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, New Jersey 07302-3973

(Address of principal executive offices) (Zip code)

Lawrence B. Stoller, Esq.

Vice President, Secretary, and Chief Legal Officer

90 Hudson Street, Jersey City, New Jersey 07302-3973

(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: 4/30/2023

Item 1:

Report(s) to Shareholders.

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

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

For the six-month period ended April 30, 2023

Table of Contents

1		A Letter to Shareholders

2		Information About Your Fund’s Expenses and Holdings Presented by Portfolio Allocation/Sector

		Schedules of Investments:

29		Alpha Strategy Fund

30		Focused Growth Fund

32		Focused Large Cap Value Fund

34		Focused Small Cap Value Fund

37		Fundamental Equity Fund

40		Global Equity Fund

45		Growth Leaders Fund

48		Health Care Fund

52		International Equity Fund

58		International Opportunities Fund

64		International Value Fund

69		Micro Cap Growth Fund

72		Value Opportunities Fund

76		Statements of Assets and Liabilities

84		Statements of Operations

90		Statements of Changes in Net Assets

104		Financial Highlights

154		Notes to Financial Statements

192		Supplemental Information to Shareholders

Lord Abbett Securities Trust

Lord Abbett Alpha Strategy 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 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, 2023

From left to right: James L.L. Tullis, Independent Chair of the Lord Abbett Funds and Douglas B. Sieg, Trustee, President and Chief Executive Officer of the Lord Abbett Funds.

Dear Shareholders: We are pleased to provide you with this semiannual report for Lord Abbett Securities Trust for the six-month period ended April 30, 2023. 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, 2022 through April 30, 2023).

Actual Expenses

For each class of each Fund, the first line of the applicable 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 11/1/22 – 4/30/23” 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 applicable 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^†#
	11/1/22	4/30/23	11/1/22 - 4/30/23
Class A
Actual	$1,000.00	$1,054.70	$2.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.66	$2.16
Class C
Actual	$1,000.00	$1,050.70	$6.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.94	$5.91
Class F
Actual	$1,000.00	$1,054.90	$1.43
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.41	$1.40
Class F3
Actual	$1,000.00	$1,056.30	$0.46
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.35	$0.45
Class I
Actual	$1,000.00	$1,055.90	$0.92
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.90	$0.90
Class R2
Actual	$1,000.00	$1,052.70	$3.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.93	$3.91
Class R3
Actual	$1,000.00	$1,053.00	$3.46
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.42	$3.41
Class R4
Actual	$1,000.00	$1,054.60	$2.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.66	$2.16
Class R5
Actual	$1,000.00	$1,055.80	$0.92
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.90	$0.90
Class R6
Actual	$1,000.00	$1,056.30	$0.46
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.35	$0.45


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.43% for Class A, 1.18% for Class C, 0.28% for Class F, 0.09% for Class F3, 0.18% for Class I, 0.78% for Class R2, 0.68% for Class R3, 0.43% for Class R4, 0.18% for Class R5 and 0.09% 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 the Underlying Funds in which Alpha Strategy Fund invests.

Portfolio Holdings Presented by Portfolio Allocation

April 30, 2023

Underlying Fund Name	%*
Lord Abbett Developing Growth Fund, Inc. – Class I	19.90	%
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I	9.84	%
Lord Abbett Securities Trust – International Opportunities Fund – Class I	20.18	%
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I	10.19	%
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I	19.85	%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I	19.97	%
Repurchase Agreements	0.07	%
Total	100.00	%


*	Represents percent of total investments, which excludes derivatives.

Focused Growth Fund

	Beginning Account Value	Ending Account Value		Expenses Paid During Period^†
	11/1/22	4/30/23		11/1/22 - 4/30/23
Class A
Actual	$1,000.00	$	995.40	$5.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.59	$5.26
Class C
Actual	$1,000.00	$	991.10	$8.89
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,015.87	$9.00
Class F
Actual	$1,000.00	$	996.50	$3.96
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.83	$4.01
Class F3*
Actual	$1,000.00	$	997.00	$3.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.32	$3.51
Class I
Actual	$1,000.00	$	997.00	$3.96
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.83	$4.01
Class R3
Actual	$1,000.00	$	994.40	$6.43
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.35	$6.51
Class R4
Actual	$1,000.00	$	994.90	$5.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.59	$5.26
Class R5
Actual	$1,000.00	$	996.50	$3.96
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.83	$4.01
Class R6*
Actual	$1,000.00	$	997.00	$3.47
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 (1.05% for Class A, 1.80% for Class C, 0.80% for Class F, 0.70% for Class F3, 0.80% for Class I, 1.30% for Class R3, 1.05% for Class R4, 0.80% for Class R5 and 0.70% 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 0.67% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class F3	$3.32	$3.36
Class R6	$3.32	$3.36

Portfolio Holdings Presented by Sector

April 30, 2023

Sector*	%**
Communication Services	13.33	%
Consumer Discretionary	13.79	%
Financials	4.25	%
Health Care	12.62	%
Industrials	2.40	%
Information Technology	51.56	%
Repurchase Agreements	2.05	%
Total	100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments, which excludes derivatives.

Focused Large Cap Value Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/22	4/30/23	11/1/22 - 4/30/23
Class A
Actual	$1,000.00	$1,020.60	$4.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.03	$4.81
Class C
Actual	$1,000.00	$1,015.70	$8.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.31	$8.55
Class F
Actual	$1,000.00	$1,021.50	$3.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.27	$3.56
Class F3
Actual	$1,000.00	$1,021.80	$3.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.27	$3.56
Class I
Actual	$1,000.00	$1,022.10	$3.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.27	$3.56
Class R3
Actual	$1,000.00	$1,018.70	$6.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.79	$6.06
Class R4
Actual	$1,000.00	$1,020.30	$4.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.03	$4.81
Class R5
Actual	$1,000.00	$1,021.60	$3.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.27	$3.56
Class R6
Actual	$1,000.00	$1,021.80	$3.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.27	$3.56


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.96% for Class A, 1.71% for Class C, 0.71% for Class F, 0.71% for Class F3, 0.71% for Class I, 1.21% for Class R3, 0.96% for Class R4, 0.71% for Class R5 and 0.71% 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, 2023

Sector*	%**
Communication Services	5.47	%
Consumer Discretionary	7.85	%
Consumer Staples	5.53	%
Energy	9.32	%
Financials	30.91	%
Health Care	15.27	%
Industrials	19.28	%
Information Technology	6.37	%
Total	100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments, which excludes derivatives.

Focused Small Cap Value Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/22	4/30/23	11/1/22 - 4/30/23
Class A
Actual	$1,000.00	$1,012.60	$ 6.39
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.45	$ 6.41
Class C
Actual	$1,000.00	$1,008.70	$10.11
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,014.73	$10.14
Class F
Actual	$1,000.00	$1,014.20	$ 5.14
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.69	$ 5.16
Class F3*
Actual	$1,000.00	$1,014.30	$ 4.94
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.89	$ 4.96
Class I
Actual	$1,000.00	$1,014.20	$ 5.14
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.69	$ 5.16
Class R5
Actual	$1,000.00	$1,013.80	$ 5.14
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.69	$ 5.16
Class R6*
Actual	$1,000.00	$1,014.70	$ 4.95
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.89	$ 4.96


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.28% for Class A, 2.03% for Class C, 1.03% for Class F, 0.99% for Class F3, 1.03% for Class I, 1.03% for Class R5 and 0.99% 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 0.97% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class F3	$4.84	$4.86
Class R6	$4.85	$4.86

Portfolio Holdings Presented by Sector

April 30, 2023

Sector*	%**
Communication Services	3.19	%
Consumer Discretionary	10.86	%
Consumer Staples	2.76	%
Energy	6.44	%
Financials	32.29	%
Health Care	6.66	%
Industrials	19.92	%
Information Technology	8.51	%
Materials	4.30	%
Real Estate	4.30	%
Repurchase Agreements	0.77	%
Total	100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments, which excludes derivatives.

Fundamental Equity Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/22	4/30/23	11/1/22 - 4/30/23
Class A
Actual	$1,000.00	$1,026.10	$4.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.13	$4.71
Class C
Actual	$1,000.00	$1,022.30	$8.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.41	$8.45
Class F
Actual	$1,000.00	$1,027.70	$3.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.88	$3.96
Class F3
Actual	$1,000.00	$1,028.50	$3.12
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.72	$3.11
Class I
Actual	$1,000.00	$1,027.80	$3.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.37	$3.46
Class P
Actual	$1,000.00	$1,025.60	$5.73
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.14	$5.71
Class R2
Actual	$1,000.00	$1,025.00	$6.48
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.40	$6.46
Class R3
Actual	$1,000.00	$1,025.70	$5.98
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.89	$5.96
Class R4
Actual	$1,000.00	$1,026.50	$4.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.13	$4.71
Class R5
Actual	$1,000.00	$1,027.70	$3.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.37	$3.46
Class R6
Actual	$1,000.00	$1,028.50	$3.12
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.72	$3.11

^†

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, 0.79% for Class F, 0.62% for Class F3, 0.69% for Class I, 1.14% for Class P, 1.29% for Class R2, 1.19% for Class R3, 0.94% for Class R4, 0.69% for Class R5 and 0.62% 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, 2023

Sector*	%**
Communication Services	5.47	%
Consumer Discretionary	6.78	%
Consumer Staples	6.03	%
Energy	8.30	%
Financials	23.25	%
Health Care	16.29	%
Industrials	15.14	%
Information Technology	10.85	%
Materials	2.28	%
Real Estate	2.92	%
Utilities	2.26	%
Repurchase Agreements	0.43	%
Total	100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments, which excludes derivatives.

Global Equity Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/22	4/30/23	11/1/22 - 4/30/23
Class A
Actual	$1,000.00	$1,111.30	$4.71
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.33	$4.51
Class C
Actual	$1,000.00	$1,107.00	$8.62
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.61	$8.25
Class F
Actual	$1,000.00	$1,112.20	$3.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.08	$3.76
Class F3
Actual	$1,000.00	$1,113.50	$3.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.92	$2.91
Class I
Actual	$1,000.00	$1,113.30	$3.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.57	$3.26
Class R3
Actual	$1,000.00	$1,110.00	$6.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.09	$5.76
Class R4
Actual	$1,000.00	$1,111.30	$4.71
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.33	$4.51
Class R5
Actual	$1,000.00	$1,112.80	$3.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.57	$3.26
Class R6
Actual	$1,000.00	$1,113.50	$3.04
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 (0.90% for Class A, 1.65% for Class C, 0.75% for Class F, 0.58% for Class F3, 0.65% for Class I, 1.15% for Class R3, 0.90% for Class R4, 0.65% for Class R5 and 0.58% 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, 2023

Sector*	%**
Communication Services	7.44	%
Consumer Discretionary	12.83	%
Consumer Staples	8.09	%
Energy	4.51	%
Financials	16.42	%
Health Care	11.66	%
Industrials	9.15	%
Information Technology	19.29	%
Materials	1.82	%
Real Estate	1.81	%
Utilities	2.90	%
Repurchase Agreements	4.08	%
Total	100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments, which excludes derivatives.

Growth Leaders Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/22	4/30/23	11/1/22 - 4/30/23
Class A
Actual	$1,000.00	$1,004.90	$4.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.23	$4.61
Class C
Actual	$1,000.00	$1,000.90	$8.33
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.46	$8.40
Class F
Actual	$1,000.00	$1,005.80	$3.38
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.42	$3.41
Class F3
Actual	$1,000.00	$1,006.50	$2.94
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.87	$2.96
Class I
Actual	$1,000.00	$1,005.80	$3.33
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.47	$3.36
Class R2
Actual	$1,000.00	$1,003.10	$6.31
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.50	$6.36
Class R3
Actual	$1,000.00	$1,003.50	$5.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.99	$5.86
Class R4
Actual	$1,000.00	$1,004.90	$4.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.23	$4.61
Class R5
Actual	$1,000.00	$1,006.10	$3.33
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.47	$3.36
Class R6
Actual	$1,000.00	$1,006.50	$2.94
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.87	$2.96

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.92% for Class A, 1.68% for Class C, 0.68% for Class F, 0.59% for Class F3, 0.67% for Class I, 1.27% for Class R2, 1.17% for Class R3, 0.92% for Class R4, 0.67% for Class R5 and 0.59% 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, 2023

Sector*	%**
Communication Services	11.76	%
Consumer Discretionary	16.87	%
Financials	5.77	%
Health Care	14.66	%
Industrials	4.42	%
Information Technology	43.67	%
Repurchase Agreements	2.19	%
Money Market Funds^(a)	0.59	%
Time Deposits^(a)	0.07	%
Total	100.00	%


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

Health Care Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/22	4/30/23	11/1/22 - 4/30/23
Class A
Actual	$1,000.00	$1,065.60	$5.28
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.69	$5.16
Class C
Actual	$1,000.00	$1,061.40	$9.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.97	$8.90
Class F
Actual	$1,000.00	$1,066.80	$4.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.93	$3.91
Class F3*
Actual	$1,000.00	$1,067.30	$3.23
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.67	$3.16
Class I
Actual	$1,000.00	$1,066.50	$4.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.93	$3.91
Class R3
Actual	$1,000.00	$1,064.50	$6.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.45	$6.41
Class R4
Actual	$1,000.00	$1,065.00	$5.27
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.69	$5.16
Class R5
Actual	$1,000.00	$1,066.50	$4.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.93	$3.91
Class R6*
Actual	$1,000.00	$1,067.30	$3.23
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 (1.03% for Class A, 1.78% for Class C, 0.78% for Class F, 0.63% for Class F3, 0.78% for Class I, 1.28% for Class R3, 1.03% for Class R4, 0.78% for Class R5 and 0.63% 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 0.61% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class F3	$3.13	$3.06
Class R6	$3.13	$3.06

Portfolio Holdings Presented by Sector

April 30, 2023

Sector*	%**
Health Care		97.23	%
Repurchase Agreements		2.77	%
Money Market Funds^(a)		0.00	%^(b)
Time Deposits^(a)		0.00	%^(b)
Total		100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments, which excludes derivatives.
^(a)		Securities were purchased with the cash collateral from loaned securities.
^(b)		Amount is less than 0.01%.

International Equity Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/22	4/30/23	11/1/22 - 4/30/23
Class A*
Actual	$1,000.00	$1,180.30	$5.24
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.98	$4.86
Class C*
Actual	$1,000.00	$1,175.40	$9.33
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.22	$8.65
Class F*
Actual	$1,000.00	$1,180.80	$4.38
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.78	$4.06
Class F3*
Actual	$1,000.00	$1,182.60	$3.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.67	$3.16
Class I*
Actual	$1,000.00	$1,181.90	$3.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.32	$3.51
Class P*
Actual	$1,000.00	$1,179.30	$6.21
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.09	$5.76
Class R2*
Actual	$1,000.00	$1,178.10	$7.07
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.30	$6.56
Class R3*
Actual	$1,000.00	$1,178.80	$6.54
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.79	$6.06
Class R4*
Actual	$1,000.00	$1,179.80	$5.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.03	$4.81
Class R5*
Actual	$1,000.00	$1,181.50	$3.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.32	$3.51
Class R6*
Actual	$1,000.00	$1,182.70	$3.46
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 (0.97% for Class A, 1.73% for Class C, 0.81% for Class F, 0.63% for Class F3, 0.70% for Class I, 1.15% for Class P, 1.31% for Class R2, 1.21% for Class R3, 0.96% for Class R4, 0.70% for Class R5 and 0.64% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
*	The annualized expenses have been updated to 1.00% for Class A, 1.77% for Class C, 0.86% for Class F, 0.66% for Class F3, 0.75% for Class I, 1.19% for Class P, 1.35% for Class R2, 1.25% for Class R3, 1.00% for Class R4, 0.74% for Class R5 and 0.67% for Class R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$5.41	$5.01
Class C	$9.55	$8.85
Class F	$4.65	$4.31
Class F3	$3.57	$3.31
Class I	$4.06	$3.76
Class P	$6.43	$5.96
Class R2	$7.29	$6.76
Class R3	$6.75	$6.26
Class R4	$5.40	$5.01
Class R5	$4.00	$3.71
Class R6	$3.63	$3.36

Portfolio Holdings Presented by Sector

April 30, 2023

Sector*	%**
Communication Services	4.61	%
Consumer Discretionary	13.15	%
Consumer Staples	11.20	%
Energy	4.94	%
Financials	15.38	%
Health Care	12.83	%
Industrials	14.54	%
Information Technology	9.85	%
Materials	5.15	%
Real Estate	0.49	%
Utilities	1.79	%
Repurchase Agreements	4.21	%
Money Market Funds^(a)	1.67	%
Time Deposits^(a)	0.19	%
Total	100.00	%


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

International Opportunities Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/22	4/30/23	11/1/22 - 4/30/23
Class A
Actual	$1,000.00	$1,214.20	$ 6.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.70	$ 6.16
Class C
Actual	$1,000.00	$1,209.80	$10.90
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,014.93	$ 9.94
Class F
Actual	$1,000.00	$1,215.00	$ 5.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.39	$ 5.46
Class F3
Actual	$1,000.00	$1,216.50	$ 5.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.28	$ 4.56
Class I
Actual	$1,000.00	$1,215.60	$ 5.38
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.93	$ 4.91
Class P
Actual	$1,000.00	$1,213.30	$ 7.85
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.70	$ 7.15
Class R2
Actual	$1,000.00	$1,212.10	$ 8.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.91	$ 7.95
Class R3
Actual	$1,000.00	$1,212.90	$ 8.12
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.46	$ 7.40
Class R4
Actual	$1,000.00	$1,214.20	$ 6.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.70	$ 6.16
Class R5
Actual	$1,000.00	$1,216.40	$ 5.39
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.93	$ 4.91
Class R6
Actual	$1,000.00	$1,216.50	$ 5.00
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.28	$ 4.56

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.23% for Class A, 1.99% for Class C, 1.09% for Class F, 0.91% for Class F3, 0.98% for Class I, 1.43% for Class P, 1.59% for Class R2, 1.48% for Class R3, 1.23% for Class R4, 0.98% for Class R5 and 0.91% for Class R6) multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2023

Sector*	%**
Communication Services	5.11	%
Consumer Discretionary	12.66	%
Consumer Staples	7.23	%
Energy	3.21	%
Financials	10.63	%
Health Care	6.91	%
Industrials	21.23	%
Information Technology	10.36	%
Materials	8.99	%
Real Estate	6.44	%
Utilities	4.15	%
Repurchase Agreements	2.41	%
Money Market Funds^(a)	0.60	%
Time Deposits^(a)	0.07	%
Total	100.00	%


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

International Value Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/22	4/30/23	11/1/22 - 4/30/23
Class A*
Actual	$1,000.00	$1,220.40	$5.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.79	$5.06
Class C*
Actual	$1,000.00	$1,217.00	$9.67
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.07	$8.80
Class F*
Actual	$1,000.00	$1,221.30	$4.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.58	$4.26
Class F3*
Actual	$1,000.00	$1,221.70	$3.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.42	$3.41
Class I*
Actual	$1,000.00	$1,223.30	$4.13
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.08	$3.76
Class R2*
Actual	$1,000.00	$1,219.10	$7.37
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.15	$6.71
Class R3*
Actual	$1,000.00	$1,217.60	$6.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.55	$6.31
Class R4*
Actual	$1,000.00	$1,221.20	$5.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.79	$5.06
Class R5*
Actual	$1,000.00	$1,222.70	$4.08
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.12	$3.71
Class R6*
Actual	$1,000.00	$1,221.70	$3.75
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.42	$3.41


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.01% for Class A, 1.76% for Class C, 0.85% for Class F, 0.68% for Class F3, 0.75% for Class I, 1.34% for Class R2, 1.26% for Class R3, 1.01% for Class R4, 0.74% for Class R5 and 0.68% 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 1.06% for Class A, 1.82% for Class C, 0.92% for Class F, 0.72% for Class F3, 0.81% for Class I, 1.40% for Class R2, 1.31% for Class R3, 1.06% for Class R4, 0.79% for Class R5 and 0.72% for Class R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class A	$ 5.84	$5.31
Class C	$10.00	$9.10
Class F	$ 5.07	$4.61
Class F3	$ 3.97	$3.61
Class I	$ 4.47	$4.06
Class R2	$ 7.70	$7.00
Class R3	$ 7.20	$6.56
Class R4	$ 5.84	$5.31
Class R5	$ 4.35	$3.96
Class R6	$ 3.97	$3.61

Portfolio Holdings Presented by Sector

April 30, 2023

Sector*	%**
Communication Services	3.95	%
Consumer Discretionary	9.16	%
Consumer Staples	10.70	%
Energy	8.86	%
Financials	23.48	%
Health Care	10.21	%
Industrials	14.20	%
Information Technology	2.79	%
Materials	6.79	%
Real Estate	0.82	%
Utilities	4.47	%
Repurchase Agreements	3.27	%
Money Market Funds^(a)	1.17	%
Time Deposits^(a)	0.13	%
Total	100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments, which excludes derivatives.
^(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^†
	11/1/22	4/30/23	11/1/22 - 4/30/23
Class A
Actual	$1,000.00	$ 999.30	$ 6.79
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.00	$ 6.85
Class C
Actual	$1,000.00	$ 995.20	$10.49
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,014.28	$10.59
Class F
Actual	$1,000.00	$1,000.00	$ 5.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.24	$ 5.61
Class I
Actual	$1,000.00	$1,000.00	$ 5.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.24	$ 5.61


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.37% for Class A, 2.12% for Class C, 1.12% for Class F and 1.12% 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, 2023

Sector*	%**
Communication Services	4.01	%
Consumer Discretionary	8.93	%
Consumer Staples	5.76	%
Financials	8.45	%
Health Care	39.99	%
Industrials	7.74	%
Information Technology	21.40	%
Repurchase Agreements	1.92	%
Money Market Funds^(a)	1.62	%
Time Deposits^(a)	0.18	%
Total	100.00	%


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

Value Opportunities Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/22	4/30/23	11/1/22 - 4/30/23
Class A
Actual	$1,000.00	$1,027.60	$5.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.94	$5.91
Class C
Actual	$1,000.00	$1,023.50	$9.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.22	$9.64
Class F
Actual	$1,000.00	$1,028.50	$5.18
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.69	$5.16
Class F3
Actual	$1,000.00	$1,029.20	$4.18
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.68	$4.16
Class I
Actual	$1,000.00	$1,028.80	$4.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.18	$4.66
Class P
Actual	$1,000.00	$1,026.40	$6.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.95	$6.90
Class R2
Actual	$1,000.00	$1,025.80	$7.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.21	$7.65
Class R3
Actual	$1,000.00	$1,026.30	$7.18
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.70	$7.15
Class R4
Actual	$1,000.00	$1,027.60	$5.93
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.94	$5.91
Class R5
Actual	$1,000.00	$1,028.70	$4.68
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.18	$4.66
Class R6
Actual	$1,000.00	$1,028.60	$4.17
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 (1.18% for Class A, 1.93% for Class C, 1.03% for Class F, 0.83% for Class F3, 0.93% for Class I, 1.38% for Class P, 1.53% for Class R2, 1.43% for Class R3, 1.18% for Class R4, 0.93% 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, 2023

Sector*	%**
Communication Services	1.33	%
Consumer Discretionary	12.03	%
Consumer Staples	2.22	%
Energy	4.92	%
Financials	17.14	%
Health Care	14.30	%
Industrials	21.09	%
Information Technology	11.47	%
Materials	6.25	%
Real Estate	5.50	%
Utilities	3.34	%
Repurchase Agreements	0.41	%
Total	100.00	%


*		A sector may comprise several industries.
**		Represents percent of total investments, which excludes derivatives.

Schedule of Investments (unaudited)

ALPHA STRATEGY FUND April 30, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 100.00%

INVESTMENTS IN UNDERLYING FUNDS^(a)(b)100.00%
Lord Abbett Developing Growth Fund, Inc. – Class I*^(c)		5,229,479	$	123,311,126
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I^(d)		2,389,970		60,992,023
Lord Abbett Securities Trust – International Opportunities Fund – Class I^(d)		6,850,027		125,081,487
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I*^(d)		3,697,471		63,115,839
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I^(d)		7,037,345		123,012,791
Lord Abbett Securities Trust – Value Opportunities Fund – Class I^(d)		7,301,422		123,759,097
Total Investments in Underlying Funds (cost 659,986,063)				619,272,363

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.07%

Repurchase Agreements 0.07%
Repurchase Agreement dated 4/28/2023, 2.40% due 5/1/2023 with Fixed Income Clearing Corp. collateralized by $421,100 of U.S Treasury Bond at 4.375% due 5/15/2041; value: $463,217; proceeds: $454,193 (cost $454,102)	$	454,102	$	454,102
Total Investments in Securities 100.07% (cost $660,440,165)				619,726,465
Other Assets and Liabilities – Net (0.07)%				(424,860	)
Net Assets 100.00%			$	619,301,605

*		Non-income producing security.
^(a)		Affiliated issuer (see Note 12).
^(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, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Investments in Underlying Funds	$	619,272,363	$	–	$	–	$	619,272,363
Short-Term Investments
Repurchase Agreements		–		454,102		–		454,102
Total	$	619,272,363	$	454,102	$	–	$	619,726,465

⁽¹⁾		Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each investment in Underlying Funds. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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)

FOCUSED GROWTH FUND April 30, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 97.84%

COMMON STOCKS 97.84%

Aerospace & Defense 2.40%
Axon Enterprise, Inc.*		3,424	$	721,471

Biotechnology 3.08%
Argenx SE ADR*		1,230		477,092
Sarepta Therapeutics, Inc.*		3,659		449,216
Total				926,308

Broadline Retail 4.23%
MercadoLibre, Inc. (Uruguay)*^(a)		997		1,273,658

Capital Markets 1.63%
MarketAxess Holdings, Inc.		1,541		490,608

Communications Equipment 3.75%
Arista Networks, Inc.*		7,047		1,128,647

Entertainment 6.81%
Netflix, Inc.*		3,312		1,092,728
Spotify Technology SA (Sweden)*^(a)		7,161		956,710
Total				2,049,438

Financial Services 2.62%
Mastercard, Inc. Class A		2,071		787,042

Health Care Equipment & Supplies 9.53%
Align Technology, Inc.*		2,261		735,504
DexCom, Inc.*		6,212		753,764
Intuitive Surgical, Inc.*		2,041		614,790
TransMedics Group, Inc.*		9,652		763,473
Total				2,867,531

Hotels, Restaurants & Leisure 2.36%
Airbnb, Inc. Class A*		5,937		710,481

Information Technology Services 5.99%
Cloudflare, Inc. Class A*		10,598		498,636
Shopify, Inc. Class A (Canada)*^(a)		26,882		1,302,433
Total				1,801,069

Investments	Shares		Fair Value
Interactive Media & Services 3.88%
Meta Platforms, Inc. Class A*		4,864	$	1,168,916

Media 2.62%
Trade Desk, Inc. Class A*		12,271		789,516

Semiconductors & Semiconductor Equipment 19.28%
Advanced Micro Devices, Inc.*		13,586		1,214,181
Applied Materials, Inc.		5,808		656,478
Lattice Semiconductor Corp.*		13,491		1,075,233
Monolithic Power Systems, Inc.		1,914		884,210
NVIDIA Corp.		7,106		1,971,844
Total				5,801,946

Software 13.71%
Cadence Design Systems, Inc.*		2,885		604,263
Clear Secure, Inc. Class A		21,901		529,785
HubSpot, Inc.*		1,529		643,633
Microsoft Corp.		5,571		1,711,746
ServiceNow, Inc.*		1,386		636,756
Total				4,126,183

Technology Hardware, Storage & Peripherals 8.77%
Apple, Inc.		15,559		2,640,051

Textiles, Apparel & Luxury Goods 7.18%
Crocs, Inc.*		5,254		649,762
Lululemon Athletica, Inc. (Canada)*^(a)		1,706		648,160
NIKE, Inc. Class B		6,812		863,217
Total				2,161,139
Total Common Stocks (cost $26,923,008)				29,444,004

30	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FOCUSED GROWTH FUND April 30, 2023

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 2.05%

Repurchase Agreements 2.05%
Repurchase Agreement dated 4/28/2023, 2.40% due 5/1/2023 with Fixed Income Clearing Corp. collateralized by $579,500 of U.S Treasury Bond at 4.250% due 11/15/2040; value: $628,936; proceeds: $616,653 (cost $616,530)	$	616,530	$	616,530
Total Investments in Securities 99.89% (cost $27,539,538)				30,060,534
Other Assets and Liabilities – Net 0.11%				31,922
Net Assets 100.00%			$	30,092,456



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, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	29,444,004	$	–	$	–	$	29,444,004
Short-Term Investments
Repurchase Agreements		–		616,530		–		616,530
Total	$	29,444,004	$	616,530	$	–	$	30,060,534

⁽¹⁾		Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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)

FOCUSED LARGE CAP VALUE FUND April 30, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.51%

COMMON STOCKS 99.51%

Aerospace & Defense 3.88%
Raytheon Technologies Corp.		8,390	$	838,161

Air Freight & Logistics 3.12%
Expeditors International of Washington, Inc.		5,910		672,794

Automobiles 2.42%
General Motors Co.		15,850		523,684

Banks 6.24%
JPMorgan Chase & Co.		5,910		816,998
Wells Fargo & Co.		13,370		531,458
Total				1,348,456

Biotechnology 3.77%
AbbVie, Inc.		4,720		713,287
Gilead Sciences, Inc.		1,240		101,940
Total				815,227

Building Products 2.98%
Masco Corp.		12,030		643,725

Capital Markets 8.62%
Ameriprise Financial, Inc.		1,440		439,373
Charles Schwab Corp.		11,069		578,244
KKR & Co., Inc.		15,910		844,344
Total				1,861,961

Consumer Staples Distribution & Retail 5.50%
BJ’s Wholesale Club Holdings, Inc.*		7,790		594,922
Target Corp.		3,760		593,140
Total				1,188,062

Energy Equipment & Services 2.87%
Schlumberger NV		12,560		619,836

Investments	Shares		Fair Value
Financial Services 8.68%
Euronet Worldwide, Inc.*		4,800	$	531,552
Fiserv, Inc.*		6,250		763,250
PayPal Holdings, Inc.*		7,640		580,640
Total				1,875,442

Ground Transportation 2.50%
Norfolk Southern Corp.		2,660		540,060

Health Care Providers & Services 6.03%
CVS Health Corp.		8,310		609,206
Molina Healthcare, Inc.*		2,330		694,084
Total				1,303,290

Hotels, Restaurants & Leisure 2.67%
Caesars Entertainment, Inc.*		12,740		576,995

Insurance 7.22%
Allstate Corp.		6,600		764,016
RenaissanceRe Holdings Ltd.		3,690		794,863
Total				1,558,879

Interactive Media & Services 2.68%
Alphabet, Inc. Class A*		5,400		579,636

Machinery 3.44%
Parker-Hannifin Corp.		2,290		743,975

Oil, Gas & Consumable Fuels 6.40%
Chesapeake Energy Corp.		6,618		547,176
Pioneer Natural Resources Co.		1,770		385,063
Shell PLC ADR		7,270		450,595
Total				1,382,834

Pharmaceuticals 5.39%
Organon & Co.		26,340		648,754
Pfizer, Inc.		13,260		515,682
Total				1,164,436

Semiconductors & Semiconductor Equipment 3.05%
Micron Technology, Inc.		10,230		658,403

32	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FOCUSED LARGE CAP VALUE FUND April 30, 2023

Investments	Shares		Fair Value
Software 3.29%
Adobe, Inc.*		1,880	$	709,813

Specialty Retail 2.72%
Valvoline, Inc.		17,000		587,350

Trading Companies & Distributors 3.27%
AerCap Holdings NV (Ireland)*^(a)		12,520		705,627

Wireless Telecommunication Services 2.77%
T-Mobile U.S., Inc.*		4,150		597,185
Total Common Stocks (cost $20,814,057)				21,495,831
Total Investments in Securities 99.51% (cost $20,814,057)				21,495,831
Other Assets and Liabilities – Net 0.49%				105,752
Net Assets 100.00%			$	21,601,583



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, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	21,495,831	$	–	$	–	$	21,495,831
Total	$	21,495,831	$	–	$	–	$	21,495,831

⁽¹⁾		Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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)

FOCUSED SMALL CAP VALUE FUND April 30, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.87%

COMMON STOCKS 98.87%

Automobile Components 3.43%
Dorman Products, Inc.*		29,056	$	2,503,465
Gentherm, Inc.*		24,983		1,490,236
Total				3,993,701

Banks 11.22%
Bancorp, Inc.*		105,100		3,353,741
First BanCorp		161,496		1,897,578
Prosperity Bancshares, Inc.		34,275		2,146,300
Seacoast Banking Corp. of Florida		78,554		1,743,113
Wintrust Financial Corp.		37,129		2,538,510
WSFS Financial Corp.		39,874		1,402,369
Total				13,081,611

Building Products 3.05%
Masonite International Corp.*		38,944		3,559,871

Capital Markets 5.33%
Bridge Investment Group Holdings, Inc. Class A		210,078		2,098,679
CI Financial Corp.^(a)		207,800		2,046,022
Moelis & Co. Class A		54,608		2,068,551
Total				6,213,252

Chemicals 1.80%
Element Solutions, Inc.		115,510		2,096,506

Commercial Services & Supplies 4.99%
Brady Corp. Class A		56,683		2,892,534
SP Plus Corp.*		85,618		2,925,567
Total				5,818,101

Construction & Engineering 2.45%
EMCOR Group, Inc.		16,714		2,858,094

Construction Materials 2.49%
Eagle Materials, Inc.		19,588		2,903,137

Investments	Shares		Fair Value
Electronic Equipment, Instruments & Components 4.29%
Belden, Inc.		40,021	$	3,157,257
Mirion Technologies, Inc.*		228,254		1,848,857
Total				5,006,114

Energy Equipment & Services 2.30%
TechnipFMC PLC (United Kingdom)*^(b)		195,419		2,675,286

Financial Services 7.04%
Compass Diversified Holdings		152,374		2,904,248
Euronet Worldwide, Inc.*		21,116		2,338,386
International Money Express, Inc.*		114,877		2,961,529
Total				8,204,163

Health Care Providers & Services 2.51%
Tenet Healthcare Corp.*		39,982		2,931,480

Health Care Reits 2.14%
Physicians Realty Trust		172,899		2,493,204

Hotels, Restaurants & Leisure 3.20%
Dave & Buster’s Entertainment, Inc.*		55,000		1,950,300
Xponential Fitness, Inc. Class A*		53,873		1,782,119
Total				3,732,419

Household Products 2.75%
Spectrum Brands Holdings, Inc.		48,172		3,203,438

Information Technology Services 1.46%
Perficient, Inc.*		26,261		1,704,864

Insurance 8.59%
Kemper Corp.		67,073		3,263,102
RenaissanceRe Holdings Ltd.		14,552		3,134,646
Stewart Information Services Corp.		43,994		1,832,350
White Mountains Insurance Group Ltd.		1,248		1,787,311
Total				10,017,409

34	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FOCUSED SMALL CAP VALUE FUND April 30, 2023

Investments	Shares		Fair Value
Interactive Media & Services 3.18%
Cars.com, Inc.*		189,357	$	3,705,716

Leisure Products 2.29%
YETI Holdings, Inc.*		67,585		2,666,228

Life Sciences Tools & Services 0.78%
Medpace Holdings, Inc.*		4,551		910,837

Machinery 2.33%
Columbus McKinnon Corp.		78,266		2,716,613

Oil, Gas & Consumable Fuels 4.12%
Chesapeake Energy Corp.		26,208		2,166,878
MEG Energy Corp.*^(a)		158,400		2,637,564
Total				4,804,442

Pharmaceuticals 3.34%
Organon & Co.		158,017		3,891,959

Professional Services 4.47%
TrueBlue, Inc.*		113,400		1,718,010
WNS Holdings Ltd. ADR*		38,779		3,496,702
Total				5,214,712

Real Estate Management & Development 2.15%
Marcus & Millichap, Inc.		79,591		2,504,729

Semiconductors & Semiconductor Equipment 2.72%
FormFactor, Inc.*		116,269		3,175,306

Specialty Retail 1.90%
Boot Barn Holdings, Inc.*		30,629		2,219,684

Trading Companies & Distributors 2.55%
MRC Global, Inc.*		305,205		2,972,697
Total Common Stocks (cost $114,225,969)				115,275,573

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.77%

Repurchase Agreements 0.77%
Repurchase Agreement dated 4/28/2023, 2.40% due 5/1/2023 with Fixed Income Clearing Corp. collateralized by $830,500 of U.S Treasury Bond at 4.375% due 5/15/2041; value: $913,563; proceeds: $895,728 (cost $895,549)	$	895,549	$	895,549
Total Investments in Securities 99.64% (cost $115,121,518)				116,171,122
Other Assets and Liabilities – Net 0.36%				420,470
Net Assets 100.00%			$	116,591,592

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

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FOCUSED SMALL CAP VALUE FUND April 30, 2023

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	115,275,573	$	–	$	–	$	115,275,573
Short-Term Investments
Repurchase Agreements		–		895,549		–		895,549
Total	$	115,275,573	$	895,549	$	–	$	116,171,122

⁽¹⁾		Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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)

FUNDAMENTAL EQUITY FUND April 30, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.50%

COMMON STOCKS 99.50%

Aerospace & Defense 3.88%
Lockheed Martin Corp.		64,020	$	29,734,089
Raytheon Technologies Corp.		443,870		44,342,613
Total				74,076,702

Air Freight & Logistics 1.64%
Expeditors International of Washington, Inc.		274,450		31,243,388

Automobiles 1.49%
General Motors Co.		858,330		28,359,223

Banks 5.01%
JPMorgan Chase & Co.		448,890		62,054,554
Wells Fargo & Co.		843,510		33,529,522
Total				95,584,076

Beverages 1.74%
Carlsberg AS Class B^(a)		200,360		33,158,923

Biotechnology 2.10%
AbbVie, Inc.		265,560		40,131,427

Building Products 2.70%
Builders FirstSource, Inc.*		215,220		20,396,399
Masco Corp.		581,670		31,125,162
Total				51,521,561

Capital Markets 6.16%
Ameriprise Financial, Inc.		91,520		27,924,582
Charles Schwab Corp.		600,473		31,368,710
KKR & Co., Inc.		493,860		26,209,150
Morgan Stanley		356,330		32,059,010
Total				117,561,452

Chemicals 0.79%
Dow, Inc.		276,350		15,033,440

Construction & Engineering 1.79%
EMCOR Group, Inc.		200,200		34,234,200

Investments	Shares		Fair Value
Consumer Finance 1.45%
American Express Co.		171,710	$	27,703,691

Consumer Staples Distribution & Retail 3.25%
BJ’s Wholesale Club Holdings, Inc.*		422,410		32,259,452
Target Corp.		188,380		29,716,945
Total				61,976,397

Electric: Utilities 2.26%
FirstEnergy Corp.		457,180		18,195,764
NextEra Energy, Inc.		326,100		24,989,043
Total				43,184,807

Electronic Equipment, Instruments & Components 1.23%
Teledyne Technologies, Inc.*		56,470		23,401,168

Energy Equipment & Services 2.04%
Schlumberger NV		787,830		38,879,411

Financial Services 3.48%
Fiserv, Inc.*		309,900		37,844,988
PayPal Holdings, Inc.*		375,980		28,574,480
Total				66,419,468

Ground Transportation 1.41%
Norfolk Southern Corp.		133,060		27,015,172

Health Care Equipment & Supplies 1.05%
Becton Dickinson & Co.		76,030		20,095,489

Health Care Providers & Services 7.62%
CVS Health Corp.		319,860		23,448,936
Laboratory Corp. of America Holdings		124,480		28,220,861
McKesson Corp.		67,650		24,640,836
Molina Healthcare, Inc.*		87,220		25,981,966
UnitedHealth Group, Inc.		87,730		43,171,056
Total				145,463,655

Hotels, Restaurants & Leisure 1.34%
Caesars Entertainment, Inc.*		565,310		25,602,890

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FUNDAMENTAL EQUITY FUND April 30, 2023

Investments	Shares		Fair Value
Household Products 1.04%
Procter & Gamble Co.		126,730	$	19,818,037

Industrial REITs 1.03%
Prologis, Inc.		157,680		19,749,420

Insurance 7.14%
Allstate Corp.		328,240		37,997,062
Arch Capital Group Ltd.*		420,240		31,547,417
Arthur J Gallagher & Co.		153,250		31,885,195
RenaissanceRe Holdings Ltd.		161,750		34,842,568
Total				136,272,242

Interactive Media & Services 2.27%
Alphabet, Inc. Class A*		403,560		43,318,131

Life Sciences Tools & Services 1.43%
Thermo Fisher Scientific, Inc.		49,320		27,367,668

Machinery 1.97%
Parker-Hannifin Corp.		115,590		37,552,879

Media 1.65%
Comcast Corp. Class A		762,740		31,554,554

Metals & Mining 1.49%
Alcoa Corp.		252,050		9,361,137
Reliance Steel & Aluminum Co.		76,900		19,055,820
Total				28,416,957

Oil, Gas & Consumable Fuels 6.26%
Chesapeake Energy Corp.		439,280		36,319,670
Pioneer Natural Resources Co.		165,190		35,937,085
Shell PLC ADR		763,130		47,298,797
Total				119,555,552

Pharmaceuticals 4.07%
Organon & Co.		1,694,020		41,723,713
Pfizer, Inc.		923,460		35,913,359
Total				77,637,072

Investments	Shares		Fair Value
Real Estate Management & Development 0.98%
CBRE Group, Inc. Class A*		243,470	$	18,664,410

Residential REITs 0.90%
American Homes 4 Rent Class A		519,500		17,278,570

Semiconductors & Semiconductor Equipment 4.03%
KLA Corp.		49,670		19,199,442
Micron Technology, Inc.		497,340		32,008,802
Texas Instruments, Inc.		154,160		25,775,552
Total				76,983,796

Software 4.11%
Adobe, Inc.*		98,360		37,136,802
Microsoft Corp.		134,200		41,234,292
Total				78,371,094

Specialty Retail 3.95%
AutoZone, Inc.*		8,650		23,037,631
Lowe’s Cos., Inc.		104,250		21,666,278
Valvoline, Inc.		887,260		30,654,833
Total				75,358,742

Technology Hardware, Storage & Peripherals 1.48%
NetApp, Inc.		447,820		28,163,400

Trading Companies & Distributors 1.73%
AerCap Holdings NV (Ireland)*^(b)		587,040		33,085,574

Wireless Telecommunication Services 1.54%
T-Mobile U.S., Inc.*		204,260		29,393,014
Total Common Stocks (cost $1,612,130,108)				1,899,187,652

38	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FUNDAMENTAL EQUITY FUND April 30, 2023

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.44%

Repurchase Agreements 0.44%
Repurchase Agreement dated 4/28/2023, 2.40% due 5/1/2023 with Fixed Income Clearing Corp. collateralized by $9,700,800 of U.S Treasury Note at 0.500% due 10/31/2027; value: $8,459,512; proceeds: $8,295,258 (cost $8,293,599)	$	8,293,599	$	8,293,599
Total Investments in Securities 99.94% (cost $1,620,423,707)				1,907,481,251
Other Assets and Liabilities – Net 0.06%				1,227,573
Net Assets 100.00%			$	1,908,708,824



ADR		American Depositary Receipt.
REIT		Real Estate Investment Trust.
*		Non-income producing security.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		Foreign security traded in U.S. dollars.

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Beverages	$	–	$	33,158,923	$	–	$	33,158,923
Remaining Industries		1,866,028,729		–		–		1,866,028,729
Short-Term Investments
Repurchase Agreements		–		8,293,599		–		8,293,599
Total	$	1,866,028,729	$	41,452,522	$	–	$	1,907,481,251

⁽¹⁾		Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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)

GLOBAL EQUITY FUND April 30, 2023

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 95.64%

COMMON STOCKS 95.64%

Australia 2.19%

Diversified REITs 1.02%
Charter Hall Group		20,489	$	152,435

Metals & Mining 1.17%
BHP Group Ltd.		5,841		173,346
Total Australia				325,781

Austria 1.49%

Banks
BAWAG Group AG^†*		4,545		221,678

Brazil 1.73%

Broadline Retail
MercadoLibre, Inc.*		201		256,775

Canada 1.72%

Consumer Staples Distribution & Retail
Alimentation Couche-Tard, Inc.		5,116		255,337

China 4.37%

Beverages 0.65%
Kweichow Moutai Co. Ltd. Class A		381		96,988

Broadline Retail 1.63%
Alibaba Group Holding Ltd.*		16,909		178,789
PDD Holdings, Inc. ADR*		931		63,448
				242,237

Gas Utilities 0.74%
ENN Energy Holdings Ltd.		8,010		109,830

Interactive Media & Services 1.35%
Tencent Holdings Ltd.		4,495		199,650
Total China				648,705

Investments	Shares		U.S. $ Fair Value
Denmark 2.49%

Biotechnology 0.95%
Genmab AS*		343	$	140,961

Pharmaceuticals 1.54%
Novo Nordisk AS Class B		1,373		228,404
Total Denmark				369,365

France 6.05%

Beverages 0.99%
Pernod Ricard SA		635		146,653

Capital Markets 1.03%
Amundi SA^†		2,351		154,026

Life Sciences Tools & Services 0.34%
Sartorius Stedim Biotech		187		50,097

Personal Care Products 0.92%
L’Oreal SA		285		136,206

Professional Services 0.30%
Teleperformance		226		45,167

Textiles, Apparel & Luxury Goods 2.47%
LVMH Moet Hennessy Louis Vuitton SE		381		366,477
Total France				898,626

Germany 0.84%

Semiconductors & Semiconductor Equipment
Infineon Technologies AG		3,429		124,873

Hong Kong 0.72%

Insurance
AIA Group Ltd.		9,819		106,900

Ireland 0.82%

Building Products
Allegion PLC		1,096		121,086

40	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY FUND April 30, 2023

Investments	Shares		U.S. $ Fair Value
Japan 3.71%

Electrical Equipment 0.35%
Fuji Electric Co. Ltd.		1,288	$	51,991

Electronic Equipment, Instruments & Components 0.65%
Keyence Corp.		216		97,406

Household Durables 0.68%
Sony Group Corp.		1,112		100,607

Machinery 1.04%
Fujitec Co. Ltd.		5,781		154,001

Professional Services 0.99%
TechnoPro Holdings, Inc.		5,389		147,032
Total Japan				551,037

Mexico 1.89%

Banks
Grupo Financiero Banorte SAB de CV Class O		32,390		280,097

Netherlands 3.01%

Oil, Gas & Consumable Fuels 2.31%
Shell PLC		11,157		342,834

Semiconductors & Semiconductor Equipment 0.70%
ASML Holding NV		165		104,711
Total Netherlands				447,545

Peru 0.99%

Banks
Intercorp Financial Services, Inc.		6,568		146,926

Singapore 0.53%

Semiconductors & Semiconductor Equipment
STMicroelectronics NV		1,845		78,924

Investments	Shares		U.S. $ Fair Value
South Korea 1.08%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		3,247	$	159,766

Spain 1.31%

Electric: Utilities
Iberdrola SA		15,038		194,864

Taiwan 1.27%

Semiconductors & Semiconductor Equipment
Taiwan Semiconductor Manufacturing Co. Ltd.		11,539		188,958

United Kingdom 6.66%

Broadline Retail 1.01%
Next PLC		1,773		150,433

Capital Markets 0.69%
London Stock Exchange Group PLC		970		101,843

Household Durables 0.56%
Persimmon PLC		5,075		83,990

Personal Care Products 1.85%
Unilever PLC		4,937		274,903

Tobacco 1.46%
Imperial Brands PLC		8,753		216,673

Trading Companies & Distributors 1.09%
Ashtead Group PLC		2,806		161,783
Total United Kingdom				989,625

United States 52.77%

Aerospace & Defense 1.04%
Northrop Grumman Corp.		147		67,807
TransDigm Group, Inc.		113		86,445
				154,252

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY FUND April 30, 2023

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

Air Freight & Logistics 0.64%
Expeditors International of Washington, Inc.		836	$	95,170

Automobiles 0.93%
General Motors Co.		4,200		138,768

Banks 1.50%
JPMorgan Chase & Co.		1,617		223,534

Biotechnology 2.02%
Vertex Pharmaceuticals, Inc.*		880		299,842

Broadline Retail 1.14%
Amazon.com, Inc.*		1,609		169,669

Building Products 0.64%
Builders FirstSource, Inc.*		1,007		95,433

Capital Markets 5.32%
Ameriprise Financial, Inc.		856		261,183
Cboe Global Markets, Inc.		2,072		289,458
Evercore, Inc. Class A		929		105,971
Morgan Stanley		1,484		133,516
				790,128

Consumer Staples Distribution & Retail 0.48%
BJ’s Wholesale Club Holdings, Inc.*		937		71,559

Containers & Packaging 0.65%
Avery Dennison Corp.		554		96,662

Electric: Utilities 0.84%
NextEra Energy, Inc.		1,630		124,907

Entertainment 0.96%
Netflix, Inc.*		434		143,190

Financial Services 2.37%
Visa, Inc. Class A		1,510		351,422

Ground Transportation 0.56%
Norfolk Southern Corp.		408		82,836

Investments	Shares		U.S. $ Fair Value
Health Care Equipment & Supplies 1.55%
DexCom, Inc.*		1,079	$	130,926
Intuitive Surgical, Inc.*		328		98,800
				229,726

Health Care Providers & Services 2.88%
UnitedHealth Group, Inc.		869		427,626

Industrial REITs 0.78%
Prologis, Inc.		927		116,107

Information Technology Services 1.14%
Accenture PLC Class A		606		169,856

Insurance 0.37%
Allstate Corp.		472		54,639

Interactive Media & Services 5.11%
Alphabet, Inc. Class A*		3,926		421,417
Meta Platforms, Inc. Class A*		1,407		338,130
				759,547

Life Sciences Tools & Services 1.19%
Thermo Fisher Scientific, Inc.		318		176,458

Machinery 1.66%
Crane Co.*		1,541		111,060
Crane NXT Co.		1,519		71,940
Parker-Hannifin Corp.		194		63,026
				246,026

Oil, Gas & Consumable Fuels 2.19%
Chesapeake Energy Corp.		561		46,384
Marathon Petroleum Corp.		2,281		278,282
				324,666

Pharmaceuticals 1.17%
Organon & Co.		7,026		173,050

Semiconductors & Semiconductor Equipment 2.11%
KLA Corp.		294		113,643
Monolithic Power Systems, Inc.		149		68,834
NVIDIA Corp.		470		130,420
				312,897

42	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY FUND April 30, 2023

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

Software 7.59%
Adobe, Inc.*		563	$	212,566
Cadence Design Systems, Inc.*		771		161,486
Microsoft Corp.		2,042		627,425
PowerSchool Holdings, Inc. Class A*		6,036		126,032
				1,127,509

Specialty Retail 2.03%
Academy Sports & Outdoors, Inc.		2,635		167,375
Lowe’s Cos., Inc.		644		133,843
				301,218

Technology Hardware, Storage & Peripherals 3.31%
Apple, Inc.		2,900		492,072

Textiles, Apparel & Luxury Goods 0.60%
NIKE, Inc. Class B		702		88,957
Total United States				7,837,726
Total Common Stocks (cost $12,896,594)				14,204,594

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 4.07%

Repurchase Agreements 4.07%
Repurchase Agreement dated 4/28/2023, 2.40% due 5/1/2023 with Fixed Income Clearing Corp. collateralized by $729,800 of U.S Treasury Note at 1.125% due 2/15/2031; value: $616,746; proceeds: $604,701 (cost $604,581)	$	604,581	$	604,581
Total Investments in Securities 99.71% (cost $13,501,175)				14,809,175
Other Assets and Liabilities – Net 0.29%				43,798
Net Assets 100.00%			$	14,852,973

ADR		American Depositary Receipt.
REIT		Real Estate Investment Trust.
^†		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, 2023, the total value of Rule 144A securities was $375,704, which represents 2.53% of net assets.
*		Non-income producing security.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GLOBAL EQUITY FUND April 30, 2023

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Australia	$	–	$	325,781	$	–	$	325,781
Austria		–		221,678		–		221,678
China		63,448		585,257		–		648,705
Denmark		–		369,365		–		369,365
France		–		898,626		–		898,626
Germany		–		124,873		–		124,873
Hong Kong		–		106,900		–		106,900
Japan		–		551,037		–		551,037
Netherlands		–		447,545		–		447,545
Singapore		–		78,924		–		78,924
South Korea		–		159,766		–		159,766
Spain		–		194,864		–		194,864
Taiwan		–		188,958		–		188,958
United Kingdom		–		989,625		–		989,625
Remaining Countries		8,897,947		–		–		8,897,947
Short-Term Investments
Repurchase Agreements		–		604,581		–		604,581
Total	$	8,961,395	$	5,847,780	$	–	$	14,809,175

⁽¹⁾		Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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)

GROWTH LEADERS FUND April 30, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.06%

COMMON STOCKS 98.06%

Aerospace & Defense 1.77%
Axon Enterprise, Inc.*		236,935	$	49,924,574
TransDigm Group, Inc.		51,444		39,354,660
Total				89,279,234

Automobile Components 1.18%
Mobileye Global, Inc. Class A (Israel)*^(a)(b)		1,581,285		59,519,567

Biotechnology 4.09%
Argenx SE ADR*		111,919		43,411,142
Cytokinetics, Inc.*		986,688		36,902,131
Karuna Therapeutics, Inc.*		141,244		28,028,460
Sarepta Therapeutics, Inc.*		306,151		37,586,158
Vertex Pharmaceuticals, Inc.*		178,158		60,703,775
Total				206,631,666

Broadline Retail 3.67%
Amazon.com, Inc.*		422,477		44,550,200
MercadoLibre, Inc. (Uruguay)*^(a)		80,978		103,448,585
PDD Holdings, Inc. ADR*		551,033		37,552,899
Total				185,551,684

Capital Markets 2.62%
MarketAxess Holdings, Inc.		225,882		71,914,052
MSCI, Inc.		125,195		60,400,328
Total				132,314,380

Communications Equipment 2.38%
Arista Networks, Inc.*		752,135		120,461,942

Electrical Equipment 1.02%
Rockwell Automation, Inc.		181,904		51,553,413

Entertainment 3.67%
Netflix, Inc.*		294,600		97,197,378
Spotify Technology SA (Sweden)*^(a)		662,746		88,542,866
Total				185,740,244

Investments	Shares		Fair Value
Financial Services 3.21%
Mastercard, Inc. Class A		215,987	$	82,081,540
Toast, Inc. Class A*		1,426,173		25,956,348
Visa, Inc. Class A		232,504		54,110,656
Total				162,148,544

Ground Transportation 0.90%
Old Dominion Freight Line, Inc.		141,989		45,491,856

Health Care Equipment & Supplies 8.69%
Align Technology, Inc.*		303,213		98,635,189
Axonics, Inc.*		427,362		24,556,221
DexCom, Inc.*		628,553		76,268,621
IDEXX Laboratories, Inc.*		103,432		50,905,093
Inspire Medical Systems, Inc.*		154,391		41,319,663
Insulet Corp.*		178,763		56,853,785
Intuitive Surgical, Inc.*		172,159		51,857,734
TransMedics Group, Inc.*		496,192		39,248,787
Total				439,645,093

Hotels, Restaurants & Leisure 5.02%
Airbnb, Inc. Class A*		485,592		58,110,795
Booking Holdings, Inc.*		31,636		84,984,103
Marriott International, Inc. Class A		325,323		55,090,197
Starbucks Corp.		488,301		55,807,921
Total				253,993,016

Information Technology Services 4.22%
Cloudflare, Inc. Class A*		1,331,181		62,632,066
Okta, Inc.*		589,254		40,381,576
Shopify, Inc. Class A (Canada)*^(a)		2,278,175		110,377,579
Total				213,391,221

Interactive Media & Services 6.41%
Alphabet, Inc. Class A*		1,631,217		175,094,833
Meta Platforms, Inc. Class A*		619,871		148,967,398
Total				324,062,231

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GROWTH LEADERS FUND April 30, 2023

Investments	Shares		Fair Value
Life Sciences Tools & Services 0.95%
Mettler-Toledo International, Inc.*		32,167	$	47,977,080

Machinery 0.77%
Parker-Hannifin Corp.		120,256		39,068,769

Media 1.79%
Trade Desk, Inc. Class A*		1,404,879		90,389,915

Pharmaceuticals 1.07%
Eli Lilly & Co.		136,607		54,077,247

Semiconductors & Semiconductor Equipment 14.04%
Advanced Micro Devices, Inc.*		1,079,235		96,451,232
Applied Materials, Inc.		691,943		78,210,317
KLA Corp.		127,384		49,239,011
Lattice Semiconductor Corp.*		987,365		78,692,991
Monolithic Power Systems, Inc.		170,154		78,606,044
NVIDIA Corp.		917,516		254,601,515
ON Semiconductor Corp.*		1,034,243		74,424,126
Total				710,225,236

Software 15.40%
Cadence Design Systems, Inc.*		362,411		75,906,984
Clear Secure, Inc. Class A		2,113,450		51,124,355
Confluent, Inc. Class A*		1,120,253		24,645,566
DoubleVerify Holdings, Inc.*		1,313,773		38,651,201
Dynatrace, Inc.*		1,464,917		61,936,691
HubSpot, Inc.*		192,522		81,042,136
Intuit, Inc.		69,343		30,784,825
Microsoft Corp.		894,795		274,934,712
Palo Alto Networks, Inc.*		328,720		59,978,251
ServiceNow, Inc.*		174,176		80,019,938
Total				779,024,659

Investments	Shares		Fair Value
Specialty Retail 1.35%
Ulta Beauty, Inc.*		123,812	$	68,273,651

Technology Hardware, Storage & Peripherals 8.03%
Apple, Inc.		2,394,349		406,273,138

Textiles, Apparel & Luxury Goods 5.81%
Crocs, Inc.*		597,405		73,881,077
Deckers Outdoor Corp.*		178,574		85,597,661
Lululemon Athletica, Inc. (Canada)*^(a)		142,155		54,008,949
NIKE, Inc. Class B		635,774		80,565,281
Total				294,052,968
Total Common Stocks (cost $4,727,575,955)				4,959,146,754

	Principal Amount

SHORT-TERM INVESTMENTS 2.88%

Repurchase Agreements 2.21%
Repurchase Agreement dated 4/28/2023, 2.40% due 5/1/2023 with Fixed Income Clearing Corp. collateralized by $50,332,800 of U.S. Treasury Note at 2.375% due 5/15/2029; $76,289,400 of U.S. Treasury Note at 0.625% due 11/30/2027; value: $114,286,007; proceeds: $112,067,501 (cost $112,045,092)	$	112,045,092		112,045,092

46	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GROWTH LEADERS FUND April 30, 2023

Investments	Shares		Fair Value
MONEY MARKET FUNDS 0.60%
Fidelity Government Portfolio^(c) (cost $30,166,436)		30,166,436	$	30,166,436

TIME DEPOSITS 0.07%
CitiBank N.A.^(c) (cost $3,351,826)		3,351,826		3,351,826
Total Short-Term Investments (cost $145,563,354)				145,563,354
Total Investments in Securities 100.94% (cost $4,873,139,309)				5,104,710,108
Other Assets and Liabilities – Net (0.94)%				(47,556,899	)
Net Assets 100.00%			$	5,057,153,209

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

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	4,959,146,754	$	–	$	–	$	4,959,146,754
Short-Term Investments
Repurchase Agreements		–		112,045,092		–		112,045,092
Money Market Funds		30,166,436		–		–		30,166,436
Time Deposits		–		3,351,826		–		3,351,826
Total	$	4,989,313,190	$	115,396,918	$	–	$	5,104,710,108

⁽¹⁾		Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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)

HEALTH CARE FUND April 30, 2023

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 97.34%

COMMON STOCKS 97.34%

Canada 1.75%

Biotechnology
Xenon Pharmaceuticals, Inc.*		3,438	$	138,483

China 0.78%

Biotechnology
BeiGene Ltd.*		3,117		61,168

Denmark 4.11%

Biotechnology 0.51%
Genmab AS*		98		40,274

Pharmaceuticals 3.60%
Novo Nordisk AS Class B		1,710		284,466
Total Denmark				324,740

France 0.68%

Life Sciences Tools & Services
Sartorius Stedim Biotech		201		53,848

Germany 2.05%

Health Care Equipment & Supplies 0.99%
Siemens Healthineers AG^†		1,254		78,156

Life Sciences Tools & Services 1.06%
Gerresheimer AG		768		83,687
Total Germany				161,843

Japan 3.27%

Pharmaceuticals
Daiichi Sankyo Co. Ltd.		4,003		137,361
Eisai Co. Ltd.		2,094		120,831
				258,192

Investments	Shares		U.S. $ Fair Value
Netherlands 2.23%

Biotechnology
Argenx SE*		328	$	126,525
uniQure NV*		2,539		49,282
				175,807

Sweden 0.87%

Life Sciences Tools & Services
Olink Holding AB ADR*^(a)		3,179		68,571

Switzerland 2.80%

Health Care Equipment & Supplies 1.15%
Straumann Holding AG		605		91,023

Life Sciences Tools & Services 1.65%
Bachem Holding AG Class B		663		72,426
Lonza Group AG Registered Shares		92		57,375
				129,801
Total Switzerland				220,824

United Kingdom 3.54%

Pharmaceuticals
AstraZeneca PLC		1,901		279,757

United States 75.26%

Biotechnology 21.30%
89bio, Inc.*		3,975		63,521
Apellis Pharmaceuticals, Inc.*		1,744		145,502
Arcellx, Inc.*		2,742		117,029
Biogen, Inc.*		282		85,793
Cerevel Therapeutics Holdings, Inc.*		1,507		43,763
Cytokinetics, Inc.*		2,116		79,138
Day One Biopharmaceuticals, Inc.*		3,398		42,135
Karuna Therapeutics, Inc.*		609		120,850
Krystal Biotech, Inc.*		1,326		111,384
Legend Biotech Corp. ADR*		827		56,823
Madrigal Pharmaceuticals, Inc.*		155		48,360

48	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HEALTH CARE FUND April 30, 2023

Investments	Shares		U.S. $ Fair Value
United States (continued)
Natera, Inc.*		2,028	$	102,860
Neurocrine Biosciences, Inc.*		642		64,868
Regeneron Pharmaceuticals, Inc.*		222		177,997
Rocket Pharmaceuticals, Inc.*		3,045		54,566
Sarepta Therapeutics, Inc.*		623		76,486
Vertex Pharmaceuticals, Inc.*		718		244,644
Viking Therapeutics, Inc.*		2,148		45,774
				1,681,493

Health Care Equipment & Supplies 23.61%
Abbott Laboratories		672		74,236
Align Technology, Inc.*		332		107,999
Axonics, Inc.*		1,497		86,018
Boston Scientific Corp.*		1,891		98,559
Cooper Cos., Inc.		209		79,723
DexCom, Inc.*		1,229		149,127
Glaukos Corp.*		966		45,895
IDEXX Laboratories, Inc.*		301		148,140
Inspire Medical Systems, Inc.*		388		103,840
Insulet Corp.*		466		148,207
Intuitive Surgical, Inc.*		618		186,154
iRhythm Technologies, Inc.*		489		64,255
Lantheus Holdings, Inc.*		1,031		88,099
Penumbra, Inc.*		267		75,860
Shockwave Medical, Inc.*		263		76,312
Silk Road Medical, Inc.*		1,217		53,572
Stryker Corp.		523		156,717
TransMedics Group, Inc.*		1,529		120,944
				1,863,657

Health Care Providers & Services 7.65%
Humana, Inc.		302		160,208
Laboratory Corp. of America Holdings		237		53,730
Molina Healthcare, Inc.*		172		51,237
R1 RCM, Inc.*		2,884		44,962
UnitedHealth Group, Inc.		597		293,778
				603,915

Investments	Shares		U.S. $ Fair Value
Health Care Technology 1.15%
Evolent Health, Inc. Class A*		1,182	$	43,036
Phreesia, Inc.*		1,503		47,555
				90,591

Life Sciences Tools & Services 8.72%
10X Genomics, Inc. Class A*		1,904		99,827
Cytek Biosciences, Inc.*		2,860		32,833
Danaher Corp.		442		104,714
Illumina, Inc.*		350		71,946
Mettler-Toledo International, Inc.*		60		89,490
Pacific Biosciences of California, Inc.*		4,880		51,728
Repligen Corp.*		238		36,088
Thermo Fisher Scientific, Inc.		155		86,009
West Pharmaceutical Services, Inc.		321		115,958
				688,593

Pharmaceuticals 12.83%
Eli Lilly & Co.		1,059		419,216
Intra-Cellular Therapies, Inc.*		1,376		85,518
Merck & Co., Inc.		2,408		278,052
Pliant Therapeutics, Inc.*		3,038		85,824
Ventyx Biosciences, Inc.*		3,844		144,534
				1,013,144
Total United States				5,941,393
Total Common Stocks (cost $6,610,981)				7,684,626

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HEALTH CARE FUND April 30, 2023

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 2.77%

Repurchase Agreements 2.77%
Repurchase Agreement dated 4/28/2023, 2.40% due 5/1/2023 with Fixed Income Clearing Corp. collateralized by $256,100 of U.S Treasury Note at 0.500% due 10/31/2027; value: $223,330; proceeds: $218,940 (cost $218,896)	$	218,896	$	218,896

Investments	Shares		U.S. $ Fair Value
MONEY MARKET FUNDS 0.00%
Fidelity Government Portfolio^(b) (cost $137)		137	$	137

TIME DEPOSITS 0.00%
CitiBank N.A.^(b) (cost $15)		15		15
Total Short-Term Investments (cost $219,048)				219,048
Total Investments in Securities 100.11% (cost $6,830,029)			$	7,903,674
Other Assets and Liabilities – Net (0.11)%				(8,820	)
Net Assets 100.00%			$	7,894,854

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, 2023, the total value of Rule 144A securities was $78,156, which represents 0.99% 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.

50	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

HEALTH CARE FUND April 30, 2023

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
China	$	–	$	61,168	$	–	$	61,168
Denmark		–		324,740		–		324,740
France		–		53,848		–		53,848
Germany		–		161,843		–		161,843
Japan		–		258,192		–		258,192
Netherlands		49,282		126,525		–		175,807
Switzerland		–		220,824		–		220,824
United Kingdom		–		279,757		–		279,757
Remaining Countries		6,148,447		–		–		6,148,447
Short-Term Investments
Repurchase Agreements		–		218,896		–		218,896
Money Market Funds		137		–		–		137
Time Deposits		–		15		–		15
Total	$	6,197,866	$	1,705,808	$	–	$	7,903,674

⁽¹⁾		Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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, 2023

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 95.74%

COMMON STOCKS 95.74%

Australia 1.63%

Metals & Mining
BHP Group Ltd.		185,528	$	5,506,002

Austria 0.59%

Banks
BAWAG Group AG^†*		40,560		1,978,275

Belgium 0.50%

Diversified REITs
Warehouses De Pauw CVA		56,426		1,687,232

Brazil 1.50%

Broadline Retail 0.72%
MercadoLibre, Inc.*		1,896		2,422,121

Insurance 0.78%
BB Seguridade Participacoes SA		385,100		2,649,020
Total Brazil				5,071,141

Canada 1.57%

Ground Transportation 0.73%
Canadian Pacific Kansas City Ltd.		31,500		2,483,079

Metals & Mining 0.84%
Teck Resources Ltd. Class B		60,648		2,826,197
Total Canada				5,309,276

China 4.96%

Automobiles 0.65%
BYD Co. Ltd. Class H		72,500		2,198,652

Investments	Shares		U.S. $ Fair Value
Beverages 1.40%
China Resources Beer Holdings Co. Ltd.		294,000	$	2,271,084
Kweichow Moutai Co. Ltd. Class A		9,600		2,443,789
				4,714,873

Broadline Retail 1.27%
Alibaba Group Holding Ltd.*		404,900		4,281,260

Building Products 0.50%
Xinyi Glass Holdings Ltd.		928,000		1,697,813

Interactive Media & Services 1.14%
Tencent Holdings Ltd.		86,600		3,846,435
Total China				16,739,033

Denmark 4.03%

Air Freight & Logistics 0.80%
DSV AS		14,343		2,699,385

Biotechnology 0.60%
Genmab AS*		4,967		2,041,261

Pharmaceuticals 2.63%
Novo Nordisk AS Class B		53,352		8,875,337
Total Denmark				13,615,983

Finland 1.32%

Banks 0.70%
Nordea Bank Abp		213,742		2,374,517

Machinery 0.62%
Kone Oyj Class B		36,307		2,071,341
Total Finland				4,445,858

France 14.52%

Aerospace & Defense 0.87%
Airbus SE		21,044		2,946,890

Beverages 1.13%
Pernod Ricard SA		16,483		3,806,734

52	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2023

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

Building Products 0.83%
Cie de Saint-Gobain		48,634	$	2,815,651

Capital Markets 0.57%
Amundi SA^†		29,453		1,929,609

Chemicals 1.34%
Air Liquide SA		25,094		4,514,167

Diversified Telecommunication Services 0.70%
Orange SA		181,787		2,366,124

Hotels, Restaurants & Leisure 0.86%
Accor SA*		81,673		2,897,521

Insurance 1.10%
AXA SA		113,922		3,718,435

Oil, Gas & Consumable Fuels 1.44%
TotalEnergies SE		76,039		4,858,885

Personal Care Products 1.90%
L’Oreal SA		13,379		6,394,051

Textiles, Apparel & Luxury Goods 3.78%
Hermes International		1,798		3,903,594
LVMH Moet Hennessy Louis Vuitton SE		9,202		8,851,230
				12,754,824
Total France				49,002,891

Germany 6.62%

Diversified Telecommunication Services 1.55%
Deutsche Telekom AG		216,550		5,221,405

Insurance 1.58%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen*		14,173		5,326,602

Life Sciences Tools & Services 1.10%
Gerresheimer AG		34,274		3,734,748

Investments	Shares		U.S. $ Fair Value
Pharmaceuticals 0.76%
Bayer AG Registered Shares		38,771	$	2,558,742

Semiconductors & Semiconductor Equipment 0.73%
Infineon Technologies AG		68,207		2,483,879

Software 0.90%
SAP SE		22,388		3,029,457
Total Germany				22,354,833

Hong Kong 2.24%

Insurance
AIA Group Ltd.		398,482		4,338,302
Prudential PLC		210,996		3,228,457
				7,566,759

India 4.31%

Automobiles 0.62%
Maruti Suzuki India Ltd.		19,905		2,096,416

Banks 1.48%
Axis Bank Ltd.		160,000		1,688,944
ICICI Bank Ltd. ADR		144,542		3,288,331
				4,977,275

Oil, Gas & Consumable Fuels 0.73%
Reliance Industries Ltd.		83,023		2,465,546

Personal Care Products 0.73%
Hindustan Unilever Ltd.		82,176		2,473,470

Wireless Telecommunication Services 0.75%
Bharti Airtel Ltd.		259,485		2,540,188
Total India				14,552,895

Indonesia 0.87%

Banks
Bank Negara Indonesia Persero Tbk PT		4,579,600		2,951,316

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2023

Investments	Shares		U.S. $ Fair Value
Ireland 1.76%

Banks 0.80%
Bank of Ireland Group PLC		261,440	$	2,704,052

Construction Materials 0.96%
CRH PLC		66,778		3,240,810
Total Ireland				5,944,862

Italy 1.46%

Electric: Utilities 0.97%
Enel SpA		478,358		3,268,197

Financial Services 0.49%
Banca Mediolanum SpA		183,757		1,661,408
Total Italy				4,929,605

Japan 14.82%

Automobiles 1.11%
Toyota Motor Corp.		272,400		3,740,058

Banks 1.03%
Sumitomo Mitsui Financial Group, Inc.		84,800		3,466,083

Beverages 0.77%
Asahi Group Holdings Ltd.		66,900		2,584,620

Consumer Staples Distribution & Retail 0.77%
Seven & i Holdings Co. Ltd.		57,400		2,601,221

Electrical Equipment 0.70%
Fuji Electric Co. Ltd.		58,400		2,357,344

Electronic Equipment, Instruments & Components 1.11%
Keyence Corp.		8,300		3,742,935

Health Care Equipment & Supplies 0.68%
Hoya Corp.		22,000		2,306,810

Household Durables 1.54%
Sony Group Corp.		57,500		5,202,238

Industrial Conglomerates 1.04%
Hitachi Ltd.		63,600		3,518,009

Investments	Shares		U.S. $ Fair Value
Information Technology Services 0.68%
Obic Co. Ltd.		15,000	$	2,311,127

Machinery 1.39%
Ebara Corp.		53,700		2,349,445
Fujitec Co. Ltd.		87,400		2,328,269
				4,677,714

Personal Care Products 0.72%
Shiseido Co. Ltd.		48,700		2,441,126

Pharmaceuticals 1.20%
Daiichi Sankyo Co. Ltd.		118,400		4,062,849

Professional Services 0.74%
TechnoPro Holdings, Inc.		91,900		2,507,370

Trading Companies & Distributors 1.34%
ITOCHU Corp.		135,900		4,508,463
Total Japan				50,027,967

Mexico 0.97%

Banks
Grupo Financiero Banorte SAB de CV Class O		377,717		3,266,355

Netherlands 5.04%

Beverages 1.01%
Heineken NV^(a)		29,787		3,420,298

Oil, Gas & Consumable Fuels 2.22%
Shell PLC		243,679		7,487,806

Semiconductors & Semiconductor Equipment 1.81%
ASML Holding NV		9,596		6,089,740
Total Netherlands				16,997,844

Norway 0.64%

Oil, Gas & Consumable Fuels
Equinor ASA		75,585		2,176,169

54	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2023

Investments	Shares		U.S. $ Fair Value
Peru 0.63%

Banks
Credicorp Ltd.		15,741	$	2,132,591

Philippines 0.54%

Banks
BDO Unibank, Inc.		700,000		1,824,581

Singapore 1.03%

Semiconductors & Semiconductor Equipment
STMicroelectronics NV		81,416		3,482,739

South Africa 0.48%

Metals & Mining
Anglo American PLC		52,549		1,619,254

South Korea 1.03%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		70,912		3,489,160

Spain 1.81%

Banks 0.71%
CaixaBank SA		647,807		2,397,926

Specialty Retail 1.10%
Industria de Diseno Textil SA^(a)		108,057		3,714,650
Total Spain				6,112,576

Sweden 2.53%

Automobile Components 0.59%
Autoliv, Inc. SDR^(a)		23,284		1,994,081

Machinery 1.94%
Atlas Copco AB Class A		264,266		3,822,375
Sandvik AB		133,562		2,720,633
				6,543,008
Total Sweden				8,537,089

Investments	Shares		U.S. $ Fair Value
Switzerland 3.71%

Capital Markets 0.59%
UBS Group AG Registered Shares*		97,410	$	1,982,543

Health Care Equipment & Supplies 0.99%
Alcon, Inc.		45,854		3,338,919

Pharmaceuticals 0.96%
Novartis AG Registered Shares		31,866		3,259,697

Textiles, Apparel & Luxury Goods 1.17%
Cie Financiere Richemont SA Class A		23,940		3,957,301
Total Switzerland				12,538,460

Taiwan 2.75%

Semiconductors & Semiconductor Equipment
Realtek Semiconductor Corp.		100,000		1,172,697
Taiwan Semiconductor Manufacturing Co. Ltd.		494,230		8,093,310
				9,266,007

United Kingdom 6.65%

Commercial Services & Supplies 1.20%
Rentokil Initial PLC		510,345		4,062,987

Electric: Utilities 0.86%
SSE PLC		125,349		2,892,197

Personal Care Products 1.40%
Unilever PLC		84,992		4,732,536

Pharmaceuticals 1.91%
AstraZeneca PLC		43,800		6,445,737

Trading Companies & Distributors 0.72%
Ashtead Group PLC		41,804		2,410,256

Wireless Telecommunication Services 0.56%
Vodafone Group PLC		1,577,719		1,895,038
Total United Kingdom				22,438,751

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2023

Investments	Shares		U.S. $ Fair Value
United States 5.23%

Electrical Equipment 1.41%
Schneider Electric SE		27,216	$	4,746,248

Food Products 1.59%
Nestle SA Registered Shares		41,791		5,361,349

Pharmaceuticals 2.23%
Eli Lilly & Co.		7,371		2,917,884
Sanofi		42,820		4,614,638
				7,532,522
Total United States				17,640,119
Total Common Stocks (cost $288,104,440)				323,205,623

	Principal Amount

SHORT-TERM INVESTMENTS 6.19%

Repurchase Agreements 4.29%
Repurchase Agreement dated 4/28/2023, 2.40% due 5/1/2023 with Fixed Income Clearing Corp. collateralized by $13,606,800 of U.S Treasury Bond at 4.250% due 11/15/2040; value: $14,767,580; proceeds: $14,480,843 (cost $14,477,948)	$	14,477,948		14,477,948

Investments	Shares		U.S. $ Fair Value
MONEY MARKET FUNDS 1.71%
Fidelity Government Portfolio^(b) (cost $5,765,360)		5,765,360	$	5,765,360

TIME DEPOSITS 0.19%
CitiBank N.A.^(b) (cost $640,596)		640,596		640,596
Total Short-Term Investments (cost $20,883,904)				20,883,904
Total Investments in Securities 101.93% (cost $308,988,344)				344,089,527
Other Assets and Liabilities – Net (1.93)%				(6,522,815	)
Net Assets 100.00%			$	337,566,712

ADR		American Depositary Receipt.
REIT		Real Estate Investment Trust.
SDR		Swedish Depository 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, 2023, the total value of Rule 144A securities was $3,907,884, which represents 1.16% 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.

56	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL EQUITY FUND April 30, 2023

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Brazil	$	5,071,141	$	–	$	–	$	5,071,141
Canada		5,309,276		–		–		5,309,276
India		3,288,331		11,264,564		–		14,552,895
Mexico		3,266,355		–		–		3,266,355
Peru		2,132,591		–		–		2,132,591
United States		2,917,884		14,722,235		–		17,640,119
Remaining Countries		–		275,233,246		–		275,233,246
Short-Term Investments
Repurchase Agreements		–		14,477,948		–		14,477,948
Money Market Funds		5,765,360		–		–		5,765,360
Time Deposits		–		640,596		–		640,596
Total	$	27,750,938	$	316,338,589	$	–	$	344,089,527

⁽¹⁾		Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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, 2023

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 96.79%

COMMON STOCKS 96.79%

Australia 1.93%

Automobile Components 1.16%
GUD Holdings Ltd.		616,724	$	3,934,048

Professional Services 0.77%
IPH Ltd.		486,914		2,634,046
Total Australia				6,568,094

Austria 3.06%

Banks 0.96%
BAWAG Group AG^†*		66,863		3,261,178

Machinery 2.10%
ANDRITZ AG		109,932		7,139,621
Total Austria				10,400,799

Belgium 1.26%

Diversified REITs 0.76%
Warehouses De Pauw CVA		85,616		2,560,062

Health Care REITs 0.50%
Aedifica SA		20,354		1,700,208
Total Belgium				4,260,270

Canada 7.25%

Capital Markets 0.98%
CI Financial Corp.		336,900		3,317,154

Gas Utilities 2.38%
Brookfield Infrastructure Corp. Class A		189,800		8,087,356

Metals & Mining 1.23%
Capstone Copper Corp.*		884,400		4,158,119

Oil, Gas & Consumable Fuels 0.97%
MEG Energy Corp.*		198,600		3,306,946

Paper & Forest Products 0.68%
Interfor Corp.*		148,100		2,323,952

Investments	Shares			U.S. $ Fair Value
Real Estate Management & Development 1.01%
Tricon Residential, Inc.		427,300		$	3,425,086
Total Canada					24,618,613

Egypt 1.10%

Oil, Gas & Consumable Fuels
Energean PLC		239,685			3,729,156

France 4.51%

Construction Materials 0.71%
Vicat SA^(a)		82,844			2,416,886

Entertainment 0.79%
Ubisoft Entertainment SA*		90,990			2,664,838

Oil, Gas & Consumable Fuels 1.13%
Gaztransport Et Technigaz SA		36,003			3,850,204

Personal Care Products 1.39%
Interparfums SA		59,337			4,713,311

Software 0.49%
Esker SA		10,875			1,655,612
Total France					15,300,851

Germany 7.12%

Aerospace & Defense 1.78%
Montana Aerospace AG^†*		152,962			2,772,254
Rheinmetall AG		11,170			3,271,612
					6,043,866

Life Sciences Tools & Services 2.14%
Gerresheimer AG		66,679			7,265,835

Media 1.23%
Stroeer SE & Co. KGaA		76,136			4,175,245

Semiconductors & Semiconductor Equipment 0.44%
AIXTRON SE		53,278	��		1,508,399

Wireless Telecommunication Services 1.53%
Freenet AG		181,579			5,176,638
Total Germany					24,169,983

58	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2023

Investments	Shares		U.S. $ Fair Value
Hong Kong 0.39%

Hotels, Restaurants & Leisure
Melco International Development Ltd.*		1,144,000	$	1,331,422

Iceland 1.22%

Machinery
Marel HF^†		948,142		4,126,795

India 3.13%

Banks 0.97%
Federal Bank Ltd.		1,989,616		3,295,812

Commercial Services & Supplies 0.63%
CMS Info Systems Ltd.		594,919		2,131,510

Financial Services 0.52%
IIFL Finance Ltd.		302,050		1,779,127

Real Estate Management & Development 1.01%
Phoenix Mills Ltd.		193,809		3,433,861
Total India				10,640,310

Indonesia 1.83%

Banks 0.50%
Bank Tabungan Negara Persero Tbk PT		19,974,700		1,698,927

Real Estate Management & Development 1.33%
Pakuwon Jati Tbk PT		136,152,200		4,516,437
Total Indonesia				6,215,364

Ireland 0.85%

Hotels, Restaurants & Leisure
Dalata Hotel Group PLC*		575,093		2,890,626

Israel 0.46%

Capital Markets
Tel Aviv Stock Exchange Ltd.*		341,428		1,572,270

Investments	Shares		U.S. $ Fair Value
Italy 5.26%

Automobile Components 1.29%
Brembo SpA		298,086	$	4,380,084

Construction Materials 0.27%
Buzzi Unicem SpA		36,569		909,319

Financial Services 1.01%
Banca Mediolanum SpA		378,690		3,423,862

Textiles, Apparel & Luxury Goods 2.69%
Brunello Cucinelli SpA		50,848		4,868,818
Salvatore Ferragamo SpA		242,181		4,258,224
				9,127,042
Total Italy				17,840,307

Japan 23.28%

Banks 1.07%
Resona Holdings, Inc.		402,400		2,005,546
Shizuoka Financial Group, Inc.		215,300		1,622,855
				3,628,401

Beverages 1.00%
Coca-Cola Bottlers Japan Holdings, Inc.		314,100		3,384,821

Building Products 1.04%
Sanwa Holdings Corp.		322,200		3,529,105

Chemicals 2.13%
Aica Kogyo Co. Ltd.		141,300		3,212,421
Kansai Paint Co. Ltd.		284,900		4,016,512
				7,228,933

Construction & Engineering 0.97%
SHO-BOND Holdings Co. Ltd.		76,800		3,282,119

Distributors 1.65%
PALTAC Corp.		146,300		5,613,074

Diversified REITs 0.76%
GLP J-Reit		2,268		2,591,360

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2023

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

Electronic Equipment, Instruments & Components 0.80%
Taiyo Yuden Co. Ltd.		88,300	$	2,703,624

Food Products 1.31%
Nichirei Corp.		216,500		4,441,517

Hotels, Restaurants & Leisure 0.83%
Saizeriya Co. Ltd.		112,600		2,831,054

Information Technology Services 3.40%
NS Solutions Corp.		150,400		4,093,136
Simplex Holdings, Inc.		252,100		4,385,995
Zuken, Inc.		120,800		3,067,033
				11,546,164

Machinery 3.66%
DMG Mori Co. Ltd.		275,200		4,414,941
Fujitec Co. Ltd.		144,100		3,838,713
OSG Corp.		297,300		4,176,381
				12,430,035

Professional Services 0.95%
TechnoPro Holdings, Inc.		118,200		3,224,930

Software 2.15%
Money Forward, Inc.*		78,800		3,281,571
OBIC Business Consultants Co. Ltd.		106,100		4,029,003
				7,310,574

Wireless Telecommunication Services 1.56%
Okinawa Cellular Telephone Co.		237,200		5,299,442
Total Japan				79,045,153

Mexico 1.17%

Capital Markets 0.52%
Bolsa Mexicana de Valores SAB de CV		807,100		1,784,378

Consumer Finance 0.65%
Gentera SAB de CV		2,002,820		2,203,386
Total Mexico				3,987,764

Investments	Shares		U.S. $ Fair Value
Netherlands 0.53%

Semiconductors & Semiconductor Equipment
BE Semiconductor Industries NV		19,889	$	1,790,281

New Zealand 1.16%

Passenger Airlines
Air New Zealand Ltd.*		8,339,526		3,929,207

Norway 0.42%

Semiconductors & Semiconductor Equipment
Nordic Semiconductor ASA*		132,504		1,434,751

Peru 0.59%

Banks
Intercorp Financial Services, Inc.		89,356		1,998,894

Portugal 1.77%

Multi-Utilities
REN - Redes Energeticas Nacionais SGPS SA		2,064,820		5,996,245

South Korea 2.09%

Chemicals 0.82%
Soulbrain Co. Ltd.		16,998		2,796,956

Health Care Equipment & Supplies 0.48%
Dentium Co. Ltd.		14,929		1,611,522

Semiconductors & Semiconductor Equipment 0.79%
WONIK IPS Co. Ltd.		116,798		2,674,865
Total South Korea				7,083,343

Spain 2.67%

Banks 0.76%
Banco de Sabadell SA		2,462,119		2,566,011

Containers & Packaging 1.27%
Vidrala SA		40,903		4,293,903

60	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2023

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

Professional Services 0.64%
Applus Services SA		260,637	$	2,186,764
Total Spain				9,046,678

Sweden 2.82%

Automobile Components 0.89%
Autoliv, Inc. SDR		35,136		3,009,106

Commercial Services & Supplies 1.42%
Loomis AB		150,725		4,824,522

Consumer Staples Distribution & Retail 0.51%
Axfood AB		69,943		1,735,787
Total Sweden				9,569,415

Switzerland 3.01%

Containers & Packaging 0.85%
SIG Group AG*		107,363		2,873,639

Life Sciences Tools & Services 1.76%
Tecan Group AG Registered Shares*		13,721		5,979,235

Machinery 0.40%
Sulzer AG Registered Shares		16,456		1,378,971
Total Switzerland				10,231,845

Taiwan 0.49%

Semiconductors & Semiconductor Equipment
Realtek Semiconductor Corp.		141,000		1,653,503

United Kingdom 17.42%

Aerospace & Defense 2.32%
Chemring Group PLC		1,075,381		3,849,375
Senior PLC		1,942,214		4,012,804
				7,862,179

Beverages 1.66%
Britvic PLC		489,652		5,629,323

Investments	Shares		U.S. $ Fair Value
Biotechnology 0.84%
Genus PLC		84,269	$	2,849,163

Broadline Retail 1.72%
B&M European Value Retail SA		966,605		5,835,346

Capital Markets 0.79%
Man Group PLC		939,784		2,687,752

Construction Materials 1.02%
Breedon Group PLC		4,017,825		3,468,940

Electronic Equipment, Instruments & Components 0.83%
Spectris PLC		59,842		2,833,973

Food Products 1.35%
Tate & Lyle PLC		448,329		4,597,095

Health Care Equipment & Supplies 0.75%
ConvaTec Group PLC^†		927,138		2,563,139

Health Care REITs 1.07%
Assura PLC		5,662,878		3,622,463

Insurance 0.83%
Lancashire Holdings Ltd.		364,353		2,808,375

Machinery 1.20%
Concentric AB		193,053		4,060,137

Pharmaceuticals 0.93%
Dechra Pharmaceuticals PLC		67,419		3,164,719

Specialty Retail 1.17%
WH Smith PLC		200,107		3,969,339

Trading Companies & Distributors 0.94%
Grafton Group PLC		293,676		3,203,139
Total United Kingdom				59,155,082
Total Common Stocks (cost $323,725,802)				328,587,021

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2023

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 3.07%

Repurchase Agreements 2.41%
Repurchase Agreement dated 4/28/2023, 2.40% due 5/1/2023 with Fixed Income Clearing Corp. collateralized by $9,573,800 of U.S Treasury Note at 0.500% due 10/31/2027; value: $8,348,762; proceeds: $8,186,644 (cost $8,185,007)	$	8,185,007	$	8,185,007

Investments	Shares		U.S. $ Fair Value
MONEY MARKET FUNDS 0.60%
Fidelity Government Portfolio^(b) (cost $2,032,915)		2,032,915	$	2,032,915

TIME DEPOSITS 0.06%
CitiBank N.A.^(b) (cost $225,879)		225,879		225,879
Total Short-Term Investments (cost $10,443,801)				10,443,801
Total Investments in Securities 99.86% (cost $334,169,603)			$	339,030,822
Other Assets and Liabilities – Net 0.14%				458,705
Net Assets 100.00%			$	339,489,527

REIT		Real Estate Investment Trust.
SDR		Swedish Depository 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, 2023, the total value of Rule 144A securities was $12,723,366, which represents 3.75% 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.

62	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2023

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Canada	$	24,618,613	$	–	$	–	$	24,618,613
Egypt		3,729,156		–		–		3,729,156
Iceland		4,126,795		–		–		4,126,795
Mexico		3,987,764		–		–		3,987,764
Peru		1,998,894		–		–		1,998,894
United Kingdom		11,104,207		48,050,875		–		59,155,082
Remaining Countries		–		230,970,717		–		230,970,717
Short-Term Investments
Repurchase Agreements		–		8,185,007		–		8,185,007
Money Market Funds		2,032,915		–		–		2,032,915
Time Deposits		–		225,879		–		225,879
Total	$	51,598,344	$	287,432,478	$	–	$	339,030,822

⁽¹⁾		Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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, 2023

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 96.66%

COMMON STOCKS 96.66%

Australia 3.51%

Diversified REITs 0.83%
Goodman Group		260,350	$	3,356,336

Metals & Mining 2.68%
BHP Group Ltd.		365,819		10,856,584
Total Australia				14,212,920

Austria 2.50%

Banks
BAWAG Group AG^†*		76,907		3,751,064
Erste Group Bank AG		174,882		6,358,571
				10,109,635

Canada 4.17%

Insurance 1.55%
Manulife Financial Corp.		318,400		6,286,452

Metals & Mining 1.31%
Capstone Copper Corp.*		292,700		1,376,167
Teck Resources Ltd. Class B		83,700		3,898,813
				5,274,980

Oil, Gas & Consumable Fuels 1.31%
Pembina Pipeline Corp.		161,333		5,310,884
Total Canada				16,872,316

China 1.58%

Broadline Retail 0.86%
Alibaba Group Holding Ltd.*		329,800		3,487,181

Specialty Retail 0.72%
Topsports International Holdings Ltd.^†		3,256,000		2,902,521
Total China				6,389,702

Investments	Shares		U.S. $ Fair Value
Egypt 0.82%

Oil, Gas & Consumable Fuels
Energean PLC		212,248	$	3,302,275

Finland 0.88%

Banks
Nordea Bank Abp		320,812		3,563,986

France 12.65%

Aerospace & Defense 3.05%
Airbus SE		42,821		5,996,425
Thales SA		41,548		6,340,365
				12,336,790

Banks 1.35%
BNP Paribas SA		84,636		5,468,621

Building Products 0.71%
Cie de Saint-Gobain		49,501		2,865,846

Capital Markets 0.87%
Amundi SA^†(a)		53,665		3,515,854

Diversified Telecommunication Services 2.68%
Orange SA		834,697		10,864,345

Gas Utilities 0.90%
Rubis SCA		123,011		3,635,436

Insurance 1.86%
AXA SA		230,734		7,531,200

Textiles, Apparel & Luxury Goods 1.23%
Kering SA		7,797		4,992,939
Total France				51,211,031

Germany 6.64%

Air Freight & Logistics 1.43%
Deutsche Post AG Registered Shares		120,300		5,786,379

Chemicals 0.94%
Covestro AG^†*		86,505		3,795,013

64	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2023

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

Health Care Providers & Services 0.43%
Fresenius SE & Co. KGaA		60,308		$	1,747,362

Insurance 1.08%
Allianz SE Registered Shares		17,374			4,362,732

Pharmaceuticals 2.23%
Bayer AG Registered Shares		136,935			9,037,201

Semiconductors & Semiconductor Equipment 0.53%
Infineon Technologies AG		58,662			2,136,281
Total Germany					26,864,968

Hong Kong 1.53%

Insurance
Prudential PLC		405,508			6,204,691

India 1.30%

Banks 0.88%
Federal Bank Ltd.		2,158,147			3,574,984

Oil, Gas & Consumable Fuels 0.42%
Petronet LNG Ltd.		583,305			1,694,188
Total India					5,269,172

Indonesia 0.86%

Banks
Bank Negara Indonesia Persero Tbk PT		5,410,300			3,486,659

Ireland 2.52%

Banks 1.27%
Bank of Ireland Group PLC		497,721			5,147,886

Construction Materials 1.25%
CRH PLC		105,075			5,070,288
Total Ireland					10,218,174

Isle Of Man 0.88%

Hotels, Restaurants & Leisure
Entain PLC		195,251			3,557,720

Investments	Shares		U.S. $ Fair Value
Italy 1.83%

Electric: Utilities
Enel SpA		1,086,680	$	7,424,322

Japan 15.91%

Automobile Components 0.88%
Denso Corp.		58,700		3,543,342

Automobiles 1.68%
Toyota Motor Corp.		494,700		6,792,243

Banks 2.25%
Concordia Financial Group Ltd.		152,300		577,881

Sumitomo Mitsui Financial
Group, Inc.		208,800		8,534,412
				9,112,293

Beverages 1.89%
Asahi Group Holdings Ltd.		198,300		7,661,137

Building Products 0.86%
Sanwa Holdings Corp.		316,500		3,466,672

Electrical Equipment 1.06%
Fuji Electric Co. Ltd.		106,100		4,282,778

Electronic Equipment, Instruments & Components 1.06%
Murata Manufacturing Co. Ltd.		75,900		4,306,275

Financial Services 0.59%
ORIX Corp.		140,900		2,397,064

Household Durables 1.01%
Sony Group Corp.		45,300		4,098,459

Industrial Conglomerates 1.22%
Hitachi Ltd.		88,900		4,917,469

Machinery 1.95%
Ebara Corp.		85,000		3,718,861
Fujitec Co. Ltd.		157,000		4,182,359
				7,901,220

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2023

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

Trading Companies & Distributors 1.46%
ITOCHU Corp.		178,600	$	5,925,030
Total Japan				64,403,982

Mexico 1.73%

Banks 0.91%
Grupo Financiero Banorte SAB de CV Class O		423,566		3,662,840

Transportation Infrastructure 0.82%
Grupo Aeroportuario del Pacifico SAB de CV Class B		186,900		3,325,312
Total Mexico				6,988,152

Netherlands 6.19%

Consumer Staples Distribution & Retail 1.75%
Koninklijke Ahold Delhaize NV		206,712		7,107,719

Oil, Gas & Consumable Fuels 4.44%
Shell PLC ADR		289,908		17,968,498
Total Netherlands				25,076,217

Singapore 1.29%

Banks
United Overseas Bank Ltd.		246,300		5,230,908

South Africa 0.70%

Metals & Mining
Anglo American PLC		91,766		2,827,693

South Korea 1.23%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		101,347		4,986,686

Sweden 2.19%

Automobile Components 1.05%
Autoliv, Inc. SDR^(a)		49,316		4,223,505

Investments	Shares		U.S. $ Fair Value
Commercial Services & Supplies 1.14%
Loomis AB		144,569	$	4,627,476
Total Sweden				8,850,981

Switzerland 4.69%

Capital Markets 1.59%
UBS Group AG Registered Shares*		315,516		6,421,560

Pharmaceuticals 3.10%
Novartis AG Registered Shares		122,792		12,560,869
Total Switzerland				18,982,429

United Kingdom 18.12%

Banks 1.43%
Standard Chartered PLC		729,907		5,783,150

Broadline Retail 0.98%
Next PLC		46,808		3,971,507

Electric: Utilities 1.79%
SSE PLC		314,084		7,246,910

Food Products 1.46%
Tate & Lyle PLC		575,322		5,899,261

Insurance 1.09%
Lancashire Holdings Ltd.		574,053		4,424,709

Oil, Gas & Consumable Fuels 1.99%
BP PLC		1,202,264		8,065,982

Personal Care Products 3.53%
Haleon PLC		1,154,770		5,077,175
Unilever PLC		165,309		9,204,758
				14,281,933

Pharmaceuticals 1.64%
AstraZeneca PLC		45,059		6,631,015

Tobacco 2.20%
Imperial Brands PLC		360,415		8,921,743

66	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2023

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

Trading Companies & Distributors 0.69%
Ashtead Group PLC		48,504	$	2,796,553

Wireless Telecommunication Services 1.32%
Vodafone Group PLC		4,436,355		5,328,618
Total United Kingdom				73,351,381

United States 2.94%

Pharmaceuticals
Sanofi		110,312		11,888,135
Total Common Stocks (cost $359,653,523)				391,274,135

		Principal Amount

SHORT-TERM INVESTMENTS 4.64%

Repurchase Agreements 3.32%
Repurchase Agreement dated 4/28/2023, 2.40% due 5/1/2023 with Fixed Income Clearing Corp. collateralized by $12,607,000 of U.S Treasury Bond at 4.250% due 11/15/2040; value: $13,682,488; proceeds: $13,416,875 (cost $13,414,192)	$	13,414,192		13,414,192

Investments	Shares		U.S. $ Fair Value
MONEY MARKET FUNDS 1.19%
Fidelity Government Portfolio^(b) (cost $4,808,727)		4,808,727	$	4,808,727

TIME DEPOSITS 0.13%
CitiBank N.A.^(b)(cost $534,303)		534,303		534,303
Total Short-Term Investments (cost $18,757,222)				18,757,222
Total Investments in Securities 101.30% (cost $378,410,745)			$	410,031,357
Other Assets and Liabilities – Net (1.30)%				(5,253,099	)
Net Assets 100.00%			$	404,778,258

ADR		American Depositary Receipt.
REIT		Real Estate Investment Trust.
SDR		Swedish Depository 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, 2023, the total value of Rule 144A securities was $13,964,452, which represents 3.45% 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.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL VALUE FUND April 30, 2023

The following is a summary of the inputs used as of April 30, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Canada	$	16,872,316	$	–	$	–	$	16,872,316
Egypt		3,302,275		–		–		3,302,275
Mexico		6,988,152		–		–		6,988,152
Netherlands		17,968,498		7,107,719		–		25,076,217
Remaining Countries		–		339,035,175		–		339,035,175
Short-Term Investments
Repurchase Agreements		–		13,414,192		–		13,414,192
Money Market Funds		4,808,727		–		–		4,808,727
Time Deposits		–		534,303		–		534,303
Total	$	49,939,968	$	360,091,389	$	–	$	410,031,357

⁽¹⁾		Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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.

68	See Notes to Financial Statements.

Schedule of Investments (unaudited)

MICRO CAP GROWTH FUND April 30, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.33%

COMMON STOCKS 98.33%

Aerospace & Defense 1.52%
AAR Corp.*		24,213	$	1,277,962
AeroVironment, Inc.*		20,690		2,083,276
Total				3,361,238

Beverages 1.20%
Vita Coco Co., Inc.*		122,735		2,657,213

Biotechnology 17.55%
89bio, Inc.*		247,313		3,952,046
Arcellx, Inc.*		185,571		7,920,170
Day One Biopharmaceuticals, Inc.*		89,777		1,113,235
IVERIC bio, Inc.*		79,529		2,615,709
Karuna Therapeutics, Inc.*		13,491		2,677,154
Krystal Biotech, Inc.*		45,579		3,828,636
MoonLake Immunotherapeutics (Switzerland)*^(a)(b)		54,181		1,154,055
Prometheus Biosciences, Inc.*		5,813		1,127,431
Rocket Pharmaceuticals, Inc.*		104,668		1,875,651
Syndax Pharmaceuticals, Inc.*		159,981		3,287,609
uniQure NV (Netherlands)*^(a)		101,035		1,961,089
Viking Therapeutics, Inc.*		109,854		2,340,989
Xenon Pharmaceuticals, Inc. (Canada)*^(a)		124,142		5,000,440
Total				38,854,214

Building Products 0.90%
Tecnoglass, Inc. (Colombia)^(a)		45,233		1,983,467

Capital Markets 1.25%
Piper Sandler Cos.,		20,488		2,774,895

Investments	Shares		Fair Value
Commercial Services & Supplies 1.56%
Heritage-Crystal Clean, Inc.*		98,783	$	3,453,454

Communications Equipment 0.48%
Calix, Inc.*		23,425		1,070,523

Construction & Engineering 0.88%
MYR Group, Inc.*		15,159		1,940,200

Consumer Finance 1.56%
NerdWallet, Inc. Class A*^(b)		255,179		3,462,779

Consumer Staples Distribution & Retail 1.10%
Chefs’ Warehouse, Inc.*		73,188		2,434,233

Diversified Consumer Services 0.77%
European Wax Center, Inc. Class A*		89,944		1,694,545

Electronic Equipment, Instruments & Components 3.90%
Napco Security Technologies, Inc.*		154,266		4,782,246
OSI Systems, Inc.*		34,057		3,847,079
Total				8,629,325

Financial Services 5.81%
AvidXchange Holdings, Inc.*		300,041	$	2,229,305
Flywire Corp.*		167,235		4,878,245
Remitly Global, Inc.*		343,308		5,767,574
Total				12,875,124

Health Care Equipment & Supplies 9.78%
Axonics, Inc.*		58,545		3,363,996
Lantheus Holdings, Inc.*		20,946		1,789,836
PROCEPT BioRobotics Corp.*		35,381		1,075,228
RxSight, Inc.*^(b)		173,421		3,104,236
Silk Road Medical, Inc.*		58,805		2,588,596
TransMedics Group, Inc.*		93,100		7,364,210
Treace Medical Concepts, Inc.*		96,537		2,364,191
Total				21,650,293

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND April 30, 2023

Investments	Shares		Fair Value
Health Care Technology 1.44%
Phreesia, Inc.*		100,563	$	3,181,813

Hotels, Restaurants & Leisure 6.81%
Bowlero Corp.*^(b)		209,963		3,071,759
Kura Sushi USA, Inc. Class A*		47,084		3,245,029
Shake Shack, Inc. Class A*		53,877		2,952,998
Xponential Fitness, Inc. Class A*		175,547		5,807,095
Total				15,076,881

Leisure Products 0.50%
Solo Brands, Inc. Class A*^(b)		139,572		1,115,180

Life Sciences Tools & Services 3.33%
Cytek Biosciences, Inc.*		162,186		1,861,895
Olink Holding AB ADR*^(b)		103,412		2,230,597
Pacific Biosciences of California, Inc.*		310,375		3,289,975
Total				7,382,467

Media 3.16%
Integral Ad Science Holding Corp.*		285,522		4,491,261
Perion Network Ltd. (Israel)*^(a)		71,616		2,508,709
Total				6,999,970

Personal Care Products 3.59%
Beauty Health Co.*^(b)		199,984		2,291,817
elf Beauty, Inc.*		60,942		5,652,980
Total				7,944,797

Pharmaceuticals 8.75%
Amylyx Pharmaceuticals, Inc.*		113,021		3,209,796
Intra-Cellular Therapies, Inc.*		38,058		2,365,305
Pliant Therapeutics, Inc.*		167,615		4,735,124
Revance Therapeutics, Inc.*		75,849		2,414,273
Ventyx Biosciences, Inc.*		176,803		6,647,793
Total				19,372,291

Investments	Shares		Fair Value
Professional Services 3.05%
Fiverr International Ltd. (Israel)*^(a)		109,785	$	4,009,348
ICF International, Inc.		24,177		2,756,178
Total				6,765,526

Semiconductors & Semiconductor Equipment 8.21%
Aehr Test Systems*		107,647		2,664,263
CEVA, Inc.*		42,768		1,074,760
Impinj, Inc.*		59,403		5,251,819
indie Semiconductor, Inc. Class A*^(b)		387,533		2,933,625
Rambus, Inc.*		141,238		6,262,493
Total				18,186,960

Software 9.26%
Agilysys, Inc.*		96,780		7,552,711
Cerence, Inc.*		91,749		2,344,187
JFrog Ltd. (Israel)*^(a)		59,831		1,111,062
Yext, Inc.*		465,284		4,085,193
Zeta Global Holdings Corp. Class A*		409,137		3,972,720
Zuora, Inc. Class A*		184,821		1,439,756
Total				20,505,629

Textiles, Apparel & Luxury Goods 1.04%
Oxford Industries, Inc.		22,277		2,298,764

Wireless Telecommunication Services 0.93%
Gogo, Inc.*		154,090		2,066,347
Total Common Stocks (cost $173,017,642)				217,738,128

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MICRO CAP GROWTH FUND April 30, 2023

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 3.80%

Repurchase Agreements 1.96%
Repurchase Agreement dated 4/28/2023, 2.40% due 5/1/2023 with Fixed Income Clearing Corp. collateralized by $4,084,300 of U.S Treasury Bond at 4.250% due 11/15/2040; value: $4,432,727; proceeds: $4,346,585 (cost $4,345,716)	$	4,345,716	$	4,345,716

Investments	Shares		Fair Value
MONEY MARKET FUNDS 1.65%
Fidelity Government Portfolio^(c) (cost $3,661,743)		3,661,743	$	3,661,743

TIME DEPOSITS 0.19%
CitiBank N.A.^(c) (cost $406,860)		406,860		406,860
Total Short-Term Investments (cost $8,414,319)				8,414,319
Total Investments in Securities 102.13% (cost $181,431,961)				226,152,447
Other Assets and Liabilities – Net (2.13)%				(4,708,993	)
Net Assets 100.00%			$	221,443,454

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, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	217,738,128	$	–	$	–	$	217,738,128
Short-Term Investments
Repurchase Agreements		–		4,345,716		–		4,345,716
Money Market Funds		3,661,743		–		–		3,661,743
Time Deposits		–		406,860		–		406,860
Total	$	221,399,871	$	4,752,576	$	–	$	226,152,447

⁽¹⁾		Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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)

VALUE OPPORTUNITIES FUND April 30, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.46%

COMMON STOCKS 99.46%

Aerospace & Defense 1.64%
Curtiss-Wright Corp.		118,108	$	20,058,282

Automobile Components 1.38%
Gentherm, Inc.*		282,934		16,877,013

Banks 4.13%
Columbia Banking System, Inc.		475,842		10,163,985
East West Bancorp, Inc.		255,206		13,191,598
First BanCorp		1,164,609		13,684,156
Wintrust Financial Corp.		198,156		13,547,926
Total				50,587,665

Building Products 3.67%
Allegion PLC (Ireland)^(a)		210,587		23,265,652
Masonite International Corp.*		237,024		21,666,364
Total				44,932,016

Capital Markets 4.46%
Cboe Global Markets, Inc.		167,332		23,376,281
Moelis & Co. Class A		424,156		16,067,029
TPG, Inc.		524,600		15,197,662
Total				54,640,972

Chemicals 2.26%
Avient Corp.		391,122		15,062,108
Axalta Coating Systems Ltd.*		398,058		12,566,691
Total				27,628,799

Commercial Services & Supplies 0.46%
Brady Corp. Class A		110,945		5,661,523

Communications Equipment 1.32%
F5, Inc.*		120,135		16,141,339

Construction & Engineering 2.14%
EMCOR Group, Inc.		153,202		26,197,542

Construction Materials 1.27%
Eagle Materials, Inc.		104,539		15,493,725

Investments	Shares		Fair Value
Consumer Staples Distribution & Retail 2.22%
BJ’s Wholesale Club Holdings, Inc.*		355,893	$	27,179,548

Containers & Packaging 1.71%
Avery Dennison Corp.		120,303		20,990,468

Electric: Utilities 3.34%
IDACORP, Inc.		184,082		20,455,192
Portland General Electric Co.		402,567		20,377,941
Total				40,833,133

Electronic Equipment, Instruments & Components 2.11%
Belden, Inc.		106,900		8,433,341
Littelfuse, Inc.		71,640		17,354,074
Total				25,787,415

Energy Equipment & Services 1.16%
NOV, Inc.		849,159		14,223,413

Financial Services 1.35%
Euronet Worldwide, Inc.*		149,804		16,589,295

Ground Transportation 1.73%
Saia, Inc.*		70,951		21,127,079

Health Care Equipment & Supplies 5.56%
CONMED Corp.		141,800		17,805,826
Cooper Cos., Inc.		47,312		18,047,163
Lantheus Holdings, Inc.*		80,118		6,846,083
STERIS PLC		134,684		25,394,668
Total				68,093,740

Health Care Providers & Services 3.37%
Molina Healthcare, Inc.*		98,951		29,476,513
R1 RCM, Inc.*		752,639		11,733,642
Total				41,210,155

Hotels, Restaurants & Leisure 5.85%
Caesars Entertainment, Inc.*		378,900		17,160,381
Choice Hotels International, Inc.		178,633		22,779,280

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2023

Investments	Shares		Fair Value
Hotels, Restaurants & Leisure (continued)
Dave & Buster’s Entertainment, Inc.*		185,857	$	6,590,489
SeaWorld Entertainment, Inc.*		116,468		6,249,673
Texas Roadhouse, Inc.		169,840		18,787,701
Total				71,567,524

Industrial Reits 1.73%
First Industrial Realty Trust, Inc.		404,036		21,199,769

Information Technology Services 0.92%
Perficient, Inc.*		173,146		11,240,638

Insurance 7.16%
American Financial Group, Inc.		206,479		25,341,168
RenaissanceRe Holdings Ltd.		103,119		22,212,864
Selective Insurance Group, Inc.		168,150		16,197,890
Stewart Information Services Corp.		272,896		11,366,118
White Mountains Insurance Group Ltd.		8,767		12,555,571
Total				87,673,611

Leisure Products 1.08%
YETI Holdings, Inc.*		336,082		13,258,435

Life Sciences Tools & Services 3.83%
Bio-Techne Corp.		211,148		16,866,502
Charles River Laboratories International, Inc.*		82,794		15,740,795
Repligen Corp.*		94,426		14,317,815
Total				46,925,112

Machinery 3.50%
Columbus McKinnon Corp.		589,167		20,449,986
Crane Co.*		178,895		12,892,963
Crane NXT Co.		199,995		$9,471,763
Total				42,814,712

Investments	Shares		Fair Value
Media 1.33%
Criteo SA ADR*		517,284	$	16,268,582

Metals & Mining 1.00%
Reliance Steel & Aluminum Co.		49,329		12,223,726

Oil, Gas & Consumable Fuels 3.75%
Chesapeake Energy Corp.		333,138		27,543,850
Permian Resources Corp.		1,753,422		18,323,260
Total				45,867,110

Pharmaceuticals 1.52%
Organon & Co.		753,894		18,568,409

Professional Services 5.86%
Booz Allen Hamilton Holding Corp.		231,861		22,193,735
ICF International, Inc.		148,238		16,899,132
Paylocity Holding Corp.*		61,654		11,917,101
WNS Holdings Ltd. ADR*		229,146		20,662,095
Total				71,672,063

Real Estate Management & Development 1.18%
Marcus & Millichap, Inc.		458,100		14,416,407

Residential Reits 1.25%
American Homes 4 Rent Class A		461,513		15,349,922

Semiconductors & Semiconductor Equipment 2.63%
Entegris, Inc.		276,159		20,689,832
FormFactor, Inc.*		419,292		11,450,865
Total				32,140,697

Software 4.48%
Aspen Technology, Inc.*		69,416		12,286,632
CommVault Systems, Inc.*		354,080		20,632,242
Descartes Systems Group, Inc. (Canada)*^(a)		276,663		21,906,176
Total				54,825,050

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

VALUE OPPORTUNITIES FUND April 30, 2023

Investments	Shares		Fair Value
Specialized Reits 1.33%
National Storage Affiliates Trust		423,294	$	16,317,984

Specialty Retail 2.12%
Burlington Stores, Inc.*		30,443		5,869,715
Valvoline, Inc.		579,700		20,028,635
Total				25,898,350

Textiles, Apparel & Luxury Goods 1.59%
Deckers Outdoor Corp.*		40,640		19,480,378

Trading Companies & Distributors 2.07%
AerCap Holdings NV (Ireland)*^(a)		449,197		25,316,743
Total Common Stocks (cost $1,095,142,689)				1,217,278,344

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.41%

Repurchase Agreements 0.41%
Repurchase Agreement dated 4/28/2023, 2.40% due 5/1/2023 with Fixed Income Clearing Corp. collateralized by $4,735,500 of U.S Treasury Bond at 4.250% due 11/15/2040; value: $5,139,480; proceeds: $5,039,656 (cost $5,038,648)	$	5,038,648	$	5,038,648
Total Investments in Securities 99.87% (cost $1,100,181,337)				1,222,316,992
Other Assets and Liabilities – Net 0.13%				1,593,056
Net Assets 100.00%			$	1,223,910,048

ADR		American Depositary Receipt.
REIT		Real Estate Investment Trusts.
*		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, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	1,217,278,344	$	–	$	–	$	1,217,278,344
Short-Term Investments
Repurchase Agreements		–		5,038,648		–		5,038,648
Total	$	1,217,278,344	$	5,038,648	$	–	$	1,222,316,992

⁽¹⁾		Refer to Note 2(l) for a description of fair value measurements and the three-tier hierarchy of inputs.
⁽²⁾		See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

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.

This page is intentionally left blank.

Statements of Assets and Liabilities (unaudited)

April 30, 2023

	Alpha Strategy Fund			Focused Growth Fund			Focused Large Cap Value Fund
ASSETS:
Investments in securities, at cost	$	454,102		$	27,539,538		$	20,814,057
Investments in Underlying Funds, at cost		659,986,063			–			–
Investments in securities, at fair	$	454,102		$	30,060,534		$	21,495,831
Investments in Underlying Funds, at value		619,272,363			–			–
Cash		–			–			57,405
Foreign cash, at value (cost $0, $0, $40, $1, $289 and $15,321, respectively)		–			–			40
Receivables:
Capital shares sold		328,558			7,331			2,237
Investments in Underlying Funds sold		258,816			–			–
Interest and dividends		91			1,304			86,886
From advisor (See Note 3)		19			17,239			12,928
Investment securities sold		–			–			41,927
Securities lending income receivable		–			–			–
Prepaid expenses and other assets		59,199			87,941			54,623
Total assets		620,373,148			30,174,349			21,751,877
LIABILITIES:
Payables:
Capital shares reacquired		659,980			3,337			–
Trustees’ fees		123,780			6,812			22,073
12b-1 distribution plan		88,003			5,220			5,072
Fund administration		20,517			998			720
Investment securities purchased		–			–			–
Management fee		–			16,212			10,623
Accrued expenses		179,263			49,314			111,806
Total liabilities		1,071,543			81,893			150,294
NET ASSETS	$	619,301,605		$	30,092,456		$	21,601,583
COMPOSITION OF NET ASSETS:
Paid-in capital	$	686,511,877		$	39,299,102		$	27,836,052
Total distributable earnings (loss)		(67,210,272	)		(9,206,646	)		(6,234,469	)
Net Assets	$	619,301,605		$	30,092,456		$	21,601,583

76	See Notes to Financial Statements.

Focused Small Cap Value Fund		Fundamental Equity Fund		Global Equity Fund

$	115,121,518	$	1,620,423,707	$	13,501,175
	–		–		–
$	116,171,122	$	1,907,481,251	$	14,809,175
	–		–		–
	–		1		–

	1		293		15,247

	145,421		296,480		4,026
	–		–		–
	179		2,314,865		21,888
	6,425		–		14,756
	701,272		1,722,243		184,826
	–		–		49
	25,946		81,668		66,349
	117,050,366		1,911,896,801		15,116,316

	100,636		1,110,219		–
	17,784		477,214		847
	6,402		231,147		1,641
	3,826		62,344		488
	197,783		–		186,337
	76,511		857,381		5,487
	55,832		449,672		68,543
	458,774		3,187,977		263,343
$	116,591,592	$	1,908,708,824	$	14,852,973

$	114,359,957	$	1,615,026,752	$	14,164,778
	2,231,635		293,682,072		688,195
$	116,591,592	$	1,908,708,824	$	14,852,973

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2023

	Alpha Strategy Fund		Focused Growth Fund		Focused Large Cap Value Fund
Net Assets by class:
Class A Shares	$	397,949,132	$	14,530,950	$	12,074,834
Class C Shares	$	18,993,396	$	2,264,786	$	2,863,438
Class F Shares	$	15,908,885	$	3,804,403	$	362,713
Class F3 Shares	$	52,309,971	$	567,597	$	9,082
Class I Shares	$	107,329,208	$	3,814,174	$	4,784,880
Class P Shares	$	–	$	–	$	–
Class R2 Shares	$	988,698	$	–	$	–
Class R3 Shares	$	18,085,563	$	131,506	$	138,165
Class R4 Shares	$	3,806,734	$	13,102	$	6,522
Class R5 Shares	$	361,359	$	13,261	$	6,541
Class R6 Shares	$	3,568,659	$	4,952,677	$	1,355,408
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		18,499,444		739,662		1,242,814
Class C Shares		1,185,343		119,489		295,374
Class F Shares		729,599		191,264		36,601
Class F3 Shares		2,320,668		28,436		931
Class I Shares		4,788,692		191,712		473,359
Class P Shares		–		–		–
Class R2 Shares		48,653		–		–
Class R3 Shares		881,217		6,772		14,241
Class R4 Shares		177,551		667		670
Class R5 Shares		16,117		667		671
Class R6 Shares		158,268		248,112		138,757
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$21.51		$19.65		$ 9.72
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$22.82		$20.85		$10.31
Class C Shares-Net asset value		$16.02		$18.95		$ 9.69
Class F Shares-Net asset value*		$21.80		$19.89		$ 9.91
Class F3 Shares-Net asset value*		$22.54		$19.96		$ 9.76
Class I Shares-Net asset value		$22.41		$19.90		$10.11
Class P Shares-Net asset value		$ –		$ –		$ –
Class R2 Shares-Net asset value		$20.32		$ –		$ –
Class R3 Shares-Net asset value		$20.52		$19.42		$ 9.70
Class R4 Shares-Net asset value*		$21.44		$19.65		$ 9.73
Class R5 Shares-Net asset value*		$22.42		$19.89		$ 9.75
Class R6 Shares-Net asset value		$22.55		$19.96		$ 9.77

*	Net asset value may not recalculate due to rounding of fractional shares.

78	See Notes to Financial Statements.

Focused Small Cap Value Fund		Fundamental Equity Fund		Global Equity Fund

$	13,759,473	$	1,153,176,765	$	4,966,916
$	3,270,540	$	28,329,409	$	338,500
$	10,153,234	$	35,718,026	$	1,197,830
$	10,979	$	18,444,938	$	13,861
$	78,122,509	$	592,421,494	$	3,298,085
$	–	$	3,718,917	$	–
$	–	$	2,175,559	$	–
$	–	$	63,447,306	$	599,536
$	–	$	2,700,808	$	237,628
$	200,894	$	772,999	$	14,231
$	11,073,963	$	7,802,603	$	4,186,386

	589,218		95,127,437		395,716
	132,027		2,739,571		27,258
	396,690		2,991,434		95,255
	429		1,495,807		1,102
	3,061,529		48,464,371		262,436
	–		314,981		–
	–		184,714		–
	–		5,364,096		48,129
	–		224,185		18,950
	7,872		63,189		1,132
	432,857		632,307		332,690

	$23.35		$12.12		$12.55

	$24.77		$12.86		$13.32
	$24.77		$10.34		$12.42
	$25.59		$11.94		$12.58
	$25.58		$12.33		$12.58
	$25.52		$12.22		$12.57
	$ –		$11.81		$ –
	$ –		$11.78		$ –
	$ –		$11.83		$12.46
	$ –		$12.05		$12.54
	$25.52		$12.23		$12.57
	$25.58		$12.34		$12.58

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2023

	Growth Leaders Fund			Health Care Fund		International Equity Fund
ASSETS:
Investments in securities, at cost	$	4,873,139,309		$	6,830,029	$	308,988,344
Investments in securities, at fair value including $34,154,235, $151, $6,164,033, $2,166,982, $5,178,791, $3,990,583, and $0, respectively, of securities loaned	$	5,104,710,108		$	7,903,674	$	344,089,527
Cash		–			–		11
Foreign cash, at value (cost $0, $531, $2,938,716, $500,890, $169,245, $0 and $0, respectively)		–			529		2,929,171
Receivables:
Capital shares sold		4,796,679			253		536,102
Interest and dividends		228,471			4,893		1,358,117
From advisor (See Note 3)		29,953			13,934		–
Investment securities sold		–			–		1,157,071
Securities lending income receivable		139,889			35		–
Prepaid expenses and other assets		46,665			41,688		74,619
Total assets		5,109,951,765			7,965,006		350,144,618
LIABILITIES:
Payables:
Payable for collateral due to broker for securities lending		33,518,262			152		6,405,956
Capital shares reacquired		14,487,201			32		182,299
Management fee		2,172,946			3,926		123,945
12b-1 distribution plan		731,131			1,716		35,431
Trustees’ fees		436,111			2,948		88,285
Fund administration		167,260			253		11,017
Investment securities purchased		–			–		4,772,657
IRS compliance fee for foreign withholding tax claims (See Note 16)		–			–		793,576
Foreign capital gains taxes deferred		–			–		–
Accrued expenses		1,285,645			61,125		164,740
Total liabilities		52,798,556			70,152		12,577,906
NET ASSETS	$	5,057,153,209		$	7,894,854	$	337,566,712
COMPOSITION OF NET ASSETS:
Paid-in capital	$	6,267,066,546		$	7,503,217	$	308,478,310
Total distributable earnings (loss)		(1,209,913,337	)		391,637		29,088,402
Net Assets	$	5,057,153,209		$	7,894,854	$	337,566,712

80	See Notes to Financial Statements.

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

$	334,169,603		$	378,410,745		$	181,431,961		$	1,100,181,337

$	339,030,822		$	410,031,357		$	226,152,447		$	1,222,316,992
	–			–			–			–

	500,285			168,160			–			–

	1,407,237			376,805			57,464			409,254
	1,542,731			2,611,464			869			123,507
	–			–			1,866			–
	2,041,172			1,986,041			–			4,121,936
	4,012			–			7,789			–
	61,879			33,788			11,247			106,028
	344,588,138			415,207,615			226,231,682			1,227,077,717

	2,258,794			5,343,030			4,068,603			–
	1,532,016			476,714			113,535			1,560,567
	208,797			164,704			162,559			747,254
	20,813			47,070			14,034			116,178
	69,670			130,715			21,308			303,841
	11,136			13,176			7,225			40,352
	844,115			248,430			280,939			–

	–			3,795,020			–			–
	13,778			–			–			–
	139,492			210,498			120,025			399,477
	5,098,611			10,429,357			4,788,228			3,167,669
$	339,489,527		$	404,778,258		$	221,443,454		$	1,223,910,048

$	377,322,100		$	802,329,056		$	264,882,237		$	1,077,525,611
	(37,832,573	)		(397,550,798	)		(43,438,783	)		146,384,437
$	339,489,527		$	404,778,258		$	221,443,454		$	1,223,910,048

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)

April 30, 2023

	Growth Leaders Fund		Health Care Fund		International Equity Fund
Net assets by class:
Class A Shares	$	1,475,441,207	$	4,232,272	$	150,658,344
Class C Shares	$	465,854,136	$	1,150,681	$	1,917,837
Class F Shares	$	354,760,109	$	237,221	$	6,378,935
Class F3 Shares	$	415,592,410	$	33,490	$	11,691,692
Class I Shares	$	2,178,797,570	$	38,764	$	156,450,520
Class P Shares	$	–	$	–	$	10,937
Class R2 Shares	$	2,018,252	$	–	$	175,009
Class R3 Shares	$	16,231,253	$	26,116	$	5,405,083
Class R4 Shares	$	10,642,636	$	12,121	$	1,600,036
Class R5 Shares	$	9,991,525	$	12,225	$	21,037
Class R6 Shares	$	127,824,111	$	2,151,964	$	3,257,282
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares		55,516,843		232,717		11,217,372
Class C Shares		20,339,877		65,267		142,903
Class F Shares		12,861,100		12,916		476,940
Class F3 Shares		14,806,208		1,826		857,369
Class I Shares		78,281,300		2,115		11,502,255
Class P Shares		–		–		812
Class R2 Shares		78,905		–		13,003
Class R3 Shares		634,140		1,451		409,262
Class R4 Shares		400,273		667		119,830
Class R5 Shares		358,784		667		1,558
Class R6 Shares		4,554,089		117,261		239,010
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value		$26.58		$18.19		$13.43
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)		$28.20		$19.30		$14.25
Class C Shares-Net asset value		$22.90		$17.63		$13.42
Class F Shares-Net asset value		$27.58		$18.37		$13.37
Class F3 Shares-Net asset value		$28.07		$18.34		$13.64
Class I Shares-Net asset value		$27.83		$18.33		$13.60
Class P Shares-Net asset value		$ –		$ –		$13.47
Class R2 Shares-Net asset value		$25.58		$ –		$13.46
Class R3 Shares-Net asset value		$25.60		$18.00		$13.21
Class R4 Shares-Net asset value*		$26.59		$18.18		$13.35
Class R5 Shares-Net asset value		$27.85		$18.33		$13.50
Class R6 Shares-Net asset value		$28.07		$18.35		$13.63

*	Net asset value may not recalculate due to rounding of fractional shares.

82	See Notes to Financial Statements.

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

$	98,347,916	$	211,458,088	$	34,540,173	$	599,392,169
$	6,559,568	$	4,099,382	$	6,245,550	$	35,367,484
$	5,284,723	$	6,395,634	$	21,570,657	$	38,398,371
$	27,398,764	$	29,856,502	$	–	$	188,706,030
$	172,655,538	$	144,089,207	$	159,087,074	$	252,920,470
$	101,992	$	–	$	–	$	12,205,640
$	1,453,009	$	69,561	$	–	$	4,311,586
$	5,317,643	$	7,007,537	$	–	$	29,164,749
$	2,124,085	$	167,209	$	–	$	28,024,021
$	2,163,335	$	11,174	$	–	$	925,023
$	18,082,954	$	1,623,964	$	–	$	34,494,505

	5,565,464		28,506,624		2,494,227		37,621,999
	403,910		556,489		375,869		2,775,910
	301,738		856,185		1,263,615		2,330,270
	1,489,859		3,989,171		–		11,008,230
	9,453,716		19,246,978		9,319,845		14,924,858
	5,616		–		–		792,654
	83,928		9,127		–		291,337
	307,303		932,652		–		1,928,839
	120,832		22,597		–		1,761,781
	118,501		1,500		–		54,535
	983,251		216,979		–		2,014,295

	$17.67		$7.42		$13.85		$15.93

	$18.75		$7.87		$14.69		$16.90
	$16.24		$7.37		$16.62		$12.74
	$17.51		$7.47		$17.07		$16.48
	$18.39		$7.48		$ -		$17.14
	$18.26		$7.49		$17.07		$16.95
	$18.16		$ -		$ -		$15.40
	$17.31		$7.62		$ -		$14.80
	$17.30		$7.51		$ -		$15.12
	$17.58		$7.40		$ -		$15.91
	$18.26		$7.45		$ -		$16.96
	$18.39		$7.48		$ -		$17.12

See Notes to Financial Statements.

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2023

	Alpha Strategy Fund			Focused Growth Fund			Focused Large Cap Value Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $0, $394, $13,801, $126,467 and $6,101, respectively)	$	–		$	52,328		$	201,119
Dividends received from Underlying Funds		4,466,727			–			–
Securities lending net income		–			–			–
Interest and other		3,790			17,450			4,366
Total investment income		4,470,517			69,778			205,485
Expenses:
Management fee		318,137			106,916			63,191
12b-1 distribution plan–Class A		509,357			17,569			15,910
12b-1 distribution plan–Class C		133,468			10,998			16,920
12b-1 distribution plan–Class F		11,150			2,559			428
12b-1 distribution plan–Class P		–			–			–
12b-1 distribution plan–Class R2		2,877			–			–
12b-1 distribution plan–Class R3		43,114			143			255
12b-1 distribution plan–Class R4		4,909			16			8
Shareholder servicing		291,712			21,666			10,634
Fund administration		127,255			6,579			4,284
Registration		73,403			64,702			60,344
Reports to shareholders		31,367			1,427			1,202
Professional		19,522			21,064			21,208
Trustees’ fees		6,608			340			401
Custody		4,362			2,028			6,164
Other		8,266			7,567			25,186
Gross expenses		1,585,507			263,574			226,135
Expense reductions (See Note 8)		(9,772	)		(480	)		(339	)
Fees waived and expenses reimbursed (See Note 3)		(322,499	)		(105,526	)		(116,659	)
Net expenses		1,253,236			157,568			109,137
Net investment income (loss)		3,217,281			(87,790	)		96,348
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds		15,265,434			–			–
Net realized gain (loss) on Investment in Underlying Funds		(9,180,516	)		–			–
Net realized gain (loss) on investments		–			(4,454,051	)		(291,011	)
Net realized gain (loss) on foreign currency related transactions		–			–			2,124
Net change in unrealized appreciation/depreciation in Underlying Funds		24,500,779			–			–
Net change in unrealized appreciation/depreciation on investments		–			4,312,283			403,281
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		–			–			25,410
Net realized and unrealized gain (loss)		30,585,697			(141,768	)		139,804
Net Increase (Decrease) in Net Assets Resulting From Operations	$	33,802,978		$	(229,558	)	$	236,152

See Notes to Financial Statements.

Focused Small Cap Value Fund			Fundamental Equity Fund			Global Equity Fund

$	1,112,723		$	19,483,723		$	144,834
	–			–			–
	76			–			417
	11,202			281,472			5,066
	1,124,001			19,765,195			150,317

	505,786			5,312,869			30,484
	19,063			1,460,693			5,757
	17,299			175,377			1,844
	8,223			27,359			615
	–			8,953			–
	–			6,474			–
	–			157,143			1,379
	–			3,709			637
	41,018			730,808			11,923
	25,289			387,342			2,710
	47,620			84,959			57,559
	9,335			54,726			1,361
	22,178			32,172			29,679
	1,346			19,851			245
	2,717			6,585			15,810
	19,289			56,969			5,558
	719,163			8,525,989			165,561
	(896	)		(24,296	)		(175	)
	(32,880	)		(6,585	)		(112,236	)
	685,387			8,495,108			53,150
	438,614			11,270,087			97,167

	–			–			–

	–			–			–
	1,772,054			10,665,819			(498,168	)

	658			21,606			3,361

	–			–			–

	(135,121	)		30,031,660			1,786,147

	–			12,669			3,433
	1,637,591			40,731,754			1,294,773

$	2,076,205		$	52,001,841		$	1,391,940

See Notes to Financial Statements.

Statements of Operations (unaudited)(continued)

For the Six Months Ended April 30, 2023

	Growth Leaders Fund			Health Care Fund			International Equity Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $1,092, $485,621, $439,782, $589,718 and $0, respectively)	$	9,719,092		$	20,729		$	4,130,317
Securities lending net income		320,287			620			23,857
Interest and other		1,100,707			2,511			95,053
IRS compliance fee for foreign withholding tax claims (See Note 16)		–			–			(108,606	)
Total investment income		11,140,086			23,860			4,140,621
Expenses:
Management fee		13,228,953			21,474			785,152
12b-1 distribution plan–Class A		1,826,617			4,508			179,388
12b-1 distribution plan–Class C		2,436,418			3,337			19,686
12b-1 distribution plan–Class F		288,539			137			3,883
12b-1 distribution plan–Class P		–			–			24
12b-1 distribution plan–Class R2		6,158			–			488
12b-1 distribution plan–Class R3		35,121			41			12,168
12b-1 distribution plan–Class R4		13,002			15			1,890
Shareholder servicing		2,207,824			4,360			135,770
Fund administration		1,018,645			1,386			62,875
Reports to shareholders		220,042			826			19,121
Registration		132,510			56,382			76,324
Trustees’ fees		53,820			245			3,069
Professional		45,459			23,009			30,976
Custody		29,176			1,072			46,770
Other		82,196			5,325			19,575
Gross expenses		21,624,480			122,117			1,397,159
Expense reductions (See Note 8)		(71,723	)		(76	)		(2,836	)
Fees waived and expenses reimbursed (See Note 3)		(317,716	)		(88,713	)		(63,462	)
Net expenses		21,235,041			33,328			1,330,861
Net investment income (loss)		(10,094,955	)		(9,468	)		2,809,760
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		(421,495,762	)		117,822			(1,249,013	)
Net realized gain (loss) on foreign currency related transactions		–			172			199,621
Net change in unrealized appreciation/depreciation on investments		442,051,468			375,013			48,652,674
Net change in unrealized appreciation/depreciation on deferred foreign capital gains taxes		–			–			33,714
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		–			276			128,017
Net realized and unrealized gain (loss)		20,555,706			493,283			47,765,013
Net Increase (Decrease) in Net Assets Resulting From Operations	$	10,460,751		$	483,815		$	50,574,773

See Notes to Financial Statements.

International Opportunities Fund			International Value Fund			Micro Cap Growth Fund

$	4,099,688		$	6,099,115		$	125,022
	4,613			22,382			87,408
	64,576			86,148			51,734

	–			(270,043	)		–
	4,168,877			5,937,602			264,164

	1,240,070			1,032,206			994,120
	117,012			250,557			43,026
	35,967			24,291			31,547
	5,371			4,070			15,709
	244			–			–
	6,065			183			–
	11,773			16,851			–
	2,565			172			–
	131,364			178,384			119,346
	66,137			76,481			44,183
	16,226			21,344			6,272
	76,490			72,390			28,801
	3,234			3,758			2,289
	33,945			60,098			23,445
	40,363			65,483			8,078
	46,118			28,346			23,628
	1,832,944			1,834,614			1,340,444
	(2,615	)		(4,071	)		(2,649	)
	(40,363	)		(102,549	)		(23,787	)
	1,789,966			1,727,994			1,314,008
	2,378,911			4,209,608			(1,049,844	)

	(9,645,036	)		(2,483,056	)		(11,584,341	)

	84,139			899,287			–

	70,256,982			71,754,819			12,149,941

	122,907			–			–

	765,518			239,430			–
	61,584,510			70,410,480			565,600

$	63,963,421		$	74,620,088		$	(484,244	)

See Notes to Financial Statements.

Statements of Operations (unaudited)(concluded)

For the Six Months Ended April 30, 2023

	Value Opportunities Fund
Investment income:
Dividends (net of foreign withholding taxes of $41,381)	$	10,574,179
Securities lending net income		15
Interest and other		110,721
Total investment income		10,684,915
Expenses:
Management fee		4,663,753
12b-1 distribution plan–Class A		765,444
12b-1 distribution plan–Class C		206,730
12b-1 distribution plan–Class F		28,842
12b-1 distribution plan–Class P		28,346
12b-1 distribution plan–Class R2		13,211
12b-1 distribution plan–Class R3		77,930
12b-1 distribution plan–Class R4		35,845
Shareholder servicing		579,922
Fund administration		252,332
Reports to shareholders		74,306
Registration		81,948
Trustees’ fees		13,098
Professional		27,826
Custody		10,403
Other		55,191
Gross expenses		6,915,127
Expense reductions (See Note 8)		(15,335	)
Fees waived and expenses reimbursed (See Note 3)		(10,403	)
Net expenses		6,889,389
Net investment income		3,795,526
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		27,791,903
Net change in unrealized appreciation/depreciation on investments		4,431,878
Net realized and unrealized gain (loss)		32,223,781
Net Increase in Net Assets Resulting From Operations	$	36,019,307

See Notes to Financial Statements.

This page is intentionally left blank.

Statements of Changes in Net Assets

	Alpha Strategy Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	3,217,281		$	2,094,212
Capital gain distributions received from Underlying Funds		15,265,434			63,676,165
Net realized gain (loss) on investments in Underlying Funds		(9,180,516	)		(6,375,349	)
Net realized gain (loss) on investments		–			–
Net change in unrealized appreciation/depreciation on investments in Underlying Funds		24,500,779			(272,105,734	)
Net change in unrealized appreciation/depreciation on investments		–			–
Net increase (decrease) in net assets resulting from operations		33,802,978			(212,710,706	)
Distributions to shareholders:
Class A		(26,637,493	)		(27,355,292	)
Class C		(2,342,626	)		(3,117,383	)
Class F		(1,650,626	)		(7,349,675	)
Class F3		(3,208,745	)		(2,959,332	)
Class I		(6,291,180	)		(2,175,051	)
Class R2		(60,698	)		(58,000	)
Class R3		(1,054,054	)		(1,260,398	)
Class R4		(254,475	)		(228,467	)
Class R5		(24,219	)		(26,825	)
Class R6		(226,973	)		(274,765	)
Total distributions to shareholders		(41,751,089	)		(44,805,188	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		70,075,823			192,165,716
Reinvestment of distributions		35,663,641			38,027,618
Cost of shares reacquired		(134,263,842	)		(197,529,081	)
Net increase (decrease) in net assets resulting from capital share transactions		(28,524,378	)		32,664,253
Net decrease in net assets		(36,472,489	)		(224,851,641	)
NET ASSETS:
Beginning of period	$	655,774,094		$	880,625,735
End of period	$	619,301,605		$	655,774,094

90	See Notes to Financial Statements.

Focused Growth Fund
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022

	$	(87,790	)	$	(255,492	)
		–			–
		–			–
		(4,454,051	)		(6,905,171	)

		–			–

		4,312,283			(13,228,715	)
		(229,558	)		(20,389,378	)

		–			(2,567,142	)
		–			(378,405	)
		–			(2,509,277	)
		–			(162,364	)
		–			(757,292	)
		–			–
		–			(3,252	)
		–			(3,247	)
		–			(3,247	)
		–			(849,495	)
		–			(7,233,721	)

		12,032,589			22,040,099
		–			6,168,589
		(15,483,810	)		(19,130,869	)

		(3,451,221	)		9,077,819
		(3,680,779	)		(18,545,280	)

	$	33,773,235		$	52,318,515
	$	30,092,456		$	33,773,235

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Focused Large Cap Value Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Operations:
Net investment income	$	96,348		$	7,836,154
Net realized gain (loss) on investments and foreign currency related transactions		(288,887	)		34,686,571
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		428,691			(113,032,560	)
Net increase (decrease) in net assets resulting from operations		236,152			(70,509,835	)
Distributions to shareholders:
Class A		(3,834,713	)		(1,832,383	)
Class C		(1,431,493	)		(824,722	)
Class F		(402,138	)		(516,992	)
Class F3		(3,988	)		(4,009	)
Class I		(91,262	)		(148,160,810	)
Class R3		(26,298	)		(2,986	)
Class R4		(2,846	)		(2,856	)
Class R5		(2,873	)		(2,890	)
Class R6		(422,577	)		(337,911	)
Total distributions to shareholders		(6,218,188	)		(151,685,559	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		10,262,125			170,411,753
Reinvestment of distributions		5,710,233			151,312,207
Cost of shares reacquired		(7,600,193	)		(752,521,176	)
Net increase (decrease) in net assets resulting from capital share transactions		8,372,165			(430,797,216	)
Net increase (decrease) in net assets		2,390,129			(652,992,610	)
NET ASSETS:
Beginning of period	$	19,211,454		$	672,204,064
End of period	$	21,601,583		$	19,211,454

92	See Notes to Financial Statements.

Focused Small Cap Value Fund
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022

	$	438,614		$	646,378

		1,772,712			5,403,931

		(135,121	)		(31,562,664	)
		2,076,205			(25,512,355	)

		(616,896	)		(2,071,369	)
		(117,495	)		(483,303	)
		(757,185	)		(6,300,491	)
		(433	)		(1,386	)
		(3,105,857	)		(11,419,770	)
		–			–
		–			–
		(10,525	)		(1,624	)
		(403,523	)		(1,155,908	)
		(5,011,914	)		(21,433,851	)

		12,476,241			46,385,727
		4,758,371			20,522,709
		(31,858,037	)		(107,014,170	)

		(14,623,425	)		(40,105,734	)
		(17,559,134	)		(87,051,940	)

	$	134,150,726		$	221,202,666
	$	116,591,592		$	134,150,726

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Fundamental Equity Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Operations:
Net investment income	$	11,270,087		$	22,718,564
Net realized gain (loss) on investments and foreign currency related transactions		10,687,425			89,658,255
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		30,044,329			(228,863,145	)
Net increase (decrease) in net assets resulting from operations		52,001,841			(116,486,326	)
Distributions to shareholders:
Class A		(62,031,796	)		(157,233,440	)
Class C		(2,027,363	)		(6,813,219	)
Class F		(3,757,884	)		(17,023,016	)
Class F3		(984,530	)		(2,276,471	)
Class I		(30,715,661	)		(32,556,487	)
Class P		(212,024	)		(544,609	)
Class R2		(106,559	)		(371,250	)
Class R3		(3,228,451	)		(9,674,156	)
Class R4		(155,223	)		(341,292	)
Class R5		(42,656	)		(114,175	)
Class R6		(413,952	)		(1,880,761	)
Total distributions to shareholders		(103,676,099	)		(228,828,876	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		138,133,011			451,921,007
Reinvestment of distributions		100,473,204			220,273,728
Cost of shares reacquired		(233,045,586	)		(372,423,836	)
Net increase in net assets resulting from capital share transactions		5,560,629			299,770,899
Net increase (decrease) in net assets		(46,113,629	)		(45,544,303	)
NET ASSETS:
Beginning of period	$	1,954,822,453		$	2,000,366,756
End of period	$	1,908,708,824		$	1,954,822,453

94	See Notes to Financial Statements.

Global Equity Fund
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022

	$	97,167		$	81,877

		(494,807	)		(129,434	)

		1,789,580			(2,371,674	)
		1,391,940			(2,419,231	)

		(30,060	)		(706,818	)
		–			(110,829	)
		(9,680	)		(299,857	)
		(127	)		(2,578	)
		(29,916	)		(256,979	)
		–			–
		–			–
		(1,617	)		(64,811	)
		(3,989	)		(2,575	)
		(121	)		(2,638	)
		(13,663	)		(179,196	)
		(89,173	)		(1,626,281	)

		6,431,130			2,624,771
		58,477			906,874
		(1,892,709	)		(2,098,737	)

		4,596,898			1,432,908
		5,899,665			(2,612,604	)

	$	8,953,308		$	11,565,912
	$	14,852,973		$	8,953,308

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	Growth Leaders Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Operations:
Net investment loss	$	(10,094,955	)	$	(29,932,468	)
Net realized gain (loss) on investments and foreign currency related transactions		(421,495,762	)		(974,635,511	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		442,051,468			(2,765,796,307	)
Net increase (decrease) in net assets resulting from operations		10,460,751			(3,770,364,286	)
Distributions to shareholders:
Class A		–			(516,166,233	)
Class C		–			(240,453,284	)
Class F		–			(799,350,013	)
Class F3		–			(128,196,756	)
Class I		–			(234,268,629	)
Class R2		–			(636,674	)
Class R3		–			(4,314,020	)
Class R4		–			(3,353,679	)
Class R5		–			(3,558,947	)
Class R6		–			(33,119,570	)
Total distributions to shareholders		–			(1,963,417,805	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		1,031,200,846			4,067,529,922
Reinvestment of distributions		–			1,824,521,076
Cost of shares reacquired		(1,551,342,478	)		(5,003,566,690	)
Net increase (decrease) in net assets resulting from capital share transactions		(520,141,632	)		888,484,308
Net increase (decrease) in net assets		(509,680,881	)		(4,845,297,783	)
NET ASSETS:
Beginning of period	$	5,566,834,090		$	10,412,131,873
End of period	$	5,057,153,209		$	5,566,834,090

96	See Notes to Financial Statements.

Health Care Fund
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022

	$	(9,468	)	$	(13,244	)

		117,994			(757,927	)

		375,289			(525,938	)
		483,815			(1,297,109	)

		–			(237,866	)
		–			(54,449	)
		–			(39,168	)
		(86	)		(2,688	)
		(21	)		(1,304	)
		–			–
		–			(982	)
		–			(981	)
		(16	)		(982	)
		(6,008	)		(190,161	)
		(6,131	)		(528,581	)

		2,166,669			1,681,977
		28			321,307
		(1,185,239	)		(1,577,022	)

		981,458			426,262
		1,459,142			(1,399,428	)

	$	6,435,712		$	7,835,140
	$	7,894,854		$	6,435,712

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	International Equity Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Operations:
Net investment income	$	2,809,760		$	6,935,802
Net realized gain (loss) on investments, swap contracts and foreign currency related transactions		(1,049,392	)		(4,635,682	)
Net change in unrealized appreciation/depreciation on investments, deferred foreign capital gains taxes and translation of assets and liabilities denominated in foreign currencies		48,814,405			(103,647,010	)
Net increase (decrease) in net assets resulting from operations		50,574,773			(101,346,890	)
Distributions to shareholders:
Class A		(2,799,388	)		(21,399,286	)
Class C		(47,998	)		(782,187	)
Class F		(180,998	)		(2,865,403	)
Class F3		(147,620	)		(693,860	)
Class I		(2,985,080	)		(19,096,185	)
Class P		(182	)		(1,376	)
Class R2		(2,657	)		(19,394	)
Class R3		(82,045	)		(673,002	)
Class R4		(29,323	)		(180,612	)
Class R5		(474	)		(7,581	)
Class R6		(62,147	)		(468,664	)
Total distributions to shareholders		(6,337,912	)		(46,187,550	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		35,317,704			20,362,935
Reinvestment of distributions		6,225,627			45,341,230
Cost of shares reacquired		(27,683,786	)		(53,132,557	)
Net increase (decrease) in net assets resulting from capital share transactions		13,859,545			12,571,608
Net increase (decrease) in net assets		58,096,406			(134,962,832	)
NET ASSETS:
Beginning of period	$	279,470,306		$	414,433,138
End of period	$	337,566,712		$	279,470,306

98	See Notes to Financial Statements.

International Opportunities Fund
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022

	$	2,378,911		$	4,707,921

		(9,560,897	)		(16,739,450	)

		71,145,407			(118,476,243	)
		63,963,421			(130,507,772	)

		(1,515,429	)		(2,906,967	)
		(63,496	)		(232,215	)
		(250,874	)		(1,303,487	)
		(530,783	)		(751,094	)
		(2,938,287	)		(4,671,896	)
		(1,575	)		(2,745	)
		(28,634	)		(49,120	)
		(62,415	)		(110,011	)
		(36,129	)		(62,902	)
		(38,883	)		(79,058	)
		(327,410	)		(586,175	)
		(5,793,915	)		(10,755,670	)

		40,549,742			64,502,823
		5,609,335			10,359,870
		(75,439,645	)		(86,947,035	)

		(29,280,568	)		(12,084,342	)
		28,888,938			(153,347,784	)

	$	310,600,589		$	463,948,373
	$	339,489,527		$	310,600,589

See Notes to Financial Statements.

Statements of Changes in Net Assets (continued)

	International Value Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	4,209,608		$	21,298,119
Net realized gain (loss) on investments and foreign currency related transactions		(1,583,769	)		(23,889,559	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		71,994,249			(110,319,693	)
Net increase (decrease) in net assets resulting from operations		74,620,088			(112,911,133	)
Distributions to shareholders:
Class A		(1,954,445	)		(9,846,255	)
Class C		(25,606	)		(290,372	)
Class F		(78,014	)		(853,274	)
Class F3		(295,322	)		(1,177,508	)
Class I		(1,464,112	)		(12,554,506	)
Class R2		(471	)		(1,692	)
Class R3		(56,208	)		(288,403	)
Class R4		(1,400	)		(6,611	)
Class R5		(122	)		(602	)
Class R6		(17,242	)		(74,661	)
Total distributions to shareholders		(3,892,942	)		(25,093,884	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		24,904,427			53,131,933
Reinvestment of distributions		3,819,049			24,633,484
Cost of shares reacquired		(38,948,135	)		(246,207,849	)
Net decrease in net assets resulting from capital share transactions		(10,224,659	)		(168,442,432	)
Net increase (decrease) in net assets		60,502,487			(306,447,449	)
NET ASSETS:
Beginning of period	$	344,275,771		$	650,723,220
End of period	$	404,778,258		$	344,275,771

100	See Notes to Financial Statements.

Micro Cap Growth Fund
	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022

	$	(1,049,844	)	$	(1,997,602	)

		(11,584,341	)		(60,372,383	)

		12,149,941			(46,542,882	)
		(484,244	)		(108,912,867	)

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

		26,486,185			74,876,590
		–			–
		(38,159,015	)		(129,678,311	)

		(11,672,830	)		(54,801,721	)
		(12,157,074	)		(163,714,588	)

	$	233,600,528		$	397,315,116
	$	221,443,454		$	233,600,528

See Notes to Financial Statements.

101

Statements of Changes in Net Assets (concluded)

	Value Opportunities Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2023 (unaudited)			For the Year Ended October 31, 2022
Operations:
Net investment income	$	3,795,526		$	9,410,086
Net realized gain (loss) on investments		27,791,903			120,080,030
Net change in unrealized appreciation/depreciation on investments		4,431,878			(470,006,406	)
Net increase (decrease) in net assets resulting from operations		36,019,307			(340,516,290	)
Distributions to shareholders:
Class A		(53,463,932	)		(102,999,131	)
Class C		(4,344,107	)		(10,928,764	)
Class F		(6,295,659	)		(22,556,721	)
Class F3		(15,989,853	)		(29,456,770	)
Class I		(20,289,727	)		(48,314,870	)
Class P		(1,091,735	)		(2,111,678	)
Class R2		(390,476	)		(749,624	)
Class R3		(2,715,045	)		(5,298,619	)
Class R4		(2,475,922	)		(5,145,203	)
Class R5		(80,636	)		(239,327	)
Class R6		(2,676,278	)		(5,158,092	)
Total distributions to shareholders		(109,813,370	)		(232,958,799	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		96,929,306			213,811,313
Reinvestment of distributions		107,376,618			227,980,077
Cost of shares reacquired		(213,378,436	)		(500,789,144	)
Net decrease in net assets resulting from capital share transactions		(9,072,512	)		(58,997,754	)
Net decrease in net assets		(82,866,575	)		(632,472,843	)
NET ASSETS:
Beginning of period	$	1,306,776,623		$	1,939,249,466
End of period	$	1,223,910,048		$	1,306,776,623

102	See Notes to Financial Statements.

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103

Financial Highlights (unaudited)

ALPHA STRATEGY FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(b)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2023^(d)	$	21.82	$	0.11		$	0.99		$	1.10		$	(0.07	)	$	(1.34	)	$	(1.41	)
10/31/2022		30.39		0.06			(7.10	)		(7.04	)		(0.41	)		(1.12	)		(1.53	)
10/31/2021		22.60		(0.02	)		9.90			9.88			(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	)
Class C
4/30/2023^(d)		16.60		0.03			0.73			0.76			–			(1.34	)		(1.34	)
10/31/2022		23.47		(0.08	)		(5.45	)		(5.53	)		(0.22	)		(1.12	)		(1.34	)
10/31/2021		17.82		(0.17	)		7.74			7.57			(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	)
Class F
4/30/2023^(d)		22.09		0.15			0.97			1.12			(0.07	)		(1.34	)		(1.41	)
10/31/2022		30.73		0.20			(7.27	)		(7.07	)		(0.45	)		(1.12	)		(1.57	)
10/31/2021		22.82		0.03			10.01			10.04			(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	)
Class F3
4/30/2023^(d)		22.83		0.14			1.05			1.19			(0.14	)		(1.34	)		(1.48	)
10/31/2022		31.70		0.14			(7.40	)		(7.26	)		(0.49	)		(1.12	)		(1.61	)
10/31/2021		23.47		0.07			10.32			10.39			(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	)
Class I
4/30/2023^(d)		22.71		0.13			1.04			1.17			(0.13	)		(1.34	)		(1.47	)
10/31/2022		31.56		0.04			(7.28	)		(7.24	)		(0.49	)		(1.12	)		(1.61	)
10/31/2021		23.39		0.05			10.27			10.32			(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	)
Class R2
4/30/2023^(d)		20.66		0.06			0.94			1.00			(–	)^(g)		(1.34	)		(1.34	)
10/31/2022		28.80		(0.02	)		(6.73	)		(6.75	)		(0.27	)		(1.12	)		(1.39	)
10/31/2021		21.52		(0.09	)		9.40			9.31			(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	)

104

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 (%)

$	21.51		5.47	^(e)		0.43	^(f)		0.53	^(f)		0.98	^(f)	$	397,949		4	^(e)
	21.82		(24.25	)		0.44			0.54			0.25			420,589		8
	30.39		45.31			0.41			0.52			(0.06	)		542,197		7
	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

	16.02		5.07	^(e)		1.18	^(f)		1.29	^(f)		0.35	^(f)		18,993		4	^(e)
	16.60		(24.81	)		1.19			1.29			(0.40	)		30,206		8
	23.47		44.16			1.16			1.26			(0.77	)		56,365		7
	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

	21.80		5.49	^(e)		0.28	^(f)		0.39	^(f)		1.36	^(f)		15,909		4	^(e)
	22.09		(24.10	)		0.28			0.39			0.76			27,275		8
	30.73		45.53			0.26			0.37			0.09			144,742		7
	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

	22.54		5.63	^(e)		0.09	^(f)		0.20	^(f)		1.26	^(f)		52,310		4	^(e)
	22.83		(23.98	)		0.09			0.19			0.57			50,046		8
	31.70		45.81			0.08			0.18			0.25			56,369		7
	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

	22.41		5.59	^(e)		0.18	^(f)		0.28	^(f)		1.15	^(f)		107,329		4	^(e)
	22.71		(24.04	)		0.19			0.29			0.18			101,366		8
	31.56		45.64			0.16			0.27			0.18			43,112		7
	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

	20.32		5.27	^(e)		0.78	^(f)		0.88	^(f)		0.57	^(f)		989		4	^(e)
	20.66		(24.50	)		0.79			0.89			(0.09	)		928		8
	28.80		44.78			0.76			0.86			(0.34	)		1,433		7
	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

See Notes to Financial Statements.

105

Financial Highlights (unaudited) (concluded)

ALPHA STRATEGY FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(b)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R3
4/30/2023^(d)	$	20.85	$	0.07		$	0.95		$	1.02		$	(0.01	)	$	(1.34	)	$	(1.35	)
10/31/2022		29.09		0.01			(6.80	)		(6.79	)		(0.33	)		(1.12	)		(1.45	)
10/31/2021		21.70		(0.08	)		9.50			9.42			(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	)
Class R4
4/30/2023^(d)		21.76		0.10			1.00			1.10			(0.08	)		(1.34	)		(1.42	)
10/31/2022		30.30		0.05			(7.06	)		(7.01	)		(0.41	)		(1.12	)		(1.53	)
10/31/2021		22.54		(0.01	)		9.86			9.85			(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	)
Class R5
4/30/2023^(d)		22.72		0.13			1.04			1.17			(0.13	)		(1.34	)		(1.47	)
10/31/2022		31.57		0.13			(7.37	)		(7.24	)		(0.49	)		(1.12	)		(1.61	)
10/31/2021		23.40		0.10			10.22			10.32			(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	)		(3.49	)
10/31/2018		29.52		0.02			0.94			0.96			–			(3.18	)		(3.18	)
Class R6
4/30/2023^(d)		22.84		0.15			1.04			1.19			(0.14	)		(1.34	)		(1.48	)
10/31/2022		31.71		0.16			(7.42	)		(7.26	)		(0.49	)		(1.12	)		(1.61	)
10/31/2021		23.48		0.08			10.31			10.39			(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	)

^(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 is less than $0.01.

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 (%)

$	20.52		5.30	^(e)		0.68	^(f)		0.78	^(f)		0.65	^(f)	$	18,086		4	^(e)
	20.85		(24.41	)		0.69			0.79			0.04			17,366		8
	29.09		44.95			0.66			0.76			(0.30	⁾		25,883		7
	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

	21.44		5.46	^(e)		0.43	^(f)		0.53	^(f)		0.95	^(f)		3,807		4	^(e)
	21.76		(24.23	)		0.44			0.54			0.21			3,859		8
	30.30		45.25			0.41			0.52			(0.04	⁾		4,621		7
	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

	22.42		5.58	^(e)		0.18	^(f)		0.29	^(f)		1.20	^(f)		361		4	^(e)
	22.72		(24.04	)		0.19			0.29			0.53			376		8
	31.57		45.65			0.16			0.27			0.33			518		7
	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

	22.55		5.63	^(e)		0.09	^(f)		0.20	^(f)		1.29	^(f)		3,569		4	^(e)
	22.84		(23.97	)		0.09			0.19			0.62			3,762		8
	31.71		45.79			0.08			0.18			0.28			5,386		7
	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

See Notes to Financial Statements.

107

Financial Highlights (unaudited)

FOCUSED 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 (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
Class A
4/30/2023^(c)	$	19.74	$	(0.06	)	$	(0.03	)	$	(0.09	)	$	–		$	19.65
10/31/2022		36.16		(0.17	)		(11.38	)		(11.55	)		(4.87	)		19.74
10/31/2021		26.90		(0.27	)		11.39			11.12			(1.86	)		36.16
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
4/30/2023^(c)		19.12		(0.13	)		(0.04	)		(0.17	)		–			18.95
10/31/2022		35.41		(0.33	)		(11.09	)		(11.42	)		(4.87	)		19.12
10/31/2021		26.56		(0.50	)		11.21			10.71			(1.86	)		35.41
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
4/30/2023^(c)		19.96		(0.03	)		(0.04	)		(0.07	)		–			19.89
10/31/2022		36.44		(0.12	)		(11.49	)		(11.61	)		(4.87	)		19.96
10/31/2021		27.03		(0.20	)		11.47			11.27			(1.86	)		36.44
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
4/30/2023^(c)		20.02		(0.03	)		(0.03	)		(0.06	)		–			19.96
10/31/2022		36.51		(0.10	)		(11.52	)		(11.62	)		(4.87	)		20.02
10/31/2021		27.06		(0.18	)		11.49			11.31			(1.86	)		36.51
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
4/30/2023^(c)		19.96		(0.04	)		(0.02	)		(0.06	)		–			19.90
10/31/2022		36.44		(0.11	)		(11.50	)		(11.61	)		(4.87	)		19.96
10/31/2021		27.03		(0.20	)		11.47			11.27			(1.86	)		36.44
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
4/30/2023^(c)		19.53		(0.09	)		(0.02	)		(0.11	)		–			19.42
10/31/2022		35.92		(0.23	)		(11.29	)		(11.52	)		(4.87	)		19.53
10/31/2021		26.79		(0.35	)		11.34			10.99			(1.86	)		35.92
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
4/30/2023^(c)		19.75		(0.06	)		(0.04	)		(0.10	)		–			19.65
10/31/2022		36.18		(0.17	)		(11.39	)		(11.56	)		(4.87	)		19.75
10/31/2021		26.91		(0.27	)		11.40			11.13			(1.86	)		36.18
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

108

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 (%)

	(0.46	)^(d)		1.05	^(e)		1.69	^(e)		(0.62	)^(e)	$	14,531		124	^(d)
	(36.92	)		1.05			1.54			(0.71	)		14,420		169
	43.48			1.05			1.49			(0.87	)		18,332		166
	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)

	(0.89	)^(d)		1.80	^(e)		2.44	^(e)		(1.37	)^(e)		2,265		124	^(d)
	(37.40	)		1.80			2.30			(1.46	)		2,289		169
	42.43			1.80			2.24			(1.62	)		2,701		166
	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)

	(0.35	)^(d)		0.80	^(e)		1.53	^(e)		(0.35	)^(e)		3,804		124	^(d)
	(36.79	)		0.80			1.37			(0.47	)		7,021		169
	43.85			0.80			1.34			(0.63	)		18,621		166
	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)

	(0.30	)^(d)		0.70	^(e)		1.29	^(e)		(0.27	)^(e)		568		124	^(d)
	(36.74	)		0.73			1.15			(0.40	)		667		169
	43.95			0.75			1.16			(0.57	)		1,217		166
	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)

	(0.30	)^(d)		0.80	^(e)		1.43	^(e)		(0.41	)^(e)		3,814		124	^(d)
	(36.79	)		0.80			1.30			(0.47	)		4,595		169
	43.90			0.80			1.24			(0.62	)		4,587		166
	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)

	(0.56	)^(d)		1.30	^(e)		1.94	^(e)		(0.92	)^(e)		132		124	^(d)
	(37.11	)		1.30			1.81			(0.97	)		14		169
	43.15			1.30			1.73			(1.11	)		24		166
	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)

	(0.51	)^(d)		1.05	^(e)		1.70	^(e)		(0.60	)^(e)		13		124	^(d)
	(36.93	)		1.05			1.54			(0.71	)		13		169
	43.50			1.05			1.48			(0.86	)		24		166
	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)

See Notes to Financial Statements.

109

Financial Highlights (unaudited) (concluded)

FOCUSED 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 (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
Class R5
4/30/2023^(c)	$	19.96	$	(0.04	)	$	(0.03	)	$	(0.07	)	$	–		$	19.89
10/31/2022		36.44		(0.12	)		(11.49	)		(11.61	)		(4.87	)		19.96
10/31/2021		27.02		(0.20	)		11.48			11.28			(1.86	)		36.44
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
4/30/2023^(c)		20.02		(0.03	)		(0.03	)		(0.06	)		–			19.96
10/31/2022		36.51		(0.09	)		(11.53	)		(11.62	)		(4.87	)		20.02
10/31/2021		27.06		(0.18	)		11.49			11.31			(1.86	)		36.51
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.

110

See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

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

	(0.35	)^(d)		0.80	^(e)		1.46	^(e)		(0.38	)^(e)	$	13		124	^(d)
	(36.79	)		0.80			1.31			(0.48	)		13		169
	43.90			0.80			1.25			(0.63	)		24		166
	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)

	(0.30	)^(d)		0.70	^(e)		1.30	^(e)		(0.27	)^(e)		4,953		124	^(d)
	(36.74	)		0.73			1.16			(0.39	)		4,740		169
	43.95			0.75			1.16			(0.57	)		6,788		166
	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.

111

Financial Highlights (unaudited)

FOCUSED LARGE CAP VALUE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2023^(c)	$	13.58	$	0.05	$	0.34		$	0.39		$	(4.25	)	$	–		$	(4.25	)
10/31/2022		19.04		0.16		(1.34	)		(1.18	)		(0.35	)		(3.93	)		(4.28	)
10/31/2021		12.95		0.38		6.68			7.06			(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
4/30/2023^(c)		13.49		0.02		0.32			0.34			(4.14	)		–			(4.14	)
10/31/2022		18.97		0.06		(1.35	)		(1.29	)		(0.26	)		(3.93	)		(4.19	)
10/31/2021		12.87		0.25		6.66			6.91			–			(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
4/30/2023^(c)		13.77		0.08		0.33			0.41			(4.27	)		–			(4.27	)
10/31/2022		19.22		0.20		(1.36	)		(1.16	)		(0.36	)		(3.93	)		(4.29	)
10/31/2021		12.98		0.49		6.64			7.13			(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
4/30/2023^(c)		13.64		0.07		0.33			0.40			(4.28	)		–			(4.28	)
10/31/2022		19.10		0.20		(1.35	)		(1.15	)		(0.38	)		(3.93	)		(4.31	)
10/31/2021		12.98		0.37		6.75			7.12			(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
4/30/2023^(c)		13.63		0.05		0.35			0.40			(3.92	)		–			(3.92	)
10/31/2022		19.10		0.22		(1.38	)		(1.16	)		(0.38	)		(3.93	)		(4.31	)
10/31/2021		12.99		0.35		6.76			7.11			(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
4/30/2023^(c)		13.56		0.03		0.34			0.37			(4.23	)		–			(4.23	)
10/31/2022		18.99		0.12		(1.33	)		(1.21	)		(0.29	)		(3.93	)		(4.22	)
10/31/2021		12.92		0.29		6.71			7.00			(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	)		–			–			–

112	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 (%)

$	9.72		2.06	^(d)		0.96	^(e)		2.06	^(e)		0.95	^(e)	$	12,075		27	^(d)
	13.58		(8.69	)		0.96			1.04			1.12			11,466		100
	19.04		56.50			0.93			0.93			2.08			7,714		99
	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)

	9.69		1.57	^(d)		1.71	^(e)		2.87	^(e)		0.42	^(e)		2,863		27	^(d)
	13.49		(9.37	)		1.71			1.77			0.40			4,637		100
	18.97		55.29			1.67			1.67			1.36			3,601		99
	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)

	9.91		2.15	^(d)		0.71	^(e)		2.06	^(e)		1.44	^(e)		363		27	^(d)
	13.77		(8.48	)		0.71			0.86			1.35			1,405		100
	19.22		56.78			0.68			0.78			2.60			2,394		99
	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)

	9.76		2.18	^(d)		0.71	^(e)		1.72	^(e)		1.36	^(e)		9		27	^(d)
	13.64		(8.48	)		0.70			0.76			1.37			13		100
	19.10		56.91			0.67			0.67			2.13			18		99
	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)

	10.11		2.21	^(d)		0.71	^(e)		1.63	^(e)		0.90	^(e)		4,785		27	^(d)
	13.63		(8.55	)		0.69			0.69			1.49			243		100
	19.10		56.79			0.68			0.68			1.99			656,899		99
	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)

	9.70		1.87	^(d)		1.21	^(e)		2.25	^(e)		0.66	^(e)		138		27	^(d)
	13.56		(8.88	)		1.21			1.32			0.86			84		100
	18.99		56.09			1.15			1.15			1.65			13		99
	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)

See Notes to Financial Statements.

113

Financial Highlights (unaudited) (concluded)

FOCUSED LARGE CAP VALUE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R4
4/30/2023^(c)	$	13.59	$	0.06	$	0.33		$	0.39		$	(4.25	)	$	–		$	(4.25	)
10/31/2022		19.04		0.16		(1.35	)		(1.19	)		(0.33	)		(3.93	)		(4.26	)
10/31/2021		12.95		0.33		6.73			7.06			(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 R5
4/30/2023^(c)		13.63		0.07		0.33			0.40			(4.28	)		–			(4.28	)
10/31/2022		19.09		0.20		(1.35	)		(1.15	)		(0.38	)		(3.93	)		(4.31	)
10/31/2021		12.98		0.38		6.73			7.11			(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
4/30/2023^(c)		13.65		0.06		0.34			0.40			(4.28	)		–			(4.28	)
10/31/2022		19.11		0.20		(1.35	)		(1.15	)		(0.38	)		(3.93	)		(4.31	)
10/31/2021		12.99		0.39		6.73			7.12			(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)	Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 7/26/2019 through 7/31/2019.
^(g)	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.
^(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.

114	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 (%)

$	9.73		2.03	^(d)		0.96	^(e)		2.07	^(e)		1.08	^(e)	$	7		27	^(d)
	13.59		(8.73	)		0.96			1.00			1.10			9		100
	19.04		56.46			0.90			0.90			1.89			13		99
	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)

	9.75		2.16	^(d)		0.71	^(e)		1.83	^(e)		1.34	^(e)		7		27	^(d)
	13.63		(8.49	)		0.71			0.75			1.37			9		100
	19.09		56.83			0.65			0.65			2.14			13		99
	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)

	9.77		2.18	^(d)		0.71	^(e)		1.72	^(e)		1.22	^(e)		1,355		27	^(d)
	13.65		(8.48	)		0.70			0.77			1.36			1,347		100
	19.11		56.86			0.68			0.68			2.17			1,539		99
	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.

115

Financial Highlights (unaudited)

FOCUSED SMALL CAP VALUE FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2023^(c)	$	23.97	$	0.06		$	0.26		$	0.32		$	(0.10	)	$	(0.84	)	$	(0.94	)
10/31/2022		30.62		0.05			(3.54	)		(3.49	)		–			(3.16	)		(3.16	)
10/31/2021		18.77		0.01			12.00			12.01			(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	)
Class C
4/30/2023^(c)		25.36		(0.03	)		0.28			0.25			–			(0.84	)		(0.84	)
10/31/2022		32.44		(0.15	)		(3.77	)		(3.92	)		–			(3.16	)		(3.16	)
10/31/2021		19.99		(0.30	)		12.87			12.57			(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
4/30/2023^(c)		26.17		0.11			0.27			0.38			(0.12	)		(0.84	)		(0.96	)
10/31/2022		33.11		0.12			(3.86	)		(3.74	)		(0.04	)		(3.16	)		(3.20	)
10/31/2021		20.30		0.01			13.04			13.05			(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
4/30/2023^(c)		26.20		0.10			0.29			0.39			(0.17	)		(0.84	)		(1.01	)
10/31/2022		33.15		0.14			(3.86	)		(3.72	)		(0.07	)		(3.16	)		(3.23	)
10/31/2021		20.32		0.11			12.97			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
4/30/2023^(c)		26.14		0.09			0.30			0.39			(0.17	)		(0.84	)		(1.01	)
10/31/2022		33.10		0.12			(3.85	)		(3.73	)		(0.07	)		(3.16	)		(3.23	)
10/31/2021		20.30		0.11			12.94			13.05			(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	)
Class R5
4/30/2023^(c)		26.15		0.10			0.28			0.38			(0.17	)		(0.84	)		(1.01	)
10/31/2022		33.10		0.18			(3.90	)		(3.72	)		(0.07	)		(3.16	)		(3.23	)
10/31/2021		20.29		0.10			12.96			13.06			(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	)		–			–			–


116	See Notes to Financial Statements.

					Ratios to Average Net Assets:										Supplemental Data:
Net asset value, end of period		Total return (%)^(b)			Total expenses after waivers and/or reimburse- ments (%)				Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)
								’
$	23.35		1.26	^(d)		1.28	^(e)			1.32	^(e)		0.50	^(e)	$	13,759		30	^(d)
	23.97		(12.99	)		1.28				1.29			0.20			16,026		63
	30.62		64.27			1.22				1.22			0.03			19,525		116
	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

	24.77		0.87	^(d)		2.03	^(e)			2.07	^(e)		(0.25	)^(e)		3,271		30	^(d)
	25.36		(13.61	)		2.03				2.04			(0.56	)		3,624		63
	32.44		63.10			1.96				1.96			(0.95	)		5,028		116
	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

	25.59		1.42	^(d)		1.03	^(e)			1.17	^(e)		0.85	^(e)		10,153		30	^(d)
	26.17		(12.77	)		1.03				1.13			0.41			21,683		63
	33.11		64.73			0.97				1.07			0.04			66,993		116
	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

	25.58		1.43	^(d)		0.99	^(e)			1.01	^(e)		0.77	^(e)		11		30	^(d)
	26.20		(12.70	)		0.95				0.95			0.51			11		63
	33.15		64.72			0.92				0.92			0.35			14		116
	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

	25.52		1.42	^(d)		1.03	^(e)			1.07	^(e)		0.73	^(e)		78,123		30	^(d)
	26.14		(12.76	)		1.03				1.03			0.41			82,062		63
	33.10		64.71			0.95				0.96			0.35			118,351		116
	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

	25.52		1.38	^(d)		1.03	^(e)			1.07	^(e)		0.75	^(e)		201		30	^(d)
	26.15		(12.73	)		1.03				1.05			0.69			272		63
	33.10		64.71			0.94				0.94			0.31			17		116
	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


	See Notes to Financial Statements.	117

Financial Highlights (unaudited) (concluded)

FOCUSED SMALL CAP VALUE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R6
4/30/2023^(c)	$	26.20	$	0.10	$	0.29		$	0.39		$	(0.17	)	$	(0.84	)	$	(1.01	)
10/31/2022		33.16		0.14		(3.87	)		(3.73	)		(0.07	)		(3.16	)		(3.23	)
10/31/2021		20.33		0.07		13.01			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:
Net asset value, end of period		Total return (%)^(b)			Total expenses after waivers and/or reimburse- ments (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	25.58		1.47	^(d)		0.99	^(e)		1.01	^(e)		0.75	^(e)		$11,074		30	^(d)
	26.20		(12.73	)		0.98			0.98			0.50			10,472		63
	33.16		64.69			0.94			0.95			0.22			11,274		116
	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 (unaudited)

FUNDAMENTAL EQUITY FUND

				Per Share Operating Performance:
				Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period			Net invest- ment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2023^(c)	$	12.44		$	0.07	$	0.26		$	0.33		$	(0.14	)	$	(0.51	)	$	(0.65	)
10/31/2022		15.04			0.15		(1.03	)		(0.88	)		(0.14	)		(1.58	)		(1.72	)
10/31/2021		10.56			0.14		4.55			4.69			(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	)
Class C
4/30/2023^(c)		10.66			0.02		0.23			0.25			(0.06	)		(0.51	)		(0.57	)
10/31/2022		13.10			0.05		(0.88	)		(0.83	)		(0.03	)		(1.58	)		(1.61	)
10/31/2021		9.19			0.04		3.96			4.00			(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	)
Class F
4/30/2023^(c)		12.26			0.08		0.27			0.35			(0.16	)		(0.51	)		(0.67	)
10/31/2022		14.85			0.17		(1.02	)		(0.85	)		(0.16	)		(1.58	)		(1.74	)
10/31/2021		10.44			0.16		4.48			4.64			(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	)
Class F3
4/30/2023^(c)		12.65			0.09		0.28			0.37			(0.18	)		(0.51	)		(0.69	)
10/31/2022		15.26			0.20		(1.05	)		(0.85	)		(0.18	)		(1.58	)		(1.76	)
10/31/2021		10.71			0.19		4.60			4.79			(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	)
Class I
4/30/2023^(c)		12.55			0.08		0.28			0.36			(0.18	)		(0.51	)		(0.69	)
10/31/2022		15.16			0.19		(1.04	)		(0.85	)		(0.18	)		(1.58	)		(1.76	)
10/31/2021		10.65			0.18		4.57			4.75			(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	)
Class P
4/30/2023^(c)		12.12			0.05		0.27			0.32			(0.12	)		(0.51	)		(0.63	)
10/31/2022		14.69			0.12		(1.00	)		(0.88	)		(0.11	)		(1.58	)		(1.69	)
10/31/2021		10.33			0.11		4.44			4.55			(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	)


120	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 (%)

$	12.12		2.61	^(d)		0.94	^(e)		0.94	^(e)		1.10	^(e)	$	1,153,177		17	^(d)
	12.44		(6.81	)		0.96			0.96			1.19			1,186,259		50
	15.04		44.87			0.96			0.96			1.06			1,382,625		73
	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

	10.34		2.23	^(d)		1.69	^(e)		1.69	^(e)		0.37	^(e)		28,329		17	^(d)
	10.66		(7.50	)		1.71			1.71			0.43			38,197		50
	13.10		43.75			1.71			1.71			0.32			55,600		73
	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

	11.94		2.77	^(d)		0.79	^(e)		0.79	^(e)		1.28	^(e)		35,718		17	^(d)
	12.26		(6.75	)		0.81			0.81			1.32			69,775		50
	14.85		45.02			0.81			0.81			1.21			146,249		73
	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

	12.33		2.85	^(d)		0.62	^(e)		0.62	^(e)		1.41	^(e)		18,445		17	^(d)
	12.65		(6.58	)		0.63			0.63			1.53			18,159		50
	15.26		45.36			0.63			0.63			1.39			19,916		73
	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

	12.22		2.78	^(d)		0.69	^(e)		0.69	^(e)		1.34	^(e)		592,421		17	^(d)
	12.55		(6.65	)		0.71			0.71			1.48			561,349		50
	15.16		45.21			0.71			0.71			1.32			281,392		73
	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

	11.81		2.56	^(d)		1.14	^(e)		1.14	^(e)		0.92	^(e)		3,719		17	^(d)
	12.12		(7.03	)		1.16			1.16			0.99			4,074		50
	14.69		44.55			1.16			1.16			0.84			4,881		73
	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


	See Notes to Financial Statements.	121

Financial Highlights (unaudited) (concluded)

FUNDAMENTAL EQUITY FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R2
4/30/2023^(c)	$	12.08	$	0.04	$	0.27		$	0.31		$	(0.10	)	$	(0.51	)	$	(0.61	)
10/31/2022		14.64		0.10		(0.99	)		(0.89	)		(0.09	)		(1.58	)		(1.67	)
10/31/2021		10.30		0.09		4.43			4.52			(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	)
Class R3
4/30/2023^(c)		12.13		0.05		0.27			0.32			(0.11	)		(0.51	)		(0.62	)
10/31/2022		14.70		0.12		(1.01	)		(0.89	)		(0.10	)		(1.58	)		(1.68	)
10/31/2021		10.33		0.11		4.44			4.55			(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	)
Class R4
4/30/2023^(c)		12.37		0.07		0.27			0.34			(0.15	)		(0.51	)		(0.66	)
10/31/2022		14.96		0.15		(1.02	)		(0.87	)		(0.14	)		(1.58	)		(1.72	)
10/31/2021		10.50		0.14		4.52			4.66			(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	)
Class R5
4/30/2023^(c)		12.56		0.08		0.28			0.36			(0.18	)		(0.51	)		(0.69	)
10/31/2022		15.17		0.18		(1.03	)		(0.85	)		(0.18	)		(1.58	)		(1.76	)
10/31/2021		10.66		0.18		4.57			4.75			(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	)
Class R6
4/30/2023^(c)		12.66		0.09		0.28			0.37			(0.18	)		(0.51	)		(0.69	)
10/31/2022		15.27		0.19		(1.04	)		(0.85	)		(0.18	)		(1.58	)		(1.76	)
10/31/2021		10.72		0.19		4.60			4.79			(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	)


^(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.


122	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 (%)

$	11.78		2.50	^(d)		1.29	^(e)		1.29	^(e)		0.74	^(e)	$	2,176		17	^(d)
	12.08		(7.17	)		1.31			1.31			0.82			2,114		50
	14.64		44.28			1.31			1.31			0.72			3,271		73
	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

	11.83		2.57	^(d)		1.19	^(e)		1.19	^(e)		0.85	^(e)		63,447		17	^(d)
	12.13		(7.10	)		1.21			1.21			0.93			63,110		50
	14.70		44.54			1.21			1.21			0.81			86,249		73
	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

	12.05		2.65	^(d)		0.94	^(e)		0.94	^(e)		1.11	^(e)		2,701		17	^(d)
	12.37		(6.80	)		0.96			0.96			1.20			2,969		50
	14.96		44.80			0.96			0.96			1.04			2,988		73
	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

	12.23		2.77	^(d)		0.69	^(e)		0.69	^(e)		1.36	^(e)		773		17	^(d)
	12.56		(6.64	)		0.71			0.71			1.42			776		50
	15.17		45.17			0.71			0.71			1.31			986		73
	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

	12.34		2.85	^(d)		0.62	^(e)		0.62	^(e)		1.42	^(e)		7,803		17	^(d)
	12.66		(6.57	)		0.63			0.63			1.44			8,039		50
	15.27		45.31			0.63			0.63			1.39			16,209		73
	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


	See Notes to Financial Statements.	123

Financial Highlights (unaudited)

GLOBAL EQUITY FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2023^(c)	$	11.37	$	0.08		$	1.18		$	1.26		$	(0.08	)	$	–		$	(0.08	)
10/31/2022		16.61		0.10			(3.04	)		(2.94	)		(0.12	)		(2.18	)		(2.30	)
10/31/2021		12.59		0.14			4.57			4.71			(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	)
Class C
4/30/2023^(c)		11.22		0.03			1.17			1.20			–			–			–
10/31/2022		16.41		–	^(f)		(3.00	)		(3.00	)		(0.01	)		(2.18	)		(2.19	)
10/31/2021		12.46		0.02			4.53			4.55			(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	)
Class F
4/30/2023^(c)		11.39		0.09			1.19			1.28			(0.09	)		–			(0.09	)
10/31/2022		16.65		0.11			(3.05	)		(2.94	)		(0.14	)		(2.18	)		(2.32	)
10/31/2021		12.62		0.16			4.59			4.75			(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	)
Class F3
4/30/2023^(c)		11.41		0.10			1.19			1.29			(0.12	)		–			(0.12	)
10/31/2022		16.68		0.13			(3.06	)		(2.93	)		(0.16	)		(2.18	)		(2.34	)
10/31/2021		12.63		0.19			4.60			4.79			(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	)
Class I
4/30/2023^(c)		11.40		0.09			1.19			1.28			(0.11	)		–			(0.11	)
10/31/2022		16.66		0.12			(3.04	)		(2.92	)		(0.16	)		(2.18	)		(2.34	)
10/31/2021		12.62		0.18			4.59			4.77			(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	)
Class R3
4/30/2023^(c)		11.26		0.06			1.18			1.24			(0.04	)		–			(0.04	)
10/31/2022		16.47		0.08			(3.02	)		(2.94	)		(0.09	)		(2.18	)		(2.27	)
10/31/2021		12.51		0.11			4.52			4.63			(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	)


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 (%)

$	12.55		11.13	^(d)		0.90	^(e)		2.62	^(e)		1.33	^(e)	$	4,967		35	^(d)
	11.37		(20.30	)		0.90			3.43			0.79			4,236		70
	16.61		38.37			0.90			3.53			0.88			5,016		87
	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

	12.42		10.70	^(d)		1.65	^(e)		3.41	^(e)		0.56	^(e)		339		35	^(d)
	11.22		(20.87	)		1.65			4.05			(0.03	)		392		70
	16.41		37.27			1.65			4.29			0.14			826		87
	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

	12.58		11.22	^(d)		0.75	^(e)		2.50	^(e)		1.46	^(e)		1,198		35	^(d)
	11.39		(20.26	)		0.75			3.21			0.86			1,277		70
	16.65		38.59			0.75			3.40			1.07			2,146		87
	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

	12.58		11.35	^(d)		0.58	^(e)		2.13	^(e)		1.66	^(e)		14		35	^(d)
	11.41		(20.15	)		0.59			2.99			0.99			13		70
	16.68		38.90			0.61			3.20			1.20			18		87
	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

	12.57		11.33	^(d)		0.65	^(e)		2.35	^(e)		1.54	^(e)		3,298		35	^(d)
	11.40		(20.17	)		0.65			3.12			0.93			1,085		70
	16.66		38.78			0.65			3.30			1.16			1,837		87
	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

	12.46		11.00	^(d)		1.15	^(e)		2.86	^(e)		1.08	^(e)		600		35	^(d)
	11.26		(20.47	)		1.15			3.67			0.59			506		70
	16.47		37.85			1.15			3.78			0.70			470		87
	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


	See Notes to Financial Statements.	125

Financial Highlights (unaudited)(concluded)

GLOBAL EQUITY FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R4
4/30/2023^(c)	$	11.37	$	0.08	$	1.18		$	1.26		$	(0.09	)	$	–		$	(0.09	)
10/31/2022		16.62		0.14		(3.09	)		(2.95	)		(0.12	)		(2.18	)		(2.30	)
10/31/2021		12.60		0.14		4.58			4.72			(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	)
Class R5
4/30/2023^(c)		11.40		0.10		1.18			1.28			(0.11	)		–			(0.11	)
10/31/2022		16.66		0.12		(3.04	)		(2.92	)		(0.16	)		(2.18	)		(2.34	)
10/31/2021		12.62		0.18		4.59			4.77			(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	)
Class R6
4/30/2023^(c)		11.41		0.10		1.19			1.29			(0.12	)		–			(0.12	)
10/31/2022		16.67		0.14		(3.06	)		(2.92	)		(0.16	)		(2.18	)		(2.34	)
10/31/2021		12.63		0.19		4.59			4.78			(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	)


^(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 is less than $0.01.


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 (%)

$	12.54		11.13	^(d)		0.90	^(e)		2.66	^(e)		1.33	^(e)	$	238		35	^(d)
	11.37		(20.37	)		0.90			3.88			1.17			514		70
	16.62		38.39			0.90			3.54			0.92			19		87
	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

	12.57		11.28	^(d)		0.65	^(e)		2.34	^(e)		1.62	^(e)		14		35	^(d)
	11.40		(20.17	)		0.65			3.14			0.93			13		70
	16.66		38.78			0.65			3.29			1.16			19		87
	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

	12.58		11.35	^(d)		0.58	^(e)		2.00	^(e)		1.62	^(e)		4,186		35	^(d)
	11.41		(20.10	)		0.59			3.02			1.06			919		70
	16.67		38.82			0.61			3.21			1.21			1,215		87
	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


	See Notes to Financial Statements.	127

Financial Highlights (unaudited)

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
4/30/2023^(c)	$	26.45	$	(0.06	)	$	0.19		$	0.13		$	–		$	26.58
10/31/2022		52.70		(0.16	)		(16.09	)		(16.25	)		(10.00	)		26.45
10/31/2021		42.25		(0.28	)		15.10			14.82			(4.37	)		52.70
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
Class C
4/30/2023^(c)		22.88		(0.14	)		0.16			0.02			–			22.90
10/31/2022		47.22		(0.36	)		(13.98	)		(14.34	)		(10.00	)		22.88
10/31/2021		38.53		(0.57	)		13.63			13.06			(4.37	)		47.22
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
Class F
4/30/2023^(c)		27.42		(0.03	)		0.19			0.16			–			27.58
10/31/2022		54.15		(0.08	)		(16.65	)		(16.73	)		(10.00	)		27.42
10/31/2021		43.20		(0.17	)		15.49			15.32			(4.37	)		54.15
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
Class F3
4/30/2023^(c)		27.89		(0.02	)		0.20			0.18			–			28.07
10/31/2022		54.88		(0.06	)		(16.93	)		(16.99	)		(10.00	)		27.89
10/31/2021		43.70		(0.15	)		15.70			15.55			(4.37	)		54.88
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
Class I
4/30/2023^(c)		27.67		(0.03	)		0.19			0.16			–			27.83
10/31/2022		54.56		(0.08	)		(16.81	)		(16.89	)		(10.00	)		27.67
10/31/2021		43.49		(0.17	)		15.61			15.44			(4.37	)		54.56
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
Class R2
4/30/2023^(c)		25.50		(0.10	)		0.18			0.08			–			25.58
10/31/2022		51.32		(0.26	)		(15.56	)		(15.82	)		(10.00	)		25.50
10/31/2021		41.38		(0.44	)		14.75			14.31			(4.37	)		51.32
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
Class R3
4/30/2023^(c)		25.51		(0.09	)		0.18			0.09			–			25.60
10/31/2022		51.28		(0.23	)		(15.54	)		(15.77	)		(10.00	)		25.51
10/31/2021		41.31		(0.39	)		14.73			14.34			(4.37	)		51.28
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


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 (%)

	0.49	^(d)		0.92	^(e)		0.92	^(e)		(0.49	)^(e)	$	1,475,441		83	^(d)
	(38.05	)		0.91			0.91			(0.49	)		1,569,330		146
	37.77			0.89			0.89			(0.61	)		2,713,887		140
	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

	0.09	^(d)		1.68	^(e)		1.68	^(e)		(1.23	)^(e)		465,854		83	^(d)
	(38.52	)		1.66			1.66			(1.24	)		543,043		146
	36.75			1.64			1.64			(1.36	)		1,142,002		140
	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

	0.58	^(d)		0.68	^(e)		0.78	^(e)		(0.20	)^(e)		354,760		83	^(d)
	(37.89	)		0.66			0.76			(0.23	)		775,269		146
	38.13			0.64			0.74			(0.36	)		4,331,228		140
	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

	0.65	^(d)		0.59	^(e)		0.59	^(e)		(0.16	)^(e)		415,592		83	^(d)
	(37.85	)		0.59			0.59			(0.17	)		430,492		146
	38.23			0.58			0.58			(0.30	)		697,858		140
	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

	0.58	^(d)		0.67	^(e)		0.67	^(e)		(0.24	)^(e)		2,178,798		83	^(d)
	(37.89	)		0.66			0.66			(0.25	)		2,087,818		146
	38.13			0.64			0.64			(0.36	)		1,282,161		140
	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

	0.31	^(d)		1.27	^(e)		1.27	^(e)		(0.84	)^(e)		2,018		83	^(d)
	(38.28	)		1.26			1.26			(0.84	)		2,155		146
	37.32			1.24			1.24			(0.96	)		3,275		140
	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

	0.35	^(d)		1.17	^(e)		1.17	^(e)		(0.76	)^(e)		16,231		83	^(d)
	(38.20	)		1.16			1.16			(0.74	)		13,621		146
	37.44			1.14			1.14			(0.86	)		21,928		140
	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


	See Notes to Financial Statements.	129

Financial Highlights (unaudited)(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 R4
4/30/2023^(c)	$	26.46	$	(0.06	)	$	0.19		$	0.13		$	–		$	26.59
10/31/2022		52.72		(0.16	)		(16.10	)		(16.26	)		(10.00	)		26.46
10/31/2021		42.26		(0.28	)		15.11			14.83			(4.37	)		52.72
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
Class R5
4/30/2023^(c)		27.68		(0.03	)		0.20			0.17			–			27.85
10/31/2022		54.58		(0.08	)		(16.82	)		(16.90	)		(10.00	)		27.68
10/31/2021		43.51		(0.17	)		15.61			15.44			(4.37	)		54.58
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
Class R6
4/30/2023^(c)		27.89		(0.02	)		0.20			0.18			–			28.07
10/31/2022		54.88		(0.06	)		(16.93	)		(16.99	)		(10.00	)		27.89
10/31/2021		43.70		(0.15	)		15.70			15.55			(4.37	)		54.88
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


^(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.


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 (%)

	0.49	^(d)		0.92	^(e)		0.92	^(e)		(0.49	)^(e)	$	10,643		83	^(d)
	(38.06	)		0.91			0.91			(0.49	)		10,901		146
	37.79			0.89			0.89			(0.61	)		18,549		140
	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

	0.61	^(d)		0.67	^(e)		0.67	^(e)		(0.25	)^(e)		9,992		83	^(d)
	(37.91	)		0.66			0.66			(0.24	)		9,706		146
	38.13			0.64			0.64			(0.36	)		19,722		140
	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

	0.65	^(d)		0.59	^(e)		0.59	^(e)		(0.16	)^(e)		127,824		83	^(d)
	(37.85	)		0.59			0.59			(0.17	)		124,498		146
	38.23			0.58			0.58			(0.30	)		181,524		140
	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		161


	See Notes to Financial Statements.	131

Financial Highlights (unaudited)

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- butions
Class A
4/30/2023^(c)	$	17.07	$	(0.03	)	$	1.15		$	1.12		$	–		$	–		$	–
10/31/2022		21.96		(0.05	)		(3.37	)		(3.42	)		–			(1.47	)		(1.47	)
10/31/2021		19.27		(0.10	)		5.10			5.00			–			(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
4/30/2023^(c)		16.61		(0.09	)		1.11			1.02			–			–			–
10/31/2022		21.56		(0.17	)		(3.31	)		(3.48	)		–			(1.47	)		(1.47	)
10/31/2021		19.09		(0.25	)		5.03			4.78			–			(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
4/30/2023^(c)		17.22		(0.01	)		1.16			1.15			–			–			–
10/31/2022		22.08		–	^(h)		(3.39	)		(3.39	)		–			(1.47	)		(1.47	)
10/31/2021		19.32		(0.05	)		5.12			5.07			–			(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
4/30/2023^(c)		17.23		0.01			1.15			1.16			(0.05	)		–			(0.05	)
10/31/2022		22.07		0.02			(3.39	)		(3.37	)		–			(1.47	)		(1.47	)
10/31/2021		19.33		(0.04	)		5.11			5.07			(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
4/30/2023^(c)		17.21		(0.01	)		1.15			1.14			(0.02	)		–			(0.02	)
10/31/2022		22.07		–	^(h)		(3.39	)		(3.39	)		–			(1.47	)		(1.47	)
10/31/2021		19.32		(0.05	)		5.11			5.06			–			(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
4/30/2023^(c)		16.91		(0.04	)		1.13			1.09			–			–			–
10/31/2022		21.82		(0.09	)		(3.35	)		(3.44	)		–			(1.47	)		(1.47	)
10/31/2021		19.21		(0.15	)		5.07			4.92			–			(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
4/30/2023^(c)		17.07		(0.03	)		1.14			1.11			–			–			–
10/31/2022		21.95		(0.04	)		(3.37	)		(3.41	)		–			(1.47	)		(1.47	)
10/31/2021		19.27		(0.10	)		5.09			4.99			–			(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 (%)

$	18.19		6.56	^(d)		1.03	^{^(e)}		3.59	^(e)		(0.34	)^(e)	$	4,232		45	^(d)
	17.07		(16.29	)		1.03			4.11			(0.26	)		3,177		49
	21.96		28.56			1.03			3.90			(0.50	)		3,507		59
	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)

	17.63		6.14	^(d)		1.78	^(e)		4.30	^(e)		(1.12	)^(e)		1,151		45	^(d)
	16.61		(16.91	)		1.78			4.85			(1.02	)		607		49
	21.56		27.57			1.78			4.62			(1.25	)		786		59
	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)

	18.37		6.68	^(d)		0.78	^(e)		3.47	^(e)		(0.09	)^(e)		237		45	^(d)
	17.22		(16.05	)		0.78			3.97			0.01			373		49
	22.08		28.88			0.78			3.63			(0.23	)		587		59
	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)

	18.34		6.73	^(d)		0.63	^(e)		3.17	^(e)		0.06	^(e)		33		45	^(d)
	17.23		(15.96	)		0.68			3.69			0.09			31		49
	22.07		28.91			0.71			3.55			(0.18	)		40		59
	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)

	18.33		6.65	^(d)		0.78	^(e)		3.32	^(e)		(0.10	)^(e)		39		45	^(d)
	17.21		(16.06	)		0.78			3.85			(0.03	)		15		49
	22.07		28.82			0.78			3.66			(0.25	)		20		59
	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)

	18.00		6.45	^(d)		1.28	^(e)		3.77	^(e)		(0.48	)^(e)		26		45	^(d)
	16.91		(16.50	)		1.28			4.35			(0.52	)		11		49
	21.82		28.19			1.28			4.17			(0.75	)		15		59
	19.21		32.76			1.28			6.53			(0.57	)		13		114
	14.47		(3.53	)^(d)		1.28	^(e)		9.36	^(e)		(0.64	)^(e)		10		16	^(d)

	18.18		6.50	^(d)		1.03	^(e)		3.59	^(e)		(0.35	)^(e)		12		45	^(d)
	17.07		(16.25	)		1.03			4.10			(0.26	)		11		49
	21.95		28.50			1.03			3.92			(0.50	)		15		59
	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 (unaudited)(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- butions
Class R5
4/30/2023^(c)	$	17.21	$	(0.01	)	$	1.15		$	1.14		$	(0.02	)	$	–		$	(0.02	)
10/31/2022		22.07		–	^(h)		(3.39	)		(3.39	)		–			(1.47	)		(1.47	)
10/31/2021		19.32		(0.05	)		5.12			5.07			(0.01	)		(2.31	)		(2.32	)
10/31/2020		14.49		(0.01	)		4.85			4.84			(0.01	)		–			(0.01	)
7/26/2019 to 10/31/2019^(f)(g)		15.00		(0.01	)		(0.50	)		(0.51	)		–			–			–
Class R6
4/30/2023^(c)		17.24		–	^(h)		1.16			1.16			(0.05	)		–			(0.05	)
10/31/2022		22.08		0.01			(3.38	)		(3.37	)		–			(1.47	)		(1.47	)
10/31/2021		19.34		(0.04	)		5.11			5.07			(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 is 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 (%)

$	18.33		6.65	^(d)		0.78	^(e)		3.35	^(e)		(0.10	)^(e)	$	12		45	^(d)
	17.21		(16.06	)		0.78			3.84			(0.01	)		11		49
	22.07		28.86			0.78			3.67			(0.24	)		15		59
	19.32		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)

	18.35		6.73	^(d)		0.63	^(e)		3.18	^(e)		0.05	^(e)		2,152		45	^(d)
	17.24		(15.95	)		0.68			3.68			0.08			2,198		49
	22.08		28.89			0.70			3.48			(0.17	)		2,851		59
	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 (unaudited)

INTERNATIONAL EQUITY FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period			Net invest- ment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2023^(c)	$	11.61		$	0.11	$	1.96		$	2.07		$	(0.25	)	$	–		$	(0.25	)
10/31/2022		17.67			0.26		(4.35	)		(4.09	)		(0.22	)		(1.75	)		(1.97	)
10/31/2021		13.41			0.17		4.27			4.44			(0.18	)		–			(0.18	)
10/31/2020		13.19			0.12		0.30			0.42			(0.20	)		–			(0.20	)
10/31/2019		12.18			0.18		1.08			1.26			(0.25	)		–			(0.25	)
10/31/2018		14.10			0.19		(1.83	)		(1.64	)		(0.28	)		–			(0.28	)
Class C
4/30/2023^(c)		11.53			0.03		1.99			2.02			(0.13	)		–			(0.13	)
10/31/2022		17.54			0.15		(4.34	)		(4.19	)		(0.07	)		(1.75	)		(1.82	)
10/31/2021		13.31			0.05		4.22			4.27			(0.04	)		–			(0.04	)
10/31/2020		13.08			0.02		0.30			0.32			(0.09	)		–			(0.09	)
10/31/2019		12.02			0.08		1.08			1.16			(0.10	)		–			(0.10	)
10/31/2018		13.92			0.09		(1.82	)		(1.73	)		(0.17	)		–			(0.17	)
Class F
4/30/2023^(c)		11.57			0.10		1.97			2.07			(0.27	)		–			(0.27	)
10/31/2022		17.61			0.25		(4.29	)		(4.04	)		(0.25	)		(1.75	)		(2.00	)
10/31/2021		13.36			0.22		4.22			4.44			(0.19	)		–			(0.19	)
10/31/2020		13.13			0.10		0.35			0.45			(0.22	)		–			(0.22	)
10/31/2019		12.12			0.20		1.08			1.28			(0.27	)		–			(0.27	)
10/31/2018		14.02			0.22		(1.82	)		(1.60	)		(0.30	)		–			(0.30	)
Class F3
4/30/2023^(c)		11.80			0.15		1.98			2.13			(0.29	)		–			(0.29	)
10/31/2022		17.92			0.33		(4.44	)		(4.11	)		(0.26	)		(1.75	)		(2.01	)
10/31/2021		13.59			0.23		4.32			4.55			(0.22	)		–			(0.22	)
10/31/2020		13.36			0.16		0.30			0.46			(0.23	)		–			(0.23	)
10/31/2019		12.32			0.22		1.11			1.33			(0.29	)		–			(0.29	)
10/31/2018		14.25			0.24		(1.86	)		(1.62	)		(0.31	)		–			(0.31	)
Class I
4/30/2023^(c)		11.77			0.13		1.99			2.12			(0.29	)		–			(0.29	)
10/31/2022		17.88			0.31		(4.41	)		(4.10	)		(0.26	)		(1.75	)		(2.01	)
10/31/2021		13.56			0.21		4.32			4.53			(0.21	)		–			(0.21	)
10/31/2020		13.33			0.16		0.30			0.46			(0.23	)		–			(0.23	)
10/31/2019		12.30			0.23		1.08			1.31			(0.28	)		–			(0.28	)
10/31/2018		14.23			0.25		(1.87	)		(1.62	)		(0.31	)		–			(0.31	)
Class P
4/30/2023^(c)		11.63			0.09		1.98			2.07			(0.23	)		–			(0.23	)
10/31/2022		17.69			0.24		(4.37	)		(4.13	)		(0.18	)		(1.75	)		(1.93	)
10/31/2021		13.42			0.09		4.31			4.40			(0.13	)		–			(0.13	)
10/31/2020		13.20			0.09		0.30			0.39			(0.17	)		–			(0.17	)
10/31/2019		12.17			0.16		1.09			1.25			(0.22	)		–			(0.22	)
10/31/2018		14.10			0.14		(1.82	)		(1.68	)		(0.25	)		–			(0.25	)


136	See Notes to Financial Statements.

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

$	13.43		18.03	^(d)		0.97	^(e)		1.00	^(e)		1.64	^(e)	$	150,658		63	^(d)
	11.61		(25.75	)		1.17			1.22			1.89			131,097		87
	17.67		33.15			1.17			1.19			1.04			193,680		58
	13.41		3.23			1.17			1.21			0.90			154,161		77
	13.19		10.64			1.17			1.17			1.43			178,701		88
	12.18		(11.91	)		1.15			1.16			1.34			194,360		124

	13.42		17.54	^(d)		1.73	^(e)		1.77	^(e)		0.48	^(e)		1,918		63	^(d)
	11.53		(26.26	)		1.92			1.97			1.09			4,161		87
	17.54		32.20			1.92			1.94			0.28			7,622		58
	13.31		2.27			1.92			2.00			0.17			6,676		77
	13.08		9.88			1.92			1.92			0.68			10,652		88
	12.02		(12.59	)		1.90			1.92			0.65			12,821		124

	13.37		18.08	^(d)		0.81	^(e)		0.86	^(e)		1.58	^(e)		6,379		63	^(d)
	11.57		(25.57	)		0.96			1.06			1.76			7,986		87
	17.61		33.43			0.96			1.04			1.30			24,909		58
	13.36		3.39			0.96			1.03			0.77			10,435		77
	13.13		10.90			0.96			1.02			1.64			48,782		88
	12.12		(11.77	)		0.92			1.01			1.63			58,347		124

	13.64		18.26	^(d)		0.63	^(e)		0.66	^(e)		2.27	^(e)		11,692		63	^(d)
	11.80		(25.50	)		0.84			0.89			2.39			5,987		87
	17.92		33.57			0.84			0.86			1.38			5,928		58
	13.59		3.53			0.84			0.86			1.23			4,489		77
	13.36		11.13			0.84			0.85			1.76			4,527		88
	12.32		(11.62	)		0.78			0.85			1.73			5,083		124

	13.60		18.19	^(d)		0.70	^(e)		0.75	^(e)		1.96	^(e)		156,451		63	^(d)
	11.77		(25.51	)		0.86			0.97			2.23			121,926		87
	17.88		33.55			0.86			0.94			1.24			170,044		58
	13.56		3.52			0.86			0.94			1.20			179,796		77
	13.33		11.04			0.86			0.92			1.82			198,368		88
	12.30		(11.65	)		0.82			0.91			1.78			277,141		124

	13.47		17.93	^(d)		1.15	^(e)		1.19	^(e)		1.46	^(e)		11		63	^(d)
	11.63		(25.89	)		1.37			1.39			1.71			9		87
	17.69		32.90			1.37			1.39			0.53			13		58
	13.42		2.96			1.37			1.40			0.72			38		77
	13.20		10.50			1.37			1.37			1.25			42		88
	12.17		(12.14	)		1.35			1.36			1.02			40		124


	See Notes to Financial Statements.	137

Financial Highlights (unaudited) (concluded)

INTERNATIONAL EQUITY FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period			Net invest- ment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R2
4/30/2023^(c)	$	11.62		$	0.08	$	1.97		$	2.05		$	(0.21	)	$	–		$	(0.21	)
10/31/2022		17.67			0.22		(4.37	)		(4.15	)		(0.15	)		(1.75	)		(1.90	)
10/31/2021		13.39			0.12		4.25			4.37			(0.09	)		–			(0.09	)
10/31/2020		13.17			0.06		0.32			0.38			(0.16	)		–			(0.16	)
10/31/2019		12.13			0.14		1.08			1.22			(0.18	)		–			(0.18	)
10/31/2018		14.05			0.13		(1.83	)		(1.70	)		(0.22	)		–			(0.22	)
Class R3
4/30/2023^(c)		11.40			0.09		1.94			2.03			(0.22	)		–			(0.22	)
10/31/2022		17.38			0.22		(4.28	)		(4.06	)		(0.17	)		(1.75	)		(1.92	)
10/31/2021		13.20			0.13		4.18			4.31			(0.13	)		–			(0.13	)
10/31/2020		12.98			0.08		0.30			0.38			(0.16	)		–			(0.16	)
10/31/2019		11.98			0.15		1.06			1.21			(0.21	)		–			(0.21	)
10/31/2018		13.87			0.14		(1.79	)		(1.65	)		(0.24	)		–			(0.24	)
Class R4
4/30/2023^(c)		11.55			0.11		1.95			2.06			(0.26	)		–			(0.26	)
10/31/2022		17.58			0.26		(4.33	)		(4.07	)		(0.21	)		(1.75	)		(1.96	)
10/31/2021		13.35			0.18		4.23			4.41			(0.18	)		–			(0.18	)
10/31/2020		13.14			0.11		0.30			0.41			(0.20	)		–			(0.20	)
10/31/2019		12.13			0.18		1.09			1.27			(0.26	)		–			(0.26	)
10/31/2018		14.07			0.19		(1.83	)		(1.64	)		(0.30	)		–			(0.30	)
Class R5
4/30/2023^(c)		11.69			0.12		1.98			2.10			(0.29	)		–			(0.29	)
10/31/2022		17.78			0.21		(4.29	)		(4.08	)		(0.26	)		(1.75	)		(2.01	)
10/31/2021		13.50			0.22		4.27			4.49			(0.21	)		–			(0.21	)
10/31/2020		13.27			0.15		0.31			0.46			(0.23	)		–			(0.23	)
10/31/2019		12.26			0.21		1.08			1.29			(0.28	)		–			(0.28	)
10/31/2018		14.19			0.22		(1.84	)		(1.62	)		(0.31	)		–			(0.31	)
Class R6
4/30/2023^(c)		11.79			0.13		2.00			2.13			(0.29	)		–			(0.29	)
10/31/2022		17.91			0.31		(4.42	)		(4.11	)		(0.26	)		(1.75	)		(2.01	)
10/31/2021		13.58			0.23		4.32			4.55			(0.22	)		–			(0.22	)
10/31/2020		13.35			0.16		0.30			0.46			(0.23	)		–			(0.23	)
10/31/2019		12.32			0.22		1.10			1.32			(0.29	)		–			(0.29	)
10/31/2018		14.24			0.24		(1.85	)		(1.61	)		(0.31	)		–			(0.31	)


^(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.

138	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 (%)

$	13.46		17.81	^(d)		1.31	^(e)		1.35	^(e)			1.30	^(e)	$	175		63	^(d)
	11.62		(25.98	)		1.52			1.58				1.60			143		87
	17.67		32.70			1.52			1.54				0.70			178		58
	13.39		2.86			1.52			1.54				0.46			137		77
	13.17		10.32			1.52			1.52		��		1.09			451		88
	12.13		(12.28	)		1.50			1.52				0.93			375		124

	13.21		17.88	^(d)		1.21	^(e)		1.25	^(e)			1.44	^(e)		5,405		63	^(d)
	11.40		(25.88	)		1.42			1.47				1.63			4,203		87
	17.38		32.81			1.42			1.44				0.80			6,114		58
	13.20		2.92			1.42			1.46				0.67			5,354		77
	12.98		10.39			1.42			1.42				1.21			7,208		88
	11.98		(12.18	)		1.40			1.41				1.05			8,954		124

	13.35		17.98	^(d)		0.96	^(e)		1.00	^(e)			1.68	^(e)		1,600		63	^(d)
	11.55		(25.71	)		1.17			1.23				1.93			1,306		87
	17.58		33.11			1.17			1.19				1.06			1,685		58
	13.35		3.17			1.17			1.20				0.90			1,165		77
	13.14		10.77			1.17			1.17				1.46			1,180		88
	12.13		(11.96	)		1.15			1.16				1.36			948		124

	13.50		18.15	^(d)		0.70	^(e)		0.74	^(e)			1.86	^(e)		21		63	^(d)
	11.69		(25.56	)		0.92			0.96				1.42			14		87
	17.78		33.50			0.92			0.94				1.30			81		58
	13.50		3.39			0.92			0.94				1.18			64		77
	13.27		11.00			0.92			0.92				1.68			81		88
	12.26		(11.68	)		0.90			0.91				1.61			69		124

	13.63		18.27	^(d)		0.64	^(e)		0.67	^(e)			2.02	^(e)		3,257		63	^(d)
	11.79		(25.51	)		0.84			0.88				2.21			2,639		87
	17.91		33.60			0.84			0.86				1.36			4,180		58
	13.58		3.53			0.84			0.86				1.23			2,143		77
	13.35		11.04			0.84			0.85				1.78			2,489		88
	12.32		(11.62	)		0.78			0.85				1.73			2,667		124


	See Notes to Financial Statements.	139

Financial Highlights (unaudited)

INTERNATIONAL OPPORTUNITIES FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2023^(c)	$	14.80	$	0.11		$	3.03		$	3.14		$	(0.27	)	$	–		$	(0.27	)
10/31/2022		21.36		0.19			(6.27	)		(6.08	)		(0.48	)		–			(0.48	)
10/31/2021		15.69		0.20			5.47			5.67			–			–			–
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	)
Class C
4/30/2023^(c)		13.54		0.03			2.80			2.83			(0.13	)		–			(0.13	)
10/31/2022		19.57		0.05			(5.76	)		(5.71	)		(0.32	)		–			(0.32	)
10/31/2021		14.47		0.04			5.06			5.10			–			–			–
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	)
Class F
4/30/2023^(c)		14.67		0.08			3.04			3.12			(0.28	)		–			(0.28	)
10/31/2022		21.19		0.22			(6.23	)		(6.01	)		(0.51	)		–			(0.51	)
10/31/2021		15.53		0.23			5.43			5.66			–			–			–
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	)
Class F3
4/30/2023^(c)		15.41		0.14			3.16			3.30			(0.32	)		–			(0.32	)
10/31/2022		22.22		0.27			(6.54	)		(6.27	)		(0.54	)		–			(0.54	)
10/31/2021		16.26		0.29			5.67			5.96			–			–			–
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	)
Class I
4/30/2023^(c)		15.31		0.13			3.14			3.27			(0.32	)		–			(0.32	)
10/31/2022		22.08		0.24			(6.48	)		(6.24	)		(0.53	)		–			(0.53	)
10/31/2021		16.17		0.26			5.65			5.91			–			–			–
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	)
Class P
4/30/2023^(c)		15.18		0.09			3.12			3.21			(0.23	)		–			(0.23	)
10/31/2022		21.89		0.17			(6.45	)		(6.28	)		(0.43	)		–			(0.43	)
10/31/2021		16.10		0.17			5.62			5.79			–			–			–
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	)

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 (%)

$	17.67		21.42	^(d)		1.23	^(e)		1.26	^(e)		1.30	^(e)	$	98,348		23	^(d)
	14.80		(29.03	)		1.22			1.26			1.10			84,505		70
	21.36		36.14			1.19			1.21			1.00			130,088		74
	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

	16.24		20.98	^(d)		1.99	^(e)		2.01	^(e)		0.43	^(e)		6,560		23	^(d)
	13.54		(29.58	)		1.97			2.00			0.30			7,226		70
	19.57		35.25			1.95			1.96			0.22			14,488		74
	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

	17.51		21.50	^(d)		1.09	^(e)		1.12	^(e)		0.96	^(e)		5,285		23	^(d)
	14.67		(28.93	)		1.07			1.10			1.22			13,570		70
	21.19		36.38			1.05			1.06			1.13			54,601		74
	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

	18.39		21.65	^(d)		0.91	^(e)		0.93	^(e)		1.59	^(e)		27,399		23	^(d)
	15.41		(28.83	)		0.89			0.93			1.47			25,732		70
	22.22		36.65			0.86			0.88			1.36			30,504		74
	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

	18.26		21.56	^(d)		0.98	^(e)		1.01	^(e)		1.56	^(e)		172,656		23	^(d)
	15.31		(28.85	)		0.97			1.01			1.34			153,655		70
	22.08		36.55			0.95			0.96			1.24			193,183		74
	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

	18.16		21.33	^(d)		1.43	^(e)		1.46	^(e)		0.99	^(e)		102		23	^(d)
	15.18		(29.19	)		1.42			1.46			0.93			113		70
	21.89		35.96			1.39			1.41			0.80			140		74
	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

See Notes to Financial Statements.

141

Financial Highlights (unaudited) (concluded)

INTERNATIONAL OPPORTUNITIES FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R2
4/30/2023^(c)	$	14.48	$	0.06	$	2.99		$	3.05		$	(0.22	)	$	–		$	(0.22	)
10/31/2022		20.89		0.13		(6.15	)		(6.02	)		(0.39	)		–			(0.39	)
10/31/2021		15.39		0.12		5.38			5.50			–			–			–
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	)
Class R3
4/30/2023^(c)		14.47		0.09		2.97			3.06			(0.23	)		–			(0.23	)
10/31/2022		20.82		0.15		(6.15	)		(6.00	)		(0.35	)		–			(0.35	)
10/31/2021		15.32		0.10		5.40			5.50			–			–			–
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	)
Class R4
4/30/2023^(c)		14.72		0.11		3.02			3.13			(0.27	)		–			(0.27	)
10/31/2022		21.26		0.19		(6.25	)		(6.06	)		(0.48	)		–			(0.48	)
10/31/2021		15.61		0.18		5.47			5.65			–			–			–
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	)
Class R5
4/30/2023^(c)		15.30		0.13		3.15			3.28			(0.32	)		–			(0.32	)
10/31/2022		22.07		0.24		(6.48	)		(6.24	)		(0.53	)		–			(0.53	)
10/31/2021		16.17		0.14		5.76			5.90			–			–			–
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	)
Class R6
4/30/2023^(c)		15.41		0.14		3.16			3.30			(0.32	)		–			(0.32	)
10/31/2022		22.22		0.26		(6.53	)		(6.27	)		(0.54	)		–			(0.54	)
10/31/2021		16.26		0.24		5.72			5.96			–			–			–
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	)

^(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 is less than $0.01.
^(g)	Amount is less than 0.01%.


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 (%)

$	17.31		21.21	^(d)		1.59	^(e)		1.61	^(e)		0.78	^(e)	$	1,453		23	^(d)
	14.48		(29.28	)		1.57			1.61			0.72			1,913		70
	20.89		35.74			1.55			1.56			0.63			2,771		74
	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

	17.30		21.29	^(d)		1.48	^(e)		1.51	^(e)		1.12	^(e)		5,318		23	^(d)
	14.47		(29.24	)		1.47			1.51			0.84			4,129		70
	20.82		35.90			1.45			1.47			0.51			6,838		74
	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

	17.58		21.42	^(d)		1.23	^(e)		1.26	^(e)		1.30	^(e)		2,124		23	^(d)
	14.72		(29.02	)		1.22			1.26			1.10			1,935		70
	21.26		36.19			1.20			1.22			0.91			2,869		74
	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

	18.26		21.64	^(d)		0.98	^(e)		1.01	^(e)		1.54	^(e)		2,163		23	^(d)
	15.30		(28.88	)		0.97			1.00			1.33			1,877		70
	22.07		36.49			0.95			0.97			0.70			3,283		74
	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

	18.39		21.65	^(d)		0.91	^(e)		0.93	^(e)		1.62	^(e)		18,083		23	^(d)
	15.41		(28.83	)		0.89			0.93			1.42			15,946		70
	22.22		36.65			0.87			0.89			1.14			25,184		74
	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


	See Notes to Financial Statements.	143

Financial Highlights (unaudited)

INTERNATIONAL VALUE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class A
4/30/2023^(c)	$	6.14	$	0.07	$	1.28		$	1.35		$	(0.07	)	$	7.42
10/31/2022		8.00		0.26		(1.79	)		(1.53	)		(0.33	)		6.14
10/31/2021		6.03		0.21		1.98			2.19			(0.22	)		8.00
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
Class C
4/30/2023^(c)		6.09		0.04		1.28			1.32			(0.04	)		7.37
10/31/2022		7.93		0.22		(1.79	)		(1.57	)		(0.27	)		6.09
10/31/2021		5.98		0.15		1.96			2.11			(0.16	)		7.93
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
Class F
4/30/2023^(c)		6.18		0.07		1.29			1.36			(0.07	)		7.47
10/31/2022		8.04		0.31		(1.83	)		(1.52	)		(0.34	)		6.18
10/31/2021		6.06		0.23		1.98			2.21			(0.23	)		8.04
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
Class F3
4/30/2023^(c)		6.19		0.09		1.28			1.37			(0.08	)		7.48
10/31/2022		8.06		0.28		(1.80	)		(1.52	)		(0.35	)		6.19
10/31/2021		6.07		0.24		1.99			2.23			(0.24	)		8.06
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
Class I
4/30/2023^(c)		6.19		0.08		1.30			1.38			(0.08	)		7.49
10/31/2022		8.06		0.32		(1.84	)		(1.52	)		(0.35	)		6.19
10/31/2021		6.07		0.25		1.98			2.23			(0.24	)		8.06
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

144	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 (%)

	22.04	^(d)		1.01	^(e)		1.06	^(e)		2.09	^(e)	$	211,458		28	^(d)
	(19.56	)		1.12			1.18			3.66			181,412		67
	36.44			1.12			1.14			2.73			242,422		61
	(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

	21.70	^(d)		1.76	^(e)		1.82	^(e)		1.26	^(e)		4,099		28	^(d)
	(20.19	)		1.87			1.93			3.00			5,037		67
	35.37			1.87			1.89			1.88			10,707		61
	(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

	22.13	^(d)		0.85	^(e)		0.92	^(e)		2.05	^(e)		6,396		28	^(d)
	(19.45	)		0.92			1.02			4.11			9,803		67
	36.78			0.92			0.99			2.93			29,094		61
	(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

	22.17	^(d)		0.68	^(e)		0.72	^(e)		2.45	^(e)		29,857		28	^(d)
	(19.32	)		0.80			0.87			3.92			22,938		67
	36.87			0.79			0.83			3.06			25,103		61
	(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

	22.33	^(d)		0.75	^(e)		0.81	^(e)		2.37	^(e)		144,089		28	^(d)
	(19.33	)		0.82			0.91			4.23			117,542		67
	36.86			0.82			0.89			3.14			334,988		61
	(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

See Notes to Financial Statements.

145

Financial Highlights (unaudited)(concluded)

INTERNATIONAL VALUE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net asset value, end of period
Class R2
4/30/2023^(c)	$	6.30	$	0.07	$	1.31		$	1.38		$	(0.06	)	$	7.62
10/31/2022		8.21		0.21		(1.81	)		(1.60	)		(0.31	)		6.30
10/31/2021		6.18		0.19		2.03			2.22			(0.19	)		8.21
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
Class R3
4/30/2023^(c)		6.22		0.07		1.28			1.35			(0.06	)		7.51
10/31/2022		8.09		0.24		(1.80	)		(1.56	)		(0.31	)		6.22
10/31/2021		6.10		0.20		1.99			2.19			(0.20	)		8.09
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
Class R4
4/30/2023^(c)		6.12		0.08		1.27			1.35			(0.07	)		7.40
10/31/2022		7.98		0.27		(1.80	)		(1.53	)		(0.33	)		6.12
10/31/2021		6.01		0.24		1.95			2.19			(0.22	)		7.98
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
Class R5
4/30/2023^(c)		6.16		0.08		1.29			1.37			(0.08	)		7.45
10/31/2022		8.03		0.27		(1.79	)		(1.52	)		(0.35	)		6.16
10/31/2021		6.05		0.24		1.98			2.22			(0.24	)		8.03
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
Class R6
4/30/2023^(c)		6.19		0.08		1.29			1.37			(0.08	)		7.48
10/31/2022		8.06		0.29		(1.81	)		(1.52	)		(0.35	)		6.19
10/31/2021		6.07		0.24		1.99			2.23			(0.24	)		8.06
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

^(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.

146	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 (%)

	21.91	^(d)		1.34	^(e)		1.40	^(e)		1.83	^(e)	$	70		28	^(d)
	(19.92	)		1.47			1.55			2.95			44		67
	36.04			1.47			1.49			2.37			27		61
	(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

	21.76	^(d)		1.26	^(e)		1.31	^(e)		1.84	^(e)		7,008		28	^(d)
	(19.67	)		1.37			1.43			3.36			6,003		67
	36.00			1.37			1.39			2.50			6,840		61
	(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

	22.12	^(d)		1.01	^(e)		1.06	^(e)		2.21	^(e)		167		28	^(d)
	(19.62	)		1.12			1.18			3.70			109		67
	36.35			1.12			1.14			2.98			153		61
	(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

	22.27	^(d)		0.74	^(e)		0.79	^(e)		2.27	^(e)		11		28	^(d)
	(19.40	)		0.87			0.93			3.69			14		67
	36.82			0.87			0.88			3.09			15		61
	(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

	22.17	^(d)		0.68	^(e)		0.72	^(e)		2.39	^(e)		1,624		28	^(d)
	(19.32	)		0.80			0.87			3.97			1,374		67
	36.87			0.79			0.83			3.06			1,375		61
	(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


	See Notes to Financial Statements.	147

Financial Highlights (unaudited)

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 (loss)			Total from investment operations			Net realized gain			Net asset value, end of period
Class A
4/30/2023^(c)	$	13.86	$	(0.08	)	$	0.07		$	(0.01	)	$	–		$	13.85
10/31/2022		19.36		(0.13	)		(5.37	)		(5.50	)		–			13.86
10/31/2021		17.51		(0.25	)		7.18			6.93			(5.08	)		19.36
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
Class C
4/30/2023^(c)		16.70		(0.15	)		0.07			(0.08	)		–			16.62
10/31/2022		23.49		(0.30	)		(6.49	)		(6.79	)		–			16.70
10/31/2021		20.44		(0.49	)		8.62			8.13			(5.08	)		23.49
8/28/2020 to 10/31/2020^(f)		20.16		(0.07	)		0.35			0.28			–			20.44
Class F
4/30/2023^(c)		17.07		(0.07	)		0.07			–	^(g)		–			17.07
10/31/2022		23.77		(0.12	)		(6.58	)		(6.70	)		–			17.07
10/31/2021		20.47		(0.25	)		8.63			8.38			(5.08	)		23.77
8/28/2020 to 10/31/2020^(f)		20.16		(0.04	)		0.35			0.31			–			20.47
Class I
4/30/2023^(c)		17.07		(0.07	)		0.07			–	^(g)		–			17.07
10/31/2022		23.77		(0.12	)		(6.58	)		(6.70	)		–			17.07
10/31/2021		20.47		(0.24	)		8.62			8.38			(5.08	)		23.77
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


^(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.
^(g)	Amount is less than $0.01.
^(h)	Amount is less than 0.01%.


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 (%)

	(0.07	)^(d)		1.37	^(e)		1.38	^(e)		(1.13	)^(e)	$	34,540		59	^(d)
	(28.41	)		1.40			1.41			(0.91	)		36,107		87
	47.12			1.36			1.37			(1.29	)		61,063		102
	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

	(0.48	)^(d)		2.12	^(e)		2.13	^(e)		(1.88	)^(e)		6,246		59	^(d)
	(28.91	)		2.15			2.16			(1.66	)		6,827		87
	46.03			2.12			2.13			(2.05	)		13,532		102
	1.29	^(d)		2.03	^(e)		2.05	^(e)		(1.91	)^(e)		849		115	^(d)

	–	^(d)(h)		1.12	^(e)		1.23	^(e)		(0.88	)^(e)		21,571		59	^(d)
	(28.19	)		1.15			1.25			(0.63	)		41,545		87
	47.39			1.12			1.22			(1.05	)		167,300		102
	1.49	^(d)		1.10	^(e)		1.20	^(e)		(0.97	)^(e)		12,089		115	^(d)

	–	^(d)(h)		1.12	^(e)		1.13	^(e)		(0.88	)^(e)		159,087		59	^(d)
	(28.19	)		1.15			1.16			(0.68	)		149,122		87
	47.39			1.11			1.12			(1.03	)		155,420		102
	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


	See Notes to Financial Statements.	149

Financial Highlights (unaudited)

VALUE OPPORTUNITIES FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
4/30/2023^(c)	$	16.91	$	0.04		$	0.43		$	0.47		$	(0.11	)	$	(1.34	)	$	(1.45	)
10/31/2022		23.70		0.10			(4.01	)		(3.91	)		–			(2.88	)		(2.88	)
10/31/2021		16.98		0.01			7.76			7.77			(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	)
Class C
4/30/2023^(c)		13.75		(0.01	)		0.34			0.33			–			(1.34	)		(1.34	)
10/31/2022		19.92		(0.03	)		(3.26	)		(3.29	)		–			(2.88	)		(2.88	)
10/31/2021		14.47		(0.13	)		6.58			6.45			–			(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	)
Class F
4/30/2023^(c)		17.45		0.06			0.44			0.50			(0.13	)		(1.34	)		(1.47	)
10/31/2022		24.37		0.14			(4.15	)		(4.01	)		(0.03	)		(2.88	)		(2.91	)
10/31/2021		17.42		0.04			7.98			8.02			(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	)
Class F3
4/30/2023^(c)		18.11		0.07			0.46			0.53			(0.16	)		(1.34	)		(1.50	)
10/31/2022		25.16		0.18			(4.29	)		(4.11	)		(0.06	)		(2.88	)		(2.94	)
10/31/2021		17.95		0.09			8.21			8.30			(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	)
Class I
4/30/2023^(c)		17.93		0.07			0.45			0.52			(0.16	)		(1.34	)		(1.50	)
10/31/2022		24.95		0.15			(4.24	)		(4.09	)		(0.05	)		(2.88	)		(2.93	)
10/31/2021		17.82		0.06			8.16			8.22			(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	)
Class P
4/30/2023^(c)		16.38		0.02			0.41			0.43			(0.07	)		(1.34	)		(1.41	)
10/31/2022		23.08		0.06			(3.88	)		(3.82	)		–			(2.88	)		(2.88	)
10/31/2021		16.55		(0.03	)		7.56			7.53			(–	)^(f)		(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	)


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 (%)

$	15.93		2.76	^(d)		1.18	^(e)		1.18	^(e)		0.52	^(e)	$	599,392		11	^(d)
	16.91		(19.11	)		1.16			1.16			0.53			633,570		40
	23.70		47.52			1.15			1.15			0.04			851,298		56
	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

	12.74		2.35	^(d)		1.93	^(e)		1.93	^(e)		(0.20	)^(e)		35,367		11	^(d)
	13.75		(19.70	)		1.91			1.91			(0.22	)		45,211		40
	19.92		46.42			1.90			1.90			(0.70	)		76,310		56
	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

	16.48		2.85	^(d)		1.03	^(e)		1.03	^(e)		0.69	^(e)		38,398		11	^(d)
	17.45		(19.01	)		1.01			1.01			0.71			76,594		40
	24.37		47.76			1.00			1.00			0.19			189,251		56
	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

	17.14		2.92	^(d)		0.83	^(e)		0.83	^(e)		0.86	^(e)		188,706		11	^(d)
	18.11		(18.83	)		0.82			0.82			0.87			194,437		40
	25.16		48.05			0.81			0.81			0.38			255,539		56
	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

	16.95		2.88	^(d)		0.93	^(e)		0.93	^(e)		0.77	^(e)		252,920		11	^(d)
	17.93		(18.88	)		0.91			0.91			0.75			246,040		40
	24.95		47.93			0.89			0.89			0.28			412,964		56
	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

	15.40		2.64	^(d)		1.38	^(e)		1.38	^(e)		0.31	^(e)		12,206		11	^(d)
	16.38		(19.25	)		1.36			1.36			0.33			12,663		40
	23.08		47.19			1.35			1.35			(0.16	)		17,141		56
	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


	See Notes to Financial Statements.	151

Financial Highlights (unaudited)(concluded)

VALUE OPPORTUNITIES FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R2
4/30/2023^(c)	$	15.78	$	0.01		$	0.40		$	0.41		$	(0.05	)	$	(1.34	)	$	(1.39	)
10/31/2022		22.37		0.03			(3.74	)		(3.71	)		–			(2.88	)		(2.88	)
10/31/2021		16.09		(0.06	)		7.34			7.28			–			(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	)
Class R3
4/30/2023^(c)		16.10		0.02			0.41			0.43			(0.07	)		(1.34	)		(1.41	)
10/31/2022		22.75		0.05			(3.82	)		(3.77	)		–			(2.88	)		(2.88	)
10/31/2021		16.33		(0.04	)		7.46			7.42			–			(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	)
Class R4
4/30/2023^(c)		16.89		0.04			0.43			0.47			(0.11	)		(1.34	)		(1.45	)
10/31/2022		23.67		0.10			(4.00	)		(3.90	)		–			(2.88	)		(2.88	)
10/31/2021		16.95		0.01			7.75			7.76			(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	)
Class R5
4/30/2023^(c)		17.94		0.06			0.46			0.52			(0.16	)		(1.34	)		(1.50	)
10/31/2022		24.97		0.16			(4.26	)		(4.10	)		(0.05	)		(2.88	)		(2.93	)
10/31/2021		17.83		0.06			8.17			8.23			(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	)
Class R6
4/30/2023^(c)		18.10		0.07			0.45			0.52			(0.16	)		(1.34	)		(1.50	)
10/31/2022		25.14		0.18			(4.28	)		(4.10	)		(0.06	)		(2.88	)		(2.94	)
10/31/2021		17.93		0.09			8.21			8.30			(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	)


^(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 is less than $0.01.


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 (%)

$	14.80		2.58	^(d)		1.53	^(e)		1.53	^(e)		0.16	^(e)	$	4,312		11	^(d)
	15.78		(19.38	)		1.51			1.51			0.19			4,433		40
	22.37		47.03			1.50			1.50			(0.30	)		5,845		56
	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

	15.12		2.63	^(d)		1.43	^(e)		1.43	^(e)		0.27	^(e)		29,165		11	^(d)
	16.10		(19.31	)		1.41			1.41			0.28			31,104		40
	22.75		47.20			1.40			1.40			(0.20	)		42,047		56
	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

	15.91		2.76	^(d)		1.18	^(e)		1.18	^(e)		0.51	^(e)		28,024		11	^(d)
	16.89		(19.09	)		1.16			1.16			0.53			29,341		40
	23.67		47.50			1.15			1.15			0.04			42,666		56
	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

	16.96		2.87	^(d)		0.93	^(e)		0.93	^(e)		0.75	^(e)		925		11	^(d)
	17.94		(18.91	)		0.91			0.91			0.77			1,247		40
	24.97		47.87			0.90			0.90			0.28			2,066		56
	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

	17.12		2.86	^(d)		0.83	^(e)		0.83	^(e)		0.84	^(e)		34,495		11	^(d)
	18.10		(18.80	)		0.82			0.82			0.88			32,138		40
	25.14		48.02			0.81			0.81			0.39			44,123		56
	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


	See Notes to Financial Statements.	153

Notes to Financial Statements

1.	ORGANIZATION

Lord Abbett Securities Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and was organized as a Delaware statutory trust on February 26, 1993.

As of April 30, 2023, the Trust currently consists of thirteen funds. All funds are diversified except Lord Abbett Focused Growth Fund and Lord Abbett Focused Large Cap Value Fund. This report covers the following thirteen funds (separately, a “Fund” and collectively, the “Funds”) and their respective active share classes:

Funds		Classes
Lord Abbett Alpha Strategy Fund (“Alpha Strategy Fund”)		A, C, F, F3, I, R2, 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 Fund (“Global Equity 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 Focused Large Cap Value Fund’s, Global Equity Fund’s, Health Care Fund’s and International Equity Fund’s investment objective is to seek long-term capital appreciation. Alpha Strategy Fund’s, Focused Small Cap Value Fund’s, International Opportunities Fund’s, Micro Cap Growth Fund’s and Value Opportunities Fund’s investment objective is long-term capital appreciation. Fundamental Equity Fund’s investment objective is long-term growth of capital and income without excessive fluctuations in market value. 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. Alpha Strategy Fund invests principally in other funds (“Underlying Funds”) managed by Lord, Abbett & Co. LLC (“Lord Abbett”).

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 day thereafter) following the eighth anniversary of the month on which the purchase order was

154

Notes to Financial Statements (continued)

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”), the Board has designated the determination of fair value of the Funds’ portfolio investments to Lord Abbett as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, 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”). When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued 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 ask 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 ask prices is used. 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 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 periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and

155

Notes to Financial Statements (continued)

	assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

	Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.

(b)	Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains (losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(c)	Investment Income–Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other, if applicable, 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, 2019 through October 31, 2022. 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 each Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss) if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies on each Fund’s Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain (loss) on foreign currency related transactions on 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.

156

Notes to Financial Statements (continued)

	Each Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts’ terms.

(g)	Forward Foreign Currency Exchange Contracts–Each Fund may enter into forward foreign currency exchange contracts in order to reduce exposure to changes in foreign currency exchange rates on 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), if applicable, is included in Net change in unrealized appreciation/depreciation on forward 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 forward foreign currency in U.S. dollars upon closing of such contracts is included, if applicable, in Net realized gain (loss) on forward foreign currency exchange contracts 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 the Funds called “variation margin” are made on a daily basis as the market price of the futures contract fluctuates. Each Fund will record an unrealized gain (loss) based on the amount of variation margin. When a contract is closed, a realized gain (loss) is recorded equal to the difference between the opening and closing value of the contract.

(i)	Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

(j)	When-Issued or Forward Transactions–Each Fund may purchase portfolio securities on a when-issued or forward basis. When-issued or forward transactions involve a commitment by a Fund to purchase securities, with payment and delivery (“settlement”) to take place in the future, in order to secure what is considered to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient to make payment at settlement will be segregated at each Fund’s custodian in order to pay for the commitment. At the time each Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect the liability for the purchase and fair value of the security in

157

Notes to Financial Statements (continued)

	determining its NAV. Each Fund, generally, has the ability to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances will settlement for such securities take place more than 120 days after the purchase date.

(k)	Total Return Swap Contracts–Each Fund may enter into total return swap contract 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 contract. If the value of the asset underlying a total return swap contract declines over the term of the swap contract, each Fund also may be required to pay an amount equal to that decline in value to their counterparty.

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

●	Level 1 –	unadjusted quoted prices in active markets for identical investments;

●	Level 2 –	other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and

●	Level 3 –	significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

	A summary of inputs used in valuing each Fund’s investments and other financial instruments as of April 30, 2023 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.

(m)	Foreign Taxes–The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividend, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable tax regulations and rates that exist in foreign jurisdictions which each Fund invests. These foreign

158

Notes to Financial Statements (continued)

	taxes, if any, are paid by each Fund and reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income, foreign taxes on stock dividends are presented as a reduction of dividends, and foreign tax on gains from sales of investments and foreign taxes on currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2023, if any, are disclosed on the Statements of Assets and Liabilities.

	The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction applicable to the laws, payment history and market convention. The Statement of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

3.	MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

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

The management fee is based on each Fund’s average daily net assets at the following annual rates:

Alpha Strategy Fund*

.10

*	Lord Abbett is voluntarily waiving the entire management fee of .10%. Lord Abbett may discontinue the voluntary waiver at any time without notice.

Focused Growth Fund
First $1 billion	.65	%
Next $1 billion	.63	%
Next $5 billion	.60	%
Over $7 billion	.59	%
Focused Large Cap Value Fund
First $1 billion	.59	%
Over $1 billion	.53	%
Focused Small Cap Value Fund	.80	%
Fundamental Equity Fund
First $200 million	.75	%
Next $300 million	.65	%
Over $500 million	.50	%
Global Equity Fund
First $1 billion	.45	%
Next $2 billion	.43	%
Over $3 billion	.41	%
Growth Leaders Fund
First $2 billion	.55	%
Over $2 billion	.50	%

159

Notes to Financial Statements (continued)

Health Care Fund
First $1 billion	.62	%
Over $1 billion	.51	%
International Equity Fund⁽¹⁾
First $1 billion	.45	%
Over $1 billion	.40	%
International Opportunities Fund
First $1 billion	.75	%
Next $1 billion	.70	%
Over $2 billion	.65	%
International Value Fund⁽¹⁾
First $1 billion	.50	%
Over $1 billion	.48	%
Micro Cap Growth Fund	.90	%
Value Opportunities Fund
First $1 billion	.75	%
Next $1 billion	.70	%
Next $3 billion	.65	%
Over $5 billion	.58	%

⁽¹⁾	Prior to December 9, 2022 the management fee is based on the Fund’s average daily net assets at the following annual rates:

First $1 billion	.70	%
Next $1 billion	.65	%
Over $2 billion	.60	%

For the six months ended April 30, 2023, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund’s average daily net assets:

	Net Effective Management Fee
Alpha Strategy Fund		.00	%
Focused Growth Fund		.04	%
Focused Large Cap Value Fund		.00	%
Focused Small Cap Value Fund		.77	%
Fundamental Equity Fund		.55	%
Global Equity Fund		.00	%
Growth Leaders Fund		.52	%
Health Care Fund		.00	%
International Equity Fund		.49	%
International Opportunities Fund		.75	%
International Value Fund		.52	%
Micro Cap Growth Fund		.90	%
Value Opportunities Fund		.74	%

160

Notes to Financial Statements (continued)

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 0.04% of each Fund’s average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived the following fund administration fees for the six months ended April 30, 2023.

Fund	Fund Administration Fee
Alpha Strategy Fund	$	4,362
Focused Growth Fund		2,028
Focused Large Cap Value Fund		6,164
Focused Small Cap Value Fund		2,717
Fundamental Equity Fund		6,585
Global Equity Fund		15,810
Growth Leaders Fund		29,176
Health Care Fund		1,072
International Equity Fund		46,770
International Opportunities Fund		40,363
International Value Fund		65,483
Micro Cap Growth Fund		8,078
Value Opportunities Fund		10,403

For the six months ended April 30, 2023 and continuing through February 29, 2024 (unless otherwise noted), Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding certain of the Funds’ expenses to the following annual rates:

	Focused Growth Fund
Classes	Effective March 1, 2023	Prior to March 1, 2023
A, C, P, R2, R3, R4 and R5	.80%	.80%
F and I	.80%	.80%
F3 and R6	.67%	.71%

	Focused Large Cap Value Fund
Classes	Effective March 1, 2023	Prior to March 1, 2023
A, C, P, R2, R3, R4 and R5	.71%	.71%
F and I	.71%	.71%
F3 and R6	.71%	.71%

	Focused Small Cap Value Fund
Classes	Effective March 1, 2023	Prior to March 1, 2023
A, C, P, R2, R3, R4 and R5	1.03%	1.03%
F and I	1.03%	1.03%
F3 and R6	.97%	1.01%

	Global Equity Fund
Classes	Effective March 1, 2023	Prior to March 1, 2023
A, C, P, R2, R3, R4 and R5	.65%	.65%
F and I	.65%	.65%
F3 and R6	.58%	.58%

161

Notes to Financial Statements (continued)

	Health Care Fund
Classes	Effective March 1, 2023	Prior to March 1, 2023
A, C, P, R2, R3, R4 and R5	.78%	.78%
F and I	.78%	.78%
F3 and R6	.61%	.66%

		International Equity Fund
Classes		Prior to March 1, 2023⁽¹⁾
A, C, P, R2, R3, R4 and R5		.92%
F and I		.86%
F3 and R6		.84%

		International Value Fund
Classes		Prior to March 1, 2023⁽¹⁾
A, C, P, R2, R3, R4 and R5		.87%
F and I		.82%
F3 and R6		.81%

⁽¹⁾	Effective March 1, 2023, the contractual fee waiver and expense reimbursement agreement was discontinued.

All contractual fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the 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 distribution and service fees are accrued daily and paid monthly. The following annual rates have been authorized by the Board pursuant to the plan:

Fees*	Class A	Class C	Class F⁽¹⁾⁽²⁾	Class P⁽³⁾	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. sales charge limitations.
⁽¹⁾	The Class F share Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus.
⁽²⁾	For the period ended April 30, 2023 and continuing through February 29, 2024 the Distributor has contractually agreed to waive 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% 12b-1 fee for Class F shares. These agreements may be terminated only by the Fund’s Board.
⁽³⁾	Fundamental Equity Fund, International Equity Fund, International Opportunities Fund and Value Opportunities Fund only.

Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.

162

Notes to Financial Statements (continued)

Commissions

The 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, 2023:

	Distributor Commissions		Dealers’ Concessions
Alpha Strategy Fund	$	14,803	$	83,551
Focused Growth Fund		1,766		10,940
Focused Large Cap Value Fund		3,095		16,941
Focused Small Cap Value Fund		2,339		12,677
Fundamental Equity Fund		23,755		136,764
Global Equity Fund		1,068		5,578
Growth Leaders Fund		176,961		1,014,084
Health Care Fund		1,358		7,933
International Equity Fund		6,507		37,391
International Opportunities Fund		3,613		19,333
International Value Fund		10,555		55,504
Micro Cap Growth Fund		1,260		7,616
Value Opportunities Fund		20,518		116,179

The Distributor received the following amount of CDSCs for the six months ended April 30, 2023:

	Class A		Class C
Alpha Strategy Fund	$	1,871	$	1,083
Focused Growth Fund		–		–
Focused Large Cap Value Fund		–		438
Focused Small Cap Value Fund		600		442
Fundamental Equity Fund		6,244		249
Global Equity Fund		–		5
Growth Leaders Fund		12,267		18,044
Health Care Fund		–		–
International Equity Fund		1,178		40
International Opportunities Fund		60		42
International Value Fund		644		63
Micro Cap Growth Fund		–		43
Value Opportunities Fund		1,260		539

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

Other Related Parties

As of April 30, 2023, the percentage of 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

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

51.72%

–

36.37%

–

27.48%

9.67%

Multi-Asset Balanced Opportunity Fund

–

19.13%

3.24%

26.75%

–

19.64%

–

Multi-Asset Income Fund

–

5.01%

0.73%

13.57%

–

9.22%

–

163

Notes to Financial Statements (continued)

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, Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Fundamental Equity Fund, Global Equity Fund, Growth Leaders Fund, Health Care Fund, International Equity Fund, International Opportunities Fund, Micro Cap Growth Fund and Value Opportunities Fund. Taxable net realized gains from investment transactions, reduced by allowable capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions that exceed earnings and profits for tax purposes are reported as a tax return of capital.

The tax character of distributions paid during the six months ended April 30, 2023 and fiscal year ended October 31, 2022 was as follows:

	Alpha Strategy Fund				Focused Growth Fund
	Six Months Ended 04/30/2023 (unaudited)		Year Ended 10/31/2022		Six Months Ended 04/30/2023 (unaudited)		Year Ended 10/31/2022
Distributions paid from:
Ordinary Income	$	2,380,901	$	12,006,583	$	–	$	5,658,041
Net long-term capital gains		39,370,188		32,798,605		–		1,575,680
Total distributions paid	$	41,751,089	$	44,805,188	$	–	$	7,233,721

	Focused Large Cap Value Fund				Focused Small Cap Value Fund
	Six Months Ended 04/30/2023 (unaudited)		Year Ended 10/31/2022		Six Months Ended 04/30/2023 (unaudited)		Year Ended 10/31/2022
Distributions paid from:
Ordinary Income	$	249,971	$	126,421,078	$	748,091	$	13,325,327
Net long-term capital gains		–		25,264,481		4,263,823		8,108,524
Return of capital		5,968,217		–		–		–
Total distributions paid	$	6,218,188	$	151,685,559	$	5,011,914	$	21,433,851

	Fundamental Equity Fund				Global Equity Fund
	Six Months Ended 04/30/2023 (unaudited)		Year Ended 10/31/2022		Six Months Ended 04/30/2023 (unaudited)		Year Ended 10/31/2022
Distributions paid from:
Ordinary Income	$	23,756,230	$	19,219,878	$	89,173	$	965,362
Net long-term capital gains		79,919,869		209,608,998		–		660,919
Total distributions paid	$	103,676,099	$	228,828,876	$	89,173	$	1,626,281

164

Notes to Financial Statements (continued)

	Growth Leaders Fund				Health Care Fund
	Six Months Ended 04/30/2023 (unaudited)		Year Ended 10/31/2022		Six Months Ended 04/30/2023 (unaudited)		Year Ended 10/31/2022
Distributions paid from:
Ordinary Income	$	–	$	684,518,562	$	6,131	$	143,097
Net long-term capital gains		–		1,278,899,243		–		385,484
Total distributions paid	$	–	$	1,963,417,805	$	6,131	$	528,581

	International Equity Fund				International Opportunities Fund
	Six Months Ended 04/30/2023 (unaudited)		Year Ended 10/31/2022		Six Months Ended 04/30/2023 (unaudited)		Year Ended 10/31/2022
Distributions paid from:
Ordinary Income	$	6,337,912	$	5,415,746	$	5,793,915	$	10,755,670
Net long-term capital gains		–		40,771,804		–		–
Total distributions paid	$	6,337,912	$	46,187,550	$	5,793,915	$	10,755,670

	International Value Fund				Micro Cap Growth Fund
	Six Months Ended 04/30/2023 (unaudited)		Year Ended 10/31/2022		Six Months Ended 04/30/2023 (unaudited)		Year Ended 10/31/2022
Distributions paid from:
Ordinary Income	$	3,892,942	$	25,093,884	$	–	$	–
Net long-term capital gains		–		–		–		–
Total distributions paid	$	3,892,942	$	25,093,884	$	–	$	–

					Value Opportunities Fund
					Six Months Ended 04/30/2023 (unaudited)		Year Ended 10/31/2022
Distributions paid from:
Ordinary Income					$	9,033,085	$	27,557,855
Net long-term capital gains						100,780,285		205,400,944
Total distributions paid					$	109,813,370	$	232,958,799

As of April 30, 2023, the following funds had capital losses, which will carry forward indefinitely:

	Indefinite
Focused Growth Fund	$	6,696,934
Growth Leaders Fund		940,969,073
Health Care Fund		769,440
International Equity Fund		3,203,219
International Opportunities Fund		30,956,850
International Value Fund		407,584,116
Micro Cap Growth Fund		71,214,351

As of April 30, 2023, 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			Focused Growth Fund			Focused Large Cap Value Fund
Tax cost	$	692,075,052		$	27,835,577		$	21,297,725
Gross unrealized gain		15,251,821			2,811,743			1,229,938
Gross unrealized loss		(87,600,408	)		(586,786	)		(1,031,832	)
Net unrealized security gain/(loss)	$	(72,348,587	)	$	2,224,957		$	198,106

165

Notes to Financial Statements (continued)

	Focused Small Cap Value Fund			Fundamental Equity Fund			Global Equity Fund
Tax cost	$	115,786,042		$	1,630,693,547		$	13,694,602
Gross unrealized gain		14,058,276			364,771,403			1,461,357
Gross unrealized loss		(13,673,196	)		(87,983,699	)		(346,784	)
Net unrealized security gain/(loss)	$	385,080		$	276,787,704		$	1,114,573

	Growth Leaders Fund			Health Care Fund			International Equity Fund
Tax cost	$	4,920,469,693		$	6,848,071		$	313,240,390
Gross unrealized gain		418,875,339			1,207,832			35,651,988
Gross unrealized loss		(234,634,924	)		(152,229	)		(4,802,851	)
Net unrealized security gain/(loss)	$	184,240,415		$	1,055,603		$	30,849,137

	International Opportunities Fund			International Value Fund			Micro Cap Growth Fund
Tax cost	$	337,967,327		$	399,538,906		$	184,232,526
Gross unrealized gain		27,122,441			19,589,995			48,290,072
Gross unrealized loss		(26,058,946	)		(9,097,544	)		(6,370,151	)
Net unrealized security gain/(loss)	$	1,063,495		$	10,492,451		$	41,919,921

	Value Opportunities Fund
Tax cost	$	1,103,939,781
Gross unrealized gain		221,765,093
Gross unrealized loss		(103,387,882	)
Net unrealized security gain/(loss)	$	118,377,211

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, 2023 were as follows:

	Purchases		Sales
Alpha Strategy Fund	$	24,919,256	$	76,804,124
Focused Growth Fund		39,875,148		42,591,180
Focused Large Cap Value Fund		8,553,196		5,683,427
Focused Small Cap Value Fund		38,724,325		58,342,477
Fundamental Equity Fund		326,484,229		383,912,512
Global Equity Fund		8,806,594		4,581,246
Growth Leaders Fund		4,236,948,524		4,824,314,518
Health Care Fund		4,012,425		3,083,873
International Equity Fund		202,115,143		191,632,536
International Opportunities Fund		72,715,859		99,231,655
International Value Fund		104,949,683		116,122,688
Micro Cap Growth Fund		131,597,740		144,336,580
Value Opportunities Fund		137,136,146		217,135,861

There were no purchases or sales of U.S. Government securities for the six months ended April 30, 2023.

166

Notes to Financial Statements (continued)

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, 2023, the following Funds engaged in cross trades:

Fund	Purchases		Sales		Gain (Loss		)
Focused Large Cap Value Fund	$	–	$	26,566	$	(1,822	)
Fundamental Equity Fund		–		1,333,454		(45,064	)
International Equity Fund		153,714		–		–
International Value Fund		–		153,714		65,986
Micro Cap Growth Fund		162,819		–		–

6.	DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

The Financial Accounting Standards Board 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 the counterparty. A master netting agreement is an agreement between a fund and the 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:

					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 Agreements	$	454,102	$	–	$	454,102
Total	$	454,102	$	–	$	454,102

	Net Amount 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.	$	454,102	$	–	$	–	$	(454,102	)	$	–
Total	$	454,102	$	–	$	–	$	(454,102	)	$	–

			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 Agreements	$	616,530	$	–	$	616,530
Total	$	616,530	$	–	$	616,530

167

Notes to Financial Statements (continued)

	Net Amount 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.	$	616,530	$	–	$	–	$	(616,530	)	$	–
Total	$	616,530	$	–	$	–	$	(616,530	)	$	–

			Focused Small Cap Value Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements	$	895,549	$	–	$	895,549
Total	$	895,549	$	–	$	895,549

	Net Amount 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.	$	895,549	$	–	$	–	$	(895,549	)	$	–
Total	$	895,549	$	–	$	–	$	(895,549	)	$	–

			Fundamental Equity Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements	$	8,293,599	$	–	$	8,293,599
Total	$	8,293,599	$	–	$	8,293,599

	Net Amount 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.	$	8,293,599	$	–	$	–	$	(8,293,599	)	$	–
Total	$	8,293,599	$	–	$	–	$	(8,293,599	)	$	–

			Global 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 Agreements	$	604,581	$	–	$	604,581
Total	$	604,581	$	–	$	604,581

168

Notes to Financial Statements (continued)

	Net Amount 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.	$	604,581	$	–	$	–	$	(604,581	)	$	–
Total	$	604,581	$	–	$	–	$	(604,581	)	$	–

			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 Agreements	$	112,045,092	$	–	$	112,045,092
Total	$	112,045,092	$	–	$	112,045,092

	Net Amount 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.	$	112,045,092	$	–	$	–	$	(112,045,092	)	$	–
Total	$	112,045,092	$	–	$	–	$	(112,045,092	)	$	–

			Health Care Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements	$	218,896	$	–	$	218,896
Total	$	218,896	$	–	$	218,896

	Net Amount 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.	$	218,896	$	–	$	–	$	(218,896	)	$	–
Total	$	218,896	$	–	$	–	$	(218,896	)	$	–

			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 Agreements	$	14,477,948	$	–	$	14,477,948
Total	$	14,477,948	$	–	$	14,477,948

169

Notes to Financial Statements (continued)

	Net Amount 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.	$	14,477,948	$	–	$	–	$	(14,477,948	)	$	–
Total	$	14,477,948	$	–	$	–	$	(14,477,948	)	$	–

			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 Agreements	$	8,185,007	$	–	$	8,185,007
Total	$	8,185,007	$	–	$	8,185,007

	Net Amount 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.	$	8,185,007	$	–	$	–	$	(8,185,007	)	$	–
Total	$	8,185,007	$	–	$	–	$	(8,185,007	)	$	–

					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 Agreements	$	13,414,192	$	–	$	13,414,192
Total	$	13,414,192	$	–	$	13,414,192

	Net Amount 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.	$	13,414,192	$	–	$	–	$	(13,414,192	)	$	–
Total	$	13,414,192	$	–	$	–	$	(13,414,192	)	$	–

			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 Agreements	$	4,345,716	$	–	$	4,345,716
Total	$	4,345,716	$	–	$	4,345,716

170

Notes to Financial Statements (continued)

	Net Amount 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.	$	4,345,716	$	–	$	–	$	(4,345,716	)	$	–
Total	$	4,345,716	$	–	$	–	$	(4,345,716	)	$	–

			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 Agreements	$	5,038,648	$	–	$	5,038,648
Total	$	5,038,648	$	–	$	5,038,648

	Net Amount 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.	$	5,038,648	$	–	$	–	$	(5,038,648	)	$	–
Total	$	5,038,648	$	–	$	–	$	(5,038,648	)	$	–

^(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, 2023.

7.	TRUSTEES’ REMUNERATION

The Trust’s officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees may elect to defer receipt of a portion of Trustees’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Funds. Such amounts and earnings accrued thereon are included in Trustees’ fees on the Statements of Operations and in Trustees’ fees payable on the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

8.	EXPENSE REDUCTIONS

The Trust has entered into an arrangement with its prior transfer agent and its custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses. The arrangement with the Trust’s prior transfer agent was discontinued effective March 6, 2023.

171

Notes to Financial Statements (continued)

9.	LINE OF CREDIT

For the period ended April 30, 2023, the Funds (except Alpha Strategy Fund), and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) entered into a syndicated line of credit facility with various lenders for $1.625 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, $700 million, or $1 billion, based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended April 30, 2023, the Participating Funds also entered into an additional uncommitted line of credit facility with SSB for $330 million (the “Bilateral Facility”). 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), or $250 million based on past borrowings and likelihood of future borrowings, among other factors.

These credit facilities are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions. For the six months ended April 30, 2023, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

10.

INTERFUND LENDING PROGRAM

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

For the six months ended April 30, 2023, the Funds did not participate as a borrower or lender in the interfund lending program.

11.

CUSTODIAN AND ACCOUNTING AGENT

SSB is the Trust’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.

172

Notes to Financial Statements (continued)

12.

TRANSACTIONS WITH AFFILIATED ISSUERS

An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. Alpha Strategy Fund had the following transactions with affiliated issuers (i.e. the Underlying Funds) during the for the six months ended April 30, 2023:

Affiliated Issuer	Value at 10/31/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Appreciation (Depreciation)			Value at 4/30/2023		Shares as of 4/30/2023		Dividend Income
Lord Abbett Developing Growth Fund, Inc. – Class I	$	130,614,911	$	4,427,495	$	(11,185,916	)	$	(182,437	)	$	(362,927	)	$	123,311,126		5,229,479	$	–
Lord Abbett Securities Trust - Focused Small Cap Value Fund – Class I		66,432,704		2,521,943		(6,397,472	)		447,094	^(a)		88,620			60,992,023		2,389,970		421,077
Lord Abbett Securities Trust – International Opportunities Fund – Class I		127,886,274		2,427,053		(28,194,554	)		(591,303	)		23,554,017			125,081,487		6,850,027		2,427,052
Lord Abbett Securities Trust – Micro Cap Growth Fund - Class I		66,791,628		222,989		(3,821,109	)		665,440			(743,109	)		63,115,839		3,697,471		–
Lord Abbett Research Fund, Inc. – Small–Cap Value Fund – Class I		132,523,683		3,852,845		(15,249,773	)		(1,818,186	)^(b)		7,074,989			123,012,791		7,037,345		482,078
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		131,587,768		11,466,931		(11,955,300	)		7,564,310	^(c)		(5,110,811	)		123,759,097		7,301,422		1,136,520
Total								$	6,084,918		$	24,500,779		$	619,272,363			$	4,466,727


^(a)	Includes $2,100,866 of distributed capital gains.
^(b)	Includes $3,370,767 of distributed capital gains.
^(c)	Includes $9,793,801 of distributed capital gains.

173

Notes to Financial Statements (continued)

13.

SECURITIES LENDING AGREEMENT

The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds’ securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to 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 the borrower becomes 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 each Fund’s Statement 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, 2023 the market value of securities loaned and collateral received for the Funds were as follows:

Funds	Market Value of Securities Loaned			Collateral Received⁽¹⁾
Growth Leaders Fund		$	34,154,235		$	33,518,262
Health Care Fund			151			152
International Equity Fund			6,164,033			6,405,956
International Opportunities Fund			2,166,982			2,258,794
International Value Fund			5,178,791			5,343,030
Micro Cap Value Fund			3,990,583			4,068,603


⁽¹⁾	Statements of Assets and Liabilities location: Payable for collateral due to broker for securities lending.

14.

INVESTMENT RISKS

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

Large company stocks, in which Focused Growth Fund, Focused Large Cap Value Fund, Fundamental Equity Fund, Global Equity 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

174

Notes to Financial Statements (continued)

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, Focused Growth Fund and Growth Leaders Fund employ a growth investing style, Global Equity 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 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, 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.

Alpha Strategy Fund, Global Equity 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’

175

Notes to Financial Statements (continued)

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.

Focused Growth Fund, Focused Large Cap Value Fund, Global Equity Fund and Health Care Fund are newly organized and there can be no assurance that any of these Funds 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 their investment strategies and achieving their investment objectives.

In March 2023, the shut-down of certain financial institutions raised economic concerns over disruption in the U.S. banking system. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system 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 (continued)

quarantines, as well as general concern and uncertainty. The impact of the COVID-19 outbreak has, and could again, 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. Although the long-term economic fallout of COVID-19 is difficult to predict, it has contributed to, and is likely to continue to contribute to, market volatility, inflation and systemic economic weakness. 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, and others, can affect each Fund’s performance.

15.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

Alpha Strategy Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class A Shares	Shares				Amount			Shares				Amount
Shares sold		1,766,212			$	38,686,578			2,656,452			$	65,635,985
Reinvestment of distributions		1,135,557				22,995,033			854,256				23,799,563
Shares reacquired		(3,675,127	)			(79,229,175	)		(2,078,903	)			(50,618,954	)
Increase (decrease)		(773,358	)		$	(17,547,564	)		1,431,805			$	38,816,594

Class C Shares
Shares sold		211,168			$	3,529,719			141,499			$	2,724,217
Reinvestment of distributions		146,133				2,210,989			137,888				2,941,152
Shares reacquired		(991,226	)			(16,014,955	)		(861,355	)			(16,052,650	)
Decrease		(633,925	)		$	(10,274,247	)		(581,968	)		$	(10,387,281	)

Class F Shares
Shares sold		44,206			$	959,321			420,593			$	11,092,347
Reinvestment of distributions		77,672				1,593,824			173,839				4,893,568
Shares reacquired		(627,289	)			(13,840,566	)		(4,069,903	)			(97,297,008	)
Decrease		(505,411	)		$	(11,287,421	)		(3,475,471	)		$	(81,311,093	)

Class F3 Shares
Shares sold		272,108			$	6,156,201			774,631			$	19,864,073
Reinvestment of distributions		151,356				3,208,745			101,791				2,958,048
Shares reacquired		(294,998	)			(6,685,452	)		(462,639	)			(11,557,617	)
Increase		128,466			$	2,679,494			413,783			$	11,264,504

Class I Shares
Shares sold		738,767			$	16,647,393			3,701,667			$	89,286,348
Reinvestment of distributions		197,808				4,169,799			60,169				1,740,705
Shares reacquired		(610,887	)			(13,731,289	)		(664,760	)			(15,948,273	)
Increase		325,688			$	7,085,903			3,097,076			$	75,078,780

177

Notes to Financial Statements (continued)

Alpha Strategy Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class R2 Shares	Shares				Amount			Shares				Amount
Shares sold		1,534			$	31,307			6,219			$	131,828
Reinvestment of distributions		3,138				60,126			2,172				57,439
Shares reacquired		(946	)			(19,369	)		(13,237	)			(338,631	)
Increase (decrease)		3,726			$	72,064			(4,846	)		$	(149,364	)

Class R3 Shares
Shares sold		159,972			$	3,367,640			81,558			$	1,895,361
Reinvestment of distributions		54,501				1,054,054			47,259				1,260,398
Shares reacquired		(166,294	)			(3,466,318	)		(185,565	)			(4,388,762	)
Increase (decrease)		48,179			$	955,376			(56,748	)		$	(1,233,003	)

Class R4 Shares
Shares sold		16,929			$	360,455			43,237			$	1,055,358
Reinvestment of distributions		11,809				238,418			7,709				214,155
Shares reacquired		(28,555	)			(619,056	)		(26,068	)			(644,269	)
Increase (decrease)		183			$	(20,183	)		24,878			$	625,244

Class R5 Shares
Shares sold		849			$	18,989			1,403			$	36,326
Reinvestment of distributions		1,148				24,219			927				26,825
Shares reacquired		(2,427	)			(55,441	)		(2,200	)			(55,978	)
Increase (decrease)		(430	)		$	(12,233	)		130			$	7,173

Class R6 Shares
Shares sold		14,131			$	318,220			16,553			$	443,873
Reinvestment of distributions		5,115				108,434			4,670				135,765
Shares reacquired		(25,720	)			(602,221	)		(26,343	)			(626,939	)
Decrease		(6,474	)		$	(175,567	)		(5,120	)		$	(47,301	)

Focused Growth Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class A Shares	Shares				Amount			Shares				Amount
Shares sold		164,669			$	3,143,218			397,567			$	9,802,654
Reinvestment of distributions		–				–			81,357				2,549,714
Shares reacquired		(155,608	)			(2,981,359	)		(255,242	)			(5,856,512	)
Increase		9,061			$	161,859			223,682			$	6,495,856

Class C Shares
Shares sold		33,558			$	626,341			72,774			$	1,749,670
Reinvestment of distributions		–				–			11,210				342,685
Shares reacquired		(33,796	)			(629,148	)		(40,527	)			(872,229	)
Increase (decrease)		(238	)		$	(2,807	)		43,457			$	1,220,126

Class F Shares
Shares sold		40,304			$	780,359			166,061			$	4,167,826
Reinvestment of distributions		–				–			79,309				2,507,767
Shares reacquired		(200,722	)			(3,809,280	)		(404,634	)			(9,462,265	)
Decrease		(160,418	)		$	(3,028,921	)		(159,264	)		$	(2,786,672	)

178

Notes to Financial Statements (continued)

Focused Growth Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class F3 Shares	Shares				Amount			Shares				Amount
Shares reacquired		(4,897	)		$	(100,000	)		–			$	–
Decrease		(4,897	)		$	(100,000	)		–			$	–

Class I Shares
Shares sold		374,713			$	7,082,761			163,892			$	4,072,166
Reinvestment of distributions		–				–			23,950				757,292
Shares reacquired		(413,185	)			(7,897,192	)		(83,546	)			(2,077,283	)
Increase (decrease)		(38,472	)		$	(814,431	)		104,296			$	2,752,175

Class R3 Shares
Shares sold		6,504			$	124,411			49			$	1,298
Reinvestment of distributions		–				–			–				5
Shares reacquired		(445	)			(8,589	)		(3	)			(67	)
Increase		6,059			$	115,822			46			$	1,236

Class R6 Shares
Shares sold		14,351			$	275,499			79,659			$	2,246,485
Reinvestment of distributions		–				–			351				11,126
Shares reacquired		(3,003	)			(58,242	)		(29,183	)			(862,513	)
Increase		11,348			$	217,257			50,827			$	1,395,098

Focused Large Cap Value Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class A Shares	Shares				Amount			Shares				Amount
Shares sold		384,776			$	4,076,407			525,579			$	7,852,120
Reinvestment of distributions		380,125				3,793,645			119,788				1,829,167
Shares reacquired		(366,368	)			(3,655,079	)		(206,267	)			(2,943,377	)
Increase		398,533			$	4,214,973			439,100			$	6,737,910

Class C Shares
Shares sold		46,762			$	487,028			291,981			$	4,329,108
Reinvestment of distributions		140,112				1,399,720			53,064				810,290
Shares reacquired		(235,269	)			(2,319,251	)		(191,143	)			(2,576,365	)
Increase (decrease)		(48,395	)		$	(432,503	)		153,902			$	2,563,033

Class F Shares
Shares sold		14,920			$	153,005			44,804			$	674,669
Reinvestment of distributions		39,542				402,138			33,125				511,778
Shares reacquired		(119,827	)			(1,242,537	)		(100,527	)			(1,516,121	)
Decrease		(65,365	)		$	(687,394	)		(22,598	)		$	(329,674	)

Class I Shares
Shares sold		478,076			$	5,030,033			10,544,245			$	156,870,840
Reinvestment of distributions		8,800				91,262			9,683,713				148,160,810
Shares reacquired		(31,366	)			(325,746	)		(54,608,514	)			(745,176,296	)
Increase (decrease)		455,510			$	4,795,549			(34,380,556	)		$	(440,144,646	)

179

Notes to Financial Statements (continued)

Focused Large Cap Value Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class R3 Shares	Shares				Amount			Shares				Amount
Shares sold		6,053			$	61,396			5,555			$	84,189
Reinvestment of distributions		2,354				23,467			11				162
Shares reacquired		(357	)			(3,574	)		(81	)			(1,030	)
Increase		8,050			$	81,289			5,485			$	83,321

Class R6 Shares
Shares sold		45,398			$	454,257			39,545			$	600,827
Shares reacquired		(5,280	)			(54,006	)		(21,457	)			(307,987	)
Increase		40,118			$	400,251			18,088			$	292,840

Focused Small Cap Value Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class A Shares	Shares				Amount			Shares				Amount
Shares sold		68,581			$	1,658,704			364,462			$	9,550,692
Reinvestment of distributions		25,989				616,189			73,104				2,071,275
Shares reacquired		(174,009	)			(4,143,983	)		(406,631	)			(9,997,848	)
Increase (decrease)		(79,439	)		$	(1,869,090	)		30,935			$	1,624,119

Class C Shares
Shares sold		5,939			$	151,092			35,376			$	1,059,733
Reinvestment of distributions		4,655				117,495			16,003				483,303
Shares reacquired		(21,443	)			(542,098	)		(63,479	)			(1,726,368	)
Decrease		(10,849	)		$	(273,511	)		(12,100	)		$	(183,332	)

Class F Shares
Shares sold		39,227			$	1,048,653			597,553			$	17,996,358
Reinvestment of distributions		29,167				757,173			203,787				6,291,383
Shares reacquired		(500,240	)			(13,161,044	)		(1,996,037	)			(56,161,721	)
Decrease		(431,846	)		$	(11,355,218	)		(1,194,697	)		$	(31,873,980	)

Class I Shares
Shares sold		328,265			$	8,536,981			525,655			$	13,927,860
Reinvestment of distributions		116,433				3,013,299			358,589				11,058,876
Shares reacquired		(522,417	)			(13,469,063	)		(1,320,013	)			(36,962,298	)
Decrease		(77,719	)		$	(1,918,783	)		(435,769	)		$	(11,975,562	)

Class R5 Shares
Shares sold		382			$	9,968			11,339			$	324,585
Reinvestment of distributions		390				10,094			8				239
Shares reacquired		(3,317	)			(88,718	)		(1,433	)			(39,360	)
Increase (decrease)		(2,545	)		$	(68,656	)		9,914			$	285,464

180

Notes to Financial Statements (continued)

Focused Small Cap Value Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class R6 Shares	Shares				Amount			Shares				Amount
Shares sold		41,169			$	1,070,843			117,432			$	3,526,499
Reinvestment of distributions		9,411				244,121			19,995				617,633
Shares reacquired		(17,373	)			(453,131	)		(77,778	)			(2,126,575	)
Increase		33,207			$	861,833			59,649			$	2,017,557

Fundamental Equity Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class A Shares	Shares				Amount			Shares				Amount
Shares sold		4,793,167			$	59,123,785			4,566,647			$	59,486,639
Reinvestment of distributions		4,811,465				59,132,901			10,960,284				149,498,278
Shares reacquired		(9,865,569	)			(120,845,372	)		(12,095,264	)			(155,887,181	)
Increase (decrease)		(260,937	)		$	(2,588,686	)		3,431,667			$	53,097,736

Class C Shares
Shares sold		452,808			$	4,799,163			570,172			$	6,312,421
Reinvestment of distributions		192,213				2,022,083			577,042				6,791,781
Shares reacquired		(1,490,335	)			(15,458,955	)		(1,805,524	)			(20,089,012	)
Decrease		(845,314	)		$	(8,637,709	)		(658,310	)		$	(6,984,810	)

Class F Shares
Shares sold		211,161			$	2,539,223			751,749			$	9,711,281
Reinvestment of distributions		301,494				3,648,074			1,245,581				16,740,603
Shares reacquired		(3,210,589	)			(39,251,662	)		(6,154,861	)			(77,191,656	)
Decrease		(2,697,934	)		$	(33,064,365	)		(4,157,531	)		$	(50,739,772	)

Class F3 Shares
Shares sold		136,208			$	1,669,841			241,135			$	3,190,729
Reinvestment of distributions		78,825				984,530			164,485				2,276,471
Shares reacquired		(154,269	)			(1,903,324	)		(275,582	)			(3,618,522	)
Increase		60,764			$	751,047			130,038			$	1,848,678

Class I Shares
Shares sold		4,904,812			$	60,866,775			28,953,306			$	353,649,201
Reinvestment of distributions		2,480,521				30,708,848			2,368,365				32,541,337
Shares reacquired		(3,642,025	)			(44,177,283	)		(5,158,276	)			(69,470,598	)
Increase		3,743,308			$	47,398,340			26,163,395			$	316,719,940

Class P Shares
Shares sold		14,115			$	167,375			25,663			$	322,003
Reinvestment of distributions		17,698				212,024			40,887				544,609
Shares reacquired		(53,108	)			(615,983	)		(62,550	)			(799,006	)
Increase (decrease)		(21,295	)		$	(236,584	)		4,000			$	67,606

Class R2 Shares
Shares sold		12,717			$	149,891			25,458			$	312,357
Reinvestment of distributions		8,910				106,559			27,914				371,250
Shares reacquired		(11,958	)			(140,092	)		(101,687	)			(1,328,416	)
Increase (decrease)		9,669			$	116,358			(48,315	)		$	(644,809	)

181

Notes to Financial Statements (continued)

Fundamental Equity Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class R3 Shares	Shares				Amount			Shares				Amount
Shares sold		611,157			$	7,316,186			641,604			$	8,068,438
Reinvestment of distributions		268,814				3,228,451			725,199				9,674,156
Shares reacquired		(718,128	)			(8,500,141	)		(2,031,052	)			(25,963,618	)
Increase (decrease)		161,843			$	2,044,496			(664,249	)		$	(8,221,024	)

Class R4 Shares
Shares sold		19,211			$	231,680			58,639			$	755,938
Reinvestment of distributions		12,702				155,223			25,150				341,292
Shares reacquired		(47,829	)			(581,259	)		(43,509	)			(570,329	)
Increase (decrease)		(15,916	)		$	(194,356	)		40,280			$	526,901

Class R5 Shares
Shares sold		5,739			$	69,891			14,077			$	178,959
Reinvestment of distributions		3,443				42,656			8,304				114,175
Shares reacquired		(7,786	)			(95,889	)		(25,572	)			(345,160	)
Increase (decrease)		1,396			$	16,658			(3,191	)		$	(52,026	)

Class R6 Shares
Shares sold		96,907			$	1,199,201			745,885			$	9,933,041
Reinvestment of distributions		18,548				231,855			99,623				1,379,776
Shares reacquired		(118,044	)			(1,475,626	)		(1,272,178	)			(17,160,338	)
Decrease		(2,589	)		$	(44,570	)		(426,670	)		$	(5,847,521	)

Global Equity Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class A Shares	Shares				Amount			Shares				Amount
Shares sold		61,898			$	752,346			86,412			$	1,155,283
Reinvestment of distributions		2,590				29,998			49,363				689,106
Shares reacquired		(41,303	)			(502,888	)		(65,323	)			(890,584	)
Increase		23,185			$	279,456			70,452			$	953,805

Class C Shares
Shares sold		4,892			$	60,544			2,541			$	27,612
Reinvestment of distributions		–				–			7,990				110,825
Shares reacquired		(12,571	)			(152,937	)		(25,907	)			(309,405	)
Decrease		(7,679	)		$	(92,393	)		(15,376	)		$	(170,968	)

Class F Shares
Shares sold		1,897			$	23,533			8,446			$	111,681
Reinvestment of distributions		89				1,030			3,121				43,660
Shares reacquired		(18,804	)			(233,875	)		(28,375	)			(325,895	)
Decrease		(16,818	)		$	(209,312	)		(16,808	)		$	(170,554	)

Class I Shares
Shares sold		184,266			$	2,167,875			–			$	–
Reinvestment of distributions		1,667				19,301			–				–
Shares reacquired		(18,607	)			(232,571	)		(15,129	)			(164,000	)
Increase (decrease)		167,326			$	1,954,605			(15,129	)		$	(164,000	)

182

Notes to Financial Statements (continued)

Global Equity Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class R3 Shares	Shares				Amount			Shares				Amount
Shares sold		4,262			$	52,283			27,632			$	393,703
Reinvestment of distributions		139				1,593			4,566				63,283
Shares reacquired		(1,242	)			(14,913	)		(15,776	)			(183,248	)
Increase		3,159			$	38,963			16,422			$	273,738

Class R4 Shares
Shares sold		772			$	9,090			44,130			$	596,813
Reinvestment of distributions		336				3,891			–				–
Shares reacquired		(27,332	)			(336,803	)		(79	)			(943	)
Increase (decrease)		(26,224	)		$	(323,822	)		44,051			$	595,870

Class R6 Shares
Shares sold		286,055			$	3,365,459			23,651			$	339,679
Reinvestment of distributions		230				2,664			–				–
Shares reacquired		(34,097	)			(418,722	)		(16,012	)			(224,662	)
Increase		252,188			$	2,949,401			7,639			$	115,017

Growth Leaders Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class A Shares	Shares				Amount			Shares				Amount
Shares sold		6,382,955			$	164,763,787			10,338,714			$	353,041,641
Reinvestment of distributions		–				–			11,264,076				480,863,383
Shares reacquired		(10,193,871	)			(263,169,068	)		(13,769,008	)			(450,276,085	)
Increase (decrease)		(3,810,916	)		$	(98,405,281	)		7,833,782			$	383,628,939

Class C Shares
Shares sold		1,141,279			$	25,640,553			3,270,784			$	98,246,996
Reinvestment of distributions		–				–			6,190,529				230,225,777
Shares reacquired		(4,534,412	)			(100,820,893	)		(9,911,890	)			(284,514,151	)
Increase (decrease)		(3,393,133	)		$	(75,180,340	)		(450,577	)		$	43,958,622

Class F Shares
Shares sold		2,390,423			$	63,544,628			27,783,993			$	992,176,037
Reinvestment of distributions		–				–			16,227,132				716,427,881
Shares reacquired		(17,801,254	)			(477,644,647	)		(95,719,769	)			(3,072,794,593	)
Decrease		(15,410,831	)		$	(414,100,019	)		(51,708,644	)		$	(1,364,190,675	)

Class F3 Shares
Shares sold		2,086,655			$	56,712,949			6,006,983			$	208,833,101
Reinvestment of distributions		–				–			2,856,896				128,188,907
Shares reacquired		(2,715,100	)			(74,049,351	)		(6,145,599	)			(212,693,470	)
Increase (decrease)		(628,445	)		$	(17,336,402	)		2,718,280			$	124,328,538

Class I Shares
Shares sold		25,271,222			$	686,130,691			76,152,248			$	2,342,464,611
Reinvestment of distributions		–				–			5,228,281				232,919,899
Shares reacquired		(22,449,725	)			(606,065,247	)		(29,422,402	)			(928,610,855	)
Increase		2,821,497			$	80,065,444			51,958,127			$	1,646,773,655

183

Notes to Financial Statements (continued)

Growth Leaders Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class R2 Shares	Shares				Amount			Shares				Amount
Shares sold		10,883			$	271,053			39,421			$	1,263,951
Reinvestment of distributions		–				–			14,439				596,203
Shares reacquired		(16,478	)			(409,084	)		(33,178	)			(983,712	)
Increase (decrease)		(5,595	)		$	(138,031	)		20,682			$	876,442

Class R3 Shares
Shares sold		182,421			$	4,615,931			199,861			$	6,245,685
Reinvestment of distributions		–				–			104,557				4,314,020
Shares reacquired		(82,288	)			(2,050,222	)		(197,986	)			(5,722,139	)
Increase		100,133			$	2,565,709			106,432			$	4,837,566

Class R4 Shares
Shares sold		121,078			$	3,190,074			139,359			$	4,820,502
Reinvestment of distributions		–				–			48,603				2,075,821
Shares reacquired		(132,734	)			(3,492,244	)		(127,849	)			(4,480,967	)
Increase (decrease)		(11,656	)		$	(302,170	)		60,113			$	2,415,356

Class R5 Shares
Shares sold		63,448			$	1,690,242			90,988			$	3,018,150
Reinvestment of distributions		–				–			79,851				3,558,947
Shares reacquired		(55,286	)			(1,497,862	)		(181,553	)			(6,313,507	)
Increase (decrease)		8,162			$	192,380			(10,714	)		$	263,590

Class R6 Shares
Shares sold		894,080			$	24,640,938			1,594,060			$	57,419,248
Reinvestment of distributions		–				–			564,971				25,350,238
Shares reacquired		(803,791	)			(22,143,860	)		(1,003,005	)			(37,177,211	)
Increase		90,289			$	2,497,078			1,156,026			$	45,592,275

Health Care Fund				Six Months Ended April 30, 2023 (unaudited)							Year Ended October 31, 2022
Class A Shares	Shares				Amount			Shares				Amount
Shares sold		74,617			$	1,295,491			66,433			$	1,189,065
Reinvestment of distributions		–				–			12,293				235,294
Shares reacquired		(27,979	)			(490,680	)		(52,363	)			(907,352	)
Increase		46,638			$	804,811			26,363			$	517,007

Class C Shares
Shares sold		32,082			$	535,473			4,992			$	92,301
Reinvestment of distributions		–				–			2,622				49,195
Shares reacquired		(3,354	)			(56,710	)		(7,534	)			(128,034	)
Increase		28,728			$	478,763			80			$	13,462

Class F Shares
Shares sold		–			$	–			9,247			$	162,678
Reinvestment of distributions		–				–			1,895				36,509
Shares reacquired		(8,740	)			(152,852	)		(16,088	)			(280,513	)
Decrease		(8,740	)		$	(152,852	)		(4,946	)		$	(81,326	)

184

Notes to Financial Statements (continued)

Health Care Fund	Six Months Ended April 30, 2023 (unaudited)						Year Ended October 31, 2022
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		1,544		$	27,273			–		$	–
Shares reacquired		(314	)		(5,277	)		–			–
Increase		1,230		$	21,996			–		$	–

Class R3 Shares
Shares sold		784		$	13,418			–		$	–
Increase		784		$	13,418			–		$	–

Class R6 Shares
Shares sold		16,843		$	295,014			12,669		$	237,933
Reinvestment of distributions		2			28			16			309
Shares reacquired		(27,077	)		(479,720	)		(14,296	)		(261,123	)
Decrease		(10,232	)	$	(184,678	)		(1,611	)	$	(22,881	)

International Equity Fund		Six Months Ended April 30, 2023 (unaudited)						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		956,237		$	12,653,184			605,346		$	8,476,787
Reinvestment of distributions		220,199			2,732,673			1,380,863			20,892,453
Shares reacquired		(1,251,921	)		(16,374,637	)		(1,656,816	)		(22,762,275	)
Increase (decrease)		(75,485	)	$	(988,780	)		329,393		$	6,606,965

Class C Shares
Shares sold		52,446		$	701,926			20,602		$	285,153
Reinvestment of distributions		3,857			47,985			51,685			781,993
Shares reacquired		(274,168	)		(3,564,784	)		(146,082	)		(1,889,477	)
Decrease		(217,865	)	$	(2,814,873	)		(73,795	)	$	(822,331	)

Class F Shares
Shares sold		20,035		$	263,834			135,834		$	1,971,941
Reinvestment of distributions		14,063			173,823			187,027			2,814,751
Shares reacquired		(247,480	)		(3,195,295	)		(1,046,704	)		(14,998,501	)
Decrease		(213,382	)	$	(2,757,638	)		(723,843	)	$	(10,211,809	)

Class F3 Shares
Shares sold		413,295		$	5,532,225			240,527		$	3,369,781
Reinvestment of distributions		11,725			147,620			45,022			690,193
Shares reacquired		(75,041	)		(987,932	)		(109,028	)		(1,475,564	)
Increase		349,979		$	4,691,913			176,521		$	2,584,410

185

Notes to Financial Statements (continued)

International Equity Fund	Six Months Ended April 30, 2023 (unaudited)						Year Ended October 31, 2022
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		1,071,245		$	14,114,049			354,432		$	4,704,078
Reinvestment of distributions		237,666			2,985,070			1,248,929			19,096,120
Shares reacquired		(165,609	)		(2,207,393	)		(755,216	)		(9,822,369	)
Increase		1,143,302		$	14,891,726			848,145		$	13,977,829

Class P Shares
Shares sold		–		$	2			–		$	5
Reinvestment of distributions		15			182			91			1,376
Shares reacquired		(5	)		(61	)		(2	)		(27	)
Increase		10		$	123			89		$	1,354

Class R2 Shares
Shares sold		1,007		$	13,161			2,018		$	26,451
Reinvestment of distributions		213			2,657			1,278			19,394
Shares reacquired		(561	)		(7,203	)		(1,013	)		(13,072	)
Increase		659		$	8,615			2,283		$	32,773

Class R3 Shares
Shares sold		92,328		$	1,201,161			61,286		$	804,890
Reinvestment of distributions		6,714			82,045			45,198			673,002
Shares reacquired		(58,289	)		(753,826	)		(89,703	)		(1,195,534	)
Increase		40,753		$	529,380			16,781		$	282,358

Class R4 Shares
Shares sold		16,499		$	212,882			22,879		$	313,462
Reinvestment of distributions		2,376			29,322			12,009			180,612
Shares reacquired		(12,166	)		(157,801	)		(17,590	)		(252,827	)
Increase		6,709		$	84,403			17,298		$	241,247

Class R5 Shares
Shares sold		777		$	9,957			1,361		$	19,378
Reinvestment of distributions		38			474			499			7,581
Shares reacquired		(453	)		(5,938	)		(5,202	)		(79,784	)
Increase (decrease)		362		$	4,493			(3,342	)	$	(52,825	)

Class R6 Shares
Shares sold		46,170		$	615,323			26,358		$	391,009
Reinvestment of distributions		1,890			23,776			11,994			183,755
Shares reacquired		(32,870	)		(428,916	)		(47,931	)		(643,127	)
Increase (decrease)		15,190		$	210,183			(9,579	)	$	(68,363	)

186

Notes to Financial Statements (continued)

International Opportunities Fund	Six Months Ended April 30, 2023 (unaudited)						Year Ended October 31, 2022
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		610,310		$	10,584,295			540,543		$	9,823,193
Reinvestment of distributions		93,159			1,482,166			143,264			2,819,436
Shares reacquired		(848,981	)		(14,487,557	)		(1,061,694	)		(18,476,955	)
Decrease		(145,512	)	$	(2,421,096	)		(377,887	)	$	(5,834,326	)

Class C Shares
Shares sold		50,107		$	808,993			45,141		$	751,483
Reinvestment of distributions		4,182			61,357			12,065			218,612
Shares reacquired		(184,217	)		(2,891,002	)		(263,767	)		(4,281,191	)
Decrease		(129,928	)	$	(2,020,652	)		(206,561	)	$	(3,311,096	)

Class F Shares
Shares sold		50,415		$	812,941			280,053		$	5,075,588
Reinvestment of distributions		15,662			246,987			60,590			1,180,901
Shares reacquired		(689,413	)		(11,589,393	)		(1,992,900	)		(34,508,744	)
Decrease		(623,336	)	$	(10,529,465	)		(1,652,257	)	$	(28,252,255	)

Class F3 Shares
Shares sold		218,592		$	3,831,244			647,248		$	12,087,069
Reinvestment of distributions		32,091			530,783			36,746			751,094
Shares reacquired		(430,708	)		(7,658,822	)		(387,143	)		(6,987,281	)
Increase (decrease)		(180,025	)	$	(3,296,795	)		296,851		$	5,850,882

Class I Shares
Shares sold		1,195,777		$	21,222,433			1,816,657		$	31,183,216
Reinvestment of distributions		175,827			2,888,844			229,563			4,664,717
Shares reacquired		(1,955,937	)		(33,510,239	)		(755,805	)		(13,319,894	)
Increase (decrease)		(584,333	)	$	(9,398,962	)		1,290,415		$	22,528,039

Class P Shares
Shares sold		151		$	2,603			889		$	16,507
Reinvestment of distributions		96			1,575			136			2,744
Shares reacquired		(2,055	)		(35,271	)		(3	)		(57	)
Increase (decrease)		(1,808	)	$	(31,093	)		1,022		$	19,194

Class R2 Shares
Shares sold		12,073		$	202,350			29,317		$	515,255
Reinvestment of distributions		1,834			28,634			2,535			48,946
Shares reacquired		(62,101	)		(1,057,671	)		(32,345	)		(582,538	)
Decrease		(48,194	)	$	(826,687	)		(493	)	$	(18,337	)

Class R3 Shares
Shares sold		61,463		$	1,035,436			52,180		$	892,532
Reinvestment of distributions		4,001			62,415			5,703			110,011
Shares reacquired		(43,482	)		(717,046	)		(100,979	)		(1,759,227	)
Increase (decrease)		21,982		$	380,805		��	(43,096	)	$	(756,684	)

187

Notes to Financial Statements (continued)

International Opportunities Fund	Six Months Ended April 30, 2023 (unaudited)						Year Ended October 31, 2022
Class R4 Shares	Shares			Amount			Shares			Amount
Shares sold		8,767		$	144,618			17,158		$	297,506
Reinvestment of distributions		1,721			27,251			2,323			45,479
Shares reacquired		(21,047	)		(339,092	)		(23,025	)		(425,375	)
Decrease		(10,559	)	$	(167,223	)		(3,544	)	$	(82,390	)

Class R5 Shares
Shares sold		3,953		$	67,975			17,487		$	318,955
Reinvestment of distributions		2,367			38,883			3,892			79,057
Shares reacquired		(10,524	)		(187,157	)		(47,417	)		(830,360	)
Decrease		(4,204	)	$	(80,299	)		(26,038	)	$	(432,348	)

Class R6 Shares
Shares sold		105,058		$	1,836,854			189,120		$	3,541,519
Reinvestment of distributions		14,537			240,440			21,471			438,873
Shares reacquired		(171,131	)		(2,966,395	)		(309,336	)		(5,775,413	)
Decrease		(51,536	)	$	(889,101	)		(98,745	)	$	(1,795,021	)

International Value Fund		Six Months Ended April 30, 2023 (unaudited)						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,665,657		$	11,847,782			2,510,051		$	18,393,145
Reinvestment of distributions		275,971			1,921,450			1,381,895			9,614,061
Shares reacquired		(2,992,823	)		(20,889,333	)		(4,641,952	)		(32,922,773	)
Decrease		(1,051,195	)	$	(7,120,101	)		(750,006	)	$	(4,915,567	)

Class C Shares
Shares sold		57,000		$	396,768			76,027		$	576,170
Reinvestment of distributions		3,674			25,325			40,599			283,865
Shares reacquired		(330,988	)		(2,319,453	)		(639,400	)		(4,556,426	)
Decrease		(270,314	)	$	(1,897,360	)		(522,774	)	$	(3,696,391	)

Class F Shares
Shares sold		36,592		$	263,801			298,843		$	2,203,821
Reinvestment of distributions		10,916			76,064			108,363			775,738
Shares reacquired		(778,076	)		(5,442,101	)		(2,436,869	)		(18,196,242	)
Decrease		(730,568	)	$	(5,102,236	)		(2,029,663	)	$	(15,216,683	)

Class F3 Shares
Shares sold		729,291		$	5,234,604			1,192,368		$	8,683,417
Reinvestment of distributions		42,016			295,322			168,914			1,177,485
Shares reacquired		(487,951	)		(3,466,427	)		(769,911	)		(5,562,192	)
Increase		283,356		$	2,063,499			591,371		$	4,298,710

Class I Shares
Shares sold		877,406		$	6,297,235			2,440,075		$	17,754,791
Reinvestment of distributions		204,312			1,435,598			1,734,831			12,464,851
Shares reacquired		(814,236	)		(5,681,978	)		(26,735,085	)		(180,669,051	)
Increase (decrease)		267,482		$	2,050,855			(22,560,179	)	$	(150,449,409	)

188

Notes to Financial Statements (continued)

International Value Fund	Six Months Ended April 30, 2023 (unaudited)						Year Ended October 31, 2022
Class R2 Shares	Shares			Amount			Shares			Amount
Shares sold		2,403		$	17,070			5,210		$	39,418
Reinvestment of distributions		65			471			242			1,692
Shares reacquired		(393	)		(2,922	)		(1,742	)		(13,611	)
Increase		2,075		$	14,619			3,710		$	27,499

Class R3 Shares
Shares sold		75,727		$	548,911			553,597		$	4,422,777
Reinvestment of distributions		7,972			56,208			41,155			288,400
Shares reacquired		(116,795	)		(831,487	)		(474,190	)		(3,618,398	)
Increase (decrease)		(33,096	)	$	(226,368	)		120,562		$	1,092,779

Class R4 Shares
Shares sold		4,684		$	33,165			3,802		$	28,056
Reinvestment of distributions		201			1,400			949			6,611
Shares reacquired		(43	)		(300	)		(6,105	)		(41,740	)
Increase (decrease)		4,842		$	34,265			(1,354	)	$	(7,073	)

Class R5 Shares
Shares sold		28		$	188			779		$	5,118
Reinvestment of distributions		1			7			12			81
Shares reacquired		(753	)		(5,093	)		(488	)		(3,832	)
Increase (decrease)		(724	)	$	(4,898	)		303		$	1,367

Class R6 Shares
Shares sold		38,086		$	264,903			130,461		$	1,025,220
Reinvestment of distributions		1,027			7,204			3,018			20,700
Shares reacquired		(44,053	)		(309,041	)		(82,065	)		(623,584	)
Increase (decrease)		(4,940	)	$	(36,934	)		51,414		$	422,336

Micro Cap Growth Fund		Six Months Ended April 30, 2023 (unaudited)						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		134,674		$	1,849,087			411,987		$	6,187,277
Shares reacquired		(244,786	)		(3,350,663	)		(962,163	)		(14,689,692	)
Decrease		(110,112	)	$	(1,501,576	)		(550,176	)	$	(8,502,415	)

Class C Shares
Shares sold		13,088		$	218,351			21,274		$	389,101
Shares reacquired		(46,118	)		(747,788	)		(188,507	)		(3,305,036	)
Decrease		(33,030	)	$	(529,437	)		(167,233	)	$	(2,915,935	)

Class F Shares
Shares sold		37,342		$	628,931			700,866		$	13,252,990
Shares reacquired		(1,207,727	)		(20,244,830	)		(5,305,389	)		(91,358,721	)
Decrease		(1,170,385	)	$	(19,615,899	)		(4,604,523	)	$	(78,105,731	)

Class I Shares
Shares sold		1,407,816		$	23,789,816			3,395,449		$	55,047,222
Shares reacquired		(824,914	)		(13,815,734	)		(1,197,112	)		(20,324,862	)
Increase		582,902		$	9,974,082			2,198,337		$	34,722,360

189

Notes to Financial Statements (continued)

Value Opportunities Fund	Six Months Ended April 30, 2023 (unaudited)						Year Ended October 31, 2022
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,280,309		$	37,180,556			3,241,657		$	62,191,619
Reinvestment of distributions		3,241,772			51,706,261			4,619,163			99,450,571
Shares reacquired		(5,357,211	)		(86,804,735	)		(6,316,042	)		(118,467,953	)
Increase		164,870		$	2,082,082			1,544,778		$	43,174,237

Class C Shares
Shares sold		167,905		$	2,227,127			290,112		$	4,562,011
Reinvestment of distributions		338,090			4,327,553			614,919			10,834,876
Shares reacquired		(1,018,225	)		(13,089,771	)		(1,447,226	)		(22,311,508	)
Decrease		(512,230	)	$	(6,535,091	)		(542,195	)	$	(6,914,621	)

Class F Shares
Shares sold		146,627		$	2,430,795			973,884		$	19,644,829
Reinvestment of distributions		372,103			6,135,983			1,001,710			22,217,936
Shares reacquired		(2,577,058	)		(43,633,536	)		(5,353,637	)		(101,507,414	)
Decrease		(2,058,328	)	$	(35,066,758	)		(3,378,043	)	$	(59,644,649	)

Class F3 Shares
Shares sold		596,281		$	10,245,386			1,390,675		$	28,001,791
Reinvestment of distributions		932,888			15,989,697			1,280,669			29,429,775
Shares reacquired		(1,256,299	)		(21,747,634	)		(2,091,701	)		(42,524,914	)
Increase		272,870		$	4,487,449			579,643		$	14,906,652

Class I Shares
Shares sold		2,018,059		$	35,206,911			4,207,306		$	80,562,563
Reinvestment of distributions		1,196,979			20,288,797			2,122,183			48,300,878
Shares reacquired		(2,015,121	)		(34,133,547	)		(9,155,084	)		(183,438,438	)
Increase (decrease)		1,199,917		$	21,362,161			(2,825,595	)	$	(54,574,997	)

Class P Shares
Shares sold		40,929		$	634,794			94,269		$	1,776,909
Reinvestment of distributions		70,733			1,091,406			101,102			2,111,009
Shares reacquired		(92,220	)		(1,424,500	)		(164,771	)		(3,005,063	)
Increase		19,442		$	301,700			30,600		$	882,855

Class R2 Shares
Shares sold		16,825		$	249,342			68,239		$	1,247,978
Reinvestment of distributions		25,906			384,437			36,753			740,566
Shares reacquired		(32,288	)		(477,809	)		(85,347	)		(1,510,262	)
Increase		10,443		$	155,970			19,645		$	478,282

Class R3 Shares
Shares sold		182,976		$	2,839,483			234,054		$	4,297,300
Reinvestment of distributions		179,093			2,715,045			257,856			5,296,366
Shares reacquired		(364,900	)		(5,564,303	)		(408,430	)		(7,379,086	)
Increase (decrease)		(2,831	)	$	(9,775	)		83,480		$	2,214,580

190

Notes to Financial Statements (concluded)

Value Opportunities Fund	Six Months Ended April 30, 2023 (unaudited)						Year Ended October 31, 2022
Class R4 Shares	Shares			Amount			Shares			Amount
Shares sold		92,226		$	1,471,294			288,149		$	5,446,860
Reinvestment of distributions		152,963			2,436,699			236,131			5,076,819
Shares reacquired		(220,672	)		(3,569,161	)		(589,324	)		(11,285,136	)
Increase (decrease)		24,517		$	338,832			(65,044	)	$	(761,457	)

Class R5 Shares
Shares sold		7,843		$	133,855			21,351		$	380,491
Reinvestment of distributions		4,343			73,662			9,868			224,797
Shares reacquired		(27,145	)		(477,935	)		(44,461	)		(921,109	)
Decrease		(14,959	)	$	(270,418	)		(13,242	)	$	(315,821	)

Class R6 Shares
Shares sold		250,754		$	4,309,763			272,372		$	5,698,962
Reinvestment of distributions		130,086			2,227,078			187,129			4,296,484
Shares reacquired		(142,564	)		(2,455,505	)		(438,448	)		(8,438,261	)
Increase		238,276		$	4,081,336			21,053		$	1,557,185

16.

Foreign Withholding Tax Claims

The International Equity and International Value Funds are seeking closing agreements with the Internal Revenue Service (“IRS”) to address any U.S. income tax liabilities attributable to shareholders resulting from the recovery of foreign withholding taxes paid in prior years. The closing agreements are anticipated to result in paying a compliance fee to the IRS, on behalf of shareholders, representing the estimated tax savings generated from foreign tax credits claimed by shareholders on their tax returns in prior years. The International Equity and International Value Funds have accrued a liability for these estimated IRS compliance fees related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities, in the amount of $793,576 and $3,795,020, respectively. The actual IRS compliance fees are not anticipated to differ from the estimates, but may differ and those differences may be material.

191

Investments in Underlying Funds (unaudited)

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2023, Alpha Strategy Fund’s long-term investments were allocated among the Underlying Funds as follows:

Alpha Strategy Fund’s Investments:

Underlying Fund Name		%
Lord Abbett Developing Growth Fund, Inc. - Class I		19.91%
Lord Abbett Securities Trust – Focused Small Cap Value Fund-Class I		9.85%
Lord Abbett Securities Trust – International Opportunities Fund-Class I		20.20%
Lord Abbett Securities Trust – Micro Cap Growth Fund-Class I		10.19%
Lord Abbett Research Fund, Inc. – Small Cap Value Fund-Class I		19.86%
Lord Abbett Securities Trust – Value Opportunities Fund-Class I		19.99%
Total		100.00%

Lord Abbett Developing Growth Fund, Inc.

Ten Largest Holdings		% of Investments
Apellis Pharmaceuticals, Inc.		2.36%
TransMedics Group, Inc.		2.29%
Duolingo, Inc.		2.23%
Inspire Medical Systems, Inc.		2.14%
Crocs, Inc.		2.14%
Xenon Pharmaceuticals, Inc.		1.92%
Deckers Outdoor Corp.		1.90%
Wingstop, Inc.		1.87%
Ventyx Biosciences, Inc.		1.86%
Lattice Semiconductor Corp.		1.81%

Holdings by Sector		% of Investments
Communication Services		1.02%
Consumer Discretionary		17.58%
Consumer Staples		0.89%
Financials		6.80%
Health Care		31.79%
Industrials		14.70%
Information Technology		24.52%
Money Market Funds		0.16%
Time Deposits		0.02%
Repurchase Agreements		2.52%
Total		100.00%

192

Investments in Underlying Funds (unaudited)(continued)

Focused Small Cap Value Fund

Ten Largest Holdings		% of Investments
Organon & Co.		3.35%
Cars.com, Inc.		3.19%
Masonite International Corp.		3.06%
WNS Holdings Ltd.		3.01%
Bancorp, Inc.		2.89%
Kemper Corp.		2.81%
Spectrum Brands Holdings, Inc.		2.76%
FormFactor, Inc.		2.73%
Belden, Inc.		2.72%
RenaissanceRe Holdings Ltd.		2.70%

Holdings by Sector		% of Investments
Communication Services		3.19%
Consumer Discretionary		10.86%
Consumer Staples		2.76%
Energy		6.44%
Financials		32.29%
Health Care		6.66%
Industrials		19.92%
Information Technology		8.51%
Materials		4.30%
Real Estate		4.30%
Repurchase Agreements		0.77%
Total		100.00%

International Opportunities Fund

Ten Largest Holdings		% of Investments
Brookfield Infrastructure Corp.		2.39%
Gerresheimer AG		2.14%
ANDRITZ AG		2.11%
REN - Redes Energeticas Nacionais SGPS SA		1.77%
Tecan Group AG		1.76%
B&M European Value Retail SA		1.72%
Britvic PLC		1.66%
PALTAC Corp.		1.66%
Okinawa Cellular Telephone Co.		1.56%
Freenet AG		1.53%

193

Investments in Underlying Funds (unaudited)(continued)

Holdings by Sector		% of Investments
Communication Services		5.11%
Consumer Discretionary		12.66%
Consumer Staples		7.23%
Energy		3.21%
Financials		10.63%
Health Care		6.91%
Industrials		21.23%
Information Technology		10.36%
Materials		8.99%
Real Estate		6.44%
Utilities		4.15%
Repurchase Agreements		2.41%
Time Deposits		0.07%
Money Market Funds		0.60%
Total		100.00%

Micro Cap Growth Fund

Ten Largest Holdings		% of Investments
Arcellx, Inc.		3.50%
Agilysys, Inc.		3.34%
TransMedics Group, Inc.		3.26%
Ventyx Biosciences, Inc.		2.94%
Rambus, Inc.		2.77%
Xponential Fitness, Inc.		2.57%
Remitly Global, Inc.		2.55%
elf Beauty, Inc.		2.50%
Impinj, Inc.		2.32%
Xenon Pharmaceuticals, Inc.		2.21%

Holdings by Sector		% of Investments
Communication Services		4.01%
Consumer Discretionary		8.93%
Consumer Staples		5.76%
Financials		8.45%
Health Care		39.99%
Industrials		7.74%
Information Technology		21.40%
Repurchase Agreements		1.92%
Money Market Funds		1.62%
Time Deposits		0.18%
Total		100.00%

194

Investments in Underlying Funds (unaudited)(continued)

Small Cap Value Fund

Ten Largest Holdings		% of Investments
Bancorp, Inc.		2.32%
Masonite International Corp.		2.31%
Permian Resources Corp.		2.27%
Organon & Co.		2.14%
Cars.com, Inc.		2.07%
International Money Express, Inc.		2.02%
TechnipFMC PLC		1.91%
Belden, Inc.		1.87%
Spectrum Brands Holdings, Inc.		1.83%
Mirion Technologies, Inc.		1.81%

Holdings by Sector		% of Investments
Communication Services		3.60%
Consumer Discretionary		10.55%
Consumer Staples		5.21%
Energy		7.19%
Financials		26.26%
Health Care		6.61%
Industrials		21.07%
Information Technology		7.84%
Materials		4.06%
Real Estate		4.64%
Utilities		1.10%
Repurchase Agreements		1.87%
Total		100.00%

Value Opportunities Fund

Ten Largest Holdings		% of Investments
Molina Healthcare, Inc.		2.41%
Chesapeake Energy Corp.		2.25%
BJ’s Wholesale Club Holdings, Inc.		2.22%
EMCOR Group, Inc.		2.14%
STERIS PLC		2.08%
American Financial Group, Inc.		2.07%
AerCap Holdings NV		2.07%
Cboe Global Markets, Inc.		1.91%
Allegion PLC		1.90%
Choice Hotels International, Inc.		1.86%

195

Investments in Underlying Funds (unaudited)(concluded)

Holdings by Sector		% of Investments
Communication Services		1.33%
Consumer Discretionary		12.03%
Consumer Staples		2.22%
Energy		4.92%
Financials		17.14%
Health Care		14.30%
Industrials		21.09%
Information Technology		11.47%
Materials		6.25%
Real Estate		5.50%
Utilities		3.34%
Repurchase Agreements		0.41%
Total		100.00%

196

Approval of Advisory Contract

Securities Trust

(Lord Abbett Alpha Strategy 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 Fund, Lord Abbett Growth Leaders Fund, Lord Abbett Health Care Fund, Lord Abbett International Equity Fund, Lord Abbett International Opportunities Fund, Lord Abbett International Value Fund, Lord Abbett Value Opportunities Fund and Lord Abbett Micro-Cap Growth Fund).

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 an appropriate benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. 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) 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; (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 to Lord Abbett of providing management and administrative services to the Funds; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett’s other advisory clients maintaining accounts with a similar investment strategy as the Fund (in the case of each Fund other than Alpha Strategy Fund, Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Health Care Fund, 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

197

Approval of Advisory Contract (continued)

Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and one or more appropriate benchmarks as of various periods ended June 30, 2022. With respect to Alpha Strategy Fund and Fundamental Equity Fund, the Board observed that the Funds’ investment performance was below the median of the performance peer group for the one-, three-, five- and ten-year periods. With respect to Focused Large Cap Value Fund and Healthcare Fund, the Board observed that the Funds’ investment performance was below the median of the performance peer group for the one-year period. With respect 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- and three-year periods. 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 ten-year period, but below the median of the performance peer group for the one-, three- and five-year periods. As to Global Equity Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the three- and five-year periods, but below the median of the performance peer group for the one-year period. As to Growth Leaders Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-, five- and ten-year periods, and equal to the median of the performance peer group for the one-year period. 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- and three-year periods, but below the median of the performance group for the 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 five-year periods, but below the median of the performance peer group for the three- and ten-year periods. As to Micro-Cap Growth Fund, the Board observed that Fund’s investment performance was above the median of the performance peer group for the three-, five- and ten-year periods, but below the median of the performance peer group for the one-year period. As to Value Opportunities Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-year period, below the median of the performance peer group for the one-year period, and equal to the median of the performance peer group for the five- and ten-year periods. With respect to Alpha Strategy Fund, Focused Large Cap Fund and Focused Small Cap Value Fund, the Board took into account changes to the Fund’s portfolio management team. With respect to each Fund, the Board took into account actions taken by Lord Abbett to attempt to improve equity fund performance. The Board further considered Lord Abbett’s performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and other factors, including those described below, 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

198

Approval of Advisory Contract (continued)

discipline, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.

Nature and Quality of Other Services. The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett’s supervision of third-party service providers, including each Fund’s transfer agent and custodian.

Expenses. The Board considered the expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund’s expense peer group. It also considered how each of the expense level and the actual management fee rates 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 actual management fee (excluding underlying fund fees) was below the median of the expense peer group. As to Micro-Cap Growth Fund, the Board observed that, although the net total expense ratio and actual management fee of the Fund were both above the median of the expense peer group, its net total expense ratio was only one basis point higher than the median. As to each of Focused Growth Fund, Focused Large Cap Value Fund, Global Equity 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 and the actual management fee were both below the median of the expense peer group. As to each of Focused Small Cap Value Fund and Value Opportunities Fund, the Board observed that the net total expense ratio was below the median of the expense peer group and the actual management fee was equal to the median of the expense peer group. As to Fundamental Equity Fund, the Board observed that the net total expense ratio and the actual management fee were both equal to the median of the expense peer group. The Board further considered that the management fee rate for International Value Fund and International Equity Fund was reduced effective December 9, 2022. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fees paid by each Fund were reasonable in light of all of the factors it considered including the nature, quality and extent of services provided by Lord Abbett.

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

199

Approval of Advisory Contract (concluded)

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. The Board also considered each Fund’s existing management fee schedule, noting one or more contractual breakpoints in the level of management fee for each Fund other than Alpha Strategy Fund, Focused Small Cap Value Fund and Micro-Cap Growth Fund, and, with respect to each of Focused Growth Fund, Focused Large Cap Value Fund, Focused Small Cap Value Fund, Global Equity Fund, and Health Care Fund, the Fund’s expense limitation agreement. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of each Fund.

Other Benefits to Lord Abbett. As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund’s shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett’s investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, may retain a portion of the 12b-1 fees it receives, and receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

Alternative Arrangements. As to each Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

200

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 (or related notice of internet availability of 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 Funds Service Center, P.O. Box 534489, Pittsburgh, PA 15253-4489 (regular mail) or 500 Ross Street 154-0520, Attention 534489 Pittsburgh, PA (overnight mail).

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.

201

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 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 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
(06/23)

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.
	The Schedule of Investments is included as part of the Reports to Shareholders under Item 1.

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 26, 2023

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 26, 2023

	By:	/s/ Michael J. Hebert
		Michael J. Hebert
		Chief Financial Officer and Treasurer

Date: June 26, 2023

Lord Abbett Micro Cap Growth Fund (LMIYX) N-CSRSCertified semi-annual shareholder report (management investment company)