Lord Abbett Micro Cap Growth Fund NCSRS Certified semi-annual shareholder report (management investment company)

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: 4/30/2021

Item 1:

Report(s) to Shareholders.

LORD ABBETT

SEMIANNUAL REPORT

Lord Abbett

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
International Value Fund
Micro Cap Growth Fund
Value Opportunities Fund

For the six-month period ended April 30, 2021

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:

31		Alpha Strategy Fund

32		Durable Growth Fund

35		Focused Growth Fund

37		Focused Large Cap Value Fund

39		Focused Small Cap Value Fund

42		Fundamental Equity Fund

45		Global Equity Research Fund

50		Growth Leaders Fund

53		Health Care Fund

56		International Equity Fund

62		International Opportunities Fund

68		International Value Fund

73		Micro Cap Growth Fund

77		Value Opportunities Fund

80		Statements of Assets and Liabilities

88		Statements of Operations

92		Statements of Changes in Net Assets

106		Financial Highlights

154		Notes to Financial Statements

194		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, Lord Abbett Micro Cap Growth Fund, and Lord Abbett Value Opportunities Fund Semiannual Report

For the six-month period ended April 30, 2021

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, 2021. 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, 2020 through April 30, 2021).

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 11/1/20 – 4/30/21” 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^†#
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,437.30	$	2.48
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.76	$	2.06
Class C
Actual	$	1,000.00	$	1,431.70	$	6.99
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.04	$	5.81
Class F
Actual	$	1,000.00	$	1,438.20	$	1.57
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.51	$	1.30
Class F3
Actual	$	1,000.00	$	1,439.70	$	0.48
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.40	$	0.40
Class I
Actual	$	1,000.00	$	1,438.90	$	0.97
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.00	$	0.80
Class R2
Actual	$	1,000.00	$	1,434.70	$	4.59
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.03	$	3.81
Class R3
Actual	$	1,000.00	$	1,435.60	$	3.99
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.52	$	3.31
Class R4
Actual	$	1,000.00	$	1,436.70	$	2.48
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.76	$	2.06
Class R5
Actual	$	1,000.00	$	1,439.00	$	0.97
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.00	$	0.80
Class R6
Actual	$	1,000.00	$	1,439.50	$	0.48
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.40	$	0.40


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.41% for Class A, 1.16% for Class C, 0.26% for Class F, 0.08% for Class F3, 0.16% for Class I, 0.76% for Class R2, 0.66% for Class R3, 0.41% for Class R4, 0.16% for Class R5 and 0.08% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
^#	Does not include expenses of Underlying Funds in which Alpha Strategy Fund invests.

Portfolio Holdings Presented by Portfolio Allocation

April 30, 2021

Underlying Fund Name	%*
Lord Abbett Developing Growth Fund, Inc. – Class I		18.92	%
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I		10.79	%
Lord Abbett Securities Trust – International Opportunities Fund – Class I		19.25	%
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I		9.58	%
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I		20.82	%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		20.55	%
Repurchase Agreements		0.09	%
Total		100.00	%


*	Represents percent of total investments.

Durable Growth Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,222.90	$	5.18
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.13	$	4.71
Class C
Actual	$	1,000.00	$	1,218.00	$	9.29
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.41	$	8.45
Class F
Actual	$	1,000.00	$	1,224.00	$	3.86
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.32	$	3.51
Class F3
Actual	$	1,000.00	$	1,224.10	$	3.58
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.57	$	3.26
Class I
Actual	$	1,000.00	$	1,224.10	$	3.86
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.32	$	3.51
Class R3
Actual	$	1,000.00	$	1,220.70	$	6.55
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.89	$	5.96
Class R4
Actual	$	1,000.00	$	1,222.40	$	5.23
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.08	$	4.76
Class R5
Actual	$	1,000.00	$	1,224.10	$	3.81
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.37	$	3.46
Class R6
Actual	$	1,000.00	$	1,224.10	$	3.58
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.57	$	3.26


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.94% for Class A, 1.69% for Class C, 0.70% for Class F, 0.65% for Class F3, 0.70% for Class I, 1.19% for Class R3, 0.95% for Class R4, 0.69% for Class R5 and 0.65% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2021

Sector*	%**
Communication Services		15.26	%
Consumer Discretionary		15.89	%
Consumer Staples		3.82	%
Financials		1.74	%
Health Care		12.75	%
Industrials		6.73	%
Information Technology		38.40	%
Materials		3.37	%
Real Estate		1.51	%
Repurchase Agreements		0.46	%
Money Market Funds^(a)		0.06	%
Time Deposits^(a)		0.01	%
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.

Focused Growth Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,249.50	$	5.86
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.59	$	5.26
Class C
Actual	$	1,000.00	$	1,244.90	$	10.02
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.87	$	9.00
Class F
Actual	$	1,000.00	$	1,251.00	$	4.41
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.88	$	3.96
Class F3
Actual	$	1,000.00	$	1,251.40	$	4.08
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.17	$	3.66
Class I
Actual	$	1,000.00	$	1,251.40	$	4.47
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.83	$	4.01
Class R3
Actual	$	1,000.00	$	1,247.80	$	7.25
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.35	$	6.51
Class R4
Actual	$	1,000.00	$	1,249.40	$	5.86
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.59	$	5.26
Class R5
Actual	$	1,000.00	$	1,251.40	$	4.47
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.83	$	4.01
Class R6
Actual	$	1,000.00	$	1,251.40	$	4.08
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.17	$	3.66


^†	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, 0.79% 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 181/365 (to reflect one-half period).

Portfolio Holdings Presented by Sector

April 30, 2021

Sector*	%**
Communication Services		24.98	%
Consumer Discretionary		11.93	%
Consumer Staples		3.27	%
Financials		1.93	%
Health Care		13.18	%
Industrials		9.43	%
Information Technology		30.99	%
Repurchase Agreements		4.29	%
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^†
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,505.80	$	5.72
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.23	$	4.61
Class C
Actual	$	1,000.00	$	1,499.70	$	10.16
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.66	$	8.20
Class F
Actual	$	1,000.00	$	1,506.60	$	4.10
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.52	$	3.31
Class F3
Actual	$	1,000.00	$	1,507.50	$	3.98
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.62	$	3.21
Class I
Actual	$	1,000.00	$	1,506.30	$	4.16
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.47	$	3.36
Class R3
Actual	$	1,000.00	$	1,503.40	$	7.20
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.04	$	5.81
Class R4
Actual	$	1,000.00	$	1,505.40	$	5.65
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.28	$	4.56
Class R5
Actual	$	1,000.00	$	1,506.70	$	4.10
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.52	$	3.31
Class R6
Actual	$	1,000.00	$	1,507.90	$	3.98
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.62	$	3.21


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.92% for Class A, 1.64% for Class C, 0.66% for Class F, 0.64% for Class F3, 0.67% for Class I, 1.16% for Class R3, 0.91% for Class R4, 0.66% for Class R5 and 0.64% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2021

Sector*	%**
Communication Services		9.32	%
Consumer Discretionary		12.33	%
Consumer Staples		5.29	%
Energy		5.87	%
Financials		26.28	%
Health Care		12.26	%
Industrials		11.36	%
Information Technology		10.59	%
Materials		2.83	%
Utilities		3.01	%
Repurchase Agreements		0.86	%
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^†
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,644.80	$	7.80
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.89	$	5.96
Class C
Actual	$	1,000.00	$	1,639.60	$	12.44
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.37	$	9.49
Class F
Actual	$	1,000.00	$	1,647.80	$	6.11
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.18	$	4.66
Class F3
Actual	$	1,000.00	$	1,647.20	$	6.17
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.13	$	4.71
Class I
Actual	$	1,000.00	$	1,647.50	$	6.24
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.08	$	4.76
Class R5
Actual	$	1,000.00	$	1,647.60	$	6.17
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.13	$	4.71
Class R6
Actual	$	1,000.00	$	1,646.90	$	6.10
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.18	$	4.66


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.19% for Class A, 1.90% for Class C, 0.93% for Class F, 0.94% for Class F3, 0.95% for Class I, 0.94% for Class R5 and 0.93% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2021

Sector*	%**
Communication Services		7.08	%
Consumer Discretionary		11.99	%
Consumer Staples		2.25	%
Energy		5.73	%
Financials		30.93	%
Health Care		1.53	%
Industrials		17.34	%
Information Technology		9.27	%
Materials		3.67	%
Real Estate		5.48	%
Repurchase Agreements		4.70	%
Money Market Funds^(a)		0.02	%
Time Deposits^(a)		0.01	%
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^†
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,336.90	$	5.56
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.03	$	4.81
Class C
Actual	$	1,000.00	$	1,331.10	$	9.88
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.31	$	8.55
Class F
Actual	$	1,000.00	$	1,336.90	$	4.69
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.78	$	4.06
Class F3
Actual	$	1,000.00	$	1,339.30	$	3.65
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.67	$	3.16
Class I
Actual	$	1,000.00	$	1,338.10	$	4.17
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.22	$	3.61
Class P
Actual	$	1,000.00	$	1,335.30	$	6.72
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.04	$	5.81
Class R2
Actual	$	1,000.00	$	1,333.40	$	7.58
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.30	$	6.56
Class R3
Actual	$	1,000.00	$	1,335.30	$	7.01
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.79	$	6.06
Class R4
Actual	$	1,000.00	$	1,336.60	$	5.56
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.03	$	4.81
Class R5
Actual	$	1,000.00	$	1,337.80	$	4.17
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.22	$	3.61
Class R6
Actual	$	1,000.00	$	1,338.00	$	3.65
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.67	$	3.16

^†

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, 0.81% for Class F, 0.63% for Class F3, 0.72% for Class I, 1.16% for Class P, 1.31% for Class R2, 1.21% for Class R3, 0.96% for Class R4, 0.72% for Class R5 and 0.63% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2021

Sector*	%**
Communication Services		8.25	%
Consumer Discretionary		8.44	%
Consumer Staples		6.86	%
Energy		5.35	%
Financials		22.88	%
Health Care		13.23	%
Industrials		13.40	%
Information Technology		10.86	%
Materials		3.00	%
Real Estate		2.86	%
Utilities		4.30	%
Repurchase Agreements		0.57	%
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^†
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,311.20	$	5.16
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.33	$	4.51
Class C
Actual	$	1,000.00	$	1,306.60	$	9.44
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.61	$	8.25
Class F
Actual	$	1,000.00	$	1,312.60	$	4.30
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.08	$	3.76
Class F3
Actual	$	1,000.00	$	1,314.00	$	3.50
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.77	$	3.06
Class I
Actual	$	1,000.00	$	1,314.50	$	3.73
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.57	$	3.26
Class R3
Actual	$	1,000.00	$	1,308.10	$	6.58
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.09	$	5.76
Class R4
Actual	$	1,000.00	$	1,311.40	$	5.16
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.33	$	4.51
Class R5
Actual	$	1,000.00	$	1,314.50	$	3.73
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.57	$	3.26
Class R6
Actual	$	1,000.00	$	1,314.10	$	3.50
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.77	$	3.06


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.90% for Class A, 1.65% for Class C, 0.75% for Class F, 0.61% for Class F3, 0.65% for Class I, 1.15% for Class R3, 0.90% for Class R4, 0.65% for Class R5 and 0.61% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2021

Sector*	%**
Communication Services		9.28	%
Consumer Discretionary		13.18	%
Consumer Staples		6.05	%
Energy		3.80	%
Financials		15.36	%
Health Care		9.92	%
Industrials		12.14	%
Information Technology		20.22	%
Materials		5.70	%
Real Estate		3.06	%
Utilities		1.29	%
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^†
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,209.90	$	4.82
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.43	$	4.41
Class C
Actual	$	1,000.00	$	1,205.30	$	8.86
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.76	$	8.10
Class F
Actual	$	1,000.00	$	1,211.60	$	3.45
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.67	$	3.16
Class F3
Actual	$	1,000.00	$	1,211.70	$	3.18
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.28	$	2.96
Class I
Actual	$	1,000.00	$	1,211.60	$	3.45
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.67	$	3.16
Class R2
Actual	$	1,000.00	$	1,207.90	$	6.73
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.70	$	6.16
Class R3
Actual	$	1,000.00	$	1,208.50	$	6.19
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.19	$	5.66
Class R4
Actual	$	1,000.00	$	1,210.10	$	4.82
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.43	$	4.41
Class R5
Actual	$	1,000.00	$	1,211.50	$	3.45
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.67	$	3.16
Class R6
Actual	$	1,000.00	$	1,211.70	$	3.18
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.92	$	2.91

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.88% for Class A, 1.62% for Class C, 0.63% for Class F, 0.58% for Class F3, 0.63% for Class I, 1.23% for Class R2, 1.13% for Class R3, 0.88% for Class R4, 0.63% for Class R5 and 0.58% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2021

Sector*	%**
Communication Services		20.53	%
Consumer Discretionary		12.96	%
Consumer Staples		2.78	%
Financials		4.91	%
Health Care		11.95	%
Industrials		8.07	%
Information Technology		36.00	%
Repurchase Agreements		2.69	%
Money Market Funds^(a)		0.10	%
Time Deposits^(a)		0.01	%
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^†
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,187.80	$	5.59
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.69	$	5.16
Class C
Actual	$	1,000.00	$	1,183.40	$	9.64
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.97	$	8.90
Class F
Actual	$	1,000.00	$	1,189.50	$	4.23
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.93	$	3.91
Class F3
Actual	$	1,000.00	$	1,189.20	$	3.80
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.32	$	3.51
Class I
Actual	$	1,000.00	$	1,189.00	$	4.23
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.93	$	3.91
Class R3
Actual	$	1,000.00	$	1,186.20	$	6.94
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.45	$	6.41
Class R4
Actual	$	1,000.00	$	1,187.20	$	5.59
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.69	$	5.16
Class R5
Actual	$	1,000.00	$	1,188.80	$	4.23
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.93	$	3.91
Class R6
Actual	$	1,000.00	$	1,189.10	$	3.80
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.32	$	3.51


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.03% 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 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2021

Sector*	%**
Consumer Discretionary		0.69	%
Health Care		98.34	%
Information Technology		0.74	%
Materials		0.23	%
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^†
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,267.50	$	6.52
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.04	$	5.81
Class C
Actual	$	1,000.00	$	1,263.30	$	10.72
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.32	$	9.54
Class F
Actual	$	1,000.00	$	1,269.10	$	5.34
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.08	$	4.76
Class F3
Actual	$	1,000.00	$	1,269.40	$	4.67
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.68	$	4.16
Class I
Actual	$	1,000.00	$	1,269.00	$	4.84
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.53	$	4.31
Class P
Actual	$	1,000.00	$	1,266.70	$	7.59
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.10	$	6.76
Class R2
Actual	$	1,000.00	$	1,265.50	$	8.54
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.26	$	7.60
Class R3
Actual	$	1,000.00	$	1,266.20	$	7.92
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.80	$	7.05
Class R4
Actual	$	1,000.00	$	1,267.50	$	6.52
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.04	$	5.81
Class R5
Actual	$	1,000.00	$	1,269.00	$	5.12
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.28	$	4.56
Class R6
Actual	$	1,000.00	$	1,269.60	$	4.67
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.68	$	4.16

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.16% for Class A, 1.91% for Class C, 0.95% for Class F, 0.83% for Class F3, 0.86% for Class I, 1.35% for Class P, 1.52% for Class R2, 1.41% for Class R3, 1.16% for Class R4, 0.91% for Class R5 and 0.83% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2021

Sector*	%**
Communication Services		3.87	%
Consumer Discretionary		14.34	%
Consumer Staples		7.01	%
Energy		4.82	%
Financials		19.67	%
Health Care		8.06	%
Industrials		16.12	%
Information Technology		12.66	%
Materials		7.59	%
Real Estate		1.23	%
Utilities		1.91	%
Repurchase Agreements		0.19	%
Money Market Funds^(a)		2.27	%
Time Deposits^(a)		0.26	%
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.

International Opportunities Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,325.00	$	6.92
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.84	$	6.01
Class C
Actual	$	1,000.00	$	1,320.70	$	11.22
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.12	$	9.74
Class F
Actual	$	1,000.00	$	1,326.50	$	6.06
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.59	$	5.26
Class F3
Actual	$	1,000.00	$	1,327.20	$	5.02
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.82	$	4.43
Class I
Actual	$	1,000.00	$	1,327.10	$	5.48
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.08	$	4.76
Class P
Actual	$	1,000.00	$	1,324.20	$	8.07
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.85	$	7.00
Class R2
Actual	$	1,000.00	$	1,323.60	$	8.93
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.11	$	7.75
Class R3
Actual	$	1,000.00	$	1,324.40	$	8.36
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.60	$	7.25
Class R4
Actual	$	1,000.00	$	1,325.40	$	6.92
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.84	$	6.01
Class R5
Actual	$	1,000.00	$	1,326.50	$	5.48
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.08	$	4.76
Class R6
Actual	$	1,000.00	$	1,327.80	$	5.02
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.48	$	4.36

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.20% for Class A, 1.95% for Class C, 1.05% for Class F, 0.87% for Class F3, 0.95% for Class I, 1.40% for Class P, 1.55% for Class R2, 1.45% for Class R3, 1.20% for Class R4, 0.95% for Class R5 and 0.87% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2021

Sector*	%**
Communication Services		3.44	%
Consumer Discretionary		12.11	%
Consumer Staples		4.01	%
Financials		13.60	%
Health Care		8.37	%
Industrials		23.59	%
Information Technology		12.84	%
Materials		10.24	%
Real Estate		6.43	%
Utilities		3.16	%
Repurchase Agreements		1.29	%
Money Market Funds^(a)		0.83	%
Time Deposits^(a)		0.09	%
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.

International Value Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,359.50	$	6.55
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.24	$	5.61
Class C
Actual	$	1,000.00	$	1,354.40	$	10.92
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.52	$	9.35
Class F
Actual	$	1,000.00	$	1,360.30	$	5.38
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.23	$	4.61
Class F3*
Actual	$	1,000.00	$	1,362.10	$	4.69
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.83	$	4.01
Class I
Actual	$	1,000.00	$	1,362.00	$	4.80
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.73	$	4.11
Class R2
Actual	$	1,000.00	$	1,358.00	$	8.59
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.50	$	7.35
Class R3
Actual	$	1,000.00	$	1,357.00	$	8.01
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.00	$	6.85
Class R4
Actual	$	1,000.00	$	1,358.60	$	6.55
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.24	$	5.61
Class R5
Actual	$	1,000.00	$	1,363.20	$	4.98
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.58	$	4.26
Class R6
Actual	$	1,000.00	$	1,362.10	$	4.63
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.88	$	3.96


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.87% for Class C, 0.92% for Class F, 0.80% for Class F3, 0.82% for Class I, 1.47% for Class R2, 1.37% for Class R3, 1.12% for Class R4, 0.85% for Class R5 and 0.79% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.79% for Class F3. 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	$4.63		$3.96

Portfolio Holdings Presented by Sector

April 30, 2021

Sector*	%**
Communication Services		2.67	%
Consumer Discretionary		12.97	%
Consumer Staples		4.40	%
Energy		5.48	%
Financials		24.17	%
Health Care		5.22	%
Industrials		17.86	%
Information Technology		4.84	%
Materials		6.75	%
Real Estate		3.91	%
Utilities		5.51	%
Repurchase Agreements		1.77	%
Money Market Funds^(a)		4.00	%
Time Deposits^(a)		0.45	%
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.

Micro Cap Growth Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,546.50	$	7.96
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.55	$	6.31
Class C
Actual	$	1,000.00	$	1,541.10	$	12.54
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,014.93	$	9.94
Class F
Actual	$	1,000.00	$	1,547.70	$	6.38
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.79	$	5.06
Class I
Actual	$	1,000.00	$	1,547.70	$	6.44
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.74	$	5.11


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.26% for Class A, 1.99% for Class C, 1.01% for Class F, 1.02% for Class I, multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2021

Sector*	%**
Communication Services		2.54	%
Consumer Discretionary		14.06	%
Consumer Staples		5.34	%
Financials		1.62	%
Health Care		36.93	%
Industrials		13.05	%
Information Technology		22.91	%
Real Estate		0.45	%
Repurchase Agreements		1.33	%
Money Market Funds^(a)		1.59	%
Time Deposits^(a)		0.18	%
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^†
	11/1/20		4/30/21		11/1/20 - 4/30/21
Class A
Actual	$	1,000.00	$	1,403.70	$	6.85
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.09	$	5.76
Class C
Actual	$	1,000.00	$	1,398.10	$	11.30
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.37	$	9.49
Class F
Actual	$	1,000.00	$	1,404.80	$	5.96
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.84	$	5.01
Class F3
Actual	$	1,000.00	$	1,406.40	$	4.83
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.78	$	4.06
Class I
Actual	$	1,000.00	$	1,405.70	$	5.43
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.28	$	4.56
Class P
Actual	$	1,000.00	$	1,401.70	$	8.04
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.10	$	6.76
Class R2
Actual	$	1,000.00	$	1,401.20	$	8.93
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.36	$	7.50
Class R3
Actual	$	1,000.00	$	1,402.10	$	8.34
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.85	$	7.00
Class R4
Actual	$	1,000.00	$	1,403.30	$	6.85
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.09	$	5.76
Class R5
Actual	$	1,000.00	$	1,405.30	$	5.43
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.28	$	4.56
Class R6
Actual	$	1,000.00	$	1,406.10	$	4.83
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.78	$	4.06

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.15% for Class A, 1.90% for Class C, 1.00% for Class F, 0.81% for Class F3, 0.91% for Class I, 1.35% for Class P, 1.50% for Class R2, 1.40% for Class R3, 1.15% for Class R4, 0.91% for Class R5 and 0.81% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2021

Sector*	%**
Communication Services		0.75	%
Consumer Discretionary		14.20	%
Consumer Staples		2.57	%
Energy		2.07	%
Financials		13.44	%
Health Care		15.40	%
Industrials		19.53	%
Information Technology		14.92	%
Materials		8.71	%
Real Estate		5.45	%
Utilities		2.09	%
Repurchase Agreements		0.87	%
Total		100.00	%


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

Schedule of Investments (unaudited)

ALPHA STRATEGY FUND April 30, 2021

Investments	Shares		Fair Value (000)
INVESTMENTS IN UNDERLYING FUNDS^(a)(b)99.73%
Lord Abbett Developing Growth Fund, Inc. – Class I^(c)		4,159,873	$	172,343
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I*^(d)		2,969,786		98,330
Lord Abbett Securities Trust – International Opportunities Fund – Class I*^(d)		8,169,474		175,317
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I*^(d)		3,494,715		87,228
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I^(d)		8,247,570		189,612
Lord Abbett Securities Trust – Value Opportunities Fund – Class I^(d)		7,893,774		187,161
Total Investments in Underlying Funds (cost $709,409,254)				909,991

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENTS 0.09%

REPURCHASE AGREEMENTS 0.09%
Repurchase Agreement dated 4/30/2021, 0.00% due 5/3/2021 with Fixed Income Clearing Corp. collateralized by $870,600 of U.S. Treasury Note at 0.375% due 11/30/2025; value: $856,344; proceeds: $839,511 (cost $839,511)		$840	$	840
Total Investments in Securities 99.82% (cost $710,248,765)				910,831
Other Assets in Excess of Liabilities 0.18%				1,662
Net Assets 100.00%			$	912,493

*		Non-income producing security.
^(a)		Affiliated issuers (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, 2021 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	$	909,991	$	–	$	–	$	909,991
Short-Term Investments
Repurchase Agreements		–		840		–		840
Total	$	909,991	$	840	$	–	$	910,831

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each investment in Underlying Funds.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

DURABLE GROWTH FUND April 30, 2021

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.55%

Aerospace & Defense 1.25%
CAE, Inc. (Canada)^(a)		38,099	$	1,193
TransDigm Group, Inc.*		1,216		747
Total				1,940

Automobiles 1.35%
Tesla, Inc.*		2,939		2,085

Banks 0.98%
First Republic Bank		8,273		1,516

Beverages 1.92%
Brown-Forman Corp. Class B		9,905		755
Coca-Cola Co. (The)		41,082		2,218
Total				2,973

Biotechnology 1.51%
Genmab A/S ADR*		21,551		794
Seagen, Inc.*		4,158		598
Vertex Pharmaceuticals, Inc.*		4,354		950
Total				2,342

Capital Markets 0.76%
Moody’s Corp.		3,604		1,177

Chemicals 1.00%
Air Products & Chemicals, Inc.		5,387		1,554

Construction Materials 1.03%
Vulcan Materials Co.		8,988		1,602

Containers & Packaging 1.34%
Avery Dennison Corp.		4,875		1,044
Ball Corp.		11,016		1,032
Total				2,076

Entertainment 3.01%
Activision Blizzard, Inc.		11,677		1,065
Netflix, Inc.*		4,868		2,500
Walt Disney Co. (The)*		5,948		1,106
Total				4,671

Investments	Shares			Fair Value (000)
Equity Real Estate Investment Trusts 1.52%
SBA Communications Corp.		7,837		$	2,349

Food & Staples Retailing 0.74%
Walmart, Inc.		8,217			1,150

Health Care Equipment & Supplies 5.63%
Align Technology, Inc.*		3,195			1,903
Danaher Corp.		6,490			1,648
DexCom, Inc.*		3,095			1,195
Intuitive Surgical, Inc.*		2,023			1,750
West Pharmaceutical Services, Inc.		2,963			973
Zimmer Biomet Holdings, Inc.		7,106			1,259
Total					8,728

Health Care Providers & Services 0.49%
Guardant Health, Inc.*		4,817			766

Health Care Technology 0.47%
Veeva Systems, Inc. Class A*		2,553			721

Hotels, Restaurants & Leisure 1.32%
Airbnb, Inc. Class A*		1,915			331
Chipotle Mexican Grill, Inc.*		797			1,189
Hilton Worldwide Holdings, Inc.*		4,105			528
Total					2,048

Industrial Conglomerates 1.49%
Honeywell International, Inc.		5,587			1,246
Roper Technologies, Inc.		2,378			1,062
Total					2,308

Information Technology Services 10.09%
Fidelity National Information Services, Inc.		10,714			1,638
Genpact Ltd.		26,346			1,252
Global Payments, Inc.		5,371			1,153
Mastercard, Inc. Class A		10,974	��		4,193
PayPal Holdings, Inc.*		14,893			3,906
Twilio, Inc. Class A*		3,736			1,374
Visa, Inc. Class A		9,099			2,125
Total					15,641

32	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

DURABLE GROWTH FUND April 30, 2021

Investments	Shares		Fair Value (000)
Interactive Media & Services 12.26%
Alphabet, Inc. Class A*		3,881	$	9,134
Facebook, Inc. Class A*		23,114		7,514
Match Group, Inc.*		9,256		1,441
Snap, Inc. Class A*		14,776		913
Total				19,002

Internet & Direct Marketing Retail 8.39%
Amazon.com, Inc.*		3,752		13,010

Life Sciences Tools & Services 1.21%
10X Genomics, Inc. Class A*		5,581		1,104
Repligen Corp.*		3,614		765
Total				1,869

Machinery 0.87%
Stanley Black & Decker, Inc.		6,516		1,347

Multi-Line Retail 0.65%
Dollar Tree, Inc.*		8,775		1,008

Personal Products 1.16%
Estee Lauder Cos., Inc. (The) Class A		5,751		1,805

Pharmaceuticals 3.45%
AstraZeneca plc ADR		19,509		1,035
Eli Lilly & Co.		12,236		2,237
Zoetis, Inc.		12,028		2,081
Total				5,353

Road & Rail 3.13%
J.B. Hunt Transport Services, Inc.		8,737		1,492
Norfolk Southern Corp.		4,666		1,303
Old Dominion Freight Line, Inc.		5,928		1,528
Uber Technologies, Inc.*		9,575		524
Total				4,847

Investments	Shares		Fair Value (000)
Semiconductors & Semiconductor Equipment 6.59%
Analog Devices, Inc.		10,603	$	1,624
Lam Research Corp.		3,238		2,009
NVIDIA Corp.		6,237		3,745
NXP Semiconductors NV (Netherlands)^(a)		6,082		1,171
QUALCOMM, Inc.		12,056		1,673
Total				10,222

Software 14.65%
DocuSign, Inc.*		4,050		903
Microsoft Corp.		51,602		13,013
RingCentral, Inc. Class A*		7,039		2,245
salesforce.com, Inc.*		13,727		3,161
ServiceNow, Inc.*		4,416		2,236
Splunk, Inc.*		8,352		1,056
UiPath, Inc. Class A*^(b)		1,345		97
Total				22,711

Specialty Retail 2.61%
Burlington Stores, Inc.*		6,822		2,226
Home Depot, Inc. (The)		5,609		1,816
Total				4,042

Technology Hardware, Storage & Peripheral 7.09%
Apple, Inc.		83,640		10,995

Textiles, Apparel & Luxury Goods 1.59%
NIKE, Inc. Class B		18,528		2,457
Total Common Stocks (cost $109,916,666)				154,315

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

DURABLE GROWTH FUND April 30, 2021

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENTS 0.52%

Repurchase Agreements 0.45%
Repurchase Agreement dated 4/30/2021, 0.00% due 5/3/2021 with Fixed Income Clearing Corp. collateralized by $737,100 of U.S. Treasury Note at 0.375% due 11/30/2025 value: $725,030; proceeds: $710,774 (cost $710,774)		$711	$	711

Investments	Shares		Fair Value (000)
Money Market Funds 0.06%
Fidelity Government Portfolio^(c) (cost $92,238)		92,238	$	92

Time Deposits 0.01%
CitiBank N.A.^(c) (cost $10,249)		10,249		10
Total Short-Term Investments (cost $813,261)				813
Total Investments in Securities 100.07% (cost $110,729,927)				155,128
Liabilities in Excess of Other Assets (0.07)%				(116	)
Net Assets 100.00%			$	155,012

ADR		American Depositary Receipt.
*		Non-income producing security.
^(a)		Foreign security traded in U.S. dollars.
^(b)		All or a portion of this security is 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, 2021 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	$	154,315	$	–	$	–	$	154,315
Short-Term Investments
Repurchase Agreements		–		711		–		711
Money Market Funds		92		–		–		92
Time Deposits		–		10		–		10
Total	$	154,407	$	721	$	–	$	155,128

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

34	See Notes to Financial Statements.

Schedule of Investments (unaudited)

FOCUSED GROWTH FUND April 30, 2021

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.65%

Aerospace & Defense 3.24%
Axon Enterprise, Inc.*		9,741	$	1,477

Automobiles 2.11%
Tesla, Inc.*		1,359		964

Banks 1.99%
SVB Financial Group*		1,585		906

Biotechnology 2.66%
Arena Pharmaceuticals, Inc.*		5,739		394
TG Therapeutics, Inc.*		9,838		440
Turning Point Therapeutics, Inc.*		4,994		380
Total				1,214

Electrical Equipment 3.10%
Generac Holdings, Inc.*		4,357		1,412

Electronic Equipment, Instruments & Components 3.46%
Trimble, Inc.*		19,262		1,580

Entertainment 7.55%
Activision Blizzard, Inc.		8,530		778
Roku, Inc.*		3,477		1,193
Walt Disney Co. (The)*		7,921		1,473
Total				3,444

Health Care Equipment & Supplies 10.92%
Align Technology, Inc.*		2,761		1,644
IDEXX Laboratories, Inc.*		2,218		1,218
Insulet Corp.*		4,108		1,213
Intuitive Surgical, Inc.*		1,044		903
Total				4,978

Hotels, Restaurants & Leisure 1.94%
DraftKings, Inc. Class A*		15,624		885

Information Technology Services 4.38%
PayPal Holdings, Inc.*		3,338		875
Square, Inc. Class A*		4,578		1,121
Total				1,996

Investments	Shares		Fair Value (000)
Interactive Media & Services 18.20%
Alphabet, Inc. Class A*		1,666	$	3,921
Facebook, Inc. Class A*		6,281		2,042
Match Group, Inc.*		5,143		800
Snap, Inc. Class A*		24,795		1,533
Total				8,296

Internet & Direct Marketing Retail 6.24%
Amazon.com, Inc.*		820		2,843

Personal Products 3.37%
Estee Lauder Cos., Inc. (The) Class A		4,893		1,536

Road & Rail 3.38%
Uber Technologies, Inc.*		28,112		1,540

Semiconductors & Semiconductor Equipment 6.93%
Applied Materials, Inc.		11,281		1,497
NVIDIA Corp.		2,767		1,661
Total				3,158

Software 12.14%
Crowdstrike Holdings, Inc. Class A*		3,164		660
DocuSign, Inc.*		2,025		451
Five9, Inc.*		6,304		1,185
Microsoft Corp.		12,836		3,237
Total				5,533

Technology Hardware, Storage & Peripheral 5.03%
Apple, Inc.		17,442		2,293

Textiles, Apparel & Luxury Goods 2.01%
NIKE, Inc. Class B		6,902		915
Total Common Stocks (cost $38,242,975)				44,970

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FOCUSED GROWTH FUND April 30, 2021

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENTS 4.42%

Repurchase Agreements
Repurchase Agreement dated 4/30/2021, 0.00% due 5/3/2021 with Fixed Income Clearing Corp. collateralized by $2,091,300 of U.S. Treasury Note at 0.375% due 11/30/2025; value: $2,057,056; proceeds: $2,016,660 (cost $2,016,660)		$2,017	$	2,017
Total Investments in Securities 103.07% (cost $40,259,635)				46,987
Liabilities in Excess of Other Assets (3.07)%				(1,400	)
Net Assets 100.00%			$	45,587

Non-income producing security.

The following is a summary of the inputs used as of April 30, 2021 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	$	44,970	$	–	$	–	$	44,970
Short-Term Investments
Repurchase Agreements		–		2,017		–		2,017
Total	$	44,970	$	2,017	$	–	$	46,987

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

36	See Notes to Financial Statements.

Schedule of Investments (unaudited)

FOCUSED LARGE CAP VALUE FUND April 30, 2021

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.05%

Aerospace & Defense 3.26%
Raytheon Technologies Corp.		336,070	$	27,974

Auto Components 2.89%
Lear Corp.		135,117		24,840

Banks 10.37%
CIT Group, Inc.		659,844		35,163
Citigroup, Inc.		414,922		29,559
JPMorgan Chase & Co.		158,340		24,354
Total				89,076

Biotechnology 2.70%
AbbVie, Inc.		207,850		23,175

Building Products 2.88%
Masco Corp.		387,520		24,755

Capital Markets 9.61%
Ameriprise Financial, Inc.		124,456		32,159
Invesco Ltd.		1,009,218		27,249
KKR & Co., Inc. Class A		409,047		23,144
Total				82,552

Chemicals 2.82%
Dow, Inc.		387,947		24,247

Electric: Utilities 3.01%
NRG Energy, Inc.		722,050		25,864

Electronic Equipment, Instruments & Components 2.69%
Avnet, Inc.		525,121		23,063

Energy Equipment & Services 1.39%
Schlumberger NV		441,090		11,932

Health Care Providers & Services 7.33%
CVS Health Corp.		262,902		20,086
McKesson Corp.		112,990		21,192
Universal Health Services, Inc. Class B		146,066		21,678
Total				62,956

Investments	Shares		Fair Value (000)
Hotels, Restaurants & Leisure 3.73%
Caesars Entertainment, Inc.*		326,960	$	31,990

Household Products 2.81%
Spectrum Brands Holdings, Inc.		274,132		24,162

Information Technology Services 2.85%
Sabre Corp.*		1,632,160		24,450

Insurance 6.27%
Fidelity National Financial, Inc.		624,600		28,494
Hartford Financial Services Group, Inc. (The)		384,300		25,349
Total				53,843

Interactive Media & Services 3.47%
Facebook, Inc. Class A*		91,700		29,810

Machinery 5.21%
Allison Transmission Holdings, Inc.		553,960		22,972
Westinghouse Air Brake Technologies Corp.		265,392		21,781
Total				44,753

Media 5.84%
Comcast Corp. Class A		416,250		23,373
Nexstar Media Group, Inc. Class A		181,401		26,740
Total				50,113

Oil, Gas & Consumable Fuels 4.48%
Marathon Petroleum Corp.		229,300		12,760
Pioneer Natural Resources Co.		88,740		13,651
Total SE ADR		271,454		12,020
Total				38,431

Pharmaceuticals 2.22%
Bristol-Myers Squibb Co.		305,350		19,060

Semiconductors & Semiconductor Equipment 1.57%
Intel Corp.		233,651		13,442

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FOCUSED LARGE CAP VALUE FUND April 30, 2021

Investments	Shares		Fair Value (000)
Software 3.48%
McAfee Corp. Class A		1,231,785	$	29,908

Specialty Retail 5.70%
Lowe’s Cos., Inc.		131,938		25,893
TJX Cos., Inc. (The)		324,880		23,066
Total				48,959

Tobacco 2.47%
Philip Morris International, Inc.		222,990		21,184
Total Common Stocks (cost $621,153,152)				850,539

Investments	Principal Amount (000)			Fair Value (000)
SHORT-TERM INVESTMENTS 0.85%

Repurchase Agreements
Repurchase Agreement dated 4/30/2021, 0.00% due 5/3/2021 with Fixed Income Clearing Corp. collateralized by $7,607,000 of U.S. Treasury Note at 0.375% due 11/30/2025; value: $7,482,440; proceeds: $7,335,699 (cost $7,335,699)		$7,335	$	7,335
Total Investments in Securities 99.90% (cost $628,488,851)				857,874
Other Assets in Excess of Liabilities 0.10%				844
Net Assets 100.00%			$	858,718

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

The following is a summary of the inputs used as of April 30, 2021 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	$	850,539	$	–	$	–	$	850,539
Short-Term Investments
Repurchase Agreements		–		7,335		–		7,335
Total	$	850,539	$	7,335	$	–	$	857,874

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

38	See Notes to Financial Statements.

Schedule of Investments (unaudited)

FOCUSED SMALL CAP VALUE FUND April 30, 2021

Investments	Shares		Fair Value (000)
COMMON STOCKS 95.47%

Airlines 1.31%
Hawaiian Holdings, Inc.*		131,959	$	3,313

Auto Components 2.27%
American Axle & Manufacturing Holdings, Inc.*		621,159		5,764

Banks 13.94%
Bancorp, Inc. (The)*		328,487		7,294
BankUnited, Inc.		125,100		5,831
Pacific Premier Bancorp, Inc.		124,400		5,477
Sterling Bancorp		231,429		5,816
TriState Capital Holdings, Inc.*		202,867		4,842
Western Alliance Bancorp		58,073		6,102
Total				35,362

Building Products 2.49%
Masonite International Corp.*		49,944		6,307

Capital Markets 5.45%
Moelis & Co. Class A		71,100		3,859
Sculptor Capital Management, Inc.		209,734		4,769
Victory Capital Holdings, Inc. Class A		187,369		5,200
Total				13,828

Commercial Services & Supplies 3.92%
RR Donnelley & Sons Co.*		1,163,292		5,037
SP Plus Corp.*		143,218		4,917
Total				9,954

Consumer Finance 1.21%
Nelnet, Inc. Class A		41,500		3,081

Containers & Packaging 1.92%
Pactiv Evergreen, Inc.		330,000		4,858

Electrical Equipment 2.03%
GrafTech International Ltd.		405,417		5,157

Investments	Shares		Fair Value (000)
Electronic Equipment, Instruments & Components 1.79%
Avnet, Inc.		103,586	$	4,549

Entertainment 1.66%
Marcus Corp. (The)*		211,569		4,223

Equity Real Estate Investment Trusts 3.46%
Outfront Media, Inc.		156,867		3,823
Sunstone Hotel Investors, Inc.		376,472		4,954
Total				8,777

Health Care Equipment & Supplies 1.54%
NuVasive, Inc.*		54,600		3,901

Hotels, Restaurants & Leisure 4.02%
Bally’s Corp.		80,102		4,643
Caesars Entertainment, Inc.*		56,867		5,564
Total				10,207

Household Durables 2.06%
Purple Innovation, Inc.*		153,073		5,217

Household Products 2.26%
Spectrum Brands Holdings, Inc.		64,927		5,723

Information Technology Services 2.05%
International Money Express, Inc.*		328,877		5,190

Insurance 5.03%
American Equity Investment Life Holding Co.		142,673		4,420
Axis Capital Holdings Ltd.		62,700		3,499
Stewart Information Services Corp.		82,625		4,846
Total				12,765

Interactive Media & Services 1.68%
Cars.com, Inc.*		321,857		4,252

Leisure Products 1.56%
Malibu Boats, Inc. Class A*		47,600		3,968

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FOCUSED SMALL CAP VALUE FUND April 30, 2021

Investments		Shares		Fair Value (000)
Machinery 7.32%
Blue Bird Corp.*		213,400	$	5,749
Columbus McKinnon Corp.		98,100		4,857
Hillenbrand, Inc.		93,452		4,587
Miller Industries, Inc.		78,211		3,365
Total				18,558

Media 3.75%
EW Scripps Co. (The) Class A		224,800		4,860
Nexstar Media Group, Inc. Class A		31,596		4,658
Total				9,518

Metals & Mining 1.77%
Lundin Mining Corp.^(a)	CAD	370,600		4,477

Oil, Gas & Consumable Fuels 5.74%
Centennial Resource Development, Inc. Class A*^(b)		858,979		3,642
Diamond S Shipping, Inc.*		345,097		3,399
MEG Energy Corp.^(a)*	CAD	667,000		3,685
Par Pacific Holdings, Inc.*		252,308		3,832
Total				14,558

Professional Services 0.31%
TrueBlue, Inc.*		27,686		783

Real Estate Management & Development 2.03%
Realogy Holdings Corp.*		298,675		5,161

Semiconductors & Semiconductor Equipment 3.69%
Advanced Energy Industries, Inc.		40,800		4,501
Ichor Holdings Ltd.*		87,100		4,857
Total				9,358

Specialty Retail 2.10%
Sally Beauty Holdings, Inc.*		265,269		5,324

Technology Hardware, Storage & Peripherals 1.76%
Diebold Nixdorf, Inc.*		296,784		4,455

Investments		Shares		Fair Value (000)
Thrifts & Mortgage Finance 5.35%
Axos Financial, Inc.*		105,516	$	4,764
Essent Group Ltd.		74,400		3,912
Flagstar Bancorp, Inc.		105,000		4,887
Total				13,563
Total Common Stocks (cost $185,217,994)				242,151

	Principal Amount (000)

SHORT-TERM INVESTMENTS 4.73%

Repurchase Agreements 4.71%
Repurchase Agreement dated 4/30/2021, 0.00% due 5/3/2021 with Fixed Income Clearing Corp. collateralized by $12,384,200 of U.S. Treasury Note at 0.375% due 11/30/2025 value: $12,181,417; proceeds: $11,942,545 (cost $11,942,545)		$11,943		11,943

	Shares

Money Market Funds 0.02%
Fidelity Government Portfolio^(c) (cost $45,000)		45,000		45

Time Deposits 0.00%
CitiBank N.A.^(c) (cost $5,000)		5,000		5
Total Short-Term Investments (cost $11,992,545)				11,993
Total Investments in Securities 100.20% (cost $197,210,539)				254,144
Liabilities in Excess of Foreign Cash and Other Assets (0.20)%				(518	)
Net Assets 100.00%			$	253,626

40	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FOCUSED SMALL CAP VALUE FUND April 30, 2021

CAD		Canadian dollar.
*		Non-income producing security.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		All or a portion of this security is 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, 2021 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	$	242,151	$	–	$	–	$	242,151
Short-Term Investments
Repurchase Agreements		–		11,943		–		11,943
Money Market Funds		45		–		–		45
Time Deposits		–		5		–		5
Total	$	242,196	$	11,948	$	–	$	254,144

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

FUNDAMENTAL EQUITY FUND April 30, 2021

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.46%

Aerospace & Defense 2.08%
Raytheon Technologies Corp.		473,130	$	39,383

Auto Components 1.17%
Lear Corp.		120,719		22,193

Automobiles 1.47%
General Motors Co.		485,590		27,786

Banks 9.79%
CIT Group, Inc.		699,980		37,302
East West Bancorp, Inc.		446,643		34,012
JPMorgan Chase & Co.		494,406		76,045
Western Alliance Bancorp		363,010		38,141
Total				185,500

Beverages 1.52%
PepsiCo, Inc.		199,216		28,719

Biotechnology 1.49%
AbbVie, Inc.		127,220		14,185
Vertex Pharmaceuticals, Inc.*		64,400		14,052
Total				28,237

Building Products 1.58%
Masco Corp.		468,430		29,923

Capital Markets 5.33%
Ameriprise Financial, Inc.		131,486		33,976
Blackstone Group, Inc. (The) Class A		329,170		29,128
Morgan Stanley		459,056		37,895
Total				100,999

Chemicals 3.00%
Dow, Inc.		404,650		25,291
PPG Industries, Inc.		183,839		31,480
Total				56,771

Consumer Finance 2.08%
American Express Co.		256,956		39,404

Investments	Shares		Fair Value (000)
Diversified Financial Services 1.26%
Equitable Holdings, Inc.		698,551	$	23,912

Electric: Utilities 3.22%
Edison International		310,068		18,434
NextEra Energy, Inc.		260,340		20,179
NRG Energy, Inc.		626,049		22,425
Total				61,038

Equity Real Estate Investment Trusts 2.86%
Alexandria Real Estate Equities, Inc.		100,007		18,111
Host Hotels & Resorts, Inc.		928,079		16,854
Prologis, Inc.		165,463		19,282
Total				54,247

Food & Staples Retailing 0.96%
BJ’s Wholesale Club Holdings, Inc.*		407,903		18,221

Health Care Equipment & Supplies 3.45%
Medtronic plc (Ireland)^(a)		306,889		40,178
Zimmer Biomet Holdings, Inc.		142,190		25,190
Total				65,368

Health Care Providers & Services 3.65%
CVS Health Corp.		357,346		27,301
McKesson Corp.		93,633		17,562
UnitedHealth Group, Inc.		60,720		24,215
Total				69,078

Hotels, Restaurants & Leisure 1.60%
Caesars Entertainment, Inc.*		310,337		30,363

Household Products 1.97%
Procter & Gamble Co. (The)		279,603		37,305

Industrial Conglomerates 2.30%
Honeywell International, Inc.		195,572		43,620

Information Technology Services 0.96%
Mastercard, Inc. Class A		47,510		18,152

42	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FUNDAMENTAL EQUITY FUND April 30, 2021

Investments	Shares		Fair Value (000)
Insurance 4.42%
American International Group, Inc.		521,982	$	25,290
Everest Re Group Ltd.		106,625		29,530
Fidelity National Financial, Inc.		631,960		28,830
Total				83,650

Interactive Media & Services 3.24%
Alphabet, Inc. Class A*		20,000		47,070
Facebook, Inc. Class A*		44,222		14,376
Total				61,446

Internet & Direct Marketing Retail 1.12%
eBay, Inc.		380,859		21,248

Life Sciences Tools & Services 0.77%
Thermo Fisher Scientific, Inc.		30,790		14,478

Machinery 4.46%
Allison Transmission Holdings, Inc.		626,285		25,972
Cummins, Inc.		120,142		30,281
Westinghouse Air Brake Technologies Corp.		344,797		28,297
Total				84,550

Media 4.00%
Comcast Corp. Class A		733,994		41,214
Fox Corp. Class A		555,340		20,781
Nexstar Media Group, Inc. Class A		92,780		13,676
Total				75,671

Multi-Utilities 1.08%
CMS Energy Corp.		316,880		20,404

Oil, Gas & Consumable Fuels 5.35%
Chesapeake Energy Corp.*		307,664		14,020
Chevron Corp.		228,370		23,538
Marathon Petroleum Corp.		314,703		17,513

Investments	Shares		Fair Value (000)
Oil, Gas & Consumable Fuels (continued)
Pioneer Natural Resources Co.		186,920	$	28,754
Total SE ADR		395,430		17,510
Total				101,335

Personal Products 1.39%
Unilever plc^(b)	GBP	448,180		26,253

Pharmaceuticals 3.88%
Bristol-Myers Squibb Co.		587,286		36,658
Eli Lilly & Co.		73,530		13,439
Sanofi^(b)	EUR	223,340		23,416
Total				73,513

Road & Rail 1.51%
Norfolk Southern Corp.		102,350		28,580

Semiconductors & Semiconductor Equipment 4.26%
KLA Corp.		29,500		9,303
Micron Technology, Inc.*		170,300		14,658
Taiwan Semiconductor Manufacturing Co., Ltd.	ADR	190,600		22,251
Texas Instruments, Inc.		191,477		34,563
Total				80,775

Software 2.85%
Microsoft Corp.		107,070		27,001
Oracle Corp.		354,690		26,882
Total				53,883

Specialty Retail 3.08%
Lowe’s Cos., Inc.		159,190		31,241
TJX Cos., Inc. (The)		382,746		27,175
Total				58,416

Technology Hardware, Storage & Peripherals 2.80%
Apple, Inc.		206,560		27,154
NetApp, Inc.		347,099		25,925
Total				53,079

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FUNDAMENTAL EQUITY FUND April 30, 2021

Investments	Shares		Fair Value (000)
Tobacco 1.03%
Philip Morris International, Inc.		205,108	$	19,485

Trading Companies & Distributors 1.47%
AerCap Holdings NV (Ireland)*^(a)		478,065		27,847

Wireless Telecommunication Services 1.01%
T-Mobile US, Inc.*		145,331		19,203
Total Common Stocks (cost $1,340,379,789)				1,884,035

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENTS 0.57%

Repurchase Agreements
Repurchase Agreement dated 4/30/2021, 0.00% due 5/3/2021 with Fixed Income Clearing Corp. collateralized by $11,207,700 of U.S. Treasury Note at 0.375% due 11/30/2025; value: $11,024,181; proceeds: $10,807,979 (cost $10,807,979)		$10,808	$	10,808
Total Investments in Securities 100.03% (cost $1,351,187,768)				1,894,843
Liabilities in Excess of Other Assets (0.03)%				(642	)
Net Assets 100.00%			$	1,894,201

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

The following is a summary of the inputs used as of April 30, 2021 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
Personal Products	$	–	$	26,253	$	–	$	26,253
Pharmaceuticals		50,097		23,416		–		73,513
Remaining Industries		1,784,269		–		–		1,784,269
Short-Term Investments
Repurchase Agreements		–		10,808		–		10,808
Total	$	1,834,366	$	60,477	$	–	$	1,894,843

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

44	See Notes to Financial Statements.

Schedule of Investments (unaudited)

GLOBAL EQUITY RESEARCH FUND April 30, 2021

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 98.90%

Brazil 2.02%

Metals & Mining
Vale SA		10,054	$	202

Canada 3.73%

Aerospace & Defense 1.39%
CAE, Inc.		4,436		139

Banks 1.16%
Royal Bank of Canada		1,218		116

Information Technology Services 0.71%
Shopify, Inc.*		60		71

Oil, Gas & Consumable Fuels 0.47%
Pembina Pipeline Corp.		1,532		47
Total Canada				373

China 3.90%

Construction Materials 0.77%
China Resources Cement Holdings Ltd.		71,031		77

Insurance 1.12%
Ping An Insurance Group Co. of China Ltd. Class H		10,269		112

Interactive Media & Services 1.33%
Tencent Holdings Ltd.		1,673		134

Internet & Direct Marketing Retail 0.68%
Vipshop Holdings Ltd. ADR*		2,210		68
Total China				391

Denmark 1.19%

Beverages
Carlsberg A/S Class B		677		119

France 5.26%

Insurance 1.78%
AXA SA		6,312		178

Investments	Shares		U.S. $ Fair Value (000)
Life Sciences Tools & Services 0.50%
Sartorius Stedim Biotech		110	$	50

Multi-Utilities 0.94%
Engie SA*		6,279		94

Personal Products 0.93%
L’Oreal SA		227		93

Textiles, Apparel & Luxury Goods 1.11%
LVMH Moet Hennessy Louis Vuitton SE		147		111
Total France				526

Germany 1.13%

Semiconductors & Semiconductor Equipment
Infineon Technologies AG		2,831		114

Hong Kong 1.94%

Real Estate Management & Development 1.21%
Kerry Properties Ltd.		35,940		121

Textiles, Apparel & Luxury Goods 0.73%
Stella International Holdings Ltd.		59,634		74
Total Hong Kong				195

India 0.62%

Banks
ICICI Bank Ltd. ADR*		3,791		62

Japan 5.64%

Auto Components 1.29%
Denso Corp.		2,003		129

Electrical Equipment 1.08%
Fuji Electric Co., Ltd.		2,365		108

Electronic Equipment, Instruments & Components 1.69%
Keyence Corp.		177		85
TDK Corp.		619		84
				169

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY RESEARCH FUND April 30, 2021

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

Household Durables 1.05%
Sony Corp.		1,048	$	105

Personal Products 0.53%
Shiseido Co., Ltd.		736		53
Total Japan				564

Mexico 1.60%

Banks 0.96%
Grupo Financiero Banorte SAB de CV		16,837		96

Transportation Infrastructure 0.64%
Grupo Aeroportuario del Pacifico SAB de CV*		6,239		64
Total Mexico				160

Netherlands 2.76%

Information Technology Services 0.76%
Adyen NV*^†		31		77

Insurance 1.00%
NN Group NV		2,010		100

Semiconductors & Semiconductor Equipment 1.00%
ASML Holding NV		154		100
Total Netherlands				277

Norway 1.33%

Independent Power and Renewable Electricity Producer 0.34%
Scatec ASA^†		1,269		34

Oil, Gas & Consumable Fuels 0.99%
Equinor ASA		4,916		99
Total Norway				133

South Korea 2.47%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co., Ltd.		3,391		247

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

Machinery
Alfa Laval AB		4,276	$	144

Switzerland 2.26%

Capital Markets 1.69%
UBS Group AG		11,083		169

Life Sciences Tools & Services 0.57%
Lonza Group AG		89		57
Total Switzerland				226

Taiwan 1.61%

Semiconductors & Semiconductor Equipment
Taiwan Semiconductor Manufacturing Co., Ltd.		7,644		161

United Kingdom 2.45%

Equity Real Estate Investment Trusts 1.02%
UNITE Group plc (The)		6,356		102

Insurance 0.77%
Prudential plc		3,644		77

Specialty Retail 0.66%
WH Smith plc*		2,635		66
Total United Kingdom				245

United States 57.55%

Aerospace & Defense 0.79%
TransDigm Group, Inc.*		129		79

Auto Components 1.99%
Lear Corp.		1,085		199

Banks 2.24%
Bancorp, Inc. (The)*		5,082		113
Western Alliance Bancorp		1,060		111
				224

Beverages 0.97%
Coca-Cola Co. (The)		1,791		97

46	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY RESEARCH FUND April 30, 2021

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

Biotechnology 2.51%
Natera, Inc.*		896	$	99
TG Therapeutics, Inc.*		786		35
Vertex Pharmaceuticals, Inc.*		537		117
				251

Building Products 1.04%
Masco Corp.		1,622		104

Chemicals 2.84%
Axalta Coating Systems Ltd.*		4,329		138
Valvoline, Inc.		4,671		147
				285

Consumer Finance 3.35%
Ally Financial, Inc.		3,510		181
Discover Financial Services		1,356		154
				335

Diversified Financial Services 0.51%
Equitable Holdings, Inc.		1,486		51

Electrical Equipment 1.14%
AMETEK, Inc.		847		114

Entertainment 2.36%
Activision Blizzard, Inc.		1,122		103
Live Nation Entertainment, Inc.*		993		81
Roku, Inc.*		152		52
				236

Equity Real Estate Investment Trusts 0.80%
Alexandria Real Estate Equities, Inc.		444		80

Food & Staples Retailing 2.37%
Sysco Corp.		848		72
Walmart, Inc.		1,179		165
				237

Investments	Shares		U.S. $ Fair Value (000)
Health Care Equipment & Supplies 1.95%
Align Technology, Inc.*		82	$	49
DexCom, Inc.*		117		45
Zimmer Biomet Holdings, Inc.		569		101
				195

Health Care Providers & Services 1.37%
UnitedHealth Group, Inc.		344		137

Hotels, Restaurants & Leisure 0.99%
Caesars Entertainment, Inc.*		1,014		99

Information Technology Services 2.34%
Mastercard, Inc. Class A		357		136
PayPal Holdings, Inc.*		373		98
				234

Interactive Media & Services 5.47%
Alphabet, Inc. Class A*		138		325
Facebook, Inc. Class A*		565		184
Pinterest, Inc. Class A*		593		39
				548

Internet & Direct Marketing Retail 2.91%
Amazon.com, Inc.*		84		291

Life Sciences Tools & Services 0.75%
10X Genomics, Inc. Class A*		382		75

Machinery 2.14%
Crane Co.		1,172		110
Stanley Black & Decker, Inc.		505		105
				215

Oil, Gas & Consumable Fuels 2.30%
Marathon Petroleum Corp.		1,651		92
Pioneer Natural Resources Co.		900		138
				230

Pharmaceuticals 2.17%
Eli Lilly & Co.		615		112
Merck & Co., Inc.		1,407		105
				217

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY RESEARCH FUND April 30, 2021

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

Road & Rail 2.35%
Norfolk Southern Corp.		614	$	172
Uber Technologies, Inc.*		1,157		63
				235

Semiconductors & Semiconductor Equipment 3.07%
Applied Materials, Inc.		991		132
NVIDIA Corp.		292		175
				307

Software 5.20%
Microsoft Corp.		1,462		369
RingCentral, Inc. Class A*		209		67
salesforce.com, Inc.*		370		85
				521

Investments	Shares		U.S. $ Fair Value (000)
Specialty Retail 1.63%
Sally Beauty Holdings, Inc.*		4,338	$	87
TJX Cos., Inc. (The)		1,068		76
				163
Total United States				5,759
Total Common Stocks 98.90% (cost $7,837,387)				9,898
Cash, Foreign Cash and Other Assets in Excess Liabilities 1.10%				110
Net Assets 100.00%			$	10,008

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, 2021, the total value of Rule 144A securities was $111, which represents 1.11% of net assets.

48	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GLOBAL EQUITY RESEARCH FUND April 30, 2021

The following is a summary of the inputs used as of April 30, 2021 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
China	$	68	$	323	$	–	$	391
Denmark		–		119		–		119
France		–		526		–		526
Germany		–		114		–		114
Hong Kong		–		195		–		195
Japan		–		564		–		564
Netherlands		–		277		–		277
Norway		–		133		–		133
South Korea		–		247		–		247
Sweden		–		144		–		144
Switzerland		–		226		–		226
Taiwan		–		161		–		161
United Kingdom		102		143		–		245
Remaining Countries		6,556		–		–		6,556
Total	$	6,726	$	3,172	$	–	$	9,898

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

GROWTH LEADERS FUND April 30, 2021

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.10%

Aerospace & Defense 1.21%
Axon Enterprise, Inc.*		729,436	$	110,590

Automobiles 1.59%
Tesla, Inc.*		204,876		145,347

Banks 2.34%
Silvergate Capital Corp. Class A*		458,820		49,195
SVB Financial Group*		287,656		164,490
Total				213,685

Beverages 1.27%
Monster Beverage Corp.*		1,199,115		116,374

Biotechnology 3.72%
Arena Pharmaceuticals, Inc.*		1,126,510		77,312
Mirati Therapeutics, Inc.*		318,393		52,923
Natera, Inc.*		673,702		74,121
TG Therapeutics, Inc.*		2,321,504		103,795
Turning Point Therapeutics, Inc.*		419,864		32,006
Total				340,157

Building Products 0.81%
AZEK Co., Inc. (The)*		1,528,587		73,800

Capital Markets 2.67%
Blackstone Group, Inc. (The)		1,291,446		114,280
Coinbase Global, Inc. Class A*		204,403		60,838
MSCI, Inc.		141,272		68,626
Total				243,744

Electrical Equipment 1.77%
Generac Holdings, Inc.*		402,431		130,367
Sunrun, Inc.*		633,817		31,057
Total				161,424

Investments	Shares		Fair Value (000)
Electronic Equipment, Instruments & Components 3.24%
Amphenol Corp. Class A		1,054,389	$	71,002
Cognex Corp.		1,124,871		96,874
Trimble, Inc.*		1,560,935		127,997
Total				295,873

Entertainment 4.91%
Activision Blizzard, Inc.		1,033,712		94,264
Live Nation Entertainment, Inc.*		946,362		77,488
Roku, Inc.*		452,318		155,132
Walt Disney Co. (The)*		657,230		122,258
Total				449,142

Health Care Equipment & Supplies 6.97%
Align Technology, Inc.*		345,947		206,022
Danaher Corp.		179,829		45,666
IDEXX Laboratories, Inc.*		209,249		114,875
Insulet Corp.*		454,056		134,046
Intuitive Surgical, Inc.*		157,875		136,562
Total				637,171

Health Care Technology 0.89%
Inspire Medical Systems, Inc.* 344,059				81,480

Hotels, Restaurants & Leisure 2.00%
Airbnb, Inc. Class A*^(a)		334,007		57,686
DraftKings, Inc. Class A*		2,203,878		124,872
Total				182,558

Industrial Conglomerates 1.24%
Honeywell International, Inc.		506,235		112,911

Information Technology Services 7.56%
EPAM Systems, Inc.*		144,643		66,210
Mastercard, Inc. Class A		631,832		241,398
PayPal Holdings, Inc.*		420,581		110,314
Shopify, Inc. Class A (Canada)*^(b)		56,242		66,507
Square, Inc. Class A*		553,705		135,558
Twilio, Inc. Class A*		192,093		70,652
Total				690,639

50	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GROWTH LEADERS FUND April 30, 2021

Investments	Shares		Fair Value (000)
Interactive Media & Services 16.02%
Alphabet, Inc. Class A*		319,616	$	752,216
Bumble, Inc. Class A*		1,135,247		68,387
Facebook, Inc. Class A*		1,122,486		364,898
Match Group, Inc.*		735,318		114,438
Snap, Inc. Class A*		2,653,402		164,033
Total				1,463,972

Internet & Direct Marketing Retail 6.31%
Amazon.com, Inc.*		129,879		450,345
Coupang, Inc. (South Korea)*^(b)		940,370		39,402
MercadoLibre, Inc. (Argentina)*^(b)		55,652		87,428
Total				577,175

Life Sciences Tools & Services 0.60%
10X Genomics, Inc. Class A*		276,730		54,737

Personal Products 1.56%
Estee Lauder Cos., Inc. (The) Class A		454,419		142,597

Road & Rail 3.21%
Lyft, Inc. Class A*		1,965,479		109,399
Uber Technologies, Inc.*		3,353,884		183,692
Total				293,091

Semiconductors & Semiconductor Equipment 8.80%
Advanced Micro Devices, Inc.*		826,489		67,458
Applied Materials, Inc.		1,459,508		193,691
Enphase Energy, Inc.*		91,659		12,763
Lam Research Corp.		180,948		112,269
Marvell Technology, Inc.		1,127,335		50,967
Monolithic Power Systems, Inc.		284,049		102,650
NVIDIA Corp.		340,739		204,573
QUALCOMM, Inc.		433,580		60,181
Total				804,552

Investments	Shares		Fair Value (000)
Software 12.63%
Crowdstrike Holdings, Inc. Class A*		420,808	$	87,743
DocuSign, Inc.*		306,100		68,242
Five9, Inc.*		520,773		97,890
HubSpot, Inc.*		140,110		73,761
Microsoft Corp.		2,690,699		678,540
Paycom Software, Inc.*		200,566		77,100
RingCentral, Inc. Class A*		193,245		61,635
UiPath, Inc. Class A*^(a)		136,336		9,816
Total				1,154,727

Specialty Retail 1.83%
Carvana Co.*		252,529		72,037
RH*		138,271		95,133
Total				167,170

Technology Hardware, Storage & Peripherals 4.47%
Apple, Inc.		3,109,227		408,739

Textiles, Apparel & Luxury Goods 1.48%
NIKE, Inc. Class B		1,020,525		135,342
Total Common Stocks (cost $7,049,687,709)				9,056,997

	Principal Amount (000)

SHORT-TERM INVESTMENTS 2.85%

Repurchase Agreements 2.74%
Repurchase Agreement dated 4/30/2021, 0.00% due 5/3/2021 with Fixed Income Clearing Corp. collateralized by $259,833,900 of U.S. Treasury Note at 0.375% due 11/30/2025; value: $255,579,284; proceeds: $250,567,872 (cost $250,567,872)		$250,568		250,568

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GROWTH LEADERS FUND April 30, 2021

Investments	Shares		Fair Value (000)
Money Market Funds 0.10%
Fidelity Government Portfolio^(c) (cost $9,355,517)		9,355,517	$	9,356

Time Deposits 0.01%
CitiBank N.A.^(c) (cost $1,039,502)		1,039,502		1,039
Total Short-Term Investments (cost $260,962,891)				260,963
Total Investments in Securities 101.95% (cost $7,310,650,600)				9,317,960
Liabilities in Excess of Cash and Other Assets (1.95)%				(178,517	)
Net Assets 100.00%			$	9,139,443

*		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, 2021 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	$	9,056,997	$	–	$	–	$	9,056,997
Short-Term Investments
Repurchase Agreements		–		250,568		–		250,568
Money Market Funds		9,356		–		–		9,356
Time Deposits		–		1,039		–		1,039
Total	$	9,066,353	$	251,607	$	–	$	9,317,960

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

52	See Notes to Financial Statements.

Schedule of Investments (unaudited)

HEALTH CARE FUND April 30, 2021

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 98.76%

Belgium 0.70%

Pharmaceuticals
UCB SA		538	$	50

Canada 0.95%

Biotechnology
Trillium Therapeutics, Inc.*		4,041		38
Xenon Pharmaceuticals, Inc.*		1,625		30
Total Canada				68

China 2.91%

Biotechnology 1.83%
I-Mab ADR*		1,026		63
Zai Lab Ltd. ADR*		409		68
				131

Life Sciences Tools & Services 1.08%
Wuxi Biologics Cayman, Inc.*^†		5,477		77
Total China				208

Denmark 3.63%

Biotechnology 1.44%
Genmab A/S*		280		103

Pharmaceuticals 2.20%
Novo Nordisk A/S Class B		2,125		157
Total Denmark				260

France 2.13%

Life Sciences Tools & Services 1.06%
Sartorius Stedim Biotech		165		76

Pharmaceuticals 1.06%
Sanofi		731		76
Total France				152

Investments	Shares		U.S. $ Fair Value (000)
Japan 0.39%

Health Care Technology
M3, Inc.		409	$	28

Netherlands 0.91%

Biotechnology
Argenx SE*		225		65

Sweden 0.45%

Life Sciences Tools & Services
Olink Holding AB ADR*		921		32

Switzerland 4.04%

Biotechnology 0.63%
CRISPR Therapeutics AG*		343		45

Health Care Equipment & Supplies 1.17%
Alcon, Inc.*		1,116		84

Life Sciences Tools & Services 1.46%
Lonza Group AG		164		104

Pharmaceuticals 0.78%				��
Roche Holding AG		171		56
Total Switzerland				289

United Kingdom 4.04%

Biotechnology 0.49%
Orchard Therapeutics plc ADR*		5,831		35

Pharmaceuticals 3.55%
AstraZeneca plc		1,877		200
GW Pharmaceuticals plc ADR*		248		54
				254
Total United Kingdom				289

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HEALTH CARE FUND April 30, 2021

Investments	Shares		U.S. $ Fair Value (000)
United States 78.61%

Biotechnology 21.01%
Acceleron Pharma, Inc.*		462	$	58
Arena Pharmaceuticals, Inc.*		972		67
Blueprint Medicines Corp.*		421		40
Bridgebio Pharma, Inc.*		1,099		61
ChemoCentryx, Inc.*		578		28
Constellation Pharmaceuticals, Inc.*		2,346		51
Horizon Therapeutics plc*		1,177		111
Insmed, Inc.*		2,724		92
Intellia Therapeutics, Inc.*		600		46
Iovance Biotherapeutics, Inc.*		1,026		32
Karuna Therapeutics, Inc.*		372		41
Krystal Biotech, Inc.*		1,017		81
Mirati Therapeutics, Inc.*		421		70
Natera, Inc.*		1,071		118
Neurocrine Biosciences, Inc.*		494		47
Rigel Pharmaceuticals, Inc.*		16,280		61
Rocket Pharmaceuticals, Inc.*		1,153		53
Seagen, Inc.*		402		58
SpringWorks Therapeutics, Inc.*		499		36
TG Therapeutics, Inc.*		2,141		96
Turning Point Therapeutics, Inc.*		596		45
Twist Bioscience Corp.*		332		44
Ultragenyx Pharmaceutical, Inc.*		308		34
Vertex Pharmaceuticals, Inc.*		608		133
				1,503

Chemicals 0.22%
Zymergen, Inc.*		340		16

Electronic Equipment, Instruments & Components 0.73%
908 Devices, Inc.*		989		52

Investments	Shares		U.S. $ Fair Value (000)
Health Care Equipment & Supplies 25.37%
Abbott Laboratories		1,159	$	139
Align Technology, Inc.*		324		193
Axonics, Inc.*		870		55
Boston Scientific Corp.*		841		37
Cooper Cos., Inc. (The)		235		96
Danaher Corp.		967		245
DexCom, Inc.*		232		90
Edwards Lifesciences Corp.*		1,370		131
IDEXX Laboratories, Inc.*		236		129
Inari Medical, Inc.*		620		71
Insulet Corp.*		453		134
Intuitive Surgical, Inc.*		173		150
Nevro Corp.*		244		42
Outset Medical, Inc.*		749		45
Pulmonx Corp.*		845		40
Shockwave Medical, Inc.*		260		42
Silk Road Medical, Inc.*		451		28
West Pharmaceutical Services, Inc.		101		33
Zimmer Biomet Holdings, Inc.		649		115
				1,815

Health Care Providers & Services 9.37%
AmerisourceBergen Corp.		692		84
CVS Health Corp.		665		51
Guardant Health, Inc.*		390		62
HCA Healthcare, Inc.		599		120
Oak Street Health, Inc.*		575		35
UnitedHealth Group, Inc.		796		318
				670

Health Care Technology 2.50%
Inspire Medical Systems, Inc.*		252		60
Teladoc Health, Inc.*		316		54
Veeva Systems, Inc. Class A*		230		65
				179

54	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

HEALTH CARE FUND April 30, 2021

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

Internet & Direct Marketing Retail 0.68%
Chewy, Inc. Class A*		619	$	49

Life Sciences Tools & Services 11.06%
10X Genomics, Inc. Class A*		328		65
Akoya Biosciences, Inc.*		1,838		41
Berkeley Lights, Inc.*		709		35
Bio-Rad Laboratories, Inc. Class A*		135		85
Bio-Techne Corp.		83		36
Charles River Laboratories International, Inc.*		275		91
Codexis, Inc.*		1,629		38
Maravai Life Sciences Holdings, Inc. Class A*		1,840		72
Pacific Biosciences of California, Inc.*		971		29
Quanterix Corp.*		1,086		66
Repligen Corp.*		249		53
Thermo Fisher Scientific, Inc.		383		180
				791

Investments	Shares		U.S. $ Fair Value (000)
Pharmaceuticals 7.67%
Eli Lilly & Co.		1,318	$	241
Intra-Cellular Therapies, Inc.*		1,613		55
Merck & Co., Inc.		1,581		118
Zoetis, Inc.		781		135
				549
Total United States				5,624
Total Common Stocks 98.76% (cost $6,056,354)				7,065
Cash, Foreign Cash and Other Assets in Excess Liabilities 1.24%				89
Net Assets 100.00%			$	7,154

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, 2021, the total value of Rule 144A securities was $77, which represents 1.08% of net assets.

The following is a summary of the inputs used as of April 30, 2021 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	$	–	$	50	$	–	$	50
China		131		77		–		208
Denmark		–		260		–		260
France		–		152		–		152
Japan		–		28		–		28
Netherlands		–		65		–		65
Switzerland		129		160		–		289
United Kingdom		89		200		–		289
Remaining Countries		5,724		–		–		5,724
Total	$	6,073	$	992	$	–	$	7,065

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL EQUITY FUND April 30, 2021

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 99.03%

Argentina 0.36%

Internet & Direct Marketing Retail
MercadoLibre, Inc.*		905	$	1,422

Australia 3.23%

Capital Markets 1.05%
Macquarie Group Ltd.		33,262		4,100

Equity Real Estate Investment Trusts 0.62%
Goodman Group		165,808		2,418

Metals & Mining 1.56%
BHP Group Ltd.		167,496		6,096
Total Australia				12,614

Austria 0.77%

Oil, Gas & Consumable Fuels
OMV AG		61,206		3,009

Brazil 0.72%

Metals & Mining
Vale SA ADR		140,282		2,822

Canada 3.67%

Aerospace & Defense 1.03%
CAE, Inc.		128,817		4,035

Banks 0.98%
Royal Bank of Canada		40,100		3,827

Insurance 0.10%
Intact Financial Corp.*		3,000		395

Oil, Gas & Consumable Fuels 1.56%
Pembina Pipeline Corp.		100,119		3,090
Suncor Energy, Inc.		140,668		3,009
				6,099
Total Canada				14,356

Investments	Shares		U.S. $ Fair Value (000)
Chile 0.65%

Metals & Mining
Lundin Mining Corp.		211,200	$	2,552

China 5.48%

Information Technology Services 0.49%
GDS Holdings Ltd. ADR*		23,217		1,926

Insurance 0.41%
Ping An Insurance Group Co. of China Ltd. Class H		147,339		1,606

Interactive Media & Services 1.70%
Tencent Holdings Ltd.		83,176		6,635

Internet & Direct Marketing Retail 1.29%
Alibaba Group Holding Ltd. ADR*		21,846		5,045

Machinery 0.77%
Airtac International Group		72,122		3,010

Textiles, Apparel & Luxury Goods 0.82%
ANTA Sports Products Ltd.		179,520		3,203
Total China				21,425

Denmark 4.55%

Air Freight & Logistics 1.10%
DSV PANALPINA A/S		19,374		4,316

Beverages 1.10%
Carlsberg A/S Class B		24,519		4,302

Biotechnology 0.98%
Genmab A/S*		10,435		3,829

Pharmaceuticals 1.37%
Novo Nordisk A/S Class B		72,401		5,341
Total Denmark				17,788

56	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2021

Investments	Shares		U.S. $ Fair Value (000)
Finland 1.11%

Banks
Nordea Bank Abp		419,374	$	4,347

France 16.25%

Aerospace & Defense 1.93%
Airbus SE*		31,370		3,773
Safran SA*		25,283		3,775
				7,548

Auto Components 0.93%
Cie Generale des Etablissements Michelin SCA		25,144		3,638

Banks 1.10%
Credit Agricole SA*		278,258		4,304

Beverages 1.08%
Pernod Ricard SA		20,548		4,220

Building Products 0.96%
Cie de Saint-Gobain*		59,538		3,757

Chemicals 1.09%
Air Liquide SA		25,249		4,252

Electrical Equipment 1.30%
Schneider Electric SE		31,814		5,076

Insurance 0.96%
AXA SA^(a)		133,307		3,765

Life Sciences Tools & Services 0.75%
Sartorius Stedim Biotech		6,345		2,914

Multi-Utilities 0.73%
Engie SA*		191,142		2,847

Oil, Gas & Consumable Fuels 1.05%
Total SE		92,786		4,101

Personal Products 1.36%
L’Oreal SA^(a)		12,982		5,316

Investments	Shares		U.S. $ Fair Value (000)
Textiles, Apparel & Luxury Goods 3.01%
Kering SA		5,550	$	4,447
LVMH Moet Hennessy Louis Vuitton SE		9,720		7,323
				11,770
Total France				63,508

Germany 6.23%

Air Freight & Logistics 1.28%
Deutsche Post AG Registered Shares		85,255		5,021

Auto Components 0.72%
Continental AG*		20,845		2,817

Automobiles 1.10%
Volkswagen AG		13,493		4,284

Chemicals 0.61%
BASF SE		29,626		2,388

Media 0.50%
Stroeer SE & Co. KGaA		22,767		1,940

Semiconductors & Semiconductor Equipment 1.11%
Infineon Technologies AG		107,679		4,318

Textiles, Apparel & Luxury Goods 0.91%
adidas AG*		11,539		3,564
Total Germany				24,332

Hong Kong 3.56%

Capital Markets 0.93%
Hong Kong Exchanges & Clearing Ltd.		60,045		3,621

Insurance 1.63%
AIA Group Ltd.		502,682		6,380

Machinery 1.00%
Techtronic Industries Co. Ltd.		214,815		3,898
Total Hong Kong				13,899

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2021

Investments	Shares		U.S. $ Fair Value (000)
India 1.61%

Banks
HDFC Bank Ltd. ADR*		39,559	$	2,780
ICICI Bank Ltd. ADR*		215,990		3,521
Total India				6,301

Indonesia 0.77%

Banks
Bank Rakyat Indonesia Persero Tbk PT		10,763,358		3,012

Ireland 1.51%

Construction Materials 0.98%
CRH plc		81,033		3,835

Hotels, Restaurants & Leisure 0.53%
Flutter Entertainment plc*		10,155		2,081
Total Ireland				5,916

Japan 14.02%

Auto Components 1.30%
Denso Corp.		78,585		5,081

Automobiles 1.55%
Toyota Motor Corp.		80,800		6,046

Banks 0.79%
Sumitomo Mitsui Financial Group, Inc.		88,000		3,091

Beverages 0.60%
Asahi Group Holdings Ltd.		56,225		2,351

Building Products 0.92%
Daikin Industries Ltd.		17,775		3,585

Diversified Financial Services 0.66%
ORIX Corp.		158,800		2,564

Electrical Equipment 1.28%
Fuji Electric Co., Ltd.		43,100		1,962
Nidec Corp.		26,300		3,037
				4,999

Investments	Shares		U.S. $ Fair Value (000)
Electronic Equipment, Instruments & Components 2.20%
Keyence Corp.		9,740	$	4,676
Murata Manufacturing Co., Ltd.		49,500		3,935
				8,611

Health Care Equipment & Supplies 0.94%
Hoya Corp.		32,200		3,660

Household Durables 1.43%
Sony Corp.		55,900		5,589

Machinery 0.59%
FANUC Corp.		10,000		2,303

Specialty Retail 0.64%
Fast Retailing Co. Ltd.		3,050		2,502

Trading Companies & Distributors 1.12%
ITOCHU Corp.		140,900		4,399
Total Japan				54,781

Mexico 1.12%

Banks 0.62%
Grupo Financiero Banorte SAB de CV		425,117		2,419

Transportation Infrastructure 0.50%
Grupo Aeroportuario del Pacifico SAB de CV ADR*		18,938		1,945
Total Mexico				4,364

Netherlands 4.75%

Chemicals 0.74%
Akzo Nobel NV^(a)		24,140		2,899

Information Technology Services 0.83%
Adyen NV*^†		1,323		3,256

Insurance 0.99%
NN Group NV		77,274		3,854

58	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2021

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

Oil, Gas & Consumable Fuels 0.47%
Royal Dutch Shell plc A Shares		97,149	$	1,828

Semiconductors & Semiconductor Equipment 1.72%
ASML Holding NV		10,351		6,719
Total Netherlands				18,556

Norway 1.05%

Oil, Gas & Consumable Fuels
Equinor ASA		203,891		4,117

Singapore 0.65%

Banks
United Overseas Bank Ltd.		126,900		2,529

South Africa 1.37%

Metals & Mining
Anglo American plc		126,283		5,354

South Korea 2.48%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co., Ltd.		132,711		9,673

Spain 4.08%

Banks 0.41%
Banco Bilbao Vizcaya Argentaria SA		283,479		1,587

Diversified Telecommunication Services 1.03%
Cellnex Telecom SA^†		70,875		4,009

Electric: Utilities 1.21%
Iberdrola SA		350,979		4,743

Electrical Equipment 0.77%
Siemens Gamesa Renewable Energy SA*		83,435		3,014

Information Technology Services 0.66%
Amadeus IT Group SA*		38,086		2,594
Total Spain				15,947

Investments	Shares		U.S. $ Fair Value (000)
Sweden 0.91%

Machinery
Atlas Copco AB A Shares		58,505	$	3,548

Switzerland 6.44%

Capital Markets 1.28%
UBS Group AG		327,694		5,004

Food Products 2.11%
Nestle SA Registered Shares		68,959		8,229

Insurance 0.93%
Zurich Financial Services AG		8,866		3,637

Life Sciences Tools & Services 1.28%
Lonza Group AG*		7,881		5,010

Pharmaceuticals 0.84%
Roche Holding AG		10,021		3,269
Total Switzerland				25,149

Taiwan 4.12%

Entertainment 0.72%
Sea Ltd. ADR*		11,074		2,796

Semiconductors & Semiconductor Equipment 3.40%
MediaTek, Inc.		118,590		4,972
Taiwan Semiconductor Manufacturing Co., Ltd.		279,230		5,880
Taiwan Semiconductor Manufacturing Co., Ltd.	ADR	20,814		2,430
				13,282
Total Taiwan				16,078

United Kingdom 6.01%

Banks 1.78%
Barclays plc		747,913		1,811
HSBC Holdings plc		320,785		2,003
Standard Chartered plc		439,938		3,156
				6,970

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2021

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

Beverages 0.89%
Diageo plc		77,397	$	3,474

Capital Markets 0.14%
Allfunds Group Plc*		31,800		534

Equity Real Estate Investment Trusts 0.63%
UNITE Group plc (The)		153,431		2,469

Insurance 1.13%
Prudential plc		207,738		4,399

Pharmaceuticals 1.44%
AstraZeneca plc		52,920		5,633
Total United Kingdom				23,479

United States 1.56%

Biotechnology 0.62%
Horizon Therapeutics plc*		25,532		2,416

Trading Companies & Distributors 0.94%
Ferguson plc		29,231		3,687
Total United States				6,103
Total Common Stocks (cost $291,587,019)				386,981

	Principal Amount (000)
SHORT-TERM INVESTMENTS 2.77%

Repurchase Agreements 0.20%
Repurchase Agreement dated 4/30/2021, 0.00% due 5/3/2021 with Fixed Income Clearing Corp. collateralized by $777,000 of U.S. Treasury Note at 0.50% due 03/31/2025 value: $774,496; proceeds: $759,273 (cost $759,273)		$759		759

Investments	Shares		U.S. $ Fair Value (000)
Money Market Funds 2.31%
Fidelity Government Portfolio^(b) (cost $9,022,836)		9,022,836	$	9,023

Time Deposits 0.26%
CitiBank N.A.^(b) (cost $1,023,240)		1,023,240		1,023
Total Short-Term Investments (cost $10,805,349)				10,805
Total Investments in Securities 101.80% (cost $302,392,368)				397,786
Liabilities in Excess of Foreign Cash and Other Assets (1.80)%				(7,018	)
Net Assets 100.00%			$	390,768

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, 2021, the total value of Rule 144A securities was $7,265, which represents 1.86% of net assets.
^(a)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(b)		Security was purchased with the cash collateral from loaned securities.

60	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL EQUITY FUND April 30, 2021

The following is a summary of the inputs used as of April 30, 2021 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
Argentina	$	1,422	$	–	$	–	$	1,422
Brazil		2,822		–		–		2,822
Canada		14,356		–		–		14,356
Chile		2,552		–		–		2,552
China		6,971		14,454		–		21,425
India		6,301		–		–		6,301
Mexico		4,364		–		–		4,364
Taiwan		5,226		10,852		–		16,078
United Kingdom		3,003		20,476		–		23,479
United States		2,416		3,687		–		6,103
Remaining Countries		–		288,079		–		288,079
Short-Term Investments
Repurchase Agreements		–		759		–		759
Money Market Funds		9,023		–		–		9,023
Time Deposits		–		1,023		–		1,023
Total	$	58,456	$	339,330	$	–	$	397,786

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2021

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 97.66%

Australia 3.94%

Auto Components 1.06%
GUD Holdings Ltd.		478,233	$	4,917

Electric: Utilities 1.18%
AusNet Services		3,732,260		5,463

Food Products 0.83%
Costa Group Holdings Ltd.		1,070,947		3,842

Professional Services 0.87%
IPH Ltd.		732,073		3,994
Total Australia				18,216

Austria 3.81%

Banks 1.20%
BAWAG Group AG^†		102,833		5,547

Electronic Equipment, Instruments & Components 1.21%
AT&S Austria Technologie & Systemtechnik AG		145,409		5,600

Machinery 1.40%
ANDRITZ AG		118,955		6,464
Total Austria				17,611

Belgium 1.21%

Equity Real Estate Investment Trusts 0.74%
Warehouses De Pauw CVA		97,007		3,421

Real Estate Management & Development 0.47%
Shurgard Self Storage SA		47,234		2,198
Total Belgium				5,619

Canada 2.91%

Aerospace & Defense 1.01%
CAE, Inc.		148,700		4,658

Metals & Mining 0.93%
Capstone Mining Corp.*		966,800		4,318

Investments	Shares		U.S. $ Fair Value (000)
Paper & Forest Products 0.97%
Interfor Corp.*		168,100	$	4,468
Total Canada				13,444

Chile 1.21%

Metals & Mining
Lundin Mining Corp.		465,000		5,618

China 2.71%

Biotechnology 1.07%
I-Mab ADR*		81,131		4,958

Food & Staples Retailing 0.46%
Yixintang Pharmaceutical Group Co. Ltd.		332,911		2,102

Marine 1.18%
SITC International Holdings Co. Ltd.		1,437,000		5,475
Total China				12,535

Finland 0.93%

Machinery
Konecranes OYJ		93,549		4,306

France 2.11%

Construction Materials 0.82%
Vicat SA^(a)		75,301		3,785

Health Care Providers & Services 1.29%
Korian SA*		149,496		5,986
Total France				9,771

Germany 7.26%

Biotechnology 0.81%
MorphoSys AG*		39,921		3,769

Industrial Conglomerates 1.82%
Rheinmetall AG		80,639		8,414

Life Sciences Tools & Services 0.55%
Gerresheimer AG		23,458		2,523

62	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2021

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

Media 0.95%
Stroeer SE & Co. KGaA		51,512	$	4,390

Real Estate Management & Development 0.66%
PATRIZIA AG		112,055		3,066

Semiconductors & Semiconductor Equipment 1.53%
Aixtron SE*		332,073		7,084

Specialty Retail 0.94%
MYT Netherlands Parent BV ADR*		145,017		4,346
Total Germany				33,592

Hong Kong 3.68%

Building Products 0.62%
Xinyi Glass Holdings Ltd.		804,000		2,849

Hotels, Restaurants & Leisure 1.25%
Melco International Development Ltd.		2,910,000		5,772

Pharmaceuticals 0.51%
SSY Group Ltd.		3,882,000		2,382

Real Estate Management & Development 0.58%
Kerry Properties Ltd.		798,000		2,689

Textiles, Apparel & Luxury Goods 0.72%
Stella International Holdings Ltd.		2,701,432		3,328
Total Hong Kong				17,020

India 2.27%

Banks 1.19%
Federal Bank Ltd.*		5,110,507		5,511

Capital Markets 1.08%
UTI Asset Management Co. Ltd.		576,949		4,972
Total India				10,483

Investments	Shares		U.S. $ Fair Value (000)
Ireland 1.14%

Health Care Providers & Services
UDG Healthcare plc		445,149	$	5,269

Israel 1.49%

Machinery
Marel HF^†		961,035		6,886

Italy 4.84%

Auto Components 0.50%
Freni Brembo SpA*		184,851		2,301

Construction Materials 0.62%
Buzzi Unicem SpA		107,834		2,877

Diversified Financial Services 2.03%
Banca Mediolanum SpA*		674,712		6,295
doValue SpA*^†		250,792		3,110
				9,405

Textiles, Apparel & Luxury Goods 1.69%
Brunello Cucinelli SpA*		57,404		2,922
Salvatore Ferragamo SpA*		227,450		4,870
				7,792
Total Italy				22,375

Japan 17.20%

Auto Components 0.72%
FCC Co., Ltd.		206,800		3,328

Banks 0.95%
Aozora Bank Ltd.		204,800		4,409

Building Products 1.63%
Sanwa Holdings Corp.		584,200		7,547

Chemicals 0.94%
Kansai Paint Co., Ltd.		172,200		4,336

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2021

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

Construction & Engineering 1.12%
SHO-BOND Holdings Co. Ltd.		124,100	$	5,181

Distributors 0.94%
PALTAC Corp.		83,700		4,361

Equity Real Estate Investment Trusts 0.80%
GLP J-REIT		1,280		2,146
Nippon Prologis REIT, Inc.		486		1,557
				3,703

Information Technology Services 2.46%
NS Solutions Corp.		151,300		4,576
TIS, Inc.		273,500		6,786
				11,362

Machinery 3.56%
CKD Corp.		229,300		4,831
DMG Mori Co., Ltd.		389,000		6,290
OSG Corp.		320,700		5,348
				16,469

Professional Services 0.98%
TechnoPro Holdings, Inc.		61,600		4,530

Software 1.65%
Appier Group, Inc.*		21,900		383
Money Forward, Inc.*		110,100		5,850
Plaid, Inc.*		35,071		1,418
				7,651

Thrifts & Mortgage Finance 0.60%
Aruhi Corp.		171,400		2,766

Wireless Telecommunication Services 0.85%
Okinawa Cellular Telephone Co.		87,400		3,956
Total Japan				79,599

Investments	Shares		U.S. $ Fair Value (000)
Mexico 1.27%

Banks
Banco del Bajio SA*^†		1,971,300	$	3,126
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand ADR*		486,489		2,748
Total Mexico				5,874

Netherlands 0.25%

Biotechnology
uniQure NV*		36,208		1,168

Norway 2.58%

Independent Power and Renewable Electricity Producer 0.22%
Scatec ASA^†		37,871		1,019

Semiconductors & Semiconductor Equipment 0.98%
Nordic Semiconductor ASA*		183,330		4,519

Software 1.38%
LINK Mobility Group Holding ASA*		517,595		2,547
Pexip Holding ASA*^(a)		369,847		3,868
				6,415
Total Norway				11,953

Portugal 1.33%

Multi-Utilities
REN – Redes Energeticas Nacionais SGPS SA		2,096,284		6,139

South Korea 3.54%

Chemicals 0.89%
Soulbrain Co. Ltd/New		12,939		4,114

Food & Staples Retailing 1.03%
GS Retail Co., Ltd.		148,921		4,779

Semiconductors & Semiconductor Equipment 1.20%
WONIK IPS Co., Ltd.		122,776		5,568

64	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2021

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

Software 0.42%
Douzone Bizon Co. Ltd.		25,448	$	1,923
Total South Korea				16,384

Spain 2.63%

Containers & Packaging 1.11%
Vidrala SA		45,585		5,130

Independent Power and Renewable Electricity Producer 0.43%
Solaria Energia y Medio Ambiente SA*		95,694		1,962

Professional Services 1.09%
Applus Services SA*		477,660		5,053
Total Spain				12,145

Sweden 3.76%

Auto Components 0.59%
Dometic Group AB^†		171,935		2,706

Biotechnology 0.58%
Vitrolife AB		71,659		2,685

Commercial Services & Supplies 1.28%
Loomis AB		181,032		5,928

Food & Staples Retailing 0.53%
Axfood AB		97,859		2,449

Software 0.78%
Cint Group AB*		357,200		3,629
Total Sweden				17,397

Switzerland 4.50%

Airlines 0.45%
Wizz Air Holdings plc*^†		30,728		2,080

Containers & Packaging 1.25%
SIG Combibloc Group AG*		236,039		5,786

Investments	Shares		U.S. $ Fair Value (000)
Insurance 0.76%
Swiss Life Holding AG		7,156	$	3,487

Life Sciences Tools & Services 1.01%
Tecan Group AG		9,591		4,673

Machinery 1.03%
Sulzer AG		41,916		4,775
Total Switzerland				20,801

Taiwan 1.20%

Semiconductors & Semiconductor Equipment
Realtek Semiconductor Corp.		142,000		2,679
Visual Photonics Epitaxy Co., Ltd.		688,000		2,873
Total Taiwan				5,552

United Kingdom 18.69%

Aerospace & Defense 0.62%
Senior plc*		1,907,668		2,851

Beverages 1.16%
Britvic plc		440,695		5,371

Capital Markets 1.14%
Man Group plc		2,269,110		5,275

Construction Materials 1.49%
Breedon Group plc*		4,828,201		6,881

Consumer Finance 0.45%
Arrow Global Group plc*		496,634		2,090

Equity Real Estate Investment Trusts 2.17%
Big Yellow Group plc		215,749		3,570
UNITE Group plc (The)		403,569		6,493
				10,063

Household Durables 0.78%
Focusrite plc^(a)		211,334		3,619

Insurance 1.72%
Lancashire Holdings Ltd.		810,414		7,945

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2021

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

Internet & Direct Marketing Retail 1.46%
ASOS plc*		93,679	$	6,754

Machinery 0.79%
Concentric AB		163,095		3,665

Media 1.63%
S4 Capital plc*		977,943		7,550

Multi-Line Retail 0.54%
B&M European Value Retail SA		316,773		2,476

Pharmaceuticals 1.13%
Dechra Pharmaceuticals plc		94,121		5,244

Real Estate Management & Development 0.99%
Savills plc		278,169		4,584

Specialty Retail 0.92%
WH Smith plc*		169,581		4,237

Trading Companies & Distributors 1.70%
Grafton Group plc		478,639		7,885
Total United Kingdom				86,490

United States 1.20%

Exchange-Traded Funds
VanEck Vectors Junior Gold Miners		117,180		5,560
Total Common Stocks (cost $366,013,322)				451,807

Investments	Principal Amount (000)		U.S. $ Fair Value (000)
SHORT-TERM INVESTMENTS 2.21%

Repurchase Agreements 1.29%
Repurchase Agreement dated 4/30/2021, 0.00% due 5/3/2021 with Fixed Income Clearing Corp. collateralized by $6,202,900 of U.S. Treasury Note at 0.375% due 11/30/2025; value: $6,101,331; proceeds: $5,981,695 (cost $5,981,695)		$5,982	$	5,982

	Shares

Money Market Funds 0.83%
Fidelity Government Portfolio^(b) (cost $3,831,087)		3,831,087		3,831

Time Deposits 0.09%
CitiBank N.A.^(b) (cost $425,677)		425,677		425
Total Short-Term Investments (cost $10,238,459)				10,238
Total Investments in Securities 99.87% (cost $376,251,781)				462,045
Foreign Cash and Other Assets in Excess of Liabilities^(c)0.13%				609
Net Assets 100.00%			$	462,654

ADR		American Depositary Receipt. 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, 2021, the total value of Rule 144A securities was $24,474, which represents 5.29% of net assets.
^(a)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(b)		Security was purchased with the cash collateral from loaned securities.
^(c)		Foreign Cash and Other Assets in Excess of Liabilities include net unrealized appreciation on total return swaps as follows:

66	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2021

Open Total Return Swap Contracts at April 30, 2021:

Swap
Counterparty

Referenced
Index*

Referenced
Spread

Units

Position

Termination
Date

Notional
Amount

Notional
Value

Unrealized
Appreciation

Bank of America

MLEILAEN

1 Mo. LIBOR + .36%

94,118

Long

6/11/2021

8,024,501

8,054,676

30,175

*	Merrill Lynch Custom Basket Index.

The following is a summary of the inputs used as of April 30, 2021 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
Canada	$	13,444	$	–	$	–	$	13,444
Chile		5,618		–		–		5,618
China		4,958		7,577		–		12,535
Germany		4,346		29,246		–		33,592
Ireland		5,269		–		–		5,269
Israel		6,886		–		–		6,886
Japan		2,529		77,070		–		79,599
Mexico		5,874		–		–		5,874
Netherlands		1,168		–		–		1,168
Norway		2,547		9,406		–		11,953
Spain		5,130		7,015		–		12,145
Sweden		3,629		13,768		–		17,397
United Kingdom		38,009		48,481		–		86,490
United States		5,560		–		–		5,560
Remaining Countries		–		154,277		–		154,277
Short-Term Investments
Repurchase Agreements		–		5,982		–		5,982
Money Market Funds		3,831		–		–		3,831
Time Deposits		–		425		–		425
Total	$	108,798	$	353,247	$	–	$	462,045
Other Financial Instruments
Total Return Swap Contracts
Assets	$	–	$	30	$	–	$	30
Liabilities		–		–		–		–
Total	$	–	$	30	$	–	$	30

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL VALUE FUND April 30, 2021

Investments	Shares		U.S. $ Fair Value (000)
COMMON STOCKS 97.58%

Australia 4.11%

Banks 1.50%
National Australia Bank Ltd.		462,395	$	9,463

Equity Real Estate Investment Trusts 0.66%
Goodman Group		287,833		4,197

Metals & Mining 1.95%
BHP Group Ltd.		337,557		12,286
Total Australia				25,946

Austria 1.55%

Banks
BAWAG Group AG^†		181,908		9,813

Belgium 0.67%

Beverages
Anheuser-Busch InBev SA		60,040		4,253

Cambodia 0.62%

Hotels, Restaurants & Leisure
NagaCorp Ltd.		3,648,000		3,899

Canada 2.31%

Banks 1.31%
Royal Bank of Canada		86,900		8,294

Oil, Gas & Consumable Fuels 1.00%
Pembina Pipeline Corp.		203,933		6,295
Total Canada				14,589

Chile 1.26%

Metals & Mining 0.81%
Lundin Mining Corp.		423,155		5,112

Water Utilities 0.45%
Aguas Andinas SA		10,089,446		2,868
Total Chile				7,980

Investments	Shares		U.S. $ Fair Value (000)
China 4.45%

Construction Materials 0.74%
China Resources Cement Holdings Ltd.		4,290,000	$	4,673

Insurance 0.76%
Ping An Insurance Group Co. of China Ltd. Class H		439,500		4,792

Internet & Direct Marketing Retail 1.48%
Alibaba Group Holding Ltd. ADR*		21,931		5,065
Vipshop Holdings Ltd. ADR*		139,254		4,285
				9,350

Real Estate Management & Development 0.81%
Logan Group Co., Ltd.		3,205,000		5,091

Specialty Retail 0.66%
Topsports International Holdings Ltd.^†		3,122,000		4,202
Total China				28,108

Finland 1.57%

Banks
Nordea Bank Abp		955,067		9,899

France 17.43%

Aerospace & Defense 2.05%
Safran SA*		35,014		5,228
Thales SA		75,862		7,734
				12,962

Banks 2.22%
Credit Agricole SA*		905,090		14,000

Building Products 1.80%
Cie de Saint-Gobain*		180,020		11,358

Construction & Engineering 1.10%
Vinci SA		63,223		6,937


68	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2021

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

Diversified Telecommunication Services 1.28%
Orange SA		649,076	$	8,083

Gas Utilities 0.96%
Rubis SCA		129,569		6,082

Information Technology Services 1.05%
Capgemini SE		36,375		6,666

Insurance 1.90%
AXA SA		424,965		12,003

Multi-Utilities 2.67%
Engie SA*		599,249		8,926
Veolia Environnement SA		248,175		7,916
				16,842

Pharmaceuticals 2.40%
Sanofi^(a)		144,674		15,168
Total France				110,101

Germany 9.76%

Air Freight & Logistics 1.68%
Deutsche Post AG Registered Shares		179,716		10,585

Auto Components 1.05%
Continental AG*		49,106		6,636

Automobiles 1.18%
Volkswagen AG		23,517		7,466

Chemicals 1.51%
BASF SE		118,568		9,556

Insurance 1.95%
Allianz SE Registered
Shares		47,500		12,332

Machinery 0.88%
KION Group AG		55,538		5,534

Media 0.63%
Stroeer SE & Co. KGaA		46,867		3,994

Investments	Shares		U.S. $ Fair Value (000)
Semiconductors & Semiconductor Equipment 0.88%
Infineon Technologies AG		138,614	$	5,558
Total Germany				61,661

Hong Kong 2.40%

Building Products 0.80%
Xinyi Glass Holdings Ltd.		1,436,000		5,088

Real Estate Management & Development 1.60%
Kerry Properties Ltd.		2,994,500		10,089
Total Hong Kong				15,177

India 1.30%

Banks 0.58%
Federal Bank Ltd.*		3,405,412		3,672

Oil, Gas & Consumable Fuels 0.72%
Petronet LNG Ltd.		1,403,777		4,541
Total India				8,213

Ireland 0.49%

Beverages
C&C Group plc*		764,813		3,130

Italy 0.87%

Electric: Utilities
Enel SpA		552,336		5,484

Japan 16.61%

Auto Components 1.95%
Denso Corp.		190,600		12,323

Banks 1.90%
Sumitomo Mitsui Financial Group, Inc.		342,400		12,028

Beverages 1.47%
Asahi Group Holdings Ltd.		222,100		9,287

Building Products 1.65%
Sanwa Holdings Corp.		806,100		10,414

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2021

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

Diversified Financial Services 1.47%
ORIX Corp.		577,000	$	9,315

Electrical Equipment 1.60%
Fuji Electric Co., Ltd.		221,600		10,089

Electronic Equipment, Instruments & Components 1.13%
TDK Corp.		52,800		7,160

Household Durables 1.41%
Sony Corp.		89,100		8,908

Industrial Conglomerates 1.61%
Hitachi Ltd.		205,000		10,147

Trading Companies & Distributors 1.55%
ITOCHU Corp.		313,200		9,778

Wireless Telecommunication Services 0.87%
SoftBank Group Corp.		60,800		5,479
Total Japan				104,928

Macau 0.95%

Hotels, Restaurants & Leisure
Sands China Ltd.*		1,264,400		5,983

Mexico 1.49%

Banks 0.74%
Grupo Financiero Banorte SAB de CV		820,866		4,670

Transportation Infrastructure 0.75%
Grupo Aeroportuario del Pacifico SAB de CV*		464,100		4,771
Total Mexico				9,441

Netherlands 1.97%

Oil, Gas & Consumable Fuels
Royal Dutch Shell plc Class A ADR^(a)		328,112		12,468

Investments	Shares		U.S. $ Fair Value (000)
Russia 0.83%

Oil, Gas & Consumable Fuels
Lukoil PJSC ADR		68,883	$	5,272

South Africa 2.02%

Metals & Mining
Anglo American plc		301,141		12,769

South Korea 1.96%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co., Ltd.		170,290		12,412

Spain 0.87%

Banks
Banco Bilbao Vizcaya Argentaria SA		983,632		5,508

Sweden 3.08%

Commercial Services & Supplies 1.20%
Loomis AB		231,343		7,576

Machinery 0.70%
Sandvik AB		177,862		4,398

Oil, Gas & Consumable Fuels 1.18%
Lundin Energy AB		233,804		7,458
Total Sweden				19,432

Switzerland 5.02%

Capital Markets 2.12%
UBS Group AG		875,648		13,372

Insurance 0.95%
Swiss Life Holding AG		12,354		6,019

Pharmaceuticals 1.95%
Novartis AG Registered Shares		74,567		6,363
Roche Holding AG		18,230		5,946
				12,309
Total Switzerland				31,700

70	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2021

Investments	Shares		U.S. $ Fair Value (000)
United Kingdom 12.48%

Banks 1.52%
Standard Chartered plc		1,335,821	$	9,583

Electric: Utilities 0.78%
SSE plc		244,323		4,953

Equity Real Estate Investment Trusts 1.00%
UNITE Group plc (The)		394,835		6,352

Hotels, Restaurants & Leisure 0.81%
Entain PLC*		217,996		5,096

Household Durables 1.23%
Persimmon plc		179,172		7,751

Insurance 2.24%
Beazley plc*		885,503		4,140
Prudential plc		472,569		10,006
				14,146

Multi-Line Retail 0.65%
Next plc*		37,875		4,082

Pharmaceuticals 1.08%
AstraZeneca plc		63,883		6,800

Tobacco 1.94%
British American Tobacco plc		212,700		7,892
Imperial Brands plc		210,098		4,379
				12,271

Trading Companies & Distributors 1.23%
Ashtead Group plc		121,332		7,796
Total United Kingdom				78,830

United States 1.51%

Auto Components
Lear Corp.		51,966		9,553
Total Common Stocks (cost $513,796,988)				616,549

Investments	Principal Amount (000)		U.S. $ Fair Value (000)
SHORT-TERM INVESTMENTS 6.46%

Repurchase Agreements 1.84%
Repurchase Agreement dated 4/30/2021, 0.00% due 5/3/2021 with Fixed Income Clearing Corp. collateralized by $10,962,000 of U.S. Treasury Note at 2.625% due 03/31/2025; value: value: $11,852,264; proceeds: $11,619,847 (cost $11,619,847)		$11,620	$	11,620

	Shares
Money Market Funds 4.16%

Fidelity Government Portfolio^(b) (cost $26,287,884)		26,287,884		26,288

Time Deposits 0.46%
CitiBank N.A.^(b) (cost $2,929,902)		2,929,902		2,930
Total Short-Term Investments (cost $40,837,633)				40,838
Total Investments in Securities 104.04% (cost $554,634,621)				657,387
Liabilities in Excess of Foreign Cash and Other Assets (4.04)%				(25,553	)
Net Assets 100.00%			$	631,834


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, 2021, the total value of Rule 144A securities was $14,015, which represents 2.22% of net assets.
*		Non-income producing security.
^(a)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(b)		Security was purchased with the cash collateral from loaned securities.


	See Notes to Financial Statements.	71

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL VALUE FUND April 30, 2021

The following is a summary of the inputs used as of April 30, 2021 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
Canada	$	14,589	$	–	$	–	$	14,589
Chile		7,980		–		–		7,980
China		9,350		18,758		–		28,108
Mexico		9,441		–		–		9,441
Netherlands		12,468		–		–		12,468
United Kingdom		6,352		72,478		–		78,830
United States		9,553		–		–		9,553
Remaining Countries		–		455,580		–		455,580
Short-Term Investments
Repurchase Agreements		–		11,620		–		11,620
Money Market Funds		26,288		–		–		26,288
Time Deposits		–		2,930		–		2,930
Total	$	96,021	$	561,366	$	–	$	657,387


⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. 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.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

72	See Notes to Financial Statements.

Schedule of Investments (unaudited)

MICRO CAP GROWTH FUND April 30, 2021

Investments	Shares		Fair Value (000)
COMMON STOCKS 98.32%

Air Freight & Logistics 0.73%
Atlas Air Worldwide Holdings, Inc.*		50,029	$	3,397

Auto Components 1.31%
Gentherm, Inc.*		86,018		6,124

Banks 1.09%
Silvergate Capital Corp. Class A*		47,487		5,092

Beverages 1.33%
Celsius Holdings, Inc.*		108,618		6,224

Biotechnology 16.59%
Beam Therapeutics, Inc.*^(a)		26,545		2,177
CareDx, Inc.*		73,290		5,795
Constellation Pharmaceuticals, Inc.*		193,945		4,193
Curis, Inc.*		352,087		3,809
Insmed, Inc.*		104,975		3,541
Karuna Therapeutics, Inc.*		27,134		3,012
Krystal Biotech, Inc.*		131,490		10,445
MacroGenics, Inc.*		114,642		3,710
Myovant Sciences Ltd. (United Kingdom)*^(a)(b)		199,724		4,174
Orchard Therapeutics plc ADR*		733,897		4,374
Rigel Pharmaceuticals, Inc.*		1,800,979		6,700
Rocket Pharmaceuticals, Inc.*		96,289		4,414
Seres Therapeutics, Inc.*		262,452		5,462
TG Therapeutics, Inc.*		80,091		3,581
Trillium Therapeutics, Inc. (Canada)*^(a)(b)		343,999		3,271
Turning Point Therapeutics, Inc.*		31,364		2,391
Veracyte, Inc.*		66,211		3,294
Xenon Pharmaceuticals, Inc. (Canada)*^(b)		178,329		3,267
Total				77,610

Investments	Shares		Fair Value (000)
Commercial Services & Supplies 1.39%
Montrose Environmental Group, Inc.*		120,002	$	6,505

Communications Equipment 2.54%
Calix, Inc.*		281,501		11,905

Construction & Engineering 1.15%
Ameresco, Inc. Class A*		101,734		5,370

Diversified Telecommunication Services 0.81%
Ooma, Inc.*		229,704		3,797

Electrical Equipment 0.49%
TPI Composites, Inc.*		43,445		2,309

Electronic Equipment, Instruments & Components 2.62%
908 Devices, Inc.*		63,029		3,340
nLight, Inc.*		186,395		5,469
OSI Systems, Inc.*		35,872		3,464
Total				12,273

Health Care Equipment & Supplies 11.21%
Axonics, Inc.*		126,313		7,949
CryoPort, Inc.*		135,337		7,656
Inari Medical, Inc.*		32,077		3,666
OrthoPediatrics Corp.*		121,515		7,109
Outset Medical, Inc.*		69,494		4,164
Pulmonx Corp.*		77,537		3,645
Shockwave Medical, Inc.*		62,360		10,193
SI-BONE, Inc.*		227,190		8,065
Total				52,447

Health Care Providers & Services 1.04%
Castle Biosciences, Inc.*		70,520		4,868

Health Care Technology 3.04%
Health Catalyst, Inc.*		83,948		4,861
Inspire Medical Systems, Inc.*		27,157		6,431
Simulations Plus, Inc.		46,590		2,942
Total				14,234

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND April 30, 2021

Investments	Shares		Fair Value (000)
Hotels, Restaurants & Leisure 0.61%
Lindblad Expeditions Holdings, Inc.*		173,151	$	2,838

Household Durables 5.08%
Green Brick Partners, Inc.*		257,927		6,657
LGI Homes, Inc.*		37,174		6,163
Sonos, Inc.*		273,340		10,942
Total				23,762

Household Products 1.08%
Central Garden & Pet Co.*		93,597		5,067

Industrial Conglomerates 1.24%
Raven Industries, Inc.		143,206		5,817

Insurance 0.55%
Trupanion, Inc.*		31,894		2,587

Interactive Media & Services 0.78%
Eventbrite, Inc. Class A*		153,748		3,624

Internet & Direct Marketing Retail 2.37%
Magnite, Inc.*		144,424		5,784
PubMatic, Inc. Class A*^(a)		103,095		5,306
Total				11,090

Internet Software & Services 1.31%
Cardlytics, Inc.*		44,643		6,140

Leisure Products 1.58%
Malibu Boats, Inc. Class A*		88,623		7,388

Life Sciences Tools & Services 3.71%
Akoya Biosciences, Inc.*		104,500		2,345
NanoString Technologies, Inc.*		80,084		6,380
Quanterix Corp.*		140,801		8,609
Total				17,334

Machinery 6.54%
Chart Industries, Inc.*		55,786		8,961
Evoqua Water Technologies Corp.*		129,573		3,703

Investments	Shares		Fair Value (000)
Machinery (continued)
Hydrofarm Holdings Group, Inc.*		64,625	$	4,246
Shyft Group, Inc. (The)		213,249		7,553
Westport Fuel System, Inc. (Canada)*^(b)		900,228		6,149
Total				30,612

Media 0.99%
Criteo SA ADR*		116,828		4,642

Personal Products 1.73%
elf Beauty, Inc.*		267,787		8,101

Pharmaceuticals 1.89%
Intra-Cellular Therapies, Inc.*		138,081		4,754
Pliant Therapeutics, Inc.*		121,665		4,076
Total				8,830

Professional Services 0.69%
Willdan Group, Inc.*		83,953		3,204

Real Estate Management & Development 0.46%
eXp World Holdings, Inc.*		61,976		2,129

Semiconductors & Semiconductor Equipment 5.54%
CEVA, Inc.*		132,612		7,352
Ichor Holdings Ltd.*		158,943		8,864
Impinj, Inc.*		80,394		3,816
Rambus, Inc.*		311,281		5,908
Total				25,940

Software 11.23%
Agilysys, Inc.*		196,172		9,889
Cerence, Inc.*		108,467		10,457
Digital Turbine, Inc.*		85,007		6,412
Sprout Social, Inc. Class A*		124,517		8,254
Telos Corp.*		217,514		7,217
Upland Software, Inc.*		59,786		2,963

74	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND April 30, 2021

Investments	Shares		Fair Value (000)
Software (continued)
Viant Technology, Inc. Class A*		101,341	$	3,328
Zuora, Inc. Class A*		248,107		4,020
Total				52,540

Specialty Retail 3.32%
Container Store Group, Inc. (The)*		612,853		8,635
Sleep Number Corp.*		61,825		6,918
Total				15,553

Tobacco 1.27%
Turning Point Brands, Inc.		121,780		5,945

Trading Companies & Distributors 1.01%
Rush Enterprises, Inc. Class A		96,130		4,745
Total Common Stocks (cost $378,878,012)				460,043

	Principal Amount (000)

SHORT-TERM INVESTMENTS 3.15%

Repurchase Agreements 1.35%
Repurchase Agreement dated 4/30/2021, 0.00% due 5/3/2021 with Fixed Income Clearing Corp. collateralized by $6,554,200 of U.S. Treasury Note at 0.375% due 11/30/2025; value: $6,446,879; proceeds: $6,320,413 (cost $6,320,413)		$6,321		6,321

Investments	Shares		Fair Value (000)
Money Market Funds 1.62%
Fidelity Government Portfolio^(c) (cost $7,569,300)		7,569,300	$	7,569

Time Deposits 0.18%
CitiBank N.A.^(c) (cost $841,033)		841,033		841
Total Short-Term Investments (cost $14,730,746)				14,731
Total Investments in Securities 101.47% (cost $393,608,758)				474,774
Liabilities in Excess of Other Assets (1.47)%				(6,896	)
Net Assets 100.00%			$	467,878

ADR		American Depositary Receipt.
*		Non-income producing security.
^(a)		All or a portion of this security is 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.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MICRO CAP GROWTH FUND April 30, 2021

The following is a summary of the inputs used as of April 30, 2021 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	$	460,043	$	–	$	–	$	460,043
Short-Term Investments
Repurchase Agreements		–		6,321		–		6,321
Money Market Funds		7,569		–		–		7,569
Time Deposits		–		841		–		841
Total	$	467,612	$	7,162	$	–	$	474,774

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

76	See Notes to Financial Statements.

Schedule of Investments (unaudited)

VALUE OPPORTUNITIES FUND April 30, 2021

Investments	Shares		Fair Value (000)
COMMON STOCKS 99.25%

Auto Components 3.41%
Dorman Products, Inc.*		161,570	$	16,024
LCI Industries		118,845		17,411
Lear Corp.		148,041		27,216
Total				60,651

Banks 7.69%
East West Bancorp, Inc.		411,235		31,316
Pacific Premier Bancorp, Inc.		577,357		25,421
Signature Bank		109,673		27,584
SVB Financial Group*		30,584		17,489
Western Alliance Bancorp		329,955		34,668
Total				136,478

Biotechnology 1.14%
Horizon Therapeutics plc*		141,191		13,359
Novavax, Inc.*		28,940		6,857
Total				20,216

Building Products 6.03%
A.O. Smith Corp.		443,042		30,016
Allegion plc (Ireland)^(a)		131,287		17,642
Masonite International Corp.*		252,524		31,891
Simpson Manufacturing Co., Inc.		243,996		27,499
Total				107,048

Capital Markets 0.91%
Moelis & Co. Class A		296,656		16,103

Chemicals 5.12%
Avient Corp.		571,522		29,016
Axalta Coating Systems Ltd.*		862,358		27,501
Valvoline, Inc.		1,095,412		34,396
Total				90,913

Consumer Finance 1.99%
Discover Financial Services		309,709		35,307

Containers & Packaging 1.86%
Avery Dennison Corp.		154,103		33,004

Investments	Shares		Fair Value (000)
Electric: Utilities 2.09%
IDACORP, Inc.		182,482	$	18,701
Portland General Electric Co. 363,667				18,496
Total				37,197

Electrical Equipment 1.41%
Generac Holdings, Inc.*		77,498		25,105

Electronic Equipment, Instruments & Components 1.62%
Littelfuse, Inc.		108,240		28,710

Equity Real Estate Investment Trusts 4.61%
Alexandria Real Estate
Equities, Inc.		95,918		17,371
CoreSite Realty Corp.		131,921		16,027
First Industrial Realty Trust, Inc.		541,736		26,962
Sunstone Hotel Investors, Inc.		1,638,500		21,563
Total				81,923

Food & Staples Retailing 1.28%
BJ’s Wholesale Club Holdings, Inc.*		508,083		22,696

Health Care Equipment & Supplies 5.43%
Cooper Cos., Inc. (The)		43,212		17,755
Hill-Rom Holdings, Inc.		225,998		24,909
NuVasive, Inc.*		328,185		23,449
STERIS plc		144,084		30,405
Total				96,518

Health Care Providers & Services 3.14%
Covetrus, Inc.*		446,573		12,794
Encompass Health Corp.		190,427		16,160
Molina Healthcare, Inc.*		105,151		26,824
Total				55,778

Hotels, Restaurants & Leisure 1.69%
Caesars Entertainment, Inc.* 306,200				29,959

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2021

Investments	Shares		Fair Value (000)
Household Durables 5.31%
Helen of Troy Ltd.*		73,173	$	15,455
Leggett & Platt, Inc.		496,200		24,646
Purple Innovation, Inc.*		732,515		24,964
Sonos, Inc.*		728,250		29,152
Total				94,217

Industrial Conglomerates 1.76%
Carlisle Cos., Inc.		162,888		31,217

Information Technology Services 4.58%
Euronet Worldwide, Inc.*		235,304		33,750
Jack Henry & Associates, Inc.		139,428		22,703
Sabre Corp.		1,662,252		24,900
Total				81,353

Insurance 2.87%
RenaissanceRe Holdings Ltd.		128,948		21,768
Stewart Information Services Corp.		498,060		29,211
Total				50,979

Internet Software & Services 1.35%
TechTarget, Inc.*		312,071		23,936

Leisure Products 1.01%
Malibu Boats, Inc. Class A*		214,708		17,898

Life Sciences Tools & Services 5.71%
Bio-Techne Corp.		70,737		30,239
Charles River Laboratories International, Inc.*		95,494		31,747
PerkinElmer, Inc.		180,729		23,428
Repligen Corp.*		75,226		15,926
Total				101,340

Machinery 4.57%
Allison Transmission Holdings, Inc.		628,826		26,077
Columbus McKinnon Corp.		450,504		22,305
Crane Co.		348,395		32,770
Total				81,152

Investments	Shares		Fair Value (000)
Media 0.75%
Criteo SA ADR*		335,092	$	13,313

Metals & Mining 1.75%
Reliance Steel & Aluminum Co.		193,529		31,025

Oil, Gas & Consumable Fuels 2.07%
Chesapeake Energy Corp.*		191,066		8,707
Par Pacific Holdings, Inc.*		878,569		13,345
Pioneer Natural Resources Co.		96,119		14,786
Total				36,838

Professional Services 1.30%
Booz Allen Hamilton Holding Corp.		277,461		23,015

Real Estate Management & Development 0.84%
Marcus & Millichap, Inc.*		421,900		14,902

Road & Rail 2.99%
Landstar System, Inc.		157,500		27,134
Saia, Inc.*		110,951		26,018
Total				53,152

Semiconductors & Semiconductor Equipment 4.43%
Advanced Energy Industries, Inc.		137,943		15,217
Entegris, Inc.		330,359		37,192
Silicon Motion Technology Corp. ADR		186,090		13,365
Teradyne, Inc.		103,233		12,912
Total				78,686

Software 2.96%
Aspen Technology, Inc.*		177,639		23,242
Fair Isaac Corp.*		56,168		29,287
Total				52,529

78	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

VALUE OPPORTUNITIES FUND April 30, 2021

Investments	Shares		Fair Value (000)
Specialty Retail 2.80%
Burlington Stores, Inc.*		63,543	$	20,736
Williams-Sonoma, Inc.		169,966		29,022
Total				49,758

Tobacco 1.29%
Turning Point Brands, Inc.		470,836		22,986

Trading Companies & Distributors 1.49%
AerCap Holdings NV (Ireland)*^(a)		454,697		26,486
Total Common Stocks (cost $1,178,119,796)				1,762,388

Investments	Principal Amount (000)		Fair Value (000)
SHORT-TERM INVESTMENTS 0.87%

Repurchase Agreements
Repurchase Agreement dated 4/30/2021, 0.00% due 5/3/2021 with Fixed Income Clearing Corp. collateralized by $16,013,400 of U.S. Treasury Note at 0.375% due 11/30/2025; value: $15,751,191; proceeds: $15,442,302 (cost $15,442,302)		$15,442	$	15,442
Total Investments in Securities 100.12% (cost $1,193,562,098)				1,777,830
Liabilities in Excess of Other Assets (0.12)%				(2,159	)
Net Assets 100.00%			$	1,775,671

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

The following is a summary of the inputs used as of April 30, 2021 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	$	1,762,388	$	–	$	–	$	1,762,388
Short-Term Investments
Repurchase Agreements		–		15,442		–		15,442
Total	$	1,762,388	$	15,442	$	–	$	1,777,830

⁽¹⁾		Refer to Note 2(k) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets.

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)

April 30, 2021

	Alpha Strategy Fund			Durable Growth Fund			Focused Growth Fund
ASSETS:
Investments in securities, at cost		$	839,511		$	110,729,927		$	40,259,635
Investments in Underlying Funds, at cost			709,409,254			–			–
Investments in securities, at fair value including $0, $95,832, $0, $0, $42,400, $0 and $0, respectively, of securities loaned		$	839,511		$	155,128,430		$	46,986,592
Investments in Underlying Funds, at value			909,991,168			–			–
Cash			–			–			–
Foreign cash, at value (cost $0, $0, $0, $0, $0, $0, and $13,825, respectively)			–			–			–
Receivables:
Investment in securities sold			–			–			497,279
Capital shares sold			3,486,229			64,480			109,297
Interest and dividends			–			23,728			4,148
From advisor (See Note 3)			19			2,789			15,865
Securities lending income receivable			–			–			–
Investment in Underlying Funds sold			82,972			–			–
Prepaid expenses and other assets			60,277			63,796			81,664
Total assets			914,460,176			155,283,223			47,694,845
LIABILITIES:
Payables:
Investments in securities purchased			–			–			1,946,244
Capital shares reacquired			1,406,222			297			73,980
Management fee			–			68,725			23,942
12b-1 distribution plan			170,640			820			6,492
Trustees’ fees			133,755			5,774			834
Fund administration			29,514			4,998			1,473
Offering costs			–			1,905			25,298
Payable for collateral due to broker for securities lending			–			102,487			–
Foreign currency overdraft			–			–			–
Accrued expenses			227,069			86,450			29,247
Total liabilities			1,967,200			271,456			2,107,510
Commitments and contingent liabilities
NET ASSETS		$	912,492,976		$	155,011,767		$	45,587,335
COMPOSITION OF NET ASSETS:
Paid-in capital		$	716,476,273		$	91,845,719		$	32,429,995
Total distributable earnings (loss)			196,016,703			63,166,048			13,157,340
Net Assets		$	912,492,976		$	155,011,767		$	45,587,335

80	See Notes to Financial Statements.

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

	$	628,488,851		$	197,210,539		$	1,351,187,768		$	7,837,387
		–			–			–			–

	$	857,874,448		$	254,143,691		$	1,894,843,422		$	9,897,912
		–			–			–			–
		–			–			–			89,382

		–			–			–			14,083

		–			2,384,815			–			7,519
		261,138			3,154,362			536,263			27,510
		1,081,516			22,182			2,838,156			17,877
		107			3,123			–			14,891
		–			351			–			–
		–			–			–			–
		63,357			42,928			74,438			78,091
		859,280,566			259,751,452			1,898,292,279			10,147,265

		–			5,698,644			–			45,635
		–			104,539			1,876,491			27,466
		410,314			156,255			848,524			3,607
		1,932			9,281			312,522			1,711
		13,984			17,433			544,630			499
		27,818			7,813			61,635			321
		–			–			–			–

		–			50,000			–			–
		–			–			39			–
		108,185			81,260			447,845			60,300
		562,233			6,125,225			4,091,686			139,539

	$	858,718,333		$	253,626,227		$	1,894,200,593		$	10,007,726

	$	578,976,930		$	196,268,347		$	1,343,069,467		$	7,040,630
		279,741,403			57,357,880			551,131,126			2,967,096
	$	858,718,333		$	253,626,227		$	1,894,200,593		$	10,007,726

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2021

	Alpha Strategy Fund			Durable Growth Fund			Focused Growth Fund
Net assets by class:
Class A Shares		$	550,509,114		$	2,736,232		$	16,141,987
Class C Shares		$	64,966,972		$	295,388		$	2,301,047
Class F Shares		$	168,072,073		$	423,927		$	16,815,895
Class F3 Shares		$	49,003,972		$	168,745		$	1,057,664
Class I Shares		$	40,100,653		$	150,800,032		$	4,133,285
Class P Shares			–			–			–
Class R2 Shares		$	1,510,450			–			–
Class R3 Shares		$	27,584,052		$	15,228		$	20,869
Class R4 Shares		$	4,756,924		$	15,286		$	20,993
Class R5 Shares		$	502,894		$	15,329		$	21,117
Class R6 Shares		$	5,485,872		$	541,600		$	5,074,478
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares			18,312,984			119,379			512,797
Class C Shares			2,787,457			13,029			74,376
Class F Shares			5,533,801			18,438			530,779
Class F3 Shares			1,565,714			7,342			33,333
Class I Shares			1,286,056			6,564,078			130,476
Class P Shares			–			–			–
Class R2 Shares			52,930			–			–
Class R3 Shares			957,445			667			666.66
Class R4 Shares			158,707			667.16			666.66
Class R5 Shares			16,124			667.43			666.67
Class R6 Shares			175,218			23,564			159,922
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$30.06			$22.92			$31.48
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)			$31.89			$24.32			$33.40
Class C Shares-Net asset value			$23.31			$22.67			$30.94
Class F Shares-Net asset value			$30.37			$22.99			$31.68
Class F3 Shares-Net asset value			$31.30			$22.98			$31.73
Class I Shares-Net asset value			$31.18			$22.97			$31.68
Class P Shares-Net asset value			–			–			–
Class R2 Shares-Net asset value			$28.54			–			–
Class R3 Shares-Net asset value			$28.81			$22.83			$31.30
Class R4 Shares-Net asset value			$29.97			$22.91			$31.49
Class R5 Shares-Net asset value			$31.19			$22.97			$31.68
Class R6 Shares-Net asset value			$31.31			$22.98			$31.73

82	See Notes to Financial Statements.

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

	$	3,008,558		$	21,258,319		$	1,322,603,965		$	4,276,190
	$	1,721,302		$	3,687,849		$	64,449,501		$	751,687
	$	2,329,398		$	44,655,822		$	142,885,680		$	1,827,258
	$	17,083		$	14,222		$	18,848,487		$	17,392
	$	849,773,585		$	176,984,274		$	228,032,245		$	1,739,160
		–			–		$	4,006,800			–
		–			–		$	3,797,743			–
	$	12,679			–		$	91,602,647		$	437,201
	$	12,277			–		$	2,846,355		$	17,699
	$	12,305		$	14,209		$	899,140		$	17,854
	$	1,831,146		$	7,011,532		$	14,228,030		$	923,285

		164,222			693,396			95,347,832			271,611
		93,966			113,086			5,311,215			48,120
		126,086			1,348,389			10,435,811			115,861
		931			429			1,340,955			1,102
		46,301,373			5,345,468			16,321,814			110,239
		–			–			295,355			–
		–			–			280,638			–
		693			–			6,744,995			27,968
		670			–			206,285			1,124
		671			429.19			64,323			1,131.75
		99,704			211,451			1,011,729			58,513

		$18.32			$30.66			$13.87			$15.74

		$19.44			$32.53			$14.72			$16.70
		$18.32			$32.61			$12.13			$15.62
		$18.47			$33.12			$13.69			$15.77
		$18.35			$33.15			$14.06			$15.78
		$18.35			$33.11			$13.97			$15.78
		–			–			$13.57			–
		–			–			$13.53			–
		$18.30			–			$13.58			$15.63
		$18.32			–			$13.80			$15.75
		$18.34			$33.11			$13.98			$15.78
		$18.37			$33.16			$14.06			$15.78

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2021

	Growth Leaders Fund			Health Care Fund			International Equity Fund
ASSETS:
Investments in securities, at cost		$	7,310,650,600		$	6,056,354		$	302,392,368
Investments in securities, at fair value including $9,720,057, $0, $6,660,365, $3,980,484, $15,935,843 $0 and $8,055,568, respectively, of securities loaned		$	9,317,960,445		$	7,065,063		$	397,785,883
Cash			–			79,506			–
Foreign cash, at value (cost $0, $14,656, $3,209,863, $2,303,333, $987,368, $0 and $0, respectively)			–			14,541			3,226,205
Receivables:
Investment securities sold			103,411,751			–			1,582,114
Capital shares sold			21,579,169			21,166			98,344
Interest and dividends			1,439,627			3,789			1,817,108
From advisor (See Note 3)			305,176			14,524			8,654
Securities lending income receivable			10,585			–			550
Total return swap, at fair value			–			–			–
Prepaid expenses and other assets			296,300			45,393			–
Total assets			9,445,003,053			7,243,982			404,518,858
LIABILITIES:
Payables:
Investment securities purchased			276,438,821			14,541			3,016,310
Capital shares reacquired			12,489,417			19,834			98,017
Management fee			3,787,355			3,573			223,778
12b-1 distribution plan			1,665,533			1,434			49,608
Trustees’ fees			381,970			146			98,743
Fund administration			296,413			231			12,787
Offering costs			–			23,615			–
Payable for collateral due to broker for securities lending			10,395,019			–			10,046,076
Accrued expenses			105,273			26,419			205,533
Total liabilities			305,559,801			89,793			13,750,852
Commitments and contingent liabilities
NET ASSETS		$	9,139,443,252		$	7,154,189		$	390,768,006
COMPOSITION OF NET ASSETS:
Paid-in capital		$	5,609,270,841		$	5,917,005		$	278,424,172
Total distributable earnings (loss)			3,530,172,411			1,237,184			112,343,834
Net Assets		$	9,139,443,252		$	7,154,189		$	390,768,006

84	See Notes to Financial Statements.

International Opportunities Fund			International Value Fund				Micro Cap Growth Fund			Value Opportunities Fund

	$	376,251,781		$	554,634,621			$	393,608,758		$	1,193,562,098

	$	462,045,427		$	657,386,617			$	474,773,650		$	1,777,829,802
		118,589			–				–			–

		2,305,141			984,921				–			–

		5,081,181			1,600,551				2,237,224			11,013,268
		418,455			345,950				635,316			1,386,257
		1,535,212			4,091,009				2,842			475,957
		–			4,636				18,406			–
		3,326			2,432				9,036			–
		30,175			–				–			–
		62,228			10,120				138,949			104,647
		471,599,734			664,426,236				477,815,423			1,790,809,931

		3,278,523			2,288,323				954,373			11,487,952
		741,121			216,391				130,262			1,497,299
		282,082			362,876				354,616			1,046,847
		40,867			64,155				47,099			222,320
		75,887			145,167				18,872			333,450
		15,044			20,736				15,761			57,471
		–			–				–			–

		4,256,764			29,217,786				8,410,333			–
		255,480			277,281				6,024			493,315
		8,945,768			32,592,715				9,937,340			15,138,654

	$	462,653,966		$	631,833,521			$	467,878,083		$	1,775,671,277

	$	430,824,486		$	952,431,270			$	379,679,493		$	1,031,475,968
		31,829,480			(320,597,749	)			88,198,590			744,195,309
	$	462,653,966		$	631,833,521			$	467,878,083		$	1,775,671,277

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)

April 30, 2021

	Growth Leaders Fund			Health Care Fund			International Equity Fund
Net assets by class:
Class A Shares		$	2,347,044,700		$	3,161,249		$	189,131,666
Class C Shares		$	1,060,077,970		$	932,097		$	8,029,612
Class F Shares		$	3,769,174,963		$	584,487		$	15,488,987
Class F3 Shares		$	548,230,144		$	37,184		$	5,627,376
Class I Shares		$	1,253,933,154		$	18,030		$	161,629,191
Class P Shares			–			–		$	12,011
Class R2 Shares		$	2,167,320			–		$	171,052
Class R3 Shares		$	20,421,280		$	13,458		$	6,382,164
Class R4 Shares		$	16,444,913		$	13,523		$	1,568,005
Class R5 Shares		$	18,949,486		$	13,583		$	82,872
Class R6 Shares		$	102,999,322		$	2,380,578		$	2,645,070
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares			50,719,618			155,792			11,246,503
Class C Shares			25,470,697			46,612			479,097
Class F Shares			79,370,048			28,680			924,645
Class F3 Shares			11,396,189			1,825			330,487
Class I Shares			26,209,883			885			9,510,972
Class P Shares			–			–			712.49
Class R2 Shares			48,015			–			10,152
Class R3 Shares			452,938			666.67			385,198
Class R4 Shares			355,246			666.67			93,688
Class R5 Shares			395,914			666.96			4,903
Class R6 Shares			2,141,100			116,839			155,413
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$46.27			$20.29			$16.82
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)			$49.09			$21.53			$17.85
Class C Shares-Net asset value			$41.62			$20.00			$16.76
Class F Shares-Net asset value			$47.49			$20.38			$16.75
Class F3 Shares-Net asset value			$48.11			$20.37			$17.03
Class I Shares-Net asset value			$47.84			$20.37			$16.99
Class P Shares-Net asset value			–			–			$16.86
Class R2 Shares-Net asset value			$45.14			–			$16.85
Class R3 Shares-Net asset value			$45.09			$20.19			$16.57
Class R4 Shares-Net asset value			$46.29			$20.28			$16.74
Class R5 Shares-Net asset value			$47.86			$20.37			$16.90
Class R6 Shares-Net asset value			$48.11			$20.37			$17.02

86	See Notes to Financial Statements.

International Opportunities Fund			International Value Fund			Micro Cap Growth Fund			Value Opportunities Fund

	$	124,057,613		$	245,797,241		$	79,305,711		$	834,201,482
	$	15,424,699		$	13,357,712		$	15,085,634		$	81,997,127
	$	54,328,794		$	30,526,444		$	212,045,669		$	179,590,048
	$	26,127,637		$	24,107,710			–		$	251,361,290
	$	196,981,572		$	309,620,369		$	161,441,069		$	271,984,911
	$	158,844			–			–		$	18,515,948
	$	3,033,245		$	25,112			–		$	6,005,690
	$	11,097,129		$	6,882,397			–		$	44,608,024
	$	2,818,571		$	146,115			–		$	43,374,994
	$	3,448,680		$	14,567			–		$	2,332,301
	$	25,177,182		$	1,355,854			–		$	41,699,462

		5,966,683			30,306,863			3,896,321			36,983,380
		807,007			1,660,795			608,542			4,309,170
		2,637,153			3,743,458			8,494,994			7,751,358
		1,210,495			2,951,129			–			10,516,202
		9,177,076			37,876,248			6,467,577			11,470,328
		7,449			–			–			842,183
		148,922			3,017			–			281,594
		547,030			838,924			–			2,058,027
		136,218			18,055			–			1,925,553
		160,775			1,788			–			98,275
		1,166,391			165,935			–			1,745,999

		$20.79			$8.11			$20.35			$22.56

		$22.06			$8.60			$21.59			$23.94
		$19.11			$8.04			$24.79			$19.03
		$20.60			$8.15			$24.96			$23.17
		$21.58			$8.17			–			$23.90
		$21.46			$8.17			$24.96			$23.71
		$21.32			–			–			$21.99
		$20.37			$8.32			–			$21.33
		$20.29			$8.20			–			$21.68
		$20.69			$8.09			–			$22.53
		$21.45			$8.15			–			$23.73
		$21.59			$8.17			–			$23.88

See Notes to Financial Statements.

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2021

	Alpha Strategy Fund				Durable Growth Fund				Focused Growth Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $868, $0, $77,420, $4,380, $126,132 and $5,490, respectively)		$	3,086,158			$	485,063			$	29,543
Securities lending net income			–				120				–
Interest and other			–				15				1,969
Total investment income			3,086,158				485,198				31,512
Expenses:
Management fee			415,783				423,463				129,673
12b-1 distribution plan-Class A			626,376				2,762				19,750
12b-1 distribution plan-Class C			320,136				1,396				11,530
12b-1 distribution plan-Class F			75,272				194				6,124
12b-1 distribution plan-Class P			–				–				–
12b-1 distribution plan-Class R2			5,116				–				–
12b-1 distribution plan-Class R3			64,338				35				50
12b-1 distribution plan-Class R4			5,628				18				25
Shareholder servicing			365,609				31,635				11,799
Fund administration			166,313				30,797				7,980
Registration			58,526				59,670				62,025
Reports to shareholders			21,056				3,326				1,354
Professional			17,541				18,438				25,218
Custody			8,561				4,776				1,374
Trustees’ fees			13,280				3,225				585
Other			8,597				22,554				5,817
Gross expenses			2,172,132				602,289				283,304
Expense reductions (See Note 9)			(388	)			(1	)			(17	)
Fees waived and expenses reimbursed (See Note 3)			(424,344	)			(59,246	)			(94,322	)
Net expenses			1,747,400				543,042				188,965
Net investment income (loss)			1,338,758				(57,844	)			(157,453	)
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds			35,492,245				–				–
Net realized gain (loss) on Investment in Underlying Funds			2,102,938				–				–
Net realized gain (loss) on investments			–				19,593,078				6,628,992
Net realized gain (loss) on futures contracts			–				–				–
Net realized gain (loss) on foreign currency related transactions			–				–				–
Net change in unrealized appreciation/depreciation on investments			–				14,297,800				949,831
Net change in unrealized appreciation/depreciation in Underlying Funds			246,127,069				–				–
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies			–				–				–
Net realized and unrealized gain (loss)			283,722,252				33,890,878				7,578,823
Net Increase in Net Assets Resulting From Operations		$	285,061,010			$	33,833,034			$	7,421,370

88	See Notes to Financial Statements.

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

	$	8,161,846			$	1,369,270			$	19,114,156			$	59,405
		429				354				–				8
		867				3,056				138				13,737
		8,163,142				1,372,680				19,114,294				73,150

		2,033,624				704,769				4,999,143				19,437
		2,109				16,545				1,524,311				4,460
		2,433				5,556				324,320				3,259
		120				6,825				66,414				843
		–				–				9,080				–
		–				–				10,481				–
		28				–				215,427				688
		13				–				3,206				20
		12,473				4,806				850,251				2,551
		137,873				35,238				362,244				1,728
		61,309				56,481				65,508				63,319
		7,800				2,147				61,994				4,715
		21,598				26,152				35,541				29,990
		3,768				7,210				33,139				15,925
		9,908				2,163				30,664				137
		43,474				10,125				66,910				6,167
		2,336,530				878,017				8,658,633				153,239
		(1	)			(15	)			(774	)			(4	)
		(4,083	)			(14,423	)			(33,139	)			(116,050	)
		2,332,446				863,579				8,624,720				37,185
		5,830,696				509,101				10,489,574				35,965

		–				–				–				–

		–				–				–				–
		47,278,672				9,522,535				131,141,644				929,828
		–				–				–				2,683

		–				538				634				1,493

		204,029,923				59,124,628				377,119,191				1,237,259

		–				–				–				–

		–				–				(933	)			(1,180	)
		251,308,595				68,647,701				508,260,536				2,170,083

	$	257,139,291			$	69,156,802			$	518,750,110			$	2,206,048

See Notes to Financial Statements.

Statements of Operations (unaudited)(concluded)

For the Six Months Ended April 30, 2021

	Growth Leaders Fund				Health Care Fund				International Equity Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $931, $442,112, $437,415, $794,748, $15,769 and $0, respectively)		$	11,147,030			$	16,092			$	3,942,177
Securities lending net income			36,218				282				2,032
Interest and other			629				214				707
Interest earned from Interfund Lending (See Note 11)			328				–				–
Total investment income			11,184,205				16,588				3,944,916
Expenses:
Management fee			21,676,169				19,061				1,422,172
12b-1 distribution plan-Class A			2,752,121				3,620				225,765
12b-1 distribution plan-Class C			5,233,289				4,067				38,462
12b-1 distribution plan-Class F			1,738,855				154				6,288
12b-1 distribution plan-Class P			–				–				48
12b-1 distribution plan-Class R2			4,895				–				506
12b-1 distribution plan-Class R3			54,288				33				15,012
12b-1 distribution plan-Class R4			19,185				16				1,784
Shareholder servicing			2,510,565				2,092				176,651
Fund administration			1,694,422				1,230				81,267
Registration			207,948				61,485				59,320
Reports to shareholders			196,170				980				20,411
Professional			45,790				23,386				51,494
Custody			20,019				2,568				36,945
Trustees’ fees			133,825				85				6,915
Other			86,599				4,912				32,678
Gross expenses			36,374,140				123,689				2,175,718
Expense reductions (See Note 9)			(3,737	)			(2	)			(105	)
Fees waived and expenses reimbursed (See Note 3)			(1,758,874	)			(92,762	)			(88,823	)
Net expenses			34,611,529				30,925				2,086,790
Net investment income (loss)			(23,427,324	)			(14,337	)			1,858,126
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments			1,548,349,066				266,801				52,441,764
Net realized gain (loss) on forward foreign currency exchange contracts			–				–				6,352
Net realized gain (loss) on swap contracts			–				–				–
Net realized gain (loss) on foreign currency related transactions			–				(206	)			(11,242	)
Net change in unrealized appreciation/depreciation on investments			(73,472,363	)			580,729				40,889,361
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			–				(18	)			16,211
Net realized and unrealized gain (loss)			1,474,876,703				847,306				93,342,446
Net Increase in Net Assets Resulting From Operations		$	1,451,449,379			$	832,969			$	95,200,572

90	See Notes to Financial Statements.

International Opportunities Fund				International Value Fund				Micro Cap Growth Fund				Value Opportunities Fund

	$	4,439,890			$	8,705,161			$	32,341			$	8,840,560
		25,888				14,218				75,516				280
		36				24,011				11				1,114
		–				–				–				262
		4,465,814				8,743,390				107,868				8,842,216

		1,693,377				1,914,773				1,339,884				5,904,509
		143,077				286,090				57,808				933,936
		74,760				71,662				35,472				382,843
		25,819				14,216				54,623				82,360
		326				–				–				39,109
		8,687				72				–				16,962
		39,766				15,724				–				109,100
		3,927				125				–				48,588
		183,172				199,258				33,756				705,569
		90,314				109,416				59,550				323,232
		58,645				56,557				43,332				66,626
		18,355				23,000				5,154				86,531
		35,992				43,353				25,840				32,688
		52,299				50,327				6,253				37,380
		7,492				8,943				3,608				26,511
		35,522				41,565				11,740				66,026
		2,471,530				2,835,081				1,677,020				8,861,970
		(118	)			(145	)			(105	)			(584	)
		(52,299	)			(144,407	)			(60,876	)			(37,380	)
		2,419,113				2,690,529				1,616,039				8,824,006
		2,046,701				6,052,861				(1,508,171	)			18,210

		45,706,272				39,858,689				10,704,519				167,421,742

		899				–				–				–
		2,536,518				–				–				–

		(72,758	)			70,129				–				–

		72,716,400				111,005,700				47,680,608				368,206,720

		69,285				–				–				–

		(25,475	)			(15,700	)			–				–
		120,931,141				150,918,818				58,385,127				535,628,462

	$	122,977,842			$	156,971,679			$	56,876,956			$	535,646,672

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, 2021 (unaudited)				For the Year Ended October 31, 2020
Operations:
Net investment income (loss)		$	1,338,758			$	1,304,289
Capital gain distributions received from Underlying Funds			35,492,245				99,573,231
Net realized gain (loss) on investments			–				–
Net realized gain (loss) on investments in Underlying Funds			2,102,938				(30,709,183	)
Net change in unrealized appreciation/depreciation on investments in Underlying Funds			246,127,069				(29,903,227	)
Net change in unrealized appreciation/depreciation on investments			–				–
Net increase in net assets resulting from operations			285,061,010				40,265,110
Distributions to shareholders:
Class A			(36,326,701	)			(64,393,529	)
Class C			(5,578,729	)			(15,294,929	)
Class F			(10,913,306	)			(23,235,257	)
Class F3			(3,009,774	)			(4,127,641	)
Class I			(2,587,002	)			(11,845,960	)
Class R2			(133,961	)			(211,258	)
Class R3			(1,901,142	)			(3,583,900	)
Class R4			(331,943	)			(473,062	)
Class R5			(58,164	)			(39,612	)
Class R6			(349,071	)			(566,017	)
Total distributions to shareholders			(61,189,793	)			(123,771,165	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			62,720,589				105,654,769
Reinvestment of distributions			51,990,922				107,813,540
Cost of shares reacquired			(93,651,436	)			(379,849,409	)
Net increase (decrease) in net assets resulting from capital share transactions			21,060,075				(166,381,100	)
Net increase (decrease) in net assets			244,931,292				(249,887,155	)
NET ASSETS:
Beginning of period		$	667,561,684			$	917,448,839
End of period		$	912,492,976			$	667,561,684

92	See Notes to Financial Statements.

Durable Growth Fund
For the Six Months Ended April 30, 2021 (unaudited)				For the Year Ended October 31, 2020

	$	(57,844	)		$	111,994
		–				–
		19,593,078				3,657,615
		–				–
		–				–
		14,297,800				30,100,703
		33,833,034				33,870,312

		(41,259	)			(185	)
		(6,867	)			–
		(9,112	)			(493	)
		(3,874	)			(128	)
		(4,522,876	)			(573	)
		–				–
		(338	)			(4	)
		(338	)			(8	)
		(351	)			(12	)
		(6,629	)			(583	)
		(4,591,644	)			(1,986	)

		1,091,768				209,915,954
		4,567,842				1,986
		(81,656,470	)			(42,019,029	)

		(75,996,860	)			167,898,911
		(46,755,470	)			201,767,237

	$	201,767,237			$	–
	$	155,011,767			$	201,767,237

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Focused Growth Fund
INCREASE IN NET ASSETS	For the Six Months Ended April 30, 2021 (unaudited)				For the Year Ended October 31, 2020
Operations:
Net investment income (loss)		$	(157,453	)		$	(111,490	)
Net realized gain (loss) on investments			6,628,992				2,455,601
Net change in unrealized appreciation/depreciation on investments			949,831				5,252,603
Net increase in net assets resulting from operations			7,421,370				7,596,714
Distributions to shareholders:
Class A			(886,904	)			–
Class C			(133,699	)			–
Class F			(439,126	)			–
Class F3			(62,060	)			–
Class I			(191,132	)			–
Class R3			(1,241	)			–
Class R4			(1,241	)			–
Class R5			(1,241	)			–
Class R6			(288,328	)			–
Total distributions to shareholders			(2,004,972	)			–
Capital share transactions (See Note 16):
Net proceeds from sales of shares			19,530,986				19,017,459
Reinvestment of distributions			1,631,744				–
Cost of shares reacquired			(9,213,094	)			(8,318,577	)
Net increase in net assets resulting from capital share transactions			11,949,636				10,698,882
Net increase in net assets			17,366,034				18,295,596
NET ASSETS:
Beginning of period		$	28,221,301			$	9,925,705
End of period		$	45,587,335			$	28,221,301

94	See Notes to Financial Statements.

Focused Large Cap Value Fund
For the Six Months Ended April 30, 2021 (unaudited)				For the Year Ended October 31, 2020

	$	5,830,696			$	5,470,643
		47,278,672				30,885,296

		204,029,923				25,234,361
		257,139,291				61,590,300

		(60,321	)			(2,766	)
		(5,688	)			(326	)
		(2,739	)			(2,983	)
		(930	)			(3,213	)
		(38,796,164	)			(249,650	)
		(631	)			(43	)
		(647	)			(53	)
		(670	)			(64	)
		(43,348	)			(3,681	)
		(38,911,138	)			(262,779	)

		173,996,370				443,320,189
		38,863,410				262,311
		(1,502,459	)			(116,144,085	)

		211,357,321				327,438,415
		429,585,474				388,765,936

	$	429,132,859			$	40,366,923
	$	858,718,333			$	429,132,859

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Focused Small Cap Value Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2021 (unaudited)				For the Year Ended October 31, 2020
Operations:
Net investment income		$	509,101			$	858,932
Net realized gain (loss) on investments and foreign currency related transactions			9,523,073				(9,462,735	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			59,124,628				(5,688,781	)
Net increase (decrease) in net assets resulting from operations			69,156,802				(14,292,584	)
Distributions to shareholders:
Class A			(28,973	)			(930,691	)
Class C			(754	)			(1,499	)
Class F			(30,291	)			(1,499	)
Class F3			(106	)			(1,500	)
Class I			(812,033	)			(16,913,603	)
Class P			–				–
Class R2			–				–
Class R3			–				(1,500	)
Class R4			–				(1,500	)
Class R5			(106	)			(1,500	)
Class R6			(22,082	)			(224,135	)
Total distributions to shareholders			(894,345	)			(18,077,427	)
Capital share transactions (See Note 16):
Net proceeds from sales of shares			127,168,643				15,626,914
Reinvestment of distributions			837,976				17,320,956
Cost of shares reacquired			(18,206,774	)			(46,226,137	)
Net increase (decrease) in net assets resulting from capital share transactions			109,799,845				(13,278,267	)
Net increase (decrease) in net assets			178,062,302				(45,648,278	)
NET ASSETS:
Beginning of period		$	75,563,925			$	121,212,203
End of period		$	253,626,227			$	75,563,925

96	See Notes to Financial Statements.

Fundamental Equity Fund
For the Six Months Ended April 30, 2021 (unaudited)				For the Year Ended October 31, 2020

	$	10,489,574			$	36,289,803

		131,142,278				(113,951,656	)

		377,118,258				(121,243,336	)
		518,750,110				(198,905,189	)

		(21,213,472	)			(139,407,947	)
		(572,357	)			(16,649,980	)
		(2,559,816	)			(18,953,313	)
		(344,061	)			(2,109,059	)
		(5,925,825	)			(62,285,911	)
		(66,114	)			(512,324	)
		(52,157	)			(400,670	)
		(1,331,556	)			(9,958,420	)
		(42,824	)			(503,129	)
		(20,468	)			(150,353	)
		(254,289	)			(2,273,124	)
		(32,382,939	)			(253,204,230	)

		44,020,686				229,532,972
		31,120,405				243,117,741
		(286,786,010	)			(889,621,209	)

		(211,644,919	)			(416,970,496	)
		274,722,252				(869,079,915	)

	$	1,619,478,341			$	2,488,558,256
	$	1,894,200,593			$	1,619,478,341

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Global Equity Research Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2021 (unaudited)				For the Year Ended October 31, 2020
Operations:
Net investment income (loss)		$	35,965			$	67,902
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions			934,004				332,104
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			1,236,079				186,386
Net increase in net assets resulting from operations			2,206,048				586,392
Distributions to shareholders:
Class A			(145,688	)			(41,267	)
Class C			(25,807	)			(1,897	)
Class F			(81,627	)			(17,441	)
Class F3			(806	)			(181	)
Class I			(80,420	)			(17,804	)
Class R2			–				(107	)
Class R3			(11,511	)			(1,908	)
Class R4			(780	)			(150	)
Class R5			(820	)			(182	)
Class R6			(36,541	)			(8,710	)
Total distributions to shareholders			(384,000	)			(89,647	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			1,735,448				1,069,800
Reinvestment of distributions			198,859				80,997
Cost of shares reacquired			(670,493	)			(3,270,513	)
Net increase (decrease) in net assets resulting from capital share transactions			1,263,814				(2,119,716	)
Net increase (decrease) in net assets			3,085,862				(1,622,971	)
NET ASSETS:
Beginning of period		$	6,921,864			$	8,544,835
End of period		$	10,007,726			$	6,921,864

98	See Notes to Financial Statements.

Growth Leaders Fund
For the Six Months Ended April 30, 2021 (unaudited)				For the Year Ended October 31, 2020

	$	(23,427,324	)		$	(26,344,558	)

		1,548,349,066				757,776,433

		(73,472,363	)			1,676,037,268
		1,451,449,379				2,407,469,143

		(188,612,920	)			(81,848,840	)
		(102,803,513	)			(55,520,466	)
		(291,014,340	)			(115,075,437	)
		(28,723,117	)			(5,998,021	)
		(97,566,085	)			(41,625,583	)
		(159,822	)			(94,793	)
		(2,024,661	)			(1,134,003	)
		(1,271,829	)			(604,646	)
		(1,359,076	)			(741,362	)
		(6,678,295	)			(2,986,993	)
		(720,213,658	)			(305,630,144	)

		2,307,107,539				2,471,905,296
		665,061,840				278,119,573
		(1,515,748,824	)			(1,640,138,043	)

		1,456,420,555				1,109,886,826
		2,187,656,276				3,211,725,825

	$	6,951,786,976			$	3,740,061,151
	$	9,139,443,252			$	6,951,786,976

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Health Care Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2021 (unaudited)				For the Year Ended October 31, 2020
Operations:
Net investment income (loss)		$	(14,337	)		$	(4,997	)
Net realized gain (loss) on investments, forward foreign currency exchange contracts and foreign currency related transactions			266,595				528,143
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			580,711				454,407
Net increase in net assets resulting from operations			832,969				977,553
Distributions to shareholders:
Class A			(273,120	)			–
Class C			(58,883	)			–
Class F			(13,072	)			(37	)
Class F3			(4,263	)			(346	)
Class I			(2,047	)			(54	)
Class P			–				–
Class R2			–				–
Class R3			(1,541	)			–
Class R4			(1,541	)			–
Class R5			(1,546	)			(5	)
Class R6			(145,456	)			(563	)
Total distributions to shareholders			(501,469	)			(1,005	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			3,725,339				3,071,760
Reinvestment of distributions			299,070				788
Cost of shares reacquired			(939,583	)			(2,931,160	)
Net increase (decrease) in net assets resulting from capital share transactions			3,084,826				141,388
Net increase (decrease) in net assets			3,416,326				1,117,936
NET ASSETS:
Beginning of period		$	3,737,863			$	2,619,927
End of period		$	7,154,189			$	3,737,863

100	See Notes to Financial Statements.

International Equity Fund
For the Six Months Ended April 30, 2021 (unaudited)				For the Year Ended October 31, 2020

	$	1,858,126			$	4,016,518

		52,436,874				(12,093,836	)

		40,905,572				17,428,458
		95,200,572				9,351,140

		(1,991,486	)			(2,639,912	)
		(19,196	)			(71,571	)
		(147,298	)			(800,991	)
		(69,008	)			(76,992	)
		(2,805,314	)			(3,329,607	)
		(278	)			(544	)
		(914	)			(5,530	)
		(51,482	)			(89,018	)
		(15,302	)			(16,392	)
		(1,028	)			(1,430	)
		(34,250	)			(43,726	)
		(5,135,556	)			(7,075,713	)

		14,652,347				30,457,636
		5,052,206				6,953,332
		(83,459,174	)			(127,708,023	)

		(63,754,621	)			(90,297,055	)
		26,310,395				(88,021,628	)

	$	364,457,611			$	452,479,239
	$	390,768,006			$	364,457,611


	See Notes to Financial Statements.	101

Statements of Changes in Net Assets (continued)

	International Opportunities Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2021 (unaudited)				For the Year Ended October 31, 2020
Operations:
Net investment income		$	2,046,701			$	2,261,426
Net realized gain (loss) on investments, forward foreign currency exchange contracts, swaps and foreign currency related transactions			48,170,931				(25,026,389	)
Net change in unrealized appreciation/depreciation on investments, swaps and translation of assets and liabilities denominated in foreign currencies			72,760,210				9,294,435
Net increase (decrease) in net assets resulting from operations			122,977,842				(13,470,528	)
Distributions to shareholders:
Class A			–				(1,578,626	)
Class C			–				(105,055	)
Class F			–				(1,183,908	)
Class F3			–				(280,820	)
Class I			–				(3,153,719	)
Class P			–				(891	)
Class R2			–				(28,321	)
Class R3			–				(187,243	)
Class R4			–				(84,735	)
Class R5			–				(266,449	)
Class R6			–				(509,434	)
Total distributions to shareholders			–				(7,379,201	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			46,101,546				66,574,037
Reinvestment of distributions			–				6,975,121
Cost of shares reacquired			(93,491,229	)			(226,633,725	)
Net increase (decrease) in net assets resulting from capital share transactions			(47,389,683	)			(153,084,567	)
Net increase (decrease) in net assets			75,588,159				(173,934,296	)
NET ASSETS:
Beginning of period		$	387,065,807			$	561,000,103
End of period		$	462,653,966			$	387,065,807

102	See Notes to Financial Statements.

International Value Fund
For the Six Months Ended April 30, 2021 (unaudited)				For the Year Ended October 31, 2020

	$	6,052,861			$	10,083,610

		39,928,818				(48,705,025	)

		110,990,000				(25,856,479	)
		156,971,679				(64,477,894	)

		(2,471,773	)			(4,117,368	)
		(110,328	)			(254,834	)
		(326,638	)			(602,335	)
		(267,325	)			(464,168	)
		(2,901,826	)			(4,323,381	)
		–				–
		(202	)			(218	)
		(58,435	)			(103,892	)
		(682	)			(701	)
		(136	)			(215	)
		(15,156	)			(25,750	)
		(6,152,501	)			(9,892,862	)

		100,002,798				70,419,560
		6,030,864				9,692,061
		(70,370,576	)			(140,459,945	)

		35,663,086				(60,348,324	)
		186,482,264				(134,719,080	)

	$	445,351,257			$	580,070,337
	$	631,833,521			$	445,351,257


	See Notes to Financial Statements.	103

Statements of Changes in Net Assets (concluded)

	Micro Cap Growth Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2021 (unaudited)				For the Year Ended October 31, 2020
Operations:
Net investment income (loss)		$	(1,508,171	)		$	(1,500,087	)
Net realized gain (loss) on investments			10,704,519				36,500,948
Net change in unrealized appreciation/depreciation on investments			47,680,608				16,451,637
Net increase in net assets resulting from operations			56,876,956				51,452,498
Distributions to shareholders:
Class A			(3,732,335	)			(2,158,436	)
Class C			(305,529	)			–
Class F			(3,797,520	)			–
Class F3			–				–
Class I			(22,252,243	)			(18,035,766	)
Class P			–				–
Class R2			–				–
Class R3			–				–
Class R4			–				–
Class R5			–				–
Class R6			–				–
Total distributions to shareholders			(30,087,627	)			(20,194,202	)
Capital share transactions (Net of share conversions) (See Note 16):
Net proceeds from sales of shares			388,764,161				36,535,765
Reinvestment of distributions			24,408,563				18,151,507
Cost of shares reacquired			(87,493,800	)			(102,948,159	)
Net increase (decrease) in net assets resulting from capital share transactions			325,678,924				(48,260,887	)
Net increase (decrease) in net assets			352,468,253				(17,002,591	)
NET ASSETS:
Beginning of period		$	115,409,830			$	132,412,421
End of period		$	467,878,083			$	115,409,830

104	See Notes to Financial Statements.

Value Opportunities Fund
For the Six Months Ended April 30, 2021 (unaudited)				For the Year Ended October 31, 2020

	$	18,210			$	5,295,341
		167,421,742				91,012,863

		368,206,720				(76,099,606	)
		535,646,672				20,208,598

		(38,007,204	)			(85,094,354	)
		(4,497,264	)			(17,196,886	)
		(8,497,130	)			(22,240,666	)
		(11,931,245	)			(27,977,023	)
		(13,160,065	)			(31,069,513	)
		(906,655	)			(2,448,798	)
		(302,914	)			(736,437	)
		(2,492,301	)			(6,339,609	)
		(1,994,555	)			(4,776,365	)
		(120,442	)			(306,961	)
		(1,814,163	)			(4,315,563	)
		(83,723,938	)			(202,502,175	)

		104,191,831				156,871,893
		81,622,230				196,957,357
		(237,475,156	)			(649,877,862	)

		(51,661,095	)			(296,048,612	)
		400,261,639				(478,342,189	)

	$	1,375,409,638			$	1,853,751,827
	$	1,775,671,277			$	1,375,409,638

See Notes to Financial Statements.

105

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		Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- bution
Class A
4/30/2021^(d)	$	22.60	$	0.05		$	9.50	$	9.55		$	(0.36	)	$	(1.73	)	$	(2.09	)
10/31/2020		24.04		0.03			1.82		1.85			–			(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	)
Class C
4/30/2021^(d)		17.82		(0.04	)		7.45		7.41			(0.19	)		(1.73	)		(1.92	)
10/31/2020		19.73		(0.09	)		1.47		1.38			–			(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	)
Class F
4/30/2021^(d)		22.82		0.07			9.61		9.68			(0.40	)		(1.73	)		(2.13	)
10/31/2020		24.22		0.08			1.81		1.89			–			(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	)
Class F3
4/30/2021^(d)		23.47		0.09			9.90		9.99			(0.43	)		(1.73	)		(2.16	)
10/31/2020		24.78		0.10			1.88		1.98			–			(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
4/30/2021^(d)		23.39		0.08			9.86		9.94			(0.42	)		(1.73	)		(2.15	)
10/31/2020		24.72		0.11			1.85		1.96			–			(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	)
Class R2
4/30/2021		21.52		–			9.05		9.05			(0.30	)		(1.73	)		(2.03	)
10/31/2020		23.11		(0.04	)		1.74		1.70			–			(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	)


106	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 (%)

$	30.06		43.73	^(e)		0.41	^(f)		0.51	^(f)		0.33	^(f)	$	550,509		6	^(e)
	22.60		7.72			0.43			0.53			0.16			400,088		16
	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

	23.31		43.17	^(e)		1.16	^(f)		1.26	^(f)		(0.39	)^(f)		64,967		6	^(e)
	17.82		6.98			1.18			1.28			(0.52	)		54,247		16
	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

	30.37		43.82	^(e)		0.26	^(f)		0.36	^(f)		0.48	^(f)		168,072		6	^(e)
	22.82		7.89			0.28			0.38			0.37			120,797		16
	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

	31.30		43.97	^(e)		0.08	^(f)		0.18	^(f)		0.65	^(f)		49,004		6	^(e)
	23.47		8.10			0.09			0.19			0.44			33,179		16
	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

	31.18		43.89	^(e)		0.16	^(f)		0.26	^(f)		0.58	^(f)		40,101		6	^(e)
	23.39		8.02			0.18			0.28			0.51			28,481		16
	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

	28.54		43.47	^(e)		0.76	^(f)		0.86	^(f)		0.02	^(f)		1,510		6	^(e)
	21.52		7.39			0.78			0.88			(0.19	)		1,430		16
	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

See Notes to Financial Statements.

107

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		Total from invest- ment opera- tions		Net investment income			Net realized gain			Total distri- bution
Class R3
4/30/2021^(d)	$	21.70	$	0.01		$	9.13	$	9.14	$	(0.30	)	$	(1.73	)	$	(2.03	)
10/31/2020		23.26		(0.01	)		1.74		1.73		–			(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	)
Class R4
4/30/2021^(d)		22.54		0.05			9.47		9.52		(0.36	)		(1.73	)		(2.09	)
10/31/2020		23.98		0.02			1.83		1.85		–			(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	)
Class R5
4/30/2021^(d)		23.40		0.10			9.84		9.94		(0.42	)		(1.73	)		(2.15	)
10/31/2020		24.73		0.03			1.93		1.96		–			(3.29	)		(3.29	)
10/31/2019		27.30		0.03			0.89		0.92		(0.33	)		(3.16	)		(3.51	)
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	)
Class R6
4/30/2021^(d)		23.48		0.10			9.89		9.99		(0.43	)		(1.73	)		(2.16	)
10/31/2020		24.78		0.10			1.89		1.99		–			(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	)

^(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.


108	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 (%)

$	28.81		43.56	^(e)		0.66	^(f)		0.76	^(f)		0.08	^(f)	$	27,584		6	^(e)
	21.70		7.47			0.68			0.78			(0.07	)		20,860		16
	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

	29.97		43.67	^(e)		0.41	^(f)		0.51	^(f)		0.34	^(f)		4,757		6	^(e)
	22.54		7.79			0.43			0.53			0.09			3,715		16
	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

	31.19		43.90	^(e)		0.16	^(f)		0.26	^(f)		0.68	^(f)		503		6	^(e)
	23.40		8.02			0.18			0.28			0.14			623		16
	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

	31.31		43.95	^(e)		0.08	^(f)		0.18	^(f)		0.66	^(f)		5,486		6	^(e)
	23.48		8.14			0.09			0.19			0.46			4,143		16
	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


	See Notes to Financial Statements.	109

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 investment income			Net realized gain			Total distri- bution
Class A
4/30/2021^(d)	$	19.21	$	(0.04	)		$	4.26	$	4.22	$	–		$	(0.51	)	$	(0.51	)
10/31/2020		15.00		(0.03	)			4.25		4.22		(0.01	)		–			(0.01	)
Class C
4/30/2021^(d)		19.08		(0.11	)			4.21		4.10		–			(0.51	)		(0.51	)
10/31/2020		15.00		(0.14	)			4.22		4.08		–			–			–
Class F
4/30/2021^(d)		19.25		(0.01	)			4.26		4.25		–			(0.51	)		(0.51	)
10/31/2020		15.00		0.04				4.22		4.26		(0.01	)		–			(0.01	)
Class F3
4/30/2021^(d)		19.26		–				4.25		4.25		(0.02	)		(0.51	)		(0.53	)
10/31/2020		15.00		0.04				4.24		4.28		(0.02	)		–			(0.02	)
Class I
4/30/2021^(d)		19.25		(0.01	)			4.26		4.25		(0.02	)		(0.51	)		(0.53	)
10/31/2020		15.00		0.01				4.26		4.27		(0.02	)		–			(0.02	)
Class R3
4/30/2021^(d)		19.17		(0.06	)			4.23		4.17		–			(0.51	)		(0.51	)
10/31/2020		15.00		(0.05	)			4.23		4.18		(0.01	)		–			(0.01	)
Class R4
4/30/2021^(d)		19.22		(0.04	)			4.25		4.21		–			(0.51	)		(0.51	)
10/31/2020		15.00		(0.01	)			4.24		4.23		(0.01	)		–			(0.01	)
Class R5
4/30/2021^(d)		19.25		(0.01	)			4.26		4.25		(0.02	)		(0.51	)		(0.53	)
10/31/2020		15.00		0.03				4.24		4.27		(0.02	)		–			(0.02	)
Class R6
4/30/2021^(d)		19.26		(0.01	)	��		4.26		4.25		(0.02	)		(0.51	)		(0.53	)
10/31/2020		15.00		0.06				4.22		4.28		(0.02	)		–			(0.02	)


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


110	See Notes to Financial Statements.

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

$	22.92		22.29	^(c)		0.94	^(e)		1.02	^(e)		(0.35	)^(e)	$	2,736		11	^(c)
	19.21		28.16			0.95			1.29			(0.18	)		1,538		52

	22.67		21.80	^(c)		1.69	^(e)		1.77	^(e)		(1.08	)^(e)		295		11	^(c)
	19.08		27.20			1.68			2.61			(0.84	)		228		52

	22.99		22.40	^(c)		0.70	^(e)		0.88	^(e)		(0.09	)^(e)		424		11	^(c)
	19.25		28.46			0.69			2.25			0.25			346		52

	22.98		22.41	^(c)		0.65	^(e)		0.74	^(e)		(0.04	)^(e)		169		11	^(c)
	19.26		28.55			0.64			1.73			0.24			141		52

	22.97		22.41	^(c)		0.70	^(e)		0.78	^(e)		(0.07	)^(e)		150,800		11	^(c)
	19.25		28.48			0.71			0.69			0.07			199,234		52

	22.83		22.07	^(c)		1.19	^(e)		1.26	^(e)		(0.58	)^(e)		15		11	^(c)
	19.17		27.84			1.20			2.25			(0.32	)		13		52

	22.92		22.24	^(c)		0.95	^(e)		1.02	^(e)		(0.34	)^(e)		15		11	^(c)
	19.22		28.16			0.95			2.00			(0.07	)		13		52

	22.97		22.41	^(c)		0.69	^(e)		0.76	^(e)		(0.07	)^(e)		15		11	^(c)
	19.25		28.48			0.70			1.75			0.18			13		52

	22.98		22.41	^(c)		0.65	^(e)		0.75	^(e)		(0.08	)^(e)		542		11	^(c)
	19.26		28.55			0.64			2.37			0.37			241		52


	See Notes to Financial Statements.	111

Financial Highlights

FOCUSED GROWTH FUND

			Per Share Operating Performance:
										Distributions
										to
										shareholders
			Investment Operations:							from:
	Net asset		Net			Net							Net asset
	value,		investment			realized and		Total from		Net			value,
	beginning		income			unrealized		investment		realized			end of
	of period		(loss)^(a)			gain		operations		gain			period
Class A
4/30/2021^(c)		$26.90		$(0.13	)		$ 6.57		$ 6.44		$ (1.86	)		$ 31.48
10/31/2020		15.88		(0.17	)		11.19		11.02		–			26.90
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.10	)		0.98		0.88		–			15.88
Class C
4/30/2021^(c)		26.56		(0.24	)		6.48		6.24		(1.86	)		30.94
10/31/2020		15.80		(0.37	)		11.13		10.76		–			26.56
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.19	)		0.99		0.80		–			15.80
Class F
4/30/2021^(c)		27.03		(0.10	)		6.61		6.51		(1.86	)		31.68
10/31/2020		15.91		(0.13	)		11.25		11.12		–			27.03
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.07	)		0.98		0.91		–			15.91
Class F3
4/30/2021^(c)		27.06		(0.09	)		6.62		6.53		(1.86	)		31.73
10/31/2020		15.92		(0.09	)		11.23		11.14		–			27.06
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.06	)		0.98		0.92		–			15.92
Class I
4/30/2021^(c)		27.03		(0.10	)		6.61		6.51		(1.86	)		31.68
10/31/2020		15.92		(0.11	)		11.22		11.11		–			27.03
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.07	)		0.99		0.92		–			15.92
Class R3
4/30/2021^(c)		26.79		(0.17	)		6.54		6.37		(1.86	)		31.30
10/31/2020		15.86		(0.21	)		11.14		10.93		–			26.79
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.13	)		0.99		0.86		–			15.86
Class R4
4/30/2021^(c)		26.91		(0.13	)		6.57		6.44		(1.86	)		31.49
10/31/2020		15.89		(0.16	)		11.18		11.02		–			26.91
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.10	)		0.99		0.89		–			15.89
Class R5
4/30/2021^(c)		27.02		(0.10	)		6.62		6.52		(1.86	)		31.68
10/31/2020		15.91		(0.10	)		11.21		11.11		–			27.02
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.07	)		0.98		0.91		–			15.91
Class R6
4/30/2021^(c)		27.06		(0.09	)		6.62		6.53		(1.86	)		31.73
10/31/2020		15.92		(0.10	)		11.24		11.14		–			27.06
1/30/2019 to 10/31/2019^(f)(g)		15.00		(0.06	)		0.98		0.92		–			15.92

^(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)	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.

112	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:


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

	24.95	^(d)		1.05	^(e)		1.49	^(e)		(0.88	)^(e)		$16,142		81	^(d)
	69.40			1.05			2.25			(0.79	)		12,485		126
	5.87	^(d)		1.05	^(e)		3.09	^(e)		(0.83	)^(e)		4,889		130	^(d)

	24.49	^(d)		1.80	^(e)		2.24	^(e)		(1.63	)^(e)		2,301		81	^(d)
	68.10			1.78			2.87			(1.61	)		1,849		126
	5.33	^(d)		1.80	^(e)		4.10	^(e)		(1.55	)^(e)		156		130	^(d)

	25.10	^(d)		0.79	^(e)		1.32	^(e)		(0.65	)^(e)		16,816		81	^(d)
	69.89			0.80			2.03			(0.58	)		5,821		126
	6.07	^(d)		0.80	^(e)		3.14	^(e)		(0.56	)^(e)		1,005		130	^(d)

	25.14	^(d)		0.73	^(e)		1.19	^(e)		(0.57	)^(e)		1,058		81	^(d)
	69.97			0.72			2.01			(0.44	)		902		126
	6.13	^(d)		0.73	^(e)		3.07	^(e)		(0.48	)^(e)		531		130	^(d)

	25.14	^(d)		0.80	^(e)		1.24	^(e)		(0.64	)^(e)		4,133		81	^(d)
	69.72			0.80			2.04			(0.52	)		2,712		126
	6.13	^(d)		0.80	^(e)		2.91	^(e)		(0.60	)^(e)		1,492		130	^(d)

	24.78	^(d)		1.30	^(e)		1.75	^(e)		(1.14	)^(e)		21		81	^(d)
	68.92			1.30			2.52			(1.01	)		18		126
	5.73	^(d)		1.30	^(e)		3.64	^(e)		(1.06	)^(e)		11		130	^(d)

	24.94	^(d)		1.05	^(e)		1.50	^(e)		(0.89	)^(e)		21		81	^(d)
	69.35			1.05			2.27			(0.75	)		18		126
	5.93	^(d)		1.05	^(e)		3.37	^(e)		(0.80	)^(e)		11		130	^(d)

	25.14	^(d)		0.80	^(e)		1.25	^(e)		(0.64	)^(e)		21		81	^(d)
	69.83			0.80			2.02			(0.49	)		18		126
	6.07	^(d)		0.80	^(e)		3.12	^(e)		(0.55	)^(e)		11		130	^(d)

	25.14	^(d)		0.73	^(e)		1.19	^(e)		(0.57	)^(e)		5,074		81	^(d)
	69.97			0.72			1.99			(0.45	)		4,400		126
	6.13	^(d)		0.73	^(e)		2.83	^(e)		(0.50	)^(e)		1,821		130	^(d)

See Notes to Financial Statements.

113

Financial Highlights

FOCUSED LARGE CAP VALUE FUND

			Per Share Operating Performance:
											Distributions to
			Investment Operations:								shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Net			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income^(a)		gain (loss)			tions			income			gain			bution
Class A
4/30/2021^(c)		$12.95		$0.11		$ 6.23			$ 6.34			$(0.16	)		$(0.81	)		$(0.97	)
10/31/2020		14.75		0.27		(1.99	)		(1.72	)		(0.08	)		–			(0.08	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.06		(0.31	)^(h)		(0.25	)		–			–			–
Class C
4/30/2021^(c)		12.87		0.03		6.23			6.26			–			(0.81	)		(0.81	)
10/31/2020		14.72		0.17		(1.98	)		(1.81	)		(0.04	)		–			(0.04	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.03		(0.31	)^(h)		(0.28	)		–			–			–
Class F
4/30/2021^(c)		12.98		0.15		6.23			6.38			(0.08	)		(0.81	)		(0.89	)
10/31/2020		14.76		0.31		(2.00	)		(1.69	)		(0.09	)		–			(0.09	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.07		(0.31	)^(h)		(0.24	)		–			–			–
Class F3
4/30/2021^(c)		12.98		0.14		6.23			6.37			(0.19	)		(0.81	)		(1.00	)
10/31/2020		14.76		0.32		(2.00	)		(1.68	)		(0.10	)		–			(0.10	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.07		(0.31	)^(h)		(0.24	)		–			–			–
Class I
4/30/2021^(c)		12.99		0.14		6.22			6.36			(0.19	)		(0.81	)		(1.00	)
10/31/2020		14.76		0.30		(1.97	)		(1.67	)		(0.10	)		–			(0.10	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.04		(0.28	)^(h)		(0.24	)		–			–			–
Class R3
4/30/2021^(c)		12.92		0.10		6.21			6.31			(0.12	)		(0.81	)		(0.93	)
10/31/2020		14.74		0.23		(1.99	)		(1.76	)		(0.06	)		–			(0.06	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.05		(0.31	)^(h)		(0.26	)		–			–			–
Class R4
4/30/2021^(c)		12.95		0.12		6.22			6.34			(0.16	)		(0.81	)		(0.97	)
10/31/2020		14.75		0.27		(1.99	)		(1.72	)		(0.08	)		–			(0.08	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.06		(0.31	)^(h)		(0.25	)		–			–			–

114	See Notes to Financial Statements.

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

	$18.32		50.58	^(d)		0.92	^(e)		0.92	^(e)		1.34	^(e)		$3,009		29	^(d)
	12.95		(11.74	)		0.96			1.09			2.08			541		128
	14.75		(1.67	)^(d)		0.96	^(e)		4.40	^(e)		1.57	^(e)		508		16	^(d)

	18.32		49.97	^(d)		1.64	^(e)		1.64	^(e)		0.39	^(e)		1,721		29	^(d)
	12.87		(12.35	)		1.71			1.83			1.32			77		128
	14.72		(1.87	)^(d)		1.71	^(e)		5.27	^(e)		0.75	^(e)		108		16	^(d)

	18.47		50.66	^(d)		0.66	^(e)		0.76	^(e)		1.66	^(e)		2,329		29	^(d)
	12.98		(11.54	)		0.71			0.98			2.33			40		128
	14.76		(1.60	)^(d)		0.71	^(e)		4.37	^(e)		1.75	^(e)		492		16	^(d)

	18.35		50.75	^(d)		0.64	^(e)		0.66	^(e)		1.74	^(e)		17		29	^(d)
	12.98		(11.50	)		0.63			0.84			2.40			12		128
	14.76		(1.60	)^(d)		0.63	^(e)		4.21	^(e)		1.83	^(e)		492		16	^(d)

	18.35		50.63	^(d)		0.67	^(e)		0.67	^(e)		1.69	^(e)		849,774		29	^(d)
	12.99		(11.43	)		0.71			0.75			2.34			428,070		128
	14.76		(1.60	)^(d)		0.71	^(e)		1.07	^(e)		1.10	^(e)		38,221		16	^(d)

	18.30		50.34	^(d)		1.16	^(e)		1.16	^(e)		1.23	^(e)		13		29	^(d)
	12.92		(11.98	)		1.21			1.34			1.75			9		128
	14.74		(1.73	)^(d)		1.21	^(e)		4.78	^(e)		1.24	^(e)		10		16	^(d)

	18.32		50.54	^(d)		0.91	^(e)		0.91	^(e)		1.48	^(e)		12		29	^(d)
	12.95		(11.74	)		0.96			1.08			2.00			9		128
	14.75		(1.67	)^(d)		0.96	^(e)		4.51	^(e)		1.47	^(e)		10		16	^(d)

See Notes to Financial Statements.

115

Financial Highlights (concluded)

FOCUSED LARGE CAP VALUE FUND

			Per Share Operating Performance:
											Distributions to
			Investment Operations:								shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Net			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income^(a)		gain (loss)			tions			income			gain			bution
Class R5
4/30/2021^(c)		$12.98		$0.14		$ 6.22			$ 6.36			$(0.19	)		$(0.81	)		$(1.00	)
10/31/2020		14.76		0.30		(1.98	)		(1.68	)		(0.10	)		–			(0.10	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.07		(0.31	)^(h)		(0.24	)		–			–			–
Class R6
4/30/2021^(c)		12.99		0.14		6.24			6.38			(0.19	)		(0.81	)		(1.00	)
10/31/2020		14.76		0.32		(1.99	)		(1.67	)		(0.10	)		–			(0.10	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		0.07		(0.31	)^(h)		(0.24	)		–			–			–

^(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)	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.

116	See Notes to Financial Statements.

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

	$18.34		50.67	^(d)		0.66	^(e)		0.66	^(e)		1.73	^(e)		$ 12		29	^(d)
	12.98		(11.51	)		0.71			0.84			2.24			9		128
	14.76		(1.60	)^(d)		0.71	^(e)		4.27	^(e)		1.75	^(e)		10		16	^(d)

	18.37		50.79	^(d)		0.64	^(e)		0.68	^(e)		1.64	^(e)		1,831		29	^(d)
	12.99		(11.43	)		0.63			0.81			2.38			366		128
	14.76		(1.60	)^(d)		0.63	^(e)		4.21	^(e)		1.83	^(e)		517		16	^(d)

See Notes to Financial Statements.

117

Financial Highlights

FOCUSED SMALL CAP VALUE FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
									Total
			Net			Net			from
	Net asset		invest-			realized			invest-
	value,		ment			and			ment			Net			Net			Total
	beginning		income			unrealized			opera-			investment			realized			distri-
	of period		(loss)^(a)			gain (loss)			tions			income			gain			bution
Class A
4/30/2021^(c)		$18.77		$ 0.04			$12.01			$12.05			$(0.16	)		$ –			$(0.16	)
10/31/2020		25.14		0.14			(2.40	)		(2.26	)		–			(4.11	)		(4.11	)
10/31/2019		29.02		(0.04	)		0.39			0.35			–			(4.23	)		(4.23	)
10/31/2018		34.92		(0.32	)		0.47			0.15			–			(6.05	)		(6.05	)
10/31/2017		33.65		(0.27	)		7.56			7.29			–			(6.02	)		(6.02	)
10/31/2016		31.34		(0.22	)		3.27			3.05			–			(0.74	)		(0.74	)
Class C
4/30/2021^(c)		19.99		(0.10	)		12.84			12.74			(0.12	)		–			(0.12	)
10/31/2020		26.71		(0.08	)		(2.53	)		(2.61	)		–			(4.11	)		(4.11	)
6/28/2019 to 10/31/2019^(f)		27.39		(0.03	)		(0.65	)		(0.68	)		–			–			–
Class F
4/30/2021^(c)		20.30		0.06			13.00			13.06			(0.24	)		–			(0.24	)
10/31/2020		26.80		0.09			(2.48	)		(2.39	)		–			(4.11	)		(4.11	)
6/28/2019 to 10/31/2019^(f)		27.39		0.06			(0.65	)		(0.59	)		–			–			–
Class F3
4/30/2021^(c)		20.32		0.09			12.99			13.08			(0.25	)		–			(0.25	)
10/31/2020		26.80		0.19			(2.56	)		(2.37	)		–			(4.11	)		(4.11	)
6/28/2019 to 10/31/2019^(f)		27.39		0.06			(0.65	)		(0.59	)		–			–			–
Class I
4/30/2021^(c)		20.30		0.09			12.97			13.06			(0.25	)		–			(0.25	)
10/31/2020		26.80		0.19			(2.58	)		(2.39	)		–			(4.11	)		(4.11	)
10/31/2019		30.64		(0.02	)		0.41			0.39			–			(4.23	)		(4.23	)
10/31/2018		36.53		(0.33	)		0.49			0.16			–			(6.05	)		(6.05	)
10/31/2017		34.95		(0.28	)		7.88			7.60			–			(6.02	)		(6.02	)
10/31/2016		32.52		(0.23	)		3.40			3.17			–			(0.74	)		(0.74	)
Class R5
4/30/2021^(c)		20.29		0.09			12.98			13.07			(0.25	)		–			(0.25	)
10/31/2020		26.80		0.17			(2.57	)		(2.40	)		–			(4.11	)		(4.11	)
6/28/2019 to 10/31/2019^(f)		27.39		0.05			(0.64	)		(0.59	)		–			–			–
Class R6
4/30/2021^(c)		20.33		0.09			12.99			13.08			(0.25	)		–			(0.25	)
10/31/2020		26.81		0.18			(2.55	)		(2.37	)		–			(4.11	)		(4.11	)
6/28/2019 to 10/31/2019^(f)		27.39		0.09		��	(0.67	)		(0.58	)		–			–			–

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

118	See Notes to Financial Statements.

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

	$30.66		64.48	^(d)		1.19	^(e)		1.20	^(e)		0.30	^(e)		$21,258		36	^(d)
	18.77		(11.21	)		1.28			1.40			0.72			3,253		77
	25.14		1.68			1.53			1.58			(0.16	)		5,729		135
	29.02		0.11			1.63			1.63			(1.02	)		6,382		57
	34.92		23.38			1.66			1.66			(0.81	)		6,698		48
	33.65		10.00			1.80			1.80			(0.71	)		6,083		52

	32.61		63.96	^(d)		1.90	^(e)		1.91	^(e)		(0.69	)^(e)		3,688		36	^(d)
	19.99		(12.01	)		2.03			2.20			(0.42	)		102		77
	26.71		(2.48	)^(d)		2.03	^(e)		2.14	^(e)		(0.37	)^(e)		10		135

	33.12		64.78	^(d)		0.93	^(e)		1.03	^(e)		0.41	^(e)		44,656		36	^(d)
	20.30		(11.00	)		1.03			1.30			0.43			784		77
	26.80		(2.15	)^(d)		1.03	^(e)		1.30	^(e)		0.65	^(e)		10		135

	33.15		64.72	^(d)		0.94	^(e)		0.94	^(e)		0.63	^(e)		14		36	^(d)
	20.32		(10.88	)		0.95			1.14			0.92			9		77
	26.80		(2.15	)^(d)		0.95	^(e)		1.15	^(e)		0.71	^(e)		10		135

	33.11		64.75	^(d)		0.95	^(e)		0.96	^(e)		0.62	^(e)		176,984		36	^(d)
	20.30		(11.00	)		1.03			1.18			0.92			69,689		77
	26.80		1.77			1.45			1.50			(0.07	)		114,088		135
	30.64		0.10			1.63			1.63			(1.02	)		127,236		57
	36.53		23.40			1.66			1.66			(0.80	)		135,852		48
	34.95		9.97			1.80			1.80			(0.72	)		135,269		52

	33.11		64.76	^(d)		0.94	^(e)		0.94	^(e)		0.63	^(e)		14		36	^(d)
	20.29		(11.00	)		1.03			1.16			0.83			9		77
	26.80		(2.15	)^(d)		1.03	^(e)		1.15	^(e)		0.62	^(e)		10		135

	33.16		64.69	^(d)		0.93	^(e)		0.96	^(e)		0.59	^(e)		7,012		36	^(d)
	20.33		(10.87	)		0.95			1.16			0.90			1,717		77
	26.81		(2.12	)^(d)		0.95	^(e)		1.24	^(e)		1.01	^(e)		1,336		135

See Notes to Financial Statements.

119

Financial Highlights

FUNDAMENTAL EQUITY FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Net			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income^(a)		gain (loss)			tions			income			gain			bution
Class A
4/30/2021^(c)		$10.56		$0.07		$ 3.45			$ 3.52			$(0.21	)		$ –			$(0.21	)
10/31/2020		12.53		0.19		(0.88	)		(0.69	)		(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	)
Class C
4/30/2021^(c)		9.19		0.02		3.01			3.03			(0.09	)		–			(0.09	)
10/31/2020		11.04		0.10		(0.77	)		(0.67	)		(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	)
Class F
4/30/2021^(c)		10.44		0.08		3.40			3.48			(0.23	)		–			(0.23	)
10/31/2020		12.40		0.21		(0.87	)		(0.66	)		(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	)
Class F3
4/30/2021^(c)		10.71		0.09		3.50			3.59			(0.24	)		–			(0.24	)
10/31/2020		12.69		0.23		(0.90	)		(0.67	)		(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^(f)		13.24		0.11		0.77			0.88			–			–			–
Class I
4/30/2021^(c)		10.65		0.09		3.47			3.56			(0.24	)		–			(0.24	)
10/31/2020		12.63		0.22		(0.89	)		(0.67	)		(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	)
Class P
4/30/2021^(c)		10.33		0.06		3.37			3.43			(0.19	)		–			(0.19	)
10/31/2020		12.28		0.17		(0.86	)		(0.69	)		(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	)

120	See Notes to Financial Statements.

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

	$13.87		33.69	^(d)		0.96			0.97	^(e)		1.14	^(e)		$1,322,604		37	^(d)
	10.56		(6.39	)		0.94			0.94			1.79			1,067,309		59
	12.53		8.52			0.99			0.99			1.57			1,378,201		88
	12.64		1.99			0.96			0.96			1.22			1,446,816		92
	13.99		17.45			0.96			0.96			1.29			1,571,170		96
	12.54		4.36			0.98			0.98			1.60			1,653,389		135

	12.13		33.11	^(d)		1.71			1.72	^(e)		0.39	^(e)		64,450		37	^(d)
	9.19		(7.07	)		1.69			1.69			1.05			60,191		59
	11.04		7.71			1.74			1.74			0.83			157,803		88
	11.22		1.21			1.71			1.71			0.48			232,937		92
	12.58		16.63			1.71			1.71			0.55			445,017		96
	11.33		3.59			1.73			1.73			0.85			544,649		135

	13.69		33.69	^(d)		0.81			0.82	^(e)		1.29	^(e)		142,886		37	^(d)
	10.44		(6.22	)		0.79			0.79			1.93			116,340		59
	12.40		8.71			0.84			0.84			1.73			183,310		88
	12.52		2.17			0.81			0.81			1.38			247,704		92
	13.87		17.62			0.81			0.81			1.43			323,584		96
	12.44		4.48			0.83			0.83			1.76			304,083		135

	14.06		33.93	^(d)		0.63			0.63	^(e)		1.47	^(e)		18,848		37	^(d)
	10.71		(6.11	)		0.63			0.63			2.10			15,378		59
	12.69		8.92			0.64			0.64			1.92			20,698		88
	12.78		2.36			0.62			0.62			1.57			20,270		92
	14.12		6.65	^(d)		0.62	^(e)		0.62	^(e)		1.42	^(e)		20,497		96

	13.97		33.81	^(d)		0.72			0.72	^(e)		1.41	^(e)		228,032		37	^(d)
	10.65		(6.16	)		0.69			0.69			2.06			262,216		59
	12.63		8.84			0.74			0.74			1.79			613,182		88
	12.73		2.19			0.71			0.71			1.48			92,508		92
	14.09		17.81			0.72			0.72			1.54			120,146		96
	12.62		4.64			0.73			0.73			1.87			142,316		135

	13.57		33.53	^(d)		1.16			1.17	^(e)		0.95	^(e)		4,007		37	^(d)
	10.33		(6.54	)		1.14			1.14			1.58			3,614		59
	12.28		8.30			1.19			1.19			1.36			5,117		88
	12.40		1.77			1.16			1.16			1.02			5,648		92
	13.74		17.28			1.17			1.17			1.11			7,096		96
	12.32		4.17			1.18			1.18			1.40			10,798		135

See Notes to Financial Statements.

121

Financial Highlights (concluded)

FUNDAMENTAL EQUITY FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
								Total
					Net			from
	Net asset		Net		realized			invest-
	value,		invest-		and			ment			Net			Net			Total
	beginning		ment		unrealized			opera-			investment			realized			distri-
	of period		income^(a)		gain (loss)			tions			income			gain			bution
Class R2
4/30/2021^(c)		$10.30		$0.05		$ 3.36			$ 3.41			$(0.18	)		$ –			$(0.18	)
10/31/2020		12.24		0.15		(0.86	)		(0.71	)		(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	)
Class R3
4/30/2021^(c)		10.33		0.05		3.38			3.43			(0.18	)		–			(0.18	)
10/31/2020		12.28		0.16		(0.86	)		(0.70	)		(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	)
Class R4
4/30/2021^(c)		10.50		0.07		3.43			3.50			(0.20	)		–			(0.20	)
10/31/2020		12.46		0.19		(0.87	)		(0.68	)		(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	)
Class R5
4/30/2021^(c)		10.66		0.09		3.47			3.56			(0.24	)		–			(0.24	)
10/31/2020		12.63		0.22		(0.88	)		(0.66	)		(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	)
Class R6
4/30/2021^(c)		10.72		0.09		3.49			3.58			(0.24	)		–			(0.24	)
10/31/2020		12.69		0.23		(0.89	)		(0.66	)		(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	)

^(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.

122	See Notes to Financial Statements.

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

	$13.53		33.34	^(d)		1.31		1.32	^(e)		0.79	^(e)		$ 3,798		37	^(d)
	10.30		(6.68	)		1.29		1.29			1.44			3,082		59
	12.24		8.17			1.34		1.34			1.20			4,009		88
	12.33		1.64			1.31		1.31			0.88			3,587		92
	13.68		17.07			1.31		1.31			0.93			8,062		96
	12.27		3.97			1.33		1.33			1.25			7,952		135

	13.58		33.53	^(d)		1.21		1.22	^(e)		0.89	^(e)		91,603		37	^(d)
	10.33		(6.62	)		1.19		1.19			1.54			76,817		59
	12.28		8.27			1.24		1.24			1.32			98,059		88
	12.40		1.66			1.21		1.21			0.97			116,719		92
	13.75		17.19			1.21		1.21			1.04			147,010		96
	12.34		4.09			1.23		1.23			1.35			157,626		135

	13.80		33.66	^(d)		0.96		0.97	^(e)		1.14	^(e)		2,846		37	^(d)
	10.50		(6.35	)		0.94		0.94			1.79			2,228		59
	12.46		8.51			0.99		0.99			1.56			4,880		88
	12.58		2.00			0.96		0.96			1.22			5,164		92
	13.94		17.45			0.95		0.95			1.19			4,355		96
	12.52		4.37			0.95		0.95			1.40			121		135

	13.98		33.78	^(d)		0.72		0.72	^(e)		1.39	^(e)		899		37	^(d)
	10.66		(6.08	)		0.69		0.69			2.07			901		59
	12.63		8.76			0.74		0.74			1.80			1,482		88
	12.74		2.28			0.71		0.71			1.45			810		92
	14.09		17.73			0.70		0.70			1.40			1,049		96
	12.63		4.64			0.68		0.68			1.40			125		135

	14.06		33.80	^(d)		0.63		0.63	^(e)		1.48	^(e)		14,228		37	^(d)
	10.72		(6.03	)		0.63		0.63			2.10			11,403		59
	12.69		8.83			0.64		0.64			1.89			21,815		88
	12.79		2.36			0.62		0.62			1.57			16,864		92
	14.12		17.97			0.62		0.62			1.51			6,440		96
	12.64		4.73			0.61		0.61			1.88			123		135

See Notes to Financial Statements.

123

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- bution
Class A
4/30/2021^(c)		$12.59		$0.06			$ 3.78			$ 3.84			$(0.18	)		$(0.51	)		$(0.69	)
10/31/2020		11.52		0.11			1.09			1.20			(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
4/30/2021^(c)		12.46		–	^(g)		3.76			3.76			(0.09	)		(0.51	)		(0.60	)
10/31/2020		11.40		0.02			1.08			1.10			(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
4/30/2021^(c)		12.62		0.07			3.80			3.87			(0.21	)		(0.51	)		(0.72	)
10/31/2020		11.54		0.12			1.11			1.23			(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
4/30/2021^(c)		12.63		0.08			3.81			3.89			(0.23	)		(0.51	)		(0.74	)
10/31/2020		11.56		0.14			1.10			1.24			(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^(h)		10.28		0.07			1.26			1.33			–			–			–
Class I
4/30/2021^(c)		12.62		0.08			3.81			3.89			(0.22	)		(0.51	)		(0.73	)
10/31/2020		11.55		0.14			1.09			1.23			(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 R3
4/30/2021^(c)		12.51		0.04			3.75			3.79			(0.16	)		(0.51	)		(0.67	)
10/31/2020		11.45		0.08			1.09			1.17			(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			–			–			–

124	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 (%)

	$15.74		31.12	^(d)		0.90	^(e)		3.56	^(e)		0.78	^(e)		$4,276		46	^(d)
	12.59		10.52			0.90			4.32			0.92			2,622		141
	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

	15.62		30.66	^(d)		1.65	^(e)		4.34	^(e)		0.03	^(e)		752		46	^(d)
	12.46		9.75			1.65			5.12			0.17			537		141
	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

	15.77		31.26	^(d)		0.75	^(e)		3.45	^(e)		0.95	^(e)		1,827		46	^(d)
	12.62		10.73			0.75			4.23			1.06			1,445		141
	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

	15.78		31.40	^(d)		0.61	^(e)		3.27	^(e)		1.09	^(e)		17		46	^(d)
	12.63		10.78			0.62			4.09			1.19			14		141
	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

	15.78		31.45	^(d)		0.65	^(e)		3.35	^(e)		1.04	^(e)		1,739		46	^(d)
	12.62		10.75			0.65			4.16			1.18			1,400		141
	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

	15.63		30.81	^(d)		1.15	^(e)		3.84	^(e)		0.58	^(e)		437		46	^(d)
	12.51		10.25			1.15			4.67			0.68			241		141
	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

See Notes to Financial Statements.

125

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- bution
Class R4
4/30/2021^(c)		$12.60		$0.06		$ 3.79			$ 3.85			$(0.19	)		$(0.51	)		$(0.70	)
10/31/2020		11.53		0.11		1.10			1.21			(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
4/30/2021^(c)		12.62		0.08		3.81			3.89			(0.22	)		(0.51	)		(0.73	)
10/31/2020		11.55		0.14		1.09			1.23			(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
4/30/2021^(c)		12.63		0.08		3.81			3.89			(0.23	)		(0.51	)		(0.74	)
10/31/2020		11.56		0.14		1.10			1.24			(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)	Amount less than $0.01.
^(h)	Commenced on April 4, 2017.

126	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 (%)

	$15.75		31.14	^(d)		0.90	^(e)		3.61	^(e)		0.78	^(e)		$ 18		46	^(d)
	12.60		10.51			0.90			4.41			0.92			14		141
	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

	15.78		31.45	^(d)		0.65	^(e)		3.37	^(e)		1.03	^(e)		18		46	^(d)
	12.62		10.75			0.65			4.15			1.17			14		141
	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

	15.78		31.41	^(d)		0.61	^(e)		3.27	^(e)		1.10	^(e)		923		46	^(d)
	12.63		10.87			0.62			4.09			1.21			635		141
	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.

127

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
4/30/2021^(c)		$42.25		$(0.14	)		$ 8.53			$ 8.39			$(4.37	)		$46.27
10/31/2020		28.61		(0.19	)		16.17			15.98			(2.34	)		42.25
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
Class C
4/30/2021^(c)		38.53		(0.28	)		7.74			7.46			(4.37	)		41.62
10/31/2020		26.47		(0.39	)		14.79			14.40			(2.34	)		38.53
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
Class F
4/30/2021^(c)		43.20		(0.09	)		8.75			8.66			(4.37	)		47.49
10/31/2020		29.14		(0.11	)		16.51			16.40			(2.34	)		43.20
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
Class F3
4/30/2021^(c)		43.70		(0.08	)		8.86			8.78			(4.37	)		48.11
10/31/2020		29.43		(0.10	)		16.71			16.61			(2.34	)		43.70
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
4/30/2021^(c)		43.49		(0.09	)		8.81			8.72			(4.37	)		47.84
10/31/2020		29.32		(0.11	)		16.62			16.51			(2.34	)		43.49
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
Class R2
4/30/2021^(c)		41.38		(0.21	)		8.34			8.13			(4.37	)		45.14
10/31/2020		28.15		(0.27	)		15.84			15.57			(2.34	)		41.38
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

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

	20.99	^(d)		0.88	^(e)		0.88	^(e)		(0.61	)^(e)	$	2,347,045		62	^(d)
	60.35			0.90			0.90			(0.56	)		1,920,930		93
	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

	20.53	^(d)		1.62	^(e)		1.63	^(e)		(1.36	)^(e)		1,060,078		62	^(d)
	59.17			1.65			1.65			(1.29	)		906,259		93
	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

	21.16	^(d)		0.63	^(e)		0.73	^(e)		(0.37	)^(e)		3,769,175		62	^(d)
	60.72			0.65			0.75			(0.31	)		2,708,762		93
	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

	21.17	^(d)		0.58	^(e)		0.58	^(e)		(0.32	)^(e)		548,230		62	^(d)
	60.84			0.59			0.59			(0.29	)		265,851		93
	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

	21.16	^(d)		0.63	^(e)		0.63	^(e)		(0.36	)^(e)		1,253,933		62	^(d)
	60.72			0.65			0.65			(0.31	)		1,037,283		93
	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

	20.79	^(d)		1.23	^(e)		1.23	^(e)		(0.95	)^(e)		2,167		62	^(d)
	59.75			1.25			1.25			(0.84	)		1,551		93
	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

See Notes to Financial Statements.

129

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
4/30/2021^(c)		$41.31		$(0.19	)		$ 8.34			$ 8.15			$(4.37	)		$45.09
10/31/2020		28.09		(0.26	)		15.82			15.56			(2.34	)		41.31
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
Class R4
4/30/2021^(c)		42.26		(0.14	)		8.54			8.40			(4.37	)		46.29
10/31/2020		28.62		(0.18	)		16.16			15.98			(2.34	)		42.26
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
Class R5
4/30/2021^(c)		43.51		(0.09	)		8.81			8.72			(4.37	)		47.86
10/31/2020		29.33		(0.10	)		16.62			16.52			(2.34	)		43.51
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		–	^(g)		6.71			6.71			–			29.41
10/31/2016		23.95		0.02			(0.17	)		(0.15	)		(1.10	)		22.70
Class R6
4/30/2021^(c)		43.70		(0.07	)		8.85			8.78			(4.37	)		48.11
10/31/2020		29.43		(0.08	)		16.69			16.61			(2.34	)		43.70
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

^(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.

130	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 (%)

	20.85	^(d)		1.13	^(e)		1.13	^(e)		(0.86	)^(e)	$	20,421		62	^(d)
	59.94			1.15			1.15			(0.79	)		18,790		93
	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

	21.01	^(d)		0.88	^(e)		0.88	^(e)		(0.61	)^(e)		16,445		62	^(d)
	60.33			0.90			0.90			(0.55	)		12,667		93
	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

	21.15	^(d)		0.63	^(e)		0.63	^(e)		(0.37	)^(e)		18,949		62	^(d)
	60.74			0.65			0.65			(0.29	)		14,216		93
	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

	21.17	^(d)		0.58	^(e)		0.58	^(e)		(0.31	)^(e)		102,999		62	^(d)
	60.84			0.60			0.60			(0.24	)		65,478		93
	15.68			0.62			0.62			(0.18	)		36,932		143
	10.01			0.60			0.60			(0.16	)		25,657		–
	29.67			0.59			0.62			(0.06	)		20,884		192
	(0.64	)		0.50			0.63			0.34			1,534		246

See Notes to Financial Statements.

131

Financial Highlights

HEALTH CARE 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- bution
Class A
4/30/2021^(c)		$19.27		$ (0.05	)		$ 3.38			$ 3.33			$ –			$(2.31	)		$(2.31	)
10/31/2020		14.48		(0.06	)		4.85			4.79			–			–			–
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.01	)		(0.51	)		(0.52	)		–			–			–
Class C
4/30/2021^(c)		19.09		(0.12	)		3.34			3.22			–			(2.31	)		(2.31	)
10/31/2020		14.45		(0.19	)		4.83			4.64			–			–			–
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.04	)		(0.51	)		(0.55	)		–			–			–
Class F
4/30/2021^(c)		19.32		(0.02	)		3.39			3.37			–			(2.31	)		(2.31	)
10/31/2020		14.49		–	^(h)		4.83			4.83			–	^(h)		–			–
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.01	)		(0.50	)		(0.51	)		–			–			–
Class F3
4/30/2021^(c)		19.33		(0.02	)		3.39			3.37			(0.02	)		(2.31	)		(2.33	)
10/31/2020		14.49		0.02			4.83			4.85			(0.01	)		–			(0.01	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		–	^(h)		(0.51	)		(0.51	)		–			–			–
Class I
4/30/2021^(c)		19.32		(0.02	)		3.38			3.36			–			(2.31	)		(2.31	)
10/31/2020		14.49		–	^(h)		4.84			4.84			(0.01	)		–			(0.01	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.01	)		(0.50	)		(0.51	)		–			–			–
Class R3
4/30/2021^(c)		19.21		(0.07	)		3.36			3.29			–			(2.31	)		(2.31	)
10/31/2020		14.47		(0.10	)		4.84			4.74			–			–			–
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.02	)		(0.51	)		(0.53	)		–			–			–
Class R4
4/30/2021^(c)		19.27		(0.05	)		3.37			3.32			–			(2.31	)		(2.31	)
10/31/2020		14.48		(0.05	)		4.84			4.79			–			–			–
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.01	)		(0.51	)		(0.52	)		–			–			–

132	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 (%)

	$20.29		18.78	^(d)		1.03	^(e)		4.06	^(e)		(0.49	)^(e)		$3,161		24	^(d)
	19.27		33.08			1.03			6.30			(0.34	)		2,022		114
	14.48		(3.47	)^(d)		1.03	^(e)		9.00	^(e)		(0.36	)^(e)		906		16	^(d)

	20.00		18.34	^(d)		1.78	^(e)		4.73	^(e)		(1.25	)^(e)		932		24	^(d)
	19.09		32.11			1.78			7.05			(1.11	)		328		114
	14.45		(3.67	)^(d)		1.78	^(e)		9.84	^(e)		(1.17	)^(e)		129		16	^(d)

	20.38		18.95	^(d)		0.78	^(e)		3.70	^(e)		(0.18	)^(e)		584		24	^(d)
	19.32		33.34			0.78			5.73			–	⁽ⁱ⁾		109		114
	14.49		(3.40	)^(d)		0.78	^(e)		8.95	^(e)		(0.16	)^(e)		483		16	^(d)

	20.37		18.92	^(d)		0.70	^(e)		3.79	^(e)		(0.18	)^(e)		37		24	^(d)
	19.33		33.49			0.70			5.37			0.11			35		114
	14.49		(3.40	)^(d)		0.70	^(e)		8.72	^(e)		(0.08	)^(e)		483		16	^(d)

	20.37		18.90	^(d)		0.78	^(e)		3.88	^(e)		(0.25	)^(e)		18		24	^(d)
	19.32		33.40			0.78			5.53			0.02			17		114
	14.49		(3.40	)^(d)		0.78	^(e)		8.85	^(e)		(0.16	)^(e)		106		16	^(d)

	20.19		18.62	^(d)		1.28	^(e)		4.36	^(e)		(0.74	)^(e)		13		24	^(d)
	19.21		32.76			1.27			6.53			(0.57	)		13		114
	14.47		(3.53	)^(d)		1.28	^(e)		9.36	^(e)		(0.64	)^(e)		10		16	^(d)

	20.28		18.72	^(d)		1.03	^(e)		4.11	^(e)		(0.50	)^(e)		14		24	^(d)
	19.27		33.08			1.03			6.27			(0.31	)		13		114
	14.48		(3.47	)^(d)		1.03	^(e)		9.12	^(e)		(0.40	)^(e)		10		16	^(d)

See Notes to Financial Statements.

133

Financial Highlights (concluded)

HEALTH CARE 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- bution
Class R5
4/30/2021^(c)		$19.33		$ (0.03	)		$3.39			$3.36			$(0.01	)		$(2.31	)		$(2.32	)
10/31/2020		14.49		(0.01	)		4.86			4.85			(0.01	)		–			(0.01	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.01	)		(0.50	)		(0.51	)		–			–			–
Class R6
4/30/2021^(c)		19.34		(0.02	)		3.38			3.36			(0.02	)		(2.31	)		(2.33	)
10/31/2020		14.49		0.01			4.85			4.86			(0.01	)		–			(0.01	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		–	^(h)		(0.51	)		(0.51	)		–			–			–

^(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)	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.
⁽ⁱ⁾	Amount is less than 0.01%.

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 (%)

	$20.37		18.88	^(d)		0.78	^(e)		3.87	^(e)		(0.26	)^(e)	$	14		24	^(d)
	19.33		33.39			0.78			6.02			(0.06	)		13		114
	14.49		(3.40	)^(d)		0.78	^(e)		8.83	^(e)		(0.16	)^(e)		10		16	^(d)

	20.37		18.91	^(d)		0.70	^(e)		3.67	^(e)		(0.16	)^(e)		2,381		24	^(d)
	19.34		33.56			0.70			5.83			0.07			1,188		114
	14.49		(3.40	)^(d)		0.70	^(e)		8.72	^(e)		(0.08	)^(e)		484		16	^(d)

See Notes to Financial Statements.

135

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
4/30/2021^(c)		$13.41		$0.07		$ 3.52			$ 3.59			$(0.18	)		$16.82
10/31/2020		13.19		0.12		0.30			0.42			(0.20	)		13.41
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
Class C
4/30/2021^(c)		13.31		0.01		3.48			3.49			(0.04	)		16.76
10/31/2020		13.08		0.02		0.30			0.32			(0.09	)		13.31
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
Class F
4/30/2021^(c)		13.36		0.09		3.49			3.58			(0.19	)		16.75
10/31/2020		13.13		0.10		0.35			0.45			(0.22	)		13.36
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
Class F3
4/30/2021^(c)		13.59		0.10		3.56			3.66			(0.22	)		17.03
10/31/2020		13.36		0.16		0.30			0.46			(0.23	)		13.59
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
4/30/2021^(c)		13.56		0.08		3.56			3.64			(0.21	)		16.99
10/31/2020		13.33		0.16		0.30			0.46			(0.23	)		13.56
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
Class P
4/30/2021^(c)		13.42		0.02		3.55			3.57			(0.13	)		16.86
10/31/2020		13.20		0.09		0.30			0.39			(0.17	)		13.42
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

136	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 (%)

	26.75	^(d)		1.16	^(e)		1.18	^(e)		0.85	^(e)		$189,132		32	^(d)
	3.23			1.17			1.21			0.90			154,161		77
	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

	26.33	^(d)		1.91	^(e)		1.93	^(e)		0.09	^(e)		8,030		32	^(d)
	2.27			1.92			2.00			0.17			6,676		77
	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

	26.91	^(d)		0.95	^(e)		1.03	^(e)		1.11	^(e)		15,489		32	^(d)
	3.39			0.96			1.03			0.77			10,435		77
	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

	26.94	^(d)		0.83	^(e)		0.85	^(e)		1.19	^(e)		5,627		32	^(d)
	3.53			0.84			0.86			1.23			4,489		77
	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

	26.90	^(d)		0.86	^(e)		0.93	^(e)		0.99	^(e)		161,629		32	^(d)
	3.52			0.86			0.94			1.20			179,796		77
	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

	26.67	^(d)		1.35	^(e)		1.37	^(e)		0.25	^(e)		12		32	^(d)
	2.96			1.37			1.40			0.72			38		77
	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

See Notes to Financial Statements.

137

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
4/30/2021^(c)		$13.39		$0.04		$ 3.51			$ 3.55			$(0.09	)		$16.85
10/31/2020		13.17		0.06		0.32			0.38			(0.16	)		13.39
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
Class R3
4/30/2021^(c)		13.20		0.05		3.45			3.50			(0.13	)		16.57
10/31/2020		12.98		0.08		0.30			0.38			(0.16	)		13.20
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
Class R4
4/30/2021^(c)		13.35		0.07		3.50			3.57			(0.18	)		16.74
10/31/2020		13.14		0.11		0.30			0.41			(0.20	)		13.35
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
Class R5
4/30/2021^(c)		13.50		0.09		3.52			3.61			(0.21	)		16.90
10/31/2020		13.27		0.15		0.31			0.46			(0.23	)		13.50
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
Class R6
4/30/2021^(c)		13.58		0.09		3.57			3.66			(0.22	)		17.02
10/31/2020		13.35		0.16		0.30			0.46			(0.23	)		13.58
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

^(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.

138	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 (%)

	26.55	^(d)		1.52	^(e)		1.53	^(e)		0.52	^(e)		$ 171		32	^(d)
	2.86			1.52			1.54			0.46			137		77
	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

	26.62	^(d)		1.41	^(e)		1.43	^(e)		0.61	^(e)		6,382		32	^(d)
	2.92			1.42			1.46			0.67			5,354		77
	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

	26.75	^(d)		1.16	^(e)		1.18	^(e)		0.89	^(e)		1,568		32	^(d)
	3.17			1.17			1.20			0.90			1,165		77
	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

	26.90	^(d)		0.91	^(e)		0.93	^(e)		1.12	^(e)		83		32	^(d)
	3.39			0.92			0.94			1.18			64		77
	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

	26.96	^(d)		0.83	^(e)		0.85	^(e)		1.17	^(e)		2,645		32	^(d)
	3.53			0.84			0.86			1.23			2,143		77
	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

See Notes to Financial Statements.

139

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- bution
Class A
4/30/2021^(c)		$15.69		$0.08			$5.02			$5.10		$	–		$	–		$	–
10/31/2020		16.02		0.06			(0.18	)		(0.12	)		(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	)
Class C
4/30/2021^(c)		14.47		–	^(f)		4.64			4.64			–			–			–
10/31/2020		14.78		(0.05	)		(0.19	)		(0.24	)		(0.07	)		–			(0.07	)
10/31/2019		15.61		0.04			0.71			0.75			–	^(f)		(1.58	)		(1.58	)
10/31/2018		19.46		–	^(f)		(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	)
Class F
4/30/2021^(c)		15.53		0.09			4.98			5.07			–			–			–
10/31/2020		15.86		0.07			(0.17	)		(0.10	)		(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	)
Class F3
4/30/2021^(c)		16.26		0.12			5.20			5.32			–			–			–
10/31/2020		16.59		0.12			(0.20	)		(0.08	)		(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
4/30/2021^(c)		16.17		0.11			5.18			5.29			–			–			–
10/31/2020		16.51		0.10			(0.19	)		(0.09	)		(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	)
Class P
4/30/2021^(c)		16.10		0.06			5.16			5.22			–			–			–
10/31/2020		16.43		0.05			(0.22	)		(0.17	)		(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	)

140	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 (%)

	$20.79		32.50	^(d)		1.20	^(e)		1.22	^(e)		0.82	^(e)		$124,058		31	^(d)
	15.69		(0.84	)		1.21			1.24			0.41			96,338		55
	16.02		7.05			1.25			1.25			1.04			126,700		58
	16.84		(15.72	)		1.20			1.20			0.73			172,940		81
	20.88		30.38			1.23			1.23			0.50			190,861		76
	16.13		(0.99	)		1.35			1.35			0.82			153,000		82

	19.11		32.07	^(d)		1.95	^(e)		1.97	^(e)		0.04	^(e)		15,425		31	^(d)
	14.47		(1.63	)		1.97			1.99			(0.38	)		12,840		55
	14.78		6.23			2.00			2.00			0.29			22,450		58
	15.61		(16.34	)		1.95			1.95			–	^(g)		33,874		81
	19.46		29.47			1.97			1.97			(0.26	)		39,434		76
	15.03		(1.75	)		2.09			2.09			0.08			27,396		82

	20.60		32.65	^(d)		1.05	^(e)		1.07	^(e)		0.95	^(e)		54,329		31	^(d)
	15.53		(0.72	)		1.07			1.09			0.44			43,222		55
	15.86		7.19			1.09			1.09			1.20			91,019		58
	16.70		(15.58	)		1.05			1.05			0.91			206,400		81
	20.70		30.59			1.07			1.07			0.58			264,221		76
	16.00		(0.84	)		1.20			1.20			0.96			88,852		82

	21.58		32.72	^(d)		0.87	^(e)		0.89	^(e)		1.20	^(e)		26,128		31	^(d)
	16.26		(0.54	)		0.89			0.91			0.75			17,579		55
	16.59		7.43			0.91			0.91			1.40			19,153		58
	17.38		(15.46	)		0.87			0.87			1.11			22,158		81
	21.49		21.13	^(d)		0.89	^(e)		0.89	^(e)		(0.15	)^(e)		18,095		76

	21.46		32.71	^(d)		0.95	^(e)		0.97	^(e)		1.08	^(e)		196,982		31	^(d)
	16.17		(0.62	)		0.97			0.99			0.66			146,416		55
	16.51		7.24			1.00			1.00			1.32			221,455		58
	17.32		(15.46	)		0.95			0.95			0.94			235,952		81
	21.44		30.74			0.99			0.99			0.76			249,331		76
	16.56		(0.75	)		1.10			1.10			1.06			267,188		82

	21.32		32.42	^(d)		1.40	^(e)		1.42	^(e)		0.62	^(e)		159		31	^(d)
	16.10		(1.08	)		1.41			1.43			0.30			119		55
	16.43		6.80			1.45			1.45			0.91			96		58
	17.18		(15.87	)		1.40			1.40			0.50			132		81
	21.26		30.12			1.45			1.45			0.23			229		76
	16.40		(1.17	)		1.55			1.55			0.49			363		82

See Notes to Financial Statements.

141

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- bution
Class R2
4/30/2021^(c)		$15.39		$0.04		$ 4.94			$ 4.98		$	–		$	–		$	–
10/31/2020		15.72		0.01		(0.20	)		(0.19	)		(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	)
Class R3
4/30/2021^(c)		15.32		0.03		4.94			4.97			–			–			–
10/31/2020		15.64		0.02		(0.19	)		(0.17	)		(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	)
Class R4
4/30/2021^(c)		15.61		0.06		5.02			5.08			–			–			–
10/31/2020		15.95		0.07		(0.19	)		(0.12	)		(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	)
Class R5
4/30/2021^(c)		16.17		0.05		5.23			5.28			–			–			–
10/31/2020		16.50		0.08		(0.16	)		(0.08	)		(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	)
Class R6
4/30/2021^(c)		16.26		0.09		5.24			5.33			–			–			–
10/31/2020		16.59		0.11		(0.19	)		(0.08	)		(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	)

^(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)	Amount is less than 0.01%.
^(h)	Commenced on April 4, 2017.

142	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 (%)

	$20.37		32.36	^(d)		1.55	^(e)		1.57	^(e)		0.44	^(e)		$ 3,033		31	^(d)
	15.39		(1.24	)		1.57			1.59			0.06			2,522		55
	15.72		6.67			1.60			1.60			0.72			3,318		58
	16.54		(16.00	)		1.55			1.55			0.32			3,476		81
	20.53		29.96			1.57			1.57			0.21			5,228		76
	15.89		(1.34	)		1.71			1.71			0.49			2,520		82

	20.29		32.44	^(d)		1.45	^(e)		1.48	^(e)		0.32	^(e)		11,097		31	^(d)
	15.32		(1.17	)		1.46			1.49			0.10			15,313		55
	15.64		6.77			1.50			1.50			0.58			19,568		58
	16.53		(15.87	)		1.46			1.46			0.54			35,677		81
	20.49		30.07			1.47			1.47			0.14			9,828		76
	15.85		(1.20	)		1.59			1.59			0.67			18,124		82

	20.69		32.54	^(d)		1.20	^(e)		1.23	^(e)		0.68	^(e)		2,819		31	^(d)
	15.61		(0.90	)		1.21			1.24			0.44			4,889		55
	15.95		7.06			1.25			1.25			0.93			6,293		58
	16.79		(15.70	)		1.20			1.20			0.80			5,606		81
	20.82		30.43			1.23			1.23			0.55			3,334		76
	16.11		(1.03	)		1.38			1.38			0.57			1,883		82

	21.45		32.65	^(d)		0.95	^(e)		0.98	^(e)		0.52	^(e)		3,449		31	^(d)
	16.17		(0.56	)		0.96			0.99			0.47			15,842		55
	16.50		7.25			1.00			1.00			1.00			17,765		58
	17.32		(15.47	)		0.97			0.97			1.06			39,621		81
	21.43		30.69			0.98			0.98			0.79			4,121		76
	16.56		(0.75	)		1.13			1.13			1.06			2,751		82

	21.59		32.78	^(d)		0.87	^(e)		0.89	^(e)		0.90	^(e)		25,177		31	^(d)
	16.26		(0.54	)		0.89			0.91			0.72			31,986		55
	16.59		7.37			0.91			0.91			1.30			33,183		58
	17.39		(15.41	)		0.87			0.87			1.04			34,281		81
	21.49		30.85			0.90			0.90			1.03			17,212		76
	16.60		(0.56	)		0.94			0.94			1.00			1,843		82

See Notes to Financial Statements.

143

Financial Highlights

INTERNATIONAL VALUE FUND

			Per Share Operating Performance:
												Distributions
												to
												shareholders
			Investment Operations:									from:
	Net asset		Net			Net									Net asset
	value,		investment			realized and			Total from			Net			value,
	beginning		income			unrealized			investment			investment			end of
	of period		(loss)^(a)			gain (loss)			operations			income			period
Class A
4/30/2021^(c)		$6.03		$0.08			$ 2.08			$ 2.16			$ (0.08	)		$8.11
10/31/2020		6.98		0.12			(0.94	)		(0.82	)		(0.13	)		6.03
10/31/2019		6.73		0.20			0.26			0.46			(0.21	)		6.98
10/31/2018		7.63		0.22			(0.89	)		(0.67	)		(0.23	)		6.73
10/31/2017		6.71		0.22			0.95			1.17			(0.25	)		7.63
10/31/2016		7.05		0.24			(0.35	)		(0.11	)		(0.23	)		6.71
Class C
4/30/2021^(c)		5.98		0.04			2.07			2.11			(0.05	)		8.04
10/31/2020		6.92		0.07			(0.94	)		(0.87	)		(0.07	)		5.98
10/31/2019		6.67		0.15			0.25			0.40			(0.15	)		6.92
10/31/2018		7.56		0.16			(0.88	)		(0.72	)		(0.17	)		6.67
10/31/2017		6.66		0.17			0.92			1.09			(0.19	)		7.56
10/31/2016		6.99		0.19			(0.34	)		(0.15	)		(0.18	)		6.66
Class F
4/30/2021^(c)		6.06		0.08			2.10			2.18			(0.09	)		8.15
10/31/2020		7.01		0.13			(0.94	)		(0.81	)		(0.14	)		6.06
10/31/2019		6.76		0.21			0.26			0.47			(0.22	)		7.01
10/31/2018		7.66		0.23			(0.89	)		(0.66	)		(0.24	)		6.76
10/31/2017		6.73		0.24			0.95			1.19			(0.26	)		7.66
10/31/2016		7.06		0.25			(0.34	)		(0.09	)		(0.24	)		6.73
Class F3
4/30/2021^(c)		6.07		0.09			2.10			2.19			(0.09	)		8.17
10/31/2020		7.02		0.14			(0.95	)		(0.81	)		(0.14	)		6.07
10/31/2019		6.77		0.22			0.26			0.48			(0.23	)		7.02
10/31/2018		7.67		0.24			(0.89	)		(0.65	)		(0.25	)		6.77
4/4/2017 to 10/31/2017^(f)		7.03		(0.01	)		0.79			0.78			(0.14	)		7.67
Class I
4/30/2021^(c)		6.07		0.09			2.10			2.19			(0.09	)		8.17
10/31/2020		7.03		0.15			(0.97	)		(0.82	)		(0.14	)		6.07
10/31/2019		6.77		0.23			0.25			0.48			(0.22	)		7.03
10/31/2018		7.68		0.23			(0.89	)		(0.66	)		(0.25	)		6.77
10/31/2017		6.75		0.25			0.94			1.19			(0.26	)		7.68
10/31/2016		7.08		0.26			(0.34	)		(0.08	)		(0.25	)		6.75
Class R2
4/30/2021^(c)		6.18		0.06			2.15			2.21			(0.07	)		8.32
10/31/2020		7.14		0.07			(0.96	)		(0.89	)		(0.07	)		6.18
10/31/2019		6.88		0.18			0.26			0.44			(0.18	)		7.14
10/31/2018		7.80		0.18			(0.90	)		(0.72	)		(0.20	)		6.88
10/31/2017		6.86		0.21			0.95			1.16			(0.22	)		7.80
10/31/2016		7.19		0.22			(0.35	)		(0.13	)		(0.20	)		6.86

144	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:


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

	35.95	^(d)		1.12	^(e)		1.15	^(e)		2.02	^(e)		$245,797		37	^(d)
	(11.89	)		1.12			1.18			1.91			186,426		71
	6.91			1.12			1.16			2.97			256,381		62
	(9.05	)		1.12			1.14			2.85			290,289		74
	17.68			1.12			1.14			3.15			367,465		61
	(1.52	)		1.12			1.20			3.57			419,886		58

	35.44	^(d)		1.87	^(e)		1.90	^(e)		1.18	^(e)		13,358		37	^(d)
	(12.58	)		1.87			1.93			1.09			13,027		71
	6.12			1.87			1.91			2.17			32,274		62
	(9.71	)		1.87			1.89			2.07			45,888		74
	16.60			1.87			1.89			2.41			68,558		61
	(2.01	)		1.87			1.95			2.85			86,306		58

	36.03	^(d)		0.92	^(e)		1.00	^(e)		2.22	^(e)		30,526		37	^(d)
	(11.69	)		0.92			1.03			2.06			23,560		71
	7.04			0.92			1.01			3.10			37,857		62
	(8.87	)		0.91			0.99			3.06			54,167		74
	17.96			0.91			0.99			3.37			95,299		61
	(1.22	)		0.91			1.05			3.78			111,056		58

	36.21	^(d)		0.80	^(e)		0.83	^(e)		2.34	^(e)		24,108		37	^(d)
	(11.57	)		0.80			0.85			2.24			18,311		71
	7.15			0.81			0.84			3.28			24,764		62
	(8.76	)		0.82			0.83			3.21			26,911		74
	11.16	^(d)		0.77	^(e)		0.83	^(e)		(0.19	)^(e)		27,215		61

	36.20	^(d)		0.82	^(e)		0.89	^(e)		2.44	^(e)		309,620		37	^(d)
	(11.71	)		0.82			0.93			2.26			197,616		71
	7.29			0.82			0.91			3.35			219,764		62
	(8.89	)		0.81			0.89			3.05			310,984		74
	18.02			0.81			0.89			3.48			471,341		61
	(1.10	)		0.81			0.95			3.90			710,951		58

	35.80	^(d)		1.47	^(e)		1.49	^(e)		1.64	^(e)		25		37	^(d)
	(12.47	)		1.47			1.55			0.99			20		71
	6.54			1.47			1.51			2.64			449		62
	(9.44	)		1.47			1.49			2.35			369		74
	17.17			1.47			1.49			2.93			592		61
	(1.70	)		1.47			1.55			3.28			680		58

See Notes to Financial Statements.

145

Financial Highlights (concluded)

INTERNATIONAL VALUE FUND

			Per Share Operating Performance:
											Distributions
											to
											shareholders
			Investment Operations:								from:
	Net asset		Net		Net									Net asset
	value,		investment		realized and			Total from			Net			value,
	beginning		income		unrealized			investment			investment			end of
	of period		(loss)^(a)		gain (loss)			operations			income			period
Class R3
4/30/2021^(c)		$6.10		$0.07		$ 2.10			$ 2.17			$(0.07	)		$8.20
10/31/2020		7.05		0.11		(0.95	)		(0.84	)		(0.11	)		6.10
10/31/2019		6.80		0.18		0.26			0.44			(0.19	)		7.05
10/31/2018		7.71		0.19		(0.89	)		(0.70	)		(0.21	)		6.80
10/31/2017		6.78		0.21		0.95			1.16			(0.23	)		7.71
10/31/2016		7.11		0.22		(0.34	)		(0.12	)		(0.21	)		6.78
Class R4
4/30/2021^(c)		6.01		0.09		2.07			2.16			(0.08	)		8.09
10/31/2020		6.97		0.13		(0.96	)		(0.83	)		(0.13	)		6.01
10/31/2019		6.72		0.20		0.26			0.46			(0.21	)		6.97
10/31/2018		7.62		0.20		(0.87	)		(0.67	)		(0.23	)		6.72
10/31/2017		6.71		0.21		0.95			1.16			(0.25	)		7.62
10/31/2016		7.05		0.24		(0.35	)		(0.11	)		(0.23	)		6.71
Class R5
4/30/2021^(c)		6.05		0.09		2.10			2.19			(0.09	)		8.15
10/31/2020		7.01		0.14		(0.96	)		(0.82	)		(0.14	)		6.05
10/31/2019		6.76		0.23		0.25			0.48			(0.23	)		7.01
10/31/2018		7.66		0.24		(0.89	)		(0.65	)		(0.25	)		6.76
10/31/2017		6.74		0.24		0.94			1.18			(0.26	)		7.66
10/31/2016		7.08		0.26		(0.35	)		(0.09	)		(0.25	)		6.74
Class R6
4/30/2021^(c)		6.07		0.09		2.10			2.19			(0.09	)		8.17
10/31/2020		7.02		0.14		(0.95	)		(0.81	)		(0.14	)		6.07
10/31/2019		6.77		0.22		0.26			0.48			(0.23	)		7.02
10/31/2018		7.67		0.24		(0.89	)		(0.65	)		(0.25	)		6.77
10/31/2017		6.75		0.26		0.92			1.18			(0.26	)		7.67
10/31/2016		7.08		0.26		(0.34	)		(0.08	)		(0.25	)		6.75

^(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.

146	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:


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

	35.70	^(d)		1.37	^(e)		1.40	^(e)		1.77	^(e)	$	6,882		37	^(d)
	(12.00	)		1.37			1.43			1.69			5,394		71
	6.56			1.37			1.41			2.70			7,029		62
	(9.35	)		1.37			1.39			2.41			7,801		74
	17.35			1.37			1.39			2.90			12,888		61
	(1.58	)		1.37			1.44			3.29			12,697		58

	35.86	^(d)		1.12	^(e)		1.14	^(e)		2.35	^(e)		146		37	^(d)
	(11.90	)		1.12			1.17			2.05			36		71
	6.92			1.12			1.17			2.99			36		62
	(9.06	)		1.12			1.13			2.67			40		74
	17.60			1.11			1.11			2.85			38		61
	(1.48	)		1.12			1.16			3.57			9		58

	36.32	^(d)		0.85	^(e)		0.87	^(e)		2.37	^(e)		15		37	^(d)
	(11.74	)		0.87			0.91			2.20			9		71
	7.16			0.87			0.89			3.36			10		62
	(8.78	)		0.86			0.86			3.12			10		74
	17.90			0.87			0.86			3.39			11		61
	(1.24	)		0.87			0.92			3.81			9		58

	36.21	^(d)		0.79	^(e)		0.83	^(e)		2.34	^(e)		1,356		37	^(d)
	(11.57	)		0.80			0.85			2.17			952		71
	7.15			0.81			0.84			3.22			1,507		62
	(8.76	)		0.82			0.83			3.17			1,758		74
	17.88			0.81			0.83			3.45			2,229		61
	(1.09	)		0.80			0.82			3.88			9		58

See Notes to Financial Statements.

147

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			Net asset value, end of period
Class A
4/30/2021^(c)		$17.51		$(0.12	)		$8.04		$ 7.92			$(5.08	)		$20.35
10/31/2020		13.83		(0.18	)		6.23		6.05			(2.37	)		17.51
10/31/2019		18.05		(0.21	)		0.98		0.77			(4.99	)		13.83
10/31/2018		18.26		(0.26	)		2.75		2.49			(2.70	)		18.05
10/31/2017		13.09		(0.21	)		5.38		5.17			–			18.26
10/31/2016		16.33		(0.19	)		0.15		(0.04	)		(3.20	)		13.09
Class C
4/30/2021^(c)		20.44		(0.24	)		9.67		9.43			(5.08	)		24.79
10/31/2020^(f)		20.16		(0.07	)		0.35		0.28			–			20.44
Class F
4/30/2021^(c)		20.47		(0.12	)		9.69		9.57			(5.08	)		24.96
10/31/2020^(f)		20.16		(0.04	)		0.35		0.31			–			20.47
Class I
4/30/2021^(c)		20.47		(0.11	)		9.68		9.57			(5.08	)		24.96
10/31/2020		15.77		(0.19	)		7.26		7.07			(2.37	)		20.47
10/31/2019		19.84		(0.24	)		1.16		0.92			(4.99	)		15.77
10/31/2018		19.80		(0.29	)		3.03		2.74			(2.70	)		19.84
10/31/2017		14.20		(0.23	)		5.83		5.60			–			19.80
10/31/2016		17.45		(0.21	)		0.16		(0.05	)		(3.20	)		14.20

^(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 August 28, 2020.

148	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 (%)

	54.65	^(d)		1.26	^(e)		1.26	^(e)		(1.19	)^(e)		$ 79,306		54	^(d)
	51.19			1.56			1.56			(1.32	)		11,747		115
	8.33			1.66			1.66			(1.48	)		12,590		94
	16.32			1.63			1.63			(1.43	)		11,616		73
	39.39			1.67			1.67			(1.36	)		9,893		105
	(1.30	)		1.81			1.81			(1.52	)		7,416		161

	54.11	^(d)		1.99	^(e)		1.99	^(e)		(1.93	)^(e)		15,086		54	^(d)
	1.29	^(d)		2.03	^(e)		2.05	^(e)		(1.91	)^(e)		849		115	^(d)

	54.77	^(d)		1.01	^(e)		1.11	^(e)		(0.94	)^(e)		212,046		54	^(d)
	1.49	^(d)		1.10	^(e)		1.20	^(e)		(0.97	)^(e)		12,089		115	^(d)

	54.77	^(d)		1.02	^(e)		1.02	^(e)		(0.94	)^(e)		161,441		54	^(d)
	51.47			1.44			1.45			(1.19	)		90,725		115
	8.34			1.66			1.66			(1.48	)		119,822		94
	16.31			1.63			1.63			(1.43	)		133,719		73
	39.44			1.67			1.67			(1.36	)		139,068		105
	(1.39	)		1.81			1.81			(1.52	)		133,112		161

See Notes to Financial Statements.

149

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- bution
Class A
4/30/2021^(c)		$16.98		$(0.01	)		$ 6.64			$ 6.63			$ (0.05	)		$(1.00	)		$(1.05	)
10/31/2020		18.62		0.05			0.39			0.44			(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	)
Class C
4/30/2021^(c)		14.47		(0.07	)		5.63			5.56			–			(1.00	)		(1.00	)
10/31/2020		16.22		(0.06	)		0.32			0.26			–			(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	)
Class F
4/30/2021^(c)		17.42		0.01			6.81			6.82			(0.07	)		(1.00	)		(1.07	)
10/31/2020		19.06		0.07			0.39			0.46			(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	)
Class F3
4/30/2021^(c)		17.95		0.03			7.01			7.04			(0.09	)		(1.00	)		(1.09	)
10/31/2020		19.56		0.11			0.41			0.52			(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
4/30/2021^(c)		17.82		0.02			6.96			6.98			(0.09	)		(1.00	)		(1.09	)
10/31/2020		19.45		0.09			0.41			0.50			(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	)
Class P
4/30/2021^(c)		16.55		(0.03	)		6.47			6.44			–			(1.00	)		(1.00	)
10/31/2020		18.20		0.02			0.37			0.39			(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	)

150	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 (%)

	$22.56		40.37	^(d)		1.15	^(e)		1.16	^(e)		(0.07	)^(e)	$	834,201		30	^(d)
	16.98		2.35			1.18			1.18			0.29			625,448		36
	18.62		5.22			1.18			1.18			0.29			775,746		51
	19.50		(0.28	)		1.11			1.11			0.06			922,813		54
	20.80		16.23			1.15			1.15			0.14			1,028,166		57
	18.95		4.33			1.17			1.17			0.09			959,416		37

	19.03		39.81	^(d)		1.90	^(e)		1.91	^(e)		(0.81	)^(e)		81,997		30	^(d)
	14.47		1.57			1.93			1.93			(0.45	)		63,709		36
	16.22		4.48			1.93			1.93			(0.46	)		142,020		51
	17.32		(1.05	)		1.87			1.87			(0.69	)		225,551		54
	18.75		15.35			1.89			1.89			(0.61	)		335,148		57
	17.31		3.57			1.92			1.92			(0.66	)		330,066		37

	23.17		40.48	^(d)		1.00	^(e)		1.01	^(e)		0.09	^(e)		179,590		30	^(d)
	17.42		2.50			1.03			1.03			0.44			138,870		36
	19.06		5.38			1.03			1.03			0.45			210,350		51
	19.92		(0.03	)		0.97			0.97			0.22			390,627		54
	21.18		16.34			1.00			1.00			0.27			807,684		57
	19.28		4.48			1.02			1.02			0.23			663,069		37

	23.90		40.64	^(d)		0.81	^(e)		0.82	^(e)		0.28	^(e)		251,361		30	^(d)
	17.95		2.69			0.83			0.83			0.64			200,055		36
	19.56		5.61			0.83			0.83			0.64			260,948		51
	20.38		0.13			0.78			0.78			0.39			331,176		54
	21.65		6.91	^(d)		0.79	^(e)		0.79	^(e)		(0.25	)^(e)		315,394		57

	23.71		40.57	^(d)		0.91	^(e)		0.91	^(e)		0.19	^(e)		271,985		30	^(d)
	17.82		2.58			0.93			0.93			0.54			218,137		36
	19.45		5.51			0.93			0.93			0.54			292,610		51
	20.29		(0.02	)		0.86			0.86			0.30			450,720		54
	21.59		16.51			0.90			0.90			0.41			397,265		57
	19.62		4.57			0.92			0.92			0.34			470,399		37

	21.99		40.17	^(d)		1.35	^(e)		1.36	^(e)		(0.26	)^(e)		18,516		30	^(d)
	16.55		2.18			1.38			1.38			0.10			16,560		36
	18.20		5.05			1.38			1.38			0.08			22,113		51
	19.13		(0.49	)		1.31			1.31			(0.14	)		25,501		54
	20.46		15.96			1.35			1.35			(0.05	)		33,644		57
	18.70		4.10			1.37			1.37			(0.11	)		36,327		37

See Notes to Financial Statements.

151

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- bution
Class R2
4/30/2021^(c)		$16.09		$(0.04	)		$ 6.28			$ 6.24			$ –			$(1.00	)		$(1.00	)
10/31/2020		17.75		(0.01	)		0.37			0.36			(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	)
Class R3
4/30/2021^(c)		16.33		(0.03	)		6.38			6.35			–			(1.00	)		(1.00	)
10/31/2020		17.97		0.01			0.37			0.38			(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	)
Class R4
4/30/2021^(c)		16.95		(0.01	)		6.63			6.62			(0.04	)		(1.00	)		(1.04	)
10/31/2020		18.60		0.05			0.37			0.42			(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	)
Class R5
4/30/2021^(c)		17.83		0.02			6.97			6.99			(0.09	)		(1.00	)		(1.09	)
10/31/2020		19.46		0.09			0.41			0.50			(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	)
Class R6
4/30/2021^(c)		17.93		0.03			7.01			7.04			(0.09	)		(1.00	)		(1.09	)
10/31/2020		19.55		0.11			0.40			0.51			(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	)

^(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.

152	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 (%)

	$21.33		40.12	^(d)		1.50	^(e)		1.51	^(e)		(0.41	)^(e)		$ 6,006		30	^(d)
	16.09		1.96			1.53			1.53			(0.06	)		4,879		36
	17.75		4.88			1.53			1.53			(0.07	)		6,483		51
	18.72		(0.50	)		1.46			1.46			(0.29	)		7,339		54
	20.06		15.79			1.50			1.50			(0.25	)		9,047		57
	18.38		3.94			1.52			1.52			(0.26	)		6,245		37

	21.68		40.21	^(d)		1.40	^(e)		1.41	^(e)		(0.30	)^(e)		44,608		30	^(d)
	16.33		2.09			1.43			1.43			0.05			41,390		36
	17.97		4.94			1.43			1.43			0.04			56,855		51
	18.92		(0.45	)		1.36			1.36			(0.19	)		77,440		54
	20.25		15.94			1.39			1.39			(0.10	)		88,592		57
	18.52		4.03			1.42			1.42			(0.16	)		99,544		37

	22.53		40.33	^(d)		1.15	^(e)		1.16	^(e)		(0.07	)^(e)		43,375		30	^(d)
	16.95		2.34			1.18			1.18			0.29			34,990		36
	18.60		5.27			1.18			1.18			0.29			43,879		51
	19.47		(0.30	)		1.11			1.11			0.06			54,408		54
	20.79		16.27			1.15			1.15			(0.01	)		63,867		57
	18.95		4.28			1.14			1.14			(0.06	)		2,929		37

	23.73		40.53	^(d)		0.91	^(e)		0.91	^(e)		0.18	^(e)		2,332		30	^(d)
	17.83		2.58			0.93			0.93			0.55			1,971		36
	19.46		5.55			0.93			0.93			0.52			2,599		51
	20.30		(0.01	)		0.87			0.87			0.31			1,927		54
	21.59		16.46			0.89			0.89			0.51			5,111		57
	19.63		4.62			0.89			0.89			0.24			42,825		37

	23.88		40.61	^(d)		0.81	^(e)		0.82	^(e)		0.27	^(e)		41,699		30	^(d)
	17.93		2.69			0.83			0.83			0.64			29,402		36
	19.55		5.62			0.83			0.83			0.66			40,149		51
	20.37		0.08			0.78			0.78			0.39			93,784		54
	21.65		16.60			0.78			0.78			0.45			104,218		57
	19.66		4.72			0.79			0.79			0.46			56,533		37

See Notes to Financial Statements.

153

Notes to Financial Statements (unaudited)

ORGANIZATION

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, 2021, the Trust currently consists of the following fourteen funds. All funds are diversified except Lord Abbett Focused Growth Fund and Lord Abbett Focused Large Cap Value Fund. This report covers the fourteen funds (separately, a “Fund” and collectively, the “Funds”) and their respective active share classes:

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, 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, 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 Micro-Cap Growth Fund (“Micro-Cap Growth Fund”)	A, C, F and I
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.

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. Micro-Cap Growth Fund’s investment objective is 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 to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business

154

Notes to Financial Statements (unaudited)(continued)

day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the C shares have been held at least eight years.

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 & Co. LLC (“Lord Abbett”), each Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange (“NYSE”). Each Fund may utilize an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices. Exchange traded options and futures contracts are valued at the last 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. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available. Investments in the Underlying Funds are valued at their net asset value (“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.

155

Notes to Financial Statements (unaudited)(continued)

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and Other 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, 2017 through October 31, 2020. 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. In addition, Class F3 and R6 bear only their class-specific shareholder servicing expenses. Class A, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.

(f)	Foreign Transactions–The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in the 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. The resultant exchange gains and losses upon settlement of such transactions are included in Net realized gain (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.

(g)	Forward Foreign Currency Exchange Contracts–Each 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 foreign currency exchange contracts in each Fund’s Statement of Operations. The gain (loss) arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars

156

Notes to Financial Statements (unaudited)(continued)

	upon closing of such contracts is included in Net realized gain/(loss) on foreign currency exchange 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)	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.

(j)	Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

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

157

Notes to Financial Statements (unaudited)(continued)

•	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, 2021 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, 2021, 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		.48%⁽²⁾
Focused Growth Fund		.21%⁽³⁾
Focused Large Cap Value Fund		.59%⁽⁴⁾
Focused Small Cap Value Fund		.80%⁽⁵⁾
Fundamental Equity Fund		.55%⁽⁶⁾
Global Equity Research Fund		.00%⁽⁷⁾
Growth Leaders Fund		.51%⁽⁸⁾
Health Care Fund		.00%⁽⁹⁾
International Equity Fund		.67%⁽¹⁰⁾
International Opportunities Fund		.75%⁽¹¹⁾
International Value Fund		.66%⁽¹⁰⁾
Micro-Cap Growth Fund		.89%⁽¹²⁾
Value Opportunities Fund		.73%⁽¹³⁾

⁽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%

158

Notes to Financial Statements (unaudited)(continued)

⁽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%

⁽¹²⁾	The management fee for Micro-Cap Growth Fund is 0.90% on the Fund’s average daily net assets.

⁽¹³⁾	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. Lord Abbett voluntarily waived the following fund administration fees during the six months ended April 30, 2021:

		Fund Administration Fee
Alpha Strategy Fund		$ 8,561
Durable Growth Fund		4,776
Focused Growth Fund		1,374
Focused Large Cap Value Fund		3,768
Focused Small Cap Value Fund		7,210
Fundamental Equity Fund		33,139
Global Equity Research Fund		15,925

159

Notes to Financial Statements (unaudited)(continued)

		Fund Administration Fee
Growth Leaders Fund		$20,019
Health Care Fund		2,568
International Equity Fund		36,945
International Opportunities Fund		52,299
International Value Fund		50,327
Micro-Cap Growth Fund		6,253
Value Opportunities Fund		37,380

For the period ended April 30, 2021 and continuing through February 28, 2022, 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	Effective March 1, 2021	Prior to March 1, 2021
A, C, F, I, R2, R3, R4 and R5	0.70%	0.70%
F3 and R6	0.69%	0.64%

	Focused Growth Fund
Classes	Effective March 1, 2021	Prior to March 1, 2021
A, C, F, I, R2, R3, R4 and R5	0.80%	0.80%
F3 and R6	0.76%	0.72%

	Focused Large Cap Value Fund
Classes	Effective March 1, 2021	Prior to March 1, 2021
A, C, F, I, R3, R4 and R5	0.71%	0.71%
F3 and R6	0.70%	0.63%

	Focused Small Cap Value Fund
Classes	Effective March 1, 2021	Prior to March 1, 2021
A, C, F, I, R3, R4 and R5	1.03%	1.03%
F3 and R6	1.00%	0.95%

	Global Equity Research Fund
Classes
A, C, F, I, R2, R3, R4 and R5		0.65%
F3 and R6		0.61%

	Health Care Fund
Classes	Effective March 1, 2021	Prior to March 1, 2021
A, C, F, I, R3, R4 and R5	0.78%	0.78%
F3 and R6	0.71%	0.70%

	International Equity Fund
Classes
A, C, P, R2, R3, R4 and R5		0.92%
F and I		0.86%
F3 and R6		0.84%

	International Value Fund
Classes	Effective March 1, 2021	Prior to March 1,2021
A, C, R2, R3, R4, and R5	0.87%	0.87%
F and I	0.82%	0.82%
F3 and R6	0.79%	0.80%

160

Notes to Financial Statements (unaudited)(continued)

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, 2020, the Board did not authorize such Class A 12b-1 fees on the Micro-Cap Growth 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 period ended April 30, 2021 and continuing through February 28, 2022, the Distributor has contractually agreed to waive Durable Growth Fund’s, Focused Growth Fund’s, Focused Large Cap Value Fund’s, Focused Small Cap Value Fund’s, Growth Leaders Fund’s, Health Care Fund’s and Micro Cap Growth Fund’s 0.10% Rule 12b-1 fee for Class F shares. 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, 2021:

	Distributor Commissions		Dealers’ Concessions
Alpha Strategy Fund	$	28,187	$	155,445
Durable Growth Fund		–		–
Focused Growth Fund		13,847		78,069
Focused Large Cap Value Fund		–		–
Focused Small Cap Value Fund		12,705		71,260
Fundamental Equity Fund		42,441		225,551
Global Equity Research Fund		743		3,804
Growth Leaders Fund		713,583		3,978,551
Health Care Fund		–		–
International Equity Fund		13,619		71,500
International Opportunities Fund		17,983		98,609
International Value Fund		23,741		125,246
Micro-Cap Growth Fund		62,602		361,071
Value Opportunities Fund		43,961		234,191

Distributor received the following amount of CDSCs for the six months ended April 30, 2021:

	Class A		Class C
Alpha Strategy Fund		$241		$1,910
Durable Growth		–		–
Focused Growth Fund		–		–
Focused Large Cap Value Fund		–		–
Focused Small Cap Value Fund		–		15
Fundamental Equity Fund		308		1,282
Global Equity Research Fund		–		4

161

Notes to Financial Statements (unaudited)(continued)

	Class A		Class C
Growth Leaders Fund	$	12,175	$	48,429
Health Care Fund		–		135
International Equity Fund		38		28
International Opportunities Fund		202		184
International Value Fund		152		305
Micro-Cap Growth Fund		15		548
Value Opportunities Fund		561		475

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

Other Related Parties

As of April 30, 2021, 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 Equity Fund’s, International Opportunities Fund’s, International Value Fund’s, Micro-Cap Growth 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	Funda- mental Equity Fund	Growth Leaders Fund	Inter- national Equity Fund	Inter- national Oppor- tunities Fund	Inter- national Value Fund	Micro Cap Growth Fund	Value Oppor- tunities Fund
Alpha Strategy Fund	–	–	38.51%	–	–	–	37.19%	–	17.95%	10.12%
Multi-Asset Balanced Opportunity Fund	72.37%	74.59%	22.91%	6.86%	3.83%	26.81%	–	31.28%	–	–
Multi-Asset Income Fund	24.91%	24.37%	6.20%	2.37%	1.17%	13.63%	–	15.02%	–	–

4.	DISTRIBUTIONS AND CAPITAL LOSS CARRYFORWARDS

Dividends from net investment income, if any, are declared and paid quarterly for International Value Fund, and 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, Micro Cap Growth 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.

162

Notes to Financial Statements (unaudited)(continued)

The tax character of distributions paid during the six months ended April 30, 2021 and fiscal year ended October 31, 2020 was as follows:

		Alpha Strategy Fund				Durable Growth Fund
		Six Months Ended 4/30/2021 (unaudited)		Year Ended 10/31/2020		Six Months Ended 4/30/2021 (unaudited)		Year Ended 10/31/2020
Distributions paid from:
Ordinary income		$	10,405,649	$	–	$	4,591,644	$	1,986
Net long-term capital gains			50,784,144		123,771,165		–		–
Total distributions paid		$	61,189,793	$	123,771,165	$	4,591,644	$	1,986

		Focused Growth Fund				Focused Large Cap Value Fund
		Six Months Ended 4/30/2021 (unaudited)		Year Ended 10/31/2020		Six Months Ended 4/30/2021 (unaudited)		Year Ended 10/31/2020
Distributions paid from:
Ordinary income		$	1,864,114	$	–	$	38,911,138	$	262,779
Net long-term capital gains			140,858		–		–		–
Total distributions paid		$	2,004,972	$	–	$	38,911,138	$	262,779

		Focused Small Cap Value Fund				Fundamental Equity Fund
		Six Months Ended 4/30/2021 (unaudited)		Year Ended 10/31/2020		Six Months Ended 4/30/2021 (unaudited)		Year Ended 10/31/2020
Distributions paid from:
Ordinary income		$	894,345	$	314	$	32,382,939	$	37,662,246
Net long-term capital gains			–		18,077,113		–		215,541,984
Total distributions paid		$	894,345	$	18,077,427	$	32,382,939	$	253,204,230

		Global Equity Research Fund				Growth Leaders Fund
	Six Months Ended 4/30/2021 (unaudited)			Year Ended 10/31/2020		Six Months Ended 4/30/2021 (unaudited)		Year Ended 10/31/2020
Distributions paid from:
Ordinary income		$	105,849	$	89,647	$	392,566,629	$	50,781,905
Net long-term capital gains			278,151		–		327,647,029		254,848,239
Total distributions paid		$	384,000	$	89,647	$	720,213,658	$	305,630,144

		Health Care Fund				International Equity Fund
	Six Months Ended 4/30/2021 (unaudited)			Year Ended 10/31/2020		Six Months Ended 4/30/2021 (unaudited)		Year Ended 10/31/2020
Distributions paid from:
Ordinary income		$	493,359	$	1,005	$	5,135,556	$	7,075,713
Net long-term capital gains			8,110		–		–		–
Total distributions paid		$	501,469	$	1,005	$	5,135,556	$	7,075,713

163

Notes to Financial Statements (unaudited)(continued)

		International Opportunities Fund					International Value Fund
	Six Months Ended 4/30/2021 (unaudited)			Year Ended 10/31/2020		Six Months Ended 4/30/2021 (unaudited)			Year Ended 10/31/2020
Distributions paid from:
Ordinary income		$	–	$	7,379,201		$	6,152,501	$	9,892,862
Net long-term capital gains			–		–			–		–
Total distributions paid		$	–	$	7,379,201		$	6,152,501	$	9,892,862

		Micro Cap Growth Fund						Value Opportunities Fund
	Six Months Ended 4/30/2021 (unaudited)			Year Ended 10/31/2020		Six Months Ended 4/30/2021 (unaudited)			Year Ended 10/31/2020
Distributions paid from:
Ordinary income		$	13,473,195	$	–		$	4,614,398	$	7,526,613
Net long-term capital gains			16,614,432		20,194,202			79,109,540		194,975,562
Total distributions paid		$	30,087,627	$	20,194,202		$	83,723,938	$	202,502,175

As of April 30, 2021, the following funds had capital losses, which will carry forward indefinitely:

Focused Small Cap Value Fund	$	6,899,253
Fundamental Equity Fund		101,619,037
International Equity Fund		30,761,139
International Opportunities Fund		95,319,273
International Value Fund		440,416,153

As of April 30, 2021, 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 Strategy Fund			Durable Growth Fund			Focused Growth Fund
Tax cost	$	741,627,307		$	111,493,178		$	40,300,185
Gross unrealized gain		169,203,372			44,677,665			7,256,051
Gross unrealized loss		–			(1,042,413	)		(569,644	)
Net unrealized security gain	$	169,203,372		$	43,635,252		$	6,686,407

	Focused Large Cap Value Fund			Focused Small Cap Value Fund			Fundamental Equity Fund
Tax cost	$	629,188,895		$	199,832,299		$	1,379,548,096
Gross unrealized gain		230,237,705			55,848,950			524,950,337
Gross unrealized loss		(1,552,152	)		(1,537,558	)		(9,655,011	)
Net unrealized security gain	$	228,685,553		$	54,311,392		$	515,295,326

	Global Equity Research Fund			Growth Leaders Fund			Health Care Fund
Tax cost	$	7,898,402		$	7,312,363,104		$	6,080,056
Gross unrealized gain		2,117,175			2,135,139,278			1,130,525
Gross unrealized loss		(117,665	)		(129,541,937	)		(145,518	)
Net unrealized security gain	$	1,999,510		$	2,005,597,341		$	985,007

	International Equity Fund			International Opportunities Fund			International Value Fund
Tax cost	$	308,922,147		$	385,089,598		$	580,815,595
Gross unrealized gain		90,585,111			90,754,065			87,454,171
Gross unrealized loss		(1,721,375	)		(13,768,061	)		(10,883,149	)
Net unrealized security gain	$	88,863,736		$	76,986,004		$	76,571,022

164

Notes to Financial Statements (unaudited)(continued)

	Micro Cap Growth Fund			Value Opportunities Fund
Tax cost	$	395,752,282		$	1,199,548,420
Gross unrealized gain		92,295,551			591,325,118
Gross unrealized loss		(13,274,183	)		(13,043,736	)
Net unrealized security gain	$	79,021,368		$	578,281,382

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

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2021 were as follows:

	Purchases		Sales
Alpha Strategy Fund	$	49,111,003	$	56,251,440
Durable Growth Funds		17,285,556		97,944,179
Focused Growth Fund		41,504,728		31,107,060
Focused Large Cap Value Fund		368,134,461		193,391,526
Focused Small Cap Value Fund		158,220,014		60,023,985
Fundamental Equity Fund		650,317,129		883,432,240
Global Equity Research Fund		4,813,090		3,862,162
Growth Leaders Fund		5,913,639,756		5,115,465,352
Health Care Fund		4,085,552		1,421,808
International Equity Fund		127,765,810		198,126,831
International Opportunities Fund		135,585,949		186,208,020
International Value Fund		231,083,339		195,652,619
Micro-Cap Growth Fund		443,578,389		153,894,865
Value Opportunities Fund		482,362,414		626,558,678

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2021.

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, 2021, the following Funds engaged in cross-trades:

Fund	Purchases		Sales		Gain/(Loss)
Durable Growth Fund		–		841,411		(31,572	)
Focused Growth Fund		133,906		–		–
Focused Large Cap Value Fund		21,006,402		–		–
Focused Small Cap Value Fund		253,226		–		–
Fundamental Equity Fund		958,243		19,863,405		3,746,683
Growth Leaders Fund		35,337,244		4,360,046		1,775,182
International Equity Fund		–		1,709,249		445,424
International Value Fund		1,709,249		–		–
Micro-Cap Growth Fund		239,824		10,015,416		1,858,000
Value Opportunities Fund		1,501,791		1,035,431		648,514

165

Notes to Financial Statements (unaudited)(continued)

6.	DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

International Equity Fund and International Opportunities Fund entered into forward foreign currency exchange contracts for the period ended April 30, 2021(as described in note 2(g)). A forward foreign currency exchange contract reduces each Fund’s exposure to changes in the value of the currency it will deliver (or settle in cash) and increases its exposure to changes in the value of the currency it will receive (or settle in cash) for the duration of the contract. Each Fund’s use of forward foreign currency exchange contracts involves the risk that Lord Abbett will not accurately predict currency movements, and each Fund’s returns could be reduced as a result. Forward foreign currency exchange contracts are subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time. Each Fund’s risk of loss from counterparty credit risk is the unrealized appreciation on forward foreign currency exchange contracts.

Global Equity Research Fund entered into E-Mini S&P Index futures contracts for the period ended April 30, 2021 (as described in note 2(h)) to manage cash. The Fund bears the risk that the underlying index will move unexpectedly, in which case the Fund may realize a loss. There is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees futures against default.

International Opportunities Fund entered into total return swaps on indexes for the six months ended April 30, 2021 (as described in note 2(i)) 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, 2021, 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
Asset Derivatives		Equity Contracts
Total Return Swap Contracts⁽¹⁾		$30,175

⁽¹⁾	Statements of Assets and Liabilities location: Total return swap, at fair value.

Transactions in derivative instruments for the period ended April 30, 2021, were as follows:

	Global Equity Research Fund
	Equity Contracts
Net Realized Gain (Loss)
Futures Contracts⁽¹⁾		$ 2,683
Average Number of Contracts/Notional Amounts*
Future Contracts		–	⁽²⁾

166

Notes to Financial Statements (unaudited)(continued)

	International Equity Fund
	Foreign Currency Contracts
Net Realized Gain (Loss)
Forward Foreign Currency Exchange Contracts⁽³⁾		$	6,352
Average Number of Contracts/Notional Amounts*
Forward Foreign Currency Exchange Contracts⁽⁴⁾		$	90,515

	International Opportunities Fund
	Foreign Currency Contracts		Equity Contracts
Net Realized Gain (Loss)
Forward Foreign Currency Exchange Contracts⁽³⁾	$	899		–
Total Return Swap Contracts⁽⁵⁾		–	$	2,536,518
Net Change in Unrealized Appreciation/Depreciation
Total Return Swap Contracts⁽⁶⁾		–	$	69,285
Average Number of Contracts/Notional Amounts*
Total Return Swap Contracts⁽⁷⁾		–		94,118

*	Calculated based on the number of contracts or notional amounts for the six months ended April 30, 2021.
⁽¹⁾	Statements of Operations location: Net realized gain(loss) on futures contracts.
⁽²⁾	Less than 1 contract.
⁽³⁾	Statements of Operations location: Net realized gain(loss) on forward foreign currency exchange contracts.
⁽⁴⁾	Amount represents notional amounts in U.S. dollars.
⁽⁵⁾	Statements of Operations location: Net realized gain(loss) on swap contracts.
⁽⁶⁾	Statements of Operations location: Net change in unrealized appreciation/depreciation on swap contracts.
⁽⁷⁾	Amount represents number of contracts.

7.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

The Financial Accounting Standards Board (“FASB”) requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund’s financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the Statements of Assets and Liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by 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 agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty:

167

Notes to Financial Statements (unaudited)(continued)

			Alpha Strategy Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement		$839,511	$	–		$839,511
Total		$839,511	$	–		$839,511

	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.		$839,511	$	–	$	–	$	(839,511	)	$	–
Total		$839,511	$	–	$	–	$	(839,511	)	$	–

	Durable 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		$710,774	$	–		$710,774
Total		$710,774	$	–		$710,774

	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.		$710,774	$	–	$	–	$	(710,774	)	$	–
Total		$710,774	$	–	$	–	$	(710,774	)	$	–

			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		$2,016,660	$	–		$2,016,660
Total		$2,016,660	$	–		$2,016,660

	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.		$2,016,660	$	–	$	–	$	(2,016,660	)	$	–
Total		$2,016,660	$	–	$	–	$	(2,016,660	)	$	–

168

Notes to Financial Statements (unaudited)(continued)

			Focused Large Cap 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		$7,335,699	$	–		$7,335,699
Total		$7,335,699	$	–		$7,335,699

	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.		$7,335,699	$	–	$	–	$	(7,335,699	)	$	–
Total		$7,335,699	$	–	$	–	$	(7,335,699	)	$	–

			Focused Small Cap 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		$11,942,545	$	–		$11,942,545
Total		$11,942,545	$	–		$11,942,545

	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.		$11,942,545	$	–	$	–	$	(11,942,545	)	$	–
Total		$11,942,545	$	–	$	–	$	(11,942,545	)	$	–

			Fundamental Equity Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Asset and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement		$10,807,979	$	–		$10,807,979
Total		$10,807,979	$	–		$10,807,979

	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.		$10,807,979	$	–	$	–	$	(10,807,979	)	$	–
Total		$10,807,979	$	–	$	–	$	(10,807,979	)	$	–

169

Notes to Financial Statements (unaudited)(continued)

			Growth Leaders Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreement		$250,567,872	$	–		$250,567,872
Total		$250,567,872	$	–		$250,567,872

	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.		$250,567,872	$	–	$	–	$	(250,567,872	)	$	–
Total		$250,567,872	$	–	$	–	$	(250,567,872	)	$	–

			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		$759,273	$	–		$759,273
Total		$759,273	$	–		$759,273

	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.		$759,273	$	–	$	–	$	(759,273	)	$	–
Total		$759,273	$	–	$	–	$	(759,273	)	$	–

			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		$5,981,695	$	–		$5,981,695
Total Return Swap Contracts		30,175		–		30,175
Total		$6,011,870	$	–		$6,011,870

	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		$ 30,175	$	–	$	–	$	–		$	30,175
Fixed Income Clearing Corp.		5,981,695		–		–		(5,981,695	)		–
Total		$6,011,870	$	–	$	–	$	(5,981,695	)	$	30,175

170

Notes to Financial Statements (unaudited)(continued)

			International 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		$11,619,847	$	–		$11,619,847
Total		$11,619,847	$	–		$11,619,847

	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.		$11,619,847	$	–	$	–	$	(11,619,847	)	$	–
Total		$11,619,847	$	–	$	–	$	(11,619,847	)	$	–

			Micro Cap 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		$6,320,413	$	–		$6,320,413
Total		$6,320,413	$	–		$6,320,413

	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.		$6,320,413	$	–	$	–	$	(6,320,413	)	$	–
Total		$6,320,413	$	–	$	–	$	(6,320,413	)	$	–

			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		$15,442,302	$	–		$15,442,302
Total		$15,442,302	$	–		$15,442,302

	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.		$15,442,302	$	–	$	–	$	(15,442,302	)	$	–
Total		$15,442,302	$	–	$	–	$	(15,442,302	)	$	–

^(a)	Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.
^(b)	Net amount represents the amount owed to the Fund by the counterparty as of April 30, 2021.

171

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, 2021, the Funds and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $1.17 billion (the “Syndicated Facility”) whereas State Street Bank and Trust Company (“SSB”) participated as a lender and as agent for the lenders. The Participating Funds were 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, $600 million, or $900 million, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended April 30, 2021 the Participating Funds were party to an additional line of credit facility with SSB for $330 million (the “Bilateral Facility”), $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 Value Opportunities Fund utilized the Facility on January 13, 2021 and January 14, 2021 with an average borrowing amount of 9,527,500. The average interest rate during the period was 1.38% and total interest paid amounted to $729.

11.

INTERFUND LENDING PROGRAM

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

For the period ended April 30, 2021, the following Funds participated as lenders in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, interest rate and interest income were as follows:

172

Notes to Financial Statements (unaudited)(continued)

Fund	Average Amount Loaned	Average Interest Rate	Interest Income*
Growth Leaders Fund	$21,840,007	0.55%	$328
Value Opportunities Fund	$17,514,869	0.55%	$262

*	Statements of Operations locations: Interest earned from Interfund Lending

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, 2021:

Alpha Strategy Fund

Affiliated Issuer	Balance of Shares Held at 10/31/2020		Gross Additions		Gross Sales			Balance of Shares Held at 4/30/2021		Fair Value at 4/30/2021		Net Realized Gain (loss) 11/1/2020 to 4/30/2021			Dividend Income 11/1/2020 to 4/30/2021		Change in Appreciation (Depreciation) 11/1/2020 to 4/30/2021
Lord Abbett Developing Growth Fund, Inc. – Class I		3,985,867		411,622		(237,616	)		4,159,873	$	172,343,532	$	16,961,024	^(a)	$	–	$	26,501,650
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I		3,321,048		56,202		(407,464	)		2,969,786		98,329,602		(1,822,270	)		785,231		41,991,041
Lord Abbett Securities Trust – International Opportunities Fund – Class I		8,007,354		254,408		(92,288	)		8,169,474		175,316,918		288,713			–		42,337,438
Lord Abbett Securities Trust – Micro-Cap Growth Fund – Class I		3,286,773		877,028		(669,086	)		3,494,715		87,228,098		21,487,620	^(b)		–		14,054,536
Lord Abbett Research Fund, Inc. – Small-Cap Value Fund – Class I		8,851,506		123,787		(727,723	)		8,247,570		189,611,640		(6,565,145	)		1,619,595		74,949,430
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		7,636,112		465,195		(207,533	)		7,893,774		187,161,378		7,245,241	^(c)		681,801		46,292,974
Total										$	909,991,168	$	37,595,183		$	3,086,158	$	246,127,069

^(a)	Includes $11,607,104 of distributed capital gains.
^(b)	Includes $16,385,329 of distributed capital gains.
^(c)	Includes $7,499,812 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

173

Notes to Financial Statements (unaudited)(continued)

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 Funds on the next business day. As with other extensions of credit, the Funds 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 Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income on the Statements of Operations.

The initial collateral received by the Funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Funds continue to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of April 30, 2021, the market value of securities loaned and collateral received for the Funds were as follows:

Funds	Market Value of Securities Loaned		Collateral Received⁽¹⁾
Durable Growth Fund	$	95,832	$	102,487
Focused Small Cap Value Fund		42,400		50,000
Growth Leaders Fund		9,720,057		10,395,019
International Equity Fund		6,660,365		10,046,076
International Opportunities Fund		3,980,484		4,256,764
International Value Fund		15,935,843		29,217,786
Micro-Cap Growth Fund		8,055,568		8,410,333

⁽¹⁾	Statements of Assets and Liabilities location: Payable for collateral due to broker for securities lending.

15.

INVESTMENT RISKS

Each Fund is subject to the general risks and considerations associated with equity investing, as well as the particular risks associated with micro-cap growth stock. 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.

Micro-cap companies, in which Micro-Cap Growth Fund invests in 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.

174

Notes to Financial Statements (unaudited)(continued)

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.

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.

175

Notes to Financial Statements (unaudited)(continued)

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.

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.

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.

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 each Fund’s investments. Market disruptions can also prevent the Funds from implementing its investment strategies and achieving its investment objective.

The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged

176

Notes to Financial Statements (unaudited)(continued)

quarantines, as well as general concern and uncertainty. The impact of the COVID-19 outbreak could negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways.

The COVID-19 pandemic and its effects may last for an extended period of time, and in either case could result in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund’s investments, and negatively impact each Fund’s performance and your investment in each Fund.

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, 2021 (unaudited)						Year Ended October 31, 2020
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		878,084		$	24,579,871			2,089,872		$	43,355,666
Converted from Class C*		197,502			5,609,951			1,101,831			23,484,272
Reinvestment of distributions		1,198,333			31,252,535			2,522,201			56,648,626
Shares reacquired		(1,667,686	)		(46,106,530	)		(8,088,314	)		(168,814,292	)
Increase (decrease)		606,233		$	15,335,827			(2,374,410	)	$	(45,325,728	)

Class C Shares
Shares sold		177,290		$	3,903,406			448,811		$	7,536,122
Reinvestment of distributions		260,342			5,277,141			745,028			13,276,398
Shares reacquired		(440,857	)		(9,584,005	)		(1,677,782	)		(28,359,437	)
Converted to Class A*		(253,903	)		(5,609,951	)		(1,392,677	)		(23,484,272	)
Decrease		(257,128	)	$	(6,013,409	)		(1,876,620	)	$	(31,031,189	)

Class F Shares
Shares sold		736,718		$	20,656,339			1,045,928		$	22,416,684
Reinvestment of distributions		290,792			7,656,554			772,654			17,500,621
Shares reacquired		(786,435	)		(21,686,990	)		(3,825,862	)		(76,385,706	)
Increase (decrease)		241,075		$	6,625,903			(2,007,280	)	$	(36,468,401	)

Class F3 Shares
Shares sold		304,224		$	9,024,953			488,060		$	10,125,114
Reinvestment of distributions		110,980			3,009,774			177,457			4,127,641
Shares reacquired		(262,996	)		(7,702,419	)		(552,465	)		(12,025,640	)
Increase		152,208		$	4,332,308			113,052		$	2,227,115

Class I Shares
Shares sold		51,138		$	1,513,351			790,561		$	16,748,038
Reinvestment of distributions		82,792			2,237,040			508,610			11,799,741
Shares reacquired		(65,439	)		(1,873,422	)		(3,821,379	)		(81,468,364	)
Increase (decrease)		68,491		$	1,876,969			(2,522,208	)	$	(52,920,585	)

177

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
Alpha Strategy Fund				(unaudited)						October 31, 2020
Class R2 Shares	Shares			Amount			Shares			Amount
Shares sold		2,846		$	74,408			15,003		$	312,973
Reinvestment of distributions		4,691			116,299			7,418			159,120
Shares reacquired		(21,068	)		(554,229	)		(19,809	)		(363,370	)
Increase (decrease)		(13,531	)	$	(363,522	)		2,612		$	108,723

Class R3 Shares
Shares sold		52,008		$	1,404,754			136,052		$	2,723,948
Reinvestment of distributions		76,015			1,901,142			165,768			3,583,900
Shares reacquired		(131,664	)		(3,483,809	)		(489,838	)		(10,160,044	)
Decrease		(3,641	)	$	(177,913	)		(188,018	)	$	(3,852,196	)

Class R4 Shares
Shares sold		21,017		$	571,976			43,297		$	922,234
Reinvestment of distributions		12,106			314,743			20,202			452,531
Shares reacquired		(39,251	)		(1,085,326	)		(42,994	)		(897,945	)
Increase (decrease)		(6,128	)	$	(198,607	)		20,505		$	476,820

Class R5 Shares
Shares sold		1,714		$	45,932			27,836		$	610,946
Reinvestment of distributions		2,152			58,163			1,707			39,612
Shares reacquired		(14,351	)		(419,981	)		(14,890	)		(337,903	)
Increase (decrease)		(10,485	)	$	(315,886	)		14,653		$	312,655

Class R6 Shares
Shares sold		33,339		$	945,599			41,185		$	903,044
Reinvestment of distributions		6,176			167,531			9,684			225,350
Shares reacquired		(40,733	)		(1,154,725	)		(46,584	)		(1,036,708	)
Increase (decrease)		(1,218	)	$	(41,595	)		4,285		$	91,686

Durable Growth Fund				Six Months Ended April 30, 2021 (unaudited)						Year Ended October 31, 2020
Class A Shares		Shares		Amount				Shares			Amount
Shares sold		37,581		$	790,020			105,323		$	1,704,548
Converted from Class C*		14			297			–			–
Reinvestment of distributions		2,030			41,259			12			185
Shares reacquired		(316	)		(6,785	)		(25,265	)		(414,525	)
Increase		39,309		$	824,791			80,070		$	1,290,208

Class C Shares
Shares sold		2,892		$	59,108			12,788		$	210,965
Reinvestment of distributions		156			3,151			–			–
Shares reacquired		(1,935	)		(41,338	)		(858	)		(12,757	)
Converted to Class A*		(14	)		(297	)		–			–
Increase		1,099		$	20,624			11,930		$	198,208

178

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
Durable Growth Fund				(unaudited)						October 31, 2020
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		428		$	9,000			34,968		$	530,262
Reinvestment of distributions		27			556			32			493
Shares reacquired		–			–			(17,017	)		(261,750	)
Increase		455		$	9,556			17,983		$	269,005

Class F3 Shares
Shares sold		–		$	–			7,334		$	110,000
Reinvestment of distributions		–			–			8			128
Increase		–		$	–			7,342		$	110,128

Class I Shares
Shares sold		–		$	–			12,457,602		$	206,631,112
Reinvestment of distributions		222,363			4,522,876			38			573
Shares reacquired		(4,006,038	)		(81,608,347	)		(2,109,887	)		(40,830,092	)
Increase (decrease)		(3,783,675	)	$	(77,085,471	)		10,347,753		$	165,801,593

Class R3 Shares
Shares sold		–		$	–			667		$	10,000
Reinvestment of distributions		–			–			–			4
Shares reacquired		–			–			–			59
Increase		–		$	–			667		$	10,063

Class R4 Shares
Shares sold		0.16		$	–			667		$	10,000
Reinvestment of distributions		–			–			–			8
Shares reacquired		–			–			–			36
Increase		0.16		$	–			667		$	10,044

Class R5 Shares
Shares sold		–		$	–			667.67		$	10,000
Reinvestment of distributions		–			–			0.76			12
Increase		–		$	–			667.43		$	10,012

Class R6 Shares
Shares sold		11,044		$	233,640			45,312		$	699,067
Reinvestment of distributions		–			–			38			583
Shares reacquired		–			–			(32,830	)		(500,000	)
Increase		11,044		$	233,640			12,520		$	199,650

Focused Growth Fund				Six Months Ended April 30, 2021 (unaudited)						Year Ended October 31, 2020
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		179,774		$	5,433,968			434,819		$	9,703,851
Converted from Class C*		2,753			81,236			2,497			60,294
Reinvestment of distributions		31,858			880,243			–			–
Shares reacquired		(165,737	)		(5,023,984	)		(281,008	)		(5,735,273	)
Increase		48,648		$	1,371,463			156,308		$	4,028,872

179

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
Focused Growth Fund				(unaudited)						October 31, 2020
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		15,876		$	470,458			71,782		$	1,605,692
Reinvestment of distributions		4,406			120,046			–			–
Shares reacquired		(12,731	)		(374,384	)		(9,531	)		(205,158	)
Converted to Class A*		(2,796	)		(81,236	)		(2,523	)		(60,294	)
Increase		4,755		$	134,884			59,728		$	1,340,240

Class F Shares
Shares sold		373,938		$	11,517,045			190,397		$	4,699,476
Reinvestment of distributions		15,807			439,126			–			–
Shares reacquired		(74,333	)		(2,319,441	)		(38,191	)		(777,214	)
Increase		315,412		$	9,636,730			152,206		$	3,922,262

Class I Shares
Shares sold		30,419		$	942,636			38,511		$	965,055
Reinvestment of distributions		6,880			191,131			–			–
Shares reacquired		(7,160	)		(201,233	)		(31,893	)		(712,410	)
Increase		30,139		$	932,534			6,618		$	252,645

Class R6 Shares
Shares sold		39,212		$	1,166,879			91,308		$	2,043,385
Reinvestment of distributions		43			1,198			–			–
Shares reacquired		(41,931	)		(1,294,052	)		(43,053	)		(888,522	)
Increase (decrease)		(2,676	)	$	(125,975	)		48,255		$	1,154,863

Focused Large Cap Value Fund				Six Months Ended April 30, 2021 (unaudited)						Year Ended October 31, 2020
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		192,896		$	3,272,222			58,910		$	782,489
Reinvestment of distributions		4,008			60,322			182			2,767
Shares reacquired		(74,484	)		(1,306,897	)		(51,695	)		(735,734	)
Increase		122,420		$	2,025,647			7,397		$	49,522

Class C Shares
Shares sold		97,958		$	1,717,786			11,228		$	132,753
Reinvestment of distributions		332			5,009			21			326
Shares reacquired		(10,271	)		(182,789	)		(12,635	)		(172,705	)
Increase (decrease)		88,019		$	1,540,006			(1,386	)	$	(39,626	)

Class F Shares
Shares sold		123,060		$	2,252,569			4,808		$	62,373
Reinvestment of distributions		126			1,910			196			2,983
Shares reacquired		(172	)		(2,773	)		(35,265	)		(481,111	)
Increase (decrease)		123,014		$	2,251,706			(30,261	)	$	(415,755	)

Class F3 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			211			3,213
Shares reacquired		–			–			(32,613	)		(445,593	)
Decrease		–		$	–			(32,402	)	$	(442,380	)

180

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
Focused Large Cap Value Fund				(unaudited)						October 31, 2020
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		10,760,529		$	165,589,014			39,120,270		$	441,893,283
Reinvestment of distributions		2,576,106			38,796,163			16,392			249,649
Shares reacquired		–			–			(8,761,641	)		(113,729,358	)
Increase		13,336,635		$	204,385,177			30,375,021		$	328,413,574

Class R2 Shares
Shares sold		–		$	4			–		$	–
Increase		–		$	4			–		$	–

Class R3 Shares
Shares sold		18		$	(12	)		5		$	73
Reinvestment of distributions		–			6			3			43
Increase (decrease)		18		$	(6	)		8		$	116

Class R4 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			3			53
Increase		–		$	–			3		$	53

Class R5 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			4			64
Increase		–		$	–			4		$	64

Class R6 Shares
Shares sold		72,246		$	1,164,787			36,297		$	449,218
Reinvestment of distributions		–			–			211			3,213
Shares reacquired		(739	)		(10,000	)		(43,319	)		(579,584	)
Increase (decrease)		71,507		$	1,154,787			(6,811	)	$	(127,153	)

Focused Small Cap Value Fund				Six Months Ended April 30, 2021 (unaudited)						Year Ended October 31, 2020
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		548,988		$	14,164,158			438,085		$	9,162,393
Reinvestment of distributions		1,225			28,969			42,884			930,586
Shares reacquired		(30,153	)		(852,409	)		(535,543	)		(8,651,100	)
Increase (decrease)		520,060		$	13,340,718			(54,574	)	$	1,441,879
							��
Class C Share
Shares sold		109,444		$	3,349,348			5,401		$	107,961
Reinvestment of distributions		27			673			69			1,597
Shares reacquired		(1,509	)		(46,987	)		(711	)		(11,019	)
Increase		107,962		$	3,303,034			4,759		$	98,539

Class F Shares
Shares sold		1,505,635		$	46,474,940			41,829		$	800,286
Reinvestment of distributions		904			23,071			64			1,500
Shares reacquired		(196,802	)		(6,099,182	)		(3,606	)		(71,014	)
Increase		1,309,737		$	40,398,829			38,287		$	730,772

181

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
Focused Small Cap Value Fund				(unaudited)						October 31, 2020
Class F3 Shares	Shares			Amount			Shares			Amount
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			64			1,500
Increase		–		$	–			64		$	1,500

Class I Shares
Shares sold		2,293,942		$	58,896,690			198,740		$	4,446,865
Reinvestment of distributions		30,795			785,263			699,990			16,379,773
Shares reacquired		(413,011	)		(10,813,338	)		(1,722,466	)		(37,155,659	)
Increase (decrease)		1,911,726		$	48,868,615			(823,736	)	$	(16,329,021	)

Class R3 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			64			1,500
Shares reacquired		–			–			(429	)		(6,320	)
Decrease		–		$	–			(365	)	$	(4,820	)

Class R4 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			64			1,500
Shares reacquired		–			–			(429	)		(6,336	)
Decrease		–		$	–			(365	)	$	(4,836	)

Class R5 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			64.09			1,500
Increase		–		$	–			64.09		$	1,500

Class R6 Shares
Shares sold		140,909		$	4,283,507			52,623		$	1,109,409
Reinvestment of distributions		–			–			64			1,500
Shares reacquired		(13,940	)		(394,858	)		(18,034	)		(324,689	)
Increase		126,969		$	3,888,649			34,653		$	786,220

Fundamental Equity Fund				Six Months Ended April 30, 2021 (unaudited)						Year Ended October 31, 2020
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,563,583		$	19,749,050			4,188,498		$	43,418,303
Converted from Class C*		696,717			8,870,108			5,226,450			55,203,791
Reinvestment of distributions		1,687,370			20,096,583			11,401,124			132,025,015
Shares reacquired		(9,631,311	)		(119,464,794	)		(29,769,304	)		(317,448,216	)
Decrease		(5,683,641	)	$	(70,749,053	)		(8,953,232	)	$	(86,801,107	)

Class C Shares
Shares sold		272,666		$	2,997,733			691,274		$	6,387,499
Reinvestment of distributions		54,080			565,135			1,522,175			15,434,858
Shares reacquired		(769,532	)		(8,385,644	)		(3,965,989	)		(37,181,352	)
Converted to Class A*		(795,469	)		(8,870,108	)		(5,993,619	)		(55,203,791	)
Decrease		(1,238,255	)	$	(13,692,884	)		(7,746,159	)	$	(70,562,786	)

182

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
Fundamental Equity Fund				(unaudited)						October 31, 2020
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		800,708		$	9,793,117			1,433,812		$	15,575,714
Reinvestment of distributions		213,893			2,513,246			1,631,329			18,629,776
Shares reacquired		(1,726,003	)		(21,199,579	)		(6,705,371	)		(70,451,225	)
Decrease		(711,402	)	$	(8,893,216	)		(3,640,230	)	$	(36,245,735	)

Class F3 Shares
Shares sold		106,135		$	1,367,526			288,689		$	3,142,272
Reinvestment of distributions		28,553			344,061			180,261			2,109,059
Shares reacquired		(229,497	)		(2,906,441	)		(664,831	)		(7,264,981	)
Decrease		(94,809	)	$	(1,194,854	)		(195,881	)	$	(2,013,650	)

Class I Shares
Shares sold		285,827		$	3,538,394			12,582,859		$	140,110,329
Reinvestment of distributions		493,649			5,913,917			5,308,220			61,787,685
Shares reacquired		(9,079,576	)		(116,312,652	)		(41,834,305	)		(408,261,259	)
Decrease		(8,300,100	)	$	(106,860,341	)		(23,943,226	)	$	(206,363,245	)

Class P Shares
Shares sold		12,404		$	152,095			38,910		$	395,112
Reinvestment of distributions		5,670			66,114			45,179			512,324
Shares reacquired		(72,671	)		(913,979	)		(150,905	)		(1,618,060	)
Decrease		(54,597	)	$	(695,770	)		(66,816	)	$	(710,624	)

Class R2 Shares
Shares sold		13,546		$	169,003			48,263		$	494,664
Reinvestment of distributions		3,723			43,336			25,619			290,000
Shares reacquired		(35,941	)		(434,280	)		(102,194	)		(1,093,622	)
Decrease		(18,672	)	$	(221,941	)		(28,312	)	$	(308,958	)

Class R3 Shares
Shares sold		394,034		$	4,822,116			1,538,350		$	15,852,051
Reinvestment of distributions		114,003			1,331,556			877,394			9,958,420
Shares reacquired		(1,196,686	)		(14,511,428	)		(2,966,968	)		(30,852,539	)
Decrease		(688,649	)	$	(8,357,756	)		(551,224	)	$	(5,042,068	)

Class R4 Shares
Shares sold		19,212		$	241,513			76,886		$	831,775
Reinvestment of distributions		2,821			33,433			36,123			415,774
Shares reacquired		(27,956	)		(347,277	)		(292,446	)		(3,170,812	)
Decrease		(5,923	)	$	(72,331	)		(179,437	)	$	(1,923,263	)

Class R5 Shares
Shares sold		13,940		$	180,603			81,760		$	955,940
Reinvestment of distributions		1,708			20,468			10,804			125,869
Shares reacquired		(35,848	)		(470,299	)		(125,349	)		(1,307,288	)
Decrease		(20,200	)	$	(269,228	)		(32,785	)	$	(225,479	)

183

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
Fundamental Equity Fund				(unaudited)						October 31, 2020
Class R6 Shares	Shares			Amount			Shares			Amount
Shares sold		79,930		$	1,009,536			219,870		$	2,369,313
Reinvestment of distributions		15,967			192,556			156,188			1,828,961
Shares reacquired		(148,242	)		(1,839,637	)		(1,030,695	)		(10,971,855	)
Decrease		(52,345	)	$	(637,545	)		(654,637	)	$	(6,773,581	)

				Six Months Ended
				April 30, 2021						Year Ended
Global Equity Research Fund				(unaudited)						October 31, 2020
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		65,698		$	957,199			67,708		$	783,138
Converted from Class C*		1,841			26,811			2,969			35,757
Reinvestment of distributions		11,222			158,567			3,449			41,353
Shares reacquired		(15,442	)		(224,656	)		(174,136	)		(1,903,357	)
Increase (decrease)		63,319		$	917,921			(100,010	)	$	(1,043,109	)

Class C Shares
Shares sold		6,230		$	92,063			11,199		$	132,299
Reinvestment of distributions		1,848			25,985			157			1,871
Shares reacquired		(1,216	)		(17,746	)		(16,261	)		(187,627	)
Converted to Class A*		(1,852	)		(26,811	)		(2,995	)		(35,757	)
Increase (decrease)		5,010		$	73,491			(7,900	)	$	(89,214	)

Class F Shares
Shares sold		8,961		$	131,757			878		$	11,000
Reinvestment of distributions		198			2,796			1,452			17,441
Shares reacquired		(7,797	)		(113,931	)		(79,072	)		(932,988	)
Increase (decrease)		1,362		$	20,622			(76,742	)	$	(904,547	)

Class F3 Shares
Reinvestment of distributions		–		$	–			15		$	181
Increase		–		$	–			15		$	181

Class I Shares
Reinvestment of distributions		–		$	–			1,484		$	17,804
Shares reacquired		(670	)		(10,000	)
Increase (decrease)		(670	)	$	(10,000	)		1,484		$	17,804

Class R2 Shares
Reinvestment of distributions		–		$	–			9		$	107
Shares reacquired		–			–			(1,112	)		(11,500	)
Decrease		–		$	–			(1,103	)	$	(11,393	)

Class R3 Shares
Shares sold		28,358		$	427,973			1,641		$	19,964
Reinvestment of distributions		819			11,511			160			1,908
Shares reacquired		(20,440	)		(299,203	)		(55	)		(667	)
Increase		8,737		$	140,281			1,746		$	21,205

184

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
Global Equity Research Fund				(unaudited)						October 31, 2020
Class R4 Shares	Shares			Amount			Shares			Amount
Shares sold		1		$	–			–		$	–
Reinvestment of distributions		–			–			12			150
Increase		1		$	–			12		$	150

Class R5 Shares
Reinvestment of distributions		–		$	–			15		$	182
Shares reacquired		(0.25	)		–			–			–
Increase (decrease)		(0.25	)	$	–			15		$	182

Class R6 Shares
Shares sold		8,591		$	126,456			9,840		$	123,399
Shares reacquired		(358	)		(4,957	)		(19,272	)		(234,374	)
Increase (decrease)		8,233		$	121,499			(9,432	)	$	(110,975	)

Growth Leaders Fund				Six Months Ended April 30, 2021 (unaudited)						Year Ended October 31, 2020
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		8,679,021		$	396,488,784			18,281,151		$	613,241,998
Converted from Class C*		803,466			36,919,587			1,928,904			72,420,199
Reinvestment of distributions		4,198,551			175,541,409			2,858,584			78,067,940
Shares reacquired		(8,428,504	)		(381,660,673	)		(12,621,781	)		(409,386,625	)
Increase		5,252,534		$	227,289,107			10,446,858		$	354,343,512

Class C Shares
Shares sold		3,058,245		$	125,825,297			5,995,648		$	178,733,815
Reinvestment of distributions		2,592,659			97,795,113			2,026,352			50,820,908
Shares reacquired		(2,808,648	)		(114,966,485	)		(6,241,038	)		(184,768,951	)
Converted to Class A*		(891,720	)		(36,919,587	)		(2,110,329	)		(72,420,199	)
Increase (decrease)		1,950,536		$	71,734,338			(329,367	)	$	(27,634,427	)

Class F Shares
Shares sold		25,381,579		$	1,187,454,223			30,664,509		$	1,054,984,638
Reinvestment of distributions		6,025,591			258,256,827			3,547,411			98,830,859
Shares reacquired		(14,735,115	)		(687,482,742	)		(21,088,458	)		(700,112,273	)
Increase		16,672,055		$	758,228,308			13,123,462		$	453,703,224

Class F3 Shares
Shares sold		5,668,617		$	270,838,979			4,295,402		$	162,030,303
Reinvestment of distributions		661,604			28,720,216			212,922			5,998,021
Shares reacquired		(1,017,198	)		(48,186,469	)		(952,101	)		(33,483,279	)
Increase		5,313,023		$	251,372,726			3,556,223		$	134,545,045

Class I Shares
Shares sold		5,693,449		$	271,833,966			12,502,496		$	421,762,720
Reinvestment of distributions		2,243,922			96,892,532			1,446,088			40,562,759
Shares reacquired		(5,576,376	)		(257,015,022	)		(7,842,296	)		(277,609,307	)
Increase		2,360,995		$	111,711,476			6,106,288		$	184,716,172

185

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
Growth Leaders Fund				(unaudited)						October 31, 2020
Class R2 Shares	Shares			Amount			Shares			Amount
Shares sold		34,938		$	1,565,522			56,383		$	1,897,951
Reinvestment of distributions		3,326			135,853			1,660			44,544
Shares reacquired		(27,738	)		(1,285,101	)		(61,514	)		(1,810,369	)
Increase (decrease)		10,526		$	416,274			(3,471	)	$	132,126

Class R3 Shares
Shares sold		63,179		$	2,827,036			104,458		$	3,386,244
Reinvestment of distributions		49,580			2,021,887			42,361			1,134,001
Shares reacquired		(114,643	)		(5,129,438	)		(176,443	)		(6,023,366	)
Decrease		(1,884	)	$	(280,515	)		(29,624	)	$	(1,503,121	)

Class R4 Shares
Shares sold		84,952		$	3,858,811			189,027		$	5,694,409
Reinvestment of distributions		18,437			771,054			10,913			298,136
Shares reacquired		(47,855	)		(2,189,920	)		(128,858	)		(4,353,339	)
Increase		55,534		$	2,439,945			71,082		$	1,639,206

Class R5 Shares
Shares sold		161,556		$	7,542,906			119,938		$	4,183,168
Reinvestment of distributions		31,460			1,359,076			26,421			741,362
Shares reacquired		(123,819	)		(5,819,983	)		(138,213	)		(4,812,019	)
Increase		69,197		$	3,081,999			8,146		$	112,511

Class R6 Shares
Shares sold		811,057		$	38,872,015			738,445		$	25,990,050
Reinvestment of distributions		82,190			3,567,873			57,545			1,621,043
Shares reacquired		(250,435	)		(12,012,991	)		(552,495	)		(17,778,515	)
Increase		642,812		$	30,426,897			243,495		$	9,832,578

				Six Months Ended
				April 30, 2021						Year Ended
Health Care Fund				(unaudited)						October 31, 2020
Class A Shares		Shares			Amount			Shares			Amount
Share sold		63,061		$	1,257,316			91,012		$	1,606,250
Converted from Class C*		1,051			19,853			–			–
Reinvestment of distributions		13,407			242,002			–			–
Shares reacquired		(26,647	)		(530,493	)		(48,656	)		(799,696	)
Increase		50,872		$	988,678			42,356		$	806,554

Class C Shares
Shares sold		40,619		$	807,789			18,378		$	325,976
Reinvestment of distributions		2,699			48,170			–			–
Shares reacquired		(12,808	)		(267,657	)		(10,151	)		(175,759	)
Converted to Class A*		(1,066	)		(19,853	)		–			–
Increase		29,444		$	568,449			8,227		$	150,217

186

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
Health Care Fund				(unaudited)						October 31, 2020
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		22,611		$	455,550			6,790		$	120,001
Reinvestment of distributions		491			8,898			2			37
Shares reacquired		(77	)		(1,482	)		(34,470	)		(633,133	)
Increase (decrease)		23,025		$	462,966			(27,678	)	$	(513,095	)

Class F3 Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			23			346
Shares reacquired		(1	)		–			(31,530	)		(577,083	)
Decrease		(1	)	$	–			(31,507	)	$	(576,737	)

Class I Shares
Shares sold		–		$	–			–		$	–
Reinvestment of distributions		–			–			4			54
Shares reacquired		–			–			(6,452	)		(118,013	)
Decrease		–		$	–			(6,448	)	$	(117,959	)

Class R5 Shares
Shares sold		0.29		$	–			–		$	–
Reinvestment of distributions		–			–			–			5
Increase		0.29		$	–			–		$	5

Class R6 Shares
Shares sold		62,384		$	1,204,684			62,558		$	1,019,533
Reinvestment of distributions		–			–			23			346
Shares reacquired		(6,979	)		(139,951	)		(34,524	)		(627,476	)
Increase		55,405		$	1,064,733			28,057		$	392,403

				Six Months Ended
				April 30, 2021						Year Ended
International Equity Fund				(unaudited)						October 31, 2020
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		566,658		$	9,061,426			642,645		$	8,200,504
Converted from Class C*		16,314			265,775			149,893			1,969,103
Reinvestment of distributions		125,034			1,944,287			189,205			2,569,398
Shares reacquired		(953,574	)		(15,211,116	)		(3,033,576	)		(37,897,966	)
Decrease		(245,568	)	$	(3,939,628	)		(2,051,833	)	$	(25,158,961	)

Class C Shares
Shares sold		44,580		$	719,496			41,975		$	518,824
Reinvestment of distributions		1,234			19,177			5,240			71,063
Shares reacquired		(51,980	)		(832,140	)		(208,954	)		(2,595,055	)
Converted to Class A*		(16,362	)		(265,775	)		(150,680	)		(1,969,103	)
Decrease		(22,528	)	$	(359,242	)		(312,419	)	$	(3,974,271	)

Class F Shares
Shares sold		192,170		$	3,117,835			134,470		$	1,779,804
Reinvestment of distributions		9,333			144,479			58,859			794,605
Shares reacquired		(58,012	)		(926,923	)		(3,126,496	)		(38,695,120	)
Increase (decrease)		143,491		$	2,335,391			(2,933,167	)	$	(36,120,711	)

187

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
International Equity Fund				(unaudited)						October 31, 2020
Class F3 Shares	Shares			Amount			Shares			Amount
Shares sold		39,406		$	646,082			79,051		$	1,057,492
Reinvestment of distributions		4,387			69,008			5,613			76,992
Shares reacquired		(43,623	)		(701,831	)		(93,281	)		(1,222,927	)
Increase (decrease)		170		$	13,259			(8,617	)	$	(88,443	)

Class I Shares
Shares sold		6,606		$	107,976			1,321,968		$	17,511,567
Reinvestment of distributions		178,682			2,805,307			243,036			3,329,599
Shares reacquired		(3,929,816	)		(64,444,424	)		(3,189,966	)		(43,162,311	)
Decrease		(3,744,528	)	$	(61,531,141	)		(1,624,962	)	$	(22,321,145	)

Class P Shares
Shares sold		6.24		$	99			48		$	610
Reinvestment of distributions		17.83			278			39			544
Shares reacquired		(2,119.58	)		(33,177	)		(486	)		(6,471	)
Decrease		(2,095.51	)	$	(32,800	)		(399	)	$	(5,317	)

Class R2 Shares
Shares sold		885		$	14,073			3,283		$	41,953
Reinvestment of distributions		59			915			162			2,195
Shares reacquired		(1,007	)		(16,934	)		(27,471	)		(299,532	)
Decrease		(63	)	$	(1,946	)		(24,026	)	$	(255,384	)

Class R3 Shares
Shares sold		29,598		$	468,434			72,743		$	893,248
Reinvestment of distributions		3,356			51,482			6,649			89,018
Shares reacquired		(53,330	)		(819,443	)		(229,010	)		(2,953,782	)
Decrease		(20,376	)	$	(299,527	)		(149,618	)	$	(1,971,516	)

Class R4 Shares
Shares sold		14,307		$	227,974			26,181		$	334,025
Reinvestment of distributions		988			15,301			1,213			16,392
Shares reacquired		(8,853	)		(140,157	)		(29,947	)		(383,267	)
Increase (decrease)		6,442		$	103,118			(2,553	)	$	(32,850	)

Class R5 Shares
Shares sold		246		$	3,926			1,555		$	20,106
Reinvestment of distributions		54			848			104			1,430
Shares reacquired		(153	)		(2,520	)		(3,025	)		(40,745	)
Increase (decrease)		147		$	2,254			(1,366	)	$	(19,209	)

Class R6 Shares
Shares sold		17,597		$	285,026			7,203		$	99,503
Reinvestment of distributions		72			1,124			152			2,096
Shares reacquired		(20,008	)		(330,509	)		(36,013	)		(450,847	)
Decrease		(2,339	)	$	(44,359	)		(28,658	)	$	(349,248	)

188

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021							Year Ended
International Opportunities Fund				(unaudited)							October 31, 2020
Class A Shares	Shares			Amount				Shares			Amount
Shares sold		586,706		$	11,462,803				760,276		$	11,555,309
Converted from Class C*		28,935			566,988				105,250			1,636,396
Reinvestment of distributions		–			–				87,790			1,454,675
Shares reacquired		(790,280	)		(15,292,292	)			(2,721,200	)		(40,979,780	)
Decrease		(174,639	)	$	(3,262,501	)			(1,767,884	)	$	(26,333,400	)

Class C Shares
Shares sold		72,938		$	1,292,433				123,408		$	1,808,409
Reinvestment of distributions		–			–				6,381			98,204
Shares reacquired		(121,576	)		(2,163,552	)	��		(647,947	)		(8,895,347	)
Converted to Class A*		(31,432	)		(566,988	)			(113,756	)		(1,636,396	)
Decrease		(80,070	)	$	(1,438,107	)			(631,914	)	$	(8,625,130	)

Class F Shares
Shares sold		420,349		$	7,716,938				781,507		$	11,657,260
Reinvestment of distributions		–			–				62,372			1,022,286
Shares reacquired		(566,016	)		(10,707,289	)			(3,799,996	)		(55,967,692	)
Decrease		(145,667	)	$	(2,990,351	)			(2,956,117	)	$	(43,288,146	)

Class F3 Shares
Shares sold		284,309		$	5,760,835				339,811		$	5,211,076
Reinvestment of distributions		–			–				16,394			280,820
Shares reacquired		(155,061	)		(3,098,090	)			(429,731	)		(6,706,269	)
Increase (decrease)		129,248		$	2,662,745				(73,526	)	$	(1,214,373	)

Class I Shares
Shares sold		408,415		$	8,012,119				383,771		$	5,985,361
Reinvestment of distributions		–			–				184,630			3,147,949
Shares reacquired		(283,655	)		(5,509,957	)			(4,927,626	)		(76,300,116	)
Increase (decrease)		124,760		$	2,502,162				(4,359,225	)	$	(67,166,806	)

Class P Shares
Shares sold		152		$	3,019				2,368		$	38,976
Reinvestment of distributions		–			–				52			891
Shares reacquired		(113	)		(2,262	)			(871	)		(13,302	)
Increase		39		$	757				1,549		$	26,565

Class R2 Shares
Shares sold		10,623		$	202,224				46,675		$	655,760
Reinvestment of distributions		–			–				1,631			26,601
Shares reacquired		(25,507	)		(480,270	)			(95,590	)		(1,378,536	)
Decrease		(14,884	)	$	(278,046	)			(47,284	)	$	(696,175	)

Class R3 Shares
Shares sold		72,265		$	1,358,140				316,332		$	4,596,548
Reinvestment of distributions		–			–				11,544			187,243
Shares reacquired		(524,482	)		(10,003,456	)			(579,477	)		(8,227,429	)
Decrease		(452,217	)	$	(8,645,316	)			(251,601	)	$	(3,443,638	)

189

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
International Opportunities Fund				(unaudited)						October 31, 2020
Class R4 Shares	Shares			Amount			Shares			Amount
Shares sold		26,834		$	521,133			90,472		$	1,337,820
Reinvestment of distributions		–			–			4,037			66,568
Shares reacquired		(203,764	)		(3,714,066	)		(175,841	)		(2,801,502	)
Decrease		(176,930	)	$	(3,192,933	)		(81,332	)	$	(1,397,114	)

Class R5 Shares
Shares sold		32,735		$	639,979			527,631		$	8,196,957
Reinvestment of distributions		–			–			15,637			266,448
Shares reacquired		(851,878	)		(17,131,397	)		(639,879	)		(8,882,336	)
Decrease		(819,143	)	$	(16,491,418	)		(96,611	)	$	(418,931	)

Class R6 Shares
Shares sold		463,310		$	9,131,923			1,005,911		$	15,530,561
Reinvestment of distributions		–			–			24,719			423,436
Shares reacquired		(1,264,355	)		(25,388,598	)		(1,063,705	)		(16,481,416	)
Decrease		(801,045	)	$	(16,256,675	)		(33,075	)	$	(527,419	)

				Six Months Ended
				April 30, 2021						Year Ended
International Value Fund				(unaudited)						October 31, 2020
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,750,493		$	13,263,452			3,362,540		$	20,988,271
Converted from Class C*		358,539			2,737,203			1,257,977			7,942,129
Reinvestment of distributions		321,259			2,411,500			642,320			4,069,241
Shares reacquired		(3,056,348	)		(22,920,784	)		(11,073,443	)		(69,291,701	)
Decrease		(626,057	)	$	(4,508,629	)		(5,810,606	)	$	(36,292,060	)

Class C Shares
Shares sold		33,319		$	248,958			116,560		$	736,623
Reinvestment of distributions		14,545			107,083			36,121			231,625
Shares reacquired		(204,425	)		(1,527,643	)		(1,370,675	)		(8,502,971	)
Converted to Class A*		(361,526	)		(2,737,203	)		(1,268,228	)		(7,942,129	)
Decrease		(518,087	)	$	(3,908,805	)		(2,486,222	)	$	(15,476,852	)

Class F Shares
Shares sold		299,181		$	2,299,064			1,276,200		$	8,124,091
Reinvestment of distributions		37,512			283,582			81,787			520,986
Shares reacquired		(482,516	)		(3,620,742	)		(2,869,473	)		(17,538,005	)
Decrease		(145,823	)	$	(1,038,096	)		(1,511,486	)	$	(8,892,928	)

Class F3 Shares
Shares sold		316,425		$	2,437,802			682,416		$	4,290,243
Reinvestment of distributions		35,269			267,325			73,214			464,168
Shares reacquired		(418,347	)		(3,195,679	)		(1,264,958	)		(8,054,376	)
Decrease		(66,653	)	$	(490,552	)		(509,328	)	$	(3,299,965	)

190

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
International Value Fund				(unaudited)						October 31, 2020
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		10,092,109		$	80,750,477			5,843,812		$	35,479,009
Reinvestment of distributions		381,407			2,901,826			678,632			4,300,880
Shares reacquired		(5,139,919	)		(37,898,869	)		(5,256,212	)		(34,690,399	)
Increase		5,333,597		$	45,753,434			1,266,232		$	5,089,490

Class R2 Shares
Shares sold		584		$	4,550			881		$	5,868
Reinvestment of distributions		26			202			35			218
Shares reacquired		(847	)		(6,623	)		(60,515	)		(433,765	)
Decrease		(237	)	$	(1,871	)		(59,599	)	$	(427,679	)

Class R3 Shares
Shares sold		92,902		$	742,845			114,119		$	720,791
Reinvestment of distributions		7,721			58,434			16,184			103,892
Shares reacquired		(146,651	)		(1,105,159	)		(241,677	)		(1,541,470	)
Decrease		(46,028	)	$	(303,880	)		(111,374	)	$	(716,787	)

Class R4 Shares
Shares sold		14,441		$	110,244			2,990		$	20,347
Reinvestment of distributions		90			682			112			701
Shares reacquired		(2,526	)		(18,999	)		(2,223	)		(13,255	)
Increase		12,005		$	91,927			879		$	7,793

Class R5 Shares
Shares sold		287		$	2,341			39		$	212
Reinvestment of distributions		–			–			12			80
Shares reacquired		–			(3	)		(36	)		(228	)
Increase		287		$	2,338			15		$	64

Class R6 Shares
Shares sold		19,086		$	143,065			8,479		$	54,105
Reinvestment of distributions		30			230			42			270
Shares reacquired		(10,023	)		(76,075	)		(66,232	)		(393,775	)
Increase (decrease)		9,093		$	67,220			(57,711	)	$	(339,400	)

				Six Months Ended
				April 30, 2021						Year Ended
Micro-Cap Growth Fund				(unaudited)						October 31, 2020
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		3,572,471		$	72,882,028			315,734		$	5,250,326
Converted from Class C*		834			17,181			–			–
Reinvestment of distributions		226,513			3,495,098			178,087			2,158,413
Shares reacquired		(574,476	)		(11,772,418	)		(733,350	)		(10,796,624	)
Increase (decrease)		3,225,342		$	64,621,889			(239,529	)	$	(3,387,885	)

191

Notes to Financial Statements (unaudited)(continued)

				Six Months Ended
				April 30, 2021						Year Ended
Micro-Cap Growth Fund				(unaudited)						October 31, 2020
Class C Shares^(a)	Shares			Amount			Shares			Amount
Shares sold		573,417		$	14,184,877			43,721		$	922,143
Reinvestment of distributions		16,075			303,011			–			–
Shares reacquired		(21,822	)		(526,670	)		(2,165	)		(44,235	)
Converted to Class A*		(684	)		(17,181	)		–			–
Increase		566,986		$	13,944,037			41,556		$	877,908

Class F Shares^(a)
Shares sold		9,801,333		$	249,517,638			602,649		$	12,452,364
Reinvestment of distributions		199,630			3,773,009			–			–
Shares reacquired		(2,096,506	)		(51,082,053	)		(12,112	)		(240,374	)
Increase		7,904,457		$	202,208,594			590,537		$	12,211,990

Class I Shares
Shares sold		2,149,848		$	52,179,618			973,448		$	17,910,932
Reinvestment of distributions		890,870			16,837,445			1,130,254			15,993,094
Shares reacquired		(1,004,966	)		(24,112,659	)		(5,269,377	)		(91,866,926	)
Increase (decrease)		2,035,752		$	44,904,404			(3,165,675	)	$	(57,962,900	)

				Six Months Ended
				April 30, 2021						Year Ended
Value Opportunities Fund				(unaudited)						October 31, 2020
Class A Shares		Shares			Amount			Shares			Amount
Shares Sold		1,579,494		$	32,342,213			2,910,034		$	46,055,482
Converted from Class C*		246,448			5,127,632			2,248,670			37,248,763
Reinvestment of distributions		1,967,335			36,454,717			4,842,769			81,745,942
Shares reacquired		(3,652,193	)		(73,057,309	)		(14,813,832	)		(239,951,578	)
Increase (decrease)		141,084		$	867,253			(4,812,359	)	$	(74,901,391	)

Class C Shares
Shares sold		434,384		$	7,381,606			318,879		$	4,435,295
Reinvestment of distributions		284,339			4,458,434			1,138,754			16,511,937
Shares reacquired		(519,471	)		(8,814,378	)		(3,181,663	)		(44,706,161	)
Converted to Class A*		(291,674	)		(5,127,632	)		(2,631,705	)		(37,248,763	)
Decrease		(92,422	)	$	(2,101,970	)		(4,355,735	)	$	(61,007,692	)

Class F Shares
Shares sold		1,074,681		$	21,094,994			1,381,384		$	23,429,724
Reinvestment of distributions		439,721			8,363,493			1,260,844			21,812,599
Shares reacquired		(1,733,716	)		(34,946,074	)		(5,708,517	)		(94,731,088	)
Decrease		(219,314	)	$	(5,487,587	)		(3,066,289	)	$	(49,488,765	)

Class F3 Shares
Shares sold		774,544		$	16,973,305			1,695,794		$	28,270,170
Reinvestment of distributions		608,403			11,930,790			1,568,561			27,904,698
Shares reacquired		(2,013,067	)		(43,063,445	)		(5,458,935	)		(94,169,448	)
Decrease		(630,120	)	$	(14,159,350	)		(2,194,580	)	$	(37,994,580	)

192

Notes to Financial Statements (unaudited)(concluded)

				Six Months Ended
				April 30, 2021						Year Ended
Value Opportunities Fund				(unaudited)						October 31, 2020
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		500,117		$	10,740,121			2,064,402		$	34,869,803
Reinvestment of distributions		675,691			13,148,938			1,753,254			30,997,529
Shares reacquired		(1,948,004	)		(41,207,179	)		(6,620,246	)		(111,712,805	)
Decrease		(772,196	)	$	(17,318,120	)		(2,802,590	)	$	(45,845,473	)

Class P Shares
Shares sold		56,940		$	1,134,405			96,551		$	1,526,223
Reinvestment of distributions		50,134			906,422			148,473			2,448,323
Shares reacquired		(265,493	)		(5,068,757	)		(459,366	)		(7,377,885	)
Decrease		(158,419	)	$	(3,027,930	)		(214,342	)	$	(3,403,339	)

Class R2 Shares
Shares sold		16,518		$	325,688			48,385		$	720,604
Reinvestment of distributions		16,949			297,456			40,808			654,971
Shares reacquired		(55,176	)		(1,065,838	)		(151,121	)		(2,282,070	)
Decrease		(21,709	)	$	(442,694	)		(61,928	)	$	(906,495	)

Class R3 Shares
Shares sold		287,427		$	5,721,465			462,949		$	7,040,130
Reinvestment of distributions		139,781			2,492,301			389,411			6,339,608
Shares reacquired		(904,207	)		(17,573,788	)		(1,480,687	)		(23,164,281	)
Decrease		(476,999	)	$	(9,360,022	)		(628,327	)	$	(9,784,543	)

Class R4 Shares
Shares sold		180,337		$	3,766,319			248,272		$	3,995,003
Reinvestment of distributions		106,339			1,968,337			272,329			4,591,465
Shares reacquired		(425,156	)		(8,307,270	)		(816,106	)		(13,379,541	)
Decrease		(138,480	)	$	(2,572,614	)		(295,505	)	$	(4,793,073	)

Class R5 Shares
Shares sold		14,103		$	307,263			32,461		$	592,474
Reinvestment of distributions		5,925			115,427			16,871			298,450
Shares reacquired		(32,253	)		(669,912	)		(72,377	)		(1,293,024	)
Decrease		(12,225	)	$	(247,222	)		(23,045	)	$	(402,100	)

Class R6 Shares
Shares sold		207,848		$	4,404,843			343,530		$	5,936,985
Reinvestment of distributions		75,851			1,485,915			205,390			3,651,835
Shares reacquired		(177,131	)		(3,701,597	)		(963,533	)		(17,109,981	)
Increase (decrease)		106,568		$	2,189,161			(414,613	)	$	(7,521,161	)

*	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 eighth anniversary of the day on which the purchase order was accepted. Prior to June 30, 2020, conversion occurred following the tenth anniversary of the day on which the purchase was accepted.
^(a)	Commenced on August 28, 2020.

193

Investments in Underlying Funds (unaudited)

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2021, 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		18.94%
Lord Abbett Research Fund, Inc. – Small Cap Value Fund-Class I		20.83%
Lord Abbett Securities Trust – Focused Small Cap Value Fund-Class I		10.81%
Lord Abbett Securities Trust – International Opportunities Fund-Class I		19.27%
Lord Abbett Securities Trust – Micro-Cap Growth Fund-Class I		9.59%
Lord Abbett Securities Trust – Value Opportunities Fund-Class I		20.56%

Lord Abbett Developing Growth Fund, Inc.

Ten Largest Holdings	% of Investments
Inspire Medical Systems, Inc.		2.37%
LGI Homes, Inc.		2.01%
Western Alliance Bancorp		1.98%
Shift4 Payments, Inc. Class A		1.93%
Sonos, Inc.		1.91%
RH		1.85%
Natera, Inc.		1.82%
Shockwave Medical, Inc.		1.78%
Crocs, Inc.		1.76%
Axonics, Inc.		1.73%

Holdings by Sector*	% of Investments
Communication Services		0.55%
Consumer Discretionary		21.29%
Consumer Staples		0.96%
Financials		4.67%
Health Care		29.84%
Industrials		12.45%
Information Technology		25.88%
Materials		1.62%
Real Estate		0.77%
Repurchase Agreement		1.00%
Money Market Fund^(a)		0.87%
Time Deposit^(a)		0.10%
Total		100.00%

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

194

Investments in Underlying Funds (unaudited)(continued)

Focused Small Cap Value Fund

Ten Largest Holdings	% of Investments
Bancorp, Inc. (The)		2.87%
Masonite International Corp.		2.48%
Western Alliance Bancorp		2.40%
BankUnited, Inc.		2.29%
Sterling Bancorp		2.29%
American Axle & Manufacturing Holdings, Inc.		2.27%
Blue Bird Corp.		2.26%
Spectrum Brands Holdings, Inc.		2.25%
Caesars Entertainment, Inc.		2.19%
Pacific Premier Bancorp, Inc.		2.16%

Holdings by Sector*	% of Investments
Communication Services		7.08%
Consumer Discretionary		11.99%
Consumer Staples		2.25%
Energy		5.73%
Financials		30.93%
Health Care		1.53%
Industrials		17.34%
Information Technology		9.27%
Materials		3.67%
Real Estate		5.48%
Repurchase Agreement		4.70%
Money Market Fund^(a)		0.02%
Time Deposit^(a)		0.01%
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
Rheinmetall AG		1.82%
Lancashire Holdings Ltd.		1.72%
Grafton Group plc		1.71%
S4 Capital plc		1.63%
Sanwa Holdings Corp.		1.63%
Aixtron SE		1.53%
Marel HF		1.49%
Breedon Group plc		1.49%
TIS, Inc.		1.47%
ASOS plc		1.46%

195

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector*	% of Investments
Communication Services		3.44%
Consumer Discretionary		12.11%
Consumer Staples		4.01%
Financials		13.60%
Health Care		8.37%
Industrials		23.59%
Information Technology		12.84%
Materials		10.24%
Real Estate		6.43%
Utilities		3.16%
Repurchase Agreement		1.29%
Money Market Fund^(a)		0.83%
Time Deposit^(a)		0.09%
Total		100.00%

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

Micro-Cap Growth Fund

Ten Largest Holdings	% of Investments
Calix, Inc.		2.51%
Sonos, Inc.		2.30%
Cerence, Inc.		2.20%
Krystal Biotech, Inc.		2.20%
Shockwave Medical, Inc.		2.15%
Agilysys, Inc.		2.08%
Chart Industries, Inc.		1.89%
Ichor Holdings Ltd.		1.87%
Container Store Group, Inc. (The)		1.82%
Quanterix Corp.		1.81%

Holdings by Sector*	% of Investments
Communication Services		2.54%
Consumer Discretionary		14.06%
Consumer Staples		5.34%
Financials		1.62%
Health Care		36.92%
Industrials		13.05%
Information Technology		22.92%
Real Estate		0.45%
Repurchase Agreement		1.33%
Money Market Fund^(a)		1.59%
Time Deposit^(a)		0.18%
Total		100.00%

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

196

Investments in Underlying Funds (unaudited)(continued)

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

Ten Largest Holdings	% of Investments
Bancorp Inc/The		2.70%
Triumph Bancorp Inc.		2.09%
Crane Co.		2.02%
Spectrum Brands Holdings Inc.		1.88%
Valvoline Inc.		1.84%
International Money Express		1.82%
Sally Beauty Holding Inc.		1.81%
Avient Corp		1.76%
Flagstar Bancorp Inc.		1.70%
Silicon Motion Technol ADR		1.70%

Holdings by Sector*	% of Investments
Communication Services		5.47%
Consumer Discretionary		11.82%
Consumer Staples		3.28%
Energy		5.13%
Financials		26.15%
Health Care		4.10%
Industrials		16.79%
Information Technology		9.53%
Materials		5.64%
Real Estate		6.80%
Transportation		0.95%
Utilities		1.56%
Repurchase Agreement		2.78%
Total		100.00%

*	A sector may comprise several industries.

Value Opportunities Fund

Ten Largest Holdings	% of Investments
Entegris, Inc.		2.09%
Discover Financial Services		1.99%
Western Alliance Bancorp		1.95%
Valvoline, Inc.		1.93%
Euronet Worldwide, Inc.		1.90%
Avery Dennison Corp.		1.86%
Crane Co.		1.84%
Masonite International Corp.		1.79%
Charles River Laboratories International, Inc.		1.79%
East West Bancorp, Inc.		1.76%

197

Investments in Underlying Funds (unaudited)(concluded)

Holdings by Sector*	% of Investments
Communication Services		0.75%
Consumer Discretionary		14.20%
Consumer Staples		2.57%
Energy		2.07%
Financials		13.44%
Health Care		15.40%
Industrials		19.53%
Information Technology		14.92%
Materials		8.71%
Real Estate		5.45%
Utilities		2.09%
Repurchase Agreement		0.87%
Total		100.00%

*	A sector may comprise several industries.

198

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 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 Durable Growth Fund, 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 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 (for each Fund other than Durable Growth Fund); (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 (in the case of each Fund other than Alpha Strategy Fund, Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Health Care Fund, 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.

199

Approval of Advisory Contract (continued)

Investment Performance. The Board reviewed each Fund’s investment performance (other than Durable Growth Fund, Focused Large Cap Value Fund and Health Care Fund, each of which commenced operations in 2019) in relation to that of its performance peer group and one or more appropriate benchmarks as of various periods ended June 30, 2020. As to Alpha Strategy Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, five-, and ten-year periods. As to Focused Growth Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year period. As to Focused Small Cap Value Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, five- and ten-year periods. As to Fundamental Equity Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, and five-year periods, and equal to the median of the performance peer group for the ten-year period. As to Global Equity Research Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one- and three-year periods. 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 above the median of the performance peer group for the one-, three-, and five-year periods, but below the median of the performance peer group for the ten-year period. As to International Opportunities Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year period, but below the median of the performance peer group for the three-, five-, and ten-year periods. As to International Value Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one- and three-year periods, but below the median of the performance peer group for the five- and ten-year periods. As to Value Opportunities Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, and ten-year periods, and equal to the median of the performance peer group for the five-year period. As to Micro-Cap Growth Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-, three-, five-, and ten-year periods. As to Durable Growth Fund, Focused Large Cap Value Fund and Health Care Fund, the Board observed that the Funds commenced operations on November 1, 2019, July 26, 2019, and July 26, 2019, respectively, and therefore did not yet have investment performance for a full calendar year. With respect to each Fund, the Board took into account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board also took into account changes to the Global Equity Research Fund’s investment strategies, effective June 30, 2020. 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 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.

200

Approval of Advisory Contract (continued)

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 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 Micro-Cap Growth Fund, the Board observed that the net total expense ratio was above the median of the expense peer group. As to each of Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Fundamental Equity Fund, Global Equity Research Fund, Growth Leaders Fund, Health Care Fund, International Equity Fund, International Opportunities Fund, and International Value Fund, the Board observed that the net total expense ratio was below the median of the expense peer group. As to Focused Small Cap Value Fund and Value Opportunities Fund, the Board observed that the net total expense ratio was equal to the median of the expense peer group.

Profitability. As to each Fund, the Board considered the level of Lord Abbett’s operating margin in managing the Fund, including a review of Lord Abbett’s methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund’s operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board 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. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. With respect to Alpha Strategy Fund, Focused Small Cap Value Fund and Micro-Cap Growth Fund, the Board concluded that the existing management fee schedule, and, with respect to the Focused Small Cap Value Fund only, the Fund’s expense limitation agreement, adequately addressed any economies of scale in managing the Fund. With respect to each Fund other than Alpha Strategy Fund, Focused Small Cap Value Fund and Micro-Cap Growth Fund, the Board concluded that the existence of one or more contractual breakpoints in the Fund’s existing management fee schedule, and, with respect to each of Durable Growth Fund, Focused Growth Fund, Focused Large Cap Value Fund, Global Equity Research Fund, Health Care Fund, International Equity Fund, and International Value Fund, the Fund’s expense limitation agreement, adequately addressed any economies of scale in managing the Fund.

201

Approval of Advisory Contract (concluded)

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.

202

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.

203

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 Micro-Cap Growth Fund

Lord Abbett Value Opportunities Fund

LST-3
(06/21)

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)		The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the filing date of this report, 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), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(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:		Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
		Not applicable.

Item 13:		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, 2021

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, 2021

	By:	/s/ Vito A. Fronda
		Vito A. Fronda
		Chief Financial Officer and Treasurer

Date: June 25, 2021

Lord Abbett Micro Cap Growth Fund (LMIYX) N-CSRSCertified semi-annual shareholder report (management investment company)