N-CSR 1 c107281_ncsr.htm CERTIFIED ANNUAL SHAREHOLDER REPORT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07538

LORD ABBETT SECURITIES TRUST
(Exact name of Registrant as specified in charter)

90 Hudson Street, Jersey City, 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: 10/31/2023

Item 1:

Report(s) to Shareholders.

LORD ABBETT

ANNUAL REPORT

Lord Abbett

Alpha Strategy Fund	Health Care Fund

Focused Growth Fund	International Equity Fund

Focused Large Cap Value Fund	International Opportunities Fund

Focused Small Cap Value Fund	International Value Fund

Fundamental Equity Fund	Micro Cap Growth Fund

Global Equity Fund	Value Opportunities Fund

Growth Leaders Fund

For the fiscal year ended October 31, 2023

Table of Contents

1		A Letter to Shareholders

20		Investment Comparisons

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

		Schedules of Investments:

63		Alpha Strategy Fund

64		Focused Growth Fund

66		Focused Large Cap Value Fund

68		Focused Small Cap Value Fund

71		Fundamental Equity Fund

74		Global Equity Fund

79		Growth Leaders Fund

81		Health Care Fund

84		International Equity Fund

89		International Opportunities Fund

95		International Value Fund

99		Micro Cap Growth Fund

102		Value Opportunities Fund

106		Statements of Assets and Liabilities

114		Statements of Operations

120		Statements of Changes in Net Assets

130		Financial Highlights

180		Notes to Financial Statements

217		Report of Independent Registered Public Accounting Firm

219		Supplemental Information to Shareholders

Lord Abbett Securities Trust

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

Annual Report

For the fiscal year ended October 31, 2023

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

Dear Shareholders: We are pleased to provide you with this overview of the performance of the Funds for the fiscal year ended October 31, 2023. On this page and the following pages, we discuss the major factors that influenced fiscal year performance. For detailed and timely information about the Funds, please visit our website at www.lordabbett.com, where you can also access the quarterly commentaries that provide updates on each Fund’s performance and other portfolio related updates.

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

Lord Abbett Alpha Strategy Fund

For the fiscal year ended October 31, 2023, the Fund returned -3.99%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to its benchmark, the Russell 2000^® Index,* which returned -8.56% over the same period.

Equity markets had to deal with a number of countervailing forces over the trailing 12 months, leading to periods of volatility and wide dispersion of returns. On the positive side, market expectations of a soft landing in the U.S. economy were backed by falling inflation data, a tight labor market, a resilient consumer, and optimism regarding the potential impacts of artificial intelligence. While there were concerns of potential deterioration in corporate earnings, aggregate earnings results were better-than-expected as cost-cutting measures, strength in services sectors, and supply chain improvements generally benefitted companies.¹

Amid these positive trends, investors had concerns about aggressive U.S. Federal Reserve (Fed) monetary policy and fear of a potential policy mistake leading to a recession. Investor sentiment was also negatively impacted by several factors, including narrow market breadth, an underwhelming China recovery from the COVID-19 pandemic, geopolitical tensions, and rising energy prices. Markets also had to grapple with the ripple effects of the turmoil in the banking sector, which led to regulatory shutdowns and interventions by the Fed, FDIC, and U.S. Treasury.¹

Against this backdrop, US Equities delivered positive returns over the period, as measured by the S&P 500 Index which returned 10.1%. However, performance was primarily driven by a handful of large cap names, and there was a great deal of dispersion below the surface. For example, large cap stocks²outperformed small cap stocks³(9.5% vs -8.6%, respectively), while growth⁴outperformed value⁵(17.3% vs -0.5%, respectively).

The Fund is a “fund of funds” that invests in affiliated mutual funds managed by Lord Abbett. Under normal conditions, through the underlying funds, the Fund indirectly invests in the equity securities of U.S. and non-U.S. micro-cap, small, and mid-sized companies. The Fund uses a “blend” strategy to gain exposure to both growth and value stocks.

The Fund’s exposure to domestic micro-cap and small-cap growth stocks within the Lord Abbett Developing Growth Fund and the Lord Abbett Micro Cap Growth Fund was the largest detractor from relative performance over the period. As a result of surging inflation and rapidly rising interest rates, the stocks of many highly innovative companies, particularly smaller companies, suffered meaningful price compression as the market largely expressed a preference for companies with positive earnings today, compared to larger growth potential in the future.

Conversely, the Fund’s allocation to international small-cap stocks within the Lord Abbett International Opportunities Fund was a notable contributor to relative performance over the period. International

small cap stocks benefitted from a weakening U.S. dollar, as well as a strong economic turnaround in Japan, which aided performance relative to domestic small-cap stocks.

The Fund’s weightings in domestic small-cap and mid-cap value stocks within the Lord Abbett Small Cap Value Fund and the Lord Abbett Value Opportunities Fund also contributed to relative performance. Both Funds employ a fundamental, bottom-up individual stock selection strategy that focuses on quality companies with compelling valuation over a long-term horizon, which benefitted relative performance in an environment of elevated uncertainty and interest rate volatility.

* The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® Index.

Lord Abbett Focused Growth Fund

For the fiscal year ended October 31, 2023, the Fund returned 3.75%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to its benchmark, the Russell 1000^® Growth Index* which returned 18.95% over the same period.

labor market, a resilient consumer, and optimism regarding the potential impacts of artificial intelligence. While there were concerns of potential deterioration in corporate earnings, aggregate earnings results were better-than-expected as cost-cutting measures, strength in services sectors, and supply chain improvements generally benefitted companies.¹

Thematically, the Fund’s underweight to prominent megacap companies detracted from relative performance as narrow, tech-focused market leadership was a dominant theme for much of the

period amid increased macro uncertainty and the general optimism surrounding generative artificial intelligence.

At the sector level, security selection within the Information Technology sector was a primary detractor from relative performance over the period. The Fund’s position in Enphase Energy, Inc., which develops solar micro-inverters, battery energy storage, and electric vehicle charging stations, weighed on relative performance. Entering 2023, Enphase was one of the Fund’s largest active overweights, though we began to trim the position in the beginning of the first quarter amid falling natural gas prices. The stock also faced additional headwinds as demand within the California residential solar market began to slow.

Security selection within the Consumer Discretionary sector also detracted from relative performance. Within the sector, the Fund’s position in Airbnb, Inc., an online marketplace for short- and long-term homestays and experiences, was a notable detractor from relative performance. Despite displaying strong operating momentum throughout the period, shares of Airbnb entered a period of consolidation throughout the summer as investors became weary of the stock’s valuation.

Conversely, security selection within the Communication Services sector contributed to relative performance over the period. As an example, shares of Spotify Technology SA, a digital music streaming service, largely benefitted from the company’s ability to simultaneously

grow its paid user base while expanding margins. However, we exited our position in the company in August given a breakdown in the stock’s price momentum due to a disappointing earnings report relative to analyst expectations.

Although security selection within the Information Technology sector was a net detractor from relative performance, the Fund’s overweight position in NVIDIA Corporation, a manufacturer of computer graphics processors, chipsets, and related multimedia software, was a standout contributor. Shares of NVIDIA experienced strong price momentum for most of the period following its exceptionally strong earnings report in the first quarter of 2023. The stock has also benefitted from the general excitement surrounding the potential of generative artificial intelligence. As of the end of the period, NVIDIA is the Fund’s largest active overweight.

* The Russell 1000^® Growth Index measures the performance of those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values.

Lord Abbett Focused Large Cap Value Fund

For the fiscal year ended October 31, 2023, the Fund returned 0.59%, reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the Russell 1000^® Value Index,* which returned 0.13% over the same period.

Equity markets had to deal with a number of countervailing forces over the trailing 12 months, leading to periods of volatility and wide dispersion of returns.

On the positive side, market expectations of a soft landing in the U.S. economy were backed by falling inflation data, a tight labor market, a resilient consumer narrative, and optimism regarding the potential impacts of artificial intelligence. While there were concerns of potential deterioration in corporate earnings, aggregate earnings results were better-than-expected as cost-cutting measures, strength in services sectors, and supply chain improvements generally benefitted companies.¹

Amid these positive trends, investors had concerns about aggressive U.S. Federal Reserve (Fed) monetary policy, and fear of a potential policy mistake leading to a recession. Investor sentiment was also negatively impacted by several factors, including narrow market breadth, an underwhelming China recovery from the COVID-19 pandemic , geopolitical tensions, and rising energy prices. Markets also had to grapple with the ripple effects of the turmoil in the banking sector, which led to regulatory shutdowns and interventions by the Fed, FDIC, and U.S. Treasury.¹

During the 12-month period ended October 31, 2023, the Fund’s position in RenaissanceRe Holdings Ltd., which engages in the provision of reinsurance and insurance services, contributed to relative performance. Shares rallied after the company reported strong fourth quarter earnings. Operating income was significantly higher than consensus expectations. The Fund’s position in Adobe, Inc., which engages in the provision of digital marketing and media solutions, also contributed to relative performance. Shares rallied after the company reported strong second quarter earnings and raised fiscal year guidance.

Conversely, one of the largest detractors from relative performance during the 12-month period ended October 31, 2023, was the Fund’s lack of exposure to Meta Platforms Inc., which engages in the development of social media applications. U.S. equity market performance over the last year was dominated by a small group of mega cap companies, including Meta, and the Fund’s lack of exposure detracted from relative returns. The Fund’s position in Organon & Co, a science-based global pharmaceutical company, also detracted from relative performance. Shares of the stock fell after the company reported fourth-quarter and full-year financial results that came in below consensus expectations, which was partially driven by a decline in sales of NuvaRing as it continues to be impacted by generic competition.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Lord Abbett Focused Small Cap Value Fund

For the fiscal year ended October 31, 2023, the Fund returned -4.90%, reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the Russell 2000^® Value Index,* which returned -9.93% over the same period.

Equity markets had to deal with a number of countervailing forces over the trailing 12 months, leading to periods of volatility and wide dispersion of returns. On the positive side, market expectations of a soft landing in the U.S. economy were backed by falling inflation data, a tight labor market, a resilient consumer narrative, and optimism regarding the potential impacts of artificial intelligence. While there were concerns of potential deterioration in corporate earnings, aggregate earnings results were better-than-expected as cost-cutting measures, strength in services sectors, and supply chain improvements generally benefitted companies.¹

During the 12-month period ended October 31, 2023, the Fund’s position in RenaissanceRe Holdings Ltd., which engages in the provision of reinsurance and insurance services, contributed to relative performance. Shares rallied after the company reported strong fourth quarter earnings, which showed that operating income was significantly higher than consensus expectations. The Fund’s position in Spectrum Brands Holdings, Inc., a consumer products and home essentials company, also contributed to relative performance. Shares rallied after the U.S. Department of Justice reached a settlement agreement related to ASSA ABLOY’s acquisition of Spectrum Brands’ Hardware and Home Improvement division.

Conversely, one of the largest detractors from relative performance during the 12-month period ended October 31, 2023, was WNS (Holdings) Limited, which engages in the provision of business process management solutions. Shares of the stock fell after the company reported fourth-quarter and full-year financial results that came in below consensus expectations. The Fund’s

position in International Money Express, Inc, a leading money remittance services company, also detracted from relative performance. Shares fell after the company reported second quarter earnings below consensus expectations.

* The Russell 2000 Value^®Index measures the performance of those stocks of the Russell 2000 Index with lower price-to-book ratios and lower relative forecasted growth rates.

Lord Abbett Fundamental Equity Fund

For the fiscal year ended October 31, 2023, the Fund returned 0.92%, reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the Russell 1000^® Value Index*, which returned 0.13% over the same period.

Equity markets had to deal with a number of countervailing forces over the trailing 12 months, leading to periods of volatility and wide dispersion of returns. On the positive side, market expectations of a soft landing in the U.S. economy were backed by falling inflation data, a tight labor market, a resilient consumer narrative, and optimism regarding the potential impacts of artificial intelligence. While there were concerns of potential deterioration in corporate earnings, aggregate earnings results were better-than-expected as cost-cutting measures, strength in services sectors, and supply chain improvements generally benefitted companies.¹

Amid these positive trends, investors had concerns about aggressive U.S. Federal Reserve (Fed) monetary policy, and fear of a potential policy mistake leading to a

recession. Investor sentiment was also negatively impacted by several factors, including narrow market breadth, an underwhelming China recovery from the COVID-19 pandemic , geopolitical tensions, and rising energy prices. Markets also had to grapple with the ripple effects of the turmoil in the banking sector, which led to regulatory shutdowns and interventions by the Fed, FDIC, and U.S. Treasury.¹

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Lord Abbett Global Equity Fund

For the fiscal year ended October 31, 2023, the Fund returned 9.98%, reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the MSCI All Country World Index* which returned 10.50% over the same period.

ACWI ex USA Index⁶returned 12.07%, outperforming Emerging Markets⁷equities, but underperforming European⁸equities. The period was marked by narrow equity market leadership in U.S. equities, with the so-called ‘Magnificent 7’ providing an outsized proportion of the S&P 500 Index returns over the last year, as investors flocked to higher-quality, more mature businesses in a volatile period. Market expectations of a soft landing in the U.S. were backed by falling inflation data, a tight labor market, a resilient consumer narrative, and optimism regarding the potential impacts of artificial intelligence.

Within Asia, the reopening of the Chinese economy was a tale of two halves. The high-end retail sector in Europe benefited from a resumption in travel and luxury spending by Chinese citizens, while consumption and mobility within China’s borders underwhelmed expectations. Restrained spending from China’s middle-class consumer was largely tied to a notably sluggish real estate market, which makes up nearly one-third of domestic GDP. This disparity, coupled with continued geopolitical tensions, has resulted in some capital flows being redirected away from China and toward the rest of emerging Asia and Japan. Notably, Japan has demonstrated its resilience and growth potential within the Consumer, Industrial, and Information Technology sectors.

Over the period, the Fund’s position in Meta Platforms Inc, which engages in the development of social media applications, contributed to relative performance.

Shares rallied significantly during the period, as worries surrounding the rollout of the Metaverse were overshadowed by cost-cutting, strong earnings, and an overall rebound in the digital advertising market.

The Fund’s position in healthcare company, Novo Nordisk A/S, also contributed to relative performance during the period. Performance was driven by strong demand in the U.S. for the company’s weight loss and diabetes drugs, Wegovy and Ozempic.

One of the larger detractors from relative performance during the period was Healthcare company Organon & Co., which develops women’s health solutions and products. Shares of the company fell after the company reported fourth-quarter and full-year financial results that came in below consensus expectations, which was partially driven by a decline in sales of women’s health drug, NuvaRing, as it continued to be impacted by generic competition.

The Fund’s position in General Motors, a leading vehicle-manufacturer and consumer discretionary company, also detracted from relative performance during the period. General Motors faced unique headwinds in the third and fourth quarters amidst the UAW (United Auto Workers) strike and the negative impact on earnings guidance that came with it.

* The MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

Lord Abbett Growth Leaders Fund

For the fiscal year ended October 31, 2023, the Fund returned 4.61%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to its benchmark, the Russell 1000^® Growth Index,* which returned 18.95% over the same period.

Thematically, the Fund’s underweight to prominent megacap companies detracted from relative performance as narrow, tech-focused market leadership was a dominant theme for much of the period amid increased macro uncertainty and the general optimism surrounding generative artificial intelligence.

At the sector level, security selection within the Information Technology sector was a primary detractor from relative performance over the period. The Fund’s position in Enphase Energy, Inc., which develops solar micro-inverters, battery energy storage, and electric vehicle charging stations, weighed on performance. Entering 2023, Enphase was one of the Fund’s largest active overweights, though we began to trim the position in the beginning of the first quarter amid falling natural gas prices. The stock also faced additional headwinds as demand within the California residential solar market began to slow.

Security selection within the Consumer Discretionary sector also detracted from relative performance. Within the sector, the Fund’s position in Airbnb, Inc., an online marketplace for short- and

long-term homestays and experiences, was a notable detractor from relative performance. Despite displaying strong operating momentum throughout the period, shares of Airbnb entered a period of consolidation throughout the summer as investors became weary of the stock’s valuation.

Conversely, security selection within the Communication Services sector contributed to relative performance over the period. Shares of Spotify Technology SA, a digital music streaming service, benefitted from the company’s ability to simultaneously grow its paid user base while expanding margins. However, we exited our position in August given a breakdown in the stock’s price momentum due to a disappointing earnings report relative to analyst expectations.

Although security selection within the Information Technology sector was a net detractor from relative performance, the Fund’s overweight position in NVIDIA Corporation, a manufacturer of computer graphics processors, chipsets, and related multimedia software, was a standout contributor. Shares of NVIDIA experienced strong price momentum for most of the period following its exceptionally strong earnings report in the first quarter of 2023. The stock also benefitted from the general excitement surrounding the potential of generative artificial intelligence. As of the end of the period, NVIDIA is the Fund’s largest active overweight.

* The Russell 1000^®Growth Index measures the performance of those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values.

Lord Abbett Health Care Fund

For the fiscal year ended October 31, 2023, the Fund returned -9.78%, reflecting performance at the net asset value (NAV) of Class A Shares with all distributions reinvested, compared to its benchmark, the MSCI ACWI Health Care Index with Net Dividends,* which returned -1.75% over the same period.

which led to regulatory shutdowns and interventions by the Fed, FDIC, and U.S. Treasury.¹

The Fund’s position in Ventyx Biosciences, Inc., a clinical stage biopharmaceutical company which focuses on the development of therapeutics for the treatment of autoimmune diseases, was a primary detractor from relative performance over the period. Shares of the stock fell after the company reported phase 2 trial results for their therapy to treat ulcerative colitis in October 2023. While the trial results were favorable, investors questioned whether the drug has an edge over rival drugs.

The Fund’s position in DexCom, Inc., a company which develops continuous glucose monitoring systems for diabetes management, was also a notable detractor from relative performance. Shares of the company faced headwinds throughout the third quarter of 2023 as the adoption of GLP-1 weight loss drugs, such as Wegovy and Zepbound, led investors to consider their potential impact on the long-term demand for drugs and therapies that treat diseases linked to obesity, such as diabetes.

Conversely, the Fund’s overweight positions in Novo Nordisk A/S and Eli Lily and Company were primary contributors to relative performance over the period. Both companies experienced strong stock price momentum a result of the growing demand for GLP-1 weight loss drugs as Novo Nordisk’s Wegovy and Eli Lily’s Zepbound are currently the only Food & Drug Administration (FDA)- approved obesity drugs on the market. Additionally, both companies have been working to expand their product lines despite supply challenges.

The Fund’s position in Krystal Biotech, Inc., a biopharmaceutical company that develops treatments for patients suffering from rare debilitating disorders, also contributed to relative performance. Shares of the stock rallied after the FDA approved Vyjuvek to treat dystrophic epidermolysis bullosa, a rare genetic skin condition, in the second quarter of 2023.

* The MSCI ACWI Health Care Index includes large and mid cap securities across 23 Developed Markets (DM) and 26 Emerging Markets (EM) countries. All securities in the index are classified in Health Care as per the Global Industry Classification Standard.

Lord Abbett International Equity Fund

For the fiscal year ended October 31, 2023, the Fund returned 8.72%, reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the MSCI ACWI ex-US* which returned 12.07% over the same period.

Global equities posted relatively strong returns during the period, while market volatility and concerns around the direction of interest rates remained at the forefront of investors’ minds. The MSCI ACWI ex USA Index⁶returned 12.07%, outperforming Emerging Markets⁷equities, but underperforming European⁸equities. The period was marked by narrow equity market leadership in U.S. equities, with the so-called ‘Magnificent 7’ providing an outsized proportion of the S&P 500 Index returns over the last year, as investors flocked to higher-quality, more mature businesses in a volatile period. Market expectations of a soft landing in the U.S. were backed by falling inflation data, a tight labor market, a resilient consumer narrative, and optimism regarding the potential impacts of artificial intelligence.

the Consumer, Industrial, and Information Technology sectors.

Over the period, the Fund’s position in healthcare company, Novo Nordisk A/S, contributed to relative performance. Performance was mainly driven by strong demand in the U.S. for the company’s weight loss and diabetes drugs, Wegovy and Ozempic.

The Fund’s position in Sumitomo Mitsui Banking Corporation, a leading financial services company in Japan, also contributed to relative returns during the period, as the company continued to expand its overseas operations in the U.S., specifically in areas like debt capital markets and M&A transactions (Mergers and Acquisitions).

Conversely, one of the larger detractors from relative performance over the period was Prudential PLC, a British multi-national insurance company that also provides asset management services, with a focus on Asia and Africa. A combination of slowing growth momentum, and general concerns about the Chinese economy weighed on shares during the period.

The Fund’s position in French industrials company, Teleperformance SA, a French provider of call center services also weighed on relative performance during the period, as shares fell in response to an investigation by Colombia’s Labor Ministry into working conditions at the company.

* The MSCI ACWI (All Country World Index) ex-U.S. Index is a subset of the MSCI ACWI Index. The MSCI ACWI (All Country World Index) Index is a

free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

Lord Abbett International Opportunities Fund

For the fiscal year ended October 31, 2023, the Fund returned 9.54%, reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the S&P Developed Ex-U.S. SmallCap Index* which returned 7.48% over the same period.

Within Asia, the reopening of the Chinese economy was a tale of two halves. The high-end retail sector in Europe benefited from a resumption in travel and luxury spending by Chinese citizens, while

consumption and mobility within China’s borders underwhelmed expectations. Restrained spending from China’s middle-class consumer was largely tied to a notably sluggish real estate market, which makes up nearly one-third of domestic GDP. This disparity, coupled with continued geopolitical tensions, has resulted in some capital flows being redirected away from China and toward the rest of emerging Asia and Japan. Notably, Japan has demonstrated its resilience and growth potential within the Consumer, Industrial, and Information Technology sectors.

The Fund’s position in Gerresheimer AG, a Germany-based manufacturer of packaging products for medication and drug delivery devices, was the largest individual contributor to relative performance over the period. The company has greatly benefitted from the rapid growth of the anti-obesity drug market in recent quarters.

Additionally, the Fund’s position in Saizeriya Co Ltd, a Japanese chain of family-style Italian restaurants, contributed to relative performance as the company was successfully able to pass on higher menu prices to strong Japanese consumers during the period.

Conversely, one of the larger detractors from relative performance during the period was Brookfield Infrastructure Corp, a Canadian corporation that acts as a vehicle to invest in infrastructure. Given heightened sensitivity to interest rates in the infrastructure subsector, the company’s stock underperformed the overall Utilities

sector amidst the bear-steepening of the yield curve throughout October.

The Fund’s position in Energean PLC, a London-based energy company with a focus on exploration and production in the Eastern Mediterranean, also weighed on relative performance amidst softening in oil prices and a lower revision in full-year production forecasts.

* The S&P Developed Ex-U.S. SmallCap^® Index is a component of the S&P Developed Broad Market Index (BMI). The BMI is a float-weighted index that spans 22 countries and includes the listed shares of all companies with an available market capitalization (float) of at least $100 million.

Lord Abbett International Value Fund

For the fiscal year ended October 31, 2023, the Fund returned 14.09%, reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the MSCI EAFE Value Index* which returned 18.11% over the same period.

were backed by falling inflation data, a tight labor market, a resilient consumer narrative, and optimism regarding the potential impacts of artificial intelligence.

Over the period, the Fund’s position in Sumitomo Mitsui Banking Corporation, a leading financial services company in Japan, contributed to relative returns during the period, as the company continued to expand overseas operations in the U.S., specifically in areas like debt capital markets and M&A transactions (Mergers and Acquisitions).

Additionally, the Fund’s position in Japanese beverage holding company, Asahi Group Holdings, contributed to relative performance as the company recovered from tepid COVID-era beer sales, and looked to expand its international footprint.

The Fund’s position in Canadian utilities company, Algonquin Power & Utilities Corp, was a primary detractor from relative performance, as the stock underperformed due to a mixture of supply constraints, a dividend cut, and poor earnings guidance.

* The MSCI EAFE Value Index captures large and mid-cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada.

Lord Abbett Micro Cap Growth Fund

For the fiscal year ended October 31, 2023, the Fund returned -20.27%, reflecting performance at the net asset value (NAV) of Class A shares with all distributions reinvested, compared to its benchmark, the Russell Microcap^® Growth Index,* which returned -17.95% over the same period.

corporate earnings, aggregate earnings results were better-than-expected as cost-cutting measures, strength in services sectors, and supply chain improvements generally benefitted companies.¹

Security selection within the Health Care sector was a primary detractor from relative performance over the period. Within the sector, shares of Ventyx Biosciences, Inc., a clinical stage biopharmaceutical company which focuses on the development of therapeutics for the treatment of autoimmune diseases, fell after the company reported phase 2 trial

results for their therapy to treat ulcerative colitis in October 2023. While the trial results were favorable, investors questioned whether the drug has an edge over rival drugs.

Security selection within the Consumer Discretionary sector also detracted from relative performance. The portfolio’s position in Xponential Fitness, Inc., a global franchisor of boutique fitness brands, weighed on relative performance. Shares of the stock fell in May in response to a report from a notable short seller that alleged many of the company’s brands and franchisees are struggling. While we still remained optimistic about the company’s fundamentals, we decided to exit the position following the report due to a deterioration of the stock’s price momentum.

Conversely, security selection within the Financials sector contributed to relative performance. Leading the way was the portfolio’s position in Remitly Global, Inc., an online financial services company that offers international money transfers to over 150 countries. Shares of the stock have benefitted from a string of better-than-expected quarterly earnings results, driven by strong growth in the size of the company’s customer base and customer transaction volume, as well as a decline in customer acquisition costs. As of the end of the period, Remitly is the portfolio’s largest active overweight.

Although security selection within the Health Care sector was a net detractor from relative performance, the Fund’s position in Prometheus Biosciences, Inc.,

which engages in the development of novel precision therapeutics and diagnostics for patients living with gastroenterology and autoimmune diseases, was a standout contributor to relative performance. Shares of the stock soared in response to Merck & Co., Inc.’s announcement that they will acquire Prometheus for $200 per share, which was a substantial premium from where the stock was trading. We subsequently exited the position following the announcement, opting to take gains, and redeployed those proceeds into other high-conviction names within the biotechnology industry.

* The Russell Microcap^® Growth Index measures the performance of those Russell Microcap companies with higher price-to-book ratios and higher forecasted growth values.

Lord Abbett Value Opportunities Fund

For the fiscal year ended October 31, 2023, the Fund returned 0.12%, reflecting performance at the net asset value (“NAV”) of Class A shares with all distributions reinvested, compared to its benchmark, the Russell 2500™ Index,* which returned -4.63% over the same period.

While there were concerns of potential deterioration in corporate earnings, aggregate earnings results were better-than-expected as cost-cutting measures, strength in services sectors, and supply chain improvements generally benefitted companies.¹

Amid these positive trends, investors had concerns about aggressive U.S. Federal Reserve (Fed) monetary policy, and fear of a potential policy mistake leading to a recession. Investor sentiment was also negatively impacted by several factors, including narrow market breadth, an underwhelming China recovery from the COVID-19 pandemic, geopolitical tensions, and rising energy prices. Markets also had to grapple with the ripple effects of the turmoil in the banking sector, which led to regulatory shutdowns and interventions by the Fed, FDIC, and U.S. Treasury.¹

the company reported strong fourth quarter earnings. Operating income was significantly higher than consensus expectations. The Fund’s position in Saia, Inc., a leading transportation provider, also contributed to relative performance, as shares rallied after the company reported strong first quarter earnings.

global pharmaceutical company, detracted from relative performance. Shares of the stock fell after the company reported fourth-quarter and full-year financial results that came in below consensus expectations, which was partially driven by a decline in sales of NuvaRing as it continues to be impacted by generic competition.

* The Russell 2500™ Index is a market cap weighted index that includes the smallest 2,500 companies covered in the Russell 3000^® Index universe of United States-based listed equities.

Each Fund’s portfolio is actively managed and, therefore, holdings and the weightings of a particular issuer or particular sector as a percentage of portfolio assets are subject to change. Sectors may include many industries.

¹ Factset

² As represented by the Russell 1000^® Index as of 10/31/23.

³ As represented by the Russell 2000^® Index as of 10/31/23.

⁴ As represented by the Russell 3000^® Growth Index as of 10/31/23.

⁵ As represented by the Russell 3000^® Value Index as of 10/31/23.

⁶ As represented by the MSCI All Country World ex USA Index as of 10/31/23.

⁷ As represented by the MSCI EM Index as of 10/31/23.

⁸ As represented by the MSCI Europe ex UK Index as of 10/31/23.

Unless otherwise specified, indexes reflect total return, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

Important Performance and Other Information

Performance data quoted in the following pages reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Funds will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling Lord Abbett at 888-522-2388 or referring to www.lordabbett.com.

Except where noted, comparative Fund performance does not account for the deduction of sales charges and would be different if sales charges were included. Each Fund offers classes of shares with distinct pricing options. For a full description of the differences in pricing alternatives, please see the Funds’ prospectus.

During certain periods shown, expense waivers and reimbursements were in place. Without such expense waivers and reimbursements, the Funds’ returns would have been lower.

The annual commentary above discusses the views of the Funds’ management and various portfolio holdings of the Funds as of October 31, 2023. These views and portfolio holdings may have changed after this date. Information provided in the commentary is not a recommendation to buy or sell securities. Because the Funds’ portfolios are actively managed and may change significantly, the Funds may no longer own the securities described above or may have otherwise changed their positions in the securities. For more recent information about the Funds’ portfolio holdings, please visit www.lordabbett.com.

A Note about Risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see the Funds’ prospectus.

Mutual funds are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, banks, and are subject to investment risks including possible loss of principal amount invested.

Alpha Strategy Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Russell 2000^® Index, the 85% Russell 2000^® Index/15% S&P Developed Ex-U.S. SmallCap Index and the Lipper Small-Cap Core Category Funds Average, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2023

	1 Year	5 Years	10 Years	Life of Class
Class A⁴	-9.51%	2.54%	4.88%	–
Class C⁵	-5.58%	2.99%	4.71%	–
Class F⁶	-3.85%	3.93%	5.66%	–
Class F3⁷	-3.65%	4.13%	–	5.58%
Class I⁶	-3.74%	4.02%	5.77%	–
Class R2⁶	-4.32%	3.40%	5.14%	–
Class R3⁶	-4.24%	3.51%	5.24%	–
Class R4⁸	-3.98%	3.76%	–	4.62%
Class R5⁸	-3.74%	4.03%	–	4.89%
Class R6⁸	-3.69%	4.12%	–	4.96%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

² Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

³ Source: Lipper Inc. The performance of the average is not necessarily representative of the Fund’s performance.

⁴ Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31,

2023, is calculated using the SEC-required uniform method to compute such return.

⁵ The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁶ Performance is at net asset value.

⁷ Commenced operations and performance for the Class began on April 4, 2017. Performance is at its net asset value.

⁸ Commenced operations and performance for the classes began on June 30, 2015. Performance is at net asset value.

Focused Growth Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Russell 1000^® Growth Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursements of expense, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2023

	1 Year	Life of Class
Class A³	-2.20%	10.21%
Class C⁴	1.93%	10.77%
Class F⁵	4.01%	11.88%
Class F3⁵	4.15%	11.98%
Class I⁵	4.06%	11.89%
Class R3⁵	3.53%	11.33%
Class R4⁵	3.75%	11.61%
Class R5⁵	4.01%	11.88%
Class R6⁵	4.15%	11.98%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

² Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance. Performance of the index begins on January 31, 2019.

³ Class A shares commenced operations on January 30, 2019 and performance for the Class began on January 31, 2019. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31, 2023, is calculated using the SEC-required uniform method to compute such return.

⁴ Class C shares commenced operations on January 30, 2019 and performance for the Class began on January 31, 2019. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date.

⁵ Commenced operations on January 30, 2019 and performance for the Classes began on January 31, 2019. Performance is at net asset value.

Focused Large Cap Value Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Russell 1000^® Value Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursements of expense, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Periods Ended October 31, 2023

	1 Year	Life of Class
Class A³	-5.20%	3.87%
Class C⁴	-0.92%	4.54%
Class F⁵	0.81%	5.57%
Class F3⁵	0.82%	5.60%
Class I⁵	0.89%	5.60%
Class R3⁵	0.40%	5.09%
Class R4⁵	0.67%	5.34%
Class R5⁵	0.91%	5.61%
Class R6⁵	0.82%	5.61%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

³ Class A shares commenced operations on July 26, 2019 and performance for the Class began on July 31, 2019. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31, 2023, is calculated using the SEC required uniform method to compute such return.

⁴ Class C shares commenced operations on July 26, 2019 and performance for the Class began on July 31, 2019. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵ Commenced operations on July 26, 2019 and performance for the Classes began on July 31, 2019. Performance is at net asset value.

Focused Small Cap Value Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Russell 2000^® Value Index and the Russell 2000^® Index, assuming reinvestment of all dividends and distributions. The performance of the other class will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such class. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2023

	1 Year	5 Years	10 Years	Life of Class
Class A³	-10.36%	2.95%	6.03%	–
Class C⁴	-6.56%	–	–	3.08%
Class F⁵	-4.68%	–	–	4.14%
Class F3⁵	-4.60%	–	–	4.21%
Class I⁶	-4.66%	4.41%	6.78%	–
Class R5⁵	-4.66%	–	–	4.16%
Class R6⁵	-4.60%	–	–	4.21%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

² Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

³ Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31, 2023, is calculated using the SEC required uniform method to compute such return.

⁴ Class C shares commenced operations on June 28, 2019 and performance for the Class began on July 1, 2019. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵ Commenced operations on June 28, 2019 and performance for the Class began on July 1, 2019. Performance is at net asset value.

⁶ Performance is at net asset value.

Fundamental Equity Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Russell 1000^® Value Index, Russell 3000^® Value Index, Russell 3000^® Index, and S&P 500^® Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Periods Ended October 31, 2023

	1 Year	5 Years	10 Years	Life of Class
Class A³	-4.89%	5.46%	6.30%	–
Class C⁴	-0.80%	5.92%	6.14%	–
Class F⁵	1.14%	6.87%	7.10%	–
Class F3⁶	1.26%	7.06%	–	6.74%
Class I⁵	1.18%	6.98%	7.20%	–
Class P⁵	0.65%	6.48%	6.72%	–
Class R2⁵	0.59%	6.34%	6.56%	–
Class R3⁵	0.66%	6.44%	6.66%	–
Class R4⁷	0.86%	6.70%	–	6.60%
Class R5⁷	1.17%	6.97%	–	6.87%
Class R6⁷	1.26%	7.05%	–	6.97%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

² Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

⁴ The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵ Performance is at net asset value.

⁶ Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

⁷ Commenced operations and performance for the classes began on June 30, 2015. Performance is at net asset value.

Global Equity Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Morgan Stanley Capital International (MSCI) All Country World Index with Net Dividends and the MSCI All Country World Index with Gross Dividends, assuming reinvestment of all dividends and distributions. The MSCI All Country World Index with Net Dividends reflects a reduction in dividends after taking into account withholding of taxes by certain foreign countries represented in the MSCI All Country World Index. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursements of expense, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2023

	1 Year	5 Years	Life of Class
Class A³	3.68%	6.96%	7.35%
Class C⁴	8.09%	7.43%	7.48%
Class F⁵	10.16%	8.41%	8.45%
Class F3⁶	10.38%	8.57%	8.44%
Class I⁵	10.26%	8.51%	8.55%
Class R3⁵	9.67%	7.96%	8.00%
Class R4⁵	9.97%	8.23%	8.28%
Class R5⁵	10.31%	8.52%	8.56%
Class R6⁵	10.38%	8.57%	8.61%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

² Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance. Performance of each index begins on January 18, 2017.

³ Class A shares commenced operations on January 17, 2017 and performance for the Class began on January 18, 2017. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31, 2023, is calculated using the SEC-required uniform method to compute such return.

⁴ Class C shares commenced operations on January 17, 2017 and performance for the Class began on January 18, 2017. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵ Commenced operations on January 17, 2017 and performance for the Class began on January 18, 2017. Performance is at net asset value.

⁶ Commenced operations and performance for the class began on April 4, 2017. Performance is at net asset value.

Growth Leaders Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Russell 1000^® Growth Index, Russell 3000^® Growth Index, and S&P 500^® Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2023

	1 Year	5 Years	10 Years	Life of Class
Class A³	-1.39%	9.25%	10.54%	–
Class C⁴	2.85%	9.73%	10.38%	–
Class F⁵	4.89%	10.83%	11.45%	–
Class F3⁶	4.95%	10.90%	–	12.67%
Class I⁵	4.88%	10.83%	11.48%	–
Class R2⁵	4.27%	10.17%	10.82%	–
Class R3⁵	4.35%	10.28%	10.93%	–
Class R4⁷	4.65%	10.56%	–	10.79%
Class R5⁷	4.88%	10.82%	–	11.07%
Class R6⁷	4.95%	10.90%	–	11.14%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

³ Class A shares commenced operations on June 24, 2011 and performance for the Class began on June 30, 2011. Total return, which is the percentage change in net asset value, after deduction of the maximum initial sales charge of 5.75% applicable to Class A shares, with all dividends and distributions reinvested for the periods shown ended October 31, 2023, is calculated using the SEC-required uniform method to compute such return.

⁴ Class C shares commenced operations on June 24, 2011 and performance for the Class began on June 30, 2011. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵ Commenced operations on June 24, 2011 and performance for the Class began on June 30, 2011. Performance is at net asset value.

⁶ Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

⁷ Commenced operations and performance for the classes began on June 30, 2015. Performance is at net asset value.

Health Care Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) Health Care Net Index and MSCI ACWI Health Care Gross Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursements of expense, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2023

	1 Year	Life of Class
Class A³	-14.96%	3.87%
Class C⁴	-11.37%	4.54%
Class F⁵	-9.58%	5.59%
Class F3⁵	-9.45%	5.68%
Class I⁵	-9.58%	5.59%
Class R3⁵	-9.99%	5.07%
Class R4⁵	-9.84%	5.32%
Class R5⁵	-9.58%	5.59%
Class R6⁵	-9.44%	5.70%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

⁴ The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵ Performance is at net asset value.

International Equity Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex-USA^®Index with Net Dividends and the MSCI ACWI ex-USA^® Index with Gross Dividends, assuming reinvestment of all dividends and distributions. The MSCI ACWI ex-USA Index with Net Dividends reflects a reduction in dividends after taking into account withholding of taxes by certain foreign countries represented in the MSCI ACWI ex-USA Index. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Periods Ended October 31, 2023

	1 Year	5 Years	10 Years	Life of Class
Class A³	2.45%	2.96%	0.95%	–
Class C⁴	6.82%	3.39%	0.80%	–
Class F⁵	8.89%	4.40%	1.77%	–
Class F3⁶	9.07%	4.54%	–	3.76%
Class I⁵	8.98%	4.50%	1.88%	–
Class P⁵	8.57%	4.00%	1.36%	–
Class R2⁵	8.27%	3.83%	1.20%	–
Class R3⁵	8.42%	3.93%	1.31%	–
Class R4⁷	8.70%	4.20%	–	2.31%
Class R5⁷	8.96%	4.44%	–	2.55%
Class R6⁷	9.08%	4.53%	–	2.67%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

² Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

⁴ The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵ Performance is at net asset value.

⁶ Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

⁷ Commenced operations and performance for the classes began on June 30, 2015. Performance is at net asset value.

International Opportunities Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the S&P Developed Ex-U.S. SmallCap^® Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2023

	1 Year	5 Years	10 Years	Life of Class
Class A³	3.26%	1.15%	2.09%	–
Class C⁴	7.76%	1.60%	1.94%	–
Class F⁵	9.70%	2.50%	2.85%	–
Class F3⁶	9.94%	2.70%	–	2.42%
Class I⁵	9.85%	2.61%	2.96%	–
Class P⁵	9.37%	2.15%	2.50%	–
Class R2⁵	9.17%	2.00%	2.34%	–
Class R3⁵	9.30%	2.09%	2.45%	–
Class R4⁷	9.54%	2.35%	–	2.10%
Class R5⁷	9.85%	2.60%	–	2.35%
Class R6⁷	9.94%	2.69%	–	2.45%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

² Performance for the unmanaged index does not reflect any fees or expenses. The performance of the index is not necessarily representative of the Fund’s performance.

⁴ The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance is at net asset value.

⁵ Performance is at net asset value.

⁶ Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

⁷ Commenced operations and performance for the classes began on June 30, 2015. Performance is at net asset value.

International Value Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Morgan Stanley Capital International (MSCI) EAFE Value Index with Net Dividends and the MSCI EAFE Value Index with Gross Dividends, assuming reinvestment of all dividends and distributions. The MSCI EAFE Value Index with Net Dividends reflects a reduction in dividends after taking into account withholding of taxes by certain foreign countries represented in the MSCI EAFE Value Index. The performance of other classes will be greater than or less than the performance shown in the graph due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursements of expense, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2023

	1 Year	5 Years	10 Years	Life of Class
Class A³	7.61%	2.14%	0.38%	–
Class C⁴	12.22%	2.56%	0.23%	–
Class F⁵	14.33%	3.55%	1.20%	–
Class F3⁶	14.42%	3.67%	–	3.00%
Class I⁵	14.42%	3.66%	1.29%	–
Class R2⁵	13.83%	2.95%	0.62%	–
Class R3⁵	13.76%	3.11%	0.75%	–
Class R4⁷	14.11%	3.33%	–	1.53%
Class R5⁷	14.49%	3.61%	–	1.81%
Class R6⁷	14.43%	3.67%	–	1.86%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

² Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

⁴ The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵ Performance is at net asset value.

⁶ Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

⁷ Commenced operations and performance for the classes began on June 30, 2015. Performance is at net asset value.

Micro Cap Growth Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Russell Microcap^® Growth Index and the Russell Microcap^®Index, assuming reinvestment of all dividends and distributions. The performance of the other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable

Sales Charge for the Periods Ended October 31, 2023

	1 Year	5 Years	10 Years	Life of Class
Class A³	-24.88%	5.33%	8.72%	–
Class C⁴	-21.69%	–	–	-5.64%
Class F⁵	-20.09%	–	–	-4.70%
Class I⁶	-20.09%	6.78%	9.47%	–

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

² Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

October 31, 2023, is calculated using the SEC required uniform method to compute such return.

⁴ Class C shares commenced operations and performance for the Class began on August 28, 2020. The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance is at net asset value.

⁵ Commenced operations and performance for the Class began on August 28, 2020. Performance is at net asset value.

⁶ Performance is at net asset value.

Value Opportunities Fund

Investment Comparison

Below is a comparison of a $10,000 investment in Class A shares with the same investment in the Russell 2500^TMIndex and the Russell 2500^TMValue Index, assuming reinvestment of all dividends and distributions. The performance of other classes will be greater than or less than the performance shown in the graph below due to different sales loads and expenses applicable to such classes. The graph and performance table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. During certain periods, expenses of the Fund have been waived or reimbursed by Lord Abbett; without such waiver or reimbursement of expenses, the Fund’s returns would have been lower. Past performance is no guarantee of future results.

Average Annual Total Returns at Maximum Applicable
Sales Charge for the Periods Ended October 31, 2023

	1 Year	5 Years	10 Years	Life of Class
Class A³	-5.63%	3.93%	5.34%	–
Class C⁴	-1.60%	4.38%	5.19%	–
Class F⁵	0.23%	5.32%	6.14%	–
Class F3⁶	0.40%	5.53%	–	5.26%
Class I⁵	0.33%	5.44%	6.24%	–
Class P⁵	-0.16%	4.96%	5.76%	–
Class R2⁵	-0.26%	4.80%	5.62%	–
Class R3⁵	-0.15%	4.90%	5.72%	–
Class R4⁷	0.05%	5.16%	–	4.96%
Class R5⁷	0.32%	5.43%	–	5.22%
Class R6⁷	0.40%	5.53%	–	5.33%

¹ Reflects the deduction of the maximum initial sales charge of 5.75%.

² Performance for each unmanaged index does not reflect any fees or expenses. The performance of each index is not necessarily representative of the Fund’s performance.

⁴ The 1% CDSC for Class C shares normally applies before the first anniversary of the purchase date. Performance for other periods is at net asset value.

⁵ Performance is at net asset value.

⁶ Commenced operations and performance for the Class began on April 4, 2017. Performance is at net asset value.

⁷ Commenced operations and performance for the classes began on June 30, 2015. Performance is at net asset value.

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 (May 1, 2023 through October 31, 2023).

Actual Expenses

For each class of each Fund, the first line of the applicable table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period 5/1/23 – 10/31/23” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

Alpha Strategy Fund

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

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†#
	5/1/23		10/31/23		5/1/23 – 10/31/23
Class A
Actual	$	1,000.00	$	910.30	$	2.02
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.09	$	2.14
Class C
Actual	$	1,000.00	$	907.00	$	5.67
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.26	$	6.01
Class F
Actual	$	1,000.00	$	911.50	$	1.35
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.79	$	1.43
Class F3
Actual	$	1,000.00	$	912.20	$	0.43
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.75	$	0.46
Class I
Actual	$	1,000.00	$	911.60	$	0.82
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.35	$	0.87
Class R2
Actual	$	1,000.00	$	909.00	$	3.75
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.27	$	3.97
Class R3
Actual	$	1,000.00	$	909.40	$	3.22
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.83	$	3.41
Class R4
Actual	$	1,000.00	$	910.40	$	2.02
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.09	$	2.14
Class R5
Actual	$	1,000.00	$	911.70	$	0.82
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.35	$	0.87
Class R6
Actual	$	1,000.00	$	911.80	$	0.43
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,024.75	$	0.46


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.42% for Class A, 1.18% for Class C, 0.28% for Class F, 0.09% for Class F3, 0.17% for Class I, 0.78% for Class R2, 0.67% for Class R3, 0.42% for Class R4, 0.17% for Class R5 and 0.09% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).
^#	Does not include expenses of the Underlying Funds in which Alpha Strategy Fund invests.

Portfolio Holdings Presented by Portfolio Allocation

October 31, 2023

Underlying Fund Name	%*
Lord Abbett Developing Growth Fund, Inc. - Class I		18.91	%
Lord Abbett Securities Trust-Focused Small Cap Value Fund - Class I		10.43	%
Lord Abbett Securities Trust-International Opportunities Fund - Class I		20.65	%
Lord Abbett Securities Trust-Micro Cap Growth Fund - Class I		8.92	%
Lord Abbett Research Fund, Inc.-Small Cap Value Fund - Class I		20.40	%
Lord Abbett Securities Trust-Value Opportunities Fund - Class I		20.59	%
Repurchase Agreements		0.10	%
Total		100.00	%


*	Represents percent of total investments, which excludes derivatives.

Focused Growth Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	5/1/23		10/31/23		5/1/23 – 10/31/23
Class A
Actual	$	1,000.00	$	1,042.20	$	5.40
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.91	$	5.35
Class C
Actual	$	1,000.00	$	1,038.50	$	9.25
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.13	$	9.15
Class F
Actual	$	1,000.00	$	1,043.70	$	4.12
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.17	$	4.08
Class F3
Actual	$	1,000.00	$	1,044.60	$	3.45
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.83	$	3.41
Class I
Actual	$	1,000.00	$	1,043.70	$	4.12
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.17	$	4.08
Class R3
Actual	$	1,000.00	$	1,041.20	$	6.69
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.65	$	6.61
Class R4
Actual	$	1,000.00	$	1,042.70	$	5.41
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.91	$	5.35
Class R5
Actual	$	1,000.00	$	1,043.70	$	4.12
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.17	$	4.08
Class R6
Actual	$	1,000.00	$	1,044.60	$	3.45
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.83	$	3.41


^†	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 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2023

Sector*	%**
Communication Services		16.56	%
Consumer Discretionary		12.20	%
Financials		3.08	%
Health Care		9.24	%
Industrials		4.06	%
Information Technology		54.28	%
Repurchase Agreements		0.58	%
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^†
	5/1/23		10/31/23		5/1/23 – 10/31/23
Class A
Actual	$	1,000.00	$	985.60	$	4.80
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.37	$	4.89
Class C
Actual	$	1,000.00	$	982.50	$	8.54
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.59	$	8.69
Class F
Actual	$	1,000.00	$	986.90	$	3.56
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.63	$	3.62
Class F3
Actual	$	1,000.00	$	986.70	$	3.56
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.63	$	3.62
Class I
Actual	$	1,000.00	$	987.10	$	3.56
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.63	$	3.62
Class R3
Actual	$	1,000.00	$	985.60	$	6.06
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.11	$	6.16
Class R4
Actual	$	1,000.00	$	986.60	$	4.81
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.37	$	4.89
Class R5
Actual	$	1,000.00	$	987.70	$	3.56
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.63	$	3.62
Class R6
Actual	$	1,000.00	$	986.70	$	3.56
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.63	$	3.62


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.96% for Class A, 1.71% for Class C, 0.71% for Class F, 0.71% for Class F3, 0.71% for Class I, 1.21% for Class R3, 0.96% for Class R4, 0.71% for Class R5 and 0.71% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2023

Sector*	%**
Communication Services		4.20	%
Consumer Discretionary		5.52	%
Consumer Staples		8.27	%
Energy		11.94	%
Financials		25.65	%
Health Care		9.61	%
Industrials		18.83	%
Information Technology		10.64	%
Materials		2.90	%
Real Estate		2.44	%
Total		100.00	%


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

Focused Small Cap Value Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	5/1/23		10/31/23		5/1/23 – 10/31/23
Class A
Actual	$	1,000.00	$	939.20	$	6.26
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.75	$	6.51
Class C
Actual	$	1,000.00	$	935.40	$	9.90
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,014.97	$	10.31
Class F
Actual	$	1,000.00	$	939.80	$	5.04
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.01	$	5.24
Class F3
Actual	$	1,000.00	$	940.60	$	4.74
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.32	$	4.94
Class I
Actual	$	1,000.00	$	940.00	$	5.04
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.01	$	5.24
Class R5
Actual	$	1,000.00	$	940.40	$	5.04
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.01	$	5.24
Class R6
Actual	$	1,000.00	$	940.20	$	4.74
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.32	$	4.94


^†	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 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2023

Sector*	%**
Communication Services		4.02	%
Consumer Discretionary		10.73	%
Consumer Staples		2.14	%
Energy		11.19	%
Financials		27.93	%
Health Care		5.49	%
Industrials		19.89	%
Information Technology		11.34	%
Materials		4.08	%
Real Estate		2.38	%
Repurchase Agreements		0.81	%
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^†
	5/1/23		10/31/23		5/1/23 – 10/31/23
Class A
Actual	$	1,000.00	$	983.50	$	4.70
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.47	$	4.79
Class C
Actual	$	1,000.00	$	979.70	$	8.43
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.69	$	8.59
Class F
Actual	$	1,000.00	$	984.10	$	3.95
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.22	$	4.02
Class F3
Actual	$	1,000.00	$	984.60	$	3.15
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.03	$	3.21
Class I
Actual	$	1,000.00	$	984.50	$	3.45
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.73	$	3.52
Class P
Actual	$	1,000.00	$	981.40	$	5.69
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.46	$	5.80
Class R2
Actual	$	1,000.00	$	981.30	$	6.44
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.70	$	6.56
Class R3
Actual	$	1,000.00	$	981.40	$	5.94
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.21	$	6.06
Class R4
Actual	$	1,000.00	$	982.60	$	4.70
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.47	$	4.79
Class R5
Actual	$	1,000.00	$	984.50	$	3.45
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.73	$	3.52
Class R6
Actual	$	1,000.00	$	984.60	$	3.15
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.03	$	3.21

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.94% for Class A, 1.69% for Class C, 0.79% for Class F, 0.63% for Class F3, 0.69% for Class I, 1.14% for Class P, 1.29% for Class R2, 1.19% for Class R3, 0.94% for Class R4, 0.69% for Class R5 and 0.63% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2023

Sector*	%**
Communication Services		4.71	%
Consumer Discretionary		5.74	%
Consumer Staples		5.89	%
Energy		10.10	%
Financials		23.23	%
Health Care		14.80	%
Industrials		13.29	%
Information Technology		12.51	%
Materials		3.85	%
Real Estate		2.98	%
Utilities		1.98	%
Repurchase Agreements		0.92	%
Total		100.00	%


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

Global Equity Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	5/1/23		10/31/23		5/1/23 – 10/31/23
Class A
Actual	$	1,000.00	$	989.60	$	4.51
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.67	$	4.58
Class C
Actual	$	1,000.00	$	985.50	$	8.26
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.89	$	8.39
Class F
Actual	$	1,000.00	$	990.50	$	3.76
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.42	$	3.82
Class F3
Actual	$	1,000.00	$	991.30	$	2.91
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.28	$	2.96
Class I
Actual	$	1,000.00	$	990.50	$	3.26
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.93	$	3.31
Class R3
Actual	$	1,000.00	$	988.00	$	5.76
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.41	$	5.85
Class R4
Actual	$	1,000.00	$	989.60	$	4.51
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.67	$	4.58
Class R5
Actual	$	1,000.00	$	991.20	$	3.26
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.93	$	3.31
Class R6
Actual	$	1,000.00	$	991.30	$	2.91
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.28	$	2.96


^†	For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.90% for Class A, 1.65% for Class C, 0.75% for Class F, 0.58% for Class F3, 0.65% for Class I, 1.15% for Class R3, 0.90% for Class R4, 0.65% for Class R5 and 0.58% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2023

Sector*	%**
Communication Services		11.06	%
Consumer Discretionary		12.18	%
Consumer Staples		7.68	%
Energy		5.21	%
Financials		16.20	%
Health Care		10.41	%
Industrials		8.38	%
Information Technology		22.45	%
Materials		2.61	%
Real Estate		1.09	%
Utilities		1.69	%
Repurchase Agreements		1.04	%
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^†
	5/1/23		10/31/23		5/1/23 – 10/31/23
Class A
Actual	$	1,000.00	$	1,041.00	$	4.58
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.72	$	4.53
Class C
Actual	$	1,000.00	$	1,037.60	$	8.42
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.94	$	8.34
Class F
Actual	$	1,000.00	$	1,042.80	$	3.30
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.98	$	3.26
Class F3
Actual	$	1,000.00	$	1,042.80	$	3.04
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.23	$	3.01
Class I
Actual	$	1,000.00	$	1,042.80	$	3.30
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.98	$	3.26
Class R2
Actual	$	1,000.00	$	1,039.50	$	6.43
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.90	$	6.36
Class R3
Actual	$	1,000.00	$	1,039.80	$	5.86
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.46	$	5.80
Class R4
Actual	$	1,000.00	$	1,041.40	$	4.58
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.72	$	4.53
Class R5
Actual	$	1,000.00	$	1,042.40	$	3.29
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.98	$	3.26
Class R6
Actual	$	1,000.00	$	1,042.80	$	3.04
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.23	$	3.01

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.89% for Class A, 1.64% for Class C, 0.64% for Class F, 0.59% for Class F3, 0.64% for Class I, 1.25% for Class R2, 1.14% for Class R3, 0.89% for Class R4, 0.64% for Class R5 and 0.59% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2023

Sector*	%**
Communication Services		11.01	%
Consumer Discretionary		14.85	%
Financials		5.46	%
Health Care		4.81	%
Industrials		16.96	%
Information Technology		45.40	%
Repurchase Agreements		1.51	%
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^†
	5/1/23		10/31/23		5/1/23 – 10/31/23
Class A
Actual	$	1,000.00	$	846.60	$	4.79
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.01	$	5.24
Class C
Actual	$	1,000.00	$	843.40	$	8.27
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.23	$	9.05
Class F
Actual	$	1,000.00	$	847.60	$	3.63
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.27	$	3.97
Class F3
Actual	$	1,000.00	$	848.40	$	2.84
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.13	$	3.11
Class I
Actual	$	1,000.00	$	847.80	$	3.63
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.27	$	3.97
Class R3
Actual	$	1,000.00	$	845.60	$	5.95
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.75	$	6.51
Class R4
Actual	$	1,000.00	$	846.50	$	4.79
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.01	$	5.24
Class R5
Actual	$	1,000.00	$	847.80	$	3.63
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.27	$	3.97
Class R6
Actual	$	1,000.00	$	848.50	$	2.84
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.13	$	3.11

^†

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, 1.03% for Class R4, 0.78% for Class R5 and 0.61% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2023

Sector*	%**
Health Care		94.02	%
Repurchase Agreements		5.09	%
Money Market Funds^(a)		0.80	%
Time Deposits^(a)		0.09	%
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 Equity Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	5/1/23		10/31/23		5/1/23 – 10/31/23
Class A
Actual	$	1,000.00	$	921.10	$	4.50
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.52	$	4.74
Class C
Actual	$	1,000.00	$	917.30	$	8.12
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.74	$	8.54
Class F
Actual	$	1,000.00	$	922.20	$	3.78
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.27	$	3.97
Class F3
Actual	$	1,000.00	$	922.30	$	2.91
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.18	$	3.06
Class I
Actual	$	1,000.00	$	922.10	$	3.29
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.78	$	3.47
Class P
Actual	$	1,000.00	$	920.60	$	5.52
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.46	$	5.80
Class R2
Actual	$	1,000.00	$	919.00	$	6.19
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.75	$	6.51
Class R3
Actual	$	1,000.00	$	919.80	$	5.71
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.26	$	6.01
Class R4
Actual	$	1,000.00	$	921.30	$	4.50
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.52	$	4.74
Class R5
Actual	$	1,000.00	$	922.20	$	3.20
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.88	$	3.36
Class R6
Actual	$	1,000.00	$	922.20	$	2.91
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.18	$	3.06

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.93% for Class A, 1.68% for Class C, 0.78% for Class F, 0.60% for Class F3, 0.68% for Class I, 1.14% for Class P, 1.28% for Class R2, 1.18% for Class R3, 0.93% 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 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2023

Sector*	%**
Communication Services		3.86	%
Consumer Discretionary		13.25	%
Consumer Staples		7.35	%
Energy		6.29	%
Financials		20.46	%
Health Care		12.50	%
Industrials		11.98	%
Information Technology		10.45	%
Materials		4.97	%
Real Estate		0.61	%
Utilities		1.97	%
Repurchase Agreements		6.31	%
Total		100.00	%

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

International Opportunities Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	5/1/23		10/31/23		5/1/23 – 10/31/23
Class A
Actual	$	1,000.00	$	902.10	$	5.80
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.11	$	6.16
Class C
Actual	$	1,000.00	$	899.00	$	9.38
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.32	$	9.96
Class F
Actual	$	1,000.00	$	902.90	$	5.08
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.86	$	5.40
Class F3
Actual	$	1,000.00	$	903.80	$	4.22
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.77	$	4.48
Class I
Actual	$	1,000.00	$	903.60	$	4.61
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.37	$	4.89
Class P
Actual	$	1,000.00	$	901.40	$	6.57
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.30	$	6.97
Class R2
Actual	$	1,000.00	$	900.60	$	7.47
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.34	$	7.93
Class R3
Actual	$	1,000.00	$	901.20	$	7.00
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.85	$	7.43
Class R4
Actual	$	1,000.00	$	902.20	$	5.80
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.11	$	6.16
Class R5
Actual	$	1,000.00	$	903.10	$	4.60
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.37	$	4.89
Class R6
Actual	$	1,000.00	$	903.80	$	4.22
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.77	$	4.48

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.21% for Class A, 1.96% for Class C, 1.06% for Class F, 0.88% for Class F3, 0.96% for Class I, 1.37% for Class P, 1.56% for Class R2, 1.46% for Class R3, 1.21% for Class R4, 0.96% for Class R5 and 0.88% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2023

Sector*	%**
Communication Services		4.69	%
Consumer Discretionary		13.51	%
Consumer Staples		8.52	%
Energy		3.91	%
Financials		19.02	%
Health Care		7.76	%
Industrials		9.68	%
Information Technology		12.98	%
Materials		10.72	%
Real Estate		1.10	%
Utilities		2.05	%
Repurchase Agreements		6.04	%
Money Market Funds^(a)		0.02	%
Time Deposits^(a)		0.00	%
Total		100.00	%

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

International Value Fund

	Beginning Account Value		Ending Account Value		Expenses Paid During Period^†
	5/1/23		10/31/23		5/1/23 – 10/31/23
Class A
Actual	$	1,000.00	$	934.90	$	4.63
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.42	$	4.84
Class C
Actual	$	1,000.00	$	930.40	$	8.32
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.59	$	8.69
Class F
Actual	$	1,000.00	$	936.10	$	3.90
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.17	$	4.08
Class F3
Actual	$	1,000.00	$	936.60	$	3.03
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.08	$	3.16
Class I
Actual	$	1,000.00	$	935.30	$	3.41
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.68	$	3.57
Class R2
Actual	$	1,000.00	$	933.70	$	6.34
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.65	$	6.61
Class R3
Actual	$	1,000.00	$	934.30	$	5.90
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.11	$	6.16
Class R4
Actual	$	1,000.00	$	934.50	$	4.63
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.42	$	4.84
Class R5
Actual	$	1,000.00	$	936.40	$	3.37
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.73	$	3.52
Class R6
Actual	$	1,000.00	$	936.60	$	3.03
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.08	$	3.16

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (0.95% for Class A, 1.71% for Class C, 0.80% for Class F, 0.62% for Class F3, 0.70% for Class I, 1.30% for Class R2, 1.21% for Class R3, 0.95% for Class R4, 0.69% for Class R5 and 0.62% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2023

Sector*	%**
Communication Services		3.53	%
Consumer Discretionary		8.49	%
Consumer Staples		8.03	%
Energy		10.09	%
Financials		26.20	%
Health Care		10.28	%
Industrials		14.80	%
Information Technology		3.12	%
Materials		6.04	%
Real Estate		0.90	%
Utilities		4.49	%
Repurchase Agreements		4.03	%
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^†
	5/1/23		10/31/23		5/1/23 – 10/31/23
Class A
Actual	$	1,000.00	$	797.80	$	6.16
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.35	$	6.92
Class C
Actual	$	1,000.00	$	794.80	$	9.59
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,014.52	$	10.76
Class F
Actual	$	1,000.00	$	799.10	$	5.03
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.61	$	5.65
Class I
Actual	$	1,000.00	$	799.10	$	5.03
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.61	$	5.65

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.36% for Class A, 2.12% for Class C, 1.11% for Class F and 1.11% for Class I multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2023

Sector*	%**
Communication Services		3.68	%
Consumer Discretionary		12.21	%
Consumer Staples		5.78	%
Financials		11.57	%
Health Care		24.32	%
Industrials		17.24	%
Information Technology		20.55	%
Repurchase Agreements		1.46	%
Money Market Funds^(a)		2.87	%
Time Deposits^(a)		0.32	%
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^†
	5/1/23		10/31/23		5/1/23 – 10/31/23
Class A
Actual	$	1,000.00	$	974.30	$	5.82
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.31	$	5.96
Class C
Actual	$	1,000.00	$	970.20	$	9.58
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.48	$	9.80
Class F
Actual	$	1,000.00	$	974.50	$	5.08
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.06	$	5.19
Class F3
Actual	$	1,000.00	$	975.50	$	4.13
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.02	$	4.23
Class I
Actual	$	1,000.00	$	975.20	$	4.58
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.57	$	4.69
Class P
Actual	$	1,000.00	$	972.70	$	6.81
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.30	$	6.97
Class R2
Actual	$	1,000.00	$	972.30	$	7.56
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.54	$	7.73
Class R3
Actual	$	1,000.00	$	972.90	$	7.06
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.05	$	7.22
Class R4
Actual	$	1,000.00	$	973.60	$	5.82
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.31	$	5.96
Class R5
Actual	$	1,000.00	$	975.20	$	4.63
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.52	$	4.74
Class R6
Actual	$	1,000.00	$	976.10	$	4.13
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.02	$	4.23

^†

For each class of the Fund, net expenses are equal to the annualized expense ratio for such class (1.17% for Class A, 1.93% 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, 0.93% for Class R5 and 0.83% for Class R6) multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

Portfolio Holdings Presented by Sector

October 31, 2023

Sector*	%**
Communication Services		1.56	%
Consumer Discretionary		11.31	%
Consumer Staples		2.16	%
Energy		5.96	%
Financials		16.95	%
Health Care		12.03	%
Industrials		18.05	%
Information Technology		16.46	%
Materials		7.25	%
Real Estate		4.01	%
Utilities		2.69	%
Repurchase Agreements		1.57	%
Total		100.00	%

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

Schedule of Investments

ALPHA STRATEGY FUND October 31, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 100.01%

INVESTMENTS IN UNDERLYING FUNDS^(a)(b) 100.01%
Lord Abbett Developing Growth Fund, Inc. – Class I*^(c)		5,059,476	$	100,632,986
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I^(d)		2,314,183		55,517,264
Lord Abbett Securities Trust – International Opportunities Fund – Class I^(d)		6,661,469		109,914,234
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I*^(d)		3,479,972		47,466,817
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I^(d)		6,408,888		108,566,558
Lord Abbett Securities Trust – Value Opportunities Fund – Class I^(d)		6,629,382		109,583,685
Total Investments in Underlying Funds (cost 618,420,565)				531,681,544

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.10%

Repurchase Agreements 0.10%
Repurchase Agreement dated 10/31/2023, 2.800% due 11/1/2023 with Fixed Income Clearing Corp. collateralized by $567,600 of U.S. Treasury Note at 5.000% due 10/31/2025; value: $567,134; proceeds: $556,037 (cost $555,994)	$	555,994	$	555,994
Total Investments in Securities 100.11% (cost $618,976,559)				532,237,538
Other Assets and Liabilities – Net (0.11)%				(582,337	)
Net Assets 100.00%			$	531,655,201

*		Non-income producing security.
^(a)		Affiliated issuer (See Note 12).
^(b)		These investments offer daily redemptions.
^(c)		Fund investment objective is long-term growth of capital through a diversified and actively managed portfolio consisting of developing growth companies, many of which are traded over the counter.
^(d)		Fund investment objective is long-term capital appreciation.

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Investments in Underlying Funds	$	531,681,544	$	–	$	–	$	531,681,544
Short-Term Investments
Repurchase Agreements		–		555,994		–		555,994
Total	$	531,681,544	$	555,994	$	–	$	532,237,538

⁽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 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 year in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments

FOCUSED GROWTH FUND October 31, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.35%
COMMON STOCKS 98.35%

Automobiles 0.96%
Tesla, Inc.*		1,484	$	298,047

Biotechnology 2.79%
Argenx SE ADR*		1,843		865,417

Broadline Retail 8.65%
Amazon.com, Inc.*		13,632		1,814,283
MercadoLibre, Inc. (Uruguay)*^(a)		701		869,759
Total				2,684,042

Communications Equipment 3.78%
Arista Networks, Inc.*		5,847		1,171,563

Entertainment 4.59%
Netflix, Inc.*		2,330		959,238
Spotify Technology SA (Sweden)*^(a)		2,825		465,447
Total				1,424,685

Financial Services 3.05%
Mastercard, Inc. Class A		1,573		591,999
Remitly Global, Inc.*		13,136		353,752
Total				945,751

Ground Transportation 4.01%
Old Dominion Freight Line, Inc.		1,630		613,956
Uber Technologies, Inc.*		14,574		630,762
Total				1,244,718

Health Care Equipment & Supplies 1.47%
Intuitive Surgical, Inc.*		1,738		455,738

Hotels, Restaurants & Leisure 2.46%
DraftKings, Inc. Class A*		27,587		761,953

Information Technology Services 7.12%
MongoDB, Inc.*		2,812		968,987
Shopify, Inc. Class A (Canada)*^(a)		26,248		1,238,643
Total				2,207,630

Investments	Shares		Fair Value
Interactive Media & Services 9.03%
Alphabet, Inc. Class A*		13,049	$	1,619,120
Meta Platforms, Inc. Class A*		3,928		1,183,388
Total				2,802,508

Media 2.75%
Trade Desk, Inc. Class A*		12,033		853,862

Pharmaceuticals 4.88%
Eli Lilly & Co.		2,735		1,514,999

Semiconductors & Semiconductor Equipment 16.09%
Advanced Micro Devices, Inc.*		6,151		605,873
Applied Materials, Inc.		5,696		753,866
Monolithic Power Systems, Inc.		1,089		481,055
NVIDIA Corp.		7,726		3,150,663
Total				4,991,457

Software 20.09%
Adobe, Inc.		2,028		1,079,018
Cadence Design Systems, Inc.*		3,317		795,582
HubSpot, Inc.*		1,466		621,247
Microsoft Corp.		7,139		2,413,767
Palo Alto Networks, Inc.*		1,926		468,057
ServiceNow, Inc.*		1,468		854,156
Total				6,231,827

Technology Hardware, Storage & Peripherals 6.63%
Apple, Inc.		12,034		2,055,046
Total Common Stocks (cost $26,026,880)				30,509,243

64	See Notes to Financial Statements.

Schedule of Investments (concluded)

FOCUSED GROWTH FUND October 31, 2023

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.57%

Repurchase Agreements 0.57%
Repurchase Agreement dated 10/31/2023, 2.800% due 11/1/2023 with Fixed Income Clearing Corp. collateralized by $181,000 of U.S. Treasury Note at 5.000% due 10/31/2025; value: $180,852; proceeds: $177,304 (cost $177,290)	$	177,290	$	177,290
Total Investments in Securities 98.92% (cost $26,204,170)				30,686,533
Other Assets and Liabilities – Net 1.08%				333,809
Net Assets 100.00%			$	31,020,342

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

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	30,509,243	$	–	$	–	$	30,509,243
Short-Term Investments
Repurchase Agreements		–		177,290		–		177,290
Total	$	30,509,243	$	177,290	$	–	$	30,686,533

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

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

See Notes to Financial Statements.

Schedule of Investments

FOCUSED LARGE CAP VALUE FUND October 31, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.39%
COMMON STOCKS 99.39%

Air Freight & Logistics 2.92%
Expeditors International of Washington, Inc.		5,070	$	553,898

Banks 6.79%
JPMorgan Chase & Co.		5,640		784,298
Wells Fargo & Co.		12,740		506,670
Total				1,290,968

Beverages 2.32%
Carlsberg AS Class B^(a)		3,700		440,941

Biotechnology 3.33%
AbbVie, Inc.		4,480		632,486

Building Products 5.63%
Allegion PLC (Ireland)^(b)		4,820		474,095
Masco Corp.		11,440		595,910
Total				1,070,005

Capital Markets 7.00%
Charles Schwab Corp.		14,387		748,700
KKR & Co., Inc.		10,490		581,146
Total				1,329,846

Construction Materials 2.88%
CRH PLC (Ireland)^(b)		10,230		548,021

Consumer Staples Distribution & Retail 5.90%
BJ’s Wholesale Club Holdings, Inc.*		8,336		567,848
Target Corp.		4,990		552,842
Total				1,120,690

Energy Equipment & Services 3.32%
Schlumberger NV		11,320		630,071

Financial Services 3.27%
Fiserv, Inc.*		5,470		622,213

Investments	Shares		Fair Value
Ground Transportation 3.30%
Norfolk Southern Corp.		3,290	$	627,699

Health Care Providers & Services 4.36%
Molina Healthcare, Inc.*		2,490		829,046

Hotels, Restaurants & Leisure 2.60%
Caesars Entertainment, Inc.*		12,370		493,439

Insurance 8.43%
Allstate Corp.		6,420		822,595
RenaissanceRe Holdings Ltd.		3,548		779,105
Total				1,601,700

Interactive Media & Services 4.18%
Alphabet, Inc. Class A*		6,400		794,112

Machinery 2.97%
Parker-Hannifin Corp.		1,530		564,432

Oil, Gas & Consumable Fuels 8.54%
Chesapeake Energy Corp.		6,308		542,993
Pioneer Natural Resources Co.		2,360		564,040
Shell PLC ADR		7,930		516,560
Total				1,623,593

Pharmaceuticals 1.87%
Organon & Co.		23,960		354,368

Real Estate Management & Development 2.42%
CBRE Group, Inc. Class A*		6,640		460,418

Semiconductors & Semiconductor Equipment 3.03%
Micron Technology, Inc.		8,620		576,419

Software 7.54%
Adobe, Inc.		1,440		766,166
Microsoft Corp.		1,970		666,077
Total				1,432,243

Specialty Retail 2.89%
Valvoline, Inc.		18,530		549,785

66	See Notes to Financial Statements.

Schedule of Investments (concluded)

FOCUSED LARGE CAP VALUE FUND October 31, 2023

Investments	Shares		Fair Value
Trading Companies & Distributors 3.90%
AerCap Holdings NV (Ireland)*^(b)		11,920	$	740,470
Total Common Stocks 99.39% (cost $17,996,933)				18,886,863
Other Assets and Liabilities – Net 0.61%				116,133
Net Assets 100.00%			$	19,002,996

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.

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Beverages	$	–	$	440,941	$	–	$	440,941
Remaining Industries		18,445,922		–		–		18,445,922
Total	$	18,445,922	$	440,941	$	–	$	18,886,863

⁽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 year in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments

FOCUSED SMALL CAP VALUE FUND October 31, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.54%
COMMON STOCKS 98.54%

Aerospace & Defense 1.61%
Leonardo DRS, Inc.*		84,521	$	1,611,816

Air Freight & Logistics 1.37%
Radiant Logistics, Inc.*		234,611		1,374,820

Automobile Components 3.26%
Dorman Products, Inc.*		28,220		1,754,719
Gentherm, Inc.*		37,503		1,508,371
Total				3,263,090

Banks 12.68%
Axos Financial, Inc.*		52,662		1,897,412
Bancorp, Inc.*		77,229		2,753,214
First BanCorp		156,942		2,095,176
Prosperity Bancshares, Inc.		33,216		1,811,600
Seacoast Banking Corp. of Florida		98,979		2,000,365
Wintrust Financial Corp.		28,691		2,142,931
Total				12,700,698

Building Products 2.71%
Masonite International Corp.*		34,279		2,712,840

Capital Markets 2.96%
Bridge Investment Group Holdings, Inc. Class A		103,848		756,013
Moelis & Co. Class A		53,053		2,209,127
Total				2,965,140

Chemicals 2.17%
Element Solutions, Inc.		119,436		2,177,318

Commercial Services & Supplies 5.35%
Brady Corp. Class A		61,985		3,189,748
SP Plus Corp.*		42,812		2,163,290
Total				5,353,038

Construction Materials 1.88%
Eagle Materials, Inc.		12,229		1,882,165

Investments	Shares		Fair Value
Electronic Equipment, Instruments & Components 6.60%
Advanced Energy Industries, Inc.		16,692	$	1,456,544
Belden, Inc.		37,143		2,633,439
Mirion Technologies, Inc.*		363,210		2,517,045
Total				6,607,028

Energy Equipment & Services 4.08%
TechnipFMC PLC (United Kingdom)^(a)		189,907		4,086,799

Financial Services 4.93%
Compass Diversified Holdings		147,964		2,542,021
International Money Express, Inc.*		150,156		2,396,490
Total				4,938,511

Health Care Providers & Services 4.04%
AMN Healthcare Services, Inc.*		27,106		2,056,261
Tenet Healthcare Corp.*		37,044		1,989,263
Total				4,045,524

Hotels, Restaurants & Leisure 1.40%
Dave & Buster’s Entertainment, Inc.*		40,008		1,397,880

Household Products 2.12%
Spectrum Brands Holdings, Inc.		28,236		2,126,736

Information Technology Services 2.36%
Perficient, Inc.*		40,566		2,360,536

Insurance 7.17%
Kemper Corp.		65,160		2,598,581
RenaissanceRe Holdings Ltd.		12,766		2,803,286
White Mountains Insurance Group Ltd.		1,242		1,776,991
Total				7,178,858

Interactive Media & Services 2.38%
Cars.com, Inc.*		156,705		2,386,617

68	See Notes to Financial Statements.

Schedule of Investments (continued)

FOCUSED SMALL CAP VALUE FUND October 31, 2023

Investments	Shares		Fair Value
Leisure Products 2.48%
YETI Holdings, Inc.*		58,305	$	2,479,129

Machinery 1.98%
Columbus McKinnon Corp.		64,755		1,979,560

Media 1.60%
Criteo SA ADR*		56,838		1,606,810

Oil, Gas & Consumable Fuels 7.04%
MEG Energy Corp.*^(b)		166,401		3,287,822
Permian Resources Corp.		258,087		3,760,328
Total				7,048,150

Pharmaceuticals 1.41%
Organon & Co.		95,686		1,415,196

Professional Services 3.94%
TrueBlue, Inc.*		110,071		1,218,486
WNS Holdings Ltd. ADR*		50,138		2,723,496
Total				3,941,982

Real Estate Management & Development 2.37%
Marcus & Millichap, Inc.		82,521		2,368,353

Semiconductors & Semiconductor Equipment 2.31%
FormFactor, Inc.*		68,142		2,308,651

Specialty Retail 3.53%
Academy Sports & Outdoors, Inc.		48,510		2,175,188
Boot Barn Holdings, Inc.*		19,535		1,357,683
Total				3,532,871

Trading Companies & Distributors 2.81%
MRC Global, Inc.*		267,739		2,813,937
Total Common Stocks (cost $100,782,012)				98,664,053

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.81%

Repurchase Agreements 0.81%
Repurchase Agreement dated 10/31/2023, 2.800% due 11/1/2023 with Fixed Income Clearing Corp. collateralized by $826,200 of U.S. Treasury Note at 5.000% due 10/31/2025; value: $825,522; proceeds: $809,358 (cost $809,295)	$	809,295	$	809,295
Total Investments in Securities 99.35% (cost $101,591,307)				99,473,348
Other Assets and Liabilities – Net 0.65%				655,010
Net Assets 100.00%			$	100,128,358

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

See Notes to Financial Statements.

Schedule of Investments (concluded)

FOCUSED SMALL CAP VALUE FUND October 31, 2023

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	98,664,053	$	–	$	–	$	98,664,053
Short-Term Investments
Repurchase Agreements		–		809,295		–		809,295
Total	$	98,664,053	$	809,295	$	–	$	99,473,348

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

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

70	See Notes to Financial Statements.

Schedule of Investments

FUNDAMENTAL EQUITY FUND October 31, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.83%
COMMON STOCKS 98.83%

Aerospace & Defense 2.02%
Lockheed Martin Corp.		77,890	$	35,411,910

Air Freight & Logistics 1.51%
Expeditors International of Washington, Inc.		241,870		26,424,298

Automobiles 0.91%
General Motors Co.		563,350		15,886,470

Banks 5.34%
JPMorgan Chase & Co.		437,380		60,822,063
Wells Fargo & Co.		824,950		32,808,261
Total				93,630,324

Beverages 1.46%
Carlsberg AS Class B^(a)		213,940		25,495,897

Biotechnology 3.06%
AbbVie, Inc.		259,010		36,567,032
Biogen, Inc.*		71,770		17,048,246
Total				53,615,278

Building Products 4.23%
Allegion PLC (Ireland)^(b)		220,140		21,652,970
Builders FirstSource, Inc.*		209,550		22,740,366
Masco Corp.		570,650		29,725,159
Total				74,118,495

Capital Markets 6.35%
Ameriprise Financial, Inc.		82,990		26,106,164
Charles Schwab Corp.		660,063		34,349,679
KKR & Co., Inc.		485,580		26,901,132
Morgan Stanley		338,540		23,975,403
Total				111,332,378

Chemicals 0.98%
Dow, Inc.		356,700		17,242,878

Construction & Engineering 1.67%
EMCOR Group, Inc.		141,930		29,329,835

Investments	Shares		Fair Value
Construction Materials 1.43%
CRH PLC (Ireland)^(b)		468,490	$	25,097,009

Consumer Finance 1.26%
American Express Co.		151,700		22,152,751

Consumer Staples Distribution & Retail 3.36%
BJ’s Wholesale Club Holdings, Inc.*		461,937		31,467,148
Target Corp.		247,930		27,468,165
Total				58,935,313

Electric: Utilities 1.97%
FirstEnergy Corp.		449,540		16,003,624
NextEra Energy, Inc.		318,580		18,573,214
Total				34,576,838

Electronic Equipment, Instruments & Components 1.18%
Teledyne Technologies, Inc.*		55,260		20,699,843

Energy Equipment & Services 2.53%
Schlumberger NV		795,770		44,292,558

Financial Services 2.46%
Fiserv, Inc.*		263,210		29,940,137
PayPal Holdings, Inc.*		255,490		13,234,382
Total				43,174,519

Ground Transportation 1.60%
Norfolk Southern Corp.		146,680		27,985,077

Health Care Equipment & Supplies 1.30%
Becton Dickinson & Co.		90,400		22,851,312

Health Care Providers & Services 7.89%
Laboratory Corp. of America Holdings		134,920		26,947,572
McKesson Corp.		65,850		29,985,456
Molina Healthcare, Inc.*		116,090		38,652,165
UnitedHealth Group, Inc.		79,730		42,700,199
Total				138,285,392

See Notes to Financial Statements.

Schedule of Investments (continued)

FUNDAMENTAL EQUITY FUND October 31, 2023

Investments	Shares		Fair Value
Hotels, Restaurants & Leisure 1.09%
Caesars Entertainment, Inc.*		477,190	$	19,035,109

Household Products 1.05%
Procter & Gamble Co.		123,030		18,458,191

Industrial REITS 0.80%
Prologis, Inc.		138,990		14,003,243

Insurance 7.88%
Allstate Corp.		341,450		43,749,989
Arch Capital Group Ltd.*		345,560		29,953,141
Arthur J Gallagher & Co.		132,760		31,263,652
RenaissanceRe Holdings Ltd.		150,488		33,045,660
Total				138,012,442

Interactive Media & Services 2.79%
Alphabet, Inc. Class A*		394,240		48,917,299

Life Sciences Tools & Services 1.19%
Thermo Fisher Scientific, Inc.		46,910		20,864,161

Machinery 1.76%
Parker-Hannifin Corp.		83,340		30,744,959

Media 1.91%
Comcast Corp. Class A		809,260		33,414,345

Metals & Mining 0.98%
Reliance Steel & Aluminum Co.		67,220		17,099,424

Oil, Gas & Consumable Fuels 7.55%
Chesapeake Energy Corp.		460,240		39,617,459
Pioneer Natural Resources Co.		184,720		44,148,080
Shell PLC ADR		745,920		48,589,229
Total				132,354,768

Pharmaceuticals 1.32%
Organon & Co.		1,566,160		23,163,506

Investments	Shares		Fair Value
Real Estate Management & Development 1.22%
CBRE Group, Inc. Class A*		307,130	$	21,296,394

Residential REITS 0.95%
American Homes 4 Rent Class A		510,800		16,723,592

Semiconductors & Semiconductor Equipment 3.67%
KLA Corp.		39,380		18,496,786
Micron Technology, Inc.		487,460		32,596,450
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		153,700		13,265,847
Total				64,359,083

Software 4.56%
Adobe, Inc.*		67,540		35,935,332
Microsoft Corp.		130,210		44,025,303
Total				79,960,635

Specialty Retail 3.73%
AutoZone, Inc.*		8,430		20,882,206
Lowe’s Cos., Inc.		102,520		19,537,236
Valvoline, Inc.		843,180		25,017,151
Total				65,436,593

Technology Hardware, Storage & Peripherals 1.83%
NetApp, Inc.		440,320		32,046,490

Trading Companies & Distributors 2.04%
AerCap Holdings NV (Ireland)*^(b)		575,980		35,779,878
Total Common Stocks (cost $1,471,482,550)				1,732,208,487

72	See Notes to Financial Statements.

Schedule of Investments (concluded)

FUNDAMENTAL EQUITY FUND October 31, 2023

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 0.92%

Repurchase Agreements 0.92%
Repurchase Agreement dated 10/31/2023, 2.800% due 11/1/2023 with Fixed Income Clearing Corp. collateralized by $16,351,800 of U.S. Treasury Note at 5.000% due 10/31/2025; value: $16,338,386; proceeds: $16,019,198 (cost $16,017,952)	$	16,017,952	$	16,017,952
Total Investments in Securities 99.75% (cost $1,487,500,502)				1,748,226,439
Other Assets and Liabilities – Net 0.25%				4,427,013
Net Assets 100.00%			$	1,752,653,452

REITS		Real Estate Investment Trusts.
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.

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Beverages	$	—	$	25,495,897	$	—	$	25,495,897
Remaining Industries		1,706,712,590		—		—		1,706,712,590
Short-Term Investments
Repurchase Agreements		—		16,017,952		—		16,017,952
Total	$	1,706,712,590	$	41,513,849	$	—	$	1,748,226,439

⁽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 year in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments

GLOBAL EQUITY FUND October 31, 2023

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 98.97%
COMMON STOCKS 98.97%

Australia 1.72%

Diversified REITS 0.75%
Charter Hall Group		18,674	$	103,454

Metals & Mining 0.97%
BHP Group Ltd.		4,778		135,253
Total Australia				238,707

Austria 1.50%

Banks
BAWAG Group AG^†		4,669		207,959

Brazil 2.02%

Broadline Retail
MercadoLibre, Inc.*		226		280,407

Canada 2.29%

Consumer Staples Distribution & Retail
Alimentation Couche-Tard, Inc.		5,839		317,855

China 4.82%

Beverages 0.63%
Kweichow Moutai Co. Ltd. Class A		381		87,746

Broadline Retail 1.85%
Alibaba Group Holding Ltd.*		16,951		174,512
PDD Holdings, Inc. ADR*		817		82,860
				257,372

Gas Utilities 0.49%
ENN Energy Holdings Ltd.		8,990		68,100

Interactive Media & Services 1.27%
Tencent Holdings Ltd.		4,761		176,199

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

Marine Transportation 0.58%
SITC International Holdings Co. Ltd.		52,744	$	81,247
Total China				670,664

Denmark 2.65%

Biotechnology 0.46%
Genmab AS*		226		63,886

Pharmaceuticals 2.19%
Novo Nordisk AS Class B		3,164		305,251
Total Denmark				369,137

France 3.66%

Beverages 0.44%
Pernod Ricard SA		343		60,909

Capital Markets 1.01%
Amundi SA^†		2,695		140,785

Life Sciences Tools & Services 0.10%
Sartorius Stedim Biotech		74		13,855

Oil, Gas & Consumable Fuels 0.44%
Gaztransport Et Technigaz SA		480		61,397

Personal Care Products 0.58%
L’Oreal SA		192		80,703

Professional Services 0.22%
Teleperformance SE		271		31,176

Textiles, Apparel & Luxury Goods 0.87%
LVMH Moet Hennessy Louis Vuitton SE		168		120,276
Total France				509,101

Japan 2.84%

Electrical Equipment 0.27%
Fuji Electric Co. Ltd.		991		37,732

74	See Notes to Financial Statements.

Schedule of Investments (continued)

GLOBAL EQUITY FUND October 31, 2023

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

Household Durables 0.54%
Sony Group Corp.		904	$	75,157

Insurance 0.90%
Sompo Holdings, Inc.		2,869		124,285

Machinery 0.43%
Fujitec Co. Ltd.		2,742		59,529

Professional Services 0.70%
TechnoPro Holdings, Inc.		4,924		97,549
Total Japan				394,252

Mexico 1.91%

Banks
Grupo Financiero Banorte SAB de CV Class O		32,690		265,306

Netherlands 2.60%

Oil, Gas & Consumable Fuels 2.05%
Shell PLC		8,846		285,079

Semiconductors & Semiconductor Equipment 0.55%
ASML Holding NV		126		75,741
Total Netherlands				360,820

Peru 0.97%

Banks
Intercorp Financial Services, Inc.		7,210		135,404

Singapore 1.30%

Semiconductors & Semiconductor Equipment
STMicroelectronics NV		4,740		180,689

South Korea 1.57%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		4,399		218,960

Investments	Shares		U.S. $ Fair Value
Spain 1.20%

Electric: Utilities
Iberdrola SA		15,030	$	167,164

Taiwan 1.57%

Semiconductors & Semiconductor Equipment
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		49		4,229
Taiwan Semiconductor Manufacturing Co. Ltd.		13,132		214,479
				218,708

United Kingdom 7.61%

Broadline Retail 2.66%
B&M European Value Retail SA		30,280		194,935
Next PLC		2,085		174,811
				369,746

Capital Markets 0.40%
London Stock Exchange Group PLC		546		55,089

Household Durables 0.38%
Persimmon PLC		4,334		53,672

Personal Care Products 1.62%
Unilever PLC		4,762		225,531

Tobacco 1.52%
Imperial Brands PLC		9,920		211,337

Trading Companies & Distributors 1.03%
Ashtead Group PLC		2,501		143,439
Total United Kingdom				1,058,814

United States 58.74%

Aerospace & Defense 0.54%
TransDigm Group, Inc.*		91		75,356

See Notes to Financial Statements.

Schedule of Investments (continued)

GLOBAL EQUITY FUND October 31, 2023

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

Air Freight & Logistics 0.30%
Expeditors International of Washington, Inc.		375	$	40,969

Automobiles 1.07%
General Motors Co.		5,266		148,501

Banks 1.72%
JPMorgan Chase & Co.		1,723		239,600

Biotechnology 1.85%
Vertex Pharmaceuticals, Inc.*		710		257,098

Broadline Retail 1.01%
Amazon.com, Inc.*		1,052		140,011

Building Products 2.34%
Allegion PLC		1,621		159,442
Builders FirstSource, Inc.*		1,528		165,818
				325,260

Capital Markets 5.00%
Ameriprise Financial, Inc.		774		243,477
Cboe Global Markets, Inc.		1,915		313,850
Evercore, Inc. Class A		1,062		138,251
				695,578

Construction Materials 0.99%
CRH PLC		2,568		137,788

Consumer Staples Distribution & Retail 0.60%
BJ’s Wholesale Club Holdings, Inc.*		1,229		83,719

Electronic Equipment, Instruments & Components 0.38%
Crane NXT Co.		1,024		53,248

Entertainment 1.31%
Netflix, Inc.*		444		182,790

Financial Services 2.80%
Visa, Inc. Class A		1,653		388,620

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

Ground Transportation 0.34%
Norfolk Southern Corp.		251	$	47,888

Health Care Equipment & Supplies 0.61%
Dexcom, Inc.*		556		49,389
Intuitive Surgical, Inc.*		135		35,400
				84,789

Health Care Providers & Services 3.91%
Molina Healthcare, Inc.*		342		113,869
UnitedHealth Group, Inc.		803		430,055
				543,924

Household Durables 0.76%
Helen of Troy Ltd.		1,078		105,989

Industrial REITS 0.35%
Prologis, Inc.		478		48,158

Information Technology Services 1.10%
Accenture PLC Class A		513		152,407

Interactive Media & Services 8.48%
Alphabet, Inc. Class A*		5,541		687,527
Meta Platforms, Inc. Class A*		1,630		491,070
				1,178,597

Life Sciences Tools & Services 0.46%
Thermo Fisher Scientific, Inc.		145		64,492

Machinery 0.88%
Crane Co.		593		57,717
Parker-Hannifin Corp.		176		64,928
				122,645

Oil, Gas & Consumable Fuels 2.72%
Cheniere Energy, Inc.		225		37,445
Marathon Petroleum Corp.		2,254		340,917
				378,362

Pharmaceuticals 0.82%
Organon & Co.		7,706		113,972

Professional Services 0.79%
Verra Mobility Corp.*		5,579		110,297

76	See Notes to Financial Statements.

Schedule of Investments (continued)

GLOBAL EQUITY FUND October 31, 2023

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

Semiconductors & Semiconductor Equipment 3.65%
Broadcom, Inc.		33	$	27,765
KLA Corp.		310		145,607
NVIDIA Corp.		821		334,804
				508,176

Software 9.20%
Adobe, Inc.		649		345,307
Cadence Design Systems, Inc.*		604		144,869
Microsoft Corp.		1,996		674,868
PowerSchool Holdings, Inc. Class A*		5,751		114,560
				1,279,604

Specialty Retail 1.79%
Academy Sports & Outdoors, Inc.		2,891		129,633
Lowe’s Cos., Inc.		623		118,725
				248,358

Technology Hardware, Storage & Peripherals 2.97%
Apple, Inc.		2,415		412,410
Total United States				8,168,606
Total Common Stocks (cost $12,593,414)				13,762,553

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 1.04%

Repurchase Agreements 1.04%
Repurchase Agreement dated 10/31/2023, 2.800% due 11/1/2023 with Fixed Income Clearing Corp. collateralized by $147,900 of U.S. Treasury Note at 5.000% due 10/31/2025; value: $147,779; proceeds: $144,863 (cost $144,851)	$	144,851	$	144,851
Total Investments in Securities 100.01% (cost $12,738,265)				13,907,404
Other Assets and Liabilities – Net (0.01)%				(1,600	)
Net Assets 100.00%			$	13,905,804

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 October 31, 2023, the total value of Rule 144A securities was $348,744, which represents 2.51% of net assets.
*		Non-income producing security.

See Notes to Financial Statements.

Schedule of Investments (concluded)

GLOBAL EQUITY FUND October 31, 2023

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Australia	$	—	$	238,707	$	—	$	238,707
Austria		—		207,959		—		207,959
China		82,860		587,804		—		670,664
Denmark		—		369,137		—		369,137
France		—		509,101		—		509,101
Japan		—		394,252		—		394,252
Netherlands		—		360,820		—		360,820
Singapore		—		180,689		—		180,689
South Korea		—		218,960		—		218,960
Spain		—		167,164		—		167,164
Taiwan		4,229		214,479		—		218,708
United Kingdom		—		1,058,814		—		1,058,814
United States		8,046,675		121,931		—		8,168,606
Remaining Countries		998,972		—		—		998,972
Short-Term Investments
Repurchase Agreements		—		144,851		—		144,851
Total	$	9,132,736	$	4,774,668	$	—	$	13,907,404

⁽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 year in relation to the Fund’s net assets.

78	See Notes to Financial Statements.

Schedule of Investments

GROWTH LEADERS FUND October 31, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 97.69%
COMMON STOCKS 97.69%

Aerospace & Defense 2.35%
Axon Enterprise, Inc.*		305,330	$	62,436,932
TransDigm Group, Inc.*		61,548		50,967,283
Total				113,404,215

Automobiles 0.96%
Tesla, Inc.*		231,093		46,412,718

Biotechnology 3.66%
Argenx SE ADR*		209,715		98,475,873
Vertex Pharmaceuticals, Inc.*		214,359		77,621,537
Total				176,097,410

Broadline Retail 6.85%
Amazon.com, Inc.*		1,735,839		231,022,812
MercadoLibre, Inc. (Uruguay)*^(a)		79,744		98,941,571
Total				329,964,383

Communications Equipment 2.91%
Arista Networks, Inc.*		700,369		140,332,937

Entertainment 3.18%
Netflix, Inc.*		255,218		105,070,698
Spotify Technology SA (Sweden)*^(a)		293,244		48,314,882
Total				153,385,580

Financial Services 3.41%
Apollo Global Management, Inc.		446,255		34,557,987
Mastercard, Inc. Class A		144,731		54,469,512
Remitly Global, Inc.*		1,027,304		27,665,297
Visa, Inc. Class A		201,903		47,467,395
Total				164,160,191

Ground Transportation 3.11%
Old Dominion Freight Line, Inc.		173,982		65,532,060
Uber Technologies, Inc.*		1,945,342		84,194,402
Total				149,726,462

Investments	Shares		Fair Value
Health Care Equipment & Supplies 0.98%
Intuitive Surgical, Inc.*		180,382	$	47,299,768

Hotels, Restaurants & Leisure 4.07%
Booking Holdings, Inc.*		31,312		87,346,703
DoorDash, Inc. Class A*		493,807		37,010,835
DraftKings, Inc. Class A*		2,589,588		71,524,420
Total				195,881,958

Information Technology Services 4.47%
MongoDB, Inc.*		286,888		98,858,736
Shopify, Inc. Class A (Canada)*^(a)		2,463,929		116,272,809
Total				215,131,545

Interactive Media & Services 8.17%
Alphabet, Inc. Class A*		1,816,310		225,367,745
Meta Platforms, Inc. Class A*		558,076		168,131,556
Total				393,499,301

Machinery 0.81%
Parker-Hannifin Corp.		105,228		38,819,661

Media 2.05%
Trade Desk, Inc. Class A*		1,390,512		98,670,732

Pharmaceuticals 3.20%
Eli Lilly & Co.		278,584		154,316,035

Semiconductors & Semiconductor Equipment 16.08%
Advanced Micro Devices, Inc.*		639,766		63,016,951
Applied Materials, Inc.		684,867		90,642,147
KLA Corp.		90,498		42,506,911
Monolithic Power Systems, Inc.		85,169		37,622,554
NVIDIA Corp.		1,238,695		505,139,821
ON Semiconductor Corp.*		567,186		35,528,531
Total				774,456,915

See Notes to Financial Statements.

Schedule of Investments (concluded)

GROWTH LEADERS FUND October 31, 2023

Investments	Shares		Fair Value
Software 23.64%
Adobe, Inc.*		261,078	$	138,909,161
Cadence Design Systems, Inc.*		358,705		86,035,394
Confluent, Inc. Class A*		1,108,797		32,055,321
Crowdstrike Holdings, Inc. Class A*		205,269		36,285,401
Datadog, Inc. Class A*		374,496		30,510,189
Dynatrace, Inc.*		1,751,629		78,315,333
HubSpot, Inc.*		144,280		61,141,536
Microsoft Corp.		1,052,433		355,838,122
Palo Alto Networks, Inc.*		382,421		92,935,951
Procore Technologies, Inc.*		579,822		35,421,326
ServiceNow, Inc.*		202,422		117,779,241
Synopsys, Inc.*		157,014		73,708,652
Total				1,138,935,627

Technology Hardware, Storage & Peripherals 6.42%
Apple, Inc.		1,809,906		309,077,648

Textiles, Apparel & Luxury Goods 1.37%
Lululemon Athletica, Inc. (Canada)*^(a)		167,461		65,892,554
Total Common Stocks (cost $4,022,571,953)				4,705,465,640

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 1.49%

Repurchase Agreements 1.49%
Repurchase Agreement dated 10/31/2023, 2.800% due 11/1/2023 with Fixed Income Clearing Corp. collateralized by $73,432,200 of U.S. Treasury Note at 5.000% due 10/31/2025; value: $73,371,963; proceeds: $71,938,815 (cost $71,933,220)	$	71,933,220	$	71,933,220
Total Investments in Securities 99.18% (cost $4,094,505,173)				4,777,398,860
Other Assets and Liabilities – Net 0.82%				39,575,719
Net Assets 100.00%			$	4,816,974,579

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

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	4,705,465,640	$	–	$	–	$	4,705,465,640
Short-Term Investments
Repurchase Agreements		–		71,933,220		–		71,933,220
Total	$	4,705,465,640	$	71,933,220	$	–	$	4,777,398,860

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

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

80	See Notes to Financial Statements.

Schedule of Investments

HEALTH CARE FUND October 31, 2023

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 94.59%
COMMON STOCKS 94.59%

Canada 1.17%

Biotechnology
Xenon Pharmaceuticals, Inc.*		2,624	$	81,344

China 0.64%

Biotechnology
BeiGene Ltd.*		3,117		44,747

Denmark 6.53%

Pharmaceuticals
Novo Nordisk AS Class B		4,714		454,789

France 0.54%

Life Sciences Tools & Services
Sartorius Stedim Biotech		201		37,632

Germany 3.78%

Biotechnology 0.38%
Immatics NV*		3,450		26,393

Health Care Equipment & Supplies 0.88%
Siemens Healthineers AG^†		1,254		61,693

Life Sciences Tools & Services 2.52%
Gerresheimer AG		1,124		104,839
Schott Pharma AG & Co. KGaA*		2,430		70,450
				175,289
Total Germany				263,375

Italy 0.83%

Life Sciences Tools & Services
Stevanato Group SpA		2,062		57,633

Japan 2.88%

Pharmaceuticals
Daiichi Sankyo Co. Ltd.		3,477		89,652
Eisai Co. Ltd.		2,094		110,936
				200,588

Investments	Shares		U.S. $ Fair Value
Netherlands 2.95%

Biotechnology
Argenx SE*		436	$	205,086

Switzerland 0.48%

Health Care Equipment & Supplies
Straumann Holding AG		283		33,446

United Kingdom 3.56%

Pharmaceuticals
AstraZeneca PLC		1,982		248,154

United States 71.23%

Biotechnology 18.49%
Arcellx, Inc.*		2,742		96,656
Biogen, Inc.*		282		66,986
Bridgebio Pharma, Inc.*		2,195		57,158
Cytokinetics, Inc.*		2,116		73,764
Exact Sciences Corp.*		1,286		79,205
Karuna Therapeutics, Inc.*		609		101,465
Krystal Biotech, Inc.*		1,326		154,970
Legend Biotech Corp. ADR*		1,160		76,641
MoonLake Immunotherapeutics*^(a)		1,259		65,229
Natera, Inc.*		2,028		80,045
Neurocrine Biosciences, Inc.*		642		71,223
Nuvalent, Inc. Class A*		920		47,923
Regeneron Pharmaceuticals, Inc.*		58		45,234
Roivant Sciences Ltd.*		3,433		29,661
Vertex Pharmaceuticals, Inc.*		666		241,165
				1,287,325

Health Care Equipment & Supplies 20.99%
Abbott Laboratories		672		63,537
Align Technology, Inc.*		140		25,843
Axonics, Inc.*		1,101		56,382
Becton Dickinson & Co.		351		88,726
Boston Scientific Corp.*		3,164		161,965
Cooper Cos., Inc.		209		65,156
Dexcom, Inc.*		1,350		119,920
Glaukos Corp.*		1,644		112,121
IDEXX Laboratories, Inc.*		86		34,354

See Notes to Financial Statements.

Schedule of Investments (continued)

HEALTH CARE FUND October 31, 2023

Investments	Shares		U.S. $ Fair Value
United States (continued)
Inspire Medical Systems, Inc.*		332	$	48,857
Insulet Corp.*		359		47,593
Intuitive Surgical, Inc.*		737		193,256
iRhythm Technologies, Inc.*		607		47,662
Penumbra, Inc.*		238		45,494
RxSight, Inc.*		2,249		49,793
Shockwave Medical, Inc.*		351		72,397
Stryker Corp.		635		171,590
TransMedics Group, Inc.*		1,529		57,307
				1,461,953

Health Care Providers & Services 10.49%
Cencora, Inc.		324		59,989
Guardant Health, Inc.*		2,191		56,703
Humana, Inc.		179		93,740
Laboratory Corp. of America Holdings		237		47,336
Molina Healthcare, Inc.*		249		82,905
R1 RCM, Inc.*		2,884		34,002
UnitedHealth Group, Inc.		665		356,147
				730,822

Life Sciences Tools & Services 6.28%
10X Genomics, Inc. Class A*		1,818		64,139
Danaher Corp.		342		65,671
Pacific Biosciences of California, Inc.*		6,405		39,583
Quanterix Corp.*		4,356		94,612
Thermo Fisher Scientific, Inc.		117		52,038
West Pharmaceutical Services, Inc.		380		120,950
				436,993

Pharmaceuticals 14.98%
Aclaris Therapeutics, Inc.*		4,200	$	20,916
Eli Lilly & Co.		1,059		586,612
Intra-Cellular Therapies, Inc.*		1,376		68,470
Merck & Co., Inc.		2,408		247,302
Structure Therapeutics, Inc. Add ADR*		863		64,121
Ventyx Biosciences, Inc.*		3,844		55,430
				1,042,851
Total United States				4,959,944
Total Common Stocks (cost $6,271,160)				6,586,738

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 6.02%

Repurchase Agreements 5.12%
Repurchase Agreement dated 10/31/2023, 2.800% due 11/1/2023 with Fixed Income Clearing Corp. collateralized by $364,400 of U.S. Treasury Note at 5.000% due 10/31/2025; value: $364,101; proceeds: $356,895 (cost $356,867)	$	356,867	$	356,867

	Shares

Money Market Funds 0.81%
Fidelity Government Portfolio^(b) (cost $56,070)		56,070		56,070

Time Deposits 0.09%
CitiBank N.A.^(b) (cost $6,230)		6,230		6,230
Total Short-Term Investments (cost $419,167)				419,167
Total Investments in Securities 100.61% (cost $6,690,327)				7,005,905
Other Assets and Liabilities – Net (0.61)%				(42,146	)
Net Assets 100.00%			$	6,963,759

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 October 31, 2023, the total value of Rule 144A securities was $61,693, which represents 0.89% 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.

82	See Notes to Financial Statements.

Schedule of Investments (concluded)

HEALTH CARE FUND October 31, 2023

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
China	$	–	$	44,747	$	–	$	44,747
Denmark		–		454,789		–		454,789
France		–		37,632		–		37,632
Germany		96,843		166,532		–		263,375
Japan		–		200,588		–		200,588
Netherlands		–		205,086		–		205,086
Switzerland		–		33,446		–		33,446
United Kingdom		–		248,154		–		248,154
Remaining Countries		5,098,921		–		–		5,098,921
Short-Term Investments
Repurchase Agreements		–		356,867		–		356,867
Money Market Funds		56,070		–		–		56,070
Time Deposits		–		6,230		–		6,230
Total	$	5,251,834	$	1,754,071	$	–	$	7,005,905

⁽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 year in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments

INTERNATIONAL EQUITY FUND October 31, 2023

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 93.96%
COMMON STOCKS 93.96%

Australia 1.70%

Metals & Mining
BHP Group Ltd.		177,654	$	5,028,935

Brazil 0.73%

Broadline Retail
MercadoLibre, Inc.*		1,732		2,148,962

Canada 3.10%

Consumer Staples Distribution & Retail 1.13%
Alimentation Couche-Tard, Inc.		61,200		3,331,522

Ground Transportation 0.81%
Canadian Pacific Kansas City Ltd.		33,775		2,398,043

Metals & Mining 0.67%
Teck Resources Ltd. Class B		56,159		1,984,659

Oil, Gas & Consumable Fuels 0.49%
Imperial Oil Ltd.		25,400		1,447,530
Total Canada				9,161,754

China 4.34%

Automobiles 0.74%
BYD Co. Ltd. Class H		71,824		2,184,175

Beverages 0.59%
Kweichow Moutai Co. Ltd. Class A		7,600		1,750,308

Broadline Retail 1.99%
Alibaba Group Holding Ltd.*		432,000		4,447,471
PDD Holdings, Inc. ADR*		14,135		1,433,572
				5,881,043

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

Interactive Media & Services 1.02%
Tencent Holdings Ltd.		81,100	$	3,001,408
Total China				12,816,934

Denmark 3.31%

Pharmaceuticals
Novo Nordisk AS Class B		101,391		9,781,819

France 12.56%

Aerospace & Defense 0.96%
Airbus SE		21,106		2,829,811

Banks 1.01%
BNP Paribas SA		51,972		2,988,598

Beverages 0.88%
Pernod Ricard SA		14,656		2,602,559

Building Products 0.89%
Cie de Saint-Gobain SA		48,521		2,641,200

Chemicals 1.11%
Air Liquide SA		19,174		3,285,506

Hotels, Restaurants & Leisure 0.81%
Accor SA		75,384		2,404,946

Insurance 1.18%
AXA SA		117,105		3,469,871

Oil, Gas & Consumable Fuels 1.78%
TotalEnergies SE		78,397		5,241,427

Personal Care Products 1.74%
L’Oreal SA		12,250		5,149,048

Textiles, Apparel & Luxury Goods 2.20%
Hermes International SCA		1,050		1,959,116
LVMH Moet Hennessy Louis Vuitton SE		6,320		4,524,680
				6,483,796
Total France				37,096,762

84	See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL EQUITY FUND October 31, 2023

Investments	Shares		U.S. $ Fair Value
Germany 6.31%

Diversified Telecommunication Services 1.55%
Deutsche Telekom AG		211,596	$	4,592,408

Insurance 1.85%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		13,599		5,457,387

Life Sciences Tools & Services 1.53%
Gerresheimer AG		23,776		2,217,664
Schott Pharma AG & Co. KGaA*		79,737		2,311,731
				4,529,395

Software 1.38%
SAP SE		30,384		4,075,477
Total Germany				18,654,667

Greece 0.62%

Banks
National Bank of Greece SA*		319,558		1,830,221

India 4.14%

Automobiles 0.79%
Maruti Suzuki India Ltd.		18,661		2,330,322

Banks 1.79%
Federal Bank Ltd.		1,253,918		2,119,244
ICICI Bank Ltd. ADR		142,669		3,165,825
				5,285,069

Oil, Gas & Consumable Fuels 0.75%
Reliance Industries Ltd.		80,938		2,225,615

Wireless Telecommunication Services 0.81%
Bharti Airtel Ltd.		217,266		2,386,147
Total India				12,227,153

Investments	Shares		U.S. $ Fair Value
Indonesia 0.76%

Banks
Bank Negara Indonesia Persero Tbk. PT		7,470,200	$	2,254,406

Ireland 0.71%

Banks
Bank of Ireland Group PLC		235,115		2,107,034

Italy 2.82%

Banks 1.21%
UniCredit SpA		142,581		3,574,451

Electric: Utilities 1.03%
Enel SpA		478,358		3,036,416

Life Sciences Tools & Services 0.58%
Stevanato Group SpA		61,316		1,713,782
Total Italy				8,324,649

Japan 18.06%

Automobile Components 0.86%
Denso Corp.		171,600		2,533,903

Automobiles 1.79%
Toyota Motor Corp.		302,100		5,284,859

Banks 1.79%
Sumitomo Mitsui Financial Group, Inc.		109,707		5,288,752

Beverages 0.91%
Asahi Group Holdings Ltd.		74,557		2,696,756

Broadline Retail 0.64%
Pan Pacific International Holdings Corp.		96,900		1,876,551

Electrical Equipment 0.55%
Fuji Electric Co. Ltd.		42,863		1,631,992

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL EQUITY FUND October 31, 2023

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

Electronic Equipment, Instruments & Components 1.10%
Ibiden Co. Ltd.		37,400	$	1,594,603
Murata Manufacturing Co. Ltd.		96,200		1,647,846
				3,242,449

Entertainment 0.49%
Capcom Co. Ltd.		44,600		1,435,644

Household Durables 1.26%
Sony Group Corp.		44,800		3,724,620

Industrial Conglomerates 1.59%
Hitachi Ltd.		74,200		4,703,284

Information Technology Services 0.51%
Obic Co. Ltd.		10,200		1,507,726

Insurance 0.83%
Sompo Holdings, Inc.		56,900		2,464,905

Machinery 0.64%
Ebara Corp.		42,484		1,881,342

Personal Care Products 0.51%
Shiseido Co. Ltd.		47,500		1,506,485

Professional Services 0.49%
TechnoPro Holdings, Inc.		73,400		1,454,115

Real Estate Management & Development 0.62%
Mitsubishi Estate Co. Ltd.		142,115		1,819,117

Semiconductors & Semiconductor Equipment 1.01%
Advantest Corp.		41,200		1,061,255
Tokyo Electron Ltd.		14,600		1,929,210
				2,990,465

Trading Companies & Distributors 2.47%
ITOCHU Corp.		128,656		4,634,321
Mitsubishi Corp.		57,200		2,666,409
				7,300,730
Total Japan				53,343,695

Investments	Shares		U.S. $ Fair Value
Mexico 1.74%

Banks 1.09%
Grupo Financiero Banorte SAB de CV Class O		396,417	$	3,217,246

Real Estate Management & Development 0.65%
Corp. Inmobiliaria Vesta SAB de CV ADR		61,000		1,917,840
Total Mexico				5,135,086

Netherlands 6.15%

Banks 1.40%
ING Groep NV		322,642		4,136,440

Biotechnology 0.36%
Argenx SE ADR*		2,283		1,072,028

Oil, Gas & Consumable Fuels 2.68%
Shell PLC		246,035		7,928,927

Semiconductors & Semiconductor Equipment 1.71%
ASML Holding NV		8,392		5,044,603
Total Netherlands				18,181,998

Peru 0.62%

Banks
Credicorp Ltd.		14,741		1,842,035

Philippines 0.70%

Banks
BDO Unibank, Inc.		915,190		2,060,068

Singapore 0.88%

Banks
United Overseas Bank Ltd.		131,900		2,601,686

South Korea 1.65%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		97,659		4,860,965

86	See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL EQUITY FUND October 31, 2023

Investments	Shares		U.S. $ Fair Value
Spain 1.94%

Banks 1.03%
CaixaBank SA		752,526	$	3,059,424

Specialty Retail 0.91%
Industria de Diseno Textil SA		77,549		2,676,834
Total Spain				5,736,258

Sweden 1.61%

Automobile Components 0.59%
Autoliv, Inc. SDR		18,734		1,730,153

Machinery 1.02%
Atlas Copco AB Class A		232,458		3,010,103
Total Sweden				4,740,256

Switzerland 2.83%

Health Care Equipment & Supplies 0.92%
Alcon, Inc.		37,762		2,702,858

Machinery 0.50%
VAT Group AG^†		4,200		1,489,402

Pharmaceuticals 1.41%
Novartis AG Registered Shares		44,553		4,171,032
Total Switzerland				8,363,292

Taiwan 3.54%

Electronic Equipment, Instruments & Components 0.42%
Unimicron Technology Corp.		279,000		1,244,315

Semiconductors & Semiconductor Equipment 3.12%
Realtek Semiconductor Corp.		121,000		1,508,007
Taiwan Semiconductor Manufacturing Co. Ltd.		471,182		7,695,583
				9,203,590
Total Taiwan				10,447,905

Investments	Shares		U.S. $ Fair Value
United Kingdom 5.93%

Banks 1.34%
HSBC Holdings PLC		546,424	$	3,945,408

Electric: Utilities 0.94%
SSE PLC		140,415		2,790,545

Oil, Gas & Consumable Fuels 0.61%
BP PLC		294,545		1,798,496

Personal Care Products 0.66%
Unilever PLC		41,472		1,964,140

Pharmaceuticals 1.66%
AstraZeneca PLC		39,143		4,900,845

Trading Companies & Distributors 0.72%
Ashtead Group PLC		36,896		2,116,075
Total United Kingdom				17,515,509

United States 7.21%

Construction Materials 1.50%
CRH PLC		82,564		4,430,948

Electrical Equipment 1.37%
Schneider Electric SE		26,282		4,043,678

Food Products 0.93%
Nestle SA Registered Shares		25,606		2,761,318

Pharmaceuticals 2.76%
Eli Lilly & Co.		8,489		4,702,312
Sanofi SA		38,142		3,463,531
				8,165,843

Semiconductors & Semiconductor Equipment 0.65%
NVIDIA Corp.		4,681		1,908,912
Total United States				21,310,699
Total Common Stocks (cost $260,394,060)				277,572,748

See Notes to Financial Statements.

Schedule of Investments (concluded)

INTERNATIONAL EQUITY FUND October 31, 2023

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 6.33%

Repurchase Agreements 6.33%
Repurchase Agreement dated 10/31/2023, 2.800% due 11/1/2023 with Fixed Income Clearing Corp. collateralized by $19,097,800 of U.S. Treasury Note at 5.000% due 10/31/2025; value: $19,082,134; proceeds: $18,709,385 (cost $18,707,930)	$	18,707,930	$	18,707,930
Total Investments in Securities 100.29% (cost $279,101,990)				296,280,678
Other Assets and Liabilities – Net (0.29)%				(851,277	)
Net Assets 100.00%			$	295,429,401



ADR		American Depositary Receipt.
SDR		Swedish Depository 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 October 31, 2023, the total value of Rule 144A securities was $1,489,402, which represents 0.50% of net assets.

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Brazil	$	2,148,962	$	–	$	–	$	2,148,962
Canada		9,161,754		–		–		9,161,754
China		1,433,572		11,383,362		–		12,816,934
Germany		2,311,731		16,342,936		–		18,654,667
India		3,165,825		9,061,328		–		12,227,153
Italy		1,713,782		6,610,867		–		8,324,649
Mexico		5,135,086		–		–		5,135,086
Netherlands		1,072,028		17,109,970		–		18,181,998
Peru		1,842,035		–		–		1,842,035
United States		6,611,224		14,699,475		–		21,310,699
Remaining Countries		–		167,768,811		–		167,768,811
Short-Term Investments
Repurchase Agreements		–		18,707,930		–		18,707,930
Total	$	34,595,999	$	261,684,679	$	–	$	296,280,678

⁽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 year in relation to the Fund’s net assets.

88	See Notes to Financial Statements.

Schedule of Investments

INTERNATIONAL OPPORTUNITIES FUND October 31, 2023

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 94.28%
COMMON STOCKS 94.23%

Australia 1.41%

Automobile Components 0.68%
GUD Holdings Ltd.		291,750	$	1,983,988

Professional Services 0.73%
IPH Ltd.		486,914		2,115,984
Total Australia				4,099,972

Austria 2.54%

Banks 1.02%
BAWAG Group AG^†		66,863		2,978,104

Machinery 1.52%
ANDRITZ AG		96,093		4,423,074
Total Austria				7,401,178

Belgium 0.98%

Health Care REITS 0.45%
Aedifica SA		24,054		1,312,279

Industrial REITS 0.53%
Warehouses De Pauw CVA		62,631		1,549,648
Total Belgium				2,861,927

Canada 5.54%

Capital Markets 0.56%
CI Financial Corp.^(a)		180,600		1,637,023

Gas Utilities 0.57%
Brookfield Infrastructure Corp. Class A		64,589		1,663,222

Metals & Mining 1.89%
Alamos Gold, Inc. Class A		306,529		3,795,279
Capstone Copper Corp.*		501,400		1,706,586
				5,501,865

Oil, Gas & Consumable Fuels 1.35%
MEG Energy Corp.*		198,600		3,924,024

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

Paper & Forest Products 0.63%
Interfor Corp.*		148,100	$	1,827,288

Real Estate Management & Development 0.54%
Tricon Residential, Inc.		237,000		1,570,600
Total Canada				16,124,022

China 0.47%

Marine Transportation
SITC International Holdings Co. Ltd.		897,000		1,381,743

Egypt 0.47%

Oil, Gas & Consumable Fuels
Energean PLC		130,956		1,356,132

France 5.19%

Beverages 0.74%
Remy Cointreau SA^(a)		18,956		2,153,794

Construction Materials 0.87%
Vicat SACA		82,844		2,543,588

Entertainment 1.02%
Ubisoft Entertainment SA*		104,284		2,973,531

Oil, Gas & Consumable Fuels 1.09%
Gaztransport Et Technigaz SA		24,813		3,173,831

Personal Care Products 0.99%
Interparfums SA		60,651		2,865,025

Software 0.48%
Esker SA		10,875		1,380,367
Total France				15,090,136

Germany 5.36%

Aerospace & Defense 0.52%
Montana Aerospace AG^†*		124,834		1,502,028

Life Sciences Tools & Services 1.49%
Gerresheimer AG		46,367		4,324,799

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL OPPORTUNITIES FUND October 31, 2023

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

Media 1.20%
Stroeer SE & Co. KGaA		76,136	$	3,483,394

Semiconductors & Semiconductor Equipment 0.57%
AIXTRON SE		59,078		1,660,136

Wireless Telecommunication Services 1.58%
Freenet AG		181,579		4,609,001
Total Germany				15,579,358

Hong Kong 0.20%

Hotels, Restaurants & Leisure
Melco International Development Ltd.*		842,000		588,552

Iceland 0.50%

Machinery
Marel Hf.^†		537,909		1,462,745

India 2.75%

Banks 1.30%
Federal Bank Ltd.		2,231,557		3,771,549

Commercial Services & Supplies 0.82%
CMS Info Systems Ltd.		533,241		2,402,632

Real Estate Management & Development 0.63%
Phoenix Mills Ltd.		83,757		1,826,214
Total India				8,000,395

Indonesia 1.96%

Banks 1.10%
Bank Tabungan Negara Persero Tbk. PT		41,619,000		3,210,797

Real Estate Management & Development 0.86%
Pakuwon Jati Tbk. PT		98,687,500		2,483,896
Total Indonesia				5,694,693

Ireland 1.07%

Hotels, Restaurants & Leisure
Dalata Hotel Group PLC		735,428		3,120,408

Investments	Shares		U.S. $ Fair Value
Israel 0.60%

Capital Markets
Tel Aviv Stock Exchange Ltd.*		392,094	$	1,744,275

Italy 2.87%

Automobile Components 0.36%
Brembo SpA		96,759		1,041,097

Construction Materials 0.33%
Buzzi SpA		36,569		968,317

Financial Services 0.90%
Banca Mediolanum SpA		320,522		2,617,239

Textiles, Apparel & Luxury Goods 1.28%
Brunello Cucinelli SpA		46,149		3,712,120
Total Italy				8,338,773

Japan 27.42%

Banks 0.91%
Shizuoka Financial Group, Inc.		312,600		2,658,272

Beverages 1.19%
Coca-Cola Bottlers Japan Holdings, Inc.		258,400		3,464,771

Building Products 1.49%
Sanwa Holdings Corp.		322,200		4,347,203

Chemicals 2.60%
Aica Kogyo Co. Ltd.		148,200		3,404,978
Kansai Paint Co. Ltd.		284,900		4,169,426
				7,574,404

Construction & Engineering 1.04%
SHO-BOND Holdings Co. Ltd.		76,800		3,024,618

Distributors 1.63%
PALTAC Corp.		146,300		4,742,531

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL OPPORTUNITIES FUND October 31, 2023

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

Food Products 1.61%
Nichirei Corp.		216,500	$	4,685,931

Health Care Equipment & Supplies 0.55%
Nakanishi, Inc.		72,500		1,592,334

Hotels, Restaurants & Leisure 1.57%
Saizeriya Co. Ltd.		112,600		4,575,117

Industrial REITS 1.04%
GLP J-Reit		3,387		3,033,590

Information Technology Services 3.71%
NS Solutions Corp.		150,400		4,367,539
Simplex Holdings, Inc.		252,100		4,234,283
Zuken, Inc.		87,800		2,193,952
				10,795,774

Machinery 2.98%
DMG Mori Co. Ltd.		178,200		2,947,429
Fujitec Co. Ltd.		106,900		2,320,810
OSG Corp.		297,300		3,392,366
				8,660,605

Media 0.65%
Kadokawa Corp.		97,800		1,883,923

Professional Services 0.81%
TechnoPro Holdings, Inc.		118,200		2,341,641

Semiconductors & Semiconductor Equipment 1.41%
Ferrotec Holdings Corp.		107,200		1,884,272
Kokusai Electric Corp.*		136,000		2,216,197
				4,100,469

Software 2.50%
Money Forward, Inc.*		107,400		2,712,712
OBIC Business Consultants Co. Ltd.		106,100		4,558,068
				7,270,780

Wireless Telecommunication Services 1.73%
Okinawa Cellular Telephone Co.		237,200		5,016,911
Total Japan				79,768,874

Investments	Shares		U.S. $ Fair Value
Mexico 2.72%

Capital Markets 0.57%
Bolsa Mexicana de Valores SAB de CV		1,063,700	$	1,658,473

Consumer Finance 0.73%
Gentera SAB de CV		2,002,820		2,124,018

Real Estate Management & Development 1.42%
Corp. Inmobiliaria Vesta SAB de CV		655,800		2,056,263
Corp. Inmobiliaria Vesta SAB de CV ADR		65,866		2,070,827
				4,127,090
Total Mexico				7,909,581

Netherlands 0.39%

Semiconductors & Semiconductor Equipment
BE Semiconductor Industries NV		11,127		1,149,416

New Zealand 1.12%

Passenger Airlines
Air New Zealand Ltd.		8,339,526		3,255,266

Peru 0.58%

Banks
Intercorp Financial Services, Inc.		89,356		1,678,106

Portugal 1.85%

Multi-Utilities
REN - Redes Energeticas Nacionais SGPS SA		2,064,820		5,375,633

South Korea 1.91%

Chemicals 1.01%
Soulbrain Co. Ltd.		16,998		2,935,269

Semiconductors & Semiconductor Equipment 0.90%
WONIK IPS Co. Ltd.		116,798		2,611,497
Total South Korea				5,546,766

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL OPPORTUNITIES FUND October 31, 2023

Investments	Shares		U.S. $ Fair Value
Spain 3.22%

Banks 1.23%
Banco de Sabadell SA		2,879,641	$	3,580,527

Containers & Packaging 1.05%
Vidrala SA		40,903		3,040,123

Professional Services 0.94%
Applus Services SA		260,637		2,744,012
Total Spain				9,364,662

Sweden 2.75%
Automobile Components 1.12%
Autoliv, Inc. SDR		35,136		3,244,937

Commercial Services & Supplies 1.10%
Loomis AB		123,312		3,203,304

Consumer Staples Distribution & Retail 0.53%
Axfood AB		69,943		1,546,475
Total Sweden				7,994,716

Switzerland 2.06%

Containers & Packaging 1.11%
SIG Group AG		146,970		3,240,201

Life Sciences Tools & Services 0.48%
Tecan Group AG Registered Shares		4,810		1,384,320

Machinery 0.47%
Sulzer AG Registered Shares		16,456		1,358,134
Total Switzerland				5,982,655

Taiwan 0.68%

Semiconductors & Semiconductor Equipment
Realtek Semiconductor Corp.		158,000		1,969,133

Investments	Shares		U.S. $ Fair Value
United Kingdom 17.62%

Aerospace & Defense 2.85%
Chemring Group PLC		1,351,488	$	4,591,249
Senior PLC		1,942,214		3,692,077
				8,283,326

Beverages 1.71%
Britvic PLC		489,652		4,987,334

Biotechnology 0.72%
Genus PLC		80,273		2,088,124

Broadline Retail 1.94%
B&M European Value Retail SA		874,183		5,627,763

Capital Markets 1.77%
Man Group PLC		1,930,110		5,160,412

Construction Materials 0.74%
Breedon Group PLC		569,923		2,164,727

Electronic Equipment, Instruments & Components 0.57%
Spectris PLC		43,477		1,642,862

Food Products 0.74%
Tate & Lyle PLC		279,624		2,142,873

Health Care Equipment & Supplies 0.49%
ConvaTec Group PLC^†		577,960		1,434,466

Health Care REITS 1.03%
Assura PLC		6,033,995		3,002,546

Household Durables 0.31%
Persimmon PLC		73,867		914,769

Insurance 1.30%
Lancashire Holdings Ltd.		549,653		3,794,668

Machinery 0.98%
Concentric AB		202,863		2,850,264

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL OPPORTUNITIES FUND October 31, 2023

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

Pharmaceuticals 0.76%
Dechra Pharmaceuticals PLC		47,378	$	2,195,921

Specialty Retail 0.97%
WH Smith PLC		200,107		2,821,351

Trading Companies & Distributors 0.74%
Grafton Group PLC		229,957		2,155,233
Total United Kingdom				51,266,639
Total Common Stocks (cost $294,623,140)				274,105,756

RIGHTS 0.05%

Spain 0.05%

Containers & Packaging
Vidrala SA* (cost $171,412)		40,903		150,829
Total Long-Term Investments (cost $294,794,552)				274,256,585

		Principal Amount

SHORT-TERM INVESTMENTS 6.08%

Repurchase Agreements 6.06%
Repurchase Agreement dated 10/31/2023, 2.800% due 11/1/2023 with Fixed Income Clearing Corp. collateralized by $17,987,300 of U.S. Treasury Note at 5.000% due 10/31/2025; value: $17,972,545; proceeds: $17,621,501 (cost $17,620,130)	$	17,620,130		17,620,130

Investments	Shares		U.S. $ Fair Value
Money Market Funds 0.02%
Fidelity Government Portfolio^(b) (cost $48,559)		48,559	$	48,559

Time Deposits 0.00%
CitiBank N.A.^(b) (cost $5,395)		5,395		5,395
Total Short-Term Investments (cost $17,674,084)				17,674,084
Total Investments in Securities 100.36% (cost $312,468,636)				291,930,669
Other Assets and Liabilities – Net (0.36)%				(1,039,487	)
Net Assets 100.00%			$	290,891,182

REITS		Real Estate Investment Trusts.
ADR		American Depositary Receipt.
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 October 31, 2023, the total value of Rule 144A securities was $7,377,343, which represents 2.54% of net assets.
*		Non-income producing security.
^(a)		All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.
^(b)		Security was purchased with the cash collateral from loaned securities.

See Notes to Financial Statements.

Schedule of Investments (concluded)

INTERNATIONAL OPPORTUNITIES FUND October 31, 2023

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Canada	$	16,124,022	$	–	$	–	$	16,124,022
Egypt		1,356,132		–		–		1,356,132
Germany		3,483,394		12,095,964		–		15,579,358
Iceland		1,462,745		–		–		1,462,745
India		1,826,214		6,174,181		–		8,000,395
Ireland		3,120,408		–		–		3,120,408
Japan		2,216,197		77,552,677		–		79,768,874
Mexico		7,909,581		–		–		7,909,581
New Zealand		3,255,266		–		–		3,255,266
Peru		1,678,106		–		–		1,678,106
Spain		2,744,012		6,620,650		–		9,364,662
United Kingdom		30,786,524		20,480,115		–		51,266,639
Remaining Countries		–		75,219,568		–		75,219,568
Rights		150,829		–		–		150,829
Short-Term Investments
Repurchase Agreements		–		17,620,130		–		17,620,130
Money Market Funds		48,559		–		–		48,559
Time Deposits		–		5,395		–		5,395
Total	$	76,161,989	$	215,768,680	$	–	$	291,930,669

⁽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 year in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments

INTERNATIONAL VALUE FUND October 31, 2023

Investments	Shares		U.S. $ Fair Value
LONG-TERM INVESTMENTS 95.36%
COMMON STOCKS 95.36%

Australia 3.91%

Industrial REITS 0.89%
Goodman Group		244,043	$	3,229,152

Metals & Mining 3.02%
BHP Group Ltd.		384,926		10,896,281
Total Australia				14,125,433

Austria 2.75%

Banks
BAWAG Group AG^†		82,711		3,683,980
Erste Group Bank AG		174,014		6,231,314
				9,915,294

Canada 3.07%

Insurance 1.14%
Manulife Financial Corp.		237,000		4,125,603

Metals & Mining 0.82%
Teck Resources Ltd. Class B		83,500		2,950,423

Oil, Gas & Consumable Fuels 1.11%
Pembina Pipeline Corp.		129,694		3,991,592
Total Canada				11,067,618

China 0.88%

Broadline Retail
Alibaba Group Holding Ltd.*		308,853		3,179,664

Egypt 0.41%

Oil, Gas & Consumable Fuels
Energean PLC		144,342		1,494,752

France 12.01%

Aerospace & Defense 2.92%
Airbus SE		30,642		4,108,361
Thales SA		43,623		6,437,776
				10,546,137

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

Banks 1.82%
BNP Paribas SA		114,246	$	6,569,603

Building Products 0.95%
Cie de Saint-Gobain SA		63,139		3,436,918

Capital Markets 0.89%
Amundi SA^†		61,615		3,218,726

Diversified Telecommunication Services 2.59%
Orange SA		795,331		9,354,716

Gas Utilities 0.62%
Rubis SCA		101,938		2,219,450

Insurance 2.07%
AXA SA		251,220		7,443,755

Textiles, Apparel & Luxury Goods 0.15%
Kering SA		1,307		531,559
Total France				43,320,864

Germany 3.40%

Air Freight & Logistics 1.21%
Deutsche Post AG Registered Shares		112,094		4,376,541

Chemicals 0.40%
Covestro AG^†*		28,509		1,444,328

Health Care Providers & Services 1.15%
Fresenius SE & Co. KGaA		161,424		4,152,353

Pharmaceuticals 0.64%
Bayer AG Registered Shares		53,432		2,308,720
Total Germany				12,281,942

Hong Kong 0.71%

Insurance
Prudential PLC		244,960		2,561,395

India 1.26%

Banks 0.99%
Federal Bank Ltd.		2,109,283		3,564,894

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL VALUE FUND October 31, 2023

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

Oil, Gas & Consumable Fuels 0.27%
Petronet LNG Ltd.		407,495	$	976,749
Total India				4,541,643

Indonesia 1.01%

Banks
Bank Negara Indonesia Persero Tbk. PT		12,106,600		3,653,609

Ireland 1.28%

Banks
Bank of Ireland Group PLC		515,926		4,623,583

Italy 2.07%

Electric: Utilities
Enel SpA		1,177,655		7,475,260

Japan 18.89%

Automobile Components 0.71%
Denso Corp.		172,758		2,551,002

Automobiles 2.90%
Toyota Motor Corp.		597,600		10,454,259

Banks 2.62%
Sumitomo Mitsui Financial Group, Inc.		196,600		9,477,688

Beverages 1.80%
Asahi Group Holdings Ltd.		179,665		6,498,553

Building Products 0.89%
Sanwa Holdings Corp.		239,400		3,230,044

Electrical Equipment 1.02%
Fuji Electric Co. Ltd.		96,501		3,674,238

Electronic Equipment, Instruments & Components 0.81%
Murata Manufacturing Co. Ltd.		170,700		2,923,985

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

Household Durables 1.10%
Sony Group Corp.		47,700	$	3,965,723

Industrial Conglomerates 1.68%
Hitachi Ltd.		95,600		6,059,757

Insurance 1.50%
Sompo Holdings, Inc.		124,827		5,407,498

Machinery 2.21%
Ebara Corp.		122,400		5,420,306
Fujitec Co. Ltd.		117,097		2,542,188
				7,962,494

Trading Companies & Distributors 1.65%
ITOCHU Corp.		165,800		5,972,286
Total Japan				68,177,527

Mexico 1.47%

Banks 0.90%
Grupo Financiero Banorte SAB de CV Class O		396,766		3,220,079

Transportation Infrastructure 0.57%
Grupo Aeroportuario del Pacifico SAB de CV Class B		176,998		2,064,698
Total Mexico				5,284,777

Netherlands 6.59%

Consumer Staples Distribution & Retail 1.52%
Koninklijke Ahold Delhaize NV		185,473		5,492,187

Oil, Gas & Consumable Fuels 5.07%
Shell PLC ADR		280,792		18,290,791
Total Netherlands				23,782,978

Singapore 2.10%

Banks 1.32%
United Overseas Bank Ltd.		242,200		4,777,320

See Notes to Financial Statements.

Schedule of Investments (continued)

INTERNATIONAL VALUE FUND October 31, 2023

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

Semiconductors & Semiconductor Equipment 0.78%
STMicroelectronics NV		73,596	$	2,805,486
Total Singapore				7,582,806

South Africa 0.83%

Metals & Mining
Anglo American PLC		117,645		2,997,545

South Korea 1.51%

Technology Hardware, Storage & Peripherals
Samsung Electronics Co. Ltd.		109,547		5,452,688

Spain 1.51%

Banks
CaixaBank SA		1,337,251		5,436,647

Sweden 1.95%

Automobile Components 1.09%
Autoliv, Inc. SDR		42,695		3,943,038

Commercial Services & Supplies 0.86%
Loomis AB		118,697		3,083,420
Total Sweden				7,026,458

Switzerland 3.92%

Pharmaceuticals
Novartis AG Registered Shares		136,842		12,811,087
Sandoz Group AG*		51,447		1,337,571
				14,148,658

United Kingdom 19.15%

Banks 4.20%
HSBC Holdings PLC		1,366,852		9,869,239
Standard Chartered PLC		688,915		5,282,139
				15,151,378

Broadline Retail 1.05%
Next PLC		45,017		3,774,333

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

Electric: Utilities 1.77%
SSE PLC		322,170	$	6,402,663

Food Products 0.51%
Tate & Lyle PLC		237,496		1,820,029

Hotels, Restaurants & Leisure 0.56%
Entain PLC		179,343		2,035,954

Insurance 1.33%
Lancashire Holdings Ltd.		695,572		4,802,057

Oil, Gas & Consumable Fuels 2.35%
BP PLC		1,389,975		8,487,205

Personal Care Products 2.03%
Unilever PLC		154,716		7,327,446

Pharmaceuticals 1.57%
AstraZeneca PLC		45,272		5,668,218

Tobacco 2.12%
Imperial Brands PLC		359,149		7,651,368

Trading Companies & Distributors 0.74%
Ashtead Group PLC		46,416		2,662,071

Wireless Telecommunication Services 0.92%
Vodafone Group PLC		3,592,852		3,307,355
Total United Kingdom				69,090,077

United States 4.68%

Construction Materials 1.75%
CRH PLC		117,678		6,315,405

Pharmaceuticals 2.93%
Sanofi SA		116,559		10,584,284
Total United States				16,899,689
Total Common Stocks (cost $344,383,763)				344,120,907

See Notes to Financial Statements.

Schedule of Investments (concluded)

INTERNATIONAL VALUE FUND October 31, 2023

Investments	Principal Amount		U.S. $ Fair Value
SHORT-TERM INVESTMENTS 4.00%

Repurchase Agreements 4.00%
Repurchase Agreement dated 10/31/2023, 2.800% due 11/1/2023 with Fixed Income Clearing Corp. collateralized by $14,757,600 of U.S. Treasury Note at 5.000% due 10/31/2025; value: $14,745,494; proceeds: $14,457,413 (cost $14,456,289)	$	14,456,289	$	14,456,289
Total Investments in Securities 99.36% (cost $358,840,052)				358,577,196
Other Assets and Liabilities – Net 0.64%				2,301,164
Net Assets 100.00%			$	360,878,360

REITS		Real Estate Investment Trusts.
ADR		American Depositary Receipt.
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 October 31, 2023, the total value of Rule 144A securities was $8,347,034, which represents 2.31% of net assets.
*		Non-income producing security.

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks
Canada	$	11,067,618	$	–	$	–	$	11,067,618
Egypt		1,494,752		–		–		1,494,752
Mexico		5,284,777		–		–		5,284,777
Netherlands		18,290,791		5,492,187		–		23,782,978
Switzerland		1,337,571		12,811,087		–		14,148,658
United Kingdom		6,622,086		62,467,991		–		69,090,077
Remaining Countries		–		219,252,047		–		219,252,047
Short-Term Investments
Repurchase Agreements		–		14,456,289		–		14,456,289
Total	$	44,097,595	$	314,479,601	$	–	$	358,577,196

⁽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 year in relation to the Fund’s net assets.

See Notes to Financial Statements.

Schedule of Investments

MICRO CAP GROWTH FUND October 31, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 99.01%
COMMON STOCKS 99.01%

Aerospace & Defense 5.14%
AAR Corp.*		61,551	$	3,653,667
AeroVironment, Inc.*		41,131		4,716,081
Total				8,369,748

Automobile Components 2.31%
Modine Manufacturing Co.*		95,234		3,761,743

Beverages 3.21%
MGP Ingredients, Inc.		19,057		1,803,936
Vita Coco Co., Inc.*		126,110		3,417,581
Total				5,221,517

Biotechnology 13.86%
Arcellx, Inc.*		98,556		3,474,099
Crinetics Pharmaceuticals, Inc.*		61,278		1,794,833
Immatics NV (Germany)*^(a)		204,457		1,564,096
ImmunoGen, Inc.*		246,229		3,658,963
Karuna Therapeutics, Inc.*		13,311		2,217,746
Krystal Biotech, Inc.*		37,773		4,414,530
MoonLake Immunotherapeutics (Switzerland)*^(a)(b)		66,110		3,425,159
Xenon Pharmaceuticals, Inc. (Canada)*^(a)		65,341		2,025,571
Total				22,574,997

Building Products 1.20%
Hayward Holdings, Inc.*		186,630		1,959,615

Capital Markets 1.32%
Piper Sandler Cos.		15,374		2,150,054

Construction & Engineering 5.76%
MYR Group, Inc.*		19,350		2,241,311
Primoris Services Corp.		91,488		2,750,129
Sterling Infrastructure, Inc.*		60,375		4,398,319
Total				9,389,759

Investments	Shares		Fair Value
Diversified Consumer Services 4.40%
Coursera, Inc.*		142,122	$	2,464,395
European Wax Center, Inc. Class A*		56,092		828,479
Rover Group, Inc.*		194,304		1,253,261
Stride, Inc.*		47,633		2,618,862
Total				7,164,997

Electronic Equipment, Instruments & Components 2.24%
OSI Systems, Inc.*		34,994		3,648,824

Financial Services 10.23%
AvidXchange Holdings, Inc.*		463,560		4,005,159
Flywire Corp.*		171,834		4,620,616
Paymentus Holdings, Inc. Class A*^(b)		136,737		1,990,891
Remitly Global, Inc.*		224,781		6,053,352
Total				16,670,018

Food Products 0.49%
Vital Farms, Inc.*		72,604		803,000

Health Care Equipment & Supplies 6.07%
Axonics, Inc.*		26,110		1,337,093
CVRx, Inc.*		129,812		1,736,885
RxSight, Inc.*		182,092		4,031,517
TransMedics Group, Inc.*		39,374		1,475,737
UFP Technologies, Inc.*		8,416		1,312,223
Total				9,893,455

Hotels, Restaurants & Leisure 5.00%
First Watch Restaurant Group, Inc.*		185,995		3,107,976
Kura Sushi USA, Inc. Class A*		57,011		3,257,609
Shake Shack, Inc. Class A*		31,851		1,784,930
Total				8,150,515

Household Durables 0.97%
Green Brick Partners, Inc.*		41,028		1,587,784

See Notes to Financial Statements.

Schedule of Investments (continued)

MICRO CAP GROWTH FUND October 31, 2023

Investments	Shares		Fair Value
Information Technology Services 1.01%
Fastly, Inc. Class A*		111,744	$	1,639,285

Insurance 0.46%
Goosehead Insurance, Inc. Class A*		11,577		751,000

Interactive Media & Services 1.96%
Eventbrite, Inc. Class A*		148,658		1,230,888
Yelp, Inc.*		46,341		1,955,127
Total				3,186,015

Life Sciences Tools & Services 2.39%
Pacific Biosciences of California, Inc.*		216,216		1,336,215
Quanterix Corp.*		117,984		2,562,612
Total				3,898,827

Media 1.87%
Integral Ad Science Holding Corp.*		192,514		2,210,061
Perion Network Ltd. (Israel)*^(a)		33,004		838,301
Total				3,048,362

Personal Care Products 3.13%
elf Beauty, Inc.*		40,468		3,748,551
Oddity Tech Ltd. Class A (Israel)*^(a)(b)		52,635		1,344,824
Total				5,093,375

Pharmaceuticals 2.93%
Intra-Cellular Therapies, Inc.*		27,426		1,364,718
Structure Therapeutics, Inc. Add ADR*		35,358		2,627,099
Ventyx Biosciences, Inc.*		53,864		776,719
Total				4,768,536

Professional Services 4.65%
Fiverr International Ltd. (Israel)*^(a)(b)		45,554		964,378
ICF International, Inc.		30,208		3,828,260

Investments	Shares		Fair Value
Professional Services (continued)
Upwork, Inc.*		103,490	$	1,081,470
Verra Mobility Corp.*		85,944		1,699,113
Total				7,573,221

Semiconductors & Semiconductor Equipment 5.25%
Aehr Test Systems*		86,654		2,041,568
Credo Technology Group Holding Ltd.*		96,050		1,365,831
Photronics, Inc.*		37,921		696,229
Rambus, Inc.*		82,020		4,456,147
Total				8,559,775

Software 12.01%
Agilysys, Inc.*		23,254		1,994,961
Alkami Technology, Inc.*		84,788		1,521,945
Cerence, Inc.*		85,142		1,303,524
Clear Secure, Inc. Class A		47,662		801,675
JFrog Ltd. (Israel)*^(a)		155,031		3,486,647
Olo, Inc. Class A*		159,139		813,200
Varonis Systems, Inc.*		115,738		3,893,426
Weave Communications, Inc.*		290,710		2,081,484
Yext, Inc.*		143,431		864,889
Zeta Global Holdings Corp. Class A*		194,463		1,516,811
Zuora, Inc. Class A*		175,030		1,296,972
Total				19,575,534

Trading Companies & Distributors 1.15%
Distribution Solutions Group, Inc.*		62,398		1,881,300
Total Common Stocks (cost $147,881,766)				161,321,256

100	See Notes to Financial Statements.

Schedule of Investments (concluded)

MICRO CAP GROWTH FUND October 31, 2023

Investments	Principal Amount		Fair Value
SHORT-TERM INVESTMENTS 4.83%

Repurchase Agreements 1.52%
Repurchase Agreement dated 10/31/2023, 2.800% due 11/1/2023 with Fixed Income Clearing Corp. collateralized by $2,521,400 of U.S. Treasury Note at 5.000% due 10/31/2025; value: $2,519,332; proceeds: $2,470,033 (cost $2,469,841)	$	2,469,841	$	2,469,841

		Shares
Money Market Funds 2.98%
Fidelity Government Portfolio^(c) (cost $4,860,081)		4,860,081		4,860,081

Investments	Shares		Fair Value
Time Deposits 0.33%
CitiBank N.A.^(c) (cost $540,009)		540,009	$	540,009
Total Short-Term Investments (cost $7,869,931)				7,869,931
Total Investments in Securities 103.84% (cost $155,751,697)				169,191,187
Other Assets and Liabilities – Net (3.84)%				(6,261,515	)
Net Assets 100.00%			$	162,929,672

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 October 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	161,321,256	$	–	$	–	$	161,321,256
Short-Term Investments
Repurchase Agreements		–		2,469,841		–		2,469,841
Money Market Funds		4,860,081		–		–		4,860,081
Time Deposits		–		540,009		–		540,009
Total	$	166,181,337	$	3,009,850	$	–	$	169,191,187

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

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

See Notes to Financial Statements.

101

Schedule of Investments

VALUE OPPORTUNITIES FUND October 31, 2023

Investments	Shares		Fair Value
LONG-TERM INVESTMENTS 98.50%
COMMON STOCKS 98.50%

Aerospace & Defense 1.68%
Curtiss-Wright Corp.		92,508	$	18,391,515

Automobile Components 1.09%
Gentherm, Inc.*		295,534		11,886,377

Banks 4.86%
Columbia Banking System, Inc.		700,570		13,780,212
East West Bancorp, Inc.		247,906		13,292,720
First BanCorp		1,131,609		15,106,980
Wintrust Financial Corp.		147,666		11,029,173
Total				53,209,085

Building Products 3.51%
Allegion PLC (Ireland)^(a)		204,587		20,123,177
Masonite International Corp.*		230,324		18,227,842
Total				38,351,019

Capital Markets 5.61%
Cboe Global Markets, Inc.		162,732		26,670,147
Moelis & Co. Class A		412,056		17,158,012
TPG, Inc.		632,600		17,485,064
Total				61,313,223

Chemicals 1.89%
Avient Corp.		379,922		12,013,134
Axalta Coating Systems Ltd.*		329,458		8,641,683
Total				20,654,817

Commercial Services & Supplies 1.23%
Brady Corp. Class A		260,845		13,423,084

Construction & Engineering 2.12%
EMCOR Group, Inc.		112,202		23,186,543

Construction Materials 1.43%
Eagle Materials, Inc.		101,639		15,643,258

Investments	Shares		Fair Value
Consumer Staples Distribution & Retail 2.15%
BJ’s Wholesale Club Holdings, Inc.*		345,793	$	23,555,419

Containers & Packaging 1.86%
Avery Dennison Corp.		116,903		20,349,305

Electric: Utilities 2.70%
IDACORP, Inc.		171,482		16,241,060
Portland General Electric Co.		331,267		13,257,306
Total				29,498,366

Electronic Equipment, Instruments & Components 3.55%
Belden, Inc.		192,033		13,615,139
Crane NXT Co.		194,395		10,108,540
Littelfuse, Inc.		69,640		15,088,899
Total				38,812,578

Energy Equipment & Services 1.73%
TechnipFMC PLC (United Kingdom)^(a)		880,069		18,939,085

Ground Transportation 1.43%
Saia, Inc.*		43,751		15,684,296

Health Care Equipment & Supplies 5.02%
CONMED Corp.		117,300		11,432,058
Cooper Cos., Inc.		46,012		14,344,241
Lantheus Holdings, Inc.*		77,818		5,027,043
STERIS PLC		114,584		24,060,348
Total				54,863,690

Health Care Providers & Services 3.72%
Molina Healthcare, Inc.*		96,151		32,013,475
R1 RCM, Inc.*		731,339		8,622,487
Total				40,635,962

Hotels, Restaurants & Leisure 5.45%
Caesars Entertainment, Inc.*		235,000		9,374,150
Choice Hotels International, Inc.		173,533		19,175,396

102	See Notes to Financial Statements.

Schedule of Investments (continued)

VALUE OPPORTUNITIES FUND October 31, 2023

Investments	Shares		Fair Value
Hotels, Restaurants & Leisure (continued)
Dave & Buster’s Entertainment, Inc.*		270,457	$	9,449,768
SeaWorld Entertainment, Inc.*		113,068		4,870,969
Texas Roadhouse, Inc.		165,140		16,768,316
Total				59,638,599

Industrial REITS 1.35%
First Industrial Realty Trust, Inc.		349,436		14,781,143

Information Technology Services 1.40%
Perficient, Inc.*		263,646		15,341,561

Insurance 4.83%
American Financial Group, Inc.		181,879		19,890,288
RenaissanceRe Holdings Ltd.		92,788		20,375,317
White Mountains Insurance Group Ltd.		8,767		12,543,385
Total				52,808,990

Leisure Products 1.73%
YETI Holdings, Inc.*		445,782		18,954,651

Life Sciences Tools & Services 3.53%
Bio-Techne Corp.		205,148		11,207,235
Charles River Laboratories International, Inc.*		80,494		13,551,970
Repligen Corp.*		103,074		13,869,638
Total				38,628,843

Machinery 2.98%
Columbus McKinnon Corp.		513,067		15,684,458
Crane Co.		173,795		16,915,468
Total				32,599,926

Media 1.56%
Criteo SA ADR*		603,984		17,074,628

Metals & Mining 1.00%
Reliance Steel & Aluminum Co.		42,829		10,894,841

Investments	Shares		Fair Value
Oil, Gas & Consumable Fuels 4.82%
Chesapeake Energy Corp.		323,638	$	27,858,759
Permian Resources Corp.		1,704,022		24,827,601
Total				52,686,360

Pharmaceuticals 0.24%
Organon & Co.		181,204		2,680,007

Professional Services 6.17%
Booz Allen Hamilton Holding Corp.		181,147		21,724,960
ICF International, Inc.		127,938		16,213,583
Paylocity Holding Corp.*		68,454		12,280,648
WNS Holdings Ltd. ADR*		317,558		17,249,750
Total				67,468,941

Real Estate Management & Development 1.32%
Marcus & Millichap, Inc.		503,800		14,459,060

Residential REITS 1.34%
American Homes 4 Rent Class A		448,413		14,681,042

Semiconductors & Semiconductor Equipment 3.00%
Entegris, Inc.		216,259		19,039,442
FormFactor, Inc.*		407,492		13,805,829
Total				32,845,271

Software 6.67%
Aspen Technology, Inc.*		88,126		15,664,396
CommVault Systems, Inc.*		344,180		22,492,163
Descartes Systems Group, Inc. (Canada)*^(a)		268,863		19,414,597
Dolby Laboratories, Inc. Class A		190,640		15,430,402
Total				73,001,558

Specialty Retail 1.50%
Valvoline, Inc.		553,248		16,414,868

Textiles, Apparel & Luxury Goods 1.55%
Deckers Outdoor Corp.*		28,340		16,920,680

See Notes to Financial Statements.

103

Schedule of Investments (concluded)

VALUE OPPORTUNITIES FUND October 31, 2023

Investments	Shares		Fair Value
Trading Companies & Distributors 2.48%
AerCap Holdings NV (Ireland)*^(a)		436,597	$	27,121,406
Total Common Stocks (cost $970,761,932)				1,077,399,997

		Principal Amount

SHORT-TERM INVESTMENTS 1.57%

Repurchase Agreements 1.57%
Repurchase Agreement dated 10/31/2023, 2.800% due 11/1/2023 with Fixed Income Clearing Corp. collateralized by $17,588,800 of U.S. Treasury Note at 5.000% due 10/31/2025; value: $17,574,372; proceeds: $17,231,08 (cost $17,229,742)	$	17,229,742		17,229,742

Investments	Principal Amount	Fair Value
Total Investments in Securities 100.07% (cost $987,991,674)		$	1,094,629,739
Other Assets and Liabilities – Net (0.07)%			(806,019	)
Net Assets 100.00%		$	1,093,823,720

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

The following is a summary of the inputs used as of October 31, 2023 in valuing the Fund’s investments carried at fair value⁽¹⁾:

Investment Type⁽²⁾	Level 1		Level 2		Level 3		Total
Long-Term Investments
Common Stocks	$	1,077,399,997	$	–	$	–	$	1,077,399,997
Short-Term Investments
Repurchase Agreements		–		17,229,742		–		17,229,742
Total	$	1,077,399,997	$	17,229,742	$	–	$	1,094,629,739

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

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

104	See Notes to Financial Statements.

This page is intentionally left blank.

105

Statements of Assets and Liabilities

October 31, 2023

	Alpha Strategy Fund				Focused Growth Fund				Focused Large Cap Value Fund
ASSETS:
Investments in securities, at cost		$	555,994			$	26,204,170			$	17,996,933
Investments in Underlying Funds, at cost			618,420,565				–				–
Investments in securities, at fair value		$	555,994			$	30,686,533			$	18,886,863
Investments in Underlying Funds, at value			531,681,544				–				–
Cash			2				–				40,780
Foreign cash, at value (cost $0, $0, $40, $67,298, $283, $4,807 and $0, respectively)			–				–				39
Receivables:
Capital shares sold			242,212				26,040				8,798
Interest and dividends			43				911				76,577
From advisor (See Note 3)			–				16,306				12,689
Investment securities sold			–				361,759				68,537
Prepaid expenses and other assets			58,518				39,130				70,135
Total assets			532,538,313				31,130,679				19,164,418
LIABILITIES:
Payables:
Capital shares reacquired			453,001				23,104				26,950
Trustees’ fees			126,938				6,974				22,185
12b-1 distribution plan			75,784				5,817				4,541
Fund administration			18,737				1,093				668
Management fee			–				17,762				9,858
Accrued expenses			208,652				55,587				97,220
Total liabilities			883,112				110,337				161,422
NET ASSETS		$	531,655,201			$	31,020,342			$	19,002,996
COMPOSITION OF NET ASSETS:
Paid-in capital		$	652,095,337			$	38,738,057			$	19,408,263
Total distributable earnings (loss)			(120,440,136	)			(7,717,715	)			(405,267	)
Net Assets		$	531,655,201			$	31,020,342			$	19,002,996


106	See Notes to Financial Statements.

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

	$	101,591,307			$	1,487,500,502		$	12,738,265		$	4,094,505,173
		–				–			–			–
	$	99,473,348			$	1,748,226,439		$	13,907,404		$	4,777,398,860
		–				–			–			–
		–				2			6			–

		66,561				286			4,640			–

		144,709				351,829			1,992			3,959,811
		63				1,682,878			7,085			171,041
		4,881				–			15,004			22,194
		723,473				6,728,841			–			49,210,749
		45,040				79,041			72,689			32,805
		100,458,075				1,757,069,316			14,008,820			4,830,795,460

		167,406				2,332,076			22,347			9,248,349
		18,387				486,579			906			460,887
		5,189				218,936			1,711			738,554
		3,568				60,811			488			170,869
		71,356				840,815			5,492			2,220,794
		63,811				476,647			72,072			981,428
		329,717				4,415,864			103,016			13,820,881
	$	100,128,358			$	1,752,653,452		$	13,905,804		$	4,816,974,579

	$	103,984,304			$	1,486,260,352		$	13,324,139		$	5,776,035,017
		(3,855,946	)			266,393,100			581,665			(959,060,438	)
	$	100,128,358			$	1,752,653,452		$	13,905,804		$	4,816,974,579


	See Notes to Financial Statements.	107

Statements of Assets and Liabilities (continued)

October 31, 2023

	Alpha Strategy Fund			Focused Growth Fund			Focused Large Cap Value Fund
Net assets by class:
Class A Shares		$	342,755,929		$	15,986,310		$	9,821,328
Class C Shares		$	13,822,603		$	2,213,784		$	2,617,508
Class F Shares		$	9,141,816		$	3,535,508		$	193,571
Class F3 Shares		$	46,723,620		$	499,453		$	8,968
Class I Shares		$	95,792,055		$	4,121,607		$	4,981,834
Class P Shares		$	–		$	–		$	–
Class R2 Shares		$	811,964		$	–		$	–
Class R3 Shares		$	15,526,129		$	154,990		$	143,419
Class R4 Shares		$	3,150,070		$	13,659		$	6,432
Class R5 Shares		$	550,986		$	13,842		$	6,458
Class R6 Shares		$	3,380,029		$	4,481,189		$	1,223,478
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares			17,502,253			780,592			1,025,099
Class C Shares			951,147			112,464			274,847
Class F Shares			460,192			170,291			19,783
Class F3 Shares			2,273,087			23,956			931
Class I Shares			4,688,767			198,479			499,153
Class P Shares			–			–			–
Class R2 Shares			43,967			–			–
Class R3 Shares			832,032			7,666			15,009
Class R4 Shares			161,383			667			670
Class R5 Shares			26,960			667			671
Class R6 Shares			164,382			214,932			126,853
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$19.58			$20.48			$9.58
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)			$20.77			$21.73			$10.16
Class C Shares-Net asset value			$14.53			$19.68			$9.52
Class F Shares-Net asset value			$19.87			$20.76			$9.78
Class F3 Shares-Net asset value*			$20.56			$20.85			$9.63
Class I Shares-Net asset value			$20.43			$20.77			$9.98
Class P Shares-Net asset value			$ –			$ –			$ –
Class R2 Shares-Net asset value			$18.47			$ –			$ –
Class R3 Shares-Net asset value			$18.66			$20.22			$9.56
Class R4 Shares-Net asset value*			$19.52			$20.49			$9.60
Class R5 Shares-Net asset value*			$20.44			$20.76			$9.63
Class R6 Shares-Net asset value			$20.56			$20.85			$9.64


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

108	See Notes to Financial Statements.

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

	$	11,486,912		$	1,068,294,079		$	5,163,388		$	1,491,195,529
	$	2,499,266		$	23,315,999		$	344,917		$	425,712,730
	$	4,246,081		$	24,745,443		$	1,099,159		$	244,363,975
	$	10,326		$	17,641,842		$	13,738		$	382,432,483
	$	71,702,573		$	545,536,917		$	3,245,029		$	2,124,007,063
	$	–		$	3,237,040		$	–		$	–
	$	–		$	1,964,265		$	–		$	1,451,962
	$	–		$	57,036,662		$	598,022		$	15,019,473
	$	–		$	2,523,081		$	13,942		$	9,594,830
	$	185,111		$	780,728		$	14,100		$	9,206,419
	$	9,998,089		$	7,577,396		$	3,413,509		$	113,990,115

		523,830			89,646,387			415,734			53,884,095
		107,851			2,302,424			28,176			17,917,769
		176,451			2,106,554			88,273			8,496,782
		429			1,453,054			1,102			13,064,053
		2,988,569			45,342,111			260,627			73,193,125
		–			279,186			–			–
		–			169,952			–			54,610
		–			4,911,610			48,578			564,228
		–			213,048			1,124			346,548
		7,714			64,840			1,132			317,078
		415,522			623,666			273,693			3,894,025

		$21.93			$11.92			$12.42			$27.67

		$23.27			$12.65			$13.18			$29.36
		$23.17			$10.13			$12.24			$23.76
		$24.06			$11.75			$12.45			$28.76
		$24.06			$12.14			$12.47			$29.27
		$23.99			$12.03			$12.45			$29.02
		$ –			$11.59			$ –			$ –
		$ –			$11.56			$ –			$26.59
		$ –			$11.61			$12.31			$26.62
		$ –			$11.84			$12.41			$27.69
		$24.00			$12.04			$12.46			$29.04
		$24.06			$12.15			$12.47			$29.27


	See Notes to Financial Statements.	109

Statements of Assets and Liabilities (continued)

October 31, 2023

	Health Care Fund				International Equity Fund			International Opportunities Fund
ASSETS:
Investments in securities, at cost		$	6,690,327			$	279,101,990		$	312,468,636
Investments in securities, at fair value including $64,555, $0, $51,671, $0, $5,415,683 and $0, respectively, of securities loaned		$	7,005,905			$	296,280,678		$	291,930,669
Cash			–				–			–
Foreign cash, at value (cost $0, $1,882,649, $851,615, $71,881, $0 and $0, respectively)			–				1,841,776			844,467
Receivables:
Investment securities sold			22,748				480,874			–
From advisor (See Note 3)			14,911				–			–
Interest and dividends			4,122				950,632			1,136,238
Capital shares sold			1,513				86,335			119,058
Securities lending income receivable			179				156			564
Prepaid expenses and other assets			60,479				83,098			64,220
Total assets			7,109,857				299,723,549			294,095,216
LIABILITIES:
Payables:
Payable for collateral due to broker for securities lending			62,300				–			53,954
Capital shares reacquired			17,426				530,479			163,218
Management fee			3,828				116,268			189,260
Trustees’ fees			3,086				89,868			71,230
12b-1 distribution plan			1,721				33,030			17,707
Fund administration			247				10,335			10,094
Investment securities purchased			–				3,179,312			2,283,828
Foreign capital gains taxes deferred			–				158,876			259,449
Foreign currency overdraft (cost $41, $0, $0, $0, $0 and $0, respectively)			41				–			–
Accrued expenses			57,449				175,980			155,294
Total liabilities			146,098				4,294,148			3,204,034
NET ASSETS		$	6,963,759			$	295,429,401		$	290,891,182
COMPOSITION OF NET ASSETS:
Paid-in capital		$	7,841,994			$	291,761,750		$	360,583,542
Total distributable earnings (loss)			(878,235	)			3,667,651			(69,692,360	)
Net Assets		$	6,963,759			$	295,429,401		$	290,891,182


110	See Notes to Financial Statements.

International Value Fund				Micro Cap Growth Fund				Value Opportunities Fund

	$	358,840,052			$	155,751,697			$	987,991,674

	$	358,577,196			$	169,191,187			$	1,094,629,739
		–				–				20,781

		71,926				–				–

		1,855,986				232,219				5,764,868
		–				1,010				–
		2,045,491				192				284,291
		138,803				68,032				460,966
		–				9,320				–
		35,943				1,730				117,153
		362,725,345				169,503,690				1,101,277,798

		–				5,400,090				–
		476,975				289,110				1,107,503
		157,741				134,990				713,953
		132,643				22,385				309,901
		44,409				10,763				105,281
		12,619				6,000				38,371
		794,783				630,313				4,780,389
		22,710				–				–

		–				–				–
		205,105				80,367				398,680
		1,846,985				6,574,018				7,454,078
	$	360,878,360			$	162,929,672			$	1,093,823,720

	$	790,978,142			$	248,832,646			$	974,832,413
		(430,099,782	)			(85,902,974	)			118,991,307
	$	360,878,360			$	162,929,672			$	1,093,823,720


	See Notes to Financial Statements.	111

Statements of Assets and Liabilities (concluded)

October 31, 2023

	Health Care Fund			International Equity Fund			International Opportunities Fund
Net Assets by class:
Class A Shares		$	3,852,939		$	132,735,078		$	85,371,257
Class C Shares		$	929,853		$	1,413,583		$	4,729,255
Class F Shares		$	173,497		$	3,894,325		$	3,683,246
Class F3 Shares		$	28,403		$	11,841,195		$	27,245,181
Class I Shares		$	48,657		$	136,200,812		$	143,465,569
Class P Shares		$	–		$	10,065		$	20,825
Class R2 Shares		$	–		$	168,600		$	1,401,707
Class R3 Shares		$	24,318		$	4,529,892		$	4,508,273
Class R4 Shares		$	10,258		$	1,358,922		$	2,277,929
Class R5 Shares		$	10,359		$	13,715		$	2,009,348
Class R6 Shares		$	1,885,475		$	3,263,214		$	16,178,592
Outstanding shares by class (unlimited number of authorized shares of beneficial interest):
Class A Shares			250,322			10,730,616			5,355,054
Class C Shares			62,556			114,801			324,013
Class F Shares			11,148			315,875			232,938
Class F3 Shares			1,826			941,265			1,639,468
Class I Shares			3,132			10,858,756			8,696,239
Class P Shares			–			812			1,273
Class R2 Shares			–			13,625			89,903
Class R3 Shares			1,598			372,894			289,145
Class R4 Shares			667			110,502			143,629
Class R5 Shares			667			1,102			121,849
Class R6 Shares			121,138			259,557			973,490
Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares-Net asset value			$15.39			$12.37			$15.94
Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)			$16.33			$13.12			$16.91
Class C Shares-Net asset value			$14.86			$12.31			$14.60
Class F Shares-Net asset value			$15.56			$12.33			$15.81
Class F3 Shares-Net asset value*			$15.56			$12.58			$16.62
Class I Shares-Net asset value*			$15.53			$12.54			$16.50
Class P Shares-Net asset value*			$ –			$12.40			$16.37
Class R2 Shares-Net asset value			$ –			$12.37			$15.59
Class R3 Shares-Net asset value*			$15.21			$12.15			$15.59
Class R4 Shares-Net asset value*			$15.39			$12.30			$15.86
Class R5 Shares-Net asset value			$15.53			$12.45			$16.49
Class R6 Shares-Net asset value			$15.56			$12.57			$16.62


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

112	See Notes to Financial Statements.

International Value Fund			Micro Cap Growth Fund			Value Opportunities Fund

	$	190,585,128		$	24,055,894		$	540,437,771
	$	2,732,913		$	4,641,046		$	28,372,153
	$	4,786,457		$	11,019,026		$	26,977,527
	$	28,831,072		$	–		$	172,839,044
	$	125,953,339		$	123,213,706		$	228,083,268
	$	–		$	–		$	10,682,048
	$	53,899		$	–		$	3,848,834
	$	6,210,679		$	–		$	26,522,798
	$	106,776		$	–		$	26,010,811
	$	10,254		$	–		$	999,105
	$	1,607,843		$	–		$	29,050,361

		27,995,413			2,176,208			34,829,827
		404,082			351,207			2,295,144
		697,137			807,577			1,679,678
		4,194,708			–			10,334,599
		18,329,135			9,031,198			13,802,130
		–			–			713,010
		7,715			–			267,504
		901,543			–			1,803,341
		15,723			–			1,678,997
		1,499			–			60,404
		233,940			–			1,738,790

		$6.81			$11.05			$15.52

		$7.23			$11.72			$16.47
		$6.76			$13.21			$12.36
		$6.87			$13.64			$16.06
		$6.87			$ –			$16.72
		$6.87			$13.64			$16.53
		$ –			$ –			$14.98
		$6.99			$ –			$14.39
		$6.89			$ –			$14.71
		$6.79			$ –			$15.49
		$6.84			$ –			$16.54
		$6.87			$ –			$16.71


	See Notes to Financial Statements.	113

Statements of Operations

For the Year Ended October 31, 2023

	Alpha Strategy Fund				Focused Growth Fund				Focused Large Cap Value Fund
Investment income:
Dividends received from Underlying Funds		$	4,466,727			$	–			$	–
Dividends (net of foreign withholding taxes of $0, $0, $394, $27,104, $141,485, $12,360 and $0, respectively)			–				88,570				374,141
Securities lending net income			–				–				–
Interest and other			9,615				24,613				6,256
Interest earned from Interfund Lending (See Note 10)			–				–				–
Total investment income			4,476,342				113,183				380,397
Expenses:
Management fee			623,661				215,807				125,261
12b-1 distribution plan–Class A			999,313				38,426				29,977
12b-1 distribution plan–Class C			220,587				23,084				31,116
12b-1 distribution plan–Class F			17,815				4,509				574
12b-1 distribution plan–Class P			–				–				–
12b-1 distribution plan–Class R2			5,668				–				–
12b-1 distribution plan–Class R3			88,129				535				623
12b-1 distribution plan–Class R4			9,565				34				17
Shareholder servicing			531,038				45,405				10,950
Fund administration			249,464				13,280				8,492
Registration			145,228				130,928				129,618
Reports to shareholders			70,318				1,427				3,748
Custody			40,882				5,163				6,648
Professional			34,513				39,826				39,514
Trustees’ fees			16,805				875				754
Other			19,724				19,101				27,288
Gross expenses			3,072,710				538,400				414,580
Expense reductions (See Note 8)			(9,772	)			(480	)			(339	)
Fees waived and expenses reimbursed (See Note 3)			(664,543	)			(216,676	)			(201,770	)
Net expenses			2,398,395				321,244				212,471
Net investment income (loss)			2,077,947				(208,061	)			167,926
Net realized and unrealized gain (loss):
Capital gain distributions received from Underlying Funds			15,265,434				–				–
Net realized gain (loss) on Investment in Underlying Funds			(14,016,235	)			–				–
Net realized gain (loss) on investments			–				(5,010,764	)			(789,630	)
Net realized gain (loss) on foreign currency related transactions			–				–				1,900
Net change in unrealized appreciation/depreciation in Underlying Funds			(21,524,542	)			–				–
Net change in unrealized appreciation/depreciation on investments			–				6,273,650				611,437


114	See Notes to Financial Statements.

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

	$	–			$	–			$	–			$	–

		1,877,333				36,272,055				272,080				16,305,249
		87				41				587				584,161
		20,323				459,675				11,994				1,910,671
		–				–				–				7,073
		1,897,743				36,731,771				284,661				18,807,154

		967,010				10,529,434				64,554				27,078,664
		35,859				2,897,831				12,341				3,826,598
		32,789				308,878				3,499				4,868,202
		12,055				42,874				1,228				449,963
		–				16,963				–				–
		–				12,968				–				11,651
		–				313,141				2,941				78,500
		–				7,073				879				26,121
		67,891				1,387,118				27,531				3,706,970
		48,350				766,355				5,738				2,086,293
		97,644				167,747				115,694				248,084
		45,301				134,942				2,234				453,505
		7,455				6,586				41,266				35,919
		42,352				67,281				53,198				120,828
		3,271				50,772				476				138,852
		22,096				125,822				9,234				164,625
		1,382,073				16,835,785				340,813				43,294,775
		(896	)			(24,296	)			(175	)			(71,723	)
		(72,984	)			(6,585	)			(229,047	)			(485,882	)
		1,308,193				16,804,904				111,591				42,737,170
		589,550				19,926,867				173,070				(23,930,016	)

		–				–				–				–

		–				–				–				–
		(1,296,477	)			1,068,993				(539,411	)			(630,990,488	)

		(1,028	)			15,808				1,101				–

		–				–				–				–

		(3,302,684	)			3,700,053				1,647,286				893,374,356


	See Notes to Financial Statements.	115

Statements of Operations (continued)

For the Year Ended October 31, 2023

	Alpha Strategy Fund				Focused Growth Fund			Focused Large Cap Value Fund
Net realized and unrealized gain (loss):
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies			–				–			23,715
Net realized and unrealized gain (loss)			(20,275,343	)			1,262,886			(152,578	)
Net Increase (Decrease) in Net Assets Resulting From Operations		$	(18,197,396	)		$	1,054,825		$	15,348


116	See Notes to Financial Statements.

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

		(737	)			15,792			3,364			–
		(4,600,926	)			4,800,646			1,112,340			262,383,868

	$	(4,011,376	)		$	24,727,513		$	1,285,410		$	238,453,852


	See Notes to Financial Statements.	117

Statements of Operations (concluded)

For the Year Ended October 31, 2023

	Health Care Fund				International Equity Fund				International Opportunities Fund
Investment income:
Dividends (net of foreign withholding taxes of $2,454, $960,898, $828,965, $1,275,759, $0 and $73,739, respectively)		$	37,466			$	7,996,413			$	8,256,519
Securities lending net income			2,037				68,794				7,164
Interest and other			5,998				366,374				228,474
Interest earned from Interfund Lending (See Note 10)			–				915				1,659
Total investment income			45,501				8,432,496				8,493,816
Expenses:
Management fee			46,129				1,528,824				2,452,690
12b-1 distribution plan–Class A			9,935				364,329				236,152
12b-1 distribution plan–Class C			8,877				28,434				65,639
12b-1 distribution plan–Class F			246				6,172				7,762
12b-1 distribution plan–Class P			–				48				308
12b-1 distribution plan–Class R2			–				1,025				10,900
12b-1 distribution plan–Class R3			107				25,349				24,144
12b-1 distribution plan–Class R4			29				3,785				5,351
Registration			123,742				153,768				151,624
Professional			43,302				99,933				60,158
Shareholder servicing			10,080				264,492				246,317
Fund administration			2,976				128,980				130,810
Custody			1,072				117,851				110,759
Reports to shareholders			826				36,081				34,435
Trustees’ fees			476				8,464				8,536
Other			11,974				24,941				64,192
Gross expenses			259,771				2,792,476				3,609,777
Expense reductions (See Note 8)			(76	)			(2,836	)			(2,615	)
Fees waived and expenses reimbursed (See Note 3)			(186,149	)			(134,543	)			(110,759	)
Net expenses			73,546				2,655,097				3,496,403
Net investment income (loss)			(28,045	)			5,777,399				4,997,413
Net realized and unrealized gain (loss):
Net realized gain (loss) on investments			(375,535	)			(11,410,483	)			(18,298,022	)
Net realized gain (loss) on foreign currency related transactions			309				95,129				(20,294	)
Net change in unrealized appreciation/depreciation on investments			(383,054	)			30,730,179				44,857,796
Net change in unrealized appreciation/depreciation on deferred foreign capital gains taxes			–				(126,008	)			(174,619	)
Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies			268				87,806				741,360
Net realized and unrealized gain (loss)			(758,012	)			19,376,623				27,106,221
Net Increase (Decrease) in Net Assets Resulting From Operations		$	(786,057	)		$	25,154,022			$	32,103,634


118	See Notes to Financial Statements.

International Value Fund				Micro Cap Growth Fund				Value Opportunities Fund

	$	14,120,300			$	183,492			$	18,263,295
		83,651				144,749				1,534
		183,735				109,308				182,831
		1,610				–				–
		14,389,296				437,549				18,447,660

		2,016,220				1,958,332				9,185,262
		508,839				84,016				1,514,450
		41,991				61,825				374,662
		6,968				24,697				45,965
		–				–				55,395
		387				–				26,353
		33,623				–				151,338
		366				–				70,998
		141,868				60,224				160,590
		96,554				49,335				54,230
		344,787				219,216				1,077,584
		155,202				87,037				496,301
		140,120				16,561				22,379
		47,080				16,504				153,403
		10,183				5,903				33,090
		33,736				28,867				118,448
		3,577,924				2,612,517				13,540,448
		(4,071	)			(2,649	)			(15,335	)
		(177,185	)			(41,257	)			(22,379	)
		3,396,668				2,568,611				13,502,734
		10,992,628				(2,131,062	)			4,944,926

		(2,378,835	)			(21,812,099	)			16,727,882

		732,685				–				–

		39,871,351				(19,131,055	)			(11,065,712	)

		(24,536	)			–				–

		214,649				–				–
		38,415,314				(40,943,154	)			5,662,170

	$	49,407,942			$	(43,074,216	)		$	10,607,096


	See Notes to Financial Statements.	119

Statements of Changes in Net Assets

	Alpha Strategy Fund
INCREASE (DECREASE) IN NET ASSETS	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	2,077,947		$	2,094,212
Capital gain distributions received from Underlying Funds		15,265,434			63,676,165
Net realized gain (loss) on investments in Underlying Funds		(14,016,235	)		(6,375,349	)
Net realized gain (loss) on investments and foreign currency related transactions		–			–
Net change in unrealized appreciation/depreciation on investments in Underlying Funds		(21,524,542	)		(272,105,734	)
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		–			–
Net increase (decrease) in net assets resulting from operations		(18,197,396	)		(212,710,706	)
Distributions to shareholders:
Class A		(26,637,494	)		(27,355,292	)
Class C		(2,342,626	)		(3,117,383	)
Class F		(1,650,626	)		(7,349,675	)
Class F3		(3,208,745	)		(2,959,332	)
Class I		(6,291,180	)		(2,175,051	)
Class R2		(60,697	)		(58,000	)
Class R3		(1,054,054	)		(1,260,398	)
Class R4		(254,475	)		(228,467	)
Class R5		(24,219	)		(26,825	)
Class R6		(226,973	)		(274,765	)
Return of capital:
Class A		–			–
Class C		–			–
Class F		–			–
Class F3		–			–
Class I		–			–
Class R2		–			–
Class R3		–			–
Class R4		–			–
Class R5		–			–
Class R6		–			–
Total distributions to shareholders		(41,751,089	)		(44,805,188	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		96,147,796			192,165,716
Reinvestment of distributions		35,663,641			38,027,618
Cost of shares reacquired		(195,981,845	)		(197,529,081	)
Net increase (decrease) in net assets resulting from capital share transactions		(64,170,408	)		32,664,253
Net decrease in net assets		(124,118,893	)		(224,851,641	)
NET ASSETS:
Beginning of year	$	655,774,094		$	880,625,735
End of year	$	531,655,201		$	655,774,094


120	See Notes to Financial Statements.

Focused Growth Fund						Focused Large Cap Value Fund
For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022

$	(208,061	)	$	(255,492	)	$	167,926		$	7,836,154
	–			–			–			–
	–			–			–			–

	(5,010,764	)		(6,905,171	)		(787,730	)		34,686,571

	–			–			–			–

	6,273,650			(13,228,715	)		635,152			(113,032,560	)

	1,054,825			(20,389,378	)		15,348			(70,509,835	)

	–			(2,567,142	)		(154,176	)		(1,832,383	)
	–			(378,405	)		(57,554	)		(824,722	)
	–			(2,509,277	)		(16,168	)		(516,992	)
	–			(162,364	)		(160	)		(4,009	)
	–			(757,292	)		(3,669	)		(148,160,810	)
	–			–			–			–
	–			(3,252	)		(1,057	)		(2,986	)
	–			(3,247	)		(115	)		(2,856	)
	–			(3,247	)		(116	)		(2,890	)
	–			(849,495	)		(16,990	)		(337,911	)

	–			–			(3,680,536	)		–
	–			–			(1,373,939	)		–
	–			–			(385,970	)		–
	–			–			(3,828	)		–
	–			–			(87,593	)		–
	–			–			–			–
	–			–			(25,241	)		–
	–			–			(2,732	)		–
	–			–			(2,757	)		–
	–			–			(405,587	)		–
	–			(7,233,721	)		(6,218,188	)		(151,685,559	)

	16,761,437			22,040,099			11,572,270			170,411,753
	–			6,168,589			5,710,233			151,312,207
	(20,569,155	)		(19,130,869	)		(11,288,121	)		(752,521,176	)

	(3,807,718	)		9,077,819			5,994,382			(430,797,216	)
	(2,752,893	)		(18,545,280	)		(208,458	)		(652,992,610	)

$	33,773,235		$	52,318,515		$	19,211,454		$	672,204,064
$	31,020,342		$	33,773,235		$	19,002,996		$	19,211,454


	See Notes to Financial Statements.	121

Statements of Changes in Net Assets (continued)

	Focused Small Cap Value Fund
INCREASE (DECREASE) IN NET ASSETS	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
Operations:
Net investment income	$	589,550		$	646,378
Net realized gain (loss) on investments, futures contracts and foreign currency related transactions		(1,297,505	)		5,403,931
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(3,303,421	)		(31,562,664	)
Net increase (decrease) in net assets resulting from operations		(4,011,376	)		(25,512,355	)
Distributions to shareholders:
Class A		(616,896	)		(2,071,369	)
Class C		(117,495	)		(483,303	)
Class F		(757,185	)		(6,300,491	)
Class F3		(432	)		(1,386	)
Class I		(3,105,857	)		(11,419,770	)
Class P		–			–
Class R2		–			–
Class R3		–			–
Class R4		–			–
Class R5		(10,525	)		(1,624	)
Class R6		(403,524	)		(1,155,908	)
Total distributions to shareholders		(5,011,914	)		(21,433,851	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		17,200,883			46,385,727
Reinvestment of distributions		4,758,371			20,522,709
Cost of shares reacquired		(46,958,332	)		(107,014,170	)
Net increase (decrease) in net assets resulting from capital share transactions		(24,999,078	)		(40,105,734	)
Net increase (decrease) in net assets		(34,022,368	)		(87,051,940	)
NET ASSETS:
Beginning of year	$	134,150,726		$	221,202,666
End of year	$	100,128,358		$	134,150,726


122	See Notes to Financial Statements.

Fundamental Equity Fund						Global Equity Fund
For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022

$	19,926,867		$	22,718,564		$	173,070		$	81,877

	1,084,801			89,658,255			(538,310	)		(129,434	)

	3,715,845			(228,863,145	)		1,650,650			(2,371,674	)

	24,727,513			(116,486,326	)		1,285,410			(2,419,231	)

	(62,031,796	)		(157,233,440	)		(30,060	)		(706,818	)
	(2,027,363	)		(6,813,219	)		–			(110,829	)
	(3,757,884	)		(17,023,016	)		(9,680	)		(299,857	)
	(984,530	)		(2,276,471	)		(127	)		(2,578	)
	(30,715,661	)		(32,556,487	)		(29,916	)		(256,979	)
	(212,025	)		(544,609	)		–			–
	(106,559	)		(371,250	)		–			–
	(3,228,451	)		(9,674,156	)		(1,617	)		(64,811	)
	(155,223	)		(341,292	)		(3,989	)		(2,575	)
	(42,656	)		(114,175	)		(121	)		(2,638	)
	(413,951	)		(1,880,761	)		(13,663	)		(179,196	)
	(103,676,099	)		(228,828,876	)		(89,173	)		(1,626,281	)

	170,880,170			451,921,007			7,181,990			2,624,771
	100,473,206			220,273,728			58,477			906,874
	(394,573,791	)		(372,423,836	)		(3,484,208	)		(2,098,737	)

	(123,220,415	)		299,770,899			3,756,259			1,432,908
	(202,169,001	)		(45,544,303	)		4,952,496			(2,612,604	)

$	1,954,822,453		$	2,000,366,756		$	8,953,308		$	11,565,912
$	1,752,653,452		$	1,954,822,453		$	13,905,804		$	8,953,308


	See Notes to Financial Statements.	123

Statements of Changes in Net Assets (continued)

	Growth Leaders Fund
INCREASE (DECREASE) IN NET ASSETS	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	(23,930,016	)	$	(29,932,468	)
Net realized gain (loss) on investments and foreign currency related transactions		(630,990,488	)		(974,635,511	)
Net change in unrealized appreciation/depreciation on investments, deferred foreign capital gains taxes and translation of assets and liabilities denominated in foreign currencies		893,374,356			(2,765,796,307	)
Net increase (decrease) in net assets resulting from operations		238,453,852			(3,770,364,286	)
Distributions to shareholders:
Class A		–			(516,166,233	)
Class C		–			(240,453,284	)
Class F		–			(799,350,013	)
Class F3		–			(128,196,756	)
Class I		–			(234,268,629	)
Class P		–			–
Class R2		–			(636,674	)
Class R3		–			(4,314,020	)
Class R4		–			(3,353,679	)
Class R5		–			(3,558,947	)
Class R6		–			(33,119,570	)
Total distributions to shareholders		–			(1,963,417,805	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		1,463,838,212			4,067,529,922
Reinvestment of distributions		–			1,824,521,076
Cost of shares reacquired		(2,452,151,575	)		(5,003,566,690	)
Net increase (decrease) in net assets resulting from capital share transactions		(988,313,363	)		888,484,308
Net increase (decrease) in net assets		(749,859,511	)		(4,845,297,783	)
NET ASSETS:
Beginning of year	$	5,566,834,090		$	10,412,131,873
End of year	$	4,816,974,579		$	5,566,834,090


124	See Notes to Financial Statements.

Health Care Fund						International Equity Fund
For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022

$	(28,045	)	$	(13,244	)	$	5,777,399		$	6,935,802

	(375,226	)		(757,927	)		(11,315,354	)		(4,635,682	)

	(382,786	)		(525,938	)		30,691,977			(103,647,010	)

	(786,057	)		(1,297,109	)		25,154,022			(101,346,890	)

	–			(237,866	)		(2,799,388	)		(21,399,286	)
	–			(54,449	)		(47,998	)		(782,187	)
	–			(39,168	)		(180,998	)		(2,865,403	)
	(86	)		(2,688	)		(147,620	)		(693,860	)
	(21	)		(1,304	)		(2,985,080	)		(19,096,185	)
	–			–			(182	)		(1,376	)
	–			–			(2,657	)		(19,394	)
	–			(982	)		(82,045	)		(673,002	)
	–			(981	)		(29,323	)		(180,612	)
	(15	)		(982	)		(474	)		(7,581	)
	(6,009	)		(190,161	)		(62,147	)		(468,664	)
	(6,131	)		(528,581	)		(6,337,912	)		(46,187,550	)

	2,837,576			1,681,977			49,374,123			20,362,935
	28			321,307			6,225,632			45,341,230
	(1,517,369	)		(1,577,022	)		(58,456,770	)		(53,132,557	)

	1,320,235			426,262			(2,857,015	)		12,571,608
	528,047			(1,399,428	)		15,959,095			(134,962,832	)

$	6,435,712		$	7,835,140		$	279,470,306		$	414,433,138
$	6,963,759		$	6,435,712		$	295,429,401		$	279,470,306


	See Notes to Financial Statements.	125

Statements of Changes in Net Assets (continued)

	International Opportunities Fund
INCREASE (DECREASE) IN NET ASSETS	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
Operations:
Net investment income (loss)	$	4,997,413		$	4,707,921
Net realized gain (loss) on investments, swap contracts and foreign currency related transactions		(18,318,316	)		(16,739,450	)
Net change in unrealized appreciation/depreciation on investments, deferred foreign capital gains taxes and translation of assets and liabilities denominated in foreign currencies		45,424,537			(118,476,243	)
Net increase (decrease) in net assets resulting from operations		32,103,634			(130,507,772	)
Distributions to shareholders:
Class A		(1,515,429	)		(2,906,967	)
Class C		(63,496	)		(232,215	)
Class F		(250,874	)		(1,303,487	)
Class F3		(530,783	)		(751,094	)
Class I		(2,938,287	)		(4,671,896	)
Class P		(1,575	)		(2,745	)
Class R2		(28,634	)		(49,120	)
Class R3		(62,415	)		(110,011	)
Class R4		(36,129	)		(62,902	)
Class R5		(38,883	)		(79,058	)
Class R6		(327,410	)		(586,175	)
Total distributions to shareholders		(5,793,915	)		(10,755,670	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		61,136,230			64,502,823
Reinvestment of distributions		5,609,335			10,359,870
Cost of shares reacquired		(112,764,691	)		(86,947,035	)
Net decrease in net assets resulting from capital share transactions		(46,019,126	)		(12,084,342	)
Net increase (decrease) in net assets		(19,709,407	)		(153,347,784	)
NET ASSETS:
Beginning of year	$	310,600,589		$	463,948,373
End of year	$	290,891,182		$	310,600,589


126	See Notes to Financial Statements.

International Value Fund						Micro Cap Growth Fund
For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022

$	10,992,628		$	21,298,119		$	(2,131,062	)	$	(1,997,602	)

	(1,646,150	)		(23,889,559	)		(21,812,099	)		(60,372,383	)

	40,061,464			(110,319,693	)		(19,131,055	)		(46,542,882	)

	49,407,942			(112,911,133	)		(43,074,216	)		(108,912,867	)

	(5,722,791	)		(9,846,255	)		–			–
	(74,751	)		(290,372	)		–			–
	(183,754	)		(853,274	)		–			–
	(879,787	)		(1,177,508	)		–			–
	(4,136,627	)		(12,554,506	)		–			–
	–			–			–			–
	(1,703	)		(1,692	)		–			–
	(176,067	)		(288,403	)		–			–
	(4,200	)		(6,611	)		–			–
	(336	)		(602	)		–			–
	(49,764	)		(74,661	)		–			–
	(11,229,780	)		(25,093,884	)		–			–

	41,973,452			53,131,933			43,964,939			74,876,590
	11,031,675			24,633,484			–			–
	(74,580,700	)		(246,207,849	)		(71,561,579	)		(129,678,311	)

	(21,575,573	)		(168,442,432	)		(27,596,640	)		(54,801,721	)
	16,602,589			(306,447,449	)		(70,670,856	)		(163,714,588	)

$	344,275,771		$	650,723,220		$	233,600,528		$	397,315,116
$	360,878,360		$	344,275,771		$	162,929,672		$	233,600,528

See Notes to Financial Statements.

127

Statements of Changes in Net Assets (concluded)

	Value Opportunities Fund
INCREASE (DECREASE) IN NET ASSETS	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
Operations:
Net investment income	$	4,944,926		$	9,410,086
Net realized gain (loss) on investments		16,727,882			120,080,030
Net change in unrealized appreciation/depreciation on investments		(11,065,712	)		(470,006,406	)
Net increase (decrease) in net assets resulting from operations		10,607,096			(340,516,290	)
Distributions to shareholders:
Class A		(53,463,933	)		(102,999,131	)
Class C		(4,344,107	)		(10,928,764	)
Class F		(6,295,659	)		(22,556,721	)
Class F3		(15,989,854	)		(29,456,770	)
Class I		(20,289,726	)		(48,314,870	)
Class P		(1,091,735	)		(2,111,678	)
Class R2		(390,476	)		(749,624	)
Class R3		(2,715,045	)		(5,298,619	)
Class R4		(2,475,922	)		(5,145,203	)
Class R5		(80,636	)		(239,327	)
Class R6		(2,676,277	)		(5,158,092	)
Total distributions to shareholders		(109,813,370	)		(232,958,799	)
Capital share transactions (See Note 15):
Net proceeds from sales of shares		137,967,950			213,811,313
Reinvestment of distributions		107,376,618			227,980,077
Cost of shares reacquired		(359,091,197	)		(500,789,144	)
Net decrease in net assets resulting from capital share transactions		(113,746,629	)		(58,997,754	)
Net decrease in net assets		(212,952,903	)		(632,472,843	)
NET ASSETS:
Beginning of year	$	1,306,776,623		$	1,939,249,466
End of year	$	1,093,823,720		$	1,306,776,623


128	See Notes to Financial Statements.

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129

Financial Highlights

ALPHA STRATEGY FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(b)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class A
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
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
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
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
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
10/31/2023		20.66		(0.02	)		(0.83	)		(0.85	)		–	^(d)		(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	)

130	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 reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$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

	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

	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

	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

	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

	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.

131

Financial Highlights (continued)

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
10/31/2023		$20.85	$	–	^(d)		$(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
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
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
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)	Amount is less than $0.01.

132	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 reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$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

	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

	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

	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.

133

Financial Highlights (continued)

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
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^(c)(d)		15.00		(0.10	)		0.98			0.88			–			15.88
Class C
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^(c)(d)		15.00		(0.19	)		0.99			0.80			–			15.80
Class F
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^(c)(d)		15.00		(0.07	)		0.98			0.91			–			15.91
Class F3
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^(c)(d)		15.00		(0.06	)		0.98			0.92			–			15.92
Class I
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^(c)(d)		15.00		(0.07	)		0.99			0.92			–			15.92
Class R3
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^(c)(d)		15.00		(0.13	)		0.99			0.86			–			15.86

134	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:
Total return^(b) (%)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	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	^(e)		1.05	^(f)		3.09	^(f)		(0.83	)^(f)		4,889		130	^(e)

	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	^(e)		1.80	^(f)		4.10	^(f)		(1.55	)^(f)		156		130	^(e)

	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	^(e)		0.80	^(f)		3.14	^(f)		(0.56	)^(f)		1,005		130	^(e)

	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	^(e)		0.73	^(f)		3.07	^(f)		(0.48	)^(f)		531		130	^(e)

	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	^(e)		0.80	^(f)		2.91	^(f)		(0.60	)^(f)		1,492		130	^(e)

	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	^(e)		1.30	^(f)		3.64	^(f)		(1.06	)^(f)		11		130	^(e)

See Notes to Financial Statements.

135

Financial Highlights (continued)

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 R4
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^(c)(d)		15.00		(0.10	)		0.99			0.89			–			15.89
Class R5
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^(c)(d)		15.00		(0.07	)		0.98			0.91			–			15.91
Class R6
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^(c)(d)		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)	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.
^(d)	Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 1/30/2019 through 1/31/2019.
^(e)	Not annualized.
^(f)	Annualized.

136	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

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

	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	^(e)		1.05	^(f)		3.37	^(f)		(0.80	)^(f)		11		130	^(e)

	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	^(e)		0.80	^(f)		3.12	^(f)		(0.55	)^(f)		11		130	^(e)

	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	^(e)		0.73	^(f)		2.83	^(f)		(0.50	)^(f)		1,821		130	^(e)

See Notes to Financial Statements.

137

Financial Highlights (continued)

FOCUSED LARGE CAP VALUE FUND

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

	Net asset value, beginning of period		Net investment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Return of capital
Class A
10/31/2023	$	13.58	$	0.08	$	0.17	^(e)	$	0.25		$	(1.42	)	$	–		$	(2.83	)
10/31/2022		19.04		0.16		(1.34	)		(1.18	)		(0.35	)		(3.93	)		–
10/31/2021		12.95		0.38		6.68			7.06			(0.16	)		(0.81	)		–
10/31/2020		14.75		0.27		(1.99	)		(1.72	)		(0.08	)		–			–
7/26/2019 to 10/31/2019^(c)(d)		15.00		0.06		(0.31	)^(e)		(0.25	)		–			–			–
Class C
10/31/2023		13.49		0.02		0.15	^(e)		0.17			(1.31	)		–			(2.83	)
10/31/2022		18.97		0.06		(1.35	)		(1.29	)		(0.26	)		(3.93	)		–
10/31/2021		12.87		0.25		6.66			6.91			–			(0.81	)		–
10/31/2020		14.72		0.17		(1.98	)		(1.81	)		(0.04	)		–			–
7/26/2019 to 10/31/2019^(c)(d)		15.00		0.03		(0.31	)^(e)		(0.28	)		–			–			–
Class F
10/31/2023		13.77		0.14		0.14	^(e)		0.28			(1.44	)		–			(2.83	)
10/31/2022		19.22		0.20		(1.36	)		(1.16	)		(0.36	)		(3.93	)		–
10/31/2021		12.98		0.49		6.64			7.13			(0.08	)		(0.81	)		–
10/31/2020		14.76		0.31		(2.00	)		(1.69	)		(0.09	)		–			–
7/26/2019 to 10/31/2019^(c)(d)		15.00		0.07		(0.31	)^(e)		(0.24	)		–			–			–
Class F3
10/31/2023		13.64		0.11		0.16	^(e)		0.27			(1.45	)		–			(2.83	)
10/31/2022		19.10		0.20		(1.35	)		(1.15	)		(0.38	)		(3.93	)		–
10/31/2021		12.98		0.37		6.75			7.12			(0.19	)		(0.81	)		–
10/31/2020		14.76		0.32		(2.00	)		(1.68	)		(0.10	)		–			–
7/26/2019 to 10/31/2019^(c)(d)		15.00		0.07		(0.31	)^(e)		(0.24	)		–			–			–
Class I
10/31/2023		13.63		0.09		0.18	^(e)		0.27			(1.09	)		–			(2.83	)
10/31/2022		19.10		0.22		(1.38	)		(1.16	)		(0.38	)		(3.93	)		–
10/31/2021		12.99		0.35		6.76			7.11			(0.19	)		(0.81	)		–
10/31/2020		14.76		0.30		(1.97	)		(1.67	)		(0.10	)		–			–
7/26/2019 to 10/31/2019^(c)(d)		15.00		0.04		(0.28	)^(e)		(0.24	)		–			–			–
Class R3
10/31/2023		13.56		0.05		0.18	^(e)		0.23			(1.40	)		–			(2.83	)
10/31/2022		18.99		0.12		(1.33	)		(1.21	)		(0.29	)		(3.93	)		–
10/31/2021		12.92		0.29		6.71			7.00			(0.12	)		(0.81	)		–
10/31/2020		14.74		0.23		(1.99	)		(1.76	)		(0.06	)		–			–
7/26/2019 to 10/31/2019^(c)(d)		15.00		0.05		(0.31	)^(e)		(0.26	)		–			–			–

138	See Notes to Financial Statements.

								Ratios to Average Net Assets:									Supplemental Data:

Total distri- butions			Net asset value, end of period		Total return (%)^(b)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$(4.25	)	$	9.58		0.59			0.96			1.92			0.84		$	9,821		61
	(4.28	)		13.58		(8.69	)		0.96			1.04			1.12			11,466		100
	(0.97	)		19.04		56.50			0.93			0.93			2.08			7,714		99
	(0.08	)		12.95		(11.74	)		0.96			1.09			2.08			541		128
	–			14.75		(1.67	)^(f)		0.96	^(g)		4.40	^(g)		1.57	^(g)		508		16	^(f)

	(4.14	)		9.52		(0.21	)		1.71			2.71			0.20			2,618		61
	(4.19	)		13.49		(9.37	)		1.71			1.77			0.40			4,637		100
	(0.81	)		18.97		55.29			1.67			1.67			1.36			3,601		99
	(0.04	)		12.87		(12.35	)		1.71			1.83			1.32			77		128
	–			14.72		(1.87	)^(f)		1.71	^(g)		5.27	^(g)		0.75	^(g)		108		16	^(f)

	(4.27	)		9.78		0.81			0.71			1.95			1.34			194		61
	(4.29	)		13.77		(8.48	)		0.71			0.86			1.35			1,405		100
	(0.89	)		19.22		56.78			0.68			0.78			2.60			2,394		99
	(0.09	)		12.98		(11.54	)		0.71			0.98			2.33			40		128
	–			14.76		(1.60	)^(f)		0.71	^(g)		4.37	^(g)		1.75	^(g)		492		16	^(f)

	(4.28	)		9.63		0.82			0.71			1.61			1.13			9		61
	(4.31	)		13.64		(8.48	)		0.70			0.76			1.37			13		100
	(1.00	)		19.10		56.91			0.67			0.67			2.13			18		99
	(0.10	)		12.98		(11.50	)		0.63			0.84			2.40			12		128
	–			14.76		(1.60	)^(f)		0.63	^(g)		4.21	^(g)		1.83	^(g)		492		16	^(f)

	(3.92	)		9.98		0.89			0.71			1.56			0.92			4,982		61
	(4.31	)		13.63		(8.55	)		0.69			0.69			1.49			243		100
	(1.00	)		19.10		56.79			0.68			0.68			1.99			656,899		99
	(0.10	)		12.99		(11.43	)		0.71			0.75			2.34			428,070		128
	–			14.76		(1.60	)^(f)		0.71	^(g)		1.07	^(g)		1.10	^(g)		38,221		16	^(f)

	(4.23	)		9.56		0.40			1.21			2.11			0.52			143		61
	(4.22	)		13.56		(8.88	)		1.21			1.32			0.86			84		100
	(0.93	)		18.99		56.09			1.15			1.15			1.65			13		99
	(0.06	)		12.92		(11.98	)		1.21			1.34			1.75			9		128
	–			14.74		(1.73	)^(f)		1.21	^(g)		4.78	^(g)		1.24	^(g)		10		16	^(f)

See Notes to Financial Statements.

139

Financial Highlights (continued)

FOCUSED LARGE CAP VALUE FUND

			Per Share Operating Performance:
			Investment Operations:								Distributions to shareholders from:
	Net asset value, beginning of period		Net investment income (loss)^(a)		Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Return of capital
Class R4
10/31/2023	$	13.59	$	0.09	$	0.17	^(e)	$	0.26		$	(1.42	)	$	–		$	(2.83	)
10/31/2022		19.04		0.16		(1.35	)		(1.19	)		(0.33	)		(3.93	)		–
10/31/2021		12.95		0.33		6.73			7.06			(0.16	)		(0.81	)		–
10/31/2020		14.75		0.27		(1.99	)		(1.72	)		(0.08	)		–			–
7/26/2019 to 10/31/2019^(c)(d)		15.00		0.06		(0.31	)^(e)		(0.25	)		–			–			–
Class R5
10/31/2023		13.63		0.12		0.16	^(e)		0.28			(1.45	)		–			(2.83	)
10/31/2022		19.09		0.20		(1.35	)		(1.15	)		(0.38	)		(3.93	)		–
10/31/2021		12.98		0.38		6.73			7.11			(0.19	)		(0.81	)		–
10/31/2020		14.76		0.30		(1.98	)		(1.68	)		(0.10	)		–			–
7/26/2019 to 10/31/2019^(c)(d)		15.00		0.07		(0.31	)^(e)		(0.24	)		–			–			–
Class R6
10/31/2023		13.65		0.11		0.16	^(e)		0.27			(1.45	)		–			(2.83	)
10/31/2022		19.11		0.20		(1.35	)		(1.15	)		(0.38	)		(3.93	)		–
10/31/2021		12.99		0.39		6.73			7.12			(0.19	)		(0.81	)		–
10/31/2020		14.76		0.32		(1.99	)		(1.67	)		(0.10	)		–			–
7/26/2019 to 10/31/2019^(c)(d)		15.00		0.07		(0.31	)^(e)		(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)	Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 7/26/2019 through 7/31/2019.
^(d)	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.
^(e)	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.
^(f)	Not annualized.
^(g)	Annualized.


140	See Notes to Financial Statements.

								Ratios to Average Net Assets:									Supplemental Data:

Total distri- butions			Net asset value, end of period		Total return (%)^(b)			Total expenses after waivers and/or reim- bursements (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	(4.25	)	$	9.60		0.67			0.96			1.90			0.91		$	6		61
	(4.26	)		13.59		(8.73	)		0.96			1.00			1.10			9		100
	(0.97	)		19.04		56.46			0.90			0.90			1.89			13		99
	(0.08	)		12.95		(11.74	)		0.96			1.08			2.00			9		128
	–			14.75		(1.67	)^(f)		0.96	^(g)		4.51	^(g)		1.47	^(g)		10		16	^(f)

	(4.28	)		9.63		0.91			0.71			1.66			1.15			6		61
	(4.31	)		13.63		(8.49	)		0.71			0.75			1.37			9		100
	(1.00	)		19.09		56.83			0.65			0.65			2.14			13		99
	(0.10	)		12.98		(11.51	)		0.71			0.84			2.2			49		128
	–			14.76		(1.60	)^(f)		0.71	^(g)		4.27	^(g)		1.75	^(g)		10		16	^(f)

	(4.28	)		9.64		0.82			0.71			1.62			1.07			1,223		61
	(4.31	)		13.65		(8.48	)		0.70			0.77			1.36			1,347		100
	(1.00	)		19.11		56.86			0.68			0.68			2.17			1,539		99
	(0.10	)		12.99		(11.43	)		0.63			0.81			2.38			366		128
	–			14.76		(1.60	)^(f)		0.63	^(g)		4.21	^(g)		1.83	^(g)		517		16	^(f)


	See Notes to Financial Statements.	141

Financial Highlights (continued)

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
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
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^(c)		27.39		(0.03	)		(0.65	)		(0.68	)		–			–			–
Class F
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^(c)		27.39		0.06			(0.65	)		(0.59	)		–			–			–
Class F3
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^(c)		27.39		0.06			(0.65	)		(0.59	)		–			–			–
Class I
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
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^(c)		27.39		0.05			(0.64	)		(0.59	)		–			–			–


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 reim- bursements (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	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

	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	)^(d)		2.03	^(e)		2.14	^(e)		(0.37	)^(e)		10		135

	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	)^(d)		1.03	^(e)		1.30	^(e)		0.65	^(e)		10		135

	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	)^(d)		0.95	^(e)		1.15	^(e)		0.71	^(e)		10		135

	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

	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	)^(d)		1.03	^(e)		1.15	^(e)		0.62	^(e)		10		135


	See Notes to Financial Statements.	143

Financial Highlights (continued)

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
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^(c)		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)	Commencement of operations was 6/28/2019 and date shares first became available to the public was 7/1/2019.
^(d)	Not annualized.
^(e)	Annualized.


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 reim- bursements (%)			Total expenses (%)			Net investment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	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	)^(d)		0.95	^(e)		1.24	^(e)		1.01	^(e)		1,336		135


	See Notes to Financial Statements.	145

Financial Highlights (continued)

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
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
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
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
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
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
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	)
Class R2
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	)


146	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 reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)

$	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

	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

	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

	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

	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

	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

	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


	See Notes to Financial Statements.	147

Financial Highlights (continued)

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 R3
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
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
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
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.


148	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 reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)

$	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

	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

	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

	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.	149

Financial Highlights (continued)

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
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
10/31/2023		11.22		0.04			0.98			1.02			–			–			–
10/31/2022		16.41		–	^(c)		(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
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
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
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
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	)

150	See Notes to Financial Statements.

					Ratios to Average Net Assets:							Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$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

	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

	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

	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

	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

	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.

151

Financial Highlights (continued)

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
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
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
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)	Amount is less than $0.01.

152	See Notes to Financial Statements.

					Ratios to Average Net Assets:						Supplemental Data:

Net asset value, end of period		Total return^(b) (%)			Total expenses after waivers and/or reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)

	$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

	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

	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.

153

Financial Highlights (continued)

GROWTH LEADERS FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:			Net asset value, end of period
	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
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
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
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
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
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
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
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

154	See Notes to Financial Statements.

			Ratios to Average Net Assets:							Supplemental Data:

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

	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

	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

	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

	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

	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

	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

	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.

155

Financial Highlights (continued)

GROWTH LEADERS FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:			Net asset value, end of period
	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
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
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
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.

156	See Notes to Financial Statements.

			Ratios to Average Net Assets:							Supplemental Data:

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

	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

	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

	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.

157

Financial Highlights (continued)

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
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^(c)(d)		15.00		(0.01	)		(0.51	)		(0.52	)		–			–			–
Class C
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^(c)(d)		15.00		(0.04	)		(0.51	)		(0.55	)		–			–			–
Class F
10/31/2023		17.22		(0.03	)		(1.63	)		(1.66	)		–			–			–
10/31/2022		22.08		–	^(g)		(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		–	^(g)		4.83			4.83			–	^(g)		–			–
7/26/2019 to 10/31/2019^(c)(d)		15.00		(0.01	)		(0.50	)		(0.51	)		–			–			–
Class F3
10/31/2023		17.23		–	^(g)		(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^(c)(d)		15.00		–	^(g)		(0.51	)		(0.51	)		–			–			–
Class I
10/31/2023		17.21		(0.03	)		(1.63	)		(1.66	)		(0.02	)		–			(0.02	)
10/31/2022		22.07		–	^(g)		(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		–	^(g)		4.84			4.84			(0.01	)		–			(0.01	)
7/26/2019 to 10/31/2019^(c)(d)		15.00		(0.01	)		(0.50	)		(0.51	)		–			–			–
Class R3
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^(c)(d)		15.00		(0.02	)		(0.51	)		(0.53	)		–			–			–

158	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 reim- bursements (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$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	)^(e)		1.03	^(f)		9.00	^(f)		(0.36	)^(f)		906		16	^(e)

	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	)^(e)		1.78	^(f)		9.84	^(f)		(1.17	)^(f)		129		16	^(e)

	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			–	^(h)		109		114

	14.49		(3.40	)^(e)		0.78	^(f)		8.95	^(f)		(0.16	)^(f)		483		16	^(e)

	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	)^(e)		0.70	^(f)		8.72	^(f)		(0.08	)^(f)		483		16	^(e)

	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	)^(e)		0.78	^(f)		8.85	^(f)		(0.16	)^(f)		106		16	^(e)

	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	)^(e)		1.28	^(f)		9.36	^(f)		(0.64	)^(f)		10		16	^(e)

See Notes to Financial Statements.

159

Financial Highlights (continued)

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
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^(c)(d)		15.00		(0.01	)		(0.51	)		(0.52	)		–			–			–
Class R5
10/31/2023		17.21		(0.03	)		(1.63	)		(1.66	)		(0.02	)		–			(0.02	)
10/31/2022		22.07		–	^(g)		(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^(c)(d)		15.00		(0.01	)		(0.50	)		(0.51	)		–			–			–
Class R6
10/31/2023		17.24		–	^(g)		(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^(c)(d)		15.00		–	^(g)		(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)	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.
^(d)	Net investment income, net realized and unrealized gain amounted to less than $.01 for the period 7/26/2019 through 7/31/2019.
^(e)	Not annualized.
^(f)	Annualized.
^(g)	Amount is less than $0.01.
^(h)	Amount is less than 0.01%.

160	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 reim- bursements (%)			Total expenses (%)			Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	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	)^(e)		1.03	^(f)		9.12	^(f)		(0.40	)^(f)		10		16	^(e)

	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	)^(e)		0.78	^(f)		8.83	^(f)		(0.16	)^(f)		10		16	^(e)

	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	)^(e)		0.70	^(f)		8.72	^(f)		(0.08	)^(f)		484		16	^(e)

See Notes to Financial Statements.

161

Financial Highlights (continued)

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
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
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
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
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
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
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	)
Class R2
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	)

162	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 reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)

$	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

	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

	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

	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

	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

	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

	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

See Notes to Financial Statements.

163

Financial Highlights (continued)

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 R3
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
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
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
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.

164	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 reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)

$	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

	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

	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

	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.

165

Financial Highlights (continued)

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
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
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			–	^(c)		(1.58	)		(1.58	)
Class F
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
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
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
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	)
Class R2
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	)

166	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 reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	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

	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

	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

	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

	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

	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

	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

See Notes to Financial Statements.

167

Financial Highlights (continued)

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 R3
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
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
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
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)	Amount is less than $0.01.

168	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 reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)		Net assets, end of period (000)		Portfolio turnover rate (%)

$	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

	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

	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

	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.

169

Financial Highlights (continued)

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
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
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
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
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
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
Class R2
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
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

170	See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:

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

	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

	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

	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

	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

	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

	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

	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

See Notes to Financial Statements.

171

Financial Highlights (continued)

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 R4
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
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
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.

172	See Notes to Financial Statements.

			Ratios to Average Net Assets:						Supplemental Data:

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

	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

	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

	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.

173

Financial Highlights (continued)

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
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
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^(c)		20.16		(0.07	)		0.35			0.28			–			20.44
Class F
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^(c)		20.16		(0.04	)		0.35			0.31			–			20.47
Class I
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)	Commenced on August 28, 2020.
^(d)	Not annualized.
^(e)	Annualized.

174	See Notes to Financial Statements.

			Ratios to Average Net Assets:									Supplemental Data:

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

	(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

	(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)

	(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)

	(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.

175

Financial Highlights (continued)

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
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
10/31/2023		13.75		(0.05	)		–	^(c)		(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
10/31/2023		17.45		0.09			(0.01	)^(d)		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
10/31/2023		18.11		0.11			–	^(c)		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
10/31/2023		17.93		0.10			–	^(c)		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
10/31/2023		16.38		0.02			(0.01	)^(d)		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			(–	)^(c)		(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	)
Class R2
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	)

176	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 reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

$	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

	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

	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

	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

	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

	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

	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

See Notes to Financial Statements.

177

Financial Highlights (concluded)

VALUE OPPORTUNITIES FUND

			Per Share Operating Performance:
			Investment Operations:									Distributions to shareholders from:
	Net asset value, beginning of period		Net invest- ment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from invest- ment opera- tions			Net investment income			Net realized gain			Total distri- butions
Class R3
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
10/31/2023		16.89		0.05			–	^(c)		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
10/31/2023		17.94		0.10			–	^(c)		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
10/31/2023		18.10		0.11			–	^(c)		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)	Amount is less than $0.01.
^(d)	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.

178	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 reim- bursements (%)		Total expenses (%)		Net invest- ment income (loss) (%)			Net assets, end of period (000)		Portfolio turnover rate (%)

	$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

	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

	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

	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.

179

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) 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.

180

Notes to Financial Statements (continued)

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. These Funds are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies.

2.	SIGNIFICANT ACCOUNTING POLICIES

(a)	Investment Valuation–Under procedures approved by the Funds’ Board of Trustees (the “Board”), the Board has designated the determination of fair value of the Funds’ portfolio investments to Lord Abbett, as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

	Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange (“NYSE”). When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Swaps are valued daily using independent pricing services or quotations from broker/dealers to the extent available. Investments in the Underlying Funds are valued at their NAV each business day at the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time.

	Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.

181

Notes to Financial Statements (continued)

	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. 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 the Funds’ jurisdiction.

(e)	Expenses–Expenses incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the Trust on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 and R6 bear only their class-specific shareholder servicing expenses. Class A, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds’ 12b-1 Distribution Plan.

(f)	Foreign Transactions–The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each Fund’s records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain (loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies 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.

	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.

182

Notes to Financial Statements (continued)

(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 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.

183

Notes to Financial Statements (continued)

(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 October 31, 2023 and, if applicable, Level 3 rollforwards for the fiscal year 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 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

184

Notes to Financial Statements (continued)

	transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2023, if any, are disclosed on the Statements of Assets and Liabilities.

	The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction applicable to the laws, payment history and market convention. The 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%

Health Care Fund

First $1 billion	.62%
Over $1 billion	.51%

185

Notes to Financial Statements (continued)

International Equity Fund⁽¹⁾

First $1 billion	.45%
Over $1 billion	.40%

International Opportunities Fund

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

International Value Fund⁽¹⁾

First $1 billion	.50%
Over $1 billion	.48%

Micro Cap Growth Fund	.90%

Value Opportunities Fund

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

⁽¹⁾	Prior to December 9, 2022, the management fee is based on the Fund’s average daily net assets at the following annual rates:
	First $1 billion	.70%
	Next $1 billion	.65%
	Over $2 billion	.60%

For the fiscal year ended October 31, 2023, 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	.03%
Focused Large Cap Value Fund	.00%
Focused Small Cap Value Fund	.76%
Fundamental Equity Fund	.55%
Global Equity Fund	.00%
Growth Leaders Fund	.52%
Health Care Fund	.00%
International Equity Fund	.47%
International Opportunities Fund	.75%
International Value Fund	.52%
Micro Cap Growth Fund	.90%
Value Opportunities Fund	.74%

186

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 .04 of each Fund’s average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived the following fund administration fees for the fiscal year ended October 31, 2023.

Fund	Fund Administration Fee
Alpha Strategy Fund	$	40,882
Focused Growth Fund		5,163
Focused Large Cap Value Fund		6,648
Focused Small Cap Value Fund		7,455
Fundamental Equity Fund		6,586
Global Equity Fund		41,266
Growth Leaders Fund		35,919
Health Care Fund		1,072
International Equity Fund		117,851
International Opportunities Fund		110,759
International Value Fund		140,120
Micro Cap Growth Fund		16,561
Value Opportunities Fund		22,379

For the fiscal year ended October 31, 2023, and continuing through February 29, 2024 (unless otherwise noted), Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding certain of the Funds’ expenses to the following annual rates:

	Effective March 1, 2023									Prior to March 1, 2023
	Classes									Classes
Fund	A, C, P, R2, R3, R4 and R5			F and I			F3 and R6			A, C, P, R2, R3, R4 and R5			F and I			F3 and R6
Focused Growth Fund		.80	%		.80	%		.67	%		.80	%		.80	%		.71	%
Focused Large Cap Value Fund		.71	%		.71	%		.71	%		.71	%		.71	%		.71	%
Focused Small Cap Value Fund		1.03	%		1.03	%		.97	%		1.03	%		1.03	%		1.01	%
Global Equity Fund		.65	%		.65	%		.58	%		.65	%		.65	%		.58	%
Health Care Fund		.78	%		.78	%		.61	%		.78	%		.78	%		.66	%
International Equity Fund⁽¹⁾		–	%		–	%		–	%		.92	%		.86	%		.84	%
International Value Fund⁽¹⁾		–	%		–	%		–	%		.87	%		.82	%		.81	%

⁽¹⁾

Effective March 1, 2023, the contractual fee waiver and expense reimbursement agreement was discontinued.

All contractual fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only upon the approval of the Board.

187

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 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the “Distributor”), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and paid monthly. The following annual rates have been authorized by the Board pursuant to the plan:

Fees*	Class A	Class C	Class F	⁽¹⁾⁽²⁾	Class P	⁽³⁾	Class R2	Class R3	Class R4
Service	.25%	.25%	–		.25%		.25%	.25%	.25%
Distribution	–	.75%	.10%		.20%		.35%	.25%	–

*		The Funds may designate a portion of the aggregate fee as attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.
⁽¹⁾		The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds’ prospectus.
⁽²⁾		For the fiscal year ended October 31, 2023 and continuing through February 29, 2024, the Distributor has contractually agreed to waive Focused Growth Fund’s, Focused Large Cap Value Fund’s, Focused Small Cap Value Fund’s, Growth Leaders Fund’s, Health Care Fund’s and Micro Cap Growth Fund’s 0.10% 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, for the fiscal year ended October 31, 2023:

	Distributor Commissions		Dealers’ Concessions
Alpha Strategy Fund	$	26,817	$	151,415
Focused Growth Fund		5,825		33,742
Focused Large Cap Value Fund		3,965		22,047
Focused Small Cap Value Fund		3,546		20,096
Fundamental Equity Fund		40,357		226,376
Global Equity Fund		1,489		8,083
Growth Leaders Fund		301,153		1,771,071
Health Care Fund		2,315		13,103
International Equity Fund		13,653		76,599
International Opportunities Fund		6,824		37,799
International Value Fund		18,785		108,807
Micro Cap Growth Fund		1,836		10,906
Value Opportunities Fund		35,452		200,655

The Distributor received the following amounts of CDSCs for the fiscal year ended October 31, 2023:

	Class A		Class C
Alpha Strategy Fund	$	3,546	$	2,364
Focused Growth Fund		–		–
Focused Large Cap Value Fund		–		543
Focused Small Cap Value Fund		975		452
Fundamental Equity Fund		6,386		559
Global Equity Fund		–		5
Growth Leaders Fund		25,334		33,777
Health Care Fund		–		–
International Equity Fund		38,875		105
International Opportunities Fund		197		112
International Value Fund		671		648
Micro Cap Growth Fund		–		139
Value Opportunities Fund		1,421		812

188

Notes to Financial Statements (continued)

One Trustee and certain of the Trust’s officers have an interest in Lord Abbett.

Other Related Parties

As of October 31, 2023, the percentage of Focused Small Cap Value Fund’s, Fundamental Equity Fund’s, Growth Leaders Fund’s, International Equity Fund’s, International Opportunities Fund’s, International Value Fund’s, Micro Cap Growth Fund’s and Value Opportunities Fund’s outstanding shares owned by each Fund of Funds were as follows:

Fund of Funds

Focused
Small Cap
Value Fund

Funda-
mental
Equity
Fund

Growth
Leaders
Fund

Inter-
national
Equity
Fund

Inter-
national
Oppor-
tunities
Fund

Inter-
national
Value
Fund

Micro
Cap
Growth
Fund

Value
Oppor-
tunities
Fund

Alpha Strategy Fund

54.83%

–

37.28%

–

28.14%

9.58%

Multi-Asset Balanced Opportunity Fund

–

19.03%

3.29%

26.21%

–

19.16%

–

Multi-Asset Income Fund

–

4.77%

0.71%

12.73%

–

8.61%

–

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.

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

189

Notes to Financial Statements (continued)

The tax character of distributions paid during the fiscal year ended October 31, 2022 was as follows:

Fund	Tax-Exempt Income		Ordinary Income		Net Long-Term Capital Gains		Return of Capital		Total Distributions Paid
Alpha Strategy Fund	$	–		$ 12,006,583	$	32,798,605	$	–	$	44,805,188
Focused Growth Fund		–		5,658,041		1,575,680		–		7,233,721
Focused Large Cap Value Fund		–		126,421,078		25,264,481		–		151,685,559
Focused Small Cap Value Fund		–		13,325,327		8,108,524		–		21,433,851
Fundamental Equity Fund		–		19,219,878		209,608,998		–		228,828,876
Global Equity Fund		–		965,362		660,919		–		1,626,281
Growth Leaders Fund		–		684,518,562		1,278,899,243		–		1,963,417,805
Health Care Fund		–		143,097		385,484		–		528,581
International Equity Fund		–		5,415,746		40,771,804		–		46,187,550
International Opportunities Fund		–		10,755,670		–		–		10,755,670
International Value Fund		–		25,093,884		–		–		25,093,884
Value Opportunities Fund		–		27,557,855		205,400,944		–		232,958,799

As of October 31, 2023, the components of accumulated earnings/(losses) on a tax basis were as follows:

Fund	Undistributed Tax-Exempt Income		Undistributed Ordinary Income		Undistributed Net Long-Term Capital Gains		Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)*			Other Temporary Differences			Total Accumulated Earnings/ (Losses) - Net
Alpha Strategy Fund	$	–	$	–	$	2,343,120	$	(1,945,049	)	$	(120,711,269	)	$	(126,938	)	$	(120,440,136	)
Focused Growth Fund		–		–		–		(12,067,109	)		4,356,368			(6,974	)		(7,717,715	)
Focused Large Cap Value Fund		–		–		–		(1,058,107	)		675,025			(22,185	)		(405,267	)
Focused Small Cap Value Fund		–		181,693		–		(1,291,793	)		(2,727,459	)		(18,387	)		(3,855,946	)
Fundamental Equity Fund		–		14,603,403		–		–			252,276,276			(486,579	)		266,393,100
Global Equity Fund		–		146,005		–		(396,216	)		832,782			(906	)		581,665
Growth Leaders Fund		–		–		–		(1,631,954,650	)		673,355,099			(460,887	)		(959,060,438	)
Health Care Fund		–		–		–		(1,184,609	)		309,460			(3,086	)		(878,235	)
International Equity Fund		–		5,668,971		–		(14,878,866	)		12,967,414			(89,868	)		3,667,651
International Opportunities Fund		–		4,439,883		–		(51,404,467	)		(22,656,546	)		(71,230	)		(69,692,360	)
International Value Fund		–		1,560,399		–		(417,017,529	)		(14,510,009	)		(132,643	)		(430,099,782	)
Micro Cap Growth Fund		–		–		–		(97,492,293	)		11,611,704			(22,385	)		(85,902,974	)
Value Opportunities Fund		–		2,929,770		13,630,428		–			102,741,010			(309,901	)		118,991,307

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.

190

Notes to Financial Statements (continued)

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	)

At the Fund’s election, certain losses incurred within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. The Funds incurred and will elect to defer qualified late-year ordinary losses and/or post-October capital losses as follows:

Fund	Late-Year Ordinary Losses			Short-Term Losses		Long-Term Losses
Alpha Strategy Fund	$	(1,945,049	)	$	–	$	–
Focused Growth Fund		(189,367	)		–		–
Growth Leaders Fund		(23,426,978	)		–		–
Health Care Fund		(3,595	)		–		–
Micro Cap Growth Fund		(1,753,430	)		–		–

As of October 31, 2023, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

Fund	Tax Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Alpha Strategy Fund	$	652,948,807	$	–	$	(120,711,269	)	$	(120,711,269	)
Focused Growth Fund		26,330,165		4,933,297		(576,929	)		4,356,368
Focused Large Cap Value Fund		18,212,124		2,150,063		(1,475,324	)		674,739
Focused Small Cap Value Fund		102,200,070		13,199,764		(15,926,486	)		(2,726,722	)
Fundamental Equity Fund		1,495,948,635		376,243,643		(123,965,839	)		252,277,804
Global Equity Fund		13,074,381		2,040,465		(1,207,442	)		833,023
Growth Leaders Fund		4,104,043,761		751,488,740		(78,133,641	)		673,355,099
Health Care Fund		6,696,462		934,680		(625,237	)		309,443
International Equity Fund		283,090,278		29,629,184		(16,438,784	)		13,190,400
International Opportunities Fund		314,224,428		22,333,997		(44,627,756	)		(22,293,759	)
International Value Fund		373,030,629		22,738,468		(37,191,901	)		(14,453,433	)
Micro Cap Growth Fund		157,579,483		27,378,897		(15,767,193	)		11,611,704
Value Opportunities Fund		991,888,729		216,032,181		(113,291,171	)		102,741,010

191

Notes to Financial Statements (continued)

Permanent items identified, as shown below, have been reclassified among the components of net assets based on their tax treatment. The permanent differences are primarily attributable to tax treatment of net investment loss and certain distributions.

Fund	Total Distributable Earnings (Losses)			Paid-in Capital
Alpha Strategy Fund	$	(1,229,490	)	$	1,229,490
Focused Growth Fund		204,548			(204,548	)
Focused Large Cap Value Fund		81,823			(81,823	)
Fundamental Equity Fund		(14,644	)		14,644
Growth Leaders Fund		22,859,798			(22,859,798	)
Micro Cap Growth Fund		125,781			(125,781	)
Value Opportunities Fund		(1,980,919	)		1,980,919

5.	PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the fiscal year ended October 31, 2023 were as follows:

	Purchases		Sales
Alpha Strategy Fund	$	25,118,803	$	113,733,449
Focused Growth Fund		54,855,313		57,910,762
Focused Large Cap Value Fund		13,216,313		12,663,413
Focused Small Cap Value Fund		64,939,361		94,932,939
Fundamental Equity Fund		501,083,910		689,549,596
Global Equity Fund		11,559,626		7,601,325
Growth Leaders Fund		6,181,477,707		7,264,351,958
Health Care Fund		6,361,799		5,279,711
International Equity Fund		326,565,328		333,629,828
International Opportunities Fund		121,067,717		167,861,704
International Value Fund		172,220,132		199,075,726
Micro Cap Growth Fund		260,089,050		287,722,398
Value Opportunities Fund		230,043,889		423,339,558

There were no purchases or sales of U.S. Government securities for the fiscal year ended October 31, 2023.

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 fiscal year ended October 31, 2023, the following Funds engaged in cross trades:

Fund	Purchases		Sales		Gain (Loss)
Focused Growth Fund	$	45,212	$	–	$	–
Focused Large Cap Value Fund		–		26,566		(1,822	)
Fundamental Equity Fund		–		1,333,454		(45,064	)
Growth Leaders Fund		3,535,717		–		–
International Equity Fund		153,714		–		–
International Value Fund		–		153,714		65,986
Micro Cap Growth Fund		1,498,051		–		–

192

Notes to Financial Statements (continued)

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	$	555,994	$	–	$	555,994
Total	$	555,994	$	–	$	555,994

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount
Fixed Income Clearing Corp.	$	555,994	$	–	$	–	$	(555,994	)	$	–
Total	$	555,994	$	–	$	–	$	(555,994	)	$	–

			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	$	177,290	$	–	$	177,290
Total	$	177,290	$	–	$	177,290

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	177,290	$	–	$	–	$	(177,290	)	$	–
Total	$	177,290	$	–	$	–	$	(177,290	)	$	–

193

Notes to Financial Statements (continued)

			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	$	809,295	$	–	$	809,295
Total	$	809,295	$	–	$	809,295

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	809,295	$	–	$	–	$	(809,295	)	$	–
Total	$	809,295	$	–	$	–	$	(809,295	)	$	–

			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	$	16,017,952	$	–	$	16,017,952
Total	$	16,017,952	$	–	$	16,017,952

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	16,017,952	$	–	$	–	$	(16,017,952	)	$	–
Total	$	16,017,952	$	–	$	–	$	(16,017,952	)	$	–

			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	$	144,851	$	–	$	144,851
Total	$	144,851	$	–	$	144,851

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	144,851	$	–	$	–	$	(144,851	)	$	–
Total	$	144,851	$	–	$	–	$	(144,851	)	$	–

194

Notes to Financial Statements (continued)

			Growth Leaders Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements	$	71,933,220	$	–	$	71,933,220
Total	$	71,933,220	$	–	$	71,933,220

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	71,933,220	$	–	$	–	$	(71,933,220	)	$	–
Total	$	71,933,220	$	–	$	–	$	(71,933,220	)	$	–

			Health Care Fund
Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Repurchase Agreements	$	356,867	$	–	$	356,867
Total	$	356,867	$	–	$	356,867

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	356,867	$	–	$	–	$	(356,867	)	$	–
Total	$	356,867	$	–	$	–	$	(356,867	)	$	–

			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	$	18,707,930	$	–	$	18,707,930
Total	$	18,707,930	$	–	$	18,707,930

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	18,707,930	$	–	$	–	$	(18,707,930	)	$	–
Total	$	18,707,930	$	–	$	–	$	(18,707,930	)	$	–

195

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	$	17,620,130	$	–	$	17,620,130
Total	$	17,620,130	$	–	$	17,620,130

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	17,620,130	$	–	$	–	$	(17,620,130	)	$	–
Total	$	17,620,130	$	–	$	–	$	(17,620,130	)	$	–

			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	$	14,456,289	$	–	$	14,456,289
Total	$	14,456,289	$	–	$	14,456,289

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	14,456,289	$	–	$	–	$	(14,456,289	)	$	–
Total	$	14,456,289	$	–	$	–	$	(14,456,289	)	$	–

			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	$	2,469,841	$	–	$	2,469,841
Total	$	2,469,841	$	–	$	2,469,841

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	2,469,841	$	–	$	–	$	(2,469,841	)	$	–
Total	$	2,469,841	$	–	$	–	$	(2,469,841	)	$	–

196

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	$	17,229,742	$	–	$	17,229,742
Total	$	17,229,742	$	–	$	17,229,742

	Net Amount of Assets Presented in		Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received^(a)		Securities Collateral Received^(a)			Net Amount^(b)
Fixed Income Clearing Corp.	$	17,229,742	$	–	$	–	$	(17,229,742	)	$	–
Total	$	17,229,742	$	–	$	–	$	(17,229,742	)	$	–

^(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 October 31, 2023.

7.	TRUSTEES’ REMUNERATION

The Trust’s officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees’ fees are allocated among all Lord Abbett-sponsored funds based on the net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees may elect to defer receipt of a portion of Trustees’ fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Funds. Such amounts and earnings accrued thereon are included in Trustees’ fees 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.	EXPENSE REDUCTIONS

The Trust had entered into an arrangement with its prior transfer agent and its custodian, whereby credits realized as a result of uninvested cash balances are used to reduce a portion of each Fund’s expenses. The arrangement with the Trust’s prior transfer agent was discontinued effective March 6, 2023.

9.	LINE OF CREDIT

For the period ended August 2, 2023, 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 $1.625 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.

Effective August 3, 2023, the Participating Funds (except Alpha Strategy Fund) renewed the Syndicated Facility for $1.6 billion. The Participating Funds remain subject to the same graduated borrowing limits as were in place prior to the renewal.

197

Notes to Financial Statements (continued)

For the period ended August 2, 2023, 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 net assets are less than $750 million), or $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective August 3, 2023, the Participating Funds (except Alpha Strategy Fund) renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same graduated borrowing limits as were in place prior to the renewal.

These credit facilities are to be used for temporary or emergency purposes as additional sources of liquidity to satisfy redemptions.

For the fiscal year ended October 31, 2023, International Opportunities Fund utilized the Bilateral Facility for multiple days during the period from January 3, 2023 through January 10, 2023 with an average borrowing amount of $11,875,000; the average interest rate during the period was 5.58% and total interest paid amounted to $14,725. The other Funds did not utilize the Syndicated Facility or Bilateral Facility.

10.

INTERFUND LENDING PROGRAM

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

For the fiscal year ended October 31, 2023, 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:

	Average	Average	Interest
Fund	Amount Loaned	Interest Rate	Income*
Growth Leaders Fund	$56,487,524	4.57%	$7,073
International Equity Fund	7,308,506	4.57%	915
International Opportunities Fund	13,253,441	4.57%	1,659
International Value Fund	6,428,089	4.57%	1,610


*	Statements of Operations location: Interest earned from Interfund Lending.

11.

CUSTODIAN AND ACCOUNTING AGENT

SSB is the Trust’s custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund’s NAV.

198

Notes to Financial Statements (continued)

12.

TRANSACTIONS WITH AFFILIATED ISSUERS

An affiliated issuer is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying issuer at any point during the fiscal year or any company which is under common ownership or control. Alpha Strategy Fund had the following transactions with affiliated issuers (i.e. the Underlying Funds) for the fiscal year ended October 31, 2023:

Affiliated Issuer		Value at 10/31/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Appreciation (Depreciation	)		Value at 10/31/2023	Shares as of 10/31/2023	Dividend Income
Lord Abbett Developing Growth Fund, Inc. – Class I	$	130,614,911	$	4,427,496	$	(15,299,972	)	$	77,649		$	(19,187,098	)	$	100,632,986	5,059,476	$	—
Lord Abbett Securities Trust – Focused Small Cap Value Fund – Class I		66,432,704		2,521,943		(8,424,369	)		110,227	^(a)		(3,022,375	)		55,517,264	2,314,183		421,077
Lord Abbett Securities Trust – International Opportunities Fund – Class I		127,886,274		2,626,599		(31,679,452	)		(330,191	)		11,411,004			109,914,234	6,661,469		2,427,052
Lord Abbett Securities Trust – Micro Cap Growth Fund – Class I		66,791,628		222,989		(7,643,122	)		1,496,833			(13,401,511	)		47,466,817	3,479,972		—
Lord Abbett Research Fund, Inc. – Small Cap Value Fund – Class I		132,523,683		3,852,846		(26,855,824	)		(6,099,571	)^(b)		8,516,191			108,566,558	6,408,888		482,078
Lord Abbett Securities Trust – Value Opportunities Fund – Class I		131,587,768		11,466,929		(23,830,710	)		5,994,252	^(c)		(5,840,753	)		109,583,685	6,629,382		1,136,520
Total								$	1,249,199		$	(21,524,542	)	$	531,681,544		$	4,466,727


^(a)	Includes $2,100,866 of distributed capital gains.
^(b)	Includes $3,370,767 of distributed capital gains.
^(c)	Includes $9,793,801 of distributed capital gains.

13.

SECURITIES LENDING AGREEMENT

The Funds have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds’ securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income on each Fund’s Statement of Operations.

The initial collateral received by the Funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear

199

Notes to Financial Statements (continued)

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 October 31, 2023, the market value of securities loaned and collateral received for the Funds were as follows:

Funds	Market Value of Securities Loaned		Collateral Received⁽¹⁾
Health Care Fund	$	64,555	$	62,300
International Opportunities Fund		51,671		53,954
Micro Cap Growth Fund		5,415,683		5,400,090


⁽¹⁾	Statements of Assets and Liabilities location: Payable for collateral due to broker for securities lending.

14.

INVESTMENT RISKS

Each Fund is subject to the general risks and considerations associated with equity investing. The value of the Funds’ investments will fluctuate in response to movements in the equity securities markets in general and to the changing prospects of individual companies in which the Funds invest. If a Fund’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or produce poor performance relative to other funds, even in a favorable market.

Large company stocks, in which Focused Growth Fund, Focused Large Cap Value Fund, Fundamental Equity Fund, Global Equity Fund, Growth Leaders Fund, International Equity Fund and International Value Fund invest, may perform differently than the market as a whole and other types of stocks, such as small company stocks. Small and mid-sized company stocks, in which Alpha Strategy Fund, Focused Small Cap Value Fund, Focused Growth Fund, Fundamental Equity Fund, Growth Leaders 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.

200

Notes to Financial Statements (continued)

Health Care Fund is subject to the risks of investing in the health care sector, including changes in government regulations, dependence on patents and intellectual property rights, expenses and losses from litigation based on product liability and similar claims, industry competition, extensive research and development, marketing, and sales costs, and rapid technological change and potential for product obsolescence. Health Care Fund is also subject to the risks of investing in structured securities. As a result, Health Care Fund is subject to the same risks associated with direct investments in the underlying securities or other instruments they seek to replicate, as well as liquidity risk and the risk that the issuer and/or the counterparty of the structured security may be unable to perform under the terms of the instrument, or may disagree as to the meaning or application of such terms.

International Value Fund is subject to the risks of investing in dividend paying stocks. Dividend paying stocks may be sensitive to changes in market interest rates, and the prices of such stocks may decline as rates rise. There is no guarantee that companies that currently pay dividends will continue to do so. International Value Fund may be subject to the volatility of stocks that have high dividends per share due to recent decreases in their share prices.

Alpha Strategy Fund’s investments are concentrated in the Underlying Funds and, as a result, the Fund’s performance is directly related to their performance and subject to their risks. In addition, the Fund is exposed to the same risks as the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds.

Alpha Strategy Fund, Global Equity 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.

201

Notes to Financial Statements (continued)

Focused Growth Fund and Focused Large Cap Value Fund are non-diversified mutual funds under the Act. The value of each Fund’s investments may be more adversely affected by a single economic, political or regulatory event than the value of the investments of a diversified mutual fund.

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.

In March 2023, the shut-down of certain financial institutions raised economic concerns over disruption in the U.S. banking system. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system objective.

The 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.

15.

SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

Alpha Strategy Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class A Shares	Shares			Amount			Shares			Amount
Shares sold*		2,232,997		$	48,775,359			3,016,565		$	74,417,916
Reinvestment of distributions		1,135,557			22,995,033			854,256			23,799,563
Shares reacquired		(5,139,103	)		(111,018,929	)		(2,439,016	)		(59,400,885	)
Increase (decrease)		(1,770,549	)	$	(39,248,537	)		1,431,805		$	38,816,594

Class C Shares
Shares sold		239,021		$	3,981,308			141,499		$	2,724,217
Reinvestment of distributions		146,133			2,210,989			137,888			2,941,152
Shares reacquired*		(1,253,275	)		(20,198,329	)		(861,355	)		(16,052,650	)
Decrease		(868,121	)	$	(14,006,032	)		(581,968	)	$	(10,387,281	)

Class F Shares
Shares sold		48,120		$	1,049,004			420,593		$	11,092,347
Reinvestment of distributions		77,672			1,593,824			173,839			4,893,568
Shares reacquired		(900,610	)		(19,931,518	)		(4,069,903	)		(97,297,008	)
Decrease		(774,818	)	$	(17,288,690	)		(3,475,471	)	$	(81,311,093	)

202

Notes to Financial Statements (continued)

Alpha Strategy Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class F3 Shares		Shares			Amount			Shares			Amount
Shares sold		519,919		$	11,792,898			774,631		$	19,864,073
Reinvestment of distributions		151,356			3,208,745			101,791			2,958,048
Shares reacquired		(590,390	)		(13,355,675	)		(462,639	)		(11,557,617	)
Increase		80,885		$	1,645,968			413,783		$	11,264,504

Class I Shares
Shares sold		1,070,091		$	24,186,941			3,701,667		$	89,286,348
Reinvestment of distributions		197,808			4,169,799			60,169			1,740,705
Shares reacquired		(1,042,136	)		(23,355,597	)		(664,760	)		(15,948,273	)
Increase		225,763		$	5,001,143			3,097,076		$	75,078,780

Class R2 Shares
Shares sold		3,226		$	65,923			6,219		$	131,828
Reinvestment of distributions		3,138			60,126			2,172			57,439
Shares reacquired		(7,324	)		(149,721	)		(13,237	)		(338,631	)
Decrease		(960	)	$	(23,672	)		(4,846	)	$	(149,364	)

Class R3 Shares
Shares sold		199,491		$	4,187,398			81,558		$	1,895,361
Reinvestment of distributions		54,501			1,054,054			47,259			1,260,398
Shares reacquired		(254,998	)		(5,306,839	)		(185,565	)		(4,388,762	)
Decrease		(1,006	)	$	(65,387	)		(56,748	)	$	(1,233,003	)

Class R4 Shares
Shares sold		31,100		$	665,864			43,237		$	1,055,358
Reinvestment of distributions		11,809			238,418			7,709			214,155
Shares reacquired		(58,894	)		(1,293,127	)		(26,068	)		(644,269	)
Increase (decrease)		(15,985	)	$	(388,845	)		24,878		$	625,244

Class R5 Shares
Shares sold		14,512		$	337,455			1,403		$	36,326
Reinvestment of distributions		1,148			24,219			927			26,825
Shares reacquired		(5,247	)		(118,888	)		(2,200	)		(55,978	)
Increase		10,413		$	242,786			130		$	7,173

Class R6 Shares
Shares sold		50,247		$	1,105,646			16,553		$	443,873
Reinvestment of distributions		5,115			108,434			4,670			135,765
Shares reacquired		(55,722	)		(1,253,222	)		(26,343	)		(626,939	)
Decrease		(360	)	$	(39,142	)		(5,120	)	$	(47,301	)

Focused Growth Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold*		291,794		$	5,932,512			397,567		$	9,802,654
Reinvestment of distributions		–			–			81,357			2,549,714
Shares reacquired		(241,803	)		(4,859,077	)		(255,242	)		(5,856,512	)
Increase		49,991		$	1,073,435			223,682		$	6,495,856

203

Notes to Financial Statements (continued)

Focused Growth Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		43,019		$	821,445			74,249		$	1,781,015
Reinvestment of distributions		–			–			11,210			342,685
Shares reacquired*		(50,282	)		(967,989	)		(42,002	)		(903,574	)
Increase (decrease)		(7,263	)	$	(146,544	)		43,457		$	1,220,126

Class F Shares
Shares sold		57,576		$	1,157,139			166,061		$	4,167,826
Reinvestment of distributions		–			–			79,309			2,507,767
Shares reacquired		(238,967	)		(4,651,433	)		(404,634	)		(9,462,265	)
Decrease		(181,391	)	$	(3,494,294	)		(159,264	)	$	(2,786,672	)

Class F3 Shares
Shares reacquired		(9,377	)	$	(200,000	)		–		$	–
Decrease		(9,377	)	$	(200,000	)		–		$	–

Class I Shares
Shares sold		424,770		$	8,197,351			163,892		$	4,072,166
Reinvestment of distributions		–			–			23,950			757,292
Shares reacquired		(456,475	)		(8,840,517	)		(83,546	)		(2,077,283	)
Increase (decrease)		(31,705	)	$	(643,166	)		104,296		$	2,752,175

Class R3 Shares
Shares sold		8,279		$	162,036			49		$	1,298
Reinvestment of distributions		–			–			–			5
Shares reacquired		(1,326	)		(27,308	)		(3	)		(67	)
Increase		6,953		$	134,728			46		$	1,236

Class R6 Shares
Shares sold		24,023		$	490,954			79,659		$	2,246,485
Reinvestment of distributions		–			–			351			11,126
Shares reacquired		(45,855	)		(1,022,831	)		(29,183	)		(862,513	)
Increase (decrease)		(21,832	)	$	(531,877	)		50,827		$	1,395,098

Focused Large Cap Value Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold*		438,702		$	4,612,795			525,579		$	7,852,120
Reinvestment of distributions		380,125			3,793,646			119,788			1,829,167
Shares reacquired		(638,009	)		(6,347,965	)		(206,267	)		(2,943,377	)
Increase		180,818		$	2,058,476			439,100		$	6,737,910

Class C Shares
Shares sold		54,475		$	563,239			294,709		$	4,374,887
Reinvestment of distributions		140,112			1,399,720			53,064			810,290
Shares reacquired*		(263,509	)		(2,598,079	)		(193,871	)		(2,622,144	)
Increase (decrease)		(68,922	)	$	(635,120	)		153,902		$	2,563,033

204

Notes to Financial Statements (continued)

Focused Large Cap Value Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		15,028		$	154,105			44,804		$	674,669
Reinvestment of distributions		39,542			402,138			33,125			511,778
Shares reacquired		(136,753	)		(1,411,962	)		(100,527	)		(1,516,121	)
Decrease		(82,183	)	$	(855,719	)		(22,598	)	$	(329,674	)

Class I Shares
Shares sold		534,230		$	5,596,687			10,544,245		$	156,870,840
Reinvestment of distributions		8,800			91,262			9,683,713			148,160,810
Shares reacquired		(61,726	)		(638,447	)		(54,608,514	)		(745,176,296	)
Increase (decrease)		481,304		$	5,049,502			(34,380,556	)	$	(440,144,646	)

Class R3 Shares
Shares sold		7,494		$	75,603			5,555		$	84,189
Reinvestment of distributions		2,354			23,467			11			162
Shares reacquired		(1,030	)		(10,394	)		(81	)		(1,030	)
Increase		8,818		$	88,676			5,485		$	83,321

Class R6 Shares
Shares sold		57,467		$	569,841			39,545		$	600,827
Shares reacquired		(29,253	)		(281,274	)		(21,457	)		(307,987	)
Increase		28,214		$	288,567			18,088		$	292,840

Focused Small Cap Value Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold*		90,085		$	2,163,312			364,462		$	9,550,692
Reinvestment of distributions		25,989			616,189			73,104			2,071,275
Shares reacquired		(260,901	)		(6,206,783	)		(406,631	)		(9,997,848	)
Increase (decrease)		(144,827	)	$	(3,427,282	)		30,935		$	1,624,119

Class C Shares
Shares sold		7,684		$	194,560			39,091		$	1,158,476
Reinvestment of distributions		4,655			117,495			16,003			483,303
Shares reacquired*		(47,364	)		(1,208,648	)		(67,194	)		(1,825,111	)
Decrease		(35,025	)	$	(896,593	)		(12,100	)	$	(183,332	)

Class F Shares
Shares sold		40,005		$	1,068,703			597,553		$	17,996,358
Reinvestment of distributions		29,167			757,173			203,787			6,291,383
Shares reacquired		(721,257	)		(19,071,679	)		(1,996,037	)		(56,161,721	)
Decrease		(652,085	)	$	(17,245,803	)		(1,194,697	)	$	(31,873,980	)

Class I Shares
Shares sold		463,843		$	12,175,706			525,655		$	13,927,860
Reinvestment of distributions		116,433			3,013,299			358,589			11,058,876
Shares reacquired		(730,955	)		(18,938,486	)		(1,320,013	)		(36,962,298	)
Decrease		(150,679	)	$	(3,749,481	)		(435,769	)	$	(11,975,562	)

205

Notes to Financial Statements (continued)

Focused Small Cap Value Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class R5 Shares	Shares			Amount			Shares			Amount
Shares sold		739		$	19,269			11,339		$	324,585
Reinvestment of distributions		390			10,094			8			239
Shares reacquired		(3,832	)		(102,178	)		(1,433	)		(39,360	)
Increase (decrease)		(2,703	)	$	(72,815	)		9,914		$	285,464

Class R6 Shares
Shares sold		60,545		$	1,579,333			117,432		$	3,526,499
Reinvestment of distributions		9,411			244,121			19,995			617,633
Shares reacquired		(54,084	)		(1,430,558	)		(77,778	)		(2,126,575	)
Increase		15,872		$	392,896			59,649		$	2,017,557

Fundamental Equity Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold*		5,817,001		$	71,685,540			5,636,775		$	73,378,514
Reinvestment of distributions		4,811,465			59,132,901			10,960,284			149,498,278
Shares reacquired		(16,370,453	)		(201,077,342	)		(13,165,392	)		(169,779,056	)
Increase (decrease)		(5,741,987	)	$	(70,258,901	)		3,431,667		$	53,097,736

Class C Shares
Shares sold		525,769		$	5,564,511			570,172		$	6,312,421
Reinvestment of distributions		192,213			2,022,083			577,042			6,791,781
Shares reacquired*		(2,000,443	)		(20,802,861	)		(1,805,524	)		(20,089,012	)
Decrease		(1,282,461	)	$	(13,216,267	)		(658,310	)	$	(6,984,810	)

Class F Shares
Shares sold		244,155		$	2,942,114			751,749		$	9,711,281
Reinvestment of distributions		301,494			3,648,074			1,245,581			16,740,603
Shares reacquired		(4,128,463	)		(50,689,204	)		(6,154,861	)		(77,191,656	)
Decrease		(3,582,814	)	$	(44,099,016	)		(4,157,531	)	$	(50,739,772	)

Class F3 Shares
Shares sold		279,670		$	3,465,451			241,135		$	3,190,729
Reinvestment of distributions		78,825			984,530			164,485			2,276,471
Shares reacquired		(340,484	)		(4,244,834	)		(275,582	)		(3,618,522	)
Increase		18,011		$	205,147			130,038		$	1,848,678

Class I Shares
Shares sold		5,958,470		$	74,274,943			28,953,306		$	353,649,201
Reinvestment of distributions		2,480,521			30,708,848			2,368,365			32,541,337
Shares reacquired		(7,817,943	)		(96,243,294	)		(5,158,276	)		(69,470,598	)
Increase		621,048		$	8,740,497			26,163,395		$	316,719,940

Class P Shares
Shares sold		23,226		$	276,684			25,663		$	322,003
Reinvestment of distributions		17,698			212,025			40,887			544,609
Shares reacquired		(98,014	)		(1,150,340	)		(62,550	)		(799,006	)
Increase (decrease)		(57,090	)	$	(661,631	)		4,000		$	67,606

206

Notes to Financial Statements (continued)

Fundamental Equity Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class R2 Shares	Shares			Amount			Shares			Amount
Shares sold		18,595		$	220,064			25,458		$	312,357
Reinvestment of distributions		8,910			106,559			27,914			371,250
Shares reacquired		(32,598	)		(391,095	)		(101,687	)		(1,328,416	)
Decrease		(5,093	)	$	(64,472	)		(48,315	)	$	(644,809	)

Class R3 Shares
Shares sold		833,323		$	9,989,238			641,604		$	8,068,438
Reinvestment of distributions		268,814			3,228,451			725,199			9,674,156
Shares reacquired		(1,392,780	)		(16,638,140	)		(2,031,052	)		(25,963,618	)
Decrease		(290,643	)	$	(3,420,451	)		(664,249	)	$	(8,221,024	)

Class R4 Shares
Shares sold		33,295		$	403,691			58,639		$	755,938
Reinvestment of distributions		12,702			155,223			25,150			341,292
Shares reacquired		(73,050	)		(887,564	)		(43,509	)		(570,329	)
Increase (decrease)		(27,053	)	$	(328,650	)		40,280		$	526,901

Class R5 Shares
Shares sold		9,846		$	120,583			14,077		$	178,959
Reinvestment of distributions		3,443			42,656			8,304			114,175
Shares reacquired		(10,242	)		(126,196	)		(25,572	)		(345,160	)
Increase (decrease)		3,047		$	37,043			(3,191	)	$	(52,026	)

Class R6 Shares
Shares sold		156,609		$	1,937,351			745,885		$	9,933,041
Reinvestment of distributions		18,548			231,856			99,623			1,379,776
Shares reacquired		(186,387	)		(2,322,921	)		(1,272,178	)		(17,160,338	)
Decrease		(11,230	)	$	(153,714	)		(426,670	)	$	(5,847,521	)

Global Equity Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold*		95,394		$	1,186,042			86,412		$	1,155,283
Reinvestment of distributions		2,590			29,997			49,363			689,106
Shares reacquired		(54,781	)		(673,611	)		(65,323	)		(890,584	)
Increase		43,203		$	542,428			70,452		$	953,805

Class C Shares
Shares sold		10,926		$	137,594			8,390		$	102,070
Reinvestment of distributions		–			–			7,990			110,825
Shares reacquired*		(17,687	)		(217,612	)		(31,756	)		(383,863	)
Decrease		(6,761	)	$	(80,018	)		(15,376	)	$	(170,968	)

Class F Shares
Shares sold		5,557		$	72,403			8,446		$	111,681
Reinvestment of distributions		89			1,031			3,121			43,660
Shares reacquired		(29,446	)		(373,629	)		(28,375	)		(325,895	)
Decrease		(23,800	)	$	(300,195	)		(16,808	)	$	(170,554	)

207

Notes to Financial Statements (continued)

Global Equity Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		191,026		$	2,256,212			–		$	–
Reinvestment of distributions		1,667			19,301			–			–
Shares reacquired		(27,176	)		(341,817	)		(15,129	)		(164,000	)
Increase (decrease)		165,517		$	1,933,696			(15,129	)	$	(164,000	)

Class R3 Shares
Shares sold		5,486		$	67,834			27,632		$	393,703
Reinvestment of distributions		139			1,593			4,566			63,283
Shares reacquired		(2,017	)		(24,934	)		(15,776	)		(183,248	)
Increase		3,608		$	44,493			16,422		$	273,738

Class R4 Shares
Shares sold		1,313		$	15,907			44,130		$	596,813
Reinvestment of distributions		336			3,891			–			–
Shares reacquired		(45,699	)		(576,186	)		(79	)		(943	)
Increase (decrease)		(44,050	)	$	(556,388	)		44,051		$	595,870

Class R6 Shares
Shares sold		292,255		$	3,445,998			23,651		$	339,679
Reinvestment of distributions		230			2,664			–			–
Shares reacquired		(99,294	)		(1,276,419	)		(16,012	)		(224,662	)
Increase		193,191		$	2,172,243			7,639		$	115,017

Growth Leaders Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold*		9,799,730		$	263,735,339			13,425,099		$	455,476,228
Reinvestment of distributions		–			–			11,264,076			480,863,383
Shares reacquired		(15,243,394	)		(409,563,713	)		(16,855,393	)		(552,710,672	)
Increase (decrease)		(5,443,664	)	$	(145,828,374	)		7,833,782		$	383,628,939

Class C Shares
Shares sold		1,835,799		$	43,080,014			3,270,784		$	98,246,996
Reinvestment of distributions		–			–			6,190,529			230,225,777
Shares reacquired*		(7,651,040	)		(178,305,832	)		(9,911,890	)		(284,514,151	)
Increase (decrease)		(5,815,241	)	$	(135,225,818	)		(450,577	)	$	43,958,622

Class F Shares
Shares sold		2,750,992		$	74,464,460			27,783,993		$	992,176,037
Reinvestment of distributions		–			–			16,227,132			716,427,881
Shares reacquired		(22,526,141	)		(621,403,093	)		(95,719,769	)		(3,072,794,593	)
Decrease		(19,775,149	)	$	(546,938,633	)		(51,708,644	)	$	(1,364,190,675	)

Class F3 Shares
Shares sold		3,154,726		$	89,586,052			6,006,983		$	208,833,101
Reinvestment of distributions		–			–			2,856,896			128,188,907
Shares reacquired		(5,525,326	)		(159,968,983	)		(6,145,599	)		(212,693,470	)
Increase (decrease)		(2,370,600	)	$	(70,382,931	)		2,718,280		$	124,328,538

208

Notes to Financial Statements (continued)

Growth Leaders Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		33,639,902		$	942,684,516			76,152,248		$	2,342,464,611
Reinvestment of distributions		–			–			5,228,281			232,919,899
Shares reacquired		(35,906,580	)		(1,012,640,198	)		(29,422,402	)		(928,610,855	)
Increase (decrease)		(2,266,678	)	$	(69,955,682	)		51,958,127		$	1,646,773,655

Class R2 Shares
Shares sold		19,469		$	521,016			39,421		$	1,263,951
Reinvestment of distributions		–			–			14,439			596,203
Shares reacquired		(49,359	)		(1,341,106	)		(33,178	)		(983,712	)
Increase (decrease)		(29,890	)	$	(820,090	)		20,682		$	876,442

Class R3 Shares
Shares sold		228,099		$	5,886,402			199,861		$	6,245,685
Reinvestment of distributions		–			–			104,557			4,314,020
Shares reacquired		(197,878	)		(5,256,433	)		(197,986	)		(5,722,139	)
Increase		30,221		$	629,969			106,432		$	4,837,566

Class R4 Shares
Shares sold		143,391		$	3,838,372			139,359		$	4,820,502
Reinvestment of distributions		–			–			48,603			2,075,821
Shares reacquired		(208,772	)		(5,644,796	)		(127,849	)		(4,480,967	)
Increase (decrease)		(65,381	)	$	(1,806,424	)		60,113		$	2,415,356

Class R5 Shares
Shares sold		79,908		$	2,190,831			90,988		$	3,018,150
Reinvestment of distributions		–			–			79,851			3,558,947
Shares reacquired		(113,452	)		(3,271,243	)		(181,553	)		(6,313,507	)
Increase (decrease)		(33,544	)	$	(1,080,412	)		(10,714	)	$	263,590

Class R6 Shares
Shares sold		1,321,086		$	37,851,210			1,594,060		$	57,419,248
Reinvestment of distributions		–			–			564,971			25,350,238
Shares reacquired		(1,890,861	)		(54,756,178	)		(1,003,005	)		(37,177,211	)
Increase (decrease)		(569,775	)	$	(16,904,968	)		1,156,026		$	45,592,275

Health Care Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold*		104,328		$	1,827,096			66,433		$	1,189,065
Reinvestment of distributions		–			–			12,293			235,294
Shares reacquired		(40,085	)		(703,652	)		(52,363	)		(907,352	)
Increase		64,243		$	1,123,444			26,363		$	517,007

Class C Shares
Shares sold		32,745		$	546,871			5,723		$	105,182
Reinvestment of distributions		–			–			2,622			49,195
Shares reacquired*		(6,728	)		(110,751	)		(8,265	)		(140,915	)
Increase		26,017		$	436,120			80		$	13,462

209

Notes to Financial Statements (continued)

Health Care Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		–		$	–			9,247		$	162,678
Reinvestment of distributions		–			–			1,895			36,509
Shares reacquired		(10,508	)		(183,838	)		(16,088	)		(280,513	)
Decrease		(10,508	)	$	(183,838	)		(4,946	)	$	(81,326	)

Class I Shares
Shares sold		3,730		$	67,827			–		$	–
Shares reacquired		(1,483	)		(25,582	)		–			–
Increase		2,247		$	42,245			–		$	–

Class R3 Shares
Shares sold		931		$	15,935			–		$	–
Shares reacquired		–			–			–			–
Increase		931		$	15,935			–		$	–

Class R6 Shares
Shares sold		21,502		$	379,847			12,669		$	237,933
Reinvestment of distributions		2			28			16			309
Shares reacquired		(27,859	)		(493,546	)		(14,296	)		(261,123	)
Decrease		(6,355	)	$	(113,671	)		(1,611	)	$	(22,881	)

International Equity Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold*		1,292,618		$	17,139,170			649,167		$	9,061,675
Reinvestment of distributions		220,199			2,732,673			1,380,863			20,892,453
Shares reacquired		(2,075,058	)		(27,235,388	)		(1,700,637	)		(23,347,163	)
Increase (decrease)		(562,241	)	$	(7,363,545	)		329,393		$	6,606,965

Class C Shares
Shares sold		58,820		$	787,426			20,602		$	285,153
Reinvestment of distributions		3,857			47,985			51,685			781,993
Shares reacquired*		(308,644	)		(4,017,124	)		(146,082	)		(1,889,477	)
Decrease		(245,967	)	$	(3,181,713	)		(73,795	)	$	(822,331	)

Class F Shares
Shares sold		25,249		$	332,335			135,834		$	1,971,941
Reinvestment of distributions		14,064			173,823			187,027			2,814,751
Shares reacquired		(413,760	)		(5,410,134	)		(1,046,704	)		(14,998,501	)
Decrease		(374,447	)	$	(4,903,976	)		(723,843	)	$	(10,211,809	)

Class F3 Shares
Shares sold		597,819		$	8,027,947			240,527		$	3,369,781
Reinvestment of distributions		11,725			147,620			45,022			690,193
Shares reacquired		(175,669	)		(2,328,059	)		(109,028	)		(1,475,564	)
Increase		433,875		$	5,847,508			176,521		$	2,584,410

210

Notes to Financial Statements (continued)

International Equity Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class I Shares	Shares			Amount			Shares			Amount
Shares sold		1,515,911		$	20,109,148			354,432		$	4,704,078
Reinvestment of distributions		237,665			2,985,070			1,248,929			19,096,120
Shares reacquired		(1,253,773	)		(16,874,196	)		(755,216	)		(9,822,369	)
Increase		499,803		$	6,220,022			848,145		$	13,977,829

Class P Shares
Shares sold		–		$	–			–		$	5
Reinvestment of distributions		15			186			91			1,376
Shares reacquired		(5	)		(62	)		(2	)		(27	)
Increase		10		$	124			89		$	1,354

Class R2 Shares
Shares sold		2,192		$	28,652			2,018		$	26,451
Reinvestment of distributions		213			2,657			1,278			19,394
Shares reacquired		(1,124	)		(14,395	)		(1,013	)		(13,072	)
Increase		1,281		$	16,914			2,283		$	32,773

Class R3 Shares
Shares sold		120,063		$	1,562,655			61,286		$	804,890
Reinvestment of distributions		6,714			82,045			45,198			673,002
Shares reacquired		(122,392	)		(1,583,167	)		(89,703	)		(1,195,534	)
Increase		4,385		$	61,533			16,781		$	282,358

Class R4 Shares
Shares sold		27,918		$	363,478			22,879		$	313,462
Reinvestment of distributions		2,376			29,323			12,009			180,612
Shares reacquired		(32,913	)		(432,152	)		(17,590	)		(252,827	)
Increase (decrease)		(2,619	)	$	(39,351	)		17,298		$	241,247

Class R5 Shares
Shares sold		951		$	12,279			1,361		$	19,378
Reinvestment of distributions		38			474			499			7,581
Shares reacquired		(1,083	)		(14,364	)		(5,202	)		(79,784	)
Decrease		(94	)	$	(1,611	)		(3,342	)	$	(52,825	)

Class R6 Shares
Shares sold		75,576		$	1,011,033			26,358		$	391,009
Reinvestment of distributions		1,890			23,776			11,994			183,755
Shares reacquired		(41,729	)		(547,729	)		(47,931	)		(643,127	)
Increase (decrease)		35,737		$	487,080			(9,579	)	$	(68,363	)

International Opportunities Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold*		874,702		$	15,172,885			627,857		$	11,358,198
Reinvestment of distributions		93,159			1,482,166			143,264			2,819,436
Shares reacquired		(1,323,783	)		(22,667,125	)		(1,149,008	)		(20,011,960	)
Decrease		(355,922	)	$	(6,012,074	)		(377,887	)	$	(5,834,326	)

211

Notes to Financial Statements (continued)

International Opportunities Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		58,308		$	938,752			45,141		$	751,483
Reinvestment of distributions		4,183			61,357			12,065			218,612
Shares reacquired*		(272,316	)		(4,272,388	)		(263,767	)		(4,281,191	)
Decrease		(209,825	)	$	(3,272,279	)		(206,561	)	$	(3,311,096	)

Class F Shares
Shares sold		99,676		$	1,663,690			280,053		$	5,075,588
Reinvestment of distributions		15,662			246,987			60,590			1,180,901
Shares reacquired		(807,474	)		(13,642,425	)		(1,992,900	)		(34,508,744	)
Decrease		(692,136	)	$	(11,731,748	)		(1,652,257	)	$	(28,252,255	)

Class F3 Shares
Shares sold		543,875		$	9,649,321			647,248		$	12,087,069
Reinvestment of distributions		32,091			530,783			36,746			751,094
Shares reacquired		(606,382	)		(10,798,693	)		(387,143	)		(6,987,281	)
Increase (decrease)		(30,416	)	$	(618,589	)		296,851		$	5,850,882

Class I Shares
Shares sold		1,520,278		$	27,031,912			1,816,657		$	31,183,216
Reinvestment of distributions		175,827			2,888,844			229,563			4,664,717
Shares reacquired		(3,037,915	)		(52,721,518	)		(755,805	)		(13,319,894	)
Increase (decrease)		(1,341,810	)	$	(22,800,762	)		1,290,415		$	22,528,039

Class P Shares
Shares sold		206		$	3,576			889		$	16,507
Reinvestment of distributions		96			1,575			136			2,744
Shares reacquired		(6,453	)		(114,718	)		(3	)		(57	)
Increase (decrease)		(6,151	)	$	(109,567	)		1,022		$	19,194

Class R2 Shares
Shares sold		39,675		$	672,429			29,317		$	515,255
Reinvestment of distributions		1,834			28,634			2,535			48,946
Shares reacquired		(83,728	)		(1,415,985	)		(32,345	)		(582,538	)
Decrease		(42,219	)	$	(714,922	)		(493	)	$	(18,337	)

Class R3 Shares
Shares sold		79,090		$	1,333,049			52,180		$	892,532
Reinvestment of distributions		4,001			62,415			5,703			110,011
Shares reacquired		(79,267	)		(1,326,143	)		(100,979	)		(1,759,227	)
Increase (decrease)		3,824		$	69,321			(43,096	)	$	(756,684	)

Class R4 Shares
Shares sold		49,093		$	849,954			17,158		$	297,506
Reinvestment of distributions		1,722			27,251			2,323			45,479
Shares reacquired		(38,577	)		(638,563	)		(23,025	)		(425,375	)
Increase (decrease)		12,238		$	238,642			(3,544	)	$	(82,390	)

212

Notes to Financial Statements (continued)

International Opportunities Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class R5 Shares	Shares			Amount			Shares			Amount
Shares sold		12,296		$	216,259			17,487		$	318,955
Reinvestment of distributions		2,367			38,883			3,892			79,057
Shares reacquired		(15,519	)		(276,627	)		(47,417	)		(830,360	)
Decrease		(856	)	$	(21,485	)		(26,038	)	$	(432,348	)

Class R6 Shares
Shares sold		202,444		$	3,604,403			189,120		$	3,541,519
Reinvestment of distributions		14,537			240,440			21,471			438,873
Shares reacquired		(278,278	)		(4,890,506	)		(309,336	)		(5,775,413	)
Decrease		(61,297	)	$	(1,045,663	)		(98,745	)	$	(1,795,021	)

International Value Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold*		2,818,912		$	20,204,241			2,897,344		$	21,162,988
Reinvestment of distributions		791,975			5,631,434			1,381,895			9,614,061
Shares reacquired		(5,173,293	)		(36,655,772	)		(5,029,245	)		(35,692,616	)
Decrease		(1,562,406	)	$	(10,820,097	)		(750,006	)	$	(4,915,567	)

Class C Shares
Shares sold		64,834		$	453,287			76,027		$	576,170
Reinvestment of distributions		10,494			74,098			40,599			283,865
Shares reacquired*		(498,049	)		(3,515,961	)		(639,400	)		(4,556,426	)
Decrease		(422,721	)	$	(2,988,576	)		(522,774	)	$	(3,696,391	)

Class F Shares
Shares sold		73,263		$	534,737			298,843		$	2,203,821
Reinvestment of distributions		25,003			178,118			108,363			775,738
Shares reacquired		(987,882	)		(6,991,102	)		(2,436,869	)		(18,196,242	)
Decrease		(889,616	)	$	(6,278,247	)		(2,029,663	)	$	(15,216,683	)

Class F3 Shares
Shares sold		1,302,248		$	9,438,522			1,192,368		$	8,683,417
Reinvestment of distributions		122,563			879,787			168,914			1,177,485
Shares reacquired		(935,918	)		(6,744,672	)		(769,911	)		(5,562,192	)
Increase		488,893		$	3,573,637			591,371		$	4,298,710

Class I Shares
Shares sold		1,372,832		$	9,932,551			2,440,075		$	17,754,791
Reinvestment of distributions		566,609			4,064,658			1,734,831			12,464,851
Shares reacquired		(2,589,802	)		(18,672,729	)		(26,735,085	)		(180,669,051	)
Decrease		(650,361	)	$	(4,675,520	)		(22,560,179	)	$	(150,449,409	)

Class R2 Shares
Shares sold		2,941		$	21,059			5,210		$	39,418
Reinvestment of distributions		232			1,703			242			1,692
Shares reacquired		(2,510	)		(18,425	)		(1,742	)		(13,611	)
Increase		663		$	4,337			3,710		$	27,499

213

Notes to Financial Statements (continued)

International Value Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class R3 Shares	Shares			Amount			Shares			Amount
Shares sold		126,492		$	920,100			553,597		$	4,422,777
Reinvestment of distributions		24,430			176,067			41,155			288,400
Shares reacquired		(215,127	)		(1,552,754	)		(474,190	)		(3,618,398	)
Increase (decrease)		(64,205	)	$	(456,587	)		120,562		$	1,092,779

Class R4 Shares
Shares sold		5,577		$	39,671			3,802		$	28,056
Reinvestment of distributions		591			4,200			949			6,611
Shares reacquired		(8,200	)		(60,086	)		(6,105	)		(41,740	)
Decrease		(2,032	)	$	(16,215	)		(1,354	)	$	(7,073	)

Class R5 Shares
Shares sold		34		$	235			779		$	5,118
Reinvestment of distributions		1			7			12			81
Shares reacquired		(760	)		(5,143	)		(488	)		(3,832	)
Increase (decrease)		(725	)	$	(4,901	)		303		$	1,367

Class R6 Shares
Shares sold		60,550		$	429,049			130,461		$	1,025,220
Reinvestment of distributions		3,011			21,603			3,018			20,700
Shares reacquired		(51,540	)		(364,056	)		(82,065	)		(623,584	)
Increase		12,021		$	86,596			51,414		$	422,336

Micro Cap Growth Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class A Shares		Shares			Amount			Shares			Amount
Shares sold*		234,823		$	3,217,331			411,987		$	6,187,277
Shares reacquired		(662,954	)		(8,849,758	)		(962,163	)		(14,689,692	)
Decrease		(428,131	)	$	(5,632,427	)		(550,176	)	$	(8,502,415	)

Class C Shares
Shares sold		21,971		$	365,282			24,972		$	453,379
Shares reacquired*		(79,663	)		(1,269,192	)		(192,205	)		(3,369,314	)
Decrease		(57,692	)	$	(903,910	)		(167,233	)	$	(2,915,935	)

Class F Shares
Shares sold		52,378		$	886,989			700,866		$	13,252,990
Shares reacquired		(1,678,801	)		(28,248,398	)		(5,305,389	)		(91,358,721	)
Decrease		(1,626,423	)	$	(27,361,409	)		(4,604,523	)	$	(78,105,731	)

Class I Shares
Shares sold		2,333,185		$	39,495,337			3,395,449		$	55,047,222
Shares reacquired		(2,038,930	)		(33,194,231	)		(1,197,112	)		(20,324,862	)
Increase		294,255		$	6,301,106			2,198,337		$	34,722,360

214

Notes to Financial Statements (continued)

Value Opportunities Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class A Shares	Shares			Amount			Shares			Amount
Shares sold*		3,069,030		$	50,098,265			3,644,711		$	69,761,772
Reinvestment of distributions		3,241,772			51,706,261			4,619,163			99,450,571
Shares reacquired		(8,938,104	)		(145,605,865	)		(6,719,096	)		(126,038,106	)
Increase (decrease)		(2,627,302	)	$	(43,801,339	)		1,544,778		$	43,174,237

Class C Shares
Shares sold		200,000		$	2,649,995			290,112		$	4,562,011
Reinvestment of distributions		338,090			4,327,553			614,919			10,834,876
Shares reacquired*		(1,531,086	)		(19,776,922	)		(1,447,226	)		(22,311,508	)
Decrease		(992,996	)	$	(12,799,374	)		(542,195	)	$	(6,914,621	)

Class F Shares
Shares sold		207,865		$	3,476,115			973,884		$	19,644,829
Reinvestment of distributions		372,103			6,135,983			1,001,710			22,217,936
Shares reacquired		(3,288,888	)		(55,882,809	)		(5,353,637	)		(101,507,414	)
Decrease		(2,708,920	)	$	(46,270,711	)		(3,378,043	)	$	(59,644,649	)

Class F3 Shares
Shares sold		1,015,062		$	17,576,579			1,390,675		$	28,001,791
Reinvestment of distributions		932,888			15,989,697			1,280,669			29,429,775
Shares reacquired		(2,348,711	)		(41,034,297	)		(2,091,701	)		(42,524,914	)
Increase (decrease)		(400,761	)	$	(7,468,021	)		579,643		$	14,906,652

Class I Shares
Shares sold		2,777,507		$	48,635,765			4,207,306		$	80,562,563
Reinvestment of distributions		1,196,979			20,288,797			2,122,183			48,300,878
Shares reacquired		(3,897,297	)		(67,202,845	)		(9,155,084	)		(183,438,438	)
Increase (decrease)		77,189		$	1,721,717			(2,825,595	)	$	(54,574,997	)

Class P Shares
Shares sold		72,201		$	1,130,451			94,269		$	1,776,909
Reinvestment of distributions		70,733			1,091,406			101,102			2,111,009
Shares reacquired		(203,136	)		(3,218,389	)		(164,771	)		(3,005,063	)
Increase (decrease)		(60,202	)	$	(996,532	)		30,600		$	882,855

Class R2 Shares
Shares sold		30,985		$	465,734			68,239		$	1,247,978
Reinvestment of distributions		25,906			384,437			36,753			740,566
Shares reacquired		(70,281	)		(1,055,609	)		(85,347	)		(1,510,262	)
Increase (decrease)		(13,390	)	$	(205,438	)		19,645		$	478,282

Class R3 Shares
Shares sold		294,829		$	4,584,848			234,054		$	4,297,300
Reinvestment of distributions		179,093			2,715,045			257,856			5,296,366
Shares reacquired		(602,251	)		(9,235,023	)		(408,430	)		(7,379,086	)
Increase (decrease)		(128,329	)	$	(1,935,130	)		83,480		$	2,214,580

215

Notes to Financial Statements (concluded)

Value Opportunities Fund	Year Ended October 31, 2023						Year Ended October 31, 2022
Class R4 Shares	Shares			Amount			Shares			Amount
Shares sold		177,604		$	2,866,030			288,149		$	5,446,860
Reinvestment of distributions		152,963			2,436,699			236,131			5,076,819
Shares reacquired		(388,834	)		(6,302,388	)		(589,324	)		(11,285,136	)
Decrease		(58,267	)	$	(999,659	)		(65,044	)	$	(761,457	)

Class R5 Shares
Shares sold		17,230		$	298,110			21,351		$	380,491
Reinvestment of distributions		4,343			73,662			9,868			224,797
Shares reacquired		(30,663	)		(538,518	)		(44,461	)		(921,109	)
Decrease		(9,090	)	$	(166,746	)		(13,242	)	$	(315,821	)

Class R6 Shares
Shares sold		356,203		$	6,186,058			272,372		$	5,698,962
Reinvestment of distributions		130,086			2,227,078			187,129			4,296,484
Shares reacquired		(523,518	)		(9,238,532	)		(438,448	)		(8,438,261	)
Increase (decrease)		(37,229	)	$	(825,396	)		21,053		$	1,557,185

*	Includes automated conversion of Class C shares to Class A shares.

16.

FOREIGN WITHHOLDING TAX CLAIMS

On April 11, 2023, the International Equity and International Value Funds filed closing agreements with the Internal Revenue Service (“IRS”) to address any U.S. income tax liabilities attributable to shareholders resulting from the recovery of foreign withholding taxes paid in prior years. The closing agreements were accepted by the IRS on July 18, 2023 and resulted in the International Equity and International Value Funds paying a compliance fee to the IRS, in the amounts of $793,576 and $3,795,020, respectively. The compliance fees were paid on behalf of shareholders, representing the estimated tax savings generated from foreign tax credits claimed by shareholders on their tax returns in prior years.

216

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of Lord Abbett Securities Trust

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Lord Abbett Securities Trust comprising the 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 (the “Funds”), including the schedules of investments, as of October 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended for the Funds, except for the funds listed in the table below; the financial highlights for the periods indicated in the table below for the funds listed in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting Lord Abbett Securities Trust as of October 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

Individual Funds Comprising Lord Abbett Securities Trust	Financial Highlights
Lord Abbett Focused Growth Fund	For the years ended October 31, 2023, 2022, 2021 and 2020, and the period from January 30, 2019 (commencement of operations) through October 31, 2019
Lord Abbett Focused Large Cap Value Fund	For the years ended October 31, 2023, 2022, 2021 and 2020, and the period from July 26, 2019 (commencement of operations) through October 31, 2019
Lord Abbett Health Care Fund	For the years ended October 31, 2023, 2022, 2021 and 2020, and the period from July 26, 2019 (commencement of operations) through October 31, 2019

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an

217

understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP
New York, New York
December 21, 2023

We have served as the auditor of one or more Lord Abbett Family of Funds’ investment companies since 1932.

218

Investments in Underlying Funds (unaudited)

Alpha Strategy Fund invests in Underlying Funds managed by Lord Abbett. As of October 31, 2023, Alpha Strategy Fund’s long-term investments were allocated among the Underlying Funds as follows:

Alpha Strategy Fund’s Investments:

Underlying Fund Name		%
Lord Abbett Developing Growth Fund, Inc. - Class I		18.93%
Lord Abbett Securities Trust-Focused Small Cap Value Fund - Class I		10.44%
Lord Abbett Securities Trust-International Opportunities Fund - Class I		20.67%
Lord Abbett Securities Trust-Micro Cap Growth Fund - Class I		8.93%
Lord Abbett Research Fund, Inc.-Small Cap Value Fund - Class I		20.42%
Lord Abbett Securities Trust-Value Opportunities Fund - Class I		20.61%
Total		100.00%

The Ten Largest Holdings and the Holdings by Sector, as of October 31, 2023, 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
Remitly Global, Inc.		3.44%
Duolingo, Inc.		2.72%
AeroVironment, Inc.		2.33%
Rambus, Inc.		2.24%
Krystal Biotech, Inc.		2.18%
Flywire Corp.		2.12%
Comfort Systems USA, Inc.		2.00%
Confluent, Inc.		1.97%
EMCOR Group, Inc.		1.96%
Samsara, Inc.		1.95%

Holdings by Sector		% of Investments
Communication Services		2.12%
Consumer Discretionary		8.98%
Consumer Staples		5.58%
Energy		1.48%
Financials		7.84%
Health Care		18.00%
Industrials		24.73%
Information Technology		28.76%
Money Market Funds		0.97%
Time Deposits		0.11%
Repurchase Agreements		1.43%
Total		100.00%

219

Investments in Underlying Funds (unaudited) (continued)

Lord Abbett Securities Trust - Focused Small Cap Value Fund

Ten Largest Holdings		% of Investments
TechnipFMC PLC		4.11%
Permian Resources Corp.		3.78%
MEG Energy Corp.		3.31%
Brady Corp.		3.21%
MRC Global, Inc.		2.83%
RenaissanceRe Holdings Ltd.		2.82%
Bancorp, Inc.		2.77%
WNS Holdings Ltd.		2.74%
Masonite International Corp.		2.73%
Belden, Inc.		2.65%

Holdings by Sector		% of Investments
Communication Services		4.02%
Consumer Discretionary		10.73%
Consumer Staples		2.14%
Energy		11.19%
Financials		27.93%
Health Care		5.49%
Industrials		19.89%
Information Technology		11.34%
Materials		4.08%
Real Estate		2.38%
Repurchase Agreements		0.81%
Total		100.00%

Lord Abbett Securities Trust - International Opportunities Fund

Ten Largest Holdings		% of Investments
B&M European Value Retail SA		1.93%
REN - Redes Energeticas Nacionais SGPS SA		1.84%
Man Group PLC		1.77%
Okinawa Cellular Telephone Co.		1.72%
Britvic PLC		1.71%
PALTAC Corp.		1.62%
Nichirei Corp.		1.61%
Freenet AG		1.58%
Chemring Group PLC		1.57%
Saizeriya Co. Ltd.		1.57%

Holdings by Sector		% of Investments
Communication Services		4.69%
Consumer Discretionary		13.51%
Consumer Staples		8.52%
Energy		3.91%
Financials		19.02%
Health Care		7.76%
Industrials		9.68%
Information Technology		12.98%
Materials		10.72%
Real Estate		1.10%
Utilities		2.05%
Money Market Funds		0.02%
Time Deposits		0.00%
Repurchase Agreements		6.04%
Total		100.00%

220

Investments in Underlying Funds (unaudited) (continued)

Lord Abbett Securities Trust - Micro Cap Growth Fund

Ten Largest Holdings		% of Investments
Remitly Global, Inc.		3.58%
AeroVironment, Inc.		2.79%
Flywire Corp.		2.73%
Rambus, Inc.		2.63%
Krystal Biotech, Inc.		2.61%
Sterling Infrastructure, Inc.		2.60%
RxSight, Inc.		2.38%
AvidXchange Holdings, Inc.		2.37%
Varonis Systems, Inc.		2.30%
ICF International, Inc.		2.26%

Holdings by Sector		% of Investments
Communication Services		3.68%
Consumer Discretionary		12.21%
Consumer Staples		5.78%
Financials		11.57%
Health Care		24.32%
Industrials		17.24%
Information Technology		20.55%
Money Market Funds		2.87%
Time Deposits		0.32%
Repurchase Agreements		1.46%
Total		100.00%

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

Ten Largest Holdings		% of Investments
Permian Resources Corp.		3.52%
TechnipFMC PLC		3.35%
MEG Energy Corp.		2.63%
Bancorp, Inc.		2.13%
CommVault Systems, Inc.		2.11%
FormFactor, Inc.		2.03%
Masonite International Corp.		2.03%
RenaissanceRe Holdings Ltd.		1.91%
Spectrum Brands Holdings, Inc.		1.86%
SP Plus Corp.		1.86%

221

Investments in Underlying Funds (unaudited) (concluded)

Holdings by Sector		% of Investments
Communication Services		3.33%
Consumer Discretionary		10.74%
Consumer Staples		3.69%
Energy		11.05%
Financials		23.71%
Health Care		4.45%
Industrials		20.76%
Information Technology		11.93%
Materials		4.61%
Real Estate		3.11%
Utilities		0.76%
Repurchase Agreements		1.86%
Total		100.00%

Lord Abbett Securities Trust - Value Opportunities Fund

Ten Largest Holdings		% of Investments
Molina Healthcare, Inc.		2.92%
Chesapeake Energy Corp.		2.55%
AerCap Holdings NV		2.48%
Cboe Global Markets, Inc.		2.44%
Permian Resources Corp.		2.27%
STERIS PLC		2.20%
BJ’s Wholesale Club Holdings, Inc.		2.15%
EMCOR Group, Inc.		2.12%
CommVault Systems, Inc.		2.06%
Booz Allen Hamilton Holding Corp.		1.98%

Holdings by Sector		% of Investments
Communication Services		1.56%
Consumer Discretionary		11.31%
Consumer Staples		2.16%
Energy		5.96%
Financials		16.95%
Health Care		12.03%
Industrials		18.05%
Information Technology		16.46%
Materials		7.25%
Real Estate		4.01%
Utilities		2.69%
Repurchase Agreements		1.57%
Total		100.00%

222

Basic Information About Management

The Board is responsible for the management of the business and affairs of the Fund in accordance with the laws of the state of organization. The Board elects officers who are responsible for the day-to-day operations of the Fund and who execute policies authorized by the Board. The Board also approves an investment adviser to the Fund and continues to monitor the cost and quality of the services the investment adviser provides, and annually considers whether to renew the contract with the investment adviser. Generally, each Board member holds office until his/her successor is elected and qualified or until his/her earlier resignation or removal, as provided in the Fund’s organizational documents.

Lord, Abbett & Co. LLC (“Lord Abbett”), a Delaware limited liability company, is the Fund’s investment adviser. Designated Lord Abbett personnel are responsible for the day-to-day management of the Fund.

Independent Board Members

The following Independent Board Members also are board members of each of the 15 investment companies in the Lord Abbett Family of Funds, which consist of 64 investment portfolios.

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Evelyn E. Guernsey Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1955)	Board member since 2011; Vice Chair since 2023	Principal Occupation: None. Other Directorships: None.
Julie A. Hill Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1946)	Board member since 2004	Principal Occupation: Owner and CEO of The Hill Company, a business consulting firm (since 1998). Other Directorships: Currently serves as Director of Columbia Care (CCHW) (since 2021). Previously served as Director of Anthem, Inc., a health benefits company (1994–2021).
Kathleen M. Lutito Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1963)	Board member since 2017	Principal Occupation: President and Chief Investment Officer of CenturyLink Investment Management Company (since 2006). Other Directorships: None.
James M. McTaggart Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1947)	Board member since 2012	Principal Occupation: Owner of McTaggart LLC (since 2011). Other Directorships: None.
Charles O. Prince Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1950)	Board member since 2019	Principal Occupation: None. Formerly Chair and Chief Executive Officer, Citigroup, Inc. (Retired 2007). Other Directorships: Previously served as Director of Johnson & Johnson (2005–2022); Director of Xerox Corporation (2007–2018).

223

Basic Information About Management (continued)

Name, Address and Year of Birth	Current Position and Length of Service with the Fund	Principal Occupation and Other Directorships During the Past Five Years
Karla M. Rabusch Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2017	Principal Occupation: President and Director of Wells Fargo Funds Management, LLC (2003–2017); President of Wells Fargo Funds (2003–2016). Other Directorships: None.
Lorin Patrick Taylor Radtke Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1968)	Board member since 2021	Principal Occupation: Partner and Co-Founder of M Seven 8 Partners LLC, a venture capital firm (since 2016). Formerly Partner, Goldman Sachs (1992–2016). Other Directorships: Currently serves as Director of Assured Guaranty (since 2021); Virtual Combine (since 2018). Previously served as Director of SummerMoon Coffee (2022); Mariposa Family Learning (2021–2022).
Leah Song Richardson Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1966)	Board member since 2021	Principal Occupation: President of Colorado College (since 2021). Formerly Dean at University of California, Irvine–School of Law (2017–2021); Professor of Law at University of California, Irvine (2014–2017). Other Directorships: None.
Mark A. Schmid Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302 (1959)	Board member since 2016	Principal Occupation: Vice President and Chief Investment Officer of the University of Chicago (2009–2021). Other Directorships: Currently serves as Director of Underwriters Laboratories Research Institute (since 2022).
James L.L. Tullis Lord, Abbett & Co. LLC c/o Legal Dept. 90 Hudson Street Jersey City, NJ 07302	Board member since 2006; Chair since 2017	Principal Occupation: Chair of Tullis Health Investors–FL LLC (since 2019, CEO from 2012–2018); Formerly CEO of Tullis-Dickerson and Co. Inc., a venture capital management firm (1990–2016). Other Directorships: Currently serves as Chair of Crane Co. (since 2020, Director since 1998), Director of Crane NXT, Co. (since 2023), Director of Alphatec Spine (since 2018). Previously served as Director of Exagen Inc. (2019–2023); Director of electroCore, Inc. (2018–2020).

Interested Board Members

Mr. Sieg is affiliated with Lord Abbett and is an “interested person” of the Fund as defined in the Act. Mr. Sieg is a board member of each of the 15 investment companies in the Lord Abbett Family of Funds, which consist of 64 investment portfolios. Mr. Sieg is an officer of the Lord Abbett Family of Funds.

Name, Address and
Year of Birth

Current Position and
Length of Service
with the Fund

Principal Occupation and Other Directorships
During the Past Five Years

Douglas B. Sieg

Lord, Abbett & Co. LLC
90 Hudson Street
Jersey City, NJ 07302
(1969)

Board member since 2016

Principal Occupation: Managing Partner of Lord Abbett (since 2018). Formerly Head of Client Services, joined Lord Abbett in 1994.

Other Directorships: None.

224

Basic Information About Management (continued)

Officers

None of the officers listed below have received compensation from the Fund. All of the officers of the Fund also may be officers of the other Lord Abbett Funds and maintain offices at 90 Hudson Street, Jersey City, NJ 07302. Unless otherwise indicated, the position(s) and title(s) listed under the “Principal Occupation During the Past Five Years” column indicate each officer’s position(s) and title(s) with Lord Abbett. Each officer serves for an indefinite term (i.e., until his or her death, resignation, retirement, or removal).

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Douglas B. Sieg (1969)	President and Chief Executive Officer	Elected as President and Chief Executive Officer in 2018	Managing Partner of Lord Abbett (since 2018). Formerly Head of Client Services, joined Lord Abbett in 1994.
Jackson C. Chan (1964)	AML Compliance Officer	Elected in 2018	Deputy Chief Compliance Officer and Director of Regulatory Affairs, joined Lord Abbett in 2014.
Nicholas D. Emguschowa (1986)	Data Protection Officer	Elected in 2022	Assistant General Counsel, joined Lord Abbett in 2018 and was formerly Associate at Shearman & Sterling (2014–2018).
Brooke A. Fapohunda (1975)	Vice President, Secretary and Chief Legal Officer	Elected in 2023	Partner and Senior Counsel, joined Lord Abbett in 2006.
Michael J. Hebert (1976)	Chief Financial Officer and Treasurer	Elected as Chief Financial Officer and Treasurer in 2021	Head of Global Fund Finance, joined Lord Abbett in 2021 and was formerly Vice President at Eaton Vance Management (EVM) (2014–2021) and Calvert Research & Management (CRM) (2016–2021), and Assistant Treasurer of registered investment companies managed, advised or administered by EVM and CRM during such years.
Parker J. Milender (1989)	Vice President and Assistant Secretary	Elected in 2023	Counsel, joined Lord Abbett in 2021 and was formerly an Associate at Milbank LLP (2017–2021).

225

Basic Information About Management (concluded)

Name and Year of Birth	Current Position with the Fund	Length of Service of Current Position	Principal Occupation During the Past Five Years
Mary Ann Picciotto (1973)	Chief Compliance Officer	Elected in 2023	Managing Director and Global Chief Compliance Officer, joined Lord Abbett in 2023 and was formerly Vice President and Head of Global Compliance at T. Rowe Price (2019–2023) and Senior Vice President, Head of Compliance at OppenheimerFunds, Inc. (2014–2019).
Matthew A. Press (1987)	Vice President and Assistant Secretary	Elected in 2023	Counsel, joined Lord Abbett in 2022 and was formerly an Associate at Clifford Chance US LLP (2014–2022).
Randolph A. Stuzin (1963)	Vice President and Assistant Secretary	Elected in 2023	Partner and Chief Legal Officer, joined Lord Abbett in 2023 and was formerly Partner and General Counsel at King Street Capital Management (2014–2023).
Victoria Zozulya (1983)	Vice President and Assistant Secretary	Elected in 2022	Counsel, joined Lord Abbett in 2022 and was formerly Senior Director and Counsel at Equitable (2018–2022) and Assistant General Counsel at Neuberger Berman (2014–2018).

Please call 888-522-2388 for a copy of the statement of additional information, which contains further information about the Fund’s Board members. It is available free upon request.

226

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 May 17, 2023 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 April 1, 2022 through March 31, 2023. 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 500 Ross Street 154-0520, Attention: 534489, 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.

227

Tax Information (unaudited)

The percentages below reflect the portion of ordinary income distributions that are eligible for the corporate dividend received deduction (DRD) and qualified dividend income (QDI) for individual shareholders:

Fund	DRD	QDI
Alpha Strategy Fund	86%	100%
Focused Large Cap Value Fund	100%	100%
Focused Small Cap Value Fund	100%	100%
Fundamental Equity Fund	100%	100%
Global Equity Fund	86%	100%
Health Care Fund	100%	100%
International Equity Fund	4%	100%
International Opportunities Fund	0%	100%
International Value Fund	1%	100%
Value Opportunities Fund	100%	100%

Of the distributions paid to the shareholders during the most recently ended fiscal year, the following amounts represent long-term capital gains:

Fund		Long-Term Capital Gains
Alpha Strategy Fund		$ 39,382,468
Focused Small Cap Value Fund		4,263,823
Fundamental Equity Fund		79,919,869
Global Equity Fund		3,481
Value Opportunities Fund		100,780,285

The Funds listed below intend to pass through foreign source income and foreign taxes as follows:

Fund	Foreign Source Income	Foreign Taxes
Alpha Strategy Fund	$ 2,175,853	$279,772
International Equity Fund	6,559,777	346,372
International Opportunities Fund	5,815,582	736,373
International Value Fund	10,919,764	648,120

228







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-2 (12/23)

Item 2:

Code of Ethics.

(a)

In accordance with applicable requirements, the Registrant adopted a Sarbanes-Oxley Code of Ethics on June 19, 2003 that applies to the principal executive officer and senior financial officers of the Registrant (“Code of Ethics”). The Code of Ethics was in effect during the fiscal year ended October 31, 2023 (the “Period”).

(b)

Not applicable.

(c)

The Registrant has not amended the Code of Ethics as described in Form N-CSR during the Period.

(d)

The Registrant has not granted any waiver, including an implicit waiver, from a provision of the Code of Ethics as described in Form N-CSR during the Period.

(e)

Not applicable.

(f)

See Item 13(a)(1) concerning the filing of the Code of Ethics.

Item 3:

Audit Committee Financial Expert.

The Registrant’s board of trustees has determined that each of the following independent trustees who are members of the audit committee is an audit committee financial expert: Evelyn E. Guernsey, Karla M. Rabusch and Mark A. Schmid. Each of these persons is independent within the meaning of the Form N-CSR.

Item 4:

Principal Accountant Fees and Services.

In response to sections (a), (b), (c) and (d) of Item 4, the aggregate fees billed to the Registrant for the fiscal years ended October 31, 2023 and 2022 by the Registrant’s principal accounting firm, Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu and their respective affiliates (collectively, “Deloitte”) were as follows:

	Fiscal year ended:
	2023	2022
Audit Fees {a}	$534,000	$558,000
Audit-Related Fees	- 0 -	- 0 -
Total audit and audit-related fees	534,000	558,000
Tax Fees	- 0 -	- 0 -
All Other Fees {b}	$ 53,865	$ 58,358
Total Fees	$587,865	$616,358

{a}	Consists of fees for audits of the Registrant’s annual financial statements.

{b}	Fees for the fiscal year ended October 31, 2023 and 2022 consist of fees for services related to the recovery of excess dividend withholding taxes in certain jurisdictions.

(e) (1)

Pursuant to Rule 2-01(c) (7) of Regulation S-X, the Registrant’s Audit Committee has adopted pre-approval policies and procedures. Such policies and procedures generally provide that the Audit Committee must pre-approve:

any audit, audit-related, tax, and other services to be provided to the Lord Abbett Funds, including the Registrant, and

any audit-related, tax, and other services to be provided to the Registrant’s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to one or more Funds comprising the Registrant if the engagement relates directly to operations and financial reporting of a Fund, by the independent auditor to assure that the provision of such services does not impair the auditor’s independence.

The Audit Committee has delegated pre-approval authority to its Chair, subject to a fee limit of $10,000 per event, and not to exceed $25,000 annually. The Chair will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. Unless a type of service to be provided by the independent auditor has received general pre-approval, it must be pre-approved by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

(e) (2)

The Registrant’s Audit Committee has approved 100% of the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not applicable.

(g)	The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant are shown above in the response to Item 4 (a), (b), (c) and (d) as “All Other Fees”.

The aggregate non-audit fees billed by Deloitte for services rendered to the Registrant’s investment adviser, Lord, Abbett & Co. LLC (“Lord Abbett”), for the fiscal years ended October 31, 2023 and 2022 were:

	Fiscal year ended:
	2023	2022
All Other Fees {a}	$230,000	$270,000

{a}	Consist of fees for Independent Services Auditors’ Report on Controls Placed in Operation and Tests of Operating Effectiveness related to Lord Abbett’s Asset Management Services (“SOC-1 Report”).

The aggregate non-audit fees billed by Deloitte for services rendered to entities under the common control of Lord Abbett for the fiscal years ended October 31, 2023 and 2022 were:

	Fiscal year ended:
	2023	2022
All Other Fees	$ - 0 -	$ - 0 -

(h)	The Registrant’s Audit Committee has considered the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining Deloitte’s independence.

(i)	Not Applicable.

(j)	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)

The Lord Abbett Family of Funds Sarbanes-Oxley Code of Ethics for the Principal Executive Officer and Senior Financial Officers is attached hereto as part of EX-99.CODEETH.

(a)(2)

Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2 under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.

(b)

Certification of each Principal Executive Officer and Principal Financial Officer of the Registrant as required by Section 906 of the Sarbanes-Oxley Act of 2002 is provided as a part of EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

LORD ABBETT SECURITIES TRUST

	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: December 21, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

	By:	/s/ Douglas B. Sieg
		Douglas B. Sieg
		President and Chief Executive Officer

Date: December 21, 2023

	By:	/s/ Michael J. Hebert
		Michael J. Hebert
		Chief Financial Officer and Treasurer

Date: December 21, 2023