639,657			29,021,931
Shares reacquired		(3,772,400	)		(62,201,205	)		(12,529,094	)		(225,857,303	)
Decrease		(1,917,035	)	$	(30,575,098	)		(8,576,360	)	$	(155,094,918	)

Class F3 Shares
Shares sold		1,086,820		$	17,832,133			2,330,846		$	43,518,039
Reinvestment of distributions		1,568,561			27,904,698			1,620,065			29,371,776
Shares reacquired		(3,031,848	)		(51,980,912	)		(6,859,383	)		(128,738,522	)
Decrease		(376,467	)	$	(6,244,081	)		(2,908,472	)	$	(55,848,707	)

Class I Shares
Shares sold		567,204		$	9,642,557			961,893		$	17,806,754
Reinvestment of distributions		1,753,254			30,997,529			2,179,337			39,337,041
Shares reacquired		(3,919,127	)		(65,089,657	)		(10,309,720	)		(191,202,476	)
Decrease		(1,598,669	)	$	(24,449,571	)		(7,168,490	)	$	(134,058,681	)

Class P Shares
Shares sold		50,235		$	791,938			92,438		$	1,619,819
Reinvestment of distributions		148,473			2,448,323			137,034			2,324,097
Shares reacquired		(311,565	)		(5,003,757	)		(347,892	)		(6,125,288	)
Decrease		(112,857	)	$	(1,763,496	)		(118,420	)	$	(2,181,372	)

178

Notes to Financial Statements (unaudited)(continued)

Value Opportunities Fund				Six Months Ended April 30, 2020 (unaudited)						Year Ended October 31, 2019
Class R2 Shares	Shares			Amount			Shares			Amount
Shares sold		33,366		$	487,241			110,386		$	1,880,618
Reinvestment of distributions		40,808			654,971			32,716			541,780
Shares reacquired		(102,331	)		(1,531,173	)		(169,877	)		(2,869,687	)
Decrease		(28,157	)	$	(388,961	)		(26,775	)	$	(447,289	)

Class R3 Shares
Shares sold		273,763		$	4,061,982			513,819		$	8,806,383
Reinvestment of distributions		389,411			6,339,608			426,709			7,151,641
Shares reacquired		(774,254	)		(12,017,502	)		(1,870,901	)		(32,453,823	)
Decrease		(111,080	)	$	(1,615,912	)		(930,373	)	$	(16,495,799	)

Class R4 Shares
Shares sold		133,023		$	2,102,299			254,756		$	4,545,894
Reinvestment of distributions		272,329			4,591,465			259,988			4,497,790
Shares reacquired		(473,825	)		(7,830,731	)		(949,223	)		(16,963,873	)
Decrease		(68,473	)	$	(1,136,967	)		(434,479	)	$	(7,920,189	)

Class R5 Shares
Shares sold		25,438		$	470,411			65,981		$	1,178,244
Reinvestment of distributions		16,871			298,450			9,247			166,992
Shares reacquired		(64,072	)		(1,150,713	)		(36,590	)		(676,241	)
Increase (decrease)		(21,763	)	$	(381,852	)		38,638		$	668,995

Class R6 Shares
Shares sold		220,528		$	3,799,232			766,687		$	13,913,406
Reinvestment of distributions		205,390			3,651,835			400,545			7,257,877
Shares reacquired		(786,019	)		(14,044,022	)		(3,717,129	)		(69,502,811	)
Decrease		(360,101	)	$	(6,592,955	)		(2,549,897	)	$	(48,331,528	)

*	Automatic conversion of Class C shares occurs on the 25th day of the month (or, if the 25th day was not a business day, the next business day thereafter) following the tenth anniversary of the day on which the purchase order was accepted.
^(a)	Commenced on November 1, 2019.
^(b)	Commenced on January 30, 2019.
^(c)	Commenced on July 26, 2019.
^(d)	Commenced on June 28, 2019.

17.

REORGANIZATION

The following table illustrates share conversion ratios and dollar amounts of the reorganization on February 22, 2019:

Class	Calibrated Large Cap Value Fund Shares	Conversion Ratio	Fundamental Equity Fund Shares	Fundamental Equity Fund Amount
A	2,635,997	1.654713	4,361,818	$52,385,435
C	602,069	1.840179	1,107,914	11,777,130
F	837,536	1.678115	1,405,515	16,683,465
F3	147,215	1.641063	241,589	2,930,474
I	16,963,051	1.646722	27,933,427	337,435,793
R2	25,481	1.702043	43,370	509,602
R3	4,531	1.675276	7,590	89,490
R4	630	1.659422	1,046	12,488
R5	634	1.644442	1,043	12,604
R6	102,702	1.639275	168,358	2,043,859

179

Investments in Underlying Funds (unaudited)

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2020, 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		20.40%
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I		19.61%
Lord Abbett Securities Trust – Focused Small-Cap Value Fund – Class I		9.19%
Lord Abbett Securities Trust – International Opportunities Fund – Class I		19.99%
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I		10.66%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		20.15%

The Ten Largest Holdings and the Holdings by Sector, as of April 30, 2020, 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-PORT 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
Inphi Corp.		2.63%
Five9, Inc.		2.42%
Monolithic Power Systems, Inc.		2.12%
Generac Holdings, Inc.		2.05%
Chegg, Inc.		1.97%
Teladoc Health, Inc.		1.78%
Wingstop, Inc.		1.68%
Everbridge, Inc.		1.64%
YETI Holdings, Inc.		1.62%
SVMK, Inc.		1.62%

Holdings by Sector*	% of Investments
Consumer Discretionary		15.01%
Consumer Staples		3.22%
Financials		2.90%
Health Care		29.94%
Industrials		11.76%
Information Technology		30.87%
Real Estate		1.47%
Money Market Fund^(a)		1.52%
Repurchase Agreement		3.31%
Total		100.00%

*	A sector may comprise several industries.
^(a)	Securities were purchased with the cash collateral from loaned securities.

180

Investments in Underlying Funds (unaudited)(continued)

Focused Small Cap Value Fund

Ten Largest Holdings	% of Investments
Malibu Boats, Inc. Class A		3.93%
Masonite International Corp.		3.72%
Lundin Mining Corp.		3.32%
Thor Industries, Inc.		3.23%
Hillenbrand, Inc.		3.07%
LCI Industries		2.92%
Opus Bank		2.90%
Cullen/Frost Bankers, Inc.		2.89%
Spectrum Brands Holdings, Inc.		2.87%
Bancorp, Inc. (The)		2.81%

Holdings by Sector*	% of Investments
Communication Services		2.01%
Consumer Discretionary		13.53%
Consumer Staples		2.80%
Energy		5.22%
Financials		29.77%
Health Care		2.91%
Industrials		23.50%
Information Technology		6.59%
Materials		8.12%
Real Estate		2.79%
Money Market Fund^(a)		2.44%
Repurchase Agreement		0.32%
Total		100.00%

*	A sector may comprise several industries.
^(a)	Securities were purchased with the cash collateral from loaned securities.

International Opportunities Fund

Ten Largest Holdings	% of Investments
SHO-BOND Holdings Co., Ltd.		2.46%
Azbil Corp.		2.24%
REN - Redes Energeticas Nacionais SGPS SA		1.95%
Andritz AG		1.94%
AusNet Services		1.93%
Anima Holding SpA		1.81%
VanEck Vectors Junior Gold Miners		1.78%
FLSmidth & Co. A/S		1.75%
SIG Combibloc Group AG		1.71%
Nichirei Corp.		1.67%

181

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*	% of Investments
Communication Services		5.14%
Consumer Discretionary		9.78%
Consumer Staples		7.08%
Financials		11.31%
Health Care		7.65%
Industrials		23.71%
Information Technology		14.47%
Materials		7.80%
Real Estate		8.15%
Utilities		3.88%
Repurchase Agreement		1.03%
Total		100.00%

*	A sector may comprise several industries.

Micro Cap Growth Fund

Ten Largest Holdings	% of Investments
Redfin Corp.		2.17%
Endava plc ADR		2.13%
Nevro Corp.		2.13%
Fiverr International Ltd. (Israel)		2.10%
Calix, Inc.		2.06%
OrthoPediatrics Corp.		2.05%
ChemoCentryx, Inc.		1.98%
Limelight Networks, Inc.		1.98%
EverQuote, Inc. Class A		1.98%
iRhythm Technologies, Inc.		1.88%
Total

Holdings by Sector*	% of Investments
Communication Services		1.80%
Consumer Discretionary		14.79%
Consumer Staples		2.26%
Financials		3.67%
Health Care		36.36%
Industrials		7.07%
Information Technology		22.08%
Real Estate		1.98%
Money Market Fund^(a)		8.97%
Repurchase Agreement		1.02%
Total		100.00%

*	A sector may comprise several industries.
^(a)	Securities were purchased with the cash collateral from loaned securities.

182

Investments in Underlying Funds (unaudited)(continued)

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

Ten Largest Holdings	% of Investments
NuVasive, Inc.		2.08%
Syneos Health, Inc.		2.05%
Malibu Boats, Inc. Class A		2.01%
Thor Industries, Inc.		1.91%
Bancorp, Inc. (The)		1.89%
STAG Industrial, Inc.		1.84%
Alamo Group, Inc.		1.83%
Landstar System, Inc.		1.82%
First Industrial Realty Trust, Inc.		1.82%
Williams-Sonoma, Inc		1.78%

Holdings by Sector*	% of Investments
Communication Services		1.24%
Consumer Discretionary		9.94%
Consumer Staples		2.84%
Energy		3.99%
Financials		25.73%
Health Care		6.42%
Industrials		16.83%
Information Technology		9.21%
Materials		7.57%
Real Estate		8.59%
Utilities		6.64%
Repurchase Agreement		1.00%
Total		100.00%

*	A sector may comprise several industries.

Value Opportunities Fund

Ten Largest Holdings	% of Investments
Entegris, Inc.		2.50%
Charles River Laboratories International, Inc.		2.08%
Booz Allen Hamilton Holding Corp.		1.98%
FLIR Systems, Inc.		1.97%
Burlington Stores, Inc.		1.95%
Landstar System, Inc.		1.94%
Simpson Manufacturing Co., Inc.		1.84%
Alexandria Real Estate Equities, Inc.		1.84%
LCI Industries		1.81%
Teradyne, Inc.		1.80%

183

Investments in Underlying Funds (unaudited)(concluded)

Holdings by Sector*	% of Investments
Communication Services		0.76%
Consumer Discretionary		10.99%
Consumer Staples		0.74%
Energy		1.42%
Financials		15.98%
Health Care		15.27%
Industrials		17.53%
Information Technology		17.60%
Materials		7.54%
Real Estate		6.02%
Utilities		6.04%
Repurchase Agreement		0.11%
Total		100.00%

*	A sector may comprise several industries.

184

Approval of Advisory Contract

Alpha Strategy Fund

Focused Growth Fund

Focused Large Cap Value Fund

Focused Small Cap Value Fund

Fundamental Equity Fund

Global Equity Research Fund

Growth Leaders Fund

Health Care Fund

International Equity Fund

International Opportunities Fund

International Value Fund

Value Opportunities Fund

The Board, including all of the Trustees who are not “interested persons” of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (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 one or more appropriate benchmarks. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance 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 various private sessions 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) for each Fund (other than Focused Growth Fund, Focused Large Cap Value Fund and Health Care Fund, each of which commenced operations in 2019), information provided by Broadridge Financial Solutions (“Broadridge”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, 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 Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund (other than Focused Large Cap Value Fund and Health Care 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 (for each Fund other than Focused Large Cap Value Fund and Health Care Fund); (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 (in the case of each Fund other than Alpha Strategy Fund, Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Health Care Fund,

185

Approval of Advisory Contract (continued)

International Equity Fund and International Value Fund); and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management and Related Services Generally. The Board considered the 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 June 30, 2019. As to Alpha Strategy Fund, Focused Small Cap Value Fund, International Opportunities Fund and Value Opportunities 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. As to Fundamental Equity Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the three-year period, but above the median of the performance peer group for the one-, five- and ten-year periods. As to Global Equity Research Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year period. As to Growth Leaders Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, and five-year periods. As to International Equity Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the three-, five- and ten-year periods, but equal to the median of the performance peer group for the one-year period. As to International Value Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the three-, five-and ten-year periods, but above the median of the performance peer group for the one-year period. As to Focused Growth Fund, Focused Large Cap Value Fund, and Health Care Fund, the Board observed that the Fund commenced operations on January 30, 2019, July 26, 2019, and July 26, 2019, respectively, and therefore did not yet have investment performance for a full calendar year. The Board noted that, therefore, it would be prudent to allow the portfolio management team more time to develop its performance record with the Fund. With respect to each Fund, the Board took into account actions taken by Lord Abbett to attempt to improve equity fund performance, including certain changes to the portfolio management teams of certain Funds (in the case of Global Equity Research Fund and International Equity Fund). The Board also took into account changes to the Focused Small Cap Value Fund’s investment strategies, effective July 1, 2019. The Board further 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 appropriate. After reviewing these and related factors, the Board concluded that each Fund’s Agreement should be continued.

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and

186

Approval of Advisory Contract (continued)

discipline, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, 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, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of each Fund related to those of the expense peer group (or, in the case of Focused Large Cap Value Fund and Health Care Fund, the Fund’s Morningstar category) and the amount and nature of the fees paid by shareholders. As to Alpha Strategy Fund, the Board observed that while the net total expense ratio was above the median of the expense peer group, the Fund’s advisory fee (excluding underlying fund fees) was below the median of the expense peer group. As to each of Focused Growth Fund, Fundamental Equity Fund, Global Equity Research Fund, Growth Leaders Fund, International Equity Fund, International Opportunities Fund, International Value Fund, and Value Opportunities Fund, the Board observed that the net total expense ratio was below the median of the expense peer group. As to Focused Large Cap Value Fund and Health Care Fund, the Board observed that according to Morningstar, the Fund’s net effective management fee was in the top half of its peer group. As to Focused Small Cap Value Fund, the Board observed that while the net total expense ratio was above the median of the expense peer group, the Fund’s advisory fee (excluding other expenses) was equal to 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 management fees paid by, and expense level of, each Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement on behalf of each Fund.

Profitability. As to each Fund other than Focused Large Cap Value Fund and Health Care 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 considered Lord Abbett’s profit margins excluding Lord Abbett’s marketing and distribution expenses. The Board also considered Lord Abbett’s profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett’s ability to recruit and retain personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified 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 Alpha Strategy Fund, the Board concluded that the existing management fee schedule adequately addressed any economies of scale in managing the

187

Approval of Advisory Contract (continued)

Fund. With respect to Focused Small Cap Value Fund, the Board concluded that the existing management fee schedule, in conjunction with the Fund’s existing expense limitation agreement, adequately addressed any economies of scale in managing the Fund. With respect to each of Fundamental Equity Fund, Growth Leaders Fund, International Opportunities Fund and Value Opportunities Fund, the Board concluded that the existence of one or more contractual breakpoints in the Fund’s existing management fee schedule adequately addressed any economies of scale in managing the Fund. With respect to Focused Growth Fund, Global Equity Research Fund, International Equity Fund and International Value Fund, the Board concluded that the existence of one or more contractual breakpoints, in conjunction with the Fund’s proposed expense limitation agreement, adequately addressed any economies of scale in managing the Fund. With respect to Focused Large Cap Value Fund and Health Care Fund, the Board concluded that the contractual breakpoint in the existing management fee schedule, in conjunction with the Fund’s existing 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 amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. 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 the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client 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.

Durable Growth Fund

At the initial organizational meeting for the Durable Growth Fund, the Board, including all of the Trustees who are not “interested persons” of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered whether to approve the proposed management agreement between the Fund and Lord Abbett (the “Agreement”). The Board reviewed materials relating specifically to the Agreement before and at the meeting and before making its decision, the Board had the opportunity to ask questions and

188

Approval of Advisory Contract (continued)

request further information. The Board also took into account its knowledge of Lord Abbett gained through its meetings and discussions.

The materials received by the Board included, but were not limited to: (1) information provided by Broadridge Financial Solutions regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund (estimated where appropriate for the Fund) and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics (the “expense peer group”); (2) information provided by Lord Abbett on the estimated expense ratios, management fee rates, and other expense components for the Fund; and (3) information regarding the investment strategies and risks of the Fund and the personnel and other resources devoted by Lord Abbett to managing the Fund.

Investment Management and Related Services Generally. The Board considered the 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 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 to be provided to the Fund and currently provided to other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. In addition, the Board considered its experience with other funds advised by Lord Abbett. After reviewing these and related factors, the Board concluded that the Fund was likely to benefit from the nature, extent and quality of the investment services to be provided by Lord Abbett under the Agreement.

Investment Performance. Because the Fund had not yet begun operations, the Fund did not have any investment performance to review. The Board considered Lord Abbett’s performance and reputation generally and the performance of other Lord Abbett-managed funds overseen by the Board.

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, and other services to be provided to the Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, 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 the estimated expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the Fund’s estimated expense level related to those of the expense peer group and the amount and nature of the fees to be paid by shareholders. The Board observed that the estimated net total expense ratio of the Fund 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 estimated expense level of the Fund was reasonable and supported the approval of the Agreement.

189

Approval of Advisory Contract (concluded)

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 did consider that Lord Abbett would be subsidizing the Fund for the near future. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett’s overall profitability was not excessive.

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 existence of a contractual breakpoint in the proposed 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. The Board considered the amount and nature of the fees to be paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett will receive from the Fund for providing administrative services to the Fund. 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 expected to be enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares 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 could also benefit the Funds. The Board also noted that Lord Abbett, as will be disclosed in the prospectus of the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Fund. The Board also took into consideration the investment research that Lord Abbett may receive as a result of client brokerage transactions.

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

190

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 as an attachment to Form N-PORT. 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.

191

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 Alpha Strategy Fund

Lord Abbett Durable Growth Fund

Lord Abbett Focused Growth Fund

Lord Abbett Focused Large Cap Value Fund

Lord Abbett Focused Small Cap Value Fund

Lord Abbett Fundamental Equity Fund

Lord Abbett Global Equity Research Fund

Lord Abbett Growth Leaders Fund

Lord Abbett Health Care Fund

Lord Abbett International Equity Fund

Lord Abbett International Opportunities Fund

Lord Abbett International Value Fund

Lord Abbett Value Opportunities Fund

LST-3
(06/20)

LORD ABBETT

SEMIANNUAL REPORT

Lord Abbett

Micro Cap Growth Fund

For the six-month period ended April 30, 2020

Important Information on Paperless Delivery

Beginning in February 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer, investment advisor or bank. Instead, the reports will be made available on Lord Abbett’s website and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Shareholders who hold accounts directly with the Fund may elect to receive shareholder reports and other communications from the Fund electronically by signing into your Lord Abbett online account at lordabbett.com and selecting “Log In.” For further information, you may also contact the Fund at (800) 821-5129. Shareholders who hold accounts through a financial intermediary should contact them directly.

You may elect to receive all future reports in paper free of charge by contacting the Fund at (800) 821-5129. Your election to receive reports in paper will apply to all funds held with Lord Abbett. If your fund shares are held through a financial intermediary please contact them directly. Your election applies to all funds held with that intermediary.

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Sector

4		Schedule of Investments

7		Statement of Assets and Liabilities

8		Statement of Operations

9		Statements of Changes in Net Assets

10		Financial Highlights

12		Notes to Financial Statements

20		Supplemental Information to Shareholders

Lord Abbett Securities Trust

Lord Abbett Micro Cap Growth Fund

Semiannual Report

For the six-month period ended April 30, 2020

From left to right: James L.L. Tullis, Independent Chairman of the Lord Abbett Funds and Douglas B. Sieg, Trustee, President, and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Micro Cap Growth Fund for the six-month period ended April 30, 2020. For additional information about the Fund, please visit our website at www.lordabbett.com, where you also can access the quarterly commentaries by the Fund’s 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,

Douglas B. Sieg

Trustee, President, and Chief Executive Officer

Expense Example

As a shareholder of the 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 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, 2019 through April 30, 2020).

Actual Expenses

For each class of the 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 11/1/19 – 4/30/20” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

For each class of the 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 the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Micro Cap Growth Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/19	4/30/20	11/1/19 – 4/30/20
Class A
Actual	$1,000.00	$1,032.20	$8.39
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.61	$8.32
Class I
Actual	$1,000.00	$1,032.00	$8.39
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.61	$8.32


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.66% for Classes A and I) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2020

Sector*	%**
Communication Services		1.80	%
Consumer Discretionary		14.79	%
Consumer Staples		2.26	%
Financials		3.67	%
Health Care		36.36	%
Industrials		7.07	%
Information Technology		22.08	%
Real Estate		1.98	%
Repurchase Agreement		1.02	%
Money Market Funds^(a)		8.97	%
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments.
^(a)		Securities were purchased with the cash collateral from loaned securities.

Schedule of Investments (unaudited)

MICRO CAP GROWTH FUND April 30, 2020

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.98%

Aerospace & Defense 1.33%
AeroVironment, Inc.*		27,055	$	1,630

Auto Components 0.88%
Fox Factory Holding Corp.*		21,169		1,080

Beverages 0.12%
Celsius Holdings, Inc.*^(a)		28,687		144

Biotechnology 24.40%
Aduro Biotech, Inc.*		265,876		735
Alector, Inc.*		41,659		1,030
Arena Pharmaceuticals, Inc.*		24,302		1,190
Aurinia Pharmaceuticals, Inc. (Canada)*^(a)(b)		56,652		977
Black Diamond Therapeutics, Inc.*^(a)		22,116		819
Castle Biosciences, Inc.*		20,449		632
ChemoCentryx, Inc.*		46,125		2,445
Coherus Biosciences, Inc.*		37,730		626
Deciphera Pharmaceuticals, Inc.*		27,830		1,614
Denali Therapeutics, Inc.*		38,479		841
Eidos Therapeutics, Inc.*		36,507		1,695
Insmed, Inc.*		54,965		1,264
Karuna Therapeutics, Inc.*		18,472		1,535
Krystal Biotech, Inc.*		34,387		1,623
Myovant Sciences Ltd. (United Kingdom)*^(b)		135,944		1,629
Natera, Inc.*		17,363		643
NextCure, Inc.*		27,891		904
REVOLUTION Medicines, Inc.*		24,156		755
Rocket Pharmaceuticals, Inc.*^(a)		83,156		1,231
Stoke Therapeutics, Inc.*		29,058		611
TG Therapeutics, Inc.*		149,627		1,760
Turning Point Therapeutics, Inc.*		31,615		1,628
Twist Bioscience Corp.*		55,239		1,807
uniQure NV (Netherlands)*^(b)		12,500		796
Veracyte, Inc.*		37,492		1,011
Total				29,801

Investments	Shares		Fair Value (000)
Capital Markets 1.35%
Assetmark Financial Holdings, Inc.*		68,584	$	1,645

Commercial Services & Supplies 1.11%
Clean Harbors, Inc.*		25,427		1,359

Communications Equipment 2.09%
Calix, Inc.*		221,492		2,547

Electronic Equipment, Instruments & Components 0.54%
OSI Systems, Inc.*		9,134		661

Food Products 1.55%
Freshpet, Inc.*		25,032		1,888

Health Care Equipment & Supplies 11.22%
Axonics Modulation
Technologies, Inc.*^(a)		58,344		1,879
iRhythm Technologies, Inc.*		21,941		2,318
Nevro Corp.*		22,364		2,631
OrthoPediatrics Corp.*		51,846		2,533
Shockwave Medical, Inc.*		35,433		1,421
Silk Road Medical, Inc.*		47,707		1,998
Tactile Systems Technology, Inc.*		17,959		927
Total				13,707

Health Care Technology 3.34%
Health Catalyst, Inc.*		35,671		951
Inspire Medical Systems, Inc.*		30,104		2,157
Schrodinger, Inc.*^(a)		21,049		977
Total				4,085

Hotels, Restaurants & Leisure 3.15%
Papa John’s International, Inc.		31,009		2,230
Wingstop, Inc.		13,819		1,621
Total				3,851

Household Durables 2.33%
LGI Homes, Inc.*		25,163		1,524
Sonos, Inc.*		129,648		1,325
Total				2,849

4	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND April 30, 2020

Investments	Shares		Fair Value (000)
Information Technology Services 4.16%
Endava plc ADR*		60,196	$	2,635
Limelight Networks, Inc.*		482,109		2,444
Total				5,079

Insurance 2.73%
eHealth, Inc.*		5,171		552
Goosehead Insurance, Inc. Class A*		27,207		1,527
Trupanion, Inc.*^(a)		41,884		1,253
Total				3,332

Interactive Media & Services 2.00%
EverQuote, Inc. Class A*		62,682		2,443

Internet & Direct Marketing Retail 5.73%
Fiverr International Ltd. (Israel)*^(a)(b)		66,149		2,595
RealReal, Inc. (The)*^(a)		103,694		1,217
Rubicon Project, Inc. (The)*		139,311		999
Stamps.com, Inc.*		13,836		2,190
Total				7,001

Internet Software & Services 0.69%
Cardlytics, Inc.*		18,759		843

Leisure Products 2.33%
Malibu Boats, Inc. Class A*		39,484		1,358
YETI Holdings, Inc.*^(a)		53,782		1,485
Total				2,843

Life Sciences Tools & Services 1.43%
NanoString Technologies, Inc.*		54,814		1,741

Machinery 5.41%
ESCO Technologies, Inc.		10,535		804
Evoqua Water Technologies Corp.*		109,216		1,753
Federal Signal Corp.		79,624		2,144
SPX Corp.*		49,959		1,905
Total				6,606

Investments	Shares		Fair Value (000)
Personal Products 0.85%
elf Beauty, Inc.*		79,397	$	1,038

Real Estate Management & Development 2.20%
Redfin Corp.*		126,938		2,682

Semiconductors & Semiconductor Equipment 5.30%
CEVA, Inc.*		55,611		1,743
Diodes, Inc.*		19,070		970
Ichor Holdings Ltd.*		69,399		1,728
Impinj, Inc.*		28,298		636
Rambus, Inc.*		111,931		1,403
Total				6,480

Software 11.74%
8x8, Inc.*		75,471		1,280
Agilysys, Inc.*		75,828		1,485
Appian Corp.*^(a)		35,495		1,621
CERENCE, Inc.*		99,851		2,113
Everbridge, Inc.*		12,607		1,404
Rapid7, Inc.*		18,239		831
ShotSpotter, Inc.*^(a)		18,522		637
Sprout Social, Inc.*^(a)		85,226		1,433
SVMK, Inc.*		126,042		1,979
Upland Software, Inc.*		49,255		1,558
Total				14,341

Specialty Retail 2.00%
National Vision Holdings, Inc.*		38,898		1,031
Restoration Hardware Holdings, Inc.*		9,842		1,415
Total				2,446
Total Common Stocks (cost $101,283,446)				122,122

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MICRO CAP GROWTH FUND April 30, 2020

	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENTS 11.09%

Repurchase Agreement
Repurchase Agreement dated 4/30/2020, 0.00% due 5/1/2020 with Fixed Income Clearing Corp. collateralized by $1,370,000 of U.S. Treasury Note at 2.00% due 8/31/2021; value: $1,407,808; proceeds: $1,377,327 (cost $1,377,327)	$	1,377	$	1,377

	Shares		Fair Value (000)
Money Market Funds 9.96%
Fidelity Government Portfolio^(c)		10,956	$	10,956
CitiBank N.A.^(c)		1,217		1,217
Total Money Market Funds (cost $12,173,065)				12,173
Total Short-Term Investments (cost $13,550,392)				13,550
Total Investments in Securities 111.07% (cost $114,833,838)				135,672
Liabilities in Excess of Cash, Securities Lending and Other Assets (11.07)%				(13,527	)
Net Assets 100.00%			$	122,145


ADR		American Depositary Receipt.
*		Non-income producing security.
^(a)		All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers.
^(b)		Foreign security traded in U.S. dollars.
^(c)		Security was purchased with the cash collateral from loaned securities.

The following is a summary of the inputs used as of April 30, 2020 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1 (000)		Level 2 (000)		Level 3 (000)		Total (000)
Common Stocks	$	122,122	$	–	$	–	$	122,122
Short-Term Investments
Repurchase Agreement		–		1,377		–		1,377
Money Market Funds		12,173		–		–		12,173
Total	$	134,295	$	1,377	$	–	$	135,672

⁽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.

6	See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

April 30, 2020

ASSETS:
Investments in securities, at fair value including $11,367,669 of securities loaned (cost $114,833,838)	$	135,672,449
Receivables:
Investment securities sold		612,012
Capital shares sold		50,105
Securities lending income receivable		14,110
Prepaid expenses		5,336
Total assets		136,354,012
LIABILITIES:
Payables:
Investment securities purchased		1,452,807
Payable for collateral due to broker for securities lending		12,173,065
Capital shares reacquired		380,355
Management fee		135,736
Trustees’ fees		16,267
Fund administration		3,620
Accrued expenses		47,303
Total liabilities		14,209,153
Commitments and contingent liabilities
NET ASSETS	$	122,144,859
COMPOSITION OF NET ASSETS:
Paid-in capital	$	101,708,711
Total distributable earnings (loss)		20,436,148
Net Assets	$	122,144,859
Net assets by class:
Class A Shares	$	13,129,268
Class I Shares	$	109,015,591
Outstanding shares by class (unlimited number of authorized shares of beneficial interest)
Class A Shares		1,099,991
Class I Shares		7,819,760
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$11.94
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$12.67
Class I Shares-Net asset value		$13.94


	See Notes to Financial Statements.	7

Statement of Operations (unaudited)

For the Six Months Ended April 30, 2020

Investment income:
Dividends	$	79,492
Securities lending net income		14,110
Interest		7,662
Total investment income		101,264
Expenses:
Management fee		990,795
Fund administration		26,421
Professional		21,555
Registration		17,606
Shareholder servicing		13,592
Reports to shareholders		6,021
Custody		4,109
Trustees’ fees		2,030
Other		13,787
Gross expenses		1,095,916
Expense reductions (See Note 8)		(564	)
Net expenses		1,095,352
Net investment loss		(994,088	)
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		3,139,359
Net change in unrealized appreciation/depreciation on investments		3,805,964
Net realized and unrealized gain (loss)		6,945,323
Net Increase in Net Assets Resulting From Operations	$	5,951,235


8	See Notes to Financial Statements.

Statements of Changes in Net Assets

INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2020 (unaudited)			For the Year Ended October 31, 2019
Operations:
Net investment loss	$	(994,088	)	$	(2,095,049	)
Net realized gain (loss) on investments		3,139,359			19,880,977
Net change in unrealized appreciation/depreciation on investments		3,805,964			(6,268,997	)
Net increase in net assets resulting from operations		5,951,235			11,516,931
Distributions to shareholders:
Class A		(2,158,436	)		(3,195,562	)
Class I		(18,035,766	)		(33,452,600	)
Total distributions to shareholders		(20,194,202	)		(36,648,162	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		5,084,306			6,113,574
Reinvestment of distributions		18,151,508			33,356,839
Cost of shares reacquired		(19,260,409	)		(27,261,172	)
Net increase in net assets resulting from capital share transactions		3,975,405			12,209,241
Net decrease in net assets		(10,267,562	)		(12,921,990	)
NET ASSETS:
Beginning of period	$	132,412,421		$	145,334,411
End of period	$	122,144,859		$	132,412,421


	See Notes to Financial Statements.	9

Financial Highlights

MICRO CAP GROWTH FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain		Total from investment operations			Net realized gain			Total distri- butions
Class A
4/30/2020^(c)	$	13.83	$	(0.08	)	$	0.56	$	0.48		$	(2.37	)	$	(2.37	)
10/31/2019		18.05		(0.21	)		0.98		0.77			(4.99	)		–
10/31/2018		18.26		(0.26	)		2.75		2.49			(2.70	)		(2.70	)
10/31/2017		13.09		(0.21	)		5.38		5.17			–			–
10/31/2016		16.33		(0.19	)		0.15		(0.04	)		(3.20	)		–
10/31/2015		18.56		(0.30	)		0.42		0.12			(2.35	)		–

Class I
4/30/2020^(c)		15.77		(0.09	)		0.63		0.54			(2.37	)		(2.37	)
10/31/2019		19.84		(0.24	)		1.16		0.92			(4.99	)		–
10/31/2018		19.80		(0.29	)		3.03		2.74			(2.70	)		(2.70	)
10/31/2017		14.20		(0.23	)		5.83		5.60			–			–
10/31/2016		17.45		(0.21	)		0.16		(0.05	)		(3.20	)		–
10/31/2015		19.67		(0.32	)		0.45		0.13			(2.35	)		–

^(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.
^(e)		Annualized.

10	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
$	11.94		3.22	^(d)		1.66	^(e)		(1.52	)^(e)	$	13,129		50	^(d)
	13.83		8.33			1.66			(1.48	)		12,590		94
	18.05		16.32			1.63			(1.43	)		11,616		73
	18.26		39.39			1.67			(1.36	)		9,893		105
	13.09		(1.30	)		1.81			(1.52	)		7,416		161
	16.33		0.65			1.80			(1.64	)		13,280		203

	13.94		3.20	^(d)		1.66	^(e)		(1.52	)^(e)		109,016		50	^(d)
	15.77		8.34			1.66			(1.48	)		119,822		94
	19.84		16.31			1.63			(1.43	)		133,719		73
	19.80		39.44			1.67			(1.36	)		139,068		105
	14.20		(1.39	)		1.81			(1.52	)		133,112		161
	17.45		0.71			1.80			(1.63	)		136,136		203

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

Lord Abbett Securities Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company and was organized as a Delaware statutory trust on February 26, 1993. The Trust currently consists of fourteen funds. This report covers one fund and its respective classes: Lord Abbett Micro-Cap Growth Fund (“Micro Cap Growth Fund”) or (the “Fund”), Class A and I shares. The Fund’s investment objective 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 the 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. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Fund’s Board of Trustees (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the 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 Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. The 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 the Pricing Committee and may employ 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.

Notes to Financial Statements (unaudited)(continued)

	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 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 the 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.

	The 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 the Fund’s filed U.S. federal tax returns remains open for the fiscal years ended October 31, 2016 through October 31, 2019. 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 Fund within the Trust on a pro rata basis by relative net assets. Expenses incurred by the Fund are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(f)	Repurchase Agreements–The 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. The 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, the Fund may incur a loss upon disposition of the securities.

(g)	Fair Value Measurements–Fair value is defined as the price that the 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

Notes to Financial Statements (unaudited)(continued)

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

	A summary of inputs used in valuing the Fund’s investments as of April 30, 2020 and, if applicable, Level 3 rollforwards for the six months then ended is included in the 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. 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 the 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 the Fund’s investment portfolio.

The management fee is based on the Fund’s average daily net assets at an annual rate of 1.50%, which was the Fund’s annualized effective management fee rate for the six months ended April 30, 2020.

Effective June 1, 2020, the management fee for the Fund will be at an annual rate of .90% of the Fund’s average daily net assets.

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

12b-1 Distribution Plan

The Fund has adopted a distribution plan with respect to Class A shares pursuant to Rule 12b-1 under the Act under which the Board may authorize the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. During the six months ended April 30, 2020, the Board did not authorize such Class A 12b-1 fees. Effective June 1, 2020, the Board authorized Class A 12b-1 fees at an annual rate of 0.25%.

Class I shares do not have a distribution plan.

Notes to Financial Statements (unaudited)(continued)

Other Related Parties

As of April 30, 2020, the percentage of the Fund’s outstanding shares owned by Lord Abbett Alpha Strategy Fund was 60.28%.

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

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid at least annually for the 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 U.S. GAAP. 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, 2020 and fiscal year ended October 31, 2019 was as follows:

	For the Six Months Ended 4/30/2020 (unaudited)		For the Year Ended 10/31/2019
Distributions paid from:
Ordinary income	$	–	$	6,937,287
Net long-term capital gains		20,194,202		29,710,875
Total distributions paid	$	20,194,202	$	36,648,162

As of April 30, 2020, the aggregate unrealized security gains and losses on investments and other financial instruments, if any, based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	115,603,588
Gross unrealized gain		25,473,824
Gross unrealized loss		(5,404,963	)
Net unrealized security gain/ (loss)	$	20,068,861

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2020 were as follows:

Purchases		Sales
$65,142,453		$79,104,715

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2020.

Notes to Financial Statements (unaudited)(continued)

The 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 six months ended April 30, 2020, the Fund engaged in cross-trade sales of $1,853,619 which resulted in net realized gain of $950,960.

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 Fund’s 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 Fund and the applicable counterparty:

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	$	1,377,327	$	–	$	1,377,327
Total	$	1,377,327	$	–	$	1,377,327

	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty			Financial Instruments		Cash Collateral Received^(a		⁾	Securities Collateral Received^(a		⁾	Net Amount^(b		⁾
Fixed Income Clearing Corp.	$	1,377,327	$	–	$	–		$	(1,377,327	)	$	–
Total	$	1,377,327	$	–	$	–		$	(1,377,327	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of April 30, 2020.

7.	TRUSTEES’ REMUNERATION

The Trust’s officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of the 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 Fund. 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.

Notes to Financial Statements (unaudited)(continued)

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 the Fund’s expenses.

9.	LINE OF CREDIT

For the period ended April 30, 2020, the Fund and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a Syndicated Facility with various lenders for $1.17 billion whereas State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds are subject to graduated borrowing limits of one third of Fund net assets (if Fund net assets are less than $750 million), $250 million, $300 million, $350 million, $500 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended April 30, 2020, the Participating Funds entered into a Bilateral Facility with SSB for $330 million ($250 million committed and $80 million uncommitted). Under the Bilateral Facility, the Participating Funds are subject to graduated borrowing limits of one-third of Fund net assets (if net assets are less than $750 million), $250 million, $300 million, or $330 million, based on past borrowings and likelihood of future borrowings, among other factors.

The Syndicated Facility and the Bilateral Facility are to be used for temporary or emergency purposes as an additional source of liquidity to satisfy redemptions.

For the six months ended April 30, 2020, the Fund did not utilize the Facilities.

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 the Fund, participate in a joint lending and borrowing program (the “Interfund Lending Program”). The SEC exemptive order allows the Fund to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

For the six months ended April 30, 2020 the Fund did not participate as a borrower or lender in the Interfund Lending Program.

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 the Fund’s NAV.

12.

SECURITIES LENDING AGREEMENT

The Fund has established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Fund’s securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover

Notes to Financial Statements (unaudited)(continued)

the cost of repurchasing securities on loan. Such income earned from securities lending is included in Securities Lending Income on the Statement of Operations.

As of April 30, 2020, the market value of securities loaned and collateral received for the Fund was as follows:

Market Value of Securities Loaned		Collateral Received
$ 11,367,669		$ 12,173,065

13.

INVESTMENT RISKS

The Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with micro-cap growth stocks. The value of an investment in the 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 Fund invests. 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. Micro-cap companies also may fall out of favor relative to larger companies in certain market cycles. In the case of Micro Cap Growth Fund, the growth stocks in which it generally invests may add to the Fund’s volatility. Moreover, different investment styles, such as growth investing, may shift in and out of favor over time, depending on market and economic conditions, as well as investor sentiment.

These factors can affect the Fund’s performance.

Notes to Financial Statements (unaudited)(concluded)

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

	Six Months Ended April 30, 2020 (unaudited					)	Year Ended October 31, 2019
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		35,050		$	388,158			34,291		$	446,622
Reinvestment of distributions		178,087			2,158,414			264,969			3,195,527
Shares reacquired		(23,654	)		(315,672	)		(32,432	)		(469,450	)
Increase		189,483		$	2,230,900			266,828		$	3,172,699

Class I Shares
Shares sold		331,994		$	4,696,148			379,357		$	5,666,952
Reinvestment of distributions		1,130,254			15,993,094			2,193,550			30,161,312
Shares reacquired		(1,239,988	)		(18,944,737	)		(1,715,356	)		(26,791,722	)
Increase		222,260		$	1,744,505			857,551		$	9,036,542

Approval of Advisory Contract

The Board, including all of the Trustees who are not “interested persons” of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), annually considers whether to approve the continuation of the existing management agreement between the Fund and Lord Abbett (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 the Fund’s investment performance compared to the performance of its benchmarks. Before making its decision as to the Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. These meetings and discussions included reviews of Fund performance 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 various private sessions at which no representatives of management were present.

The materials received by the Board included, but were not limited to: (1) information provided by Broadridge Financial Solutions (“Broadridge”) regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, 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 Broadridge regarding the expense ratios, contractual and actual 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 and Related Services Generally. The Board considered the services provided by Lord Abbett to the Fund, including investment research, portfolio management, and trading, and Lord Abbett’s commitment to compliance with all applicable legal requirements. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to the Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that the 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 the Fund’s investment performance in relation to that of the performance peer group and two appropriate benchmarks as of various periods ended June 30, 2019. 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 and took into

Approval of Advisory Contract (continued)

account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further 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 appropriate. After reviewing these and related factors, the Board concluded that the Fund’s Agreement should be continued.

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

Expenses. The Board considered the expense level of the Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how the expense level of the Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. The Board observed that the net total expense ratio of the Fund 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 management fees paid by, and expense level of, the Fund were reasonable in light of all of the factors it considered and supported the continuation of the Agreement.

Profitability. 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 the 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 considered Lord Abbett’s profit margins excluding Lord Abbett’s marketing expenses. The Board also considered Lord Abbett’s profit margins, without those exclusions, in comparison with available industry data and how those profit margins could affect Lord Abbett’s ability to recruit and retain personnel. The Board recognized that Lord Abbett’s overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to the 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 the Fund was not excessive.

Economies of Scale. 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. The Board took into account Lord Abbett’s representation that the Fund’s micro-cap investment strategy did not lend itself to significant economies of scale, and that the existing management fee schedule adequately addressed any economies of scale in managing the Fund.

Other Benefits to Lord Abbett. The Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett for services other than investment advisory services, such as the fee that Lord Abbett receives from the Fund for providing administrative

Approval of Advisory Contract (concluded)

services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with the Fund. The Board observed that the Distributor receives 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 the Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

Alternative Arrangements. 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 the Fund and its shareholders and voted unanimously to approve the continuation of the Agreement. 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.

Householding

The Trust has adopted a policy that allows it to send only one copy of the 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 the Fund’s portfolio securities, and information on how Lord Abbett voted the 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 Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters as an attachment to Form N-PORT. 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.

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

LAMCVF-3
(06/20)

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 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/Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: June 25, 2020

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

Date: June 25, 2020

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/Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: June 25, 2020

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

Date: June 25, 2020