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)

Randolph A. Stuzin, Esq.
Vice President and Assistant Secretary
Member, Chief Legal Officer of Lord, Abbett & Co. LLC
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: 4/30/2024

Item 1:

Report(s) to Shareholders.

LORD ABBETT
SEMIANNUAL REPORT

Lord Abbett

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

International Value Fund

Micro Cap Growth Fund

Value Opportunities Fund

For the six-month period ended April 30, 2024

Table of Contents

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, 2024

From left to right: Evelyn E. Guernsey, 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, 2024. 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, 2023 through April 30, 2024).

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 11/1/23 – 4/30/24” 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^†#
	11/1/23	4/30/24	11/1/23 - 4/30/24
Class A
Actual	$1,000.00	$1,200.20	$2.35
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.73	$2.16
Class C
Actual	$1,000.00	$1,195.40	$6.44
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.00	$5.92
Class F
Actual	$1,000.00	$1,200.80	$1.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.47	$1.41
Class F3
Actual	$1,000.00	$1,201.50	$0.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.37	$0.50
Class I
Actual	$1,000.00	$1,201.50	$0.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.97	$0.91
Class R2
Actual	$1,000.00	$1,197.60	$4.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.98	$3.92
Class R3
Actual	$1,000.00	$1,198.30	$3.72
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.48	$3.42
Class R4
Actual	$1,000.00	$1,200.00	$2.35
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.73	$2.16
Class R5
Actual	$1,000.00	$1,201.50	$0.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.97	$0.91
Class R6
Actual	$1,000.00	$1,202.00	$0.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,024.37	$0.50

^†

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, 0.10% 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 0.10% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Does not include expenses of the Underlying Funds in which Alpha Strategy Fund invests.

Portfolio Holdings Presented by Portfolio Allocation

April 30, 2024

Underlying Fund Name	%*
Lord Abbett Developing Growth Fund, Inc. – Class I	20.07	%
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I	9.95	%
Lord Abbett Securities Trust – International Opportunities Fund – Class I	20.12	%
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I	9.93	%
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I	19.91	%
Lord Abbett Securities Trust – Value Opportunities Fund – Class I	19.95	%
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^†
	11/1/23	4/30/24	11/1/23 - 4/30/24
Class A
Actual	$1,000.00	$1,295.90	$ 5.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.64	$ 5.27
Class C
Actual	$1,000.00	$1,291.70	$10.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.91	$ 9.02
Class F
Actual	$1,000.00	$1,297.70	$ 4.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.89	$ 4.02
Class F3*
Actual	$1,000.00	$1,298.30	$ 3.83
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.53	$ 3.37
Class I
Actual	$1,000.00	$1,297.50	$ 4.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.89	$ 4.02
Class R3
Actual	$1,000.00	$1,294.30	$ 7.42
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.40	$ 6.52
Class R4
Actual	$1,000.00	$1,295.80	$ 5.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.64	$ 5.27
Class R5
Actual	$1,000.00	$1,297.70	$ 4.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.89	$ 4.02
Class R6*
Actual	$1,000.00	$1,298.80	$ 3.83
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.53	$ 3.37

^†	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, 0.67% for Class F3, 0.80% for Class I, 1.30% for Class R3, 1.05% for Class R4, 0.80% for Class R5 and 0.67% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.65% 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	$3.71	$3.27
Class R6	$3.72	$3.27

Portfolio Holdings Presented by Sector

April 30, 2024

Sector*	%**
Communication Services	15.04	%
Consumer Discretionary	15.61	%
Financials	1.55	%
Health Care	13.57	%
Industrials	6.30	%
Information Technology	46.47	%
Repurchase Agreements	1.46	%
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^†
	11/1/23	4/30/24	11/1/23 - 4/30/24
Class A
Actual	$1,000.00	$1,247.40	$5.36
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.09	$4.82
Class C
Actual	$1,000.00	$1,243.70	$9.54
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.36	$8.57
Class F
Actual	$1,000.00	$1,249.50	$3.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.33	$3.57
Class F3*
Actual	$1,000.00	$1,250.30	$3.92
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.38	$3.52
Class I
Actual	$1,000.00	$1,249.50	$3.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.33	$3.57
Class R3
Actual	$1,000.00	$1,245.80	$6.76
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.85	$6.07
Class R4
Actual	$1,000.00	$1,246.90	$5.36
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.09	$4.82
Class R5
Actual	$1,000.00	$1,249.20	$3.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.33	$3.57
Class R6*
Actual	$1,000.00	$1,250.00	$3.92
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.38	$3.52

^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.96% for Class A, 1.71% for Class C, 0.71% for Class F, 0.70% for Class F3, 0.71% for Class I, 1.21% for Class R3, 0.96% for Class R4, 0.71% for Class R5 and 0.70% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.67% 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	$3.75	$3.37
Class R6	$3.75	$3.37

Portfolio Holdings Presented by Sector

April 30, 2024

Sector*	%**
Communications	3.78	%
Consumer, Cyclical	11.32	%
Consumer, Non-cyclical	11.63	%
Energy	9.87	%
Financial	25.47	%
Industrial	18.20	%
Technology	15.75	%
Repurchase Agreement	0.71	%
Money Market Funds^(a)	2.94	%
Time Deposits^(a)	0.33	%
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.

Focused Small Cap Value Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	11/1/23		4/30/24		11/1/23 - 4/30/24
Class A
Actual	$	1,000.00	$	1,149.30	$	6.84
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.50	$	6.42
Class C
Actual	$	1,000.00	$	1,145.40	$	10.83
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,014.77	$	10.17
Class F
Actual	$	1,000.00	$	1,150.90	$	5.51
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.74	$	5.17
Class F3*
Actual	$	1,000.00	$	1,151.20	$	5.19
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.04	$	4.87
Class I
Actual	$	1,000.00	$	1,151.10	$	5.51
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.74	$	5.17
Class R5
Actual	$	1,000.00	$	1,150.60	$	5.51
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.74	$	5.17
Class R6*
Actual	$	1,000.00	$	1,151.20	$	5.19
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.04	$	4.87

^†	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, 0.97% for Class F3, 1.03% for Class I, 1.03% for Class R5 and 0.97% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.98% 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	$5.24	$4.92
Class R6	$5.24	$4.92

Portfolio Holdings Presented by Sector

April 30, 2024

Sector*	%**
Basic Materials		5.05	%
Communications		6.73	%
Consumer, Cyclical		11.70	%
Consumer, Non-cyclical		10.02	%
Energy		11.28	%
Financial		31.29	%
Industrial		18.67	%
Technology		4.66	%
Repurchase Agreements		0.60	%
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^†
	11/1/23	4/30/24	11/1/23 - 4/30/24
Class A
Actual	$1,000.00	$1,215.30	$5.23
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.14	$4.77
Class C
Actual	$1,000.00	$1,210.10	$9.34
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.41	$8.52
Class F
Actual	$1,000.00	$1,215.50	$4.41
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.89	$4.02
Class F3
Actual	$1,000.00	$1,217.00	$3.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.73	$3.17
Class I
Actual	$1,000.00	$1,217.20	$3.86
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.38	$3.52
Class P
Actual	$1,000.00	$1,214.50	$6.33
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.14	$5.77
Class R2
Actual	$1,000.00	$1,213.30	$7.15
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.40	$6.52
Class R3
Actual	$1,000.00	$1,213.60	$6.60
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.90	$6.02
Class R4
Actual	$1,000.00	$1,215.80	$5.23
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.14	$4.77
Class R5
Actual	$1,000.00	$1,217.10	$3.86
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.38	$3.52
Class R6
Actual	$1,000.00	$1,216.90	$3.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.73	$3.17

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.95% for Class A, 1.70% for Class C, 0.80% for Class F, 0.63% for Class F3, 0.70% for Class I, 1.15% for Class P, 1.30% for Class R2, 1.20% for Class R3, 0.95% for Class R4, 0.70% for Class R5 and 0.63% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2024

Sector*	%**
Basic Materials		2.42	%
Communications		4.74	%
Consumer Cyclical		9.89	%
Consumer Non-cyclical		15.68	%
Energy		9.45	%
Financial		27.96	%
Industrial		15.61	%
Technology		10.32	%
Utilities		3.03	%
Repurchase Agreements		0.48	%
Money Market Funds^(a)		0.38	%
Time Deposits^(a)		0.04	%
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.

Global Equity Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/23	4/30/24	11/1/23 - 4/30/24
Class A
Actual	$1,000.00	$1,222.80	$4.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.39	$4.52
Class C
Actual	$1,000.00	$1,218.30	$9.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.66	$8.27
Class F
Actual	$1,000.00	$1,224.30	$4.15
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.13	$3.77
Class F3*
Actual	$1,000.00	$1,225.00	$3.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.08	$2.82
Class I
Actual	$1,000.00	$1,225.00	$3.60
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.63	$3.27
Class R3
Actual	$1,000.00	$1,221.90	$6.35
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.14	$5.77
Class R4
Actual	$1,000.00	$1,223.20	$4.97
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.39	$4.52
Class R5
Actual	$1,000.00	$1,224.60	$3.60
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.63	$3.27
Class R6*
Actual	$1,000.00	$1,225.00	$3.04
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.13	$2.77

^†	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, 0.56% for Class F3, 0.65% for Class I, 1.15% for Class R3, 0.90% for Class R4, 0.65% for Class R5 and 0.55% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.51% for Classes F3 and R6. Had these updated expense ratios been in place throughout the most recent fiscal half-year, expenses paid during the period would have been:

	Actual	Hypothetical (5% Return Before Expenses)
Class F3	$2.82	$2.56
Class R6	$2.82	$2.56

Portfolio Holdings Presented by Sector

April 30, 2024

Sector*	%**
Basic Materials		1.84	%
Communications		16.09	%
Consumer Cyclical		11.61	%
Consumer Non-cyclical		15.28	%
Energy		4.30	%
Financial		18.05	%
Industrial		7.92	%
Technology		21.04	%
Utilities		1.24	%
Repurchase Agreements		2.63	%
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^†
	11/1/23	4/30/24	11/1/23 - 4/30/24
Class A
Actual	$1,000.00	$1,307.60	$4.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.54	$4.37
Class C
Actual	$1,000.00	$1,302.60	$9.27
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.81	$8.12
Class F
Actual	$1,000.00	$1,309.10	$3.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.78	$3.12
Class F3
Actual	$1,000.00	$1,309.50	$3.33
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.98	$2.92
Class I
Actual	$1,000.00	$1,309.10	$3.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.78	$3.12
Class R2
Actual	$1,000.00	$1,305.00	$6.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.80	$6.12
Class R3
Actual	$1,000.00	$1,305.80	$6.42
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.29	$5.62
Class R4
Actual	$1,000.00	$1,307.30	$4.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.54	$4.37
Class R5
Actual	$1,000.00	$1,309.30	$3.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.78	$3.12
Class R6
Actual	$1,000.00	$1,309.50	$3.33
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.98	$2.92

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.87% for Class A, 1.62% for Class C, 0.62% for Class F, 0.58% for Class F3, 0.62% for Class I, 1.22% for Class R2, 1.12% for Class R3, 0.87% for Class R4, 0.62% for Class R5 and 0.58% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2024

Sector*	%**
Communications	28.23	%
Consumer Cyclical	3.65	%
Consumer Non-cyclical	13.53	%
Financial	4.67	%
Industrial	8.02	%
Technology	40.43	%
Repurchase Agreements	1.47	%
Total	100.00	%

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

Health Care Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/23	4/30/24	11/1/23 - 4/30/24
Class A
Actual	$1,000.00	$1,196.10	$5.62
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.74	$5.17
Class C
Actual	$1,000.00	$1,191.70	$9.70
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.01	$8.92
Class F
Actual	$1,000.00	$1,197.20	$4.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.98	$3.92
Class F3*
Actual	$1,000.00	$1,198.60	$3.33
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.83	$3.07
Class I
Actual	$1,000.00	$1,197.60	$4.26
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.98	$3.92
Class R3
Actual	$1,000.00	$1,194.50	$6.98
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.50	$6.42
Class R4
Actual	$1,000.00	$1,196.20	$5.57
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.79	$5.12
Class R5
Actual	$1,000.00	$1,197.60	$4.10
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.13	$3.77
Class R6*
Actual	$1,000.00	$1,198.50	$3.28
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.88	$3.02

^†	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, 0.61% for Class F3, 0.78% for Class I, 1.28% for Class R3, 1.02% for Class R4, 0.75% for Class R5 and 0.60% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).
*	The annualized expenses have been updated to 0.60% 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	$3.28	$3.02
Class R6	$3.28	$3.02

Portfolio Holdings Presented by Sector

April 30, 2024

Sector*	%**
Health Care		100.00	%
Total		100.00	%

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

International Equity Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/23	4/30/24	11/1/23 - 4/30/24
Class A
Actual	$1,000.00	$1,211.10	$5.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.29	$4.62
Class C
Actual	$1,000.00	$1,206.30	$9.16
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.56	$8.37
Class F
Actual	$1,000.00	$1,211.50	$4.23
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.03	$3.87
Class F3
Actual	$1,000.00	$1,213.10	$3.30
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.88	$3.02
Class I
Actual	$1,000.00	$1,212.80	$3.69
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.53	$3.37
Class P
Actual	$1,000.00	$1,209.10	$5.99
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.44	$5.47
Class R2
Actual	$1,000.00	$1,209.00	$6.98
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.55	$6.37
Class R3
Actual	$1,000.00	$1,209.10	$6.43
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.05	$5.87
Class R4
Actual	$1,000.00	$1,210.50	$5.06
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.29	$4.62
Class R5
Actual	$1,000.00	$1,212.70	$3.63
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.58	$3.32
Class R6
Actual	$1,000.00	$1,213.30	$3.30
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.88	$3.02

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.92% for Class A, 1.67% for Class C, 0.77% for Class F, 0.60% for Class F3, 0.67% for Class I, 1.09% for Class P, 1.27% for Class R2, 1.17% for Class R3, 0.92% for Class R4, 0.66% for Class R5 and 0.60% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2024

Sector*	%**
Communication Services	4.85	%
Consumer Discretionary	10.87	%
Consumer Staples	5.62	%
Energy	5.71	%
Financials	18.13	%
Health Care	11.21	%
Industrials	15.12	%
Information Technology	16.32	%
Materials	5.98	%
Real Estate	2.06	%
Utilities	1.57	%
Repurchase Agreements	2.05	%
Money Market Funds^(a)	0.46	%
Time Deposits^(a)	0.05	%
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^†
	11/1/23	4/30/24	11/1/23 - 4/30/24
Class A
Actual	$1,000.00	$1,148.40	$ 6.52
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.80	$ 6.12
Class C
Actual	$1,000.00	$1,143.70	$10.55
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.02	$ 9.92
Class F
Actual	$1,000.00	$1,149.40	$ 5.77
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.49	$ 5.42
Class F3
Actual	$1,000.00	$1,150.10	$ 4.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.39	$ 4.52
Class I
Actual	$1,000.00	$1,149.80	$ 5.18
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.04	$ 4.87
Class P
Actual	$1,000.00	$1,147.10	$ 7.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.85	$ 7.07
Class R2
Actual	$1,000.00	$1,146.50	$ 8.38
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.06	$ 7.87
Class R3
Actual	$1,000.00	$1,147.30	$ 7.85
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.55	$ 7.37
Class R4
Actual	$1,000.00	$1,148.40	$ 6.52
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.80	$ 6.12
Class R5
Actual	$1,000.00	$1,149.90	$ 5.19
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.04	$ 4.87
Class R6
Actual	$1,000.00	$1,150.10	$ 4.81
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.39	$ 4.52

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.22% for Class A, 1.98% for Class C, 1.08% for Class F, 0.90% for Class F3, 0.97% for Class I, 1.41% for Class P, 1.57% for Class R2, 1.47% for Class R3, 1.22% for Class R4, 0.97% for Class R5 and 0.90% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2024

Sector*	%**
Basic Materials	5.63	%
Communications	5.41	%
Consumer Cyclical	11.10	%
Consumer Non-cyclical	12.84	%
Energy	2.67	%
Financial	21.68	%
Industrial	23.83	%
Technology	11.77	%
Utilities	2.24	%
Repurchase Agreements	2.83	%
Total	100.00	%


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

International Value Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/23	4/30/24	11/1/23 - 4/30/24
Class A
Actual	$1,000.00	$1,171.50	$5.18
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.09	$4.82
Class C
Actual	$1,000.00	$1,168.30	$9.22
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.36	$8.57
Class F
Actual	$1,000.00	$1,172.30	$4.37
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.84	$4.07
Class F3
Actual	$1,000.00	$1,174.30	$3.35
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.78	$3.12
Class I
Actual	$1,000.00	$1,174.30	$3.84
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.33	$3.57
Class R2
Actual	$1,000.00	$1,169.50	$7.01
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.40	$6.52
Class R3
Actual	$1,000.00	$1,170.80	$6.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.85	$6.07
Class R4
Actual	$1,000.00	$1,172.10	$5.18
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.09	$4.82
Class R5
Actual	$1,000.00	$1,173.60	$3.62
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.53	$3.37
Class R6
Actual	$1,000.00	$1,174.30	$3.35
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.78	$3.12

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.96% for Class A, 1.71% for Class C, 0.81% for Class F, 0.62% for Class F3, 0.71% for Class I, 1.30% for Class R2, 1.21% for Class R3, 0.96% for Class R4, 0.67% for Class R5 and 0.62% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2024

Sector*	%**
Basic Materials	5.11	%
Communications	2.45	%
Consumer Cyclical	8.83	%
Consumer Non-cyclical	16.75	%
Energy	11.79	%
Financial	30.89	%
Industrial	13.20	%
Technology	5.28	%
Utilities	3.31	%
Repurchase Agreements	2.39	%
Total	100.00	%


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

Micro Cap Growth Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/23	4/30/24	11/1/23 - 4/30/24
Class A
Actual	$1,000.00	$1,258.80	$ 7.69
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.05	$ 6.87
Class C
Actual	$1,000.00	$1,254.40	$11.88
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,014.32	$10.62
Class F
Actual	$1,000.00	$1,260.30	$ 6.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.29	$ 5.62
Class I
Actual	$1,000.00	$1,260.30	$ 6.29
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.29	$ 5.62


^†	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 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2024

Sector*	%**
Communication Services	0.77	%
Consumer Discretionary	14.28	%
Consumer Staples	3.82	%
Financials	8.53	%
Health Care	28.78	%
Industrials	16.41	%
Information Technology	25.81	%
Repurchase Agreements	0.92	%
Money Market Funds^(a)	0.61	%
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.

Value Opportunities Fund

	Beginning Account Value	Ending Account Value	Expenses Paid During Period^†
	11/1/23	4/30/24	11/1/23 - 4/30/24
Class A
Actual	$1,000.00	$1,192.60	$ 6.38
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.05	$ 5.87
Class C
Actual	$1,000.00	$1,188.10	$10.45
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,015.32	$ 9.62
Class F
Actual	$1,000.00	$1,193.70	$ 5.56
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.79	$ 5.12
Class F3
Actual	$1,000.00	$1,195.00	$ 4.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.74	$ 4.17
Class I
Actual	$1,000.00	$1,194.10	$ 5.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.29	$ 4.62
Class P
Actual	$1,000.00	$1,191.90	$ 7.47
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.05	$ 6.87
Class R2
Actual	$1,000.00	$1,190.80	$ 8.28
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.30	$ 7.62
Class R3
Actual	$1,000.00	$1,191.40	$ 7.74
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.80	$ 7.12
Class R4
Actual	$1,000.00	$1,193.10	$ 6.38
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.05	$ 5.87
Class R5
Actual	$1,000.00	$1,193.90	$ 5.02
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.29	$ 4.62
Class R6
Actual	$1,000.00	$1,194.50	$ 4.53
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.74	$ 4.17

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.17% for Class A, 1.92% for Class C, 1.02% for Class F, 0.83% for Class F3, 0.92% for Class I, 1.37% for Class P, 1.52% for Class R2, 1.42% for Class R3, 1.17% for Class R4, 0.92% for Class R5 and 0.83% for Class R6) multiplied by the average account value over the period, multiplied by 182/366 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

April 30, 2024

Sector*	%**
Basic Materials	3.48	%
Communications	2.66	%
Consumer Cyclical	14.92	%
Consumer Non-cyclical	17.37	%
Energy	6.64	%
Financial	20.63	%
Industrial	18.22	%
Technology	9.99	%
Utilities	2.42	%
Repurchase Agreements	0.50	%
Money Market Funds^(a)	2.86	%
Time Deposits^(a)	0.31	%
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.

Schedule of Investments (unaudited)

ALPHA STRATEGY FUND April 30, 2024

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.98%

INVESTMENTS IN UNDERLYING FUNDS^(a)(b)99.98%
Lord Abbett Developing Growth Fund, Inc. – Class I*^(c)		4,701,268	$	120,728,549
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I^(d)		2,172,980		59,843,876
Lord Abbett Securities Trust – International Opportunities Fund – Class I^(d)		6,488,750		121,015,188
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I*^(d)		3,473,389		59,707,557
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I^(d)		6,015,832		119,775,219
Lord Abbett Securities Trust – Value Opportunities Fund – Class I^(d)		6,184,180		119,973,099
Total Investments in Underlying Funds (cost 584,368,447)				601,043,488

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.07%

Repurchase Agreements 0.07%
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $437,200 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $436,389; proceeds: $427,748 (cost $427,715)	$	427,715	$	427,715
Total Investments in Securities 100.05% (cost $584,796,162)				601,471,203
Other Assets and Liabilities – Net (0.05)%				(300,337	)
Net Assets 100.00%			$	601,170,866

*		Non-income producing security.
^(a)		These investments offer daily redemptions.
^(b)		Affiliated issuers (See Note 11).
^(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, 2024 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	$	601,043,488	$	–	$	–	$	601,043,488
Short-Term Investments
Repurchase Agreements		–		427,715		–		427,715
Total	$	601,043,488	$	427,715	$	–	$	601,471,203

⁽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, 2024

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.49%

COMMON STOCKS 98.49%

Biotechnology 4.43%
Blueprint Medicines Corp.*		6,000	$	548,040
Natera, Inc.*		12,469		1,158,121
SpringWorks Therapeutics, Inc.*		12,560		586,426
Total				2,292,587

Broadline Retail 9.44%
Amazon.com, Inc.*		21,579		3,776,325
MercadoLibre, Inc. (Uruguay)*^(a)		760		1,108,612
Total				4,884,937

Communications Equipment 2.78%
Arista Networks, Inc.*		5,619		1,441,611

Electrical Equipment 2.26%
Eaton Corp. PLC		3,678		1,170,560

Entertainment 6.05%
Netflix, Inc.*		2,193		1,207,553
Spotify Technology SA (Sweden)*^(a)		6,870		1,926,623
Total				3,134,176

Financial Services 1.55%
Mastercard, Inc. Class A		1,775		800,880

Ground Transportation 4.03%
Saia, Inc.*		1,531		607,547
Uber Technologies, Inc.*		22,332		1,479,942
Total				2,087,489

Health Care Equipment & Supplies 4.19%
Boston Scientific Corp.*		7,075		508,480
Intuitive Surgical, Inc.*		4,482		1,661,119
Total				2,169,599

Hotels, Restaurants & Leisure 6.16%
Chipotle Mexican Grill, Inc.*		208		657,197
DoorDash, Inc. Class A*		8,251		1,066,524
DraftKings, Inc. Class A*		35,290		1,466,653
Total				3,190,374

Investments	Shares		Fair Value
Information Technology Services 3.47%
Shopify, Inc. Class A (Canada)*^(a)		25,555	$	1,793,961

Interactive Media & Services 8.98%
Alphabet, Inc. Class A*		16,148		2,628,571
Meta Platforms, Inc. Class A		4,697		2,020,509
Total				4,649,080

Life Sciences Tools & Services 1.00%
Danaher Corp.		2,108		519,875

Pharmaceuticals 3.94%
Eli Lilly & Co.		2,610		2,038,671

Semiconductors & Semiconductor Equipment 20.32%
Advanced Micro Devices, Inc.*		7,416		1,174,546
Applied Materials, Inc.		6,900		1,370,685
Broadcom, Inc.		822		1,068,822
Monolithic Power Systems, Inc.		1,591		1,064,904
NVIDIA Corp.		6,756		5,837,319
Total				10,516,276

Software 19.89%
Cadence Design Systems, Inc.*		3,741		1,031,132
Crowdstrike Holdings, Inc. Class A*		3,392		992,296
CyberArk Software Ltd. (Israel)*^(a)		4,122		986,189
Datadog, Inc. Class A*		10,858		1,362,679
HubSpot, Inc.*		2,283		1,380,918
Microsoft Corp.		8,756		3,408,973
ServiceNow, Inc.*		1,634		1,132,901
Total				10,295,088
Total Common Stocks (cost $37,301,131)				50,985,164

30	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FOCUSED GROWTH FUND April 30, 2024

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.46%

Repurchase Agreements 1.46%
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $894,500 of U.S. Treasury Note at 0.375% due 9/30/2027; value: $772,037; proceeds: $756,936 (cost $756,877)	$	756,877	$	756,877
Total Investments in Securities 99.95% (cost $38,058,008)				51,742,041
Other Assets and Liabilities – Net 0.05%				23,845
Net Assets 100.00%			$	51,765,886

*		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, 2024 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	$	50,985,164	$	–	$	–	$	50,985,164
Short-Term Investments
Repurchase Agreements		–		756,877		–		756,877
Total	$	50,985,164	$	756,877	$	–	$	51,742,041

⁽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)

FOCUSED LARGE CAP VALUE FUND April 30, 2024

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.28%

COMMON STOCKS 99.28%

Aerospace & Defense 2.72%
Lockheed Martin Corp.		1,477	$	686,702

Banks 4.67%
JPMorgan Chase & Co.		6,150		1,179,201

Beverages 2.96%
Carlsberg AS Class B		5,560		747,891

Biotechnology 3.13%
AbbVie, Inc.		4,870		792,057

Building Products 6.02%
Allegion PLC (Ireland)^(a)		6,383		775,917
Masco Corp.		10,900		746,105
Total				1,522,022

Capital Markets 7.94%
Charles Schwab Corp.		15,647		1,157,095
KKR & Co., Inc.		9,140		850,660
Total				2,007,755

Construction Materials 3.41%
CRH PLC (Ireland)^(a)		11,140		862,459

Consumer Staples Distribution & Retail 6.10%
BJ’s Wholesale Club Holdings, Inc.*		8,256		616,558
Target Corp.		5,740		924,025
Total				1,540,583

Electronic Equipment, Instruments & Components 3.36%
TD SYNNEX Corp.		7,210		849,626

Financial Services 3.61%
Fiserv, Inc.*		5,970		911,440

Investments	Shares		Fair Value
Health Care Providers & Services 5.93%
Laboratory Corp. of America Holdings		3,330	$	670,562
Molina Healthcare, Inc.*		2,420		827,882
Total				1,498,444

Insurance 7.34%
Allstate Corp.		6,380		1,084,983
RenaissanceRe Holdings Ltd.		3,508		769,129
Total				1,854,112

Interactive Media & Services 3.91%
Alphabet, Inc. Class A*		6,070		988,075

Machinery 6.52%
Cummins, Inc.		2,880		813,571
Parker-Hannifin Corp.		1,530		833,713
Total				1,647,284

Oil, Gas & Consumable Fuels 10.21%
Chesapeake Energy Corp.^(b)		9,080		816,110
Diamondback Energy, Inc.		4,650		935,254
Shell PLC ADR		11,560		828,390
Total				2,579,754

Real Estate Management & Development 2.65%
CBRE Group, Inc. Class A*		7,710		669,922

Semiconductors & Semiconductor Equipment 3.72%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		6,840		939,406

Software 5.95%
Adobe, Inc.*		1,460		675,732
Microsoft Corp.		2,127		828,105
Total				1,503,837

Specialty Retail 2.38%
Best Buy Co., Inc.		8,180		602,375

32	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FOCUSED LARGE CAP VALUE FUND April 30, 2024

Investments	Shares		Fair Value
Technology Hardware, Storage & Peripherals 3.00%
NetApp, Inc.		7,430	$	759,420

Trading Companies & Distributors 3.75%
AerCap Holdings NV (Ireland)*^(a)		11,210		947,133
Total Common Stocks (cost $20,166,302)				25,089,498

	Principal Amount

SHORT-TERM INVESTMENTS 4.11%

Repurchase Agreements 0.73%
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $188,500 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $188,148; proceeds: $184,427 (cost $184,413)	$	184,413		184,413

Investments	Shares		Fair Value
MONEY MARKET FUNDS 3.04%
Fidelity Government Portfolio^(c) (cost $768,560)		768,560	$	768,560

TIME DEPOSITS 0.34%
CitiBank N.A.^(c) (cost $85,396)		85,396		85,396
Total Short-Term Investments (cost $1,038,369)				1,038,369
Total Investments in Securities 103.39% (cost $21,204,671)				26,127,867
Other Assets and Liabilities – Net (3.39)%				(856,535	)
Net Assets 100.00%			$	25,271,332

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, 2024 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	$	–	$	747,891	$	–	$	747,891
Remaining Industries		24,341,607		–		–		24,341,607
Short-Term Investments
Repurchase Agreements		–		184,413		–		184,413
Money Market Funds		768,560		–		–		768,560
Time Deposits		–		85,396		–		85,396
Total	$	25,110,167	$	1,017,700	$	–	$	26,127,867

⁽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)

FOCUSED SMALL CAP VALUE FUND April 30, 2024

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.43%

COMMON STOCKS 99.43%

Aerospace & Defense 3.10%
Leonardo DRS, Inc.*		150,461	$	3,237,921

Air Freight & Logistics 1.45%
Radiant Logistics, Inc.*		307,445		1,518,778

Automobile Components 2.00%
Gentherm, Inc.*		41,345		2,090,817

Banks 13.51%
Axos Financial, Inc.*		43,115		2,182,050
Bancorp, Inc.*		60,622		1,815,023
First BanCorp		154,478		2,664,746
Prosperity Bancshares, Inc.		42,161		2,612,717
Seacoast Banking Corp. of Florida		100,326		2,314,521
Wintrust Financial Corp.		26,230		2,534,867
Total				14,123,924

Capital Markets 3.56%
Bridge Investment Group Holdings, Inc. Class A		236,962		1,559,210
Moelis & Co. Class A		44,144		2,166,588
Total				3,725,798

Chemicals 5.05%
Avient Corp.		71,705		3,041,726
Element Solutions, Inc.		96,860		2,240,372
Total				5,282,098

Commercial Services & Supplies 5.30%
Brady Corp. Class A		61,013		3,599,767
Vestis Corp.		105,548		1,944,194
Total				5,543,961

Electronic Equipment, Instruments & Components 7.90%
Advanced Energy Industries, Inc.		24,085		2,308,306
Belden, Inc.		36,880		2,997,238
Mirion Technologies, Inc.*		271,637		2,952,694
Total				8,258,238

Investments	Shares		Fair Value
Energy Equipment & Services 2.69%
Liberty Energy, Inc.		127,988	$	2,815,736

Financial Services 5.57%
Compass Diversified Holdings		145,641		3,199,733
International Money Express, Inc.*		129,531		2,620,412
Total				5,820,145

Health Care Equipment & Supplies 2.65%
Integer Holdings Corp.*		12,031		1,343,021
Integra LifeSciences Holdings Corp.*		49,089		1,431,926
Total				2,774,947

Health Care Providers & Services 3.74%
Addus HomeCare Corp.*		21,359		2,053,668
AMN Healthcare Services, Inc.*		30,923		1,854,761
Total				3,908,429

Household Durables 1.71%
Taylor Morrison Home Corp.*		31,946		1,789,295

Information Technology Services 2.36%
Perficient, Inc.*		52,214		2,467,634

Insurance 6.36%
Kemper Corp.		62,073		3,619,477
White Mountains Insurance Group Ltd.		1,703		3,028,172
Total				6,647,649

Interactive Media & Services 1.90%
Cars.com, Inc.*		118,646		1,982,575

Leisure Products 4.16%
Malibu Boats, Inc. Class A*		67,759		2,305,161
YETI Holdings, Inc.*		57,389		2,049,935
Total				4,355,096

Machinery 2.79%
Columbus McKinnon Corp.		70,768		2,920,595

34	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FOCUSED SMALL CAP VALUE FUND April 30, 2024

Investments	Shares		Fair Value
Media 2.47%
Criteo SA ADR*	73,672	$	2,581,467

Oil, Gas & Consumable Fuels 8.59%
MEG Energy Corp.*^(a)	102,873		2,339,704
Northern Oil & Gas, Inc.	75,828		3,093,024
Permian Resources Corp.	212,119		3,552,994
Total			8,985,722

Professional Services 2.17%
WNS Holdings Ltd. (India)*^(b)	54,188		2,271,019

Real Estate Management & Development 2.30%
Marcus & Millichap, Inc.	75,929		2,404,671

Semiconductors & Semiconductor Equipment 2.49%
Silicon Motion Technology Corp. ADR	35,336		2,608,150

Specialty Retail 2.35%
Academy Sports & Outdoors, Inc.	42,116		2,455,363

Tobacco 1.78%
Turning Point Brands, Inc.	64,367		1,856,344

Trading Companies & Distributors 1.48%
GMS, Inc.*	16,766		1,551,190
Total Common Stocks (cost $100,386,818)			103,977,562

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.60%

Repurchase Agreements 0.60%
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $644,000 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $642,768; proceeds: $630,114 (cost $630,065)	$	630,065	$	630,065
Total Investments in Securities 100.03% (cost $101,016,883)				104,607,627
Other Assets and Liabilities – Net (0.03)%				(31,149	)
Net Assets 100.00%			$	104,576,478

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, 2024

The following is a summary of the inputs used as of April 30, 2024 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	$	103,977,562	$	–	$	–	$	103,977,562
Short-Term Investments
Repurchase Agreements		–		630,065		–		630,065
Total	$	103,977,562	$	630,065	$	–	$	104,607,627

⁽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.

36	See Notes to Financial Statements.

Schedule of Investments (unaudited)

FUNDAMENTAL EQUITY FUND April 30, 2024

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.52%

COMMON STOCKS 99.52%

Aerospace & Defense 1.78%
Lockheed Martin Corp.		74,070	$	34,437,365

Air Freight & Logistics 0.84%
Expeditors International of Washington, Inc.		144,830		16,121,027

Banks 6.66%
JPMorgan Chase & Co.		416,010		79,765,757
Wells Fargo & Co.		823,590		48,855,359
Total				128,621,116

Beverages 1.54%
Carlsberg AS Class B^(a)		221,730		29,825,535

Biotechnology 2.06%
AbbVie, Inc.		245,150		39,871,196

Building Products 4.87%
Allegion PLC (Ireland)^(b)		243,250		29,569,470
Builders FirstSource, Inc.*		173,890		31,790,570
Masco Corp.		478,460		32,750,587
Total				94,110,627

Capital Markets 7.64%
Ameriprise Financial, Inc.		60,900		25,078,011
Charles Schwab Corp.		707,110		52,290,784
KKR & Co., Inc.		430,380		40,055,467
Morgan Stanley		331,260		30,091,658
Total				147,515,920

Chemicals 1.49%
Dow, Inc.		504,600		28,711,740

Construction & Engineering 2.00%
EMCOR Group, Inc.		108,360		38,702,941

Construction Materials 1.72%
CRH PLC (Ireland)^(b)		430,190		33,305,310

Investments	Shares		Fair Value
Consumer Finance 1.65%
American Express Co.		136,050	$	31,839,782

Consumer Staples Distribution & Retail 3.65%
BJ’s Wholesale Club Holdings, Inc.*		407,700		30,447,036
Target Corp.		248,570		40,014,799
Total				70,461,835

Electric: Utilities 3.04%
Entergy Corp.		181,920		19,405,406
FirstEnergy Corp.		496,290		19,027,759
NextEra Energy, Inc.		303,300		20,312,001
Total				58,745,166

Electronic Equipment, Instruments & Components 2.49%
TD SYNNEX Corp.		255,600		30,119,904
Teledyne Technologies, Inc.*		47,350		18,063,078
Total				48,182,982

Energy Equipment & Services 1.76%
Schlumberger NV		714,370		33,918,288

Financial Services 1.87%
Fiserv, Inc.*		236,380		36,088,135

Health Care Equipment & Supplies 1.50%
Becton Dickinson & Co.		123,820		29,048,172

Health Care Providers & Services 7.03%
Laboratory Corp. of America Holdings		164,490		33,123,351
McKesson Corp.		62,610		33,634,718
Molina Healthcare, Inc.*		100,130		34,254,473
UnitedHealth Group, Inc.		72,120		34,884,444
Total				135,896,986

Hotels, Restaurants & Leisure 0.84%
Caesars Entertainment, Inc.*		453,880		16,257,982

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

FUNDAMENTAL EQUITY FUND April 30, 2024

Investments	Shares		Fair Value
Household Products 0.99%
Procter & Gamble Co.		116,980	$	19,091,136

Industrial REITS 0.70%
Prologis, Inc.		132,210		13,492,031

Insurance 7.10%
Allstate Corp.		308,730		52,502,624
Arch Capital Group Ltd.*		328,660		30,742,856
Arthur J Gallagher & Co.		101,410		23,799,913
RenaissanceRe Holdings Ltd.		137,100		30,059,175
Total				137,104,568

Interactive Media & Services 2.94%
Alphabet, Inc. Class A*		348,930		56,798,825

Life Sciences Tools & Services 1.54%
Thermo Fisher Scientific, Inc.		52,390		29,795,241

Machinery 3.47%
Cummins, Inc.		102,570		28,974,999
Parker-Hannifin Corp.		69,830		38,051,066
Total				67,026,065

Media 1.82%
Comcast Corp. Class A		922,480		35,155,713

Metals & Mining 0.94%
Reliance, Inc.		63,970		18,213,538

Oil, Gas & Consumable Fuels 7.73%
Chesapeake Energy Corp.^(c)		467,970		42,061,144
Diamondback Energy, Inc.		267,640		53,830,433
Shell PLC ADR		745,790		53,443,311
Total				149,334,888

Real Estate Management & Development 1.42%
CBRE Group, Inc. Class A*		316,420		27,493,734

Investments	Shares		Fair Value
Residential REITS 0.90%
American Homes 4 Rent Class A		486,350	$	17,411,330

Semiconductors & Semiconductor Equipment 3.06%
KLA Corp.		32,430		22,353,674
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		267,020		36,672,527
Total				59,026,201

Software 3.60%
Adobe, Inc.*		61,130		28,292,798
Microsoft Corp.		105,760		41,175,541
Total				69,468,339

Specialty Retail 5.01%
AutoZone, Inc.*		6,750		19,955,700
Best Buy Co., Inc.		405,560		29,865,438
Lowe’s Cos., Inc.		115,430		26,316,886
Valvoline, Inc.*		487,670		20,735,728
Total				96,873,752

Technology Hardware, Storage & Peripherals 1.84%
NetApp, Inc.		348,050		35,574,190

Trading Companies & Distributors 2.03%
AerCap Holdings NV (Ireland)*^(b)		463,010		39,119,715
Total Common Stocks (cost $1,380,748,674)				1,922,641,371

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

FUNDAMENTAL EQUITY FUND April 30, 2024

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.90%

Repurchase Agreements 0.48%
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $10,813,400 of U.S. Treasury Note at 0.500% due 4/30/2027; value: $9,523,042; proceeds: $9,336,906 (cost $9,336,180)	$	9,336,180	$	9,336,180

Investments	Shares		Fair Value
MONEY MARKET FUNDS 0.38%
Fidelity Government Portfolio^(d) (cost $7,295,373)		7,295,373	$	7,295,373

TIME DEPOSITS 0.04%
CitiBank N.A.^(d) (cost $810,597)		810,597		810,597
Total Short-Term Investments (cost $17,442,150)				17,442,150
Total Investments in Securities 100.42% (cost $1,398,190,824)				1,940,083,521
Other Assets and Liabilities – Net (0.42)%				(8,040,245	)
Net Assets 100.00%			$	1,932,043,276


ADR		American Depositary Receipt.
REITS		Real Estate Investment Trusts.
*		Non-income producing security.
^(a)		Investment in non-U.S. dollar denominated securities.
^(b)		Foreign security traded in U.S. dollars.
^(c)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(d)		Security was purchased with the cash collateral from loaned securities.

The following is a summary of the inputs used as of April 30, 2024 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	$	–	$	29,825,535	$	–	$	29,825,535
Remaining Industries		1,892,815,836		–		–		1,892,815,836
Short-Term Investments
Repurchase Agreements		–		9,336,180		–		9,336,180
Money Market Funds		7,295,373		–		–		7,295,373
Time Deposits		–		810,597		–		810,597
Total	$	1,900,111,209	$	39,972,312	$	–	$	1,940,083,521

⁽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, 2024

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 97.19%

COMMON STOCKS 97.19%

Australia 1.58%

Diversified REITS 0.70%
Charter Hall Group		22,103	$	167,855

Metals & Mining 0.88%
BHP Group Ltd.		7,694		211,017
Total Australia				378,872

Austria 1.70%

Banks
BAWAG Group AG^†		6,867		410,034

Brazil 1.67%

Broadline Retail
MercadoLibre, Inc.*		276		402,601

Canada 1.78%

Consumer Staples Distribution & Retail 1.18%
Alimentation Couche-Tard, Inc.		5,121		283,828

Insurance 0.60%
Manulife Financial Corp.		6,217		145,010
Total Canada				428,838

China 3.88%

Beverages 0.37%
Kweichow Moutai Co. Ltd. Class A		381		89,327

Broadline Retail 0.92%
PDD Holdings, Inc. ADR*		1,771		221,694

Gas Utilities 0.39%
ENN Energy Holdings Ltd.		10,960		93,383

Interactive Media & Services 1.08%
Tencent Holdings Ltd.		5,893		258,604

Investments	Shares		U.S. $ Fair Value
Marine Transportation 1.12%
SITC International Holdings Co. Ltd.		124,367	$	269,701
Total China				932,709

Denmark 2.05%

Pharmaceuticals
Novo Nordisk AS Class B		3,851		493,861

France 3.06%

Beverages 0.22%
Pernod Ricard SA		350		52,934

Capital Markets 1.31%
Amundi SA^†		4,517		315,126

Life Sciences Tools & Services 0.09%
Sartorius Stedim Biotech		98		21,106

Oil, Gas & Consumable Fuels 0.88%
Gaztransport Et Technigaz SA		1,520		211,858

Textiles, Apparel & Luxury Goods 0.56%
LVMH Moet Hennessy Louis Vuitton SE		165		135,537
Total France				736,561

Germany 0.96%
Chemicals
FUCHS SE		6,302		230,379

India 0.79%

Commercial Services & Supplies
CMS Info Systems Ltd.		38,043		188,853

Ireland 0.51%

Trading Companies & Distributors
AerCap Holdings NV*		1,458		123,186

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY FUND April 30, 2024

Investments	Shares		U.S. $ Fair Value
Japan 5.23%

Electrical Equipment 0.88%
Fuji Electric Co. Ltd.		3,402	$	211,618

Entertainment 0.67%
Nintendo Co. Ltd.		3,302		161,035

Information Technology Services 0.47%
SCSK Corp.		6,238		113,402

Insurance 1.70%
Sompo Holdings, Inc.		20,704		409,734

Professional Services 0.88%
TechnoPro Holdings, Inc.		12,459		212,219

Semiconductors & Semiconductor Equipment 0.63%
SUMCO Corp.		10,079		150,311
Total Japan				1,258,319

Mexico 1.69%

Banks
Grupo Financiero Banorte SAB de CV Class O		41,050		406,289

Netherlands 0.70%

Semiconductors & Semiconductor Equipment
ASML Holding NV		194		168,977

Peru 0.93%

Banks
Intercorp Financial Services, Inc.		10,455		222,901

Singapore 0.64%

Semiconductors & Semiconductor Equipment
STMicroelectronics NV		3,899		154,341

South Korea 1.48%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		6,396		355,532

Investments	Shares		U.S. $ Fair Value
Spain 0.85%

Electric: Utilities
Iberdrola SA		16,605	$	203,604

Taiwan 2.47%

Semiconductors & Semiconductor Equipment
Taiwan Semiconductor Manufacturing Co. Ltd.		24,834		594,619

United Kingdom 6.73%

Broadline Retail 2.75%
B&M European Value Retail SA		47,081		303,841
Next PLC		3,186		357,335
				661,176

Capital Markets 0.27%
London Stock Exchange Group PLC		587		64,711

Household Durables 0.77%
Persimmon PLC		11,409		184,746

Personal Care Products 0.79%
Unilever PLC		3,680		190,370

Tobacco 1.49%
Imperial Brands PLC		15,647		357,536

Trading Companies & Distributors 0.66%
Ashtead Group PLC		2,198		159,601
Total United Kingdom				1,618,140

United States 58.49%

Aerospace & Defense 0.48%
TransDigm Group, Inc.		92		114,819

Automobiles 1.75%
General Motors Co.		9,430		419,918

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY FUND April 30, 2024

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

Banks 3.31%
East West Bancorp, Inc.		4,492	$	334,609
JPMorgan Chase & Co.		2,410		462,093
				796,702

Biotechnology 2.67%
AbbVie, Inc.		1,503		244,448
SpringWorks Therapeutics, Inc.*		2,288		106,827
Vertex Pharmaceuticals, Inc.*		742		291,465
				642,740

Broadline Retail 3.20%
Amazon.com, Inc.*		4,405		770,875

Building Products 2.59%
Allegion PLC		1,964		238,744
Builders FirstSource, Inc.*		2,097		383,373
				622,117

Capital Markets 2.71%
Ameriprise Financial, Inc.		651		268,075
Cboe Global Markets, Inc.		570		103,256
Evercore, Inc. Class A		1,552		281,688
				653,019

Construction Materials 1.22%
CRH PLC		2,272		175,946
CRH PLC		1,534		118,762
				294,708

Consumer Staples Distribution & Retail 0.13%
BJ’s Wholesale Club Holdings, Inc.*		408		30,469

Entertainment 1.28%
Netflix, Inc.*		559		307,808

Financial Services 2.35%
Visa, Inc. Class A		2,102		564,618

Ground Transportation 0.39%
Norfolk Southern Corp.		405		93,280

Investments	Shares		U.S. $ Fair Value
Health Care Equipment & Supplies 0.65%
Dexcom, Inc.*		872	$	111,084
Intuitive Surgical, Inc.*		120		44,474
				155,558

Health Care Providers & Services 3.54%
Cigna Group		956		341,331
Molina Healthcare, Inc.*		542		185,418
UnitedHealth Group, Inc.		673		325,530
				852,279

Household Durables 1.77%
Helen of Troy Ltd.*		1,661		153,991
PulteGroup, Inc.		2,446		272,534
				426,525

Industrial REITS 0.23%
Prologis, Inc.		550		56,128

Information Technology Services 0.62%
Accenture PLC Class A		498		149,853

Interactive Media & Services 7.91%
Alphabet, Inc. Class A*		6,770		1,102,021
Meta Platforms, Inc. Class A		1,860		800,116
				1,902,137

Life Sciences Tools & Services 0.41%
Thermo Fisher Scientific, Inc.		174		98,957

Machinery 1.23%
Crane Co.		1,115		156,111
Parker-Hannifin Corp.		258		140,587
				296,698

Oil, Gas & Consumable Fuels 3.41%
Marathon Petroleum Corp.		1,641		298,202
Shell PLC		14,670		521,498
				819,700

Professional Services 0.39%
Verra Mobility Corp.*		4,004		94,414

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GLOBAL EQUITY FUND April 30, 2024

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

Semiconductors & Semiconductor Equipment 6.89%
Broadcom, Inc.		251	$	326,368
KLA Corp.		398		274,337
NVIDIA Corp.		1,222		1,055,833
				1,656,538

Software 5.85%
Adobe, Inc.*		467		216,142
Cadence Design Systems, Inc.*		474		130,649
Intuit, Inc.		57		35,660
Microsoft Corp.		2,632		1,024,716
				1,407,167

Specialty Retail 1.41%
Academy Sports & Outdoors, Inc.		3,627		211,454
Lowe’s Cos., Inc.		561		127,902
				339,356

Technology Hardware, Storage & Peripherals 0.86%
Apple, Inc.		1,222		208,143

Trading Companies & Distributors 1.24%
Core & Main, Inc. Class A*		5,282		298,275
Total United States				14,072,801
Total Common Stocks (cost $18,954,461)				23,381,417

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 2.62%

Repurchase Agreements 2.62%
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $645,200 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $643,932; proceeds: $631,321 (cost $631,271)	$	631,271	$	631,271
Total Investments in Securities 99.81% (cost $19,585,732)				24,012,688
Other Assets and Liabilities – Net 0.19%				45,596
Net Assets 100.00%			$	24,058,284

ADR		American Depositary Receipt.
REITS		Real Estate Investment Trusts.
^†		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, 2024, the total value of Rule 144A securities was $725,160, which represents 3.01% of net assets.
*		Non-income producing security.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GLOBAL EQUITY FUND April 30, 2024

The following is a summary of the inputs used as of April 30, 2024 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	$	–	$	378,872	$	–	$	378,872
Austria		–		410,034		–		410,034
China		221,694		711,015		–		932,709
Denmark		–		493,861		–		493,861
France		–		736,561		–		736,561
Germany		–		230,379		–		230,379
India		–		188,853		–		188,853
Japan		–		1,258,319		–		1,258,319
Netherlands		–		168,977		–		168,977
Singapore		–		154,341		–		154,341
South Korea		–		355,532		–		355,532
Spain		–		203,604		–		203,604
Taiwan		–		594,619		–		594,619
United Kingdom		–		1,618,140		–		1,618,140
United States		13,375,357		697,444		–		14,072,801
Remaining Countries		1,583,815		–		–		1,583,815
Short-Term Investments
Repurchase Agreements		–		631,271		–		631,271
Total	$	15,180,866	$	8,831,822	$	–	$	24,012,688

⁽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. Countries 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)

GROWTH LEADERS FUND April 30, 2024

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.61%

COMMON STOCKS 98.61%

Aerospace & Defense 3.01%
Axon Enterprise, Inc.*		309,061	$	96,940,073
TransDigm Group, Inc.		62,300		77,752,269
Total				174,692,342

Biotechnology 4.15%
Blueprint Medicines Corp.*		529,536		48,367,818
Natera, Inc.*		709,425		65,891,394
Neurocrine Biosciences, Inc.*		313,822		43,163,078
Regeneron Pharmaceuticals, Inc.*		44,399		39,544,413
SpringWorks Therapeutics, Inc.*		936,771		43,737,838
Total				240,704,541

Broadline Retail 7.13%
Amazon.com, Inc.*		1,654,693		289,571,275
MercadoLibre, Inc. (Uruguay)*^(a)		85,356		124,508,797
Total				414,080,072

Building Products 0.59%
Trane Technologies PLC (Ireland)^(a)		107,028		33,964,266

Capital Markets 1.48%
Blackstone, Inc.		367,823		42,891,840
Coinbase Global, Inc. Class A*		211,056		43,040,650
Total				85,932,490

Communications Equipment 2.23%
Arista Networks, Inc.*		505,637		129,726,229

Construction & Engineering 1.44%
EMCOR Group, Inc.		141,619		50,582,058
Quanta Services, Inc.		127,215		32,892,711
Total				83,474,769

Diversified Consumer Services 1.04%
Duolingo, Inc.*		268,493		60,612,295

Investments	Shares		Fair Value
Electrical Equipment 1.99%
Eaton Corp. PLC		221,545	$	70,508,912
Vertiv Holdings Co. Class A		483,165		44,934,345
Total				115,443,257

Entertainment 4.28%
Netflix, Inc.*		195,804		107,817,514
Spotify Technology SA (Sweden)*^(a)		502,002		140,781,441
Total				248,598,955

Financial Services 3.19%
Apollo Global Management, Inc.		685,071		74,247,995
Mastercard, Inc. Class A		124,489		56,169,437
Visa, Inc. Class A		204,371		54,896,094
Total				185,313,526

Ground Transportation 2.81%
Saia, Inc.*		112,929		44,813,615
Uber Technologies, Inc.*		1,789,962		118,620,782
Total				163,434,397

Health Care Equipment & Supplies 5.05%
Boston Scientific Corp.*		794,504		57,101,002
Dexcom, Inc.*		480,491		61,209,749
Glaukos Corp.*		468,235		44,950,560
Intuitive Surgical, Inc.*		351,345		130,215,484
Total				293,476,795

Hotels, Restaurants & Leisure 5.56%
Chipotle Mexican Grill, Inc.*		32,731		103,416,868
DoorDash, Inc. Class A*		856,356		110,692,576
DraftKings, Inc. Class A*		2,621,236		108,938,568
Total				323,048,012

Information Technology Services 3.28%
MongoDB, Inc.*		89,722		32,764,680
Shopify, Inc. Class A (Canada)*^(a)		2,249,646		157,925,149
Total				190,689,829

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

GROWTH LEADERS FUND April 30, 2024

Investments	Shares		Fair Value
Interactive Media & Services 7.94%
Alphabet, Inc. Class A*		1,611,841	$	262,375,478
Meta Platforms, Inc. Class A		461,550		198,544,964
Total				460,920,442

Life Sciences Tools & Services 1.01%
Danaher Corp.		236,799		58,399,369

Machinery 0.81%
Parker-Hannifin Corp.		85,740		46,720,583

Pharmaceuticals 2.77%
Eli Lilly & Co.		205,674		160,651,961

Semiconductors & Semiconductor Equipment 18.37%
Advanced Micro Devices, Inc.*		647,315		102,521,750
Applied Materials, Inc.		545,215		108,306,960
Broadcom, Inc.		45,712		59,437,942
KLA Corp.		113,043		77,919,410
Monolithic Power Systems, Inc.		118,910		79,590,030
NVIDIA Corp.		739,612		639,039,560
Total				1,066,815,652

Software 20.48%
Cadence Design Systems, Inc.*		315,101		86,851,289
Crowdstrike Holdings, Inc. Class A*		310,483		90,828,697
CyberArk Software Ltd. (Israel)*^(a)		358,646		85,806,055
Datadog, Inc. Class A*		784,440		98,447,220
HubSpot, Inc.*		201,590		121,935,743
Microsoft Corp.		1,026,142		399,507,865
Procore Technologies, Inc.*		770,525		52,719,321
Salesforce, Inc.		266,372		71,638,086
ServiceNow, Inc.*		135,959		94,264,453
Synopsys, Inc.*		164,734		87,406,213
Total				1,189,404,942
Total Common Stocks (cost $3,997,989,914)				5,726,104,724

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.47%

Repurchase Agreements 1.47%
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $19,481,700 of U.S. Treasury Note at 2.500% due 3/31/2027; $78,282,900 of U.S. Treasury Note at 0.500% due 4/30/2027; value: $87,251,892; proceeds: $85,547,545 (cost $85,540,892)	$	85,540,892	$	85,540,892
Total Investments in Securities 100.08% (cost $4,083,530,806)				5,811,645,616
Other Assets and Liabilities – Net (0.08)%				(4,593,815	)
Net Assets 100.00%			$	5,807,051,801

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

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

GROWTH LEADERS FUND April 30, 2024

The following is a summary of the inputs used as of April 30, 2024 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	$	5,726,104,724	$	–	$	–	$	5,726,104,724
Short-Term Investments
Repurchase Agreements		–		85,540,892		–		85,540,892
Total	$	5,726,104,724	$	85,540,892	$	–	$	5,811,645,616

⁽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)

HEALTH CARE FUND April 30, 2024

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 99.24%

COMMON STOCKS 99.24%

Canada 1.20%

Biotechnology
Xenon Pharmaceuticals, Inc.*		2,416	$	98,210

Denmark 9.00%

Biotechnology 1.79%
Ascendis Pharma AS ADR*		467		64,652
Zealand Pharma AS*		907		81,399
				146,051

Pharmaceuticals 7.21%
Novo Nordisk AS Class B		4,580		587,349
Total Denmark				733,400

France 0.98%

Life Sciences Tools & Services
Sartorius Stedim Biotech		372		80,117

Germany 2.90%

Health Care Equipment & Supplies 0.98%
Siemens Healthineers AG^†		1,443		80,025

Life Sciences Tools & Services 1.92%
Gerresheimer AG		741		79,803
Schott Pharma AG & Co. KGaA		1,819		76,551
				156,354
Total Germany				236,379

Italy 0.68%

Life Sciences Tools & Services
Stevanato Group SpA		1,963		55,043

Japan 3.60%

Health Care Equipment & Supplies 0.98%
Terumo Corp.		4,696		79,664

Investments	Shares		U.S. $ Fair Value
Pharmaceuticals 2.62%
Daiichi Sankyo Co. Ltd.		3,666	$	123,389
Eisai Co. Ltd.		2,208		90,680
				214,069
Total Japan				293,733

Netherlands 1.05%

Biotechnology
Argenx SE*		230		85,920

Sweden 1.02%

Biotechnology
Swedish Orphan Biovitrum AB*		3,213		83,208

Switzerland 0.74%

Health Care Equipment & Supplies
Alcon, Inc.		773		59,969

United Kingdom 2.26%

Health Care Equipment & Supplies 0.46%
ConvaTec Group PLC^†		11,996		37,323

Pharmaceuticals 1.80%
AstraZeneca PLC		970		146,712
Total United Kingdom				184,035

United States 75.81%

Biotechnology 25.42%
Apellis Pharmaceuticals, Inc.*		961		42,467
Arcellx, Inc.*		2,421		121,098
Blueprint Medicines Corp.*		1,913		174,733
Bridgebio Pharma, Inc.*		3,621		92,770
Crinetics Pharmaceuticals, Inc.*		2,388		104,642
Immunome, Inc.*		2,010		28,261
Immunovant, Inc.*		1,597		43,822
Janux Therapeutics, Inc.*		919		52,383
Krystal Biotech, Inc.*		1,195		182,978
Madrigal Pharmaceuticals, Inc.*		177		36,111
MoonLake Immunotherapeutics*		845		34,569

48	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

HEALTH CARE FUND April 30, 2024

Investments	Shares		U.S. $ Fair Value
United States (continued)
Natera, Inc.*		2,417	$	224,491
Neurocrine Biosciences, Inc.*		1,268		174,401
Nuvalent, Inc. Class A*		970		66,814
Regeneron Pharmaceuticals, Inc.*		193		171,897
Rhythm Pharmaceuticals, Inc.*		1,868		74,272
SpringWorks Therapeutics, Inc.*		2,485		116,025
Vaxcyte, Inc.*		917		55,524
Vera Therapeutics, Inc.*		1,368		54,050
Vertex Pharmaceuticals, Inc.*		376		147,696
Viking Therapeutics, Inc.*		920		73,214
				2,072,218

Health Care Equipment & Supplies 23.15%
Boston Scientific Corp.*		3,221		231,493
Cooper Cos., Inc.		1,092		97,254
CVRx, Inc.*		2,967		46,018
Dexcom, Inc.*		1,477		188,155
Glaukos Corp.*		1,655		158,880
Globus Medical, Inc. Class A*		787		39,185
IDEXX Laboratories, Inc.*		161		79,334
Inspire Medical Systems, Inc.*		341		82,406
Intuitive Surgical, Inc.*		777		287,972
iRhythm Technologies, Inc.*		619		67,830
PROCEPT BioRobotics Corp.*		2,082		110,304
RxSight, Inc.*		2,979		155,295
Stryker Corp.		726		244,299
TransMedics Group, Inc.*		1,051		98,931
				1,887,356

Health Care Providers & Services 3.98%
Cencora, Inc.		719		171,877
Encompass Health Corp.		787		65,620
Laboratory Corp. of America Holdings		250		50,342
Molina Healthcare, Inc.*		108		36,947
				324,786

Investments	Shares		U.S. $ Fair Value
Life Sciences Tools & Services 10.16%
Agilent Technologies, Inc.		878	$	120,321
Bio-Techne Corp.		792		50,062
Danaher Corp.		1,042		256,978
Quanterix Corp.*		3,213		51,794
Repligen Corp.*		677		111,163
Thermo Fisher Scientific, Inc.		418		237,725
				828,043

Pharmaceuticals 13.10%
Eli Lilly & Co.		963		752,199
Evolus, Inc.*		3,107		36,569
Intra-Cellular Therapies, Inc.*		886		63,624
Longboard Pharmaceuticals, Inc.*		3,452		73,528
Merck & Co., Inc.		1,098		141,884
				1,067,804
Total United States				6,180,207
Total Common Stocks (cost $6,467,399)				8,090,221
Other Assets and Liabilities – Net 0.76%				61,973
Net Assets 100.00%			$	8,152,194

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, 2024, the total value of Rule 144A securities was $117,348, which represents 1.44% of net assets.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

HEALTH CARE FUND April 30, 2024

The following is a summary of the inputs used as of April 30, 2024 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
Denmark	$	64,652	$	668,748	$	–	$	733,400
France		–		80,117		–		80,117
Germany		–		236,379		–		236,379
Japan		–		293,733		–		293,733
Netherlands		–		85,920		–		85,920
Sweden		–		83,208		–		83,208
United Kingdom		–		184,035		–		184,035
Remaining Countries		6,393,429		–		–		6,393,429
Total	$	6,458,081	$	1,632,140	$	–	$	8,090,221

⁽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. Countries 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.

50	See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL EQUITY FUND April 30, 2024

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 97.49%

COMMON STOCKS 97.49%

Australia 1.95%

Industrial REITS 0.50%
Goodman Group		82,000	$	1,656,369

Metals & Mining 1.45%
BHP Group Ltd.		175,695		4,818,631
Total Australia				6,475,000

Austria 1.04%

Banks
Erste Group Bank AG		73,813		3,442,275

Brazil 0.99%

Banks 0.29%
Itau Unibanco Holding SA ADR		160,810		972,900

Broadline Retail 0.70%
MercadoLibre, Inc.*		1,600		2,333,920
Total Brazil				3,306,820

Canada 4.02%

Construction & Engineering 0.60%
Stantec, Inc.		25,000		1,990,520

Consumer Staples Distribution & Retail 0.83%
Alimentation Couche-Tard, Inc.		50,000		2,771,220

Ground Transportation 0.89%
Canadian Pacific Kansas City Ltd.		37,523		2,943,729

Metals & Mining 1.00%
Teck Resources Ltd. Class B		67,633		3,326,867

Oil, Gas & Consumable Fuels 0.70%
Imperial Oil Ltd.		33,900		2,330,756
Total Canada				13,363,092

Investments	Shares		U.S. $ Fair Value
China 3.29%

Automobiles 0.68%
BYD Co. Ltd. Class H		82,324	$	2,256,712

Beverages 0.58%
Kweichow Moutai Co. Ltd. Class A		8,200		1,922,516

Broadline Retail 0.73%
PDD Holdings, Inc. ADR*		19,455		2,435,377

Interactive Media & Services 1.30%
Tencent Holdings Ltd.		98,447		4,320,168
Total China				10,934,773

Denmark 4.45%

Banks 0.85%
Danske Bank AS		98,301		2,829,790

Beverages 0.49%
Carlsberg AS Class B		12,162		1,635,945

Pharmaceuticals 3.11%
Novo Nordisk AS Class B		80,539		10,328,498
Total Denmark				14,794,233

France 10.56%

Aerospace & Defense 0.74%
Airbus SE		14,821		2,438,910

Building Products 1.23%
Cie de Saint-Gobain SA		51,769		4,094,029

Chemicals 1.45%
Air Liquide SA		14,100		2,757,659
Arkema SA		19,988		2,062,497
				4,820,156

Hotels, Restaurants & Leisure 0.77%
Accor SA		58,645		2,570,157

Insurance 1.06%
AXA SA		102,105		3,527,889

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2024

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

Oil, Gas & Consumable Fuels 1.71%
TotalEnergies SE		78,180	$	5,675,771

Personal Care Products 1.27%
L’Oreal SA		9,000		4,219,678

Textiles, Apparel & Luxury Goods 2.33%
Hermes International SCA		1,040		2,489,750
LVMH Moet Hennessy Louis Vuitton SE		6,400		5,257,190
				7,746,940
Total France				35,093,530

Germany 7.44%

Aerospace & Defense 0.49%
Rheinmetall AG		2,972		1,637,705

Automobiles 0.64%
Bayerische Motoren Werke AG		19,500		2,124,511

Diversified Telecommunication Services 1.15%
Deutsche Telekom AG		167,446		3,835,445

Health Care Equipment & Supplies 0.44%
Siemens Healthineers AG^†		26,727		1,482,212

Insurance 2.15%
Allianz SE Registered Shares		13,093		3,715,597
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		7,791		3,426,549
				7,142,146

Life Sciences Tools & Services 0.91%
Schott Pharma AG & Co. KGaA^(a)		71,620		3,014,060

Software 1.66%
SAP SE		30,491		5,505,673
Total Germany				24,741,752

Investments	Shares		U.S. $ Fair Value
Greece 0.75%

Banks
National Bank of Greece SA*		307,000	$	2,476,887

Hong Kong 0.69%

Machinery
Techtronic Industries Co. Ltd.		166,000		2,294,002

India 4.10%

Banks 1.14%
ICICI Bank Ltd. ADR		137,867		3,795,478

Information Technology Services 0.64%
Tata Consultancy Services Ltd.		46,720		2,132,305

Oil, Gas & Consumable Fuels 0.95%
Reliance Industries Ltd.		89,797		3,152,258

Pharmaceuticals 0.38%
Mankind Pharma Ltd.*		45,116		1,275,420

Wireless Telecommunication Services 0.99%
Bharti Airtel Ltd.		207,000		3,276,536
Total India				13,631,997

Indonesia 0.52%

Banks
Bank Negara Indonesia Persero Tbk. PT		5,366,300		1,726,536

Italy 3.26%

Banks 1.64%
UniCredit SpA		148,220		5,440,321

Electric: Utilities 0.85%
Enel SpA		429,781		2,824,710

Electrical Equipment 0.77%
Prysmian SpA		47,141		2,557,793
Total Italy				10,822,824

52	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2024

Investments	Shares		U.S. $ Fair Value
Japan 19.74%

Automobile Components 0.47%
Denso Corp.		92,000	$	1,567,967

Automobiles 1.68%
Toyota Motor Corp.		245,100		5,590,382

Banks 1.53%
Sumitomo Mitsui Financial Group, Inc.		89,507		5,084,335

Beverages 0.77%
Asahi Group Holdings Ltd.		74,557		2,550,517

Broadline Retail 0.80%
Pan Pacific International Holdings Corp.		113,669		2,669,633

Chemicals 0.57%
Shin-Etsu Chemical Co. Ltd.		49,000		1,896,738

Electronic Equipment, Instruments & Components 0.52%
Keyence Corp.		3,900		1,715,102

Entertainment 0.74%
Nintendo Co. Ltd.		50,400		2,457,956

Health Care Equipment & Supplies 1.35%
Hoya Corp.		21,800		2,527,488
Terumo Corp.		116,500		1,976,320
				4,503,808

Household Durables 0.64%
Sony Group Corp.		25,700		2,124,139

Industrial Conglomerates 1.98%
Hitachi Ltd.		71,200		6,568,960

Information Technology Services 0.76%
Fujitsu Ltd.		162,500		2,510,323

Insurance 1.08%
Sompo Holdings, Inc.		181,200		3,585,969

Investments	Shares		U.S. $ Fair Value
Machinery 0.89%
Ebara Corp.		36,000	$	2,967,625

Real Estate Management & Development 0.93%
Mitsubishi Estate Co. Ltd.		168,391		3,085,716

Semiconductors & Semiconductor Equipment 2.26%
Disco Corp.		7,600		2,164,827
SUMCO Corp.		72,000		1,073,758
Tokyo Electron Ltd.		19,500		4,277,242
				7,515,827

Trading Companies & Distributors 2.77%
ITOCHU Corp.		111,056		5,010,261
Mitsubishi Corp.		184,274		4,214,267
				9,224,528
Total Japan				65,619,525

Mexico 1.62%

Banks 0.99%
Grupo Financiero Banorte SAB de CV Class O		331,117		3,277,199

Real Estate Management & Development 0.63%
Corp. Inmobiliaria Vesta SAB de CV ADR		59,013		2,095,552
Total Mexico				5,372,751

Netherlands 2.96%

Semiconductors & Semiconductor Equipment
ASM International NV		3,873		2,436,268
ASML Holding NV		8,491		7,395,769
				9,832,037

Peru 0.37%

Banks
Credicorp Ltd.		7,419		1,228,661

Philippines 0.63%

Banks
BDO Unibank, Inc.		819,200		2,101,585

See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2024

Investments	Shares		U.S. $ Fair Value
South Korea 2.15%

Banks 0.52%
KB Financial Group, Inc.		32,000	$	1,735,581

Technology Hardware, Storage & Peripherals 1.63%
Samsung Electronics Co. Ltd.		97,292		5,408,135
Total South Korea				7,143,716

Spain 2.25%

Banks 1.18%
Banco Bilbao Vizcaya Argentaria SA		361,668		3,911,068

Specialty Retail 1.07%
Industria de Diseno Textil SA		78,155		3,558,471
Total Spain				7,469,539

Sweden 1.24%

Machinery
Atlas Copco AB Class A		235,950		4,132,920

Switzerland 3.08%

Capital Markets 0.43%
UBS Group AG Registered Shares		54,131		1,421,657

Life Sciences Tools & Services 0.82%
Lonza Group AG Registered Shares		4,982		2,750,030

Machinery 0.89%
VAT Group AG^†		5,952		2,963,267

Pharmaceuticals 0.94%
Novartis AG Registered Shares		32,102		3,115,739
Total Switzerland				10,250,693

Investments	Shares		U.S. $ Fair Value
Taiwan 5.05%

Semiconductors & Semiconductor Equipment 4.63%
MediaTek, Inc.		59,492	$	1,793,753
Realtek Semiconductor Corp.		121,000		1,908,794
Taiwan Semiconductor Manufacturing Co. Ltd.		487,714		11,677,704
				15,380,251

Technology Hardware, Storage & Peripherals 0.42%
Quanta Computer, Inc.		180,000		1,412,683
Total Taiwan				16,792,934

United Kingdom 5.69%

Banks 1.98%
HSBC Holdings PLC		444,177		3,850,105
Lloyds Banking Group PLC		4,260,000		2,749,330
				6,599,435

Electric: Utilities 0.72%
SSE PLC		114,718		2,384,574

Household Durables 0.36%
Persimmon PLC		73,000		1,182,091

Personal Care Products 1.20%
Unilever PLC		76,825		3,974,219

Pharmaceuticals 1.43%
AstraZeneca PLC		31,532		4,769,179
Total United Kingdom				18,909,498

United States 9.65%

Construction Materials 1.51%
CRH PLC		65,000		5,033,651

Electrical Equipment 1.95%
Schneider Electric SE		28,400		6,475,580

Food Products 0.48%
Nestle SA Registered Shares		16,000		1,606,402

54	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL EQUITY FUND April 30, 2024

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

Interactive Media & Services 0.67%
Meta Platforms, Inc. Class A		5,193	$	2,233,873

Oil, Gas & Consumable Fuels 2.36%
Shell PLC		220,437		7,836,226

Pharmaceuticals 1.82%
Eli Lilly & Co.		4,700		3,671,170
Sanofi SA		23,910		2,362,142
				6,033,312

Semiconductors & Semiconductor Equipment 0.86%
NVIDIA Corp.		3,300		2,851,266
Total United States				32,070,310
Total Common Stocks (cost $252,102,032)				324,027,890

	Principal Amount

SHORT-TERM INVESTMENTS 2.56%

Repurchase Agreements 2.05%
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $6,980,900 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $6,967,055; proceeds: $6,830,855 (cost $6,830,324)	$	6,830,324		6,830,324

Investments	Shares		U.S. $ Fair Value
MONEY MARKET FUNDS 0.46%
Fidelity Government Portfolio^(b) (cost $1,514,700)		1,514,700	$	1,514,700

TIME DEPOSITS 0.05%
CitiBank N.A.^(b) (cost $168,300)		168,300		168,300
Total Short-Term Investments (cost $8,513,324)				8,513,324
Total Investments in Securities 100.05% (cost $260,615,356)				332,541,214
Other Assets and Liabilities – Net (0.05)%				(149,924	)
Net Assets 100.00%			$	332,391,290

ADR		American Depositary Receipt.
REITS		Real Estate Investment Trusts.
*		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, 2024, the total value of Rule 144A securities was $4,445,479, which represents 1.34% 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.

See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL EQUITY FUND April 30, 2024

The following is a summary of the inputs used as of April 30, 2024 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	$	3,306,820	$	–	$	–	$	3,306,820
Canada		13,363,092		–		–		13,363,092
China		2,435,377		8,499,396		–		10,934,773
India		3,795,478		9,836,519		–		13,631,997
Mexico		5,372,751		–		–		5,372,751
Peru		1,228,661		–		–		1,228,661
United States		8,756,309		23,314,001		–		32,070,310
Remaining Countries		–		244,119,486		–		244,119,486
Short-Term Investments
Repurchase Agreements		–		6,830,324		–		6,830,324
Money Market Funds		1,514,700		–		–		1,514,700
Time Deposits		–		168,300		–		168,300
Total	$	39,773,188	$	292,768,026	$	–	$	332,541,214

⁽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. Countries 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.

56	See Notes to Financial Statements.

Schedule of Investments (unaudited)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2024

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 95.37%

COMMON STOCKS 95.37%

Australia 1.72%

Automobile Components 0.87%
GUD Holdings Ltd.		418,516	$	2,748,298

Professional Services 0.85%
IPH Ltd.		673,677		2,711,852
Total Australia				5,460,150

Austria 3.17%

Banks 1.35%
BAWAG Group AG^†		71,376		4,261,917

Machinery 1.82%
ANDRITZ AG		105,891		5,779,903
Total Austria				10,041,820

Belgium 0.60%

Health Care REITS
Aedifica SA		29,912		1,911,305

Canada 6.37%

Gas Utilities 0.62%
Brookfield Infrastructure Corp. Class A		64,589		1,967,721

Metals & Mining 2.52%
Alamos Gold, Inc. Class A		306,529		4,508,925
Capstone Copper Corp.*		501,400		3,470,993
				7,979,918

Oil, Gas & Consumable Fuels 1.43%
MEG Energy Corp.*		198,600		4,516,882

Paper & Forest Products 0.88%
Interfor Corp.*		220,348		2,796,266

Retail REITS 0.92%
First Capital Real Estate Investment Trust		270,500		2,904,144
Total Canada				20,164,931

Investments	Shares		U.S. $ Fair Value
China 0.61%

Marine Transportation
SITC International Holdings Co. Ltd.		897,000	$	1,945,229

France 4.49%

Construction Materials 0.96%
Vicat SACA		82,844		3,058,456

Oil, Gas & Consumable Fuels 0.63%
Gaztransport Et Technigaz SA		14,249		1,986,029

Personal Care Products 0.72%
Interparfums SA		45,131		2,289,343

Software 2.18%
Esker SA		10,875		2,021,095
Planisware SA*		222,895		4,872,842
				6,893,937
Total France				14,227,765

Germany 7.15%

Aerospace & Defense 0.76%
Montana Aerospace AG^†*		124,834		2,412,545

Life Sciences Tools & Services 1.58%
Gerresheimer AG		46,367		4,993,584

Media 1.54%
Stroeer SE & Co. KGaA		76,136		4,882,287

Real Estate Management & Development 1.08%
TAG Immobilien AG*		239,508		3,405,245

Semiconductors & Semiconductor Equipment 0.60%
Siltronic AG		24,548		1,913,134

Wireless Telecommunication Services 1.59%
Freenet AG		181,579		5,047,602
Total Germany				22,654,397


	See Notes to Financial Statements.	57

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2024

Investments	Shares		U.S. $ Fair Value
Hong Kong 0.53%

Semiconductors & Semiconductor Equipment
ASMPT Ltd.		134,300	$	1,669,038

Iceland 0.58%

Machinery
Marel Hf.^†		537,909		1,836,982

India 1.59%

Banks 0.76%
Federal Bank Ltd.		1,235,135		2,399,060

Commercial Services & Supplies 0.83%
CMS Info Systems Ltd.		533,241		2,647,110
Total India				5,046,170

Indonesia 1.83%

Banks 1.06%
Bank Tabungan Negara Persero Tbk. PT		41,619,000		3,371,812

Real Estate Management & Development 0.77%
Pakuwon Jati Tbk. PT		98,687,500		2,434,320
Total Indonesia				5,806,132

Ireland 1.04%
Hotels, Restaurants & Leisure
Dalata Hotel Group PLC		735,428		3,307,340

Israel 1.77%

Capital Markets 1.20%
Tel Aviv Stock Exchange Ltd.		574,657		3,807,344

Oil, Gas & Consumable Fuels 0.57%
Energean PLC		130,956		1,806,542
Total Israel				5,613,886

Italy 2.70%

Financial Services 1.21%
Banca Mediolanum SpA		354,335		3,834,464

Investments	Shares		U.S. $ Fair Value
Textiles, Apparel & Luxury Goods 1.49%
Brunello Cucinelli SpA		46,149	$	4,710,079
Total Italy				8,544,543

Japan 25.89%

Banks 0.92%
Shizuoka Financial Group, Inc.		312,600		2,917,761

Beverages 1.14%
Coca-Cola Bottlers Japan Holdings, Inc.		258,400		3,617,739

Building Products 1.66%
Sanwa Holdings Corp.		322,200		5,261,811

Chemicals 1.85%
Aica Kogyo Co. Ltd.		169,400		3,926,563
Kansai Paint Co. Ltd.		148,900		1,938,406
				5,864,969

Construction & Engineering 0.94%
SHO-BOND Holdings Co. Ltd.		76,800		2,965,776

Distributors 1.81%
PALTAC Corp.		189,730		5,742,544

Food Products 1.71%
Nichirei Corp.		216,500		5,420,422

Hotels, Restaurants & Leisure 1.20%
Saizeriya Co. Ltd.		112,600		3,802,212

Industrial REITS 1.03%
GLP J-Reit		4,006		3,258,128

Information Technology Services 3.36%
NS Solutions Corp.		130,988		4,266,491
Simplex Holdings, Inc.		252,100		4,072,805
Zuken, Inc.		87,800		2,294,245
				10,633,541


58	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2024

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

Machinery 3.55%
DMG Mori Co. Ltd.		178,200	$	4,763,735
Fujitec Co. Ltd.		106,900		2,636,533
OSG Corp.		297,300		3,834,071
				11,234,339

Media 0.56%
Kadokawa Corp.		97,800		1,787,607

Professional Services 0.64%
TechnoPro Holdings, Inc.		118,200		2,013,347

Semiconductors & Semiconductor Equipment 1.36%
Kokusai Electric Corp.		107,715		2,846,233
SUMCO Corp.		98,900		1,474,926
				4,321,159

Software 2.55%
Money Forward, Inc.*		107,400		3,739,812
OBIC Business Consultants Co. Ltd.		106,100		4,335,491
				8,075,303

Wireless Telecommunication Services 1.61%
Okinawa Cellular Telephone Co.		237,200		5,096,710
Total Japan				82,013,368

Mexico 2.69%

Capital Markets 0.63%
Bolsa Mexicana de Valores SAB de CV		1,063,700		1,998,154

Consumer Finance 1.02%
Gentera SAB de CV		2,002,820		3,211,620

Real Estate Management & Development 1.04%
Corp. Inmobiliaria Vesta SAB de CV		466,400		1,650,161
Corp. Inmobiliaria Vesta SAB de CV ADR		46,574		1,653,843
				3,304,004
Total Mexico				8,513,778

Investments	Shares		U.S. $ Fair Value
Netherlands 0.39%

Semiconductors & Semiconductor Equipment
BE Semiconductor Industries NV		9,170	$	1,216,621

New Zealand 0.49%

Passenger Airlines
Air New Zealand Ltd.		4,778,678		1,548,709

Peru 0.60%

Banks
Intercorp Financial Services, Inc.		89,356		1,905,070

Portugal 1.57%

Multi-Utilities
REN - Redes Energeticas Nacionais SGPS SA		2,064,820		4,985,531

South Korea 2.14%

Chemicals 1.16%
Soulbrain Co. Ltd.		16,998		3,669,566

Semiconductors & Semiconductor Equipment 0.98%
WONIK IPS Co. Ltd.*		116,798		3,110,639
Total South Korea				6,780,205

Spain 4.49%

Banks 1.80%
Banco de Sabadell SA		2,984,899		5,701,765

Containers & Packaging 1.58%
Vidrala SA		47,557		5,000,820

Professional Services 1.11%
Applus Services SA		260,637		3,526,967
Total Spain				14,229,552

Sweden 2.14%

Automobile Components 0.57%
Autoliv, Inc.		15,556		1,816,255


	See Notes to Financial Statements.	59

Schedule of Investments (unaudited)(continued)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2024

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

Commercial Services & Supplies 1.00%
Loomis AB		123,312	$	3,151,454

Consumer Staples Distribution & Retail 0.57%
Axfood AB		69,943		1,809,388
Total Sweden				6,777,097

Switzerland 2.09%

Containers & Packaging 0.93%
SIG Group AG		146,970		2,936,953

Life Sciences Tools & Services 0.53%
Tecan Group AG Registered Shares		4,810		1,696,901

Machinery 0.63%
Sulzer AG Registered Shares		16,456		1,993,152
Total Switzerland				6,627,006

Taiwan 1.71%

Electronic Equipment, Instruments & Components 0.92%
Lotes Co. Ltd.		66,782		2,925,325

Semiconductors & Semiconductor Equipment 0.79%
Realtek Semiconductor Corp.		158,000		2,492,474
Total Taiwan				5,417,799

United Kingdom 17.02%

Aerospace & Defense 3.24%
Chemring Group PLC		1,351,488		6,332,820
Senior PLC		1,942,214		3,951,080
				10,283,900

Beverages 2.06%
Britvic PLC		590,688		6,513,951

Biotechnology 0.27%
Genus PLC		37,551		844,484

Investments	Shares		U.S. $ Fair Value
Broadline Retail 1.18%
B&M European Value Retail SA		580,766	$	3,748,014

Capital Markets 1.95%
Man Group PLC		1,930,110		6,189,673

Construction Materials 0.81%
Breedon Group PLC		569,923		2,560,845

Electronic Equipment, Instruments & Components 0.66%
Spectris PLC		50,322		2,081,476

Financial Services 0.34%
Marex Group PLC*		56,500		1,088,190

Food Products 0.73%
Tate & Lyle PLC		279,624		2,302,574

Health Care Equipment & Supplies 0.44%
ConvaTec Group PLC^†		447,383		1,391,948

Health Care REITS 0.51%
Assura PLC		3,142,079		1,608,648

Household Durables 0.38%
Persimmon PLC		73,867		1,196,130

Insurance 1.32%
Lancashire Holdings Ltd.		549,653		4,189,596

Machinery 1.27%
Concentric AB		232,059		4,017,718

Specialty Retail 1.01%
WH Smith PLC		233,158		3,189,202

Trading Companies & Distributors 0.85%
Grafton Group PLC CDI		229,957		2,704,807
Total United Kingdom				53,911,156
Total Common Stocks (cost $283,765,961)				302,155,580


60	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL OPPORTUNITIES FUND April 30, 2024

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 2.78%

Repurchase Agreements 2.78%
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $8,990,800 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $8,972,972; proceeds: $8,797,552 (cost $8,796,868)	$	8,796,868	$	8,796,868
Total Investments in Securities 98.15% (cost $292,562,829)				310,952,448
Other Assets and Liabilities – Net 1.85%				5,871,927
Net Assets 100.00%			$	316,824,375


ADR		American Depositary Receipt.
CDI		CREST Depositary Interest.
REITS		Real Estate Investment Trusts.
^†		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, 2024, the total value of Rule 144A securities was $9,903,392, which represents 3.13% of net assets.
*		Non-income producing security.

The following is a summary of the inputs used as of April 30, 2024 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	$	20,164,931	$	–	$	–	$	20,164,931
Israel		5,613,886		–		–		5,613,886
Mexico		8,513,778		–		–		8,513,778
Peru		1,905,070		–		–		1,905,070
United Kingdom		13,913,180		39,997,976		–		53,911,156
Remaining Countries		–		212,046,759		–		212,046,759
Short-Term Investments
Repurchase Agreements		–		8,796,868		–		8,796,868
Total	$	50,110,845	$	260,841,603	$	–	$	310,952,448


⁽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. Countries 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, 2024

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 96.69%

COMMON STOCKS 96.69%

Australia 3.27%

Industrial REITS 1.05%
Goodman Group		212,229	$	4,286,947

Metals & Mining 2.22%
BHP Group Ltd.		331,590		9,094,224
Total Australia				13,381,171

Austria 3.23%

Banks
BAWAG Group AG^†		83,580		4,990,628
Erste Group Bank AG		176,666		8,238,832
				13,229,460

Canada 4.05%

Insurance 1.48%
Manulife Financial Corp.		260,367		6,072,992

Metals & Mining 1.17%
Teck Resources Ltd. Class B		97,596		4,798,804

Oil, Gas & Consumable Fuels 1.40%
Pembina Pipeline Corp.		162,507		5,718,112
Total Canada				16,589,908

China 0.27%

Broadline Retail
Alibaba Group Holding Ltd.		116,516		1,090,946

France 12.96%

Aerospace & Defense 2.10%
Airbus SE		23,458		3,860,195
Thales SA		28,226		4,743,871
				8,604,066

Banks 0.86%
BNP Paribas SA		48,732		3,506,845

Investments	Shares		U.S. $ Fair Value
Building Products 1.60%
Cie de Saint-Gobain SA		82,791	$	6,547,331

Capital Markets 1.25%
Amundi SA^†		73,559		5,131,800

Chemicals 1.00%
Arkema SA		39,729		4,099,506

Diversified Telecommunication Services 2.16%
Orange SA		793,113		8,827,572

Gas Utilities 1.12%
Rubis SCA		132,639		4,590,139

Hotels, Restaurants & Leisure 0.34%
Sodexo SA		16,212		1,411,634

Information Technology Services 0.62%
Capgemini SE		12,135		2,550,547

Insurance 1.91%
AXA SA		225,993		7,808,414
Total France				53,077,854

Germany 4.04%

Air Freight & Logistics 1.17%
Deutsche Post AG Registered Shares		114,125		4,778,406

Chemicals 0.83%
FUCHS SE		92,583		3,384,514

Health Care Providers & Services 1.36%
Fresenius SE & Co. KGaA		186,611		5,568,542

Real Estate Management & Development 0.68%
Vonovia SE		96,659		2,793,061
Total Germany				16,524,523

Hong Kong 0.52%

Real Estate Management & Development
CK Asset Holdings Ltd.		503,275		2,146,757


62	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2024

Investments	Shares		U.S. $ Fair Value
Indonesia 0.91%

Banks
Bank Negara Indonesia Persero Tbk. PT		11,589,187	$	3,728,669

Ireland 2.06%

Banks 1.27%
Bank of Ireland Group PLC		488,373		5,210,662

Trading Companies & Distributors 0.79%
AerCap Holdings NV*		38,411		3,245,345
Total Ireland				8,456,007

Israel 0.55%

Oil, Gas & Consumable Fuels
Energean PLC		162,346		2,239,569

Italy 1.75%

Electric: Utilities
Enel SpA		1,091,581		7,174,352

Japan 19.72%

Automobiles 2.44%
Toyota Motor Corp.		437,900		9,987,875

Banks 3.28%
Mizuho Financial Group, Inc.		214,000		4,136,429
Sumitomo Mitsui Financial Group, Inc.		163,563		9,290,996
				13,427,425

Beverages 1.29%
Asahi Group Holdings Ltd.		154,858		5,297,531

Building Products 0.81%
Sanwa Holdings Corp.		203,200		3,318,436

Electrical Equipment 1.37%
Fuji Electric Co. Ltd.		90,001		5,598,413

Investments	Shares		U.S. $ Fair Value
Electronic Equipment, Instruments & Components 0.86%
Murata Manufacturing Co. Ltd.		192,151	$	3,511,013

Entertainment 0.96%
Nintendo Co. Ltd.		80,800		3,940,533

Household Durables 0.67%
Sony Group Corp.		33,300		2,752,289

Industrial Conglomerates 1.73%
Hitachi Ltd.		76,870		7,092,078

Insurance 1.97%
Sompo Holdings, Inc.		408,081		8,075,970

Machinery 1.98%
Ebara Corp.		68,556		5,651,347
Fujitec Co. Ltd.		99,336		2,449,978
				8,101,325

Semiconductors & Semiconductor Equipment 0.59%
SUMCO Corp.		161,000		2,401,042

Trading Companies & Distributors 1.77%
ITOCHU Corp.		160,575		7,244,298
Total Japan				80,748,228

Mexico 0.99%

Banks
Grupo Financiero Banorte SAB de CV Class O		410,968		4,067,517

Netherlands 0.78%

Consumer Staples Distribution & Retail
Koninklijke Ahold Delhaize NV		104,782		3,180,572


	See Notes to Financial Statements.	63

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2024

Investments	Shares		U.S. $ Fair Value
Singapore 1.43%

Banks 1.04%
United Overseas Bank Ltd.		192,808	$	4,278,561

Semiconductors & Semiconductor Equipment 0.39%
STMicroelectronics NV		39,948		1,581,337
Total Singapore				5,859,898

South Africa 1.02%

Metals & Mining
Anglo American PLC		127,467		4,165,298

South Korea 1.70%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		125,061		6,951,720

Spain 1.66%

Banks
CaixaBank SA		1,288,668		6,795,864

Sweden 2.10%

Automobile Components 1.26%
Autoliv, Inc. SDR		44,240		5,165,281

Commercial Services & Supplies 0.84%
Loomis AB		133,702		3,416,989
Total Sweden				8,582,270

Switzerland 3.19%

Pharmaceuticals
Novartis AG Registered Shares		134,636		13,067,430

Taiwan 1.93%

Semiconductors & Semiconductor Equipment
Taiwan Semiconductor Manufacturing Co. Ltd.		330,514		7,913,746

Investments	Shares		U.S. $ Fair Value
United Kingdom 16.79%

Banks 4.20%
HSBC Holdings PLC		1,320,274	$	11,444,070
Lloyds Banking Group PLC		8,950,787		5,776,683
				17,220,753

Broadline Retail 1.30%
Next PLC		47,534		5,331,317

Capital Markets 0.78%
Man Group PLC		991,788		3,180,567

Electric: Utilities 1.52%
SSE PLC		300,608		6,248,557

Food Products 0.69%
Tate & Lyle PLC		341,711		2,813,831

Insurance 1.83%
Direct Line Insurance Group PLC		1,314,238		3,051,270
Lancashire Holdings Ltd.		582,525		4,440,155
				7,491,425

Personal Care Products 1.96%
Unilever PLC		154,936		8,014,964

Pharmaceuticals 1.10%
AstraZeneca PLC		29,827		4,511,300

Residential REITS 0.89%
UNITE Group PLC		314,551		3,636,379

Tobacco 1.83%
Imperial Brands PLC		327,766		7,489,502

Trading Companies & Distributors 0.69%
Ashtead Group PLC		38,897		2,824,385
Total United Kingdom				68,762,980


64	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

INTERNATIONAL VALUE FUND April 30, 2024

Investments	Shares		U.S. $ Fair Value
United States 11.77%

Construction Materials 1.46%
CRH PLC		77,193	$	5,977,886

Oil, Gas & Consumable Fuels 7.44%
BP PLC		1,645,025		10,603,234
Shell PLC ADR		277,101		19,857,058
				30,460,292

Pharmaceuticals 2.87%
Sanofi SA		118,855		11,742,048
Total United States				48,180,226
Total Common Stocks (cost $346,680,781)				395,914,965

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 2.36%

Repurchase Agreements 2.36%
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $11,224,600 of U.S. Treasury Note at 0.500% due 4/30/2027; value: $9,885,130; proceeds: $9,692,003 (cost $9,691,249)	$	9,691,249	$	9,691,249
Total Investments in Securities 99.05% (cost $356,372,030)				405,606,214
Other Assets and Liabilities – Net 0.95%				3,875,740
Net Assets 100.00%			$	409,481,954


ADR		American Depositary Receipt.
REITS		Real Estate Investment Trusts.
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, 2024, the total value of Rule 144A securities was $10,122,428, which represents 2.47% of net assets.
*		Non-income producing security.


	See Notes to Financial Statements.	65

Schedule of Investments (unaudited)(concluded)

INTERNATIONAL VALUE FUND April 30, 2024

The following is a summary of the inputs used as of April 30, 2024 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	$	16,589,908	$	–	$	–	$	16,589,908
Ireland		3,245,345		5,210,662		–		8,456,007
Israel		2,239,569		–		–		2,239,569
Mexico		4,067,517		–		–		4,067,517
United Kingdom		7,253,986		61,508,994		–		68,762,980
United States		19,857,058		28,323,168		–		48,180,226
Remaining Countries		–		247,618,758		–		247,618,758
Short-Term Investments
Repurchase Agreements		–		9,691,249		–		9,691,249
Total	$	53,253,383	$	352,352,831	$	–	$	405,606,214


⁽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. Countries 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)

MICRO CAP GROWTH FUND April 30, 2024

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.04%

COMMON STOCKS 99.04%

Aerospace & Defense 4.57%
AeroVironment, Inc.*		33,359	$	5,330,435
Kratos Defense & Security Solutions, Inc.*		86,553		1,542,374
Loar Holdings, Inc.*		28,550		1,493,736
Total				8,366,545

Automobile Components 2.89%
Modine Manufacturing Co.*		57,102		5,289,358

Biotechnology 14.17%
Arcellx, Inc.*		56,185		2,810,374
Crinetics Pharmaceuticals, Inc.*		81,846		3,586,492
Immunome, Inc.*		110,921		1,559,549
Janux Therapeutics, Inc.*		57,722		3,290,154
Krystal Biotech, Inc.*		23,785		3,641,959
MoonLake Immunotherapeutics (Switzerland)*(a)		25,326		1,036,087
Rhythm Pharmaceuticals, Inc.*		68,768		2,734,216
Twist Bioscience Corp.*		74,754		2,334,567
Vera Therapeutics, Inc.*		65,817		2,600,430
Xenon Pharmaceuticals, Inc. (Canada)*^(a)		57,744		2,347,293
Total				25,941,121

Building Products 0.70%
Gibraltar Industries, Inc.*		17,966		1,283,850

Capital Markets 1.90%
Piper Sandler Cos.		17,754		3,476,056

Commercial Services & Supplies 1.44%
Montrose Environmental Group, Inc.*		60,567		2,629,819

Investments	Shares		Fair Value
Construction & Engineering 3.97%
Primoris Services Corp.		69,052	$	3,217,823
Sterling Infrastructure, Inc.*		39,822		4,045,915
Total				7,263,738

Consumer Finance 1.59%
NerdWallet, Inc. Class A*		231,131		2,905,317

Diversified Consumer Services 1.75%
Stride, Inc.*		47,972		3,202,131

Electronic Equipment, Instruments & Components 3.46%
Arlo Technologies, Inc.*		209,642		2,595,368
OSI Systems, Inc.*		28,374		3,729,479
Total				6,324,847

Financial Services 5.10%
AvidXchange Holdings, Inc.*		361,788		4,218,448
Paymentus Holdings, Inc. Class A*		147,701		3,014,577
Remitly Global, Inc.*		117,724		2,099,019
Total				9,332,044

Food Products 2.41%
Vital Farms, Inc.*		165,093		4,417,889

Health Care Equipment & Supplies 8.95%
CVRx, Inc.*		106,776		1,656,096
PROCEPT BioRobotics Corp.*		61,808		3,274,588
RxSight, Inc.*		102,491		5,342,856
TransMedics Group, Inc.*		19,437		1,829,605
UFP Technologies, Inc.*		20,738		4,270,783
Total				16,373,928

Hotels, Restaurants & Leisure 7.66%
First Watch Restaurant Group, Inc.*		173,235		4,420,957
Kura Sushi USA, Inc. Class A*		30,965		3,408,627
Shake Shack, Inc. Class A*		29,666		3,140,146
Sweetgreen, Inc. Class A*		135,699		3,049,157
Total				14,018,887


	See Notes to Financial Statements.	67

Schedule of Investments (unaudited)(continued)

MICRO CAP GROWTH FUND April 30, 2024

Investments	Shares		Fair Value
Household Durables 2.07%
Green Brick Partners, Inc.*		69,983	$	3,788,180

Information Technology Services 1.76%
Couchbase, Inc.*		85,225		2,057,332
Grid Dynamics Holdings, Inc.*		119,556		1,168,062
Total				3,225,394

Life Sciences Tools & Services 0.77%
Quanterix Corp.*		87,512		1,410,693

Machinery 1.48%
Blue Bird Corp.*		82,208		2,709,165

Media 0.79%
Criteo SA ADR*		41,091		1,439,829

Personal Care Products 1.43%
elf Beauty, Inc.*		8,487		1,379,392
Oddity Tech Ltd. Class A (Israel)*^(a)(b)		37,850		1,231,639
Total				2,611,031

Pharmaceuticals 5.07%
Avadel Pharmaceuticals PLC (Ireland)*^(a)		85,516		1,552,971
Evolus, Inc.*		204,615		2,408,318
EyePoint Pharmaceuticals, Inc.*		59,927		1,054,715
Longboard Pharmaceuticals, Inc.*		116,327		2,477,765
Tarsus Pharmaceuticals, Inc.*		56,846		1,786,670
Total				9,280,439

Professional Services 4.35%
ICF International, Inc.		20,229		2,918,842
TaskUS, Inc. Class A*		158,683		1,818,507
Upwork, Inc.*		114,484		1,339,463
Verra Mobility Corp.*		80,048		1,887,532
Total				7,964,344

Investments	Shares		Fair Value
Semiconductors & Semiconductor Equipment 6.33%
Credo Technology Group Holding Ltd.*		147,494	$	2,635,718
Impinj, Inc.*		25,707		4,097,182
Photronics, Inc.*		76,321		2,091,958
Rambus, Inc.*		50,498		2,768,300
Total				11,593,158

Software 14.43%
Agilysys, Inc.*		39,360		3,268,848
Alkami Technology, Inc.*		148,852		3,582,868
Docebo, Inc. (Canada)*^(a)		44,539		1,994,456
JFrog Ltd. (Israel)*^(a)		127,517		5,085,378
LiveRamp Holdings, Inc.*		79,604		2,556,085
Riskified Ltd. Class A (Israel)*^(a)		183,916		947,167
Varonis Systems, Inc.*		38,453		1,682,319
Weave Communications, Inc.*		318,854		3,408,549
Zeta Global Holdings Corp. Class A*		313,947		3,880,385
Total				26,406,055
Total Common Stocks (cost $141,528,336)				181,253,818

		Principal Amount

SHORT-TERM INVESTMENTS 1.61%

Repurchase Agreements 0.93%
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $1,735,200 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $1,731,810; proceeds: $1,697,854 (cost $1,697,721)	$	1,697,721		1,697,721


68	See Notes to Financial Statements.

Schedule of Investments (unaudited)(concluded)

MICRO CAP GROWTH FUND April 30, 2024

Investments	Shares		Fair Value
MONEY MARKET FUNDS 0.61%
Fidelity Government Portfolio^(c) (cost $1,120,542)		1,120,542	$	1,120,542

TIME DEPOSITS 0.07%
CitiBank N.A.^(c) (cost $124,505)		124,505		124,505
Total Short-Term Investments (cost $2,942,768)				2,942,768
Total Investments in Securities 100.65% (cost $144,471,104)				184,196,586
Other Assets and Liabilities – Net (0.65)%				(1,194,686	)
Net Assets 100.00%			$	183,001,900


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, 2024 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	$	181,253,818	$	–	$	–	$	181,253,818
Short-Term Investments
Repurchase Agreements		–		1,697,721		–		1,697,721
Money Market Funds		1,120,542		–		–		1,120,542
Time Deposits		–		124,505		–		124,505
Total	$	182,374,360	$	1,822,226	$	–	$	184,196,586


⁽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)

VALUE OPPORTUNITIES FUND April 30, 2024

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.67%

COMMON STOCKS 99.67%

Aerospace & Defense 1.70%
Curtiss-Wright Corp.		80,235	$	20,333,154

Automobile Components 1.34%
Gentherm, Inc.*		317,126		16,037,062

Banks 4.39%
East West Bancorp, Inc.		260,801		19,427,067
First BanCorp		1,107,229		19,099,700
Wintrust Financial Corp.		144,485		13,963,030
Total				52,489,797

Building Products 2.04%
Allegion PLC (Ireland)^(a)		200,179		24,333,759

Capital Markets 5.16%
Cboe Global Markets, Inc.		117,115		21,215,382
Moelis & Co. Class A		369,792		18,149,391
TPG, Inc.		517,475		22,303,173
Total				61,667,946

Chemicals 2.60%
Avient Corp.		495,182		21,005,620
Axalta Coating Systems Ltd.*		322,361		10,135,030
Total				31,140,650

Commercial Services & Supplies 1.60%
Brady Corp. Class A		323,759		19,101,781

Construction & Engineering 2.38%
EMCOR Group, Inc.		79,668		28,455,020

Construction Materials 1.75%
Eagle Materials, Inc.		83,377		20,903,448

Consumer Staples Distribution & Retail 2.11%
BJ’s Wholesale Club Holdings, Inc.*		338,344		25,267,530

Containers & Packaging 2.08%
Avery Dennison Corp.		114,384		24,853,356

Investments	Shares		Fair Value
Electric: Utilities 2.50%
IDACORP, Inc.		167,787	$	15,902,852
Portland General Electric Co.		324,130		14,012,140
Total				29,914,992

Electronic Equipment, Instruments & Components 4.61%
Advanced Energy Industries, Inc.		190,437		18,251,482
Belden, Inc.		248,034		20,157,723
Littelfuse, Inc.		72,572		16,738,006
Total				55,147,211

Energy Equipment & Services 1.85%
TechnipFMC PLC (United Kingdom)^(a)		861,109		22,061,613

Financial Services 1.26%
Compass Diversified Holdings		683,647		15,019,725

Ground Transportation 1.32%
Saia, Inc.*		39,653		15,735,500

Health Care Equipment & Supplies 4.53%
Cooper Cos., Inc.		180,081		16,038,014
Integer Holdings Corp.*		136,051		15,187,373
STERIS PLC		112,116		22,934,449
Total				54,159,836

Health Care Providers & Services 2.28%
Molina Healthcare, Inc.*		79,608		27,233,897

Hotels, Restaurants & Leisure 4.06%
Caesars Entertainment, Inc.*		229,938		8,236,379
Choice Hotels International, Inc.^(b)		169,795		20,079,957
Texas Roadhouse, Inc.		125,725		20,214,065
Total				48,530,401

Household Durables 1.06%
Taylor Morrison Home Corp.*		226,753		12,700,436


70	See Notes to Financial Statements.

Schedule of Investments (unaudited)(continued)

VALUE OPPORTUNITIES FUND April 30, 2024

Investments	Shares		Fair Value
Industrial REITS 1.30%
First Industrial Realty Trust, Inc.		341,908	$	15,529,461

Information Technology Services 1.02%
Perficient, Inc.*		257,966		12,191,473

Insurance 4.74%
American Financial Group, Inc.		177,961		22,734,518
RenaissanceRe Holdings Ltd.		78,178		17,140,527
White Mountains Insurance Group Ltd.		9,460		16,821,204
Total				56,696,249

Leisure Products 2.50%
Brunswick Corp.		177,896		14,345,533
YETI Holdings, Inc.*		436,179		15,580,314
Total				29,925,847

Life Sciences Tools & Services 3.61%
Bio-Techne Corp.		213,571		13,499,823
Charles River Laboratories International, Inc.*		78,762		18,036,498
Repligen Corp.*		70,396		11,559,023
Total				43,095,344

Machinery 3.45%
Columbus McKinnon Corp.		502,014		20,718,118
Crane Co.		146,850		20,560,468
Total				41,278,586

Media 1.73%
Criteo SA ADR*		590,972		20,707,659

Metals & Mining 1.00%
Reliance, Inc.		41,907		11,931,761

Oil, Gas & Consumable Fuels 5.03%
Chesapeake Energy Corp.^(b)		316,665		28,461,850
Permian Resources Corp.		1,889,360		31,646,780
Total				60,108,630

Investments	Shares		Fair Value
Professional Services 5.57%
Booz Allen Hamilton Holding Corp.		123,899	$	18,296,166
ICF International, Inc.		97,566		14,077,798
Paylocity Holding Corp.*		116,489		18,074,433
WNS Holdings Ltd. (India)*^(a)		384,342		16,107,773
Total				66,556,170

Real Estate Management & Development 1.21%
Marcus & Millichap, Inc.		455,381		14,421,916

Residential REITS 1.19%
American Homes 4 Rent Class A		397,697		14,237,553

Semiconductors & Semiconductor Equipment 3.04%
Entegris, Inc.		136,540		18,148,897
Silicon Motion Technology Corp. ADR		247,018		18,232,398
Total				36,381,295

Software 7.28%
Aspen Technology, Inc.*		86,227		16,975,509
CommVault Systems, Inc.*		289,312		29,645,801
Descartes Systems Group, Inc. (Canada)*^(a)		263,071		24,410,358
Dolby Laboratories, Inc. Class A		205,362		15,948,413
Total				86,980,081

Specialty Retail 1.26%
Valvoline, Inc.*		353,020		15,010,410

Textiles, Apparel & Luxury Goods 1.18%
Deckers Outdoor Corp.*		17,194		14,072,773

Trading Companies & Distributors 3.94%
AerCap Holdings NV (Ireland)*^(a)		296,298		25,034,218
Core & Main, Inc. Class A*		390,993		22,079,375
Total				47,113,593
Total Common Stocks (cost $920,528,953)				1,191,325,915


	See Notes to Financial Statements.	71

Schedule of Investments (unaudited)(concluded)

VALUE OPPORTUNITIES FUND April 30, 2024

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 3.81%

Repurchase Agreements 0.52%
Repurchase Agreement dated 4/30/2024, 2.800% due 5/1/2024 with Fixed Income Clearing Corp. collateralized by $6,286,700 of U.S. Treasury Note at 4.875% due 4/30/2026; value: $6,274,255; proceeds: $6,151,554 (cost $6,151,075)	$	6,151,075	$	6,151,075

Investments	Shares		Fair Value
MONEY MARKET FUNDS 2.96%
Fidelity Government Portfolio^(c) (cost $35,394,469)		35,394,469	$	35,394,469

TIME DEPOSITS 0.33%
CitiBank N.A.^(c) (cost $3,932,719)		3,932,719		3,932,719
Total Short-Term Investments (cost $45,478,263)				45,478,263
Total Investments in Securities 103.48% (cost $966,007,216)				1,236,804,178
Other Assets and Liabilities – Net (3.48)%				(41,588,504	)
Net Assets 100.00%			$	1,195,215,674


ADR		American Depositary Receipt.
REITS		Real Estate Investment Trusts.
*		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, 2024 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	$	1,191,325,915	$	–	$	–	$	1,191,325,915
Short-Term Investments
Repurchase Agreements		–		6,151,075		–		6,151,075
Money Market Funds		35,394,469		–		–		35,394,469
Time Deposits		–		3,932,719		–		3,932,719
Total	$	1,226,720,384	$	10,083,794	$	–	$	1,236,804,178


⁽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.

This page is intentionally left blank.

Statements of Assets and Liabilities (unaudited)

April 30, 2024

	Alpha Strategy Fund				Focused Growth Fund			Focused Large Cap Value Fund
ASSETS:
Investments in securities, at cost		$	427,715			$	38,058,008		$	21,204,671
Investments in Underlying Funds, at cost			584,368,447				–			–
Investments in securities, at fair value including $0, $0, $807,931, $0, $7,669,101, $0 and $0, respectively, of securities loaned		$	427,715			$	51,742,041		$	26,127,867
Investments in Underlying Funds, at value			601,043,488				–			–
Cash			1				–			–
Foreign cash, at value (cost $0, $0, $15,741, $68,255, $318, $16,370 and $0, respectively)			–				–			15,438
Receivables:
Investments in Underlying Funds sold			335,252				–			–
Capital shares sold			202,324				64,110			2,198
Interest and dividends			33				1,230			58,188
From advisor (See Note 3)			19				14,273			13,303
Investment securities sold			–				–			–
Securities lending income receivable			–				–			46
Prepaid expenses and other assets			67,285				71,791			27,187
Total assets			602,076,117				51,893,445			26,244,227
LIABILITIES:
Payables:
Capital shares reacquired			521,244				36,616			8,342
Trustees’ fees			102,778				5,579			18,089
12b-1 distribution plan			81,483				7,788			4,951
Fund administration			20,199				1,782			844
Management fee			–				28,963			12,443
Collateral due to broker for securities lending			–				–			853,956
Accrued expenses			179,547				46,831			74,270
Total liabilities			905,251				127,559			972,895
NET ASSETS		$	601,170,866			$	51,765,886		$	25,271,332
COMPOSITION OF NET ASSETS:
Paid-in capital		$	619,092,304			$	50,206,590		$	20,847,937
Total distributable earnings (loss)			(17,921,438	)			1,559,296			4,423,395
Net Assets		$	601,170,866			$	51,765,886		$	25,271,332

See Notes to Financial Statements.

Focused Small Cap Value Fund		Fundamental Equity Fund		Global Equity Fund		Growth Leaders Fund

$	101,016,883	$	1,398,190,824	$	19,585,732	$	4,083,530,806
	–		–		–		–

$	104,607,627	$	1,940,083,521	$	24,012,688	$	5,811,645,616
	–		–		–		–
	3		11		1,046		49

	67,050		320		16,189		–

	–		–		–		–
	121,764		306,174		8,659		5,597,491
	49		1,593,357		25,580		477,058
	3,542		–		15,877		23,143
	–		1,838,325		–		–
	–		3,197		–		–
	49,444		96,942		56,152		64,123
	104,849,479		1,943,921,847		24,136,191		5,817,807,480

	121,356		1,746,753		–		6,548,789
	14,842		396,558		689		364,155
	4,910		244,383		2,271		845,087
	3,536		62,746		788		199,119
	70,720		862,193		8,871		2,570,957
	–		8,105,970		–		–
	57,637		459,968		65,288		227,572
	273,001		11,878,571		77,907		10,755,679
$	104,576,478	$	1,932,043,276	$	24,058,284	$	5,807,051,801

$	93,761,462	$	1,340,856,638	$	20,349,870	$	5,304,918,434
	10,815,016		591,186,638		3,708,414		502,133,367
$	104,576,478	$	1,932,043,276	$	24,058,284	$	5,807,051,801

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2024

	Alpha Strategy Fund			Focused Growth Fund			Focused Large Cap Value Fund
Net Assets by class:
Class A Shares		$	392,328,127		$	23,286,555		$	10,699,653
Class C Shares		$	12,721,630		$	2,723,125		$	3,130,126
Class F Shares		$	8,976,554		$	3,638,218		$	165,442
Class F3 Shares		$	53,111,602		$	15,810		$	11,204
Class I Shares		$	108,759,695		$	15,349,712		$	9,043,607
Class P Shares		$	–		$	–		$	–
Class R2 Shares		$	909,352		$	–		$	–
Class R3 Shares		$	16,158,099		$	223,579		$	168,843
Class R4 Shares		$	3,593,364		$	17,703		$	8,024
Class R5 Shares		$	538,992		$	20,719		$	8,067
Class R6 Shares		$	4,073,451		$	6,490,465		$	2,036,366
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares			16,773,087			877,259			895,076
Class C Shares			736,027			107,131			264,374
Class F Shares			378,346			135,038			13,535
Class F3 Shares			2,164,823			584			931
Class I Shares			4,461,324			569,592			725,294
Class P Shares			–			–			–
Class R2 Shares			41,273			–			–
Class R3 Shares			725,404			8,542			14,180
Class R4 Shares			154,102			667			670
Class R5 Shares			22,103			769			671
Class R6 Shares			165,977			239,720			169,010
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$23.39			$26.54			$11.95
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)			$24.82			$28.16			$12.68
Class C Shares-Net asset value			$17.28			$25.42			$11.84
Class F Shares-Net asset value			$23.73			$26.94			$12.22
Class F3 Shares-Net asset value*			$24.53			$27.07			$12.04
Class I Shares-Net asset value			$24.38			$26.95			$12.47
Class P Shares-Net asset value			$ –			$ –			$ –
Class R2 Shares-Net asset value			$22.03			$ –			$ –
Class R3 Shares-Net asset value			$22.27			$26.17			$11.91
Class R4 Shares-Net asset value*			$23.32			$26.55			$11.97
Class R5 Shares-Net asset value*			$24.39			$26.94			$12.03
Class R6 Shares-Net asset value			$24.54			$27.08			$12.05

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

76	See Notes to Financial Statements.

Focused Small Cap Value Fund		Fundamental Equity Fund		Global Equity Fund		Growth Leaders Fund

$	12,303,376	$	1,224,160,056	$	6,837,844	$	1,924,409,538
$	2,494,562	$	23,461,228	$	570,968	$	467,145,542
$	2,323,738	$	24,705,580	$	1,351,040	$	267,125,548
$	11,853	$	20,600,559	$	16,648	$	427,706,152
$	74,382,584	$	558,783,470	$	9,874,226	$	2,537,832,946
$	–	$	2,973,323	$	–	$	–
$	–	$	1,788,871	$	–	$	1,615,904
$	–	$	62,328,994	$	739,130	$	21,092,855
$	–	$	3,139,835	$	17,052	$	11,578,463
$	207,339	$	993,963	$	17,087	$	10,722,335
$	12,853,026	$	9,107,397	$	4,634,289	$	137,822,518

	488,196		85,270,057		453,924		53,184,036
	94,003		1,916,338		38,360		15,093,699
	83,907		1,746,716		89,481		7,095,023
	429		1,409,650		1,102		11,158,432
	2,701,157		38,601,765		654,479		66,803,308
	–		212,659		–		–
	–		128,267		–		46,565
	–		4,450,531		49,450		606,784
	–		220,074		1,124		319,843
	7,528		68,605		1,132		282,087
	465,315		622,772		306,605		3,595,722

	$25.20		$14.36		$15.06		$36.18

	$26.74		$15.24		$15.98		$38.39
	$26.54		$12.24		$14.88		$30.95
	$27.69		$14.14		$15.10		$37.65
	$27.62		$14.61		$15.11		$38.33
	$27.54		$14.48		$15.09		$37.99
	$ –		$13.98		$ –		$ –
	$ –		$13.95		$ –		$34.70
	$ –		$14.00		$14.95		$34.76
	$ –		$14.27		$15.18		$36.20
	$27.54		$14.49		$15.10		$38.01
	$27.62		$14.62		$15.11		$38.33

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(continued)

April 30, 2024

	Health Care Fund			International Equity Fund			International Opportunities Fund
ASSETS:
Investments in securities, at cost		$	6,467,399		$	260,615,356		$	292,562,829
Investments in securities, at fair value including $0, $1,573,944, $0, $0, $1,218,460 and $37,463,091, respectively, of securities loaned		$	8,090,221		$	332,541,214		$	310,952,448
Cash			25,038			–			8,938
Foreign cash, at value (cost $0, $2,690,102, $4,575,194, $1,639,749, $0 and $0, respectively)			–			2,660,667			4,555,744
Receivables:
Investment securities sold			48,009			2,667,064			369,778
From advisor (See Note 3)			15,383			–			–
Interest and dividends			6,313			1,453,170			1,806,233
Capital shares sold			1,850			195,930			94,625
Securities lending income receivable			148			2,105			230
Prepaid expenses and other assets			28,264			73,116			66,910
Total assets			8,215,226			339,593,266			317,854,906
LIABILITIES:
Payables:
Management fee			4,270			124,203			199,727
Trustees’ fees			2,604			73,251			57,760
12b-1 distribution plan			1,869			36,361			18,437
Fund administration			276			11,040			10,652
Capital shares reacquired			–			390,462			523,176
Investment securities purchased			–			4,497,736			–
Collateral due to broker for securities lending			–			1,683,000			–
Foreign capital gains taxes deferred			–			235,471			95,835
Foreign currency overdraft (cost $42, $0, $0, $0, $0 and $0, respectively)			42			–			–
Accrued expenses			53,971			150,452			124,944
Total liabilities			63,032			7,201,976			1,030,531
NET ASSETS		$	8,152,194		$	332,391,290		$	316,824,375
COMPOSITION OF NET ASSETS:
Paid-in capital		$	7,674,643		$	273,961,350		$	348,668,352
Total distributable earnings (loss)			477,551			58,429,940			(31,843,977	)
Net Assets		$	8,152,194		$	332,391,290		$	316,824,375

78	See Notes to Financial Statements.

International Value Fund			Micro Cap Growth Fund			Value Opportunities Fund

$	356,372,030		$	144,471,104		$	966,007,216

$	405,606,214		$	184,196,586		$	1,236,804,178
	2			–			2,641

	1,607,039			–			–

	1,749,925			697,822			–
	–			823			–
	3,119,721			132			14,132
	300,927			42,681			300,189
	–			2,021			6,331
	61,681			8,053			115,086
	412,445,509			184,948,118			1,237,242,557

	168,623			137,379			749,004
	109,244			18,204			251,621
	45,573			10,449			112,478
	13,490			6,106			40,458
	394,274			247,393			1,201,663
	2,063,568			180,779			–
	–			1,245,047			39,327,188
	–			–			–

	–			–			–
	168,783			100,861			344,471
	2,963,555			1,946,218			42,026,883
$	409,481,954		$	183,001,900		$	1,195,215,674

$	782,942,398		$	227,491,346		$	886,773,238
	(373,460,444	)		(44,489,446	)		308,442,436
$	409,481,954		$	183,001,900		$	1,195,215,674

See Notes to Financial Statements.

Statements of Assets and Liabilities (unaudited)(concluded)

April 30, 2024

	Health Care Fund			International Equity Fund			International Opportunities Fund
Net Assets by class:
Class A Shares		$	4,357,357		$	152,737,773		$	92,785,058
Class C Shares		$	1,148,531		$	1,411,597		$	4,180,625
Class F Shares		$	207,840		$	4,226,278		$	3,495,512
Class F3 Shares		$	34,055		$	12,734,594		$	30,408,345
Class I Shares		$	39,267		$	149,098,187		$	156,299,486
Class P Shares		$	–		$	12,029		$	24,941
Class R2 Shares		$	–		$	211,125		$	1,566,247
Class R3 Shares		$	22,336		$	6,164,144		$	4,870,858
Class R4 Shares		$	12,273		$	1,639,959		$	2,608,562
Class R5 Shares		$	12,410		$	168,860		$	2,292,631
Class R6 Shares		$	2,318,125		$	3,986,744		$	18,292,110
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares			236,610			10,379,178			5,145,165
Class C Shares			64,821			95,485			252,109
Class F Shares			11,148			288,290			195,479
Class F3 Shares			1,826			851,518			1,618,169
Class I Shares			2,110			10,002,008			8,380,989
Class P Shares			–			815			1,337
Class R2 Shares			–			14,323			88,583
Class R3 Shares			1,228			426,035			276,006
Class R4 Shares			667			112,095			145,472
Class R5 Shares			667			11,414			122,987
Class R6 Shares			124,220			266,756			973,348
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$18.42			$14.72			$18.03
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)			$19.54			$15.62			$19.13
Class C Shares-Net asset value			$17.72			$14.78			$16.58
Class F Shares-Net asset value			$18.64			$14.66			$17.88
Class F3 Shares-Net asset value			$18.65			$14.96			$18.79
Class I Shares-Net asset value			$18.61			$14.91			$18.65
Class P Shares-Net asset value			$ –			$14.76			$18.65
Class R2 Shares-Net asset value			$ –			$14.74			$17.68
Class R3 Shares-Net asset value*			$18.18			$14.47			$17.65
Class R4 Shares-Net asset value*			$18.41			$14.63			$17.93
Class R5 Shares-Net asset value			$18.61			$14.79			$18.64
Class R6 Shares-Net asset value			$18.66			$14.95			$18.79

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

80	See Notes to Financial Statements.

International Value Fund		Micro Cap Growth Fund		Value Opportunities Fund

$	211,521,178	$	24,844,739	$	602,610,926
$	2,617,266	$	5,281,990	$	26,020,616
$	5,156,185	$	9,500,326	$	28,428,457
$	32,363,915	$	–	$	188,200,382
$	150,461,100	$	143,374,845	$	244,589,200
$	–	$	–	$	10,808,380
$	62,299	$	–	$	3,548,822
$	5,384,981	$	–	$	29,097,686
$	138,880	$	–	$	28,660,444
$	11,885	$	–	$	1,265,653
$	1,764,265	$	–	$	31,985,108

	26,868,526		1,785,853		33,077,887
	334,657		318,782		1,803,907
	649,312		552,552		1,507,338
	4,069,402		–		9,581,883
	18,930,818		8,339,614		12,610,022
	–		–		614,607
	7,709		–		210,422
	675,800		–		1,686,325
	17,687		–		1,575,859
	1,502		–		65,190
	221,828		–		1,630,151

	$7.87		$13.91		$18.22

	$8.35		$14.76		$19.33
	$7.82		$16.57		$14.42
	$7.94		$17.19		$18.86
	$7.95		$ –		$19.64
	$7.95		$17.19		$19.40
	$ –		$ –		$17.59
	$8.08		$ –		$16.87
	$7.97		$ –		$17.26
	$7.85		$ –		$18.19
	$7.91		$ –		$19.41
	$7.95		$ –		$19.62

See Notes to Financial Statements.

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2024

	Alpha Strategy Fund			Focused Growth Fund			Focused Large Cap Value Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $0, $4,017, $4,681, $172,761, $6,631 and $0, respectively)	$	–		$	43,530		$	209,374
Dividends received from Underlying Funds		2,965,033			–			–
Securities lending net income		–			–			46
Interest and other		5,515			19,013			4,368
Interest earned from Interfund Lending (See Note 9)		–			–			–
Total investment income		2,970,548			62,543			213,788
Expenses:
Management fee		301,407			145,304			68,591
12b-1 distribution plan–Class A		488,217			26,749			12,618
12b-1 distribution plan–Class C		72,552			13,323			15,019
12b-1 distribution plan–Class F		4,935			1,820			95
12b-1 distribution plan–Class P		–			–			–
12b-1 distribution plan–Class R2		2,681			–			–
12b-1 distribution plan–Class R3		42,882			514			423
12b-1 distribution plan–Class R4		4,310			21			10
Shareholder servicing		253,316			15,731			5,219
Fund administration		120,563			8,942			4,650
Registration		73,017			76,392			61,705
Reports to shareholders		29,559			1,157			2,425
Professional		19,271			20,216			18,720
Trustees’ fees		9,653			606			403
Custody		5,292			2,236			2,289
Other		10,284			6,873			5,928
Gross expenses		1,437,939			319,884			198,095
Fees waived and expenses reimbursed (See Note 3)		(306,699	)		(104,686	)		(87,615	)
Net expenses		1,131,240			215,198			110,480
Net investment income (loss)		1,839,308			(152,655	)		103,308
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds		1,549,309			–			–
Net realized gain (loss) on Investment in Underlying Funds		(1,043,290	)		–			–
Net realized gain (loss) on investments		–			227,996			692,061
Net realized gain (loss) on foreign currency related transactions		–			–			36
Net change in unrealized appreciation/depreciation in Underlying Funds		103,414,062			–			–
Net change in unrealized appreciation/depreciation on investments		–			9,201,670			4,033,266
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		–			–			(9	)
Net realized and unrealized gain (loss)		103,920,081			9,429,666			4,725,354
Net Increase in Net Assets Resulting From Operations	$	105,759,389		$	9,277,011		$	4,828,662

See Notes to Financial Statements.

Focused Small Cap Value Fund			Fundamental Equity Fund			Global Equity Fund			Growth Leaders Fund

$	646,897		$	16,087,530		$	182,738		$	8,276,788
	–			–			–			–
	–			17,381			–			15,004
	12,150			214,692			7,581			1,533,754
	–			1,977			–			6,681
	659,047			16,321,580			190,319			9,832,227

	430,470			4,927,099			43,987			14,924,053
	15,984			1,484,922			7,920			2,304,749
	13,554			122,424			2,381			2,421,364
	1,469			12,763			631			136,403
	–			7,437			–			–
	–			6,012			–			5,332
	–			154,681			1,762			47,421
	–			3,578			20			14,181
	25,331			662,370			10,119			1,148,684
	21,523			356,375			3,910			1,154,143
	49,899			81,916			65,735			101,388
	13,686			49,319			1,975			185,647
	21,034			50,163			26,276			69,525
	1,729			30,672			252			85,592
	3,391			9,472			10,784			32,912
	12,144			62,821			9,530			83,340
	610,214			8,022,024			185,282			22,714,734
	(29,885	)		(9,472	)		(111,075	)		(169,315	)
	580,329			8,012,552			74,207			22,545,419
	78,718			8,309,028			116,112			(12,713,192	)

	–			–			–			–
	–			–			–			–
	9,121,303			52,623,154			(71,815	)		428,685,874
	1,067			(3,112	)		(57	)		–
	–			–			–			–
	5,708,703			281,166,760			3,257,817			1,045,221,123
	(469	)		(1,323	)		(437	)		–
	14,830,604			333,785,479			3,185,508			1,473,906,997
$	14,909,322		$	342,094,507		$	3,301,620		$	1,461,193,805

See Notes to Financial Statements.

Statements of Operations (unaudited)(concluded)

For the Six Months Ended April 30, 2024

	Health Care Fund			International Equity Fund			International Opportunities Fund
Investment income:
Dividends (net of foreign withholding taxes of $1,239, $371,654, $501,597, $472,932, $0 and $33,627, respectively)	$	22,531		$	3,754,767		$	5,208,063
Securities lending net income		256			2,236			1,244
Interest and other		2,403			96,653			99,992
Interest earned from Interfund Lending (See Note 9)		–			–			–
Total investment income		25,190			3,853,656			5,309,299
Expenses:
Management fee		24,834			726,450			1,197,874
12b-1 distribution plan–Class A		5,297			184,767			117,514
12b-1 distribution plan–Class C		5,297			7,455			23,861
12b-1 distribution plan–Class F		101			2,082			1,961
12b-1 distribution plan–Class P		–			26			54
12b-1 distribution plan–Class R2		–			589			4,711
12b-1 distribution plan–Class R3		68			13,625			12,821
12b-1 distribution plan–Class R4		15			1,900			3,197
Registration		61,337			81,799			77,475
Professional		23,335			32,864			31,359
Shareholder servicing		2,690			128,084			118,375
Custody		2,656			43,783			24,515
Fund administration		1,602			64,573			63,887
Reports to shareholders		812			16,151			16,959
Trustees’ fees		246			5,574			5,192
Other		6,177			24,379			27,933
Gross expenses		134,467			1,334,101			1,727,688
Fees waived and expenses reimbursed (See Note 3)		(94,649	)		(43,783	)		(24,515	)
Net expenses		39,818			1,290,318			1,703,173
Net investment income (loss)		(14,628	)		2,563,338			3,606,126
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments		63,259			3,512,937			473,725
Net realized gain (loss) on foreign currency related transactions		16			(74,632	)		(109,497	)
Net change in unrealized appreciation/depreciation on investments		1,307,244			54,747,170			38,927,586
Net change in unrealized appreciation/depreciation on deferred foreign capital gains taxes		–			(75,586	)		215,469
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies		(105	)		(4,916	)		(29,217	)
Net realized and unrealized gain (loss)		1,370,414			58,104,973			39,478,066
Net Increase in Net Assets Resulting From Operations	$	1,355,786		$	60,668,311		$	43,084,192

See Notes to Financial Statements.

International Value Fund			Micro Cap Growth Fund			Value Opportunities Fund

$	8,114,694		$	89,241		$	7,452,584
	21,224			59,462			11,206
	258,989			35,375			96,802
	1,574			–			1,250
	8,396,481			184,078			7,561,842

	995,095			838,508			4,470,227
	257,847			33,251			751,399
	13,866			26,918			146,088
	2,547			5,727			14,692
	–			–			25,679
	180			–			12,297
	15,529			–			72,540
	167			–			35,947
	71,263			31,038			80,878
	30,594			23,080			33,231
	161,870			86,009			483,448
	34,457			6,640			11,841
	79,608			37,267			241,234
	20,066			9,702			66,914
	8,004			3,182			19,853
	30,909			17,855			58,769
	1,722,002			1,119,177			6,525,037
	(34,457	)		(12,367	)		(11,841	)
	1,687,545			1,106,810			6,513,196
	6,708,936			(922,732	)		1,048,646

	6,283,664			16,050,268			42,914,712
	(65,156	)		–			–
	49,497,040			26,285,992			164,158,897
	24,536			–			–
	(60,857	)		–			–
	55,679,227			42,336,260			207,073,609
$	62,388,163		$	41,413,528		$	208,122,255

See Notes to Financial Statements.

Statements of Changes in Net Assets

	Alpha Strategy Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2024 (unaudited)			For the Year Ended October 31, 2023
Operations:
Net investment income (loss)	$	1,839,308		$	2,077,947
Capital gain distributions received from Underlying Funds		1,549,309			15,265,434
Net realized gain (loss) on investments in Underlying Funds		(1,043,290	)		(14,016,235	)
Net realized gain (loss) on investments		–			–
Net change in unrealized appreciation/depreciation on investments in Underlying Funds		103,414,062			(21,524,542	)
Net change in unrealized appreciation/depreciation on investments		–			–
Net increase (decrease) in net assets resulting from operations		105,759,389			(18,197,396	)
Distributions to Shareholders
Class A		(1,840,813	)		(26,637,494	)
Class C		(80,666	)		(2,342,626	)
Class F		(55,096	)		(1,650,626	)
Class F3		(377,183	)		(3,208,745	)
Class I		(763,095	)		(6,291,180	)
Class R2		(3,691	)		(60,697	)
Class R3		(72,161	)		(1,054,054	)
Class R4		(15,592	)		(254,475	)
Class R5		(4,359	)		(24,219	)
Class R6		(28,035	)		(226,973	)
Return of capital
Class A		–			–
Class C		–			–
Class F		–			–
Class F3		–			–
Class I		–			–
Class R3		–			–
Class R4		–			–
Class R5		–			–
Class R6		–			–
Total distribution to shareholders		(3,240,691	)		(41,751,089	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		29,099,030			96,147,796
Reinvestment of distributions		2,735,361			35,663,641
Cost of shares reacquired		(64,837,424	)		(195,981,845	)
Net increase (decrease) in net assets resulting from capital share transactions		(33,003,033	)		(64,170,408	)
Net increase (decrease) in net assets		69,515,665			(124,118,893	)
NET ASSETS:
Beginning of period	$	531,655,201		$	655,774,094
End of period	$	601,170,866		$	531,655,201


86	See Notes to Financial Statements.

Focused Growth Fund						Focused Large Cap Value Fund
For the Six Months Ended April 30, 2024 (unaudited)			For the Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (unaudited)			For the Year Ended October 31, 2023

$	(152,655	)	$	(208,061	)	$	103,308		$	167,926
	–			–			–			–
	–			–			–			–
	227,996			(5,010,764	)		692,097			(787,730	)

	–			–			–			–

	9,201,670			6,273,650			4,033,257			635,152
	9,277,011			1,054,825			4,828,662			15,348

	–			–			–			(154,176	)
	–			–			–			(57,554	)
	–			–			–			(16,168	)
	–			–			–			(160	)
	–			–			–			(3,669	)
	–			–			–			–
	–			–			–			(1,057	)
	–			–			–			(115	)
	–			–			–			(116	)
	–			–			–			(16,990	)

	–			–			–			(3,680,536	)
	–			–			–			(1,373,939	)
	–			–			–			(385,970	)
	–			–			–			(3,828	)
	–			–			–			(87,593	)
	–			–			–			(25,241	)
	–			–			–			(2,732	)
	–			–			–			(2,757	)
	–			–			–			(405,587	)
	–			–			–			(6,218,188	)

	17,146,636			16,761,437			4,489,105			11,572,270
	–			–			–			5,710,233
	(5,678,103	)		(20,569,155	)		(3,049,431	)		(11,288,121	)

	11,468,533			(3,807,718	)		1,439,674			5,994,382
	20,745,544			(2,752,893	)		6,268,336			(208,458	)

$	31,020,342		$	33,773,235		$	19,002,996		$	19,211,454
$	51,765,886		$	31,020,342		$	25,271,332		$	19,002,996


	See Notes to Financial Statements.	87

Statements of Changes in Net Assets (continued)

	Focused Small Cap Value Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2024 (unaudited)			For the Year Ended October 31, 2023
Operations:
Net investment income	$	78,718		$	589,550
Net realized gain (loss) on investments, future contracts and foreign currency related transactions		9,122,370			(1,297,505	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		5,708,234			(3,303,421	)
Net increase (decrease) in net assets resulting from operations		14,909,322			(4,011,376	)
Distributions to Shareholders
Class A		(1,939	)		(616,896	)
Class C		–			(117,495	)
Class F		–			(757,185	)
Class F3		(31	)		(432	)
Class I		(206,076	)		(3,105,857	)
Class P		–			–
Class R2		–			–
Class R3		–			–
Class R4		–			–
Class R5		(500	)		(10,525	)
Class R6		(29,814	)		(403,524	)
Total distribution to shareholders		(238,360	)		(5,011,914	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		4,539,755			17,200,883
Reinvestment of distributions		220,828			4,758,371
Cost of shares reacquired		(14,983,425	)		(46,958,332	)
Net increase (decrease) in net assets resulting from capital share transactions		(10,222,842	)		(24,999,078	)
Net increase (decrease) in net assets		4,448,120			(34,022,368	)
NET ASSETS:
Beginning of period	$	100,128,358		$	134,150,726
End of period	$	104,576,478		$	100,128,358


88	See Notes to Financial Statements.

Fundamental Equity Fund						Global Equity Fund
For the Six Months Ended April 30, 2024 (unaudited)			For the Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (unaudited)			For the Year Ended October 31, 2023

$	8,309,028		$	19,926,867		$	116,112		$	173,070

	52,620,042			1,084,801			(71,872	)		(538,310	)

	281,165,437			3,715,845			3,257,380			1,650,650
	342,094,507			24,727,513			3,301,620			1,285,410

	(9,823,704	)		(62,031,796	)		(50,993	)		(30,060	)
	(36,508	)		(2,027,363	)		(882	)		–
	(255,312	)		(3,757,884	)		(11,456	)		(9,680	)
	(209,753	)		(984,530	)		(171	)		(127	)
	(6,431,967	)		(30,715,661	)		(62,389	)		(29,916	)
	(23,325	)		(212,025	)		–			–
	(11,293	)		(106,559	)		–			–
	(386,546	)		(3,228,451	)		(4,163	)		(1,617	)
	(23,347	)		(155,223	)		–			(3,989	)
	(9,302	)		(42,656	)		(168	)		(121	)
	(89,912	)		(413,951	)		(44,649	)		(13,663	)
	(17,300,969	)		(103,676,099	)		(174,871	)		(89,173	)

	206,824,070			170,880,170			7,810,530			7,181,990
	16,789,821			100,473,206			139,314			58,477
	(369,017,605	)		(394,573,791	)		(924,113	)		(3,484,208	)

	(145,403,714	)		(123,220,415	)		7,025,731			3,756,259
	179,389,824			(202,169,001	)		10,152,480			4,952,496

$	1,752,653,452		$	1,954,822,453		$	13,905,804		$	8,953,308
$	1,932,043,276		$	1,752,653,452		$	24,058,284		$	13,905,804


	See Notes to Financial Statements.	89

Statements of Changes in Net Assets (continued)

	Growth Leaders Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2024 (unaudited)			For the Year Ended October 31, 2023
Operations:
Net investment income (loss)	$	(12,713,192	)	$	(23,930,016	)
Net realized gain (loss) on investments and foreign currency related transactions		428,685,874			(630,990,488	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		1,045,221,123			893,374,356
Net increase (decrease) in net assets resulting from operations		1,461,193,805			238,453,852
Distributions to Shareholders
Class A		–			–
Class C		–			–
Class F		–			–
Class F3		–			–
Class I		–			–
Class P		–			–
Class R2		–			–
Class R3		–			–
Class R4		–			–
Class R5		–			–
Class R6		–			–
Total distribution to shareholders		–			–
Capital share transactions (See Note 14):
Net proceeds from sales of shares		600,097,790			1,463,838,212
Reinvestment of distributions		–			–
Cost of shares reacquired		(1,071,214,373	)		(2,452,151,575	)
Net increase (decrease) in net assets resulting from capital share transactions		(471,116,583	)		(988,313,363	)
Net increase (decrease) in net assets		990,077,222			(749,859,511	)
NET ASSETS:
Beginning of period	$	4,816,974,579		$	5,566,834,090
End of period	$	5,807,051,801		$	4,816,974,579


90	See Notes to Financial Statements.

Health Care Fund						International Equity Fund
For the Six Months Ended April 30, 2024 (unaudited)			For the Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (unaudited)			For the Year Ended October 31, 2023

$	(14,628	)	$	(28,045	)	$	2,563,338		$	5,777,399

	63,275			(375,226	)		3,438,305			(11,315,354	)

	1,307,139			(382,786	)		54,666,668			30,691,977
	1,355,786			(786,057	)		60,668,311			25,154,022

	–			–			(2,537,347	)		(2,799,388	)
	–			–			(7,268	)		(47,998	)
	–			–			(78,590	)		(180,998	)
	–			(86	)		(250,220	)		(147,620	)
	–			(21	)		(2,859,273	)		(2,985,080	)
	–			–			(174	)		(182	)
	–			–			(2,720	)		(2,657	)
	–			–			(72,590	)		(82,045	)
	–			–			(25,256	)		(29,323	)
	–			(15	)		(306	)		(474	)
	–			(6,009	)		(72,278	)		(62,147	)
	–			(6,131	)		(5,906,022	)		(6,337,912	)

	887,209			2,837,576			12,462,181			49,374,123
	–			28			5,799,439			6,225,632
	(1,054,560	)		(1,517,369	)		(36,062,020	)		(58,456,770	)

	(167,351	)		1,320,235			(17,800,400	)		(2,857,015	)
	1,188,435			528,047			36,961,889			15,959,095

$	6,963,759		$	6,435,712		$	295,429,401		$	279,470,306
$	8,152,194		$	6,963,759		$	332,391,290		$	295,429,401


	See Notes to Financial Statements.	91

Statements of Changes in Net Assets (continued)

	International Opportunities Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2024 (unaudited)			For the Year Ended October 31, 2023
Operations:
Net investment income (loss)	$	3,606,126		$	4,997,413
Net realized gain (loss) on investments and foreign currency related transactions		364,228			(18,318,316	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		39,113,838			45,424,537
Net increase (decrease) in net assets resulting from operations		43,084,192			32,103,634
Distributions to Shareholders
Class A		(1,442,866	)		(1,515,429	)
Class C		(35,902	)		(63,496	)
Class F		(64,775	)		(250,874	)
Class F3		(531,450	)		(530,783	)
Class I		(2,686,582	)		(2,938,287	)
Class P		(164	)		(1,575	)
Class R2		(15,677	)		(28,634	)
Class R3		(69,218	)		(62,415	)
Class R4		(40,234	)		(36,129	)
Class R5		(38,823	)		(38,883	)
Class R6		(310,118	)		(327,410	)
Total distribution to shareholders		(5,235,809	)		(5,793,915	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		14,959,186			61,136,230
Reinvestment of distributions		5,076,474			5,609,335
Cost of shares reacquired		(31,950,850	)		(112,764,691	)
Net decrease in net assets resulting from capital share transactions		(11,915,190	)		(46,019,126	)
Net increase (decrease) in net assets		25,933,193			(19,709,407	)
NET ASSETS:
Beginning of period	$	290,891,182		$	310,600,589
End of period	$	316,824,375		$	290,891,182


92	See Notes to Financial Statements.

International Value Fund						Micro Cap Growth Fund
For the Six Months Ended April 30, 2024 (unaudited)			For the Year Ended October 31, 2023			For the Six Months Ended April 30, 2024 (unaudited)			For the Year Ended October 31, 2023

$	6,708,936		$	10,992,628		$	(922,732	)	$	(2,131,062	)

	6,218,508			(1,646,150	)		16,050,268			(21,812,099	)

	49,460,719			40,061,464			26,285,992			(19,131,055	)
	62,388,163			49,407,942			41,413,528			(43,074,216	)

	(2,889,294	)		(5,722,791	)		–			–
	(28,390	)		(74,751	)		–			–
	(74,576	)		(183,754	)		–			–
	(479,121	)		(879,787	)		–			–
	(2,172,451	)		(4,136,627	)		–			–
	–			–			–			–
	(720	)		(1,703	)		–			–
	(76,156	)		(176,067	)		–			–
	(1,885	)		(4,200	)		–			–
	(172	)		(336	)		–			–
	(26,060	)		(49,764	)		–			–
	(5,748,825	)		(11,229,780	)		–			–

	27,001,963			41,973,452			8,047,404			43,964,939
	5,656,564			11,031,675			–			–
	(40,694,271	)		(74,580,700	)		(29,388,704	)		(71,561,579	)

	(8,035,744	)		(21,575,573	)		(21,341,300	)		(27,596,640	)
	48,603,594			16,602,589			20,072,228			(70,670,856	)

$	360,878,360		$	344,275,771		$	162,929,672		$	233,600,528
$	409,481,954		$	360,878,360		$	183,001,900		$	162,929,672


	See Notes to Financial Statements.	93

Statements of Changes in Net Assets (concluded)

	Value Opportunities Fund
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended April 30, 2024 (unaudited)			For the Year Ended October 31, 2023
Operations:
Net investment income	$	1,048,646		$	4,944,926
Net realized gain (loss) on investments		42,914,712			16,727,882
Net change in unrealized appreciation/depreciation on investments		164,158,897			(11,065,712	)
Net increase in net assets resulting from operations		208,122,255			10,607,096
Distributions to Shareholders
Class A		(8,879,757	)		(53,463,933	)
Class C		(536,071	)		(4,344,107	)
Class F		(458,691	)		(6,295,659	)
Class F3		(3,105,092	)		(15,989,854	)
Class I		(4,090,287	)		(20,289,726	)
Class P		(167,817	)		(1,091,735	)
Class R2		(63,290	)		(390,476	)
Class R3		(417,247	)		(2,715,045	)
Class R4		(433,579	)		(2,475,922	)
Class R5		(18,196	)		(80,636	)
Class R6		(501,099	)		(2,676,277	)
Total distribution to shareholders		(18,671,126	)		(109,813,370	)
Capital share transactions (See Note 14):
Net proceeds from sales of shares		41,242,082			137,967,950
Reinvestment of distributions		18,281,241			107,376,618
Cost of shares reacquired		(147,582,498	)		(359,091,197	)
Net decrease in net assets resulting from capital share transactions		(88,059,175	)		(113,746,629	)
Net increase (decrease) in net assets		101,391,954			(212,952,903	)
NET ASSETS:
Beginning of period	$	1,093,823,720		$	1,306,776,623
End of period	$	1,195,215,674		$	1,093,823,720


94	See Notes to Financial Statements.

This page is intentionally left blank.

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
4/30/2024^(d)	$	19.58	$	0.06		$	3.86		$	3.92		$	(0.02	)	$	(0.09	)	$	(0.11	)
10/31/2023		21.82		0.06			(0.89	)		(0.83	)		(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	)
Class C
4/30/2024^(d)		14.53		(0.01	)		2.85			2.84			–			(0.09	)		(0.09	)
10/31/2023		16.60		(0.04	)		(0.69	)		(0.73	)		–			(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	)
Class F
4/30/2024^(d)		19.87		0.09			3.90			3.99			(0.04	)		(0.09	)		(0.13	)
10/31/2023		22.09		0.16			(0.97	)		(0.81	)		(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	)
Class F3
4/30/2024^(d)		20.56		0.11			4.03			4.14			(0.08	)		(0.09	)		(0.17	)
10/31/2023		22.83		0.13			(0.92	)		(0.79	)		(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	)
Class I
4/30/2024^(d)		20.43		0.10			4.02			4.12			(0.08	)		(0.09	)		(0.17	)
10/31/2023		22.71		0.11			(0.92	)		(0.81	)		(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	)
Class R2
4/30/2024^(d)		18.47		0.02			3.63			3.65			–			(0.09	)		(0.09	)
10/31/2023		20.66		(0.02	)		(0.83	)		(0.85	)		–	^(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	)

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 (%)

$	23.39		20.02	^(e)		0.43	^(f)		0.53	^(f)		0.55	^(f)	$	392,328		1	^(e)
	19.58		(3.99	)		0.43			0.54			0.29			342,756		4
	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

	17.28		19.54	^(e)		1.18	^(f)		1.28	^(f)		(0.13	)^(f)		12,722		1	^(e)
	14.53		(4.70	)		1.18			1.29			(0.25	)		13,823		4
	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

	23.73		20.08	^(e)		0.28	^(f)		0.38	^(f)		0.74	^(f)		8,977		1	^(e)
	19.87		(3.85	)		0.28			0.39			0.75			9,142		4
	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

	24.53		20.15	^(e)		0.10	^(f)		0.20	^(f)		0.89	^(f)		53,112		1	^(e)
	20.56		(3.65	)		0.09			0.20			0.57			46,724		4
	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

	24.38		20.15	^(e)		0.18	^(f)		0.28	^(f)		0.81	^(f)		108,760		1	^(e)
	20.43		(3.74	)		0.18			0.29			0.47			95,792		4
	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

	22.03		19.76	^(e)		0.78	^(f)		0.88	^(f)		0.20	^(f)		909		1	^(e)
	18.47		(4.32	)		0.78			0.89			(0.09	)		812		4
	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

See Notes to Financial Statements.

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
4/30/2024^(d)	$	18.66	$	0.04		$	3.66		$	3.70		$	–		$	(0.09	)	$	(0.09	)
10/31/2023		20.85		–	^(g)		(0.84	)		(0.84	)		(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	)
Class R4
4/30/2024^(d)		19.52		0.06			3.84			3.90			(0.01	)		(0.09	)		(0.10	)
10/31/2023		21.76		0.06			(0.88	)		(0.82	)		(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	)
Class R5
4/30/2024^(d)		20.44		0.10			4.02			4.12			(0.08	)		(0.09	)		(0.17	)
10/31/2023		22.72		0.09			(0.90	)		(0.81	)		(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	)
Class R6
4/30/2024^(d)		20.56		0.10			4.05			4.15			(0.08	)		(0.09	)		(0.17	)
10/31/2023		22.84		0.14			(0.94	)		(0.80	)		(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	)

^(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.

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 (%)

$	22.27		19.83	^(e)		0.68	^(f)		0.78	^(f)		0.34	^(f)	$	16,158		1	^(e)
	18.66		(4.24	)		0.68			0.79			(0.02	)		15,526		4
	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

	23.32		20.00	^(e)		0.43	^(f)		0.53	^(f)		0.55	^(f)		3,593		1	^(e)
	19.52		(3.98	)		0.43			0.54			0.28			3,150		4
	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

	24.39		20.15	^(e)		0.18	^(f)		0.28	^(f)		0.83	^(f)		539		1	^(e)
	20.44		(3.74	)		0.18			0.29			0.38			551		4
	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

	24.54		20.20	^(e)		0.10	^(f)		0.20	^(f)		0.86	^(f)		4,073		1	^(e)
	20.56		(3.69	)		0.09			0.20			0.61			3,380		4
	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

See Notes to Financial Statements.

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
4/30/2024^(c)	$	20.48	$	(0.10	)	$	6.16		$	6.06		$	–		$	26.54
10/31/2023		19.74		(0.15	)		0.89			0.74			–			20.48
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
4/30/2024^(c)		19.68		(0.19	)		5.93			5.74			–			25.42
10/31/2023		19.12		(0.29	)		0.85			0.56			–			19.68
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
4/30/2024^(c)		20.76		(0.07	)		6.25			6.18			–			26.94
10/31/2023		19.96		(0.09	)		0.89			0.80			–			20.76
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
4/30/2024^(c)		20.85		(0.05	)		6.27			6.22			–			27.07
10/31/2023		20.02		(0.07	)		0.90			0.83			–			20.85
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
4/30/2024^(c)		20.77		(0.07	)		6.25			6.18			–			26.95
10/31/2023		19.96		(0.09	)		0.90			0.81			–			20.77
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
4/30/2024^(c)		20.22		(0.13	)		6.08			5.95			–			26.17
10/31/2023		19.53		(0.21	)		0.90			0.69			–			20.22
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
4/30/2024^(c)		20.49		(0.10	)		6.16			6.06			–			26.55
10/31/2023		19.75		(0.14	)		0.88			0.74			–			20.49
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

100

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 (%)

	29.59	^(d)		1.05	^(e)		1.51	^(e)		(0.77	)^(e)	$	23,287		48	^(d)
	3.75			1.05			1.70			(0.71	)		15,986		169
	(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)

	29.17	^(d)		1.80	^(e)		2.26	^(e)		(1.52	)^(e)		2,723		48	^(d)
	2.93			1.80			2.45			(1.46	)		2,214		169
	(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)

	29.77	^(d)		0.80	^(e)		1.37	^(e)		(0.52	)^(e)		3,638		48	^(d)
	4.01			0.80			1.55			(0.43	)		3,536		169
	(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)

	29.83	^(d)		0.67	^(e)		1.36	^(e)		(0.40	)^(e)		16		48	^(d)
	4.15			0.68			1.29			(0.34	)		499		169
	(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)

	29.75	^(d)		0.80	^(e)		1.19	^(e)		(0.50	)^(e)		15,350		48	^(d)
	4.06			0.80			1.44			(0.47	)		4,122		169
	(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)

	29.43	^(d)		1.30	^(e)		1.76	^(e)		(1.02	)^(e)		224		48	^(d)
	3.53			1.28			1.95			(1.01	)		155		169
	(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)

	29.58	^(d)		1.05	^(e)		1.52	^(e)		(0.77	)^(e)		18		48	^(d)
	3.75			1.05			1.70			(0.70	)		14		169
	(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.

101

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
4/30/2024^(c)	$	20.76	$	(0.07	)	$	6.25		$	6.18		$	–		$	26.94
10/31/2023		19.96		(0.09	)		0.89			0.80			–			20.76
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
4/30/2024^(c)		20.85		(0.05	)		6.28			6.23			–			27.08
10/31/2023		20.02		(0.07	)		0.90			0.83			–			20.85
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.

102

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 (%)

	29.77	^(d)		0.80	^(e)		1.28	^(e)		(0.55	)^(e)	$	21		48	^(d)
	4.01			0.80			1.44			(0.45	)		14		169
	(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)

	29.88	^(d)		0.67	^(e)		1.19	^(e)		(0.39	)^(e)		6,490		48	^(d)
	4.15			0.68			1.30			(0.34	)		4,481		169
	(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.

103

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 invest- ment income			Net realized gain			Return of capital			Total distri- butions
Class A
4/30/2024^(c)	$	9.58	$	0.05	$	2.32		$	2.37		$	–		$	–		$	–		$	–
10/31/2023		13.58		0.08		0.17	^(f)		0.25			(1.42	)		–			(2.83	)		(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^(g)(h)		15.00		0.06		(0.31	)^(f)		(0.25	)		–			–			–			–
Class C
4/30/2024^(c)		9.52		0.01		2.31			2.32			–			–			–			–
10/31/2023		13.49		0.02		0.15	^(f)		0.17			(1.31	)		–			(2.83	)		(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^(g)(h)		15.00		0.03		(0.31	)^(f)		(0.28	)		–			–			–			–
Class F
4/30/2024^(c)		9.78		0.07		2.37			2.44			–			–			–			–
10/31/2023		13.77		0.14		0.14	^(f)		0.28			(1.44	)		–			(2.83	)		(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^(g)(h)		15.00		0.07		(0.31	)^(f)		(0.24	)		–			–			–			–
Class F3
4/30/2024^(c)		9.63		0.06		2.35			2.41			–			–			–			–
10/31/2023		13.64		0.11		0.16	^(f)		0.27			(1.45	)		–			(2.83	)		(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^(g)(h)		15.00		0.07		(0.31	)^(f)		(0.24	)		–			–			–			–
Class I
4/30/2024^(c)		9.98		0.06		2.43			2.49			–			–			–			–
10/31/2023		13.63		0.09		0.18	^(f)		0.27			(1.09	)		–			(2.83	)		(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^(g)(h)		15.00		0.04		(0.28	)^(f)		(0.24	)		–			–			–			–

104	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 (%)

$	11.95		24.74	^(d)		0.96	^(e)		1.72	^(e)		0.90	^(e)	$	10,700		37	^(d)
	9.58		0.59			0.96			1.92			0.84			9,821		61
	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)

	11.84		24.37	^(d)		1.71	^(e)		2.46	^(e)		0.14	^(e)		3,130		37	^(d)
	9.52		(0.21	)		1.71			2.71			0.20			2,618		61
	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)

	12.22		24.95	^(d)		0.71	^(e)		1.57	^(e)		1.16	^(e)		165		37	^(d)
	9.78		0.81			0.71			1.95			1.34			194		61
	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)

	12.04		25.03	^(d)		0.70	^(e)		1.44	^(e)		1.14	^(e)		11		37	^(d)
	9.63		0.82			0.71			1.61			1.13			9		61
	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)

	12.47		24.95	^(d)		0.71	^(e)		1.45	^(e)		1.10	^(e)		9,044		37	^(d)
	9.98		0.89			0.71			1.56			0.92			4,982		61
	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)

See Notes to Financial Statements.

105

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 invest- ment income			Net realized gain			Return of capital			Total distri- butions
Class R3
4/30/2024^(c)	$	9.56	$	0.04	$	2.31		$	2.35		$	–		$	–		$	–		$	–
10/31/2023		13.56		0.05		0.18	^(f)		0.23			(1.40	)		–			(2.83	)		(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^(g)(h)		15.00		0.05		(0.31	)^(f)		(0.26	)		–			–			–			–
Class R4
4/30/2024^(c)		9.60		0.05		2.32			2.37			–			–			–			–
10/31/2023		13.59		0.09		0.17	^(f)		0.26			(1.42	)		–			(2.83	)		(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^(g)(h)		15.00		0.06		(0.31	)^(f)		(0.25	)		–			–			–			–
Class R5
4/30/2024^(c)		9.63		0.07		2.33			2.40			–			–			–			–
10/31/2023		13.63		0.12		0.16	^(f)		0.28			(1.45	)		–			(2.83	)		(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^(g)(h)		15.00		0.07		(0.31	)^(f)		(0.24	)		–			–			–			–
Class R6
4/30/2024^(c)		9.64		0.06		2.35			2.41			–			–			–			–
10/31/2023		13.65		0.11		0.16	^(f)		0.27			(1.45	)		–			(2.83	)		(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^(g)(h)		15.00		0.07		(0.31	)^(f)		(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)	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, 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.
^(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)	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.

106	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 (%)

$	11.91		24.58	^(d)		1.21	^(e)		1.97	^(e)		0.63	^(e)	$	169		37	^(d)
	9.56		0.40			1.21			2.11			0.52			143		61
	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)

	11.97		24.69	^(d)		0.96	^(e)		1.67	^(e)		0.90	^(e)		8		37	^(d)
	9.60		0.67			0.96			1.90			0.91			6		61
	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)

	12.03		24.92	^(d)		0.71	^(e)		1.42	^(e)		1.16	^(e)		8		37	^(d)
	9.63		0.91			0.71			1.66			1.15			6		61
	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			2.2			49		128

	14.76		(1.60	)^(d)		0.71	^(e)		4.27	^(e)		1.75	^(e)		10		16	^(d)

	12.05		25.00	^(d)		0.70	^(e)		1.43	^(e)		1.13	^(e)		2,036		37	^(d)
	9.64		0.82			0.71			1.62			1.07			1,223		61
	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.

107

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
4/30/2024^(c)	$	21.93	$	(0.01	)	$	3.28		$	3.27		$	–	^(d)	$	–		$	–
10/31/2023		23.97		0.07			(1.17	)		(1.10	)		(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	)
Class C
4/30/2024^(c)		23.17		(0.11	)		3.48			3.37			–			–			–
10/31/2023		25.36		(0.11	)		(1.24	)		(1.35	)		–			(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^(g)		27.39		(0.03	)		(0.65	)		(0.68	)		–			–			–
Class F
4/30/2024^(c)		24.06		0.03			3.60			3.63			–			–			–
10/31/2023		26.17		0.18			(1.33	)		(1.15	)		(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^(g)		27.39		0.06			(0.65	)		(0.59	)		–			–			–
Class F3
4/30/2024^(c)		24.06		0.03			3.60			3.63			(0.07	)		–			(0.07	)
10/31/2023		26.20		0.15			(1.28	)		(1.13	)		(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^(g)		27.39		0.06			(0.65	)		(0.59	)		–			–			–
Class I
4/30/2024^(c)		23.99		0.03			3.59			3.62			(0.07	)		–			(0.07	)
10/31/2023		26.14		0.14			(1.28	)		(1.14	)		(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	)
Class R5
4/30/2024^(c)		24.00		0.03			3.58			3.61			(0.07	)		–			(0.07	)
10/31/2023		26.15		0.14			(1.28	)		(1.14	)		(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^(g)		27.39		0.05			(0.64	)		(0.59	)		–			–			–

108	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 (%)

$	25.20		14.93	^(e)		1.28	^(f)		1.33	^(f)		(0.06	)^(f)	$	12,303		33	^(e)
	21.93		(4.90	)		1.28			1.33			0.30			11,487		54
	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

	26.54		14.54	^(e)		2.03	^(f)		2.08	^(f)		(0.81	)^(f)		2,495		33	^(e)
	23.17		(5.64	)		2.03			2.08			(0.45	)		2,499		54
	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	)^(e)		2.03	^(f)		2.14	^(f)		(0.37	)^(f)		10		135

	27.69		15.09	^(e)		1.03	^(f)		1.18	^(f)		0.20	^(f)		2,324		33	^(e)
	24.06		(4.68	)		1.03			1.18			0.69			4,246		54
	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	)^(e)		1.03	^(f)		1.30	^(f)		0.65	^(f)		10		135

	27.62		15.12	^(e)		0.97	^(f)		1.01	^(f)		0.25	^(f)		12		33	^(e)
	24.06		(4.60	)		0.97			1.01			0.57			10		54
	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	)^(e)		0.95	^(f)		1.15	^(f)		0.71	^(f)		10		135

	27.54		15.11	^(e)		1.03	^(f)		1.08	^(f)		0.19	^(f)		74,383		33	^(e)
	23.99		(4.66	)		1.03			1.08			0.52			71,703		54
	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

	27.54		15.06	^(e)		1.03	^(f)		1.08	^(f)		0.19	^(f)		207		33	^(e)
	24.00		(4.66	)		1.03			1.08			0.55			185		54
	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	)^(e)		1.03	^(f)		1.15	^(f)		0.62	^(f)		10		135

See Notes to Financial Statements.

109

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
4/30/2024^(c)	$	24.06	$	0.04	$	3.59		$	3.63		$	(0.07	)	$	–		$	(0.07	)
10/31/2023		26.20		0.15		(1.28	)		(1.13	)		(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^(g)		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)	Amount is less than $0.01.
^(e)	Not annualized.
^(f)	Annualized.
^(g)	Commencement of operations was 6/28/2019 and date shares first became available to the public was 7/1/2019.

110	See Notes to Financial Statements.

					Ratios to Average Net Assets:									Supplemental Data:
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 (%)

$	27.62		15.12	^(e)		0.97	^(f)		1.03	^(f)		0.25	^(f)	$	12,853		33	^(e)
	24.06		(4.60	)		0.97			1.03			0.56			9,998		54
	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	)^(e)		0.95	^(f)		1.24	^(f)		1.01	^(f)		1,336		135

See Notes to Financial Statements.

111

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
4/30/2024^(c)	$	11.92	$	0.06	$	2.49		$	2.55		$	(0.11	)	$	–		$	(0.11	)
10/31/2023		12.44		0.12		0.01			0.13			(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	)
Class C
4/30/2024^(c)		10.13		0.01		2.12			2.13			(0.02	)		–			(0.02	)
10/31/2023		10.66		0.03		0.01			0.04			(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	)
Class F
4/30/2024^(c)		11.75		0.07		2.44			2.51			(0.12	)		–			(0.12	)
10/31/2023		12.26		0.14		0.02			0.16			(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	)
Class F3
4/30/2024^(c)		12.14		0.08		2.53			2.61			(0.14	)		–			(0.14	)
10/31/2023		12.65		0.16		0.02			0.18			(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	)
Class I
4/30/2024^(c)		12.03		0.08		2.51			2.59			(0.14	)		–			(0.14	)
10/31/2023		12.55		0.15		0.02			0.17			(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	)
Class P
4/30/2024^(c)		11.59		0.05		2.42			2.47			(0.08	)		–			(0.08	)
10/31/2023		12.12		0.09		0.01			0.10			(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	)

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 (%)

$	14.36		21.53	^(d)		0.95	^(e)		0.95	^(e)		0.89	^(e)	$	1,224,160		22	^(d)
	11.92		0.92			0.94			0.94			0.98			1,068,294		26
	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

	12.24		21.01	^(d)		1.70	^(e)		1.70	^(e)		0.14	^(e)		23,461		22	^(d)
	10.13		0.15			1.69			1.69			0.26			23,316		26
	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

	14.14		21.55	^(d)		0.80	^(e)		0.80	^(e)		1.04	^(e)		24,706		22	^(d)
	11.75		1.14			0.79			0.79			1.19			24,745		26
	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

	14.61		21.70	^(d)		0.63	^(e)		0.63	^(e)		1.20	^(e)		20,601		22	^(d)
	12.14		1.26			0.63			0.63			1.28			17,642		26
	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

	14.48		21.72	^(d)		0.70	^(e)		0.70	^(e)		1.12	^(e)		558,783		22	^(d)
	12.03		1.18			0.69			0.69			1.22			545,537		26
	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

	13.98		21.45	^(d)		1.15	^(e)		1.15	^(e)		0.70	^(e)		2,973		22	^(d)
	11.59		0.65			1.14			1.14			0.80			3,237		26
	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

See Notes to Financial Statements.

113

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
4/30/2024^(c)	$	11.56	$	0.04	$	2.42		$	2.46		$	(0.07	)	$	–		$	(0.07	)
10/31/2023		12.08		0.07		0.02			0.09			(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	)
Class R3
4/30/2024^(c)		11.61		0.04		2.43			2.47			(0.08	)		–			(0.08	)
10/31/2023		12.13		0.09		0.01			0.10			(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	)
Class R4
4/30/2024^(c)		11.84		0.06		2.48			2.54			(0.11	)		–			(0.11	)
10/31/2023		12.37		0.12		0.01			0.13			(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	)
Class R5
4/30/2024^(c)		12.04		0.08		2.51			2.59			(0.14	)		–			(0.14	)
10/31/2023		12.56		0.15		0.02			0.17			(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	)
Class R6
4/30/2024^(c)		12.15		0.08		2.53			2.61			(0.14	)		–			(0.14	)
10/31/2023		12.66		0.16		0.02			0.18			(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	)

^(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.

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 (%)

$	13.95		21.33	^(d)		1.30	^(e)		1.30	^(e)		0.53	^(e)	$	1,789		22	^(d)
	11.56		0.59			1.29			1.29			0.62			1,964		26
	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

	14.00		21.36	^(d)		1.20	^(e)		1.20	^(e)		0.64	^(e)		62,329		22	^(d)
	11.61		0.66			1.19			1.19			0.73			57,037		26
	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

	14.27		21.58	^(d)		0.95	^(e)		0.95	^(e)		0.87	^(e)		3,140		22	^(d)
	11.84		0.86			0.94			0.94			0.99			2,523		26
	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

	14.49		21.71	^(d)		0.70	^(e)		0.70	^(e)		1.12	^(e)		994		22	^(d)
	12.04		1.17			0.69			0.69			1.22			781		26
	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

	14.62		21.69	^(d)		0.63	^(e)		0.63	^(e)		1.21	^(e)		9,107		22	^(d)
	12.15		1.26			0.63			0.63			1.29			7,577		26
	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

See Notes to Financial Statements.

115

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
4/30/2024^(c)	$	12.42	$	0.07		$	2.69		$	2.76		$	(0.12	)	$	–		$	(0.12	)
10/31/2023		11.37		0.13			1.00			1.13			(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	)
Class C
4/30/2024^(c)		12.24		0.02			2.65			2.67			(0.03	)		–			(0.03	)
10/31/2023		11.22		0.04			0.98			1.02			–			–			–
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	)
Class F
4/30/2024^(c)		12.45		0.08			2.70			2.78			(0.13	)		–			(0.13	)
10/31/2023		11.39		0.16			0.99			1.15			(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	)
Class F3
4/30/2024^(c)		12.47		0.10			2.70			2.80			(0.16	)		–			(0.16	)
10/31/2023		11.41		0.18			1.00			1.18			(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	)
Class I
4/30/2024^(c)		12.45		0.10			2.69			2.79			(0.15	)		–			(0.15	)
10/31/2023		11.40		0.16			1.00			1.16			(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	)
Class R3
4/30/2024^(c)		12.31		0.05			2.68			2.73			(0.09	)		–			(0.09	)
10/31/2023		11.26		0.10			0.99			1.09			(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	)

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 (%)

$	15.06		22.28	^(d)		0.90	^(e)		2.07	^(e)		1.01	^(e)	$	6,838		20	^(d)
	12.42		9.98			0.90			2.55			1.08			5,163		55
	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

	14.88		21.83	^(d)		1.65	^(e)		2.78	^(e)		0.31	^(e)		571		20	^(d)
	12.24		9.09			1.65			3.33			0.35			345		55
	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

	15.10		22.43	^(d)		0.75	^(e)		1.93	^(e)		1.16	^(e)		1,351		20	^(d)
	12.45		10.16			0.75			2.42			1.25			1,099		55
	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

	15.11		22.50	^(d)		0.56	^(e)		1.71	^(e)		1.36	^(e)		17		20	^(d)
	12.47		10.38			0.57			2.04			1.42			14		55
	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

	15.09		22.50	^(d)		0.65	^(e)		1.74	^(e)		1.36	^(e)		9,874		20	^(d)
	12.45		10.26			0.65			2.29			1.32			3,245		55
	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

	14.95		22.19	^(d)		1.15	^(e)		2.32	^(e)		0.75	^(e)		739		20	^(d)
	12.31		9.67			1.15			2.80			0.83			598		55
	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

See Notes to Financial Statements.

117

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
4/30/2024^(c)	$	12.41	$	0.07	$	2.70		$	2.77		$	–		$	–		$	–
10/31/2023		11.37		0.15		0.98			1.13			(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	)
Class R5
4/30/2024^(c)		12.46		0.09		2.70			2.79			(0.15	)		–			(0.15	)
10/31/2023		11.40		0.17		1.00			1.17			(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	)
Class R6
4/30/2024^(c)		12.47		0.10		2.69			2.79			(0.15	)		–			(0.15	)
10/31/2023		11.41		0.18		1.00			1.18			(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	)


^(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.

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 (%)

$	15.18		22.32	^(d)		0.90	^(e)		2.07	^(e)		1.00	^(e)	$	17		20	^(d)
	12.41		9.97			0.90			2.62			1.26			14		55
	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

	15.10		22.46	^(d)		0.65	^(e)		1.82	^(e)		1.25	^(e)		17		20	^(d)
	12.46		10.31			0.65			2.30			1.35			14		55
	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

	15.11		22.50	^(d)		0.55	^(e)		1.70	^(e)		1.36	^(e)		4,634		20	^(d)
	12.47		10.38			0.57			1.99			1.39			3,414		55
	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

See Notes to Financial Statements.

119

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
4/30/2024^(c)	$	27.67	$	(0.09	)	$	8.60		$	8.51		$	–		$	36.18
10/31/2023		26.45		(0.15	)		1.37			1.22			–			27.67
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
Class C
4/30/2024^(c)		23.76		(0.19	)		7.38			7.19			–			30.95
10/31/2023		22.88		(0.31	)		1.19			0.88			–			23.76
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
Class F
4/30/2024^(c)		28.76		(0.05	)		8.94			8.89			–			37.65
10/31/2023		27.42		(0.07	)		1.41			1.34			–			28.76
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
Class F3
4/30/2024^(c)		29.27		(0.04	)		9.10			9.06			–			38.33
10/31/2023		27.89		(0.07	)		1.45			1.38			–			29.27
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
Class I
4/30/2024^(c)		29.02		(0.05	)		9.02			8.97			–			37.99
10/31/2023		27.67		(0.09	)		1.44			1.35			–			29.02
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
Class R2
4/30/2024^(c)		26.59		(0.15	)		8.26			8.11			–			34.70
10/31/2023		25.50		(0.23	)		1.32			1.09			–			26.59
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
Class R3
4/30/2024^(c)		26.62		(0.13	)		8.27			8.14			–			34.76
10/31/2023		25.51		(0.22	)		1.33			1.11			–			26.62
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

120

See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

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

	30.76	^(d)		0.87	^(e)		0.87	^(e)		(0.53	)^(e)	$	1,924,410		52	^(d)
	4.61			0.91			0.91			(0.55	)		1,491,196		120
	(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

	30.26	^(d)		1.62	^(e)		1.62	^(e)		(1.27	)^(e)		467,146		52	^(d)
	3.85			1.66			1.66			(1.29	)		425,713		120
	(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

	30.91	^(d)		0.62	^(e)		0.72	^(e)		(0.28	)^(e)		267,126		52	^(d)
	4.89			0.66			0.76			(0.25	)		244,364		120
	(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

	30.95	^(d)		0.58	^(e)		0.58	^(e)		(0.23	)^(e)		427,706		52	^(d)
	4.95			0.59			0.59			(0.23	)		382,432		120
	(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

	30.91	^(d)		0.62	^(e)		0.62	^(e)		(0.28	)^(e)		2,537,833		52	^(d)
	4.88			0.66			0.66			(0.30	)		2,124,007		120
	(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

	30.50	^(d)		1.22	^(e)		1.22	^(e)		(0.88	)^(e)		1,616		52	^(d)
	4.27			1.26			1.26			(0.89	)		1,452		120
	(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

	30.58	^(d)		1.12	^(e)		1.12	^(e)		(0.78	)^(e)		21,093		52	^(d)
	4.35			1.16			1.16			(0.81	)		15,019		120
	(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

See Notes to Financial Statements.

121

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
4/30/2024^(c)	$	27.69	$	(0.09	)	$	8.60		$	8.51		$	–		$	36.20
10/31/2023		26.46		(0.15	)		1.38			1.23			–			27.69
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
Class R5
4/30/2024^(c)		29.04		(0.05	)		9.02			8.97			–			38.01
10/31/2023		27.68		(0.09	)		1.45			1.36			–			29.04
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
Class R6
4/30/2024^(c)		29.27		(0.04	)		9.10			9.06			–			38.33
10/31/2023		27.89		(0.07	)		1.45			1.38			–			29.27
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

^(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:

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 (%)

	30.73	^(d)		0.87	^(e)		0.87	^(e)		(0.53	)^(e)	$	11,578		52	^(d)
	4.65			0.91			0.91			(0.54	)		9,595		120
	(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

	30.93	^(d)		0.62	^(e)		0.62	^(e)		(0.28	)^(e)		10,722		52	^(d)
	4.88			0.66			0.66			(0.30	)		9,206		120
	(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

	30.95	^(d)		0.58	^(e)		0.58	^(e)		(0.24	)^(e)		137,823		52	^(d)
	4.95			0.59			0.59			(0.23	)		113,990		120
	(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

See Notes to Financial Statements.

123

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
4/30/2024^(c)	$	15.39	$	(0.04	)	$	3.07		$	3.03		$	–		$	–		$	–
10/31/2023		17.07		(0.07	)		(1.61	)		(1.68	)		–			–			–
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
4/30/2024^(c)		14.86		(0.10	)		2.96			2.86			–			–			–
10/31/2023		16.61		(0.20	)		(1.55	)		(1.75	)		–			–			–
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
4/30/2024^(c)		15.56		(0.01	)		3.09			3.08			–			–			–
10/31/2023		17.22		(0.03	)		(1.63	)		(1.66	)		–			–			–
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
4/30/2024^(c)		15.56		–	^(h)		3.09			3.09			–			–			–
10/31/2023		17.23		–	^(h)		(1.62	)		(1.62	)		(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
4/30/2024^(c)		15.53		(0.02	)		3.10			3.08			–			–			–
10/31/2023		17.21		(0.03	)		(1.63	)		(1.66	)		(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
4/30/2024^(c)		15.21		(0.06	)		3.03			2.97			–			–			–
10/31/2023		16.91		(0.11	)		(1.59	)		(1.70	)		–			–			–
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	)		–			–			–

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 (%)

$	18.42		19.61	^(d)		1.03	^(e)		3.35	^(e)		(0.41	)^(e)	$	4,357		54	^(d)
	15.39		(9.78	)		1.03			3.53			(0.42	)		3,853		74
	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)

	17.72		19.17	^(d)		1.78	^(e)		4.10	^(e)		(1.14	)^(e)		1,149		54	^(d)
	14.86		(10.48	)		1.78			4.26			(1.19	)		930		74
	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)

	18.64		19.72	^(d)		0.78	^(e)		3.20	^(e)		(0.15	)^(e)		208		54	^(d)
	15.56		(9.58	)		0.78			3.41			(0.15	)		173		74
	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)

	18.65		19.86	^(d)		0.61	^(e)		3.05	^(e)		0.02	^(e)		34		54	^(d)
	15.56		(9.45	)		0.62			3.11			(0.01	)		28		74
	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)

	18.61		19.76	^(d)		0.78	^(e)		3.13	^(e)		(0.18	)^(e)		39		54	^(d)
	15.53		(9.58	)		0.78			3.26			(0.18	)		49		74
	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)

	18.18		19.45	^(d)		1.28	^(e)		3.60	^(e)		(0.68	)^(e)		22		54	^(d)
	15.21		(9.99	)		1.28			3.75			(0.65	)		24		74
	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)

See Notes to Financial Statements.

125

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 R4
4/30/2024^(c)	$	15.39	$	(0.04	)	$	3.06		$	3.02		$	–		$	–		$	–
10/31/2023		17.07		(0.07	)		(1.61	)		(1.68	)		–			–			–
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	)		–			–			–
Class R5
4/30/2024^(c)		15.53		(0.01	)		3.09			3.08			–			–			–
10/31/2023		17.21		(0.03	)		(1.63	)		(1.66	)		(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
4/30/2024^(c)		15.56		–	^(h)		3.10			3.10			–			–			–
10/31/2023		17.24		–	^(h)		(1.63	)		(1.63	)		(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%.

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 (%)

$	18.41		19.62	^(d)		1.02	^(e)		3.33	^(e)		(0.42	)^(e)	$	12		54	^(d)
	15.39		(9.84	)		1.03			3.53			(0.41	)		10		74
	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)

	18.61		19.76	^(d)		0.75	^(e)		3.06	^(e)		(0.12	)^(e)		12		54	^(d)
	15.53		(9.58	)		0.78			3.28			(0.15	)		10		74
	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)

	18.66		19.85	^(d)		0.60	^(e)		3.04	^(e)		0.03	^(e)		2,318		54	^(d)
	15.56		(9.44	)		0.62			3.11			(0.01	)		1,885		74
	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.

127

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
4/30/2024^(c)	$	12.37	$	0.10	$	2.49		$	2.59		$	(0.24	)	$	–		$	(0.24	)
10/31/2023		11.61		0.22		0.79			1.01			(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	)
Class C
4/30/2024^(c)		12.31		0.04		2.49			2.53			(0.06	)		–			(0.06	)
10/31/2023		11.53		0.08		0.83			0.91			(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	)
Class F
4/30/2024^(c)		12.33		0.11		2.48			2.59			(0.26	)		–			(0.26	)
10/31/2023		11.57		0.22		0.81			1.03			(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	)
Class F3
4/30/2024^(c)		12.58		0.13		2.53			2.66			(0.28	)		–			(0.28	)
10/31/2023		11.80		0.28		0.79			1.07			(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	)
Class I
4/30/2024^(c)		12.54		0.12		2.52			2.64			(0.27	)		–			(0.27	)
10/31/2023		11.77		0.26		0.80			1.06			(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	)
Class P
4/30/2024^(c)		12.40		0.09		2.48			2.57			(0.21	)		–			(0.21	)
10/31/2023		11.63		0.19		0.81			1.00			(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	)

128	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 (%)

$	14.72		21.11	^(d)		0.92	^(e)		0.95	^(e)		1.47	^(e)	$	152,738		39	^(d)
	12.37		8.72			0.95			0.99			1.65			132,735		106
	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

	14.78		20.63	^(d)		1.67	^(e)		1.70	^(e)		0.63	^(e)		1,412		39	^(d)
	12.31		7.82			1.72			1.76			0.63			1,414		106
	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

	14.66		21.15	^(d)		0.77	^(e)		0.80	^(e)		1.60	^(e)		4,226		39	^(d)
	12.33		8.89			0.80			0.84			1.68			3,894		106
	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

	14.96		21.31	^(d)		0.60	^(e)		0.63	^(e)		1.77	^(e)		12,735		39	^(d)
	12.58		9.07			0.61			0.65			2.08			11,841		106
	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

	14.91		21.28	^(d)		0.67	^(e)		0.70	^(e)		1.70	^(e)		149,098		39	^(d)
	12.54		8.98			0.69			0.73			1.94			136,201		106
	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

	14.76		20.91	^(d)		1.09	^(e)		1.12	^(e)		1.31	^(e)		12		39	^(d)
	12.40		8.57			1.14			1.18			1.44			10		106
	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

See Notes to Financial Statements.

129

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
4/30/2024^(c)	$	12.37	$	0.08	$	2.49		$	2.57		$	(0.20	)	$	–		$	(0.20	)
10/31/2023		11.62		0.17		0.79			0.96			(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	)
Class R3
4/30/2024^(c)		12.15		0.09		2.43			2.52			(0.20	)		–			(0.20	)
10/31/2023		11.40		0.19		0.78			0.97			(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	)
Class R4
4/30/2024^(c)		12.30		0.10		2.47			2.57			(0.24	)		–			(0.24	)
10/31/2023		11.55		0.22		0.79			1.01			(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	)
Class R5
4/30/2024^(c)		12.45		0.29		2.32			2.61			(0.27	)		–			(0.27	)
10/31/2023		11.69		0.25		0.80			1.05			(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	)
Class R6
4/30/2024^(c)		12.57		0.13		2.53			2.66			(0.28	)		–			(0.28	)
10/31/2023		11.79		0.26		0.81			1.07			(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	)

^(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:
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 (%)

$	14.74		20.90	^(d)		1.27	^(e)		1.30	^(e)		1.17	^(e)	$	211		39	^(d)
	12.37		8.27			1.30			1.34			1.30			169		106
	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

	14.47		20.91	^(d)		1.17	^(e)		1.20	^(e)		1.35	^(e)		6,164		39	^(d)
	12.15		8.42			1.19			1.23			1.44			4,530		106
	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

	14.63		21.05	^(d)		0.92	^(e)		0.95	^(e)		1.51	^(e)		1,640		39	^(d)
	12.30		8.70			0.95			0.99			1.68			1,359		106
	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

	14.79		21.27	^(d)		0.66	^(e)		0.69	^(e)		4.05	^(e)		169		39	^(d)
	12.45		8.96			0.69			0.73			1.93			14		106
	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

	14.95		21.33	^(d)		0.60	^(e)		0.63	^(e)		1.83	^(e)		3,987		39	^(d)
	12.57		9.08			0.62			0.66			1.99			3,263		106
	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

See Notes to Financial Statements.

131

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
4/30/2024^(c)	$	15.94	$	0.19		$	2.17		$	2.36		$	(0.27	)	$	–		$	(0.27	)
10/31/2023		14.80		0.24			1.17			1.41			(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	)
Class C
4/30/2024^(c)		14.60		0.10			2.00			2.10			(0.12	)		–			(0.12	)
10/31/2023		13.54		0.09			1.10			1.19			(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	)
Class F
4/30/2024^(c)		15.81		0.19			2.17			2.36			(0.29	)		–			(0.29	)
10/31/2023		14.67		0.19			1.23			1.42			(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	)
Class F3
4/30/2024^(c)		16.62		0.23			2.26			2.49			(0.32	)		–			(0.32	)
10/31/2023		15.41		0.30			1.23			1.53			(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	)
Class I
4/30/2024^(c)		16.50		0.22			2.25			2.47			(0.32	)		–			(0.32	)
10/31/2023		15.31		0.29			1.22			1.51			(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	)
Class P
4/30/2024^(c)		16.37		0.18			2.23			2.41			(0.13	)		–			(0.13	)
10/31/2023		15.18		0.19			1.23			1.42			(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	)

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 (%)

$	18.03		14.84	^(d)		1.22	^(e)		1.24	^(e)		2.09	^(e)	$	92,785		13	^(d)
	15.94		9.54			1.22			1.25			1.38			85,371		39
	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

	16.58		14.37	^(d)		1.98	^(e)		2.00	^(e)		1.24	^(e)		4,181		13	^(d)
	14.60		8.76			1.98			2.01			0.56			4,729		39
	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

	17.88		14.94	^(d)		1.08	^(e)		1.10	^(e)		2.17	^(e)		3,496		13	^(d)
	15.81		9.70			1.08			1.11			1.16			3,683		39
	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

	18.79		15.01	^(d)		0.90	^(e)		0.92	^(e)		2.43	^(e)		30,408		13	^(d)
	16.62		9.94			0.89			0.92			1.68			27,245		39
	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

	18.65		14.98	^(d)		0.97	^(e)		0.99	^(e)		2.35	^(e)		156,299		13	^(d)
	16.50		9.85			0.97			1.00			1.64			143,466		39
	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

	18.65		14.71	^(d)		1.41	^(e)		1.43	^(e)		1.94	^(e)		25		13	^(d)
	16.37		9.37			1.43			1.46			1.09			21		39
	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

See Notes to Financial Statements.

133

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
4/30/2024^(c)	$	15.59	$	0.15	$	2.13		$	2.28		$	(0.19	)	$	–		$	(0.19	)
10/31/2023		14.48		0.15		1.18			1.33			(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	)
Class R3
4/30/2024^(c)		15.59		0.16		2.14			2.30			(0.24	)		–			(0.24	)
10/31/2023		14.47		0.19		1.16			1.35			(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	)
Class R4
4/30/2024^(c)		15.86		0.19		2.16			2.35			(0.28	)		–			(0.28	)
10/31/2023		14.72		0.24		1.17			1.41			(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	)
Class R5
4/30/2024^(c)		16.49		0.22		2.25			2.47			(0.32	)		–			(0.32	)
10/31/2023		15.30		0.29		1.22			1.51			(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	)
Class R6
4/30/2024^(c)		16.62		0.23		2.26			2.49			(0.32	)		–			(0.32	)
10/31/2023		15.41		0.30		1.23			1.53			(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	)

^(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.

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 (%)

$	17.68		14.65	^(d)		1.57	^(e)		1.59	^(e)		1.73	^(e)	$	1,566		13	^(d)
	15.59		9.17			1.57			1.60			0.93			1,402		39
	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

	17.65		14.73	^(d)		1.47	^(e)		1.49	^(e)		1.88	^(e)		4,871		13	^(d)
	15.59		9.30			1.47			1.50			1.16			4,508		39
	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

	17.93		14.84	^(d)		1.22	^(e)		1.24	^(e)		2.11	^(e)		2,609		13	^(d)
	15.86		9.54			1.22			1.25			1.39			2,278		39
	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

	18.64		14.99	^(d)		0.97	^(e)		0.99	^(e)		2.37	^(e)		2,293		13	^(d)
	16.49		9.85			0.97			1.00			1.62			2,009		39
	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

	18.79		15.01	^(d)		0.90	^(e)		0.92	^(e)		2.44	^(e)		18,292		13	^(d)
	16.62		9.94			0.89			0.92			1.70			16,179		39
	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

See Notes to Financial Statements.

135

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
4/30/2024^(c)	$	6.81	$	0.12	$	1.05		$	1.17		$	(0.11	)	$	7.87
10/31/2023		6.14		0.19		0.68			0.87			(0.20	)		6.81
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
Class C
4/30/2024^(c)		6.76		0.09		1.05			1.14			(0.08	)		7.82
10/31/2023		6.09		0.13		0.68			0.81			(0.14	)		6.76
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
Class F
4/30/2024^(c)		6.87		0.13		1.05			1.18			(0.11	)		7.94
10/31/2023		6.18		0.19		0.70			0.89			(0.20	)		6.87
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
Class F3
4/30/2024^(c)		6.87		0.14		1.05			1.19			(0.11	)		7.95
10/31/2023		6.19		0.22		0.68			0.90			(0.22	)		6.87
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
Class I
4/30/2024^(c)		6.87		0.13		1.06			1.19			(0.11	)		7.95
10/31/2023		6.19		0.22		0.68			0.90			(0.22	)		6.87
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


136	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

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

	17.15	^(d)		0.96	^(e)		0.98	^(e)		3.25	^(e)	$	211,521		26	^(d)
	14.09			0.98			1.02			2.72			190,585		46
	(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

	16.83	^(d)		1.71	^(e)		1.73	^(e)		2.43	^(e)		2,617		26	^(d)
	13.22			1.74			1.78			1.91			2,733		46
	(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

	17.23	^(d)		0.81	^(e)		0.83	^(e)		3.38	^(e)		5,156		26	^(d)
	14.33			0.83			0.89			2.71			4,786		46
	(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

	17.43	^(d)		0.62	^(e)		0.64	^(e)		3.58	^(e)		32,364		26	^(d)
	14.42			0.65			0.69			3.07			28,831		46
	(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

	17.43	^(d)		0.71	^(e)		0.73	^(e)		3.52	^(e)		150,461		26	^(d)
	14.42			0.73			0.77			3.00			125,953		46
	(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


	See Notes to Financial Statements.	137

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
4/30/2024^(c)	$	6.99	$	0.11	$	1.07		$	1.18		$	(0.09	)	$	8.08
10/31/2023		6.30		0.18		0.70			0.88			(0.19	)		6.99
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
Class R3
4/30/2024^(c)		6.89		0.11		1.06			1.17			(0.09	)		7.97
10/31/2023		6.22		0.18		0.68			0.86			(0.19	)		6.89
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
Class R4
4/30/2024^(c)		6.79		0.12		1.05			1.17			(0.11	)		7.85
10/31/2023		6.12		0.21		0.66			0.87			(0.20	)		6.79
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
Class R5
4/30/2024^(c)		6.84		0.13		1.05			1.18			(0.11	)		7.91
10/31/2023		6.16		0.21		0.69			0.90			(0.22	)		6.84
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
Class R6
4/30/2024^(c)		6.87		0.14		1.05			1.19			(0.11	)		7.95
10/31/2023		6.19		0.22		0.68			0.90			(0.22	)		6.87
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

^(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:

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 (%)

	16.95	^(d)		1.30	^(e)		1.32	^(e)		2.93	^(e)	$	62		26	^(d)
	13.83			1.32			1.36			2.47			54		46
	(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

	17.08	^(d)		1.21	^(e)		1.23	^(e)		2.80	^(e)		5,385		26	^(d)
	13.76			1.23			1.27			2.47			6,211		46
	(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

	17.21	^(d)		0.96	^(e)		0.98	^(e)		3.28	^(e)		139		26	^(d)
	14.11			0.98			1.02			2.88			107		46
	(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

	17.36	^(d)		0.67	^(e)		0.69	^(e)		3.55	^(e)		12		26	^(d)
	14.49			0.73			0.77			2.94			10		46
	(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

	17.43	^(d)		0.62	^(e)		0.64	^(e)		3.60	^(e)		1,764		26	^(d)
	14.43			0.65			0.69			3.01			1,608		46
	(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


	See Notes to Financial Statements.	139

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
4/30/2024^(c)	$	11.05	$	(0.08	)	$	2.94		$	2.86		$	–		$	13.91
10/31/2023		13.86		(0.16	)		(2.65	)		(2.81	)		–			11.05
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
Class C
4/30/2024^(c)		13.21		(0.16	)		3.52			3.36			–			16.57
10/31/2023		16.70		(0.31	)		(3.18	)		(3.49	)		–			13.21
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
4/30/2024^(c)		13.64		(0.08	)		3.63			3.55			–			17.19
10/31/2023		17.07		(0.15	)		(3.28	)		(3.43	)		–			13.64
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
4/30/2024^(c)		13.64		(0.08	)		3.63			3.55			–			17.19
10/31/2023		17.07		(0.15	)		(3.28	)		(3.43	)		–			13.64
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

^(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.


140	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 (%)

	25.88	^(d)		1.37	^(e)		1.38	^(e)		(1.17	)^(e)	$	24,845		59	^(d)
	(20.27	)		1.36			1.37			(1.16	)		24,056		121
	(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

	25.44	^(d)		2.12	^(e)		2.13	^(e)		(1.92	)^(e)		5,282		59	^(d)
	(20.90	)		2.12			2.13			(1.91	)		4,641		121
	(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)

	26.03	^(d)		1.12	^(e)		1.23	^(e)		(0.92	)^(e)		9,500		59	^(d)
	(20.09	)		1.12			1.23			(0.90	)		11,019		121
	(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)

	26.03	^(d)		1.12	^(e)		1.13	^(e)		(0.93	)^(e)		143,375		59	^(d)
	(20.09	)		1.11			1.12			(0.91	)		123,214		121
	(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


	See Notes to Financial Statements.	141

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
4/30/2024^(c)	$	15.52	$	0.01		$	2.95		$	2.96		$	(0.02	)	$	(0.24	)	$	(0.26	)
10/31/2023		16.91		0.05			0.01			0.06			(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	)
Class C
4/30/2024^(c)		12.36		(0.05	)		2.35			2.30			–			(0.24	)		(0.24	)
10/31/2023		13.75		(0.05	)		–	^(f)		(0.05	)		–			(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	)
Class F
4/30/2024^(c)		16.06		0.02			3.06			3.08			(0.04	)		(0.24	)		(0.28	)
10/31/2023		17.45		0.09			(0.01	)^(g)		0.08			(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	)
Class F3
4/30/2024^(c)		16.72		0.04			3.19			3.23			(0.07	)		(0.24	)		(0.31	)
10/31/2023		18.11		0.11			–	^(f)		0.11			(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	)
Class I
4/30/2024^(c)		16.53		0.03			3.14			3.17			(0.06	)		(0.24	)		(0.30	)
10/31/2023		17.93		0.10			–	^(f)		0.10			(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	)
Class P
4/30/2024^(c)		14.98		(0.01	)		2.86			2.85			–			(0.24	)		(0.24	)
10/31/2023		16.38		0.02			(0.01	)^(g)		0.01			(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	)


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 (%)

$	18.22		19.26	^(d)		1.17	^(e)		1.17	^(e)		0.08	^(e)	$	602,611		12	^(d)
	15.52		0.12			1.18			1.18			0.31			540,438		19
	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

	14.42		18.81	^(d)		1.92	^(e)		1.92	^(e)		(0.65	)^(e)		26,021		12	^(d)
	12.36		(0.70	)		1.93			1.93			(0.40	)		28,372		19
	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

	18.86		19.37	^(d)		1.02	^(e)		1.02	^(e)		0.24	^(e)		28,428		12	^(d)
	16.06		0.23			1.02			1.02			0.53			26,978		19
	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

	19.64		19.50	^(d)		0.83	^(e)		0.83	^(e)		0.43	^(e)		188,200		12	^(d)
	16.72		0.40			0.83			0.83			0.65			172,839		19
	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

	19.40		19.41	^(d)		0.92	^(e)		0.92	^(e)		0.33	^(e)		244,589		12	^(d)
	16.53		0.33			0.93			0.93			0.56			228,083		19
	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

	17.59		19.19	^(d)		1.37	^(e)		1.37	^(e)		(0.11	)^(e)		10,808		12	^(d)
	14.98		(0.16	)		1.38			1.38			0.11			10,682		19
	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


	See Notes to Financial Statements.	143

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
4/30/2024^(c)	$	14.39	$	(0.02	)	$	2.74		$	2.72		$	–		$	(0.24	)	$	(0.24	)
10/31/2023		15.78		(0.01	)		0.01			–			(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	)
Class R3
4/30/2024^(c)		14.71		(0.01	)		2.80			2.79			–			(0.24	)		(0.24	)
10/31/2023		16.10		0.01			0.01			0.02			(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	)
Class R4
4/30/2024^(c)		15.49		0.01			2.95			2.96			(0.02	)		(0.24	)		(0.26	)
10/31/2023		16.89		0.05			–	^(f)		0.05			(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	)
Class R5
4/30/2024^(c)		16.54		0.03			3.14			3.17			(0.06	)		(0.24	)		(0.30	)
10/31/2023		17.94		0.10			–	^(f)		0.10			(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	)
Class R6
4/30/2024^(c)		16.71		0.04			3.18			3.22			(0.07	)		(0.24	)		(0.31	)
10/31/2023		18.10		0.11			–	^(f)		0.11			(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	)

^(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)	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, 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.


144	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 (%)

$	16.87		19.08	^(d)		1.52	^(e)		1.52	^(e)		(0.25	)^(e)	$	3,549		12	^(d)
	14.39		(0.26	)		1.53			1.53			(0.04	)		3,849		19
	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

	17.26		19.14	^(d)		1.42	^(e)		1.42	^(e)		(0.17	)^(e)		29,098		12	^(d)
	14.71		(0.15	)		1.43			1.43			0.07			26,523		19
	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

	18.19		19.31	^(d)		1.17	^(e)		1.17	^(e)		0.08	^(e)		28,660		12	^(d)
	15.49		0.05			1.18			1.18			0.30			26,011		19
	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

	19.41		19.39	^(d)		0.92	^(e)		0.92	^(e)		0.32	^(e)		1,266		12	^(d)
	16.54		0.32			0.93			0.93			0.55			999		19
	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

	19.62		19.45	^(d)		0.83	^(e)		0.83	^(e)		0.42	^(e)		31,985		12	^(d)
	16.71		0.40			0.83			0.83			0.64			29,050		19
	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


	See Notes to Financial Statements.	145

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.

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. Alpha Strategy Fund invests principally in other funds (“Underlying Funds”) managed by Lord, Abbett & Co. LLC (“Lord Abbett”). Fundamental Equity Fund’s investment objective is long-term growth of capital and income without excessive fluctuations in market value. Growth Leaders Fund’s and Focused Growth Fund’s investment objective is to seek capital appreciation. International Value Fund’s investment objective is to seek a high level of total return.

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value (“NAV”) for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge (“CDSC”) in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund’s prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter)

146

Notes to Financial Statements (continued)

following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the C shares have been held at least eight years.

The Funds are investment companies and apply the accounting and reporting guidance of the Financial Accounting Standard Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services – Investment Companies. 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.

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 the 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

147

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.

	Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day.

(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, in 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, 2020 through October 31, 2023. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon each Fund’s 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 shares 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 in 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 in each Fund’s Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

148

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

149

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 its 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 as of April 30, 2024 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

150

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 and foreign taxes on stock dividends are presented as a reduction of dividends, and foreign taxes 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, 2024, 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 Statements 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	%

151

Notes to Financial Statements (continued)

Health Care Fund
First $1 billion	.62	%
Over $1 billion	.51	%

International Equity Fund
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
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	%

For the six months ended April 30, 2024, the net 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		.20	%
Focused Large Cap Value Fund		.00	%
Focused Small Cap Value Fund		.75	%
Fundamental Equity Fund		.55	%
Global Equity Fund		.00	%
Growth Leaders Fund		.52	%
Health Care Fund		.00	%
International Equity Fund		.45	%
International Opportunities Fund		.75	%
International Value Fund		.50	%
Micro Cap Growth Fund		.90	%
Value Opportunities Fund		.74	%

152

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 during the six months ended April 30, 2024.

Fund	Fund Administration Fee
Alpha Strategy Fund	$	5,292
Focused Growth Fund		2,236
Focused Large Cap Value Fund		2,289
Focused Small Cap Value Fund		3,391
Fundamental Equity Fund		9,472
Global Equity Fund		10,784
Growth Leaders Fund		32,912
Health Care Fund		2,656
International Equity Fund		43,783
International Opportunities Fund		24,515
International Value Fund		34,457
Micro Cap Growth Fund		6,640
Value Opportunities Fund		11,841

For the period ended April 30, 2024 and continuing through February 28, 2025, 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:

	Effective March 1, 2024						Prior to March 1, 2024
	Classes						Classes
Fund	A, C, F, I, R2, R3, R4 and R5			F3 and R6			A, C, F, I, R2, R3, R4 and R5			F3 and R6
Focused Growth Fund		.80	%		.65	%		.80	%		.67	%
Focused Large Cap Value Fund		.71	%		.67	%		.71	%		.71	%
Focused Small Cap Value Fund		1.03	%		.98	%		1.03	%		.97	%
Global Equity Fund		.65	%		.51	%		.65	%		.58	%
Health Care Fund		.78	%		.60	%		.78	%		.61	%

All contractual fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Board.

153

Notes to Financial Statements (continued)

12b-1 Distribution Plan

Each Fund has adopted a distribution plan with respect to Class A, C, F, P, R2, R3 and R4 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 payable 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 fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.
⁽¹⁾	The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus.
⁽²⁾	For the six months ended April 30, 2024 and continuing through February 28, 2025, 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% Rule 12b-1 fee for Class F shares. These agreements may be terminated only by the Funds’ 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.

Commissions

The Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, during the six months ended April 30, 2024:

	Distributor Commissions		Dealers’ Concessions
Alpha Strategy Fund	$	12,088	$	81,190
Focused Growth Fund		9,972		56,921
Focused Large Cap Value Fund		1,699		11,341
Focused Small Cap Value Fund		1,363		8,271
Fundamental Equity Fund		19,650		124,896
Global Equity Fund		1,504		9,323
Growth Leaders Fund		189,305		1,218,650
Health Care Fund		229		1,248
International Equity Fund		5,393		31,964
International Opportunities Fund		3,704		23,965
International Value Fund		8,735		47,730
Micro Cap Growth Fund		562		3,521
Value Opportunities Fund		16,437		110,849

154

Notes to Financial Statements (continued)

The Distributor received the following amounts of CDSCs for the six months ended April 30, 2024:

	Class A		Class C
Alpha Strategy Fund	$	1,893	$	733
Focused Growth Fund		–		–
Focused Large Cap Value Fund		–		–
Focused Small Cap Value Fund		–		279
Fundamental Equity Fund		2		287
Global Equity Fund		–		9
Growth Leaders Fund		1,988		11,148
Health Care Fund		–		–
International Equity Fund		9		–
International Opportunities Fund		–		234
International Value Fund		444		8
Micro Cap Growth Fund		–		–
Value Opportunities Fund		56		271

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

Other Related Parties

As of April 30, 2024, 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

56.58%

–

37.73%

–

31.59%

9.61%

Multi- Asset Balanced Opportunity Fund

–

16.65%

3.03%

26.38%

–

18.51%

–

Multi- Asset Income Fund

–

3.72%

0.66%

11.68%

–

7.42%

–

4.	DISTRIBUTIONS AND TAX INFORMATION

Dividends are paid from net investment income, if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

155

Notes to Financial Statements (continued)

The tax character of distributions paid during the six months ended April 30, 2024 was as follows:

Fund	Tax-Exempt Income		Ordinary Income		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Alpha Strategy Fund	$	–	$	897,201	$	2,343,490	$	–	$	3,240,691
Focused Small Cap Value Fund		–		238,360		–		–		238,360
Fundamental Equity Fund		–		17,300,969		–		–		17,300,969
Global Equity Fund		–		174,871		–		–		174,871
International Equity Fund		–		5,906,022		–		–		5,906,022
International Opportunities Fund		–		5,235,809		–		–		5,235,809
International Value Fund		–		5,748,825		–		–		5,748,825
Value Opportunities Fund		–		5,036,805		13,634,321		–		18,671,126

The tax character of distributions paid during the fiscal year ended October 31, 2023 was as follows:

Fund	Tax-Exempt Income		Ordinary Income		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Alpha Strategy Fund	$	–	$	2,368,621	$	39,382,468	$	–	$	41,751,089
Focused Large Cap Value Fund		–		250,005		–		5,968,183		6,218,188
Focused Small Cap Value Fund		–		748,091		4,263,823		–		5,011,914
Fundamental Equity Fund		–		23,756,230		79,919,869		–		103,676,099
Global Equity Fund		–		85,692		3,481		–		89,173
Health Care Fund		–		6,131		–		–		6,131
International Equity Fund		–		6,337,912		–		–		6,337,912
International Opportunities Fund		–		5,793,915		–		–		5,793,915
International Value Fund		–		11,229,780		–		–		11,229,780
Value Opportunities Fund		–		9,033,085		100,780,285		–		109,813,370

Net capital losses recognized by the Funds may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:

Fund	Short-Term Losses			Long-Term Losses			Net Capital Losses
Focused Growth Fund	$	(11,636,663	)	$	(241,079	)	$	(11,877,742	)
Focused Large Cap Value Fund		(117,980	)		(940,127	)		(1,058,107	)
Focused Small Cap Value Fund		–			(1,291,793	)		(1,291,793	)
Global Equity Fund		(147,657	)		(248,559	)		(396,216	)
Growth Leaders Fund		(1,599,701,673	)		(8,825,999	)		(1,608,527,672	)
Health Care Fund		(1,061,074	)		(119,940	)		(1,181,014	)
International Equity Fund		(14,878,866	)		–			(14,878,866	)
International Opportunities Fund		(27,951,304	)		(23,453,163	)		(51,404,467	)
International Value Fund		(210,739,284	)		(206,278,245	)		(417,017,529	)
Micro Cap Growth Fund		(95,738,863	)		–			(95,738,863	)

156

Notes to Financial Statements (continued)

As of April 30, 2024, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund are shown below. The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities, certain distributions, other financial instruments and wash sales.

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Alpha Strategy Fund	$	618,768,410	$	20,853,509	$	(38,150,716	)	$	(17,297,207	)
Focused Growth Fund		38,184,003		13,896,071		(338,033	)		13,558,038
Focused Large Cap Value Fund		21,419,862		4,860,944		(152,939	)		4,708,005
Focused Small Cap Value Fund		101,625,646		12,624,943		(9,642,962	)		2,981,981
Fundamental Equity Fund		1,406,638,957		558,259,534		(24,814,970	)		533,444,564
Global Equity Fund		19,921,848		4,538,180		(447,340	)		4,090,840
Growth Leaders Fund		4,093,069,394		1,753,576,274		(35,000,052	)		1,718,576,222
Health Care Fund		6,473,534		1,920,150		(303,463	)		1,616,687
International Equity Fund		264,603,644		70,903,008		(2,965,438	)		67,937,570
International Opportunities Fund		294,318,621		41,791,896		(25,158,069	)		16,633,827
International Value Fund		370,562,607		43,515,249		(8,471,642	)		35,043,607
Micro Cap Growth Fund		146,298,890		43,818,884		(5,921,188	)		37,897,696
Value Opportunities Fund		969,904,271		324,372,259		(57,472,352	)		266,899,907

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2024 were as follows:

	Purchases		Sales
Alpha Strategy Fund	$	7,350,570	$	40,359,399
Focused Growth Fund		32,217,582		21,171,327
Focused Large Cap Value Fund		9,858,867		8,381,559
Focused Small Cap Value Fund		35,156,844		44,657,865
Fundamental Equity Fund		389,292,410		532,638,054
Global Equity Fund		10,204,514		3,775,105
Growth Leaders Fund		2,879,372,137		3,332,359,556
Health Care Fund		4,385,949		4,252,969
International Equity Fund		122,015,343		133,853,320
International Opportunities Fund		40,415,636		49,852,579
International Value Fund		100,130,549		104,101,142
Micro Cap Growth Fund		108,557,316		130,960,831
Value Opportunities Fund		147,071,094		240,020,989

157

Notes to Financial Statements (continued)

There were no purchases or sales of U.S. Government securities during the six months ended April 30, 2024.

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, 2024, the following Funds engaged in cross trades:.

Fund		Purchases
Fundamental Equity Fund	$	28,268,327
Growth Leaders Fund		10,777,538

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	$	427,715	$	–	$	427,715
Total	$	427,715	$	–	$	427,715


	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	427,715	$	–	$	–	$	(427,715	)	$	–
Total	$	427,715	$	–	$	–	$	(427,715	)	$	–

					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	$	756,877	$	–		$	756,877
Total	$	756,877	$	–		$	756,877

158

Notes to Financial Statements (continued)

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	756,877	$	–	$	–	$	(756,877	)	$	–
Total	$	756,877	$	–	$	–	$	(756,877	)	$	–


			Focused Large Cap Value Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements	$	184,413	$	–	$	184,413
Total	$	184,413	$	–	$	184,413


	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	184,413	$	–	$	–	$	(184,413	)	$	–
Total	$	184,413	$	–	$	–	$	(184,413	)	$	–


			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	$	630,065	$	–	$	630,065
Total	$	630,065	$	–	$	630,065


	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	630,065	$	–	$	–	$	(630,065	)	$	–
Total	$	630,065	$	–	$	–	$	(630,065	)	$	–


			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	$	9,336,180	$	–	$	9,336,180
Total	$	9,336,180	$	–	$	9,336,180

159

Notes to Financial Statements (continued)

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	9,336,180	$	–	$	–	$	(9,336,180	)	$	–
Total	$	9,336,180	$	–	$	–	$	(9,336,180	)	$	–

					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	$	631,271	$	–	$	631,271
Total	$	631,271	$	–	$	631,271

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	631,271	$	–	$	–	$	(631,271	)	$	–
Total	$	631,271	$	–	$	–	$	(631,271	)	$	–

					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	$	85,540,892	$	–	$	85,540,892
Total	$	85,540,892	$	–	$	85,540,892

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	85,540,892	$	–	$	–	$	(85,540,892	)	$	–
Total	$	85,540,892	$	–	$	–	$	(85,540,892	)	$	–

					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	$	6,830,324	$	–	$	6,830,324
Total	$	6,830,324	$	–	$	6,830,324

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	6,830,324	$	–	$	–	$	(6,830,324	)	$	–
Total	$	6,830,324	$	–	$	–	$	(6,830,324	)	$	–

160

Notes to Financial Statements (continued)

	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	$	8,796,868	$	–	$	8,796,868
Total	$	8,796,868	$	–	$	8,796,868

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	8,796,868	$	–	$	–	$	(8,796,868	)	$	–
Total	$	8,796,868	$	–	$	–	$	(8,796,868	)	$	–

					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	$	9,691,249	$	–	$	9,691,249
Total	$	9,691,249	$	–	$	9,691,249

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	9,691,249	$	–	$	–	$	(9,691,249	)	$	–
Total	$	9,691,249	$	–	$	–	$	(9,691,249	)	$	–

					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	$	1,697,721	$	–	$	1,697,721
Total	$	1,697,721	$	–	$	1,697,721

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	1,697,721	$	–	$	–	$	(1,697,721	)	$	–
Total	$	1,697,721	$	–	$	–	$	(1,697,721	)	$	–

161

Notes to Financial Statements (continued)

					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	$	6,151,075	$	–	$	6,151,075
Total	$	6,151,075	$	–	$	6,151,075

	Net Amounts of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	6,151,075	$	–	$	–	$	(6,151,075	)	$	–
Total	$	6,151,075	$	–	$	–	$	(6,151,075	)	$	–

^(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, 2024.

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 in the Statements of Operations and in Trustees’ fees payable in the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

8.	LINE OF CREDIT

For the period ended April 30, 2024, the Funds (except Alpha Strategy Fund), and certain other funds managed by Lord Abbett (collectively, the “Participating Funds”) were party to a syndicated line of credit facility with various lenders for $1.6 billion (the “Syndicated Facility”) under which 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, 2024, the Participating Funds (except Alpha Strategy Fund) were also party to an additional uncommitted line of credit facility with SSB for $330 million (the “Bilateral Facility”). Under the Bilateral Facility, 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), 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, 2024, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

162

Notes to Financial Statements (continued)

9.	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, 2024, the following Funds participated as a lender in the Interfund Lending Program. For the period in which the loan was outstanding, the average amount loaned, average interest rate and interest income were as follows:

Fund	Average Amount Loaned	Average Interest Rate	Interest Income*
Fundamental Equity Fund	$15,804,741	4.57%	$1,977
Growth Leaders Fund	53,414,771	4.57%	6,681
International Value Fund	12,581,649	4.57%	1,574
Value Opportunities Fund	9,993,934	4.57%	1,250

*	Statements of Operations location: Interest earned from Interfund Lending.

10.

CUSTODIAN AND ACCOUNTING AGENT

SSB is the Trust’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.

11.

TRANSACTIONS WITH AFFILIATED ISSUERS

An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. Alpha Strategy Fund had the following transactions with affiliated issuers (i.e. the Underlying Funds) during the six months ended April 30, 2024:

Affiliated Issuer	Value at 10/31/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Appreciation (Depreciation)		Value at 4/30/2024		Shares as of 4/30/2024		Dividend Income
Lord Abbett Developing Growth Fund, Inc. – Class I	$	100,632,986	$	840,724	$	(10,123,416	)	$	1,184,347		$	28,193,908	$	120,728,549		4,701,268	$	–
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I		55,517,264		408,738		(4,309,726	)		(573,121	)		8,800,721		59,843,876		2,172,980		159,299
Lord Abbett Securities Trust – International Opportunities Fund – Class I		109,914,234		2,552,169		(5,598,829	)		474,470			13,673,144		121,015,188		6,488,750		2,053,292
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I		47,466,817		249,438		(399,497	)		103,852			12,286,947		59,707,557		3,473,389		–

163

Notes to Financial Statements (continued)

Affiliated Issuer	Value at 10/31/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Appreciation (Depreciation)		Value at 4/30/2024		Shares as of 4/30/2024		Dividend Income
Lord Abbett Research Fund, Inc. – Small–Cap Value Fund – Class I		108,566,558		832,176		(8,621,852	)		(2,496,911	)		21,495,248		119,775,219		6,015,832		333,302
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		109,583,685	$	2,467,326		(11,306,079	)		1,813,382	^(a)		18,964,094		119,973,099		6,184,180		419,140
Total								$	506,019		$	103,414,062	$	601,043,488			$	2,965,033

^(a)	Includes $1,549,309 of distributed capital gains.

12.

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 in 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, 2024, the market value of securities loaned and collateral received for the Funds were as follows:

Funds	Market Value of Securities Loaned			Collateral Received⁽¹⁾
Focused Large Cap Value Fund		$	807,931	$	853,956
Fundamental Equity Fund			7,669,101		8,105,970
International Equity Fund			1,573,944		1,683,000
Micro Cap Growth Fund			1,218,460		1,245,047
Value Opportunities Fund			37,463,091		39,327,188


⁽¹⁾	Statements of Assets and Liabilities location: Collateral due to broker for securities lending.

164

Notes to Financial Statements (continued)

13.

INVESTMENT RISKS

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

165

Notes to Financial Statements (continued)

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’ 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.

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) 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.

166

Notes to Financial Statements (continued)

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. Other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, may reduce liquidity in the market generally or have other adverse effects on the economy, the Funds or issuers in which the Funds invest. In addition, issuers in which the Funds invest and the Funds may not be able to identify all potential solvency or stress concerns with respect to a financial institution or to transfer assets from one bank or financial institution to another in a timely manner in the event such bank or financial institution comes under stress or fails.

The impact of the COVID-19 outbreak, and the effects of other infectious illness outbreaks, epidemics, or pandemics, may be short term or may continue for an extended period of time. For example, a global pandemic or other widespread health crises could negatively affect the global economy, the economies of individual countries, and the financial performance of individual issuers, sectors, industries, asset classes, and markets in significant and unforeseen ways. Health crises caused by outbreaks of disease may also exacerbate other pre-existing political, social, and economic risks in certain countries or globally. 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 the Fund.

14.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

Alpha Strategy Fund	Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		649,549		$	14,789,571			2,232,997		$	48,775,359
Reinvestment of distributions		72,478			1,661,203			1,135,557			22,995,033
Shares reacquired		(1,451,193	)		(33,058,440	)		(5,139,103	)		(111,018,929	)
Decrease		(729,166	)	$	(16,607,666	)		(1,770,549	)	$	(39,248,537	)

Class C Shares
Shares sold		36,788		$	608,520			239,021		$	3,981,308
Reinvestment of distributions		4,403			74,756			146,133			2,210,989
Shares reacquired		(256,311	)		(4,387,286	)		(1,253,275	)		(20,198,329	)
Decrease		(215,120	)	$	(3,704,010	)		(868,121	)	$	(14,006,032	)

Class F Shares
Shares sold		6,069		$	139,421			48,120		$	1,049,004
Reinvestment of distributions		2,192			50,936			77,672			1,593,824
Shares reacquired		(90,107	)		(2,097,686	)		(900,610	)		(19,931,518	)
Decrease		(81,846	)	$	(1,907,329	)		(774,818	)	$	(17,288,690	)

Class F3 Shares
Shares sold		207,512		$	4,992,400			519,919		$	11,792,898
Reinvestment of distributions		15,709			377,166			151,356			3,208,745
Shares reacquired		(331,485	)		(7,987,962	)		(590,390	)		(13,355,675	)
Increase (decrease)		(108,264	)	$	(2,618,396	)		80,885		$	1,645,968

167

Notes to Financial Statements (continued)

Alpha Strategy Fund	Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		290,273		$	6,855,048			1,070,091		$	24,186,941
Reinvestment of distributions		19,436			463,939			197,808			4,169,799
Shares reacquired		(537,152	)		(12,790,622	)		(1,042,136	)		(23,355,597	)
Increase (decrease)		(227,443	)	$	(5,471,635	)		225,763		$	5,001,143

Class R2 Shares
Shares sold		1,546		$	32,598			3,226		$	65,923
Reinvestment of distributions		169			3,651			3,138			60,126
Shares reacquired		(4,409	)		(88,296	)		(7,324	)		(149,721	)
Decrease		(2,694	)	$	(52,047	)		(960	)	$	(23,672	)

Class R3 Shares
Shares sold		44,720		$	966,953			199,491		$	4,187,398
Reinvestment of distributions		3,302			72,161			54,501			1,054,054
Shares reacquired		(154,650	)		(3,443,391	)		(254,998	)		(5,306,839	)
Decrease		(106,628	)	$	(2,404,277	)		(1,006	)	$	(65,387	)

Class R4 Shares
Shares sold		15,464		$	356,729			31,100		$	665,864
Reinvestment of distributions		606			13,851			11,809			238,418
Shares reacquired		(23,351	)		(508,466	)		(58,894	)		(1,293,127	)
Decrease		(7,281	)	$	(137,886	)		(15,985	)	$	(388,845	)

Class R5 Shares
Shares sold		512		$	12,260			14,512		$	337,455
Reinvestment of distributions		183			4,359			1,148			24,219
Shares reacquired		(5,552	)		(137,681	)		(5,247	)		(118,888	)
Increase (decrease)		(4,857	)	$	(121,062	)		10,413		$	242,786

Class R6 Shares
Shares sold		14,893		$	345,530			50,247		$	1,105,646
Reinvestment of distributions		555			13,339			5,115			108,434
Shares reacquired		(13,853	)		(337,594	)		(55,722	)		(1,253,222	)
Increase (decrease)		1,595		$	21,275			(360	)	$	(39,142	)

Focused Growth Fund	Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		190,558		$	4,985,526			291,794		$	5,932,512
Shares reacquired		(93,891	)		(2,411,980	)		(241,803	)		(4,859,077	)
Increase		96,667		$	2,573,546			49,991		$	1,073,435

Class C Shares
Shares sold		16,846		$	422,134			43,019		$	821,445
Shares reacquired		(22,179	)		(536,247	)		(50,282	)		(967,989	)
Decrease		(5,333	)	$	(114,113	)		(7,263	)	$	(146,544	)

168

Notes to Financial Statements (continued)

Focused Growth Fund	Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		1,217		$	30,587			57,576		$	1,157,139
Shares reacquired		(36,470	)		(861,248	)		(238,967	)		(4,651,433	)
Decrease		(35,253	)	$	(830,661	)		(181,391	)	$	(3,494,294	)

Class F3 Shares
Shares reacquired		(23,372	)	$	(584,954	)		(9,377	)	$	(200,000	)
Decrease		(23,372	)	$	(584,954	)		(9,377	)	$	(200,000	)

Class I Shares
Shares sold		412,547		$	10,874,072			424,770		$	8,197,351
Shares reacquired		(41,434	)		(1,129,654	)		(456,475	)		(8,840,517	)
Increase (decrease)		371,113		$	9,744,418			(31,705	)	$	(643,166	)

Class R3 Shares
Shares sold		1,595		$	40,120			8,279		$	162,036
Shares reacquired		(719	)		(19,228	)		(1,326	)		(27,308	)
Increase		876		$	20,892			6,953		$	134,728

Class R5 Shares
Shares sold		102		$	2,863			–		$	–
Increase		102		$	2,863			–		$	–

Class R6 Shares
Shares sold		30,023		$	791,334			24,023		$	490,954
Shares reacquired		(5,235	)		(134,792	)		(45,855	)		(1,022,831	)
Increase (decrease)		24,788		$	656,542			(21,832	)	$	(531,877	)

Focused Large Cap Value Fund		Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		101,327		$	1,174,811			438,702		$	4,612,795
Reinvestment of distributions		–			–			380,125			3,793,646
Shares reacquired		(231,350	)		(2,477,942	)		(638,009	)		(6,347,965	)
Increase (decrease)		(130,023	)	$	(1,303,131	)		180,818		$	2,058,476

Class C Shares
Shares sold		6,054		$	68,490			54,475		$	563,239
Reinvestment of distributions		–			–			140,112			1,399,720
Shares reacquired		(16,527	)		(182,714	)		(263,509	)		(2,598,079	)
Decrease		(10,473	)	$	(114,224	)		(68,922	)	$	(635,120	)

Class F Shares
Shares sold		53		$	600			15,028		$	154,105
Reinvestment of distributions		–			–			39,542			402,138
Shares reacquired		(6,301	)		(70,128	)		(136,753	)		(1,411,962	)
Decrease		(6,248	)	$	(69,528	)		(82,183	)	$	(855,719	)

169

Notes to Financial Statements (continued)

Focused Large Cap Value Fund	Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		250,661		$	2,741,598			534,230		$	5,596,687
Reinvestment of distributions		–			–			8,800			91,262
Shares reacquired		(24,520	)		(286,044	)		(61,726	)		(638,447	)
Increase		226,141		$	2,455,554			481,304		$	5,049,502

Class R3 Shares
Shares sold		1,513		$	16,784			7,494		$	75,603
Reinvestment of distributions		–			–			2,354			23,467
Shares reacquired		(2,342	)		(27,823	)		(1,030	)		(10,394	)
Increase (decrease)		(829	)	$	(11,039	)		8,818		$	88,676

Class R6 Shares
Shares sold		42,572		$	486,822			57,467		$	569,841
Shares reacquired		(415	)		(4,780	)		(29,253	)		(281,274	)
Increase		42,157		$	482,042			28,214		$	288,567

Focused Small Cap Value Fund		Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		28,926		$	719,097			90,085		$	2,163,312
Reinvestment of distributions		82			1,918			25,989			616,189
Shares reacquired		(64,642	)		(1,657,385	)		(260,901	)		(6,206,783	)
Decrease		(35,634	)	$	(936,370	)		(144,827	)	$	(3,427,282	)

Class C Shares
Shares sold		2,657		$	70,154			7,684		$	194,560
Reinvestment of distributions		–			–			4,655			117,495
Shares reacquired		(16,505	)		(448,153	)		(47,364	)		(1,208,648	)
Decrease		(13,848	)	$	(377,999	)		(35,025	)	$	(896,593	)

Class F Shares
Shares sold		1,676		$	44,850			40,005		$	1,068,703
Reinvestment of distributions		–			–			29,167			757,173
Shares reacquired		(94,220	)		(2,505,224	)		(721,257	)		(19,071,679	)
Decrease		(92,544	)	$	(2,460,374	)		(652,085	)	$	(17,245,803	)

Class I Shares
Shares sold		47,571		$	1,262,379			463,843		$	12,175,706
Reinvestment of distributions		7,851			200,592			116,433			3,013,299
Shares reacquired		(342,834	)		(9,277,033	)		(730,955	)		(18,938,486	)
Decrease		(287,412	)	$	(7,814,062	)		(150,679	)	$	(3,749,481	)

Class R5 Shares
Shares sold		307		$	8,483			739		$	19,269
Reinvestment of distributions		18			470			390			10,094
Shares reacquired		(511	)		(13,244	)		(3,832	)		(102,178	)
Decrease		(186	)	$	(4,291	)		(2,703	)	$	(72,815	)

170

Notes to Financial Statements (continued)

Focused Small Cap Value Fund	Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class R6 Shares	Shares			Amount			Shares			Amount
Shares sold		87,033		$	2,434,792			60,545		$	1,579,333
Reinvestment of distributions		697			17,848			9,411			244,121
Shares reacquired		(37,937	)		(1,082,386	)		(54,084	)		(1,430,558	)
Increase		49,793		$	1,370,254			15,872		$	392,896

Fundamental Equity Fund		Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		1,193,826		$	16,271,089			5,817,001		$	71,685,540
Reinvestment of distributions		745,895			9,368,436			4,811,465			59,132,901
Shares reacquired		(6,316,051	)		(85,740,924	)		(16,370,453	)		(201,077,342	)
Decrease		(4,376,330	)	$	(60,101,399	)		(5,741,987	)	$	(70,258,901	)

Class C Shares
Shares sold		107,333		$	1,235,190			525,769		$	5,564,511
Reinvestment of distributions		3,390			36,415			192,213			2,022,083
Shares reacquired		(496,809	)		(5,779,339	)		(2,000,443	)		(20,802,861	)
Decrease		(386,086	)	$	(4,507,734	)		(1,282,461	)	$	(13,216,267	)

Class F Shares
Shares sold		29,558		$	403,055			244,155		$	2,942,114
Reinvestment of distributions		19,571			241,895			301,494			3,648,074
Shares reacquired		(408,967	)		(5,426,979	)		(4,128,463	)		(50,689,204	)
Decrease		(359,838	)	$	(4,782,029	)		(3,582,814	)	$	(44,099,016	)

Class F3 Shares
Shares sold		109,712		$	1,522,251			279,670		$	3,465,451
Reinvestment of distributions		16,438			209,753			78,825			984,530
Shares reacquired		(169,554	)		(2,348,427	)		(340,484	)		(4,244,834	)
Increase (decrease)		(43,404	)	$	(616,423	)		18,011		$	205,147

Class I Shares
Shares sold		12,753,419		$	182,296,531			5,958,470		$	74,274,943
Reinvestment of distributions		508,007			6,426,288			2,480,521			30,708,848
Shares reacquired		(20,001,772	)		(256,648,478	)		(7,817,943	)		(96,243,294	)
Increase (decrease)		(6,740,346	)	$	(67,925,659	)		621,048		$	8,740,497

Class P Shares
Shares sold		10,792		$	141,846			23,226		$	276,684
Reinvestment of distributions		1,905			23,325			17,698			212,025
Shares reacquired		(79,224	)		(1,062,831	)		(98,014	)		(1,150,340	)
Decrease		(66,527	)	$	(897,660	)		(57,090	)	$	(661,631	)

Class R2 Shares
Shares sold		3,937		$	52,171			18,595		$	220,064
Reinvestment of distributions		924			11,293			8,910			106,559
Shares reacquired		(46,546	)		(627,618	)		(32,598	)		(391,095	)
Decrease		(41,685	)	$	(564,154	)		(5,093	)	$	(64,472	)

171

Notes to Financial Statements (continued)

Fundamental Equity Fund	Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class R3 Shares	Shares			Amount			Shares			Amount
Shares sold		229,523		$	3,078,173			833,323		$	9,989,238
Reinvestment of distributions		31,529			386,546			268,814			3,228,451
Shares reacquired		(722,131	)		(9,605,729	)		(1,392,780	)		(16,638,140	)
Decrease		(461,079	)	$	(6,141,010	)		(290,643	)	$	(3,420,451	)

Class R4 Shares
Shares sold		25,458		$	354,682			33,295		$	403,691
Reinvestment of distributions		1,871			23,347			12,702			155,223
Shares reacquired		(20,303	)		(275,735	)		(73,050	)		(887,564	)
Increase (decrease)		7,026		$	102,294			(27,053	)	$	(328,650	)

Class R5 Shares
Shares sold		9,261		$	127,376			9,846		$	120,583
Reinvestment of distributions		735			9,302			3,443			42,656
Shares reacquired		(6,231	)		(87,151	)		(10,242	)		(126,196	)
Increase		3,765		$	49,527			3,047		$	37,043

Class R6 Shares
Shares sold		93,303		$	1,341,706			156,609		$	1,937,351
Reinvestment of distributions		4,168			53,221			18,548			231,856
Shares reacquired		(98,365	)		(1,414,394	)		(186,387	)		(2,322,921	)
Decrease		(894	)	$	(19,467	)		(11,230	)	$	(153,714	)

Global Equity Fund		Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		68,569		$	996,001			95,394		$	1,186,042
Reinvestment of distributions		3,607			50,899			2,590			29,997
Shares reacquired		(33,986	)		(505,645	)		(54,781	)		(673,611	)
Increase		38,190		$	541,255			43,203		$	542,428

Class C Shares
Shares sold		14,057		$	206,532			10,926		$	137,594
Reinvestment of distributions		62			864			–			–
Shares reacquired		(3,935	)		(57,570	)		(17,687	)		(217,612	)
Increase (decrease)		10,184		$	149,826			(6,761	)	$	(80,018	)

Class F Shares
Shares sold		4,238		$	63,522			5,557		$	72,403
Reinvestment of distributions		88			1,247			89			1,031
Shares reacquired		(3,118	)		(42,654	)		(29,446	)		(373,629	)
Increase (decrease)		1,208		$	22,115			(23,800	)	$	(300,195	)

Class I Shares
Shares sold		407,788		$	6,040,168			191,026		$	2,256,212
Reinvestment of distributions		3,521			49,721			1,667			19,301
Shares reacquired		(17,457	)		(265,132	)		(27,176	)		(341,817	)
Increase		393,852		$	5,824,757			165,517		$	1,933,696

172

Notes to Financial Statements (continued)

Global Equity Fund	Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class R3 Shares	Shares			Amount			Shares			Amount
Shares sold		968		$	14,092			5,486		$	67,834
Reinvestment of distributions		292			4,105			139			1,593
Shares reacquired		(388	)		(5,394	)		(2,017	)		(24,934	)
Increase		872		$	12,803			3,608		$	44,493

Class R4 Shares
Shares sold		–		$	–			1,313		$	15,907
Reinvestment of distributions		–			–			336			3,891
Shares reacquired		–			–			(45,699	)		(576,186	)
Decrease		–		$	–			(44,050	)	$	(556,388	)

Class R6 Shares
Shares sold		33,829		$	490,215			292,255		$	3,445,998
Reinvestment of distributions		2,297			32,478			230			2,664
Shares reacquired		(3,214	)		(47,718	)		(99,294	)		(1,276,419	)
Increase		32,912		$	474,975			193,191		$	2,172,243

Growth Leaders Fund		Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class A Shares		Shares			Amount			Shares			Amount
Shares sold		4,423,657		$	154,047,830			9,799,730		$	263,735,339
Shares reacquired		(5,123,716	)		(176,606,182	)		(15,243,394	)		(409,563,713	)
Decrease		(700,059	)	$	(22,558,352	)		(5,443,664	)	$	(145,828,374	)

Class C Shares
Shares sold		811,133		$	24,329,527			1,835,799		$	43,080,014
Shares reacquired		(3,635,203	)		(107,620,064	)		(7,651,040	)		(178,305,832	)
Decrease		(2,824,070	)	$	(83,290,537	)		(5,815,241	)	$	(135,225,818	)

Class F Shares
Shares sold		389,633		$	13,898,975			2,750,992		$	74,464,460
Shares reacquired		(1,791,392	)		(62,241,573	)		(22,526,141	)		(621,403,093	)
Decrease		(1,401,759	)	$	(48,342,598	)		(19,775,149	)	$	(546,938,633	)

Class F3 Shares
Shares sold		931,583		$	34,951,343			3,154,726		$	89,586,052
Shares reacquired		(2,837,204	)		(104,045,679	)		(5,525,326	)		(159,968,983	)
Decrease		(1,905,621	)	$	(69,094,336	)		(2,370,600	)	$	(70,382,931	)

Class I Shares
Shares sold		9,863,442		$	353,592,264			33,639,902		$	942,684,516
Shares reacquired		(16,253,259	)		(589,158,509	)		(35,906,580	)		(1,012,640,198	)
Decrease		(6,389,817	)	$	(235,566,245	)		(2,266,678	)	$	(69,955,682	)

Class R2 Shares
Shares sold		12,949		$	436,330			19,469		$	521,016
Shares reacquired		(20,994	)		(722,515	)		(49,359	)		(1,341,106	)
Decrease		(8,045	)	$	(286,185	)		(29,890	)	$	(820,090	)

173

Notes to Financial Statements (continued)

Growth Leaders Fund			Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class R3 Shares	Shares				Amount		Shares				Amount
Shares sold	140,624			$	4,860,649		228,099			$	5,886,402
Shares reacquired	(98,068	)			(3,254,336	)	(197,878	)			(5,256,433	)
Increase	42,556			$	1,606,313		30,221			$	629,969

Class R4 Shares
Shares sold	33,385			$	1,177,902		143,391			$	3,838,372
Shares reacquired	(60,090	)			(2,057,911	)	(208,772	)			(5,644,796	)
Decrease	(26,705	)		$	(880,009	)	(65,381	)		$	(1,806,424	)

Class R5 Shares
Shares sold	19,743			$	734,577		79,908			$	2,190,831
Shares reacquired	(54,734	)			(2,127,715	)	(113,452	)			(3,271,243	)
Decrease	(34,991	)		$	(1,393,138	)	(33,544	)		$	(1,080,412	)

Class R6 Shares
Shares sold	328,822			$	12,068,393		1,321,086			$	37,851,210
Shares reacquired	(627,125	)			(23,379,889	)	(1,890,861	)			(54,756,178	)
Decrease	(298,303	)		$	(11,311,496	)	(569,775	)		$	(16,904,968	)

Health Care Fund			Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class A Shares	Shares				Amount		Shares				Amount
Shares sold	17,756			$	328,254		104,328			$	1,827,096
Shares reacquired	(31,468	)			(555,836	)	(40,085	)			(703,652	)
Increase (decrease)	(13,712	)		$	(227,582	)	64,243			$	1,123,444

Class C Shares
Shares sold	8,429			$	150,297		32,745			$	546,871
Shares reacquired	(6,164	)			(101,948	)	(6,728	)			(110,751	)
Increase	2,265			$	48,349		26,017			$	436,120

Class F Shares
Shares reacquired	–			$	–		(10,508	)		$	(183,838	)
Decrease	–			$	–		(10,508	)		$	(183,838	)

Class I Shares
Shares sold	16			$	300		3,730			$	67,827
Shares reacquired	(1,038	)			(17,518	)	(1,483	)			(25,582	)
Increase (decrease)	(1,022	)		$	(17,218	)	2,247			$	42,245

Class R3 Shares
Shares sold	294			$	5,168		931			$	15,935
Shares reacquired	(664	)			(12,614	)	–				(0	)
Increase (decrease)	(370	)		$	(7,446	)	931			$	15,935

Class R6 Shares
Shares sold	22,448			$	403,190		21,502			$	379,847
Reinvestment of distributions	–				–		2				28
Shares reacquired	(19,366	)			(366,644	)	(27,859	)			(493,546	)
Increase (decrease)	3,082			$	36,546		(6,355	)		$	(113,671	)

174

Notes to Financial Statements (continued)

International Equity Fund			Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class A Shares	Shares				Amount		Shares				Amount
Shares sold	272,702			$	3,816,416		1,292,618			$	17,139,170
Reinvestment of distributions	183,193				2,478,595		220,199				2,732,673
Shares reacquired	(807,333	)			(11,309,631	)	(2,075,058	)			(27,235,388	)
Decrease	(351,438	)		$	(5,014,620	)	(562,241	)		$	(7,363,545	)

Class C Shares
Shares sold	5,493			$	75,508		58,820			$	787,426
Reinvestment of distributions	533				7,262		3,857				47,985
Shares reacquired	(25,342	)			(359,207	)	(308,644	)			(4,017,124	)
Decrease	(19,316	)		$	(276,437	)	(245,967	)		$	(3,181,713	)

Class F Shares
Shares sold	7,400			$	105,322		25,249			$	332,335
Reinvestment of distributions	5,319				71,695		14,064				173,823
Shares reacquired	(40,304	)			(552,653	)	(413,760	)			(5,410,134	)
Decrease	(27,585	)		$	(375,636	)	(374,447	)		$	(4,903,976	)

Class F3 Shares
Shares sold	84,090			$	1,206,506		597,819			$	8,027,947
Reinvestment of distributions	18,211				250,220		11,725				147,620
Shares reacquired	(192,048	)			(2,748,321	)	(175,669	)			(2,328,059	)
Increase (decrease)	(89,747	)		$	(1,291,595	)	433,875			$	5,847,508

Class I Shares
Shares sold	356,930			$	5,150,228		1,515,911			$	20,109,148
Reinvestment of distributions	208,705				2,859,264		237,665				2,985,070
Shares reacquired	(1,422,383	)			(19,881,816	)	(1,253,773	)			(16,874,196	)
Increase (decrease)	(856,748	)		$	(11,872,324	)	499,803			$	6,220,022

Class P Shares
Shares sold	–			$	2		–			$	–
Reinvestment of distributions	13				174		15				186
Shares reacquired	(10	)			(137	)	(5	)			(62	)
Increase	3			$	39		10			$	124

Class R2 Shares
Shares sold	679			$	9,698		2,192			$	28,652
Reinvestment of distributions	200				2,720		213				2,657
Shares reacquired	(181	)			(2,629	)	(1,124	)			(14,395	)
Increase	698			$	9,789		1,281			$	16,914

Class R3 Shares
Shares sold	103,124			$	1,416,360		120,063			$	1,562,655
Reinvestment of distributions	5,450				72,590		6,714				82,045
Shares reacquired	(55,433	)			(757,537	)	(122,392	)			(1,583,167	)
Increase	53,141			$	731,413		4,385			$	61,533

175

Notes to Financial Statements (continued)

International Equity Fund			Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class R4 Shares	Shares				Amount		Shares				Amount
Shares sold	15,998			$	224,686		27,918			$	363,478
Reinvestment of distributions	1,876				25,256		2,376				29,323
Shares reacquired	(16,281	)			(222,930	)	(32,913	)			(432,152	)
Increase (decrease)	1,593			$	27,012		(2,619	)		$	(39,351	)

Class R5 Shares
Shares sold	10,502			$	159,515		951			$	12,279
Reinvestment of distributions	22				306		38				474
Shares reacquired	(212	)			(3,084	)	(1,083	)			(14,364	)
Increase (decrease)	10,312			$	156,737		(94	)		$	(1,611	)

Class R6 Shares
Shares sold	20,598			$	297,940		75,576			$	1,011,033
Reinvestment of distributions	2,284				31,357		1,890				23,776
Shares reacquired	(15,683	)			(224,075	)	(41,729	)			(547,729	)
Increase	7,199			$	105,222		35,737			$	487,080

International Opportunities Fund			Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class A Shares	Shares				Amount		Shares				Amount
Shares sold	203,101			$	3,645,666		874,702			$	15,172,885
Reinvestment of distributions	79,306				1,418,777		93,159				1,482,166
Shares reacquired	(492,296	)			(8,823,157	)	(1,323,783	)			(22,667,125	)
Decrease	(209,889	)		$	(3,758,714	)	(355,922	)		$	(6,012,074	)

Class C Shares
Shares sold	10,247			$	169,729		58,308			$	938,752
Reinvestment of distributions	2,091				34,511		4,183				61,357
Shares reacquired	(84,242	)			(1,394,696	)	(272,316	)			(4,272,388	)
Decrease	(71,904	)		$	(1,190,456	)	(209,825	)		$	(3,272,279	)

Class F Shares
Shares sold	43,528			$	776,328		99,676			$	1,663,690
Reinvestment of distributions	3,553				62,998		15,662				246,987
Shares reacquired	(84,540	)			(1,491,295	)	(807,474	)			(13,642,425	)
Decrease	(37,459	)		$	(651,969	)	(692,136	)		$	(11,731,748	)

Class F3 Shares
Shares sold	197,722			$	3,670,988		543,875			$	9,649,321
Reinvestment of distributions	28,542				531,450		32,091				530,783
Shares reacquired	(247,563	)			(4,639,754	)	(606,382	)			(10,798,693	)
Decrease	(21,299	)		$	(437,316	)	(30,416	)		$	(618,589	)

176

Notes to Financial Statements (continued)

International Opportunities Fund			Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class I Shares	Shares				Amount		Shares				Amount
Shares sold	197,327			$	3,663,911		1,520,278			$	27,031,912
Reinvestment of distributions	143,054				2,643,636		175,827				2,888,844
Shares reacquired	(655,631	)			(11,980,538	)	(3,037,915	)			(52,721,518	)
Decrease	(315,250	)		$	(5,672,991	)	(1,341,810	)		$	(22,800,762	)

Class P Shares
Shares sold	56			$	1,051		206			$	3,576
Reinvestment of distributions	9				164		96				1,575
Shares reacquired	(1	)			(22	)	(6,453	)			(114,718	)
Increase (decrease)	64			$	1,193		(6,151	)		$	(109,567	)

Class R2 Shares
Shares sold	20,176			$	355,152		39,675			$	672,429
Reinvestment of distributions	893				15,677		1,834				28,634
Shares reacquired	(22,389	)			(394,034	)	(83,728	)			(1,415,985	)
Decrease	(1,320	)		$	(23,205	)	(42,219	)		$	(714,922	)

Class R3 Shares
Shares sold	26,058			$	460,999		79,090			$	1,333,049
Reinvestment of distributions	3,951				69,218		4,001				62,415
Shares reacquired	(43,148	)			(762,524	)	(79,267	)			(1,326,143	)
Increase (decrease)	(13,139	)		$	(232,307	)	3,824			$	69,321

Class R4 Shares
Shares sold	10,525			$	186,874		49,093			$	849,954
Reinvestment of distributions	1,308				23,276		1,722				27,251
Shares reacquired	(9,990	)			(177,159	)	(38,577	)			(638,563	)
Increase	1,843			$	32,991		12,238			$	238,642

Class R5 Shares
Shares sold	3,882			$	71,740		12,296			$	216,259
Reinvestment of distributions	2,101				38,823		2,367				38,883
Shares reacquired	(4,845	)			(90,792	)	(15,519	)			(276,627	)
Increase (decrease)	1,138			$	19,771		(856	)		$	(21,485	)

Class R6 Shares
Shares sold	104,764			$	1,956,748		202,444			$	3,604,403
Reinvestment of distributions	12,779				237,944		14,537				240,440
Shares reacquired	(117,685	)			(2,196,879	)	(278,278	)			(4,890,506	)
Decrease	(142	)		$	(2,187	)	(61,297	)		$	(1,045,663	)

177

Notes to Financial Statements (continued)

International Value Fund			Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class A Shares	Shares				Amount		Shares				Amount
Shares sold	755,353			$	5,682,368		2,818,912			$	20,204,241
Reinvestment of distributions	369,592				2,849,069		791,975				5,631,434
Shares reacquired	(2,251,832	)			(17,008,039	)	(5,173,293	)			(36,655,772	)
Decrease	(1,126,887	)		$	(8,476,602	)	(1,562,406	)		$	(10,820,097	)

Class C Shares
Shares sold	3,847			$	29,319		64,834			$	453,287
Reinvestment of distributions	3,698				28,226		10,494				74,098
Shares reacquired	(76,970	)			(580,078	)	(498,049	)			(3,515,961	)
Decrease	(69,425	)		$	(522,533	)	(422,721	)		$	(2,988,576	)

Class F Shares
Shares sold	16,545			$	125,549		73,263			$	534,737
Reinvestment of distributions	9,210				71,579		25,003				178,118
Shares reacquired	(73,580	)			(556,703	)	(987,882	)			(6,991,102	)
Decrease	(47,825	)		$	(359,575	)	(889,616	)		$	(6,278,247	)

Class F3 Shares
Shares sold	398,360			$	3,024,614		1,302,248			$	9,438,522
Reinvestment of distributions	61,534				479,121		122,563				879,787
Shares reacquired	(585,200	)			(4,498,149	)	(935,918	)			(6,744,672	)
Increase (decrease)	(125,306	)		$	(994,414	)	488,893			$	3,573,637

Class I Shares
Shares sold	2,390,843			$	17,682,737		1,372,832			$	9,932,551
Reinvestment of distributions	274,594				2,138,752		566,609				4,064,658
Shares reacquired	(2,063,754	)			(15,680,290	)	(2,589,802	)			(18,672,729	)
Increase (decrease)	601,683			$	4,141,199		(650,361	)		$	(4,675,520	)

Class R2 Shares
Shares sold	377			$	2,901		2,941			$	21,059
Reinvestment of distributions	91				720		232				1,703
Shares reacquired	(474	)			(3,741	)	(2,510	)			(18,425	)
Increase (decrease)	(6	)		$	(120	)	663			$	4,337

Class R3 Shares
Shares sold	36,748			$	277,505		126,492			$	920,100
Reinvestment of distributions	9,800				76,156		24,430				176,067
Shares reacquired	(272,291	)			(2,097,131	)	(215,127	)			(1,552,754	)
Decrease	(225,743	)		$	(1,743,470	)	(64,205	)		$	(456,587	)

Class R4 Shares
Shares sold	3,078			$	21,867		5,577			$	39,671
Reinvestment of distributions	245				1,885		591				4,200
Shares reacquired	(1,359	)			(10,064	)	(8,200	)			(60,086	)
Increase (decrease)	1,964			$	13,688		(2,032	)		$	(16,215	)

178

Notes to Financial Statements (continued)

International Value Fund			Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class R5 Shares	Shares				Amount		Shares				Amount
Shares sold	7			$	55		34			$	235
Reinvestment of distributions	–				–		1				7
Shares reacquired	(4	)			(31	)	(760	)			(5,143	)
Increase (decrease)	3			$	24		(725	)		$	(4,901	)

Class R6 Shares
Shares sold	20,369			$	155,048		60,550			$	429,049
Reinvestment of distributions	1,423				11,056		3,011				21,603
Shares reacquired	(33,904	)			(260,045	)	(51,540	)			(364,056	)
Increase (decrease)	(12,112	)		$	(93,941	)	12,021			$	86,596

Micro Cap Growth Fund			Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class A Shares	Shares				Amount		Shares				Amount
Shares sold	88,699			$	1,177,402		234,823			$	3,217,331
Shares reacquired	(479,054	)			(6,486,929	)	(662,954	)			(8,849,758	)
Decrease	(390,355	)		$	(5,309,527	)	(428,131	)		$	(5,632,427	)

Class C Shares
Shares sold	5,524			$	90,727		21,971			$	365,282
Shares reacquired	(37,949	)			(609,807	)	(79,663	)			(1,269,192	)
Decrease	(32,425	)		$	(519,080	)	(57,692	)		$	(903,910	)

Class F Shares
Shares sold	16,218			$	283,024		52,378			$	886,989
Shares reacquired	(271,243	)			(4,603,397	)	(1,678,801	)			(28,248,398	)
Decrease	(255,025	)		$	(4,320,373	)	(1,626,423	)		$	(27,361,409	)

Class I Shares
Shares sold	384,701			$	6,496,251		2,333,185			$	39,495,337
Shares reacquired	(1,076,285	)			(17,688,571	)	(2,038,930	)			(33,194,231	)
Increase (decrease)	(691,584	)		$	(11,192,320	)	294,255			$	6,301,106

Value Opportunities Fund			Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class A Shares	Shares				Amount		Shares				Amount
Shares sold	1,110,416			$	19,618,120		3,069,030			$	50,098,265
Reinvestment of distributions	531,708				8,618,986		3,241,772				51,706,261
Shares reacquired	(3,394,064	)			(59,849,210	)	(8,938,104	)			(145,605,865	)
Decrease	(1,751,940	)		$	(31,612,104	)	(2,627,302	)		$	(43,801,339	)

Class C Shares
Shares sold	48,154			$	676,809		200,000			$	2,649,995
Reinvestment of distributions	41,498				534,075		338,090				4,327,553
Shares reacquired	(580,889	)			(8,240,015	)	(1,531,086	)			(19,776,922	)
Decrease	(491,237	)		$	(7,029,131	)	(992,996	)		$	(12,799,374	)

179

Notes to Financial Statements (continued)

Value Opportunities Fund			Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class F Shares	Shares				Amount		Shares				Amount
Shares sold	15,460			$	272,642		207,865			$	3,476,115
Reinvestment of distributions	25,962				435,384		372,103				6,135,983
Shares reacquired	(213,762	)			(3,923,211	)	(3,288,888	)			(55,882,809	)
Decrease	(172,340	)		$	(3,215,185	)	(2,708,920	)		$	(46,270,711	)

Class F3 Shares
Shares sold	393,127			$	7,450,736		1,015,062			$	17,576,579
Reinvestment of distributions	177,934				3,104,946		932,888				15,989,697
Shares reacquired	(1,323,777	)			(25,385,626	)	(2,348,711	)			(41,034,297	)
Decrease	(752,716	)		$	(14,829,944	)	(400,761	)		$	(7,468,021	)

Class I Shares
Shares sold	365,034			$	6,898,352		2,777,507			$	48,635,765
Reinvestment of distributions	237,110				4,087,773		1,196,979				20,288,797
Shares reacquired	(1,794,252	)			(33,985,337	)	(3,897,297	)			(67,202,845	)
Increase (decrease)	(1,192,108	)		$	(22,999,212	)	77,189			$	1,721,717

Class P Shares
Shares sold	29,516			$	506,888		72,201			$	1,130,451
Reinvestment of distributions	10,713				167,762		70,733				1,091,406
Shares reacquired	(138,632	)			(2,411,926	)	(203,136	)			(3,218,389	)
Decrease	(98,403	)		$	(1,737,276	)	(60,202	)		$	(996,532	)

Class R2 Shares
Shares sold	16,593			$	273,442		30,985			$	465,734
Reinvestment of distributions	4,145				62,296		25,906				384,437
Shares reacquired	(77,820	)			(1,286,553	)	(70,281	)			(1,055,609	)
Decrease	(57,082	)		$	(950,815	)	(13,390	)		$	(205,438	)

Class R3 Shares
Shares sold	97,859			$	1,670,745		294,829			$	4,584,848
Reinvestment of distributions	27,147				417,247		179,093				2,715,045
Shares reacquired	(242,022	)			(4,061,528	)	(602,251	)			(9,235,023	)
Decrease	(117,016	)		$	(1,973,536	)	(128,329	)		$	(1,935,130	)

Class R4 Shares
Shares sold	110,814			$	2,019,437		177,604			$	2,866,030
Reinvestment of distributions	26,401				427,171		152,963				2,436,699
Shares reacquired	(240,353	)			(4,305,004	)	(388,834	)			(6,302,388	)
Decrease	(103,138	)		$	(1,858,396	)	(58,267	)		$	(999,659	)

Class R5 Shares
Shares sold	8,054			$	150,553		17,230			$	298,110
Reinvestment of distributions	966				16,672		4,343				73,662
Shares reacquired	(4,234	)			(82,446	)	(30,663	)			(538,518	)
Increase (decrease)	4,786			$	84,779		(9,090	)		$	(166,746	)

180

Notes to Financial Statements (concluded)

Value Opportunities Fund			Six Months Ended April 30, 2024 (unaudited)						Year Ended October 31, 2023
Class R6 Shares	Shares				Amount		Shares				Amount
Shares sold	89,603			$	1,704,358		356,203			$	6,186,058
Reinvestment of distributions	23,461				408,929		130,086				2,227,078
Shares reacquired	(221,703	)			(4,051,642	)	(523,518	)			(9,238,532	)
Decrease	(108,639	)		$	(1,938,355	)	(37,229	)		$	(825,396	)

181

Investments in Underlying Funds (unaudited)

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of April 30, 2024, 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		20.09%
Lord Abbett Securities Trust – Focused Small Cap Value Fund-Class I		9.96%
Lord Abbett Securities Trust – International Opportunities Fund-Class I		20.13%
Lord Abbett Securities Trust – Micro Cap Growth Fund-Class I		9.93%
Lord Abbett Research Fund, Inc. – Small Cap Value Fund-Class I		19.93%
Lord Abbett Securities Trust – Value Opportunities Fund-Class I		19.96%
Total		100.00%

The Ten Largest Holdings and the Holdings by Sector, as of April 30, 2024, for each Underlying Fund are presented below. Each Underlying Fund’s annual and semiannual reports, which are sent to shareholders and filed with the SEC, contain information about the Underlying Fund’s portfolio holdings, including a complete schedule of holdings. A complete schedule of holdings for each Underlying Fund is also filed with the SEC on Form N-PORT as of the end of each respective Underlying Fund’s first and third quarters. In addition, on or about the first day of the second month following each calendar quarter-end, each Fund makes publicly available a complete schedule of its portfolio holdings as of the last day of each such quarter. The information for the most recently ended calendar quarter may be viewed at www.lordabbett.com or requested at no charge by calling Lord Abbett at 888-522-2388.

Lord Abbett Developing Growth Fund, Inc.

Ten Largest Holdings		% of Investments
Cava Group, Inc.		2.79%
Wingstop, Inc.		2.46%
AeroVironment, Inc.		2.31%
Comfort Systems USA, Inc.		2.19%
Glaukos Corp.		2.16%
Onto Innovation, Inc.		2.14%
RxSight, Inc.		2.12%
Trex Co., Inc.		2.08%
Duolingo, Inc.		2.07%
Natera, Inc.		2.03%

Holdings by Sector		% of Investments
Consumer Discretionary		10.60%
Consumer Staples		4.48%
Financials		7.06%
Health Care		22.19%
Industrials		25.22%
Information Technology		27.66%
Repurchase Agreements		2.79%
Total		100.00%

182

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Securities Trust - Focused Small Cap Value Fund

Ten Largest Holdings		% of Investments
Kemper Corp.		3.46%
Brady Corp.		3.44%
Permian Resources Corp.		3.40%
Leonardo DRS, Inc.		3.10%
Compass Diversified Holdings		3.06%
Northern Oil & Gas, Inc.		2.96%
Avient Corp.		2.91%
White Mountains Insurance Group Ltd.		2.89%
Belden, Inc.		2.87%
Mirion Technologies, Inc.		2.82%

Holdings by Sector		% of Investments
Basic Material		5.05%
Communications		6.73%
Consumer Cyclical		11.70%
Consumer Non-Cyclical		10.02%
Energy		11.28%
Financial		31.29%
Industrial		18.67%
Technology		4.66%
Repurchase Agreements		0.60%
Total		100.00%

Lord Abbett Securities Trust - International Opportunities Fund

Ten Largest Holdings		% of Investments
Britvic PLC		2.09%
Chemring Group PLC		2.04%
Man Group PLC		1.99%
ANDRITZ AG		1.86%
PALTAC Corp.		1.85%
Banco de Sabadell SA		1.83%
Nichirei Corp.		1.74%
Sanwa Holdings Corp.		1.69%
Okinawa Cellular Telephone Co.		1.64%
Freenet AG		1.62%

Holdings by Sector		% of Investments
Basic Materials		5.63%
Communications		5.41%
Consumer Cyclical		11.10%
Consumer Non-Cyclical		12.84%
Energy		2.67%
Financial		21.68%
Industrial		23.83%
Technology		11.77%
Utilities		2.24%
Repurchase Agreements		2.83%
Total		100.00%

183

Investments in Underlying Funds (unaudited)(continued)

Lord Abbett Securities Trust - Micro Cap Growth Fund

Ten Largest Holdings		% of Investments
RxSight, Inc.		2.90%
AeroVironment, Inc.		2.89%
Modine Manufacturing Co.		2.87%
JFrog Ltd.		2.76%
First Watch Restaurant Group, Inc.		2.40%
Vital Farms, Inc.		2.40%
UFP Technologies, Inc.		2.32%
AvidXchange Holdings, Inc.		2.29%
Impinj, Inc.		2.22%
Sterling Infrastructure, Inc.		2.20%

Holdings by Sector		% of Investments
Communication Services		0.77%
Consumer Discretionary		14.28%
Consumer Staples		3.82%
Financials		8.53%
Health Care		28.78%
Industrials		16.41%
Information Technology		25.81%
Money Market Funds		0.61%
Time Deposits		0.07%
Repurchase Agreements		0.92%
Total		100.00%

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

Ten Largest Holdings		% of Investments
Permian Resources Corp.		3.38%
Kemper Corp.		2.54%
CommVault Systems, Inc.		2.43%
Mirion Technologies, Inc.		2.17%
Belden, Inc.		2.10%
Northern Oil & Gas, Inc.		2.06%
Leonardo DRS, Inc.		2.06%
Criteo SA		2.04%
Brady Corp.		1.97%
Avient Corp.		1.97%

184

Investments in Underlying Funds (unaudited)(concluded)

Holdings by Sector		% of Investments
Communication Services		3.64%
Consumer Discretionary		10.79%
Consumer Staples		2.39%
Energy		10.24%
Financials		25.77%
Health Care		5.82%
Industrials		17.70%
Information Technology		12.87%
Materials		6.45%
Real Estate		2.85%
Utilities		1.02%
Repurchase Agreements		0.46%
Total		100.00%

Lord Abbett Securities Trust - Value Opportunities Fund

Ten Largest Holdings		% of Investments
Permian Resources Corp.		2.56%
CommVault Systems, Inc.		2.40%
Chesapeake Energy Corp.		2.30%
EMCOR Group, Inc.		2.30%
Molina Healthcare, Inc.		2.20%
BJ’s Wholesale Club Holdings, Inc.		2.04%
AerCap Holdings NV		2.02%
Avery Dennison Corp.		2.01%
Descartes Systems Group, Inc.		1.97%
Allegion PLC		1.97%

Holdings by Sector		% of Investments
Basic Materials		3.48%
Communications		2.66%
Consumer Cyclical		14.92%
Consumer Non-Cyclical		17.37%
Energy		6.64%
Financial		20.63%
Industrial		18.22%
Technology		9.99%
Utilities		2.42%
Time Deposits		0.32%
Money Market Funds		2.86%
Repurchase Agreements		0.49%
Total		100.00%

185

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 Micro-Cap Growth Fund and Lord Abbett Value Opportunities 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

186

Approval of Advisory Contract (continued)

Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

Investment Performance. The Board reviewed each Fund’s investment performance in relation to that of its performance peer group and one or more appropriate benchmarks as of various periods ended June 30, 2023. With respect to Alpha Strategy Fund and Fundamental Equity Fund, the Board observed that the Funds’ investment performance was above the median of the performance peer group for the one-year period, but below the median of the performance peer group for the three-, five- and ten-year periods. With respect to Focused Growth Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-year period and equal to the median of the performance peer group for the three-year period. With respect to Focused Large Cap Value Fund, the Board observed that the Fund’s investment performance was below 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 one- and ten-year periods, but below the median of the performance peer group for the 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 one-, three- and five-year periods. As to Growth Leaders Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the five- and ten-year periods, but below the median of the performance peer group for the one- and three-year periods. With respect to Health Care Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the one-year period and equal to the median of the performance peer group for the three-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 five-year period and equal to the median of the performance peer group for the three-year period, but below the median of the performance peer group for the one- and ten-year periods. As to International Opportunities Fund, the Board observed that the Fund’s investment performance was above the median of the performance peer group for the three-year period, but below the median of the performance group for the one-, five- and ten-year periods. As to International Value Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, five and ten-year periods. As to Value Opportunities Fund, the Board observed that the Fund’s investment performance was below the median of the performance peer group for the one-, three-, and ten-year periods and equal to the median of the performance peer group for the five-year period. As to Micro-Cap Growth Fund, the Board observed that Fund’s investment performance was above the median of the performance peer group for the one-, three-, five- and ten-year periods. With respect to Alpha Strategy Fund, International Value Fund and Global Equity 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.

187

Approval of Advisory Contract (continued)

Lord Abbett’s Personnel and Methods. The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett’s staff, Lord Abbett’s investment methodology and philosophy, and Lord Abbett’s approach to recruiting, training, and retaining personnel.

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 the net total expense ratio and actual management fee of the Fund were both above the median of the expense peer group. As to each of Focused Growth Fund, Focused Large Cap Value Fund, Fundamental Equity 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 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 one basis point above the median of the expense peer group. As to Focused Small Cap Value 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. 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 benefited from such economies of scale, and whether there was potential for realization of any

188

Approval of Advisory Contract (concluded)

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, that the Distributor may retain a portion of the 12b-1 fees it receives, and that the Distributor receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of 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.

189

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, each Fund has adopted a Liquidity Risk Management Program and Policy (“Program”). The Program is designed to assess, manage and periodically review each Fund’s liquidity risk. Liquidity risk is defined under Rule 22e-4 as the risk that each Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Board has appointed Lord Abbett as the administrator for each Fund’s Program. At the April 9, 2024 meeting, Lord Abbett provided the Board with a report addressing the operation of the Program and assessing its adequacy and effectiveness of implementation for the period March 31, 2023 through March 31, 2024. Lord Abbett reported that the Program operated effectively during the period. In particular, Lord Abbett reported that: no Fund breached its 15% limit on illiquid investments at any point during the period and all regulatory reporting related to Rule 22e-4 was completed on time and without issue during the period. There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds’ prospectus for more information regarding each Fund’s exposure to liquidity risk and other principal risks to which an investment in each Fund may be subject.

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 Attention: 534489, 500 Ross Street 154-0520, Pittsburgh, PA 15262 (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.

190

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
(06/24)

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
		(Principal Executive Officer)

Date: June 24, 2024

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
		(Principal Executive Officer)

Date: June 24, 2024

	By:	/s/ Michael J. Hebert
		Michael J. Hebert
		Chief Financial Officer and Treasurer
		(Principal Financial Officer)

Date: June 24, 2024

Lord Abbett Micro Cap Growth Fund (LMIYX) N-CSRSCertified semi-annual shareholder report (management investment company)